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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-5867

Oppenheimer Multi-State Municipal Trust

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

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: 7/31/2015

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	15
Fund Expenses	20
Statement of Investments	22
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
Report of Independent Registered Public Accounting Firm	55
Federal Income Tax Information	56
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	57
Trustees and Officers	58
Privacy Policy Notice	67

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/15

	Class A Shares of the Fund
	Without Sales  Charge	With Sales Charge	Barclays Municipal  Bond Index
1-Year	1.64%	-3.19%	3.56%
5-Year	4.02	3.01	4.39
10-Year	3.00	2.50	4.57

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 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.

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Fund Performance Discussion

Amid low interest rates and coverage that we believe was often narrowly focused on the market’s challenges, Oppenheimer Rochester New Jersey Municipal Fund delivered high levels of tax-free income in the 12 months ended July 31, 2015. The Fund’s Class A shares provided a distribution yield of 5.26% at net asset value (NAV) at the end of this reporting period trailing only one category peer – this Fund’s Y shares – in Lipper’s New Jersey Municipal Debt Funds category. Tax-free income generated by this Fund’s holdings contributed 100% of the Fund’s total return this reporting period.

MARKET OVERVIEW

Yields on high-grade municipal bonds rose during this reporting period as the market continued to anticipate changes to the Fed Funds target rate. Since October 2014, when the Federal Open Market Committee (FOMC) voted to end its program of purchasing mortgage-backed securities and long-term Treasuries in an effort to stimulate the economy (quantitative easing), speculation about the Fed’s plans often triggered movements in the equity and bond markets.

Near the end of this reporting period, Federal Reserve Chairman Janet Yellen told the U.S. Congress that improving economic conditions “would likely make it appropriate for the

The average distribution yield in Lipper’s New Jersey Municipal Debt Funds category was 3.48% at the end of this reporting period. At 5.26%, the distribution yield at NAV for this Fund’s Class A shares was 178 basis points higher than the category average.

central bank to raise rates at some point this year,” assuming the labor market continues to advance.

While not definitive by any measure, the statement was more specific than earlier announcements from the Fed. For example, in October 2014, the FOMC said it planned to

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		5.26%
Dividend Yield with sales charge		5.01
Standardized Yield		4.31
Taxable Equivalent Yield		8.42
Last distribution (7/28/15)	$	0.041
Total distributions (8/1/14 to 7/31/15)	$	0.504

  Endnotes for this discussion begin on page 17 of this report

3      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

keep the Fed Funds target rate at its current level “for a considerable time” after the end of its bond-buying program. According to a statement released November 19, 2014, the FOMC observed solid job gains, a lower unemployment rate and increases in household and business spending. The committee’s concerns about inflation and falling energy prices, among other factors, played into its decision to “maintain its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities and rolling over maturing Treasury securities at auction.”

In December 2014, the committee said it could “be patient in beginning to normalize the stance of monetary policy,” but the word “patient” did not appear in the minutes of the February 2015 meeting. In a press conference after the February meeting, Ms. Yellen cautioned that “just because we removed the word ‘patient’ doesn’t mean we will be impatient.” Fed officials also stated in February that “the committee will increase the Fed Funds rate only when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2% objective over the medium term.”

By late April, the Fed had removed all calendar-based language relating to possible rate increases, citing a “transitory” decline in output and employment during the first quarter of 2015 with declines in energy prices and non-energy imports keeping inflation low.

In a speech after the May 2015 FOMC meeting, Ms. Yellen said, “If the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the Federal Funds rate target and begin the process of normalizing monetary policy.”

With the current Fed Funds rate set between zero and 0.25% since December 2008, 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 July 31, 2015, the average yield on 30-year, AAA-rated muni bonds was 4.53%, up 109 basis points from July 31, 2014. The average yield on 10-year, AAA-rated muni bonds was 2.40% on July 31, 2015, up 18 basis points from the July 2014 date, and the average yield on 1-year, AAA-rated muni bonds was 0.37%, up 22 basis points from the July 2014 date.

During this reporting period, New Jersey and its municipalities faced an assortment of credit rating downgrades and legal issues. In September 2014, for example, both Fitch Ratings and Standard & Poor’s downgraded the state’s general obligation (G.O.) debt to A,

4      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

from A-plus, with negative and stable outlooks, respectively. In mid-April 2015, Moody’s Investors Services cut the credit rating one notch, down to A2 with a negative outlook, citing the state’s budget and pension funding struggles for the downgrade, the ninth under Governor Chris Christie.

Atlantic City was also in the news this reporting period. In late January 2015, Gov. Christie signed an executive order to install an emergency management team in the state’s gaming capital. Gov. Christie tapped Kevin Lavin and Kevyn Orr, 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.

Atlantic City also garnered attention from the rating agencies. The city suffered a double setback at the hands of S&P, which downgraded its bonds in September 2014 and in January 2015. The second downgrade left the Atlantic City’s debt with a below-investment-grade (“junk bond”) status. Moody’s, which held a Ba1 rating for the city’s G.O. debt, lowered that rating to Caa1 during this reporting period.

By July 2015, Atlantic City – which the state markets as America’s Favorite Playground – received optimistic reports showing an increase in non-casino business. Cash sales at the city’s non-gambling outlets increased 6.2% over the past 2 years. A Moody’s report called Atlantic City’s ability to meet G.O. payments a credit positive, noting that the city

has been able to raise sufficient cash for debt service while continuing to seek long-term solutions to its financial challenges.

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 giving the state financial control of Newark’s government, New Jersey 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.

Late in the reporting period, the New Jersey Supreme Court sided with Gov. Christie in his effort to cut pension funding, a move that credit analysts say provides the state short-term budget flexibility while risking long-term financial burdens. The Garden State’s highest court reversed a lower court ruling upholding the governor’s veto of $1.6 billion of pension contributions from the 2015 budget.

In late June, the governor signed the state’s fiscal 2016 budget, cutting more than $1.6 billion in new spending on items including pensions, and vetoing higher taxes on businesses and the rich as he has done in past years. Gov. Christie used the line-item veto to eliminate the extra taxes and the higher pension payment, choosing instead to make a pension payment of $1.3 billion. Also, because of higher-than-expected revenues in the waning months of fiscal year 2015, which

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ended June 30, the governor added $212 million to the state’s pension payment. In all, the pension payment for the current fiscal year will total $893 million.

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 July 31, 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 Fund’s Class A distribution yield at NAV was among the top 2% in Lipper’s New Jersey Municipal Debt Funds category as of July 31, 2015. At 5.26%, the distribution yield at NAV for this Fund’s Class A shares was 178 basis points higher than the category average, which was 3.48%. Additionally, for a taxable investment to have provided a greater benefit than an investment in this Fund, it would have had to yield more than 8.42%, based on the Fund’s standardized yield as of July 31, 2015, and the current top federal and New Jersey income tax rates. 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.

Market conditions created pressure on the dividends of many fixed-income funds this reporting period. This Fund’s Class A dividend, which was 4.3 cents per share at the outset of the reporting period, was reduced to 4.1 cents per share beginning with the February 2015 payout. In all, the Fund distributed 50.4 cents per Class A share this reporting period.

As of July 31, 2015, the Fund was invested in the hospital/healthcare sector, which represented 19.9% of total assets (20.7% of net assets). Our holdings in this sector, including one bond issued in Puerto Rico, consist of securities across the credit spectrum, but most are investment grade. Bonds held in this sector contributed positively to Fund performance this reporting period.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 16.0% of the Fund’s total assets (16.7% 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 tobacco Master Settlement Agreement (the MSA) and included in this Fund’s tobacco holdings. 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

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The Rochester Portfolio Management Team

Dan Loughran, CFA	Scott Cottier, CFA	Troy Willis, JD, CFA	Mark DeMitry, CFA
Team Leader and	Senior Portfolio	Senior Portfolio	Senior Portfolio
Senior Portfolio	Manager	Manager	Manager
Manager
Michael Camarella, CFA	Charlie Pulire, CFA	Elizabeth Mossow, CFA
Senior Portfolio	Senior Portfolio	Associate Portfolio
Manager	Manager	Manager

finance electric utilities, highways and education, among other things.

During this reporting period, the government agreed to raise its sales tax rate to 11.5%, from 7.0%. By April 1, 2016, the sales tax will be replaced by a value-added tax (VAT), which is expected to lead to higher tax revenues for the Commonwealth.

News from the Commonwealth that it had once again passed a balanced budget was

tempered by the sudden announcement by Governor Alejandro García Padilla in late June 2015 that Puerto Rico was not able to pay its debts. A government-commissioned study known as the Krueger Report reached a similar conclusion. Investors should note that the report is unaudited and does not compel the administration to implement the report’s recommendations.

The $9.8 billion budget for fiscal year 2016 includes approximately $1 billion to cover the

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The Rochester Credit Research Team

Rich Stein, CFA	Chris Weiler, CFA	Bob Bertucci, CFA	Angela Uttaro
Director of Credit	Senior Credit Analyst	Senior Credit Analyst	Senior Credit Analyst
Research
Matt Torpey, CFA	René Vecka, CFA	Jon Hagen, CFA	Alen Kreso, CFA
Senior Credit Analyst	Senior Credit Analyst	Senior Credit Analyst	Senior Credit Analyst
Chris Meteyer	Clara Sanguinetti	Chad Osterhout
Credit Analyst	Credit Analyst	Credit Analyst

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Commonwealth’s G.O. debt-service obligations. Operational spending totals about $8.3 billion. The legislature also created a $275 million special fund from the Government Development Bank’s allocation to cover debt obligations and economic development. With the lowest operational spending level in at least 10 years, the budget reduces the operational budgets of most government agencies by 2% to 3% versus fiscal year 2015, which ended June 30, 2015. Nonprofits that provide essential social services had their budgets decreased by no more than 10%.

A decision that we believe has important implications for the muni industry – and our funds in particular – was announced earlier in the reporting period: On February 6, 2015, a federal judge ruled that the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (the “Recovery Act”) violated the U.S. Constitution and was invalid. As you may recall, the Recovery Act was passed in late June 2014 and the Oppenheimer Rochester municipal bond funds filed suit immediately, challenging the legislation that was designed to allow PREPA (the island’s electric utility authority), PRASA (the aqueduct and sewer authority) and PRHTA (the highway authority) to restructure their debt under the supervision of a Commonwealth court. On July 6, 2015, a federal appeals court unanimously affirmed the earlier decision.

The forbearance agreement that was reached in August 2014 between PREPA and many of its creditors, including this Fund, was extended

several times beyond March 31, 2015, its initial expiration date. In the agreement, now set to expire September 15, 2015, the bondholders have agreed to forbear from exercising rights in connection with events that would constitute a default on PREPA bonds, and PREPA had agreed to a variety of financial terms and to submit a 5-year restructuring plan. PREPA made a full $415 million bond payment on July 1, 2015 and promised to reach a comprehensive restructuring plan with its creditors by September 1, 2015. PREPA’s payment was among more than $1 billion in transfers made by Puerto Rico public entities, as money came due at the start of the Commonwealth’s new fiscal year, July 1, 2015.

We are encouraged by the government’s efforts to reduce spending and increase revenue. We continue to believe that Puerto Rico must act within the tenets of the law, including its Constitution. Questions about the degree to which Puerto Rico and its agencies and authorities are committed to honoring their debt-service obligations created significant pressure on the prices of their securities, especially in the latter months of this reporting period. As a result, the Fund’s Puerto Rico holdings in aggregate had a negative impact on the Fund’s total return.

Our investment team’s commitment to protecting the interests of our shareholders is unwavering. Investors should note that deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rico bonds and the performance of the

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Oppenheimer Rochester municipal funds that hold them, including this Fund. We will continue to monitor credit rating changes and other developments related to our Puerto Rico holdings closely.

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.

Update (as of September 21, 2015): In the weeks that followed the end of this reporting period, several developments in Puerto Rico and decisions by its agencies and officials kept the Commonwealth in the spotlight. For example, of the four Puerto Rico bond issuers that had payments due on August 3, 2015, three made their payments on time and in full; the Puerto Rico Finance Corporation (PFC) did not.

The PFC’s bond covenant called for a $58 million payment of principal and interest on August 3. Instead, a payment of $628,000 was made to PFC bondholders, a group that

includes individual Americans on the mainland and in the Commonwealth, Puerto Rican credit unions, and Oppenheimer Rochester municipal bond funds and other retail municipal bond funds, among others. Prior to August 3, prices of PFC bonds fell sharply, a signal that the market had anticipated this default; as of this update, these securities continued to trade in the teens.

As long-time investors know, net asset values (NAVs) of municipal bond funds are adjusted daily based on a third party’s pricing of all bonds in the marketplace. Thus, the NAVs of our funds, many of which have invested in the Commonwealth and its agencies and government instrumentalities, reflect all price changes. In light of the non-payment by the PFC, investors should expect volatility in the prices of PFC bonds and other bonds issued by the Commonwealth.

We note that two issuers of revenue-backed bonds – the Puerto Rico Sales Tax Financing Corporation (COFINA) and the Puerto Rico Municipal Finance Agency (MFA) – met their August 3, 2015 debt-service obligations on time and in full.

The COFINA bonds, which are backed by sales tax revenue, are held by several of the Oppenheimer Rochester funds. The MFA bonds – which are backed by ad valorem taxes that are based on the assessed value of real estate, personal property and/or the duty levied on imported items – also paid their bondholders, including Oppenheimer Rochester funds. We believe that the legal

10      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

protections for the COFINA bonds and Puerto Rico’s general obligation (G.O.) debt are strong, and many of our funds have overweight positions in these bonds.

Also on August 3, 2015, the Government Development Bank for Puerto Rico (GDB) made loan payments to banks that totaled approximately $140 million.

Later in the month, on August 21, 2015, the Commonwealth petitioned the U.S. Supreme Court to overturn a federal district court ruling, which had been affirmed on appeal, related to the Recovery Act: that the Act violated the U.S. Constitution and was invalid. In its petition, the Commonwealth argues that Puerto Rico’s issuers should have the right to restructure their debt pursuant to the terms set forth in the Commonwealth’s Recovery Act. As bondholders, we see things differently: The Commonwealth and its issuers agreed to specific and carefully constructed bond covenants when they sold securities, and the contracts should be honored. Our team remains ready to defend the terms of our investments’ bond indentures.

On September 1, 2015, just prior to the expiration of the forbearance agreement, PREPA and the forbearing bondholders reached an agreement in principle on the major financial terms of a securitization transaction to lower PREPA’s debt service costs. Although the proposed agreement would result in a reduction in the par value of PREPA’s existing bonds, we nevertheless

believe the agreement – if implemented – will be a win for bondholders.

Investors should note that the new bond structure would be bankruptcy remote, which serves to protect bondholders from event risks; that the term sheet requires that the new securitization bonds earn an investment-grade rating; that the deal requires high participation by all bondholders, and that insurers reach agreement with PREPA on the treatment of the insured bonds. If all goes as planned, bondholders will face neither the risks and uncertainties related to any inefficiency in PREPA’s operations nor the costs that would mount should any future litigation be required. While we expect that all parties will work toward a restructuring support agreement, we remind investors that there is no guarantee of either a timeline or implementation.

The forbearance agreement with bondholders, which has been extended repeatedly since first signed in August 2014 and was set to expire September 18, 2015, was extended on that date to October 1, 2015. However, PREPA did not secure an extension from its bond insurers, a group that guarantees $2.5 billion of the utility’s debt. According to PREPA’s chief restructuring officer, negotiations with the bond insurers will continue.

After a week-long delay that officials said was caused by Hurricane Erika, the Working Group that had been charged by the governor to deliver a 5-Year Fiscal Plan by September 1, 2015, handed in its plan. Like the government-commissioned Krueger Report

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that preceded it, the Working Group’s plan included a lengthy roster of policy changes and austerity measures designed to resolve some of the Commonwealth’s financial difficulties. Politicians, including some candidates for the presidency, have voiced concerns about the current circumstances in Puerto Rico, and we believe the situation will remain political in the near term. In fact, many of the recommendations would require action by the U.S. Congress or the Puerto Rico Legislature. Even if all the recommendations were implemented, the plan indicated that Puerto Rico would still face a $14 billion financing gap between 2016 and 2020. In the weeks following the release of the plan, leading market analysts raised what we believe to be substantive questions about the accuracy of many of the plan’s figures.

Investors should note that the plan also seeks to reduce and/or restructure some of Puerto Rico’s debt. In a televised address, the governor said, “The plan itself will not get us out of the hole we find ourselves in. It’s time that creditors come to the table and share in the sacrifice.” We continue to believe that Puerto Rico must act within the tenets of the law, including its Constitution.

Separately, it is noteworthy that PRASA, the water utility, had announced plans to issue $750 million in bonds. Originally slated for August 25, 2015, the offering has since been revised to provide greater bondholder protections and higher initial yields and, as of this writing, was listed as “day-to-day.” PRASA’s ability to cut expenses and reduce its

debt service obligations helped the utility achieve stronger-than-expected results for fiscal year 2015 despite lower-than-expected revenue, according to results released in September.

The Oppenheimer Rochester team has been an active participant in negotiations with Puerto Rico officials, and shareholders should be confident that we will continue to work to protect our shareholders’ rights and best interests.

Municipal bonds backed by proceeds from the tobacco MSA, the national litigation settlement with U.S. tobacco manufacturers, represented 11.2% of the Fund’s total assets (11.7% of net assets) at the end of this reporting period. The sector was a positive contributor to the Fund’s total return.

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 8.7% of total assets

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(9.1% of net assets) as of July 31, 2015. The Fund’s holdings in this sector, which included bonds issued in various New Jersey municipalities, the Northern Mariana Islands, and in the Commonwealth of Puerto Rico at the end of this reporting period, contributed positively to performance.

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. As of July 31, 2015, 6.9% of the Fund’s total assets (7.2% net assets) were invested in the marine/aviation facilities sector, which contributed positively to performance.

Many sectors in which the Fund maintained relatively smaller investments as of July 31, 2015, also contributed positively to performance. Investors benefited this reporting period from the Fund’s holdings in the student loans sector, highways/commuter facilities bonds, transportation infrastructure securities, higher education bonds, the adult living facilities securities and the bonds in several other sectors.

As of July 31, 2015, only one sector detracted from the Fund’s performance—the sales tax sector, which represented 6.0% of total assets (6.2% of net assets). Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenue. More than 85% of the Fund’s holdings in this sector were issued in Puerto Rico at the end of this

reporting period, based on current market value.

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 and contributed positively to this Fund’s performance. 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.

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-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

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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 July 31, 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.

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

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.

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Top Holdings and Allocations

TOP TEN CATEGORIES

Hospital/Healthcare	19.9%
Tobacco Master Settlement Agreement	11.2
General Obligation	8.7
Marine/Aviation Facilities	6.9
Student Loans	6.8
Sales Tax Revenue	6.0
Highways/Commuter Facilities	5.6
Transportation Infrastructure	4.9
Higher Education	4.2
Adult Living Facilities	4.0

Portfolio holdings are subject to change. Percentages are as of July 31, 2015, and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		0.0%		0.0%		0.0%
AA		19.2		0.0		19.2
A		20.4		0.0		20.4
BBB		26.0		1.6		27.6
BB or lower		22.3		10.5		32.8
Total		87.9%		12.1%		100.0%

The percentages above are based on the market value of the securities as of July 31, 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.

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Performance

DISTRIBUTION YIELDS

As of 7/31/15

	Without Sales Charge			With Sales Charge
Class A		5.26	%		5.01	%
Class B		4.38			N/A
Class C		4.38			N/A
Class Y		5.42			N/A

STANDARDIZED YIELDS

For the 30 Days Ended 7/31/15

Class A	4.31%
Class B	3.79
Class C	3.78
Class Y	4.67

TAXABLE EQUIVALENT YIELDS

As of 7/31/15

Class A	8.42%
Class B	7.40
Class C	7.38
Class Y	9.12

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/15

	Inception                 Date		1-Year		5-Year		10-Year		Since Inception
Class A (ONJAX)		3/1/94		1.64%		4.02%		3.00%		4.61%
Class B (ONJBX)		3/1/94		0.86		3.19		2.50		4.39
Class C (ONJCX)		8/29/95		0.87		3.25		2.22		3.93
Class Y (ONJYX)		11/29/10		1.79		N/A		N/A		4.65
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/15
	Inception             Date		1-Year		5-Year		10-Year		Since Inception
Class A (ONJAX)		3/1/94		-3.19%		3.01%		2.50%		4.37%
Class B (ONJBX)		3/1/94		-3.97		2.86		2.50		4.39
Class C (ONJCX)		8/29/95		-0.09		3.25		2.22		3.93
Class Y (ONJYX)		11/29/10		1.79		N/A		N/A		4.65

16      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, 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.

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. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. 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 indices. 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 $0.041 for the 35-day accrual period ended July 28, 2015. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on July 28, 2015; for the yield

17      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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 $0.0342, $0.0342 and $0.0423, respectively, for the 35-day accrual period ended July 28, 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 July 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.

The average distribution yield in Lipper’s New Jersey Municipal Debt Funds category was calculated based on the distributions and the final net asset values (NAVs) of the reporting period for the funds in each category. The calculation included 49 NAVs, one for each class of each fund in the category; a fund can have up to 4 classes. Lipper yields do not include sales charges – which, if included, would reduce results.

Taxable equivalent yield is based on the standardized yield and the top combined federal and New Jersey 2015 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 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.

18      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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.

19      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 and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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

20      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Actual	Beginning Account Value February 1, 2015		Ending Account Value July 31, 2015		Expenses Paid During 6 Months Ended July 31, 2015
Class A	$	1,000.00	$	956.10	$	5.69
Class B		1,000.00		952.50		9.34
Class C		1,000.00		952.50		9.34
Class Y		1,000.00		957.80		4.92
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,018.99		5.87
Class B		1,000.00		1,015.27		9.64
Class C		1,000.00		1,015.27		9.64
Class Y		1,000.00		1,019.79		5.07

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended July 31, 2015 are as follows:

Class	Expense Ratios
Class A		1.17%
Class B		1.92
Class C		1.92
Class Y		1.01

21      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2015

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—107.2%
	New Jersey—72.7%
	$40,000	Atlantic City, NJ GO1		5.000	%		12/01/2024	$	33,131
	370,000	Bayonne, NJ Parking Authority1		5.000			06/15/2027		370,503
	6,065,000	Bayonne, NJ Redevel. Agency1		7.625			04/01/2038		7,429,200
	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		35,124
	25,000	Camden County, NJ Improvement Authority1		5.000			09/01/2018		25,100
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)1		5.000			02/15/2034		1,078,850
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)1		5.000			02/15/2033		1,077,340
	1,000,000	Camden County, NJ Improvement Authority (Cooper Health System)1		5.000			02/15/2035		1,075,090
	2,000,000	Casino Reinvestment Devel. Authority of NJ1		5.000			11/01/2031		2,198,700
	3,000,000	Casino Reinvestment Devel. Authority of NJ1		5.250			11/01/2039		3,136,140
	3,000,000	Casino Reinvestment Devel. Authority of NJ1		5.250			11/01/2044		3,113,280
	1,665,000	Casino Reinvestment Devel. Authority of NJ1		5.250			01/01/2024		1,703,478
	60,000	Casino Reinvestment Devel. Authority of NJ		5.250			06/01/2017		60,211
	175,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)		5.250			01/01/2018		179,112
	395,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)1		5.000			01/01/2025		403,615
	175,000	Casino Reinvestment Devel. Authority of NJ (Hotel Room Fee)		5.250			01/01/2022		179,023
	155,000	Essex County, NJ Improvement Authority (Newark)1		5.125			04/01/2029		155,133
	250,000	Essex County, NJ Improvement Authority (Newark)1		6.250			11/01/2030		278,885
	20,000	Essex County, NJ Improvement Authority (Sportsplex)1		5.625			10/01/2023		20,045
	105,000	Essex County, NJ Improvement Authority (Sportsplex)1		5.625			10/01/2027		105,189
	1,000,000	Hudson County, NJ Improvement Authority1		6.000			01/01/2040		1,139,180
	2,655,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)1		5.500			06/01/2041		3,038,833
	1,500,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)1		5.000			06/01/2035		1,640,895
	1,250,000	Hudson County, NJ Improvement Authority (Lincoln Park Golf Course)1		5.000			06/01/2038		1,361,862
	120,000	Lodie, NJ Board of Education COP1		5.700			09/15/2021		121,105
	2,535,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.000			01/01/2032		1,913,722
	500,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.000			01/01/2020		398,555
	1,100,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.125			01/01/2037		829,829
	20,000	Middlesex County, NJ Improvement Authority (South Plainfield Urban Renewal)1		5.500			09/01/2030		20,074
	20,000	Mount Holly, NJ Municipal Utilities Authority		5.000			12/01/2016		20,081
	25,000	Neptune City, NJ Hsg. Authority1		6.000			04/01/2019		25,059
	605,000	New Brunswick, NJ Parking Authority		5.000			09/01/2029		677,176
	445,000	New Brunswick, NJ Parking Authority		5.000			09/01/2027		502,512

22      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	New Jersey (Continued)
	$2,000,000	Newark, NJ GO1		5.000	%		07/15/2029	$	2,097,500
	430,000	Newark, NJ GO1		5.000			07/15/2029		450,963
	50,000	Newark, NJ Hsg. Authority (Lock Street Urban Renewal Partnership)1		6.400			01/20/2034		50,095
	315,000	Newark, NJ Hsg. Authority (Port Newark Marine Terminal Rental)1		5.000			01/01/2032		355,074
	2,875,000	Newark, NJ Hsg. Authority (South Ward Police Facility)1		6.750			12/01/2038		3,404,345
	2,095,000	NJ EDA		5.000			06/15/2028		2,246,657
	750,000	NJ EDA		5.000			06/15/2029		801,143
	25,000	NJ EDA (Cadbury at Cherry Hill)1		5.500			07/01/2028		21,201
	410,000	NJ EDA (Cadbury at Cherry Hill)1		5.500			07/01/2018		403,493
	3,100,000	NJ EDA (Cranes Mill)1		5.100			06/01/2027		3,114,911
	130,000	NJ EDA (Dept. of Human Services)		6.250			07/01/2024		133,085
	1,525,000	NJ EDA (Drew University)1		5.250			07/01/2021		1,720,322
	2,000,000	NJ EDA (Engel Burman at Woodcliff Lake)1		8.000			05/01/2044		2,166,920
	2,000,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044		2,166,920
	2,000,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044		2,166,920
	6,000,000	NJ EDA (GMT Realty)1		6.875			01/01/2037		6,022,740
	17,160,000	NJ EDA (Hamilton Care)1		6.650			11/01/2037		17,731,428
	3,050,000	NJ EDA (Harrogate)1		5.875			12/01/2026		3,052,318
	10,000	NJ EDA (Hillcrest Health Service)		7.250	2		01/01/2018		9,443
	90,000	NJ EDA (Liberty State Park Lease Rental)		5.750			03/15/2022		90,180
	10,000	NJ EDA (Liberty State Park)		5.700			03/15/2016		10,046
	90,000	NJ EDA (Metromall Urban Renewal)1		6.500			04/01/2031		90,140
	20,000	NJ EDA (Motor Vehicle Surcharges)1		5.000			07/01/2034		20,288
	455,000	NJ EDA (Motor Vehicle Surcharges)1		5.250			07/01/2031		462,876
	100,000	NJ EDA (Motor Vehicle Surcharges)1		5.000			07/01/2023		101,442
	50,000	NJ EDA (Motor Vehicle Surcharges)1		5.000			07/01/2029		50,721
	10,000	NJ EDA (Motor Vehicle Surcharges)1		5.250			07/01/2033		10,173
	1,030,000	NJ EDA (Motor Vehicle Surcharges)1		5.250			07/01/2017		1,047,829
	2,500,000	NJ EDA (MSU Student Hsg.)1		5.750			06/01/2031		2,789,200
	55,000	NJ EDA (Municipal Rehabilitation)		5.000			04/01/2028		55,094
	4,350,000	NJ EDA (New Jersey American Water Company)1		5.700			10/01/2039		4,957,130
	5,320,000	NJ EDA (New Jersey American Water Company)1		5.600			11/01/2034		5,993,140
	30,000	NJ EDA (New Jersey Transit Corp.)1		5.750			12/15/2017		30,095
	145,000	NJ EDA (New Jersey Transit Corp.)1		5.750			12/15/2017		145,460
	800,000	NJ EDA (Newark Downtown District Management Corp.)1		5.125			06/15/2027		824,208
	1,400,000	NJ EDA (Newark Downtown District Management Corp.)1		5.125			06/15/2037		1,430,618
	650,000	NJ EDA (Paterson Charter School Science & Technology)		6.000			07/01/2032		655,051
	1,900,000	NJ EDA (Paterson Charter School Science & Technology)		6.100			07/01/2044		1,897,321
	1,500,000	NJ EDA (Paterson Charter School)1		5.000			07/01/2032		1,355,190
	2,500,000	NJ EDA (Paterson Charter School)1		5.300			07/01/2044		2,214,275
	850,000	NJ EDA (Rutgers University)1		5.000			06/15/2038		956,956
	3,690,000	NJ EDA (School Facilities Construction)1		5.000			03/01/2030		3,833,726
	1,000,000	NJ EDA (School Facilities)1		5.250			09/01/2026		1,073,860

23      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	New Jersey (Continued)
	$50,000	NJ EDA (St. Barnabas Medical Center)		6.750	%2		07/01/2018	$	47,201
	25,000	NJ EDA (St. Barnabas Medical Center)		7.153	2		07/01/2020		21,901
	65,000	NJ EDA (St. Barnabas Medical Center)		6.833	2		07/01/2021		54,629
	110,000	NJ EDA (State Office Buildings)1		5.000			06/15/2020		110,441
	2,200,000	NJ EDA (Team Academy Charter School)1		6.000			10/01/2043		2,470,512
	10,000,000	NJ EDA (The Goethals Bridge Replacement)1		5.375			01/01/2043		10,747,700
	1,250,000	NJ EDA (UMM Energy Partners)		5.125			06/15/2043		1,313,388
	1,500,000	NJ EDA (UMM Energy Partners)		5.000			06/15/2037		1,566,180
	3,500,000	NJ EDA Retirement Community (Seabrook Village)1		5.250			11/15/2026		3,579,450
	100,000	NJ Educational Facilities Authority (Dorm Safety)		5.000			03/01/2016		100,398
	875,000	NJ Educational Facilities Authority (Georgian Court University)1		5.250			07/01/2027		928,428
	2,735,000	NJ Educational Facilities Authority (Georgian Court University)1		5.000			07/01/2033		2,882,936
	50,000	NJ Educational Facilities Authority (Higher Education)1		5.000			09/01/2017		50,201
	2,115,000	NJ Educational Facilities Authority (Higher Education)1		5.000			06/15/2026		2,245,305
	125,000	NJ Educational Facilities Authority (Higher Education)1		5.000			09/01/2018		125,500
	30,000	NJ Educational Facilities Authority (Kean University)		5.000			07/01/2021		30,120
	120,000	NJ Educational Facilities Authority (Kean University)1		5.250			09/01/2029		134,083
	40,000	NJ Educational Facilities Authority (Kean University)		5.000			07/01/2018		40,162
	5,000	NJ Educational Facilities Authority (Public Library)		5.000			09/01/2022		5,007
	30,000	NJ Educational Facilities Authority (Richard Stockton College)1		5.125			07/01/2028		33,039
	1,000,000	NJ Educational Facilities Authority (Rider University)		5.000			07/01/2037		1,065,750
	15,000	NJ Educational Facilities Authority (Stevens Institute of Technology)		5.000			07/01/2028		15,054
	5,000	NJ Educational Facilities Authority (Stevens Institute of Technology)1		5.000			07/01/2018		5,354
	2,000,000	NJ Health Care Facilities Financing Authority (Barnabas Health)1		5.625			07/01/2032		2,266,980
	3,000,000	NJ Health Care Facilities Financing Authority (Barnabas Health)1		5.000			07/01/2044		3,226,530
	7,085,000	NJ Health Care Facilities Financing Authority (Catholic Health East)1		5.000			11/15/2033		7,879,158
	1,000,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)1		5.375			11/01/2036		814,340
	750,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)1		5.300			11/01/2026		669,510
	1,010,000	NJ Health Care Facilities Financing Authority (Holy Name Hospital)1		5.000			07/01/2036		1,023,655
	295,000	NJ Health Care Facilities Financing Authority (Hospital Asset Transformation)1		5.250			10/01/2038		315,172
	1,500,000	NJ Health Care Facilities Financing Authority (Kennedy Health System)		5.000			07/01/2031		1,634,715
	9,430,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)1		7.250			07/01/2027		9,442,353
	2,030,000	NJ Health Care Facilities Financing Authority (RWJ University Hospital)1		5.000			07/01/2035		2,031,989

24      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	New Jersey (Continued)
	$15,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp.)		6.621	%2		07/01/2017	$	14,561
	37,955,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp./St. Barnabas Medical Center Obligated Group)		6.250	2		07/01/2030		18,249,903
	10,000,000	NJ Health Care Facilities Financing Authority (St. Joseph’s Hospital & Medical Center)1		6.625			07/01/2038		11,144,100
	1,960,000	NJ Health Care Facilities Financing Authority (St. Luke’s Warren Hospital)		5.000			08/15/2034		2,122,288
	6,040,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)1		5.250			07/01/2023		6,407,836
	125,000	NJ Health Care Facilities Financing Authority (Virtua Health Obligated Group)1		5.750			07/01/2033		140,811
	100,000	NJ Higher Education Assistance Authority1		5.750			12/01/2029		110,111
	3,160,000	NJ Higher Education Assistance Authority1		5.500			12/01/2025		3,500,427
	24,450,000	NJ Higher Education Student Assistance Authority (Student Loans)1		6.125			06/01/2030		26,558,079
	15,000	NJ Hsg. & Mtg. Finance Agency1		5.400			11/01/2016		15,218
	570,000	NJ Hsg. & Mtg. Finance Agency (Multifamily)1		5.000			11/01/2036		573,734
	1,330,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)3		5.000			10/01/2037		1,348,806
	3,760,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.)3		4.625			10/01/2027		3,832,643
	135,000	NJ Hsg. & Mtg. Finance Agency, Series AA1		6.375			10/01/2028		140,215
	200,000	NJ Hsg. & Mtg. Finance Agency, Series AA1		6.150			10/01/2023		213,148
	25,000	NJ Hsg. & Mtg. Finance Agency, Series AA1		6.500			10/01/2038		25,947
	100,000	NJ South Jersey Port Corp.1		5.250			01/01/2030		100,165
	20,000	NJ Sports & Expositions Authority		5.250			09/01/2015		20,086
	17,080,000	NJ Tobacco Settlement Financing Corp.1		5.000			06/01/2041		12,890,447
	10,000,000	NJ Transportation Trust Fund Authority1		5.875			12/15/2038		11,074,400
	5,000,000	NJ Transportation Trust Fund Authority1		5.500			06/15/2041		5,275,150
	4,500,000	NJ Transportation Trust Fund Authority1		6.000			06/15/2035		5,153,940
	1,625,000	NJ Transportation Trust Fund Authority1		5.000			06/15/2038		1,667,656
	5,000,000	NJ Turnpike Authority1		5.000			01/01/2038		5,544,500
	200,000	Passaic Valley, NJ Sewage Commissioners		5.000			12/01/2022		200,754
	100,000	Passaic Valley, NJ Sewage Commissioners		5.000			12/01/2023		100,377
	4,000,000	Rutgers State University NJ3		5.000			05/01/2038		4,493,480
	6,330,000	Rutgers State University NJ3		5.000			05/01/2029		7,292,143
	5,380,000	Rutgers State University NJ3		5.000			05/01/2030		6,175,003
	3,650,000	South Jersey, NJ Transportation Authority1		5.000			11/01/2039		3,865,934
	45,000	Union County, NJ Improvement Authority (Linden Airport)1		5.000			03/01/2028		45,149
	25,000	Washington Township, NJ Board of Education (Robbinsville)1		5.000			01/01/2020		25,496
	40,000	West Milford, NJ Township (Municipal Utilties Authority)1		5.375			08/01/2031		40,042
									307,806,258
	New York—7.5%
	5,100,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500			12/01/2028		5,194,146
	2,679,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		2,693,467

25      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$8,685,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750	%		12/01/2025	$	8,710,447
	2,505,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2019		2,504,624
	1,725,000	Port Authority NY/NJ, 141st Series1		5.000			09/01/2027		1,731,934
	10,500,000	Port Authority NY/NJ, 143rd Series3		5.000			10/01/2030		10,774,890
									31,609,508
	U.S. Possessions—27.0%
	10,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		10,877
	125,000	Guam Power Authority, Series A		5.000			10/01/2024		147,607
	125,000	Guam Power Authority, Series A		5.000			10/01/2023		147,790
	250,000	Guam Power Authority, Series A		5.000			10/01/2030		288,427
	120,000	Northern Mariana Islands Commonwealth, Series A1		5.000			06/01/2017		120,810
	3,760,000	Northern Mariana Islands Commonwealth, Series A1		5.000			06/01/2030		3,260,258
	2,355,000	Northern Mariana Islands Ports Authority, Series A1		6.250			03/15/2028		2,095,220
	1,005,000	Northern Mariana Islands Ports Authority, Series A1		5.500			03/15/2031		909,053
	2,525,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		1,810,071
	1,000,000	Puerto Rico Aqueduct & Sewer Authority		6.125	4		07/01/2024		749,480
	190,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375			05/15/2033		190,247
	16,605,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		16,638,044
	18,550,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039		18,548,701
	26,000,000	Puerto Rico Children’s Trust Fund (TASC)		6.016	2		05/15/2055		703,820
	5,000,000	Puerto Rico Commonwealth GO		6.000			07/01/2029		3,237,800
	2,795,000	Puerto Rico Commonwealth GO		5.500			07/01/2039		1,754,841
	2,150,000	Puerto Rico Commonwealth GO		5.250			07/01/2037		1,341,922
	3,205,000	Puerto Rico Commonwealth GO		5.750			07/01/2041		2,016,426
	6,085,000	Puerto Rico Commonwealth GO		6.000			07/01/2039		3,865,679
	3,000,000	Puerto Rico Commonwealth GO		6.500			07/01/2040		1,932,120
	8,350,000	Puerto Rico Commonwealth GO		5.750			07/01/2036		5,304,504
	3,000,000	Puerto Rico Electric Power Authority, Series A5		7.000			07/01/2043		1,739,850
	1,990,000	Puerto Rico Electric Power Authority, Series A5		5.000			07/01/2042		1,154,936
	1,700,000	Puerto Rico Electric Power Authority, Series A5		5.000			07/01/2029		986,357
	45,000	Puerto Rico Electric Power Authority, Series A5		5.050			07/01/2042		26,115
	5,000,000	Puerto Rico Electric Power Authority, Series AAA5		5.250			07/01/2030		2,901,150
	550,000	Puerto Rico Electric Power Authority, Series AAA5		5.250			07/01/2031		319,116
	3,000,000	Puerto Rico Electric Power Authority, Series AAA5		5.250			07/01/2028		1,740,450
	50,000	Puerto Rico Electric Power Authority, Series CCC5		5.000			07/01/2021		29,173
	90,000	Puerto Rico Electric Power Authority, Series CCC5		5.000			07/01/2025		52,273
	80,000	Puerto Rico Electric Power Authority, Series TT5		5.000			07/01/2037		46,422
	100,000	Puerto Rico Electric Power Authority, Series TT5		5.000			07/01/2023		58,154
	395,000	Puerto Rico Electric Power Authority, Series XX5		5.250			07/01/2035		229,195
	750,000	Puerto Rico Highway & Transportation Authority		5.750			07/01/2020		468,907
	3,000,000	Puerto Rico Highway & Transportation Authority, Series L		5.250			07/01/2038		2,575,830
	3,000,000	Puerto Rico Infrastructure		7.050	2		07/01/2042		356,610
	975,000	Puerto Rico Infrastructure		7.000	2		07/01/2035		219,268
	2,610,000	Puerto Rico Infrastructure		5.000			07/01/2041		671,318
	4,750,000	Puerto Rico Infrastructure		5.000			07/01/2037		1,228,445
	575,000	Puerto Rico Infrastructure		5.000			07/01/2027		184,420
	400,000	Puerto Rico Infrastructure (Mepsi Campus)1		6.500			10/01/2037		238,708

26      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000	%		04/01/2027	$	86,812
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		84,189
	930,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		760,126
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		84,847
	175,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026		165,351
	1,000,000	Puerto Rico ITEMECF (Polytechnic University)1		5.000			08/01/2032		828,850
	2,000,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2020		1,972,660
	200,000	Puerto Rico Public Buildings Authority		7.000			07/01/2025		128,702
	305,000	Puerto Rico Public Buildings Authority		5.250			07/01/2033		173,115
	1,000,000	Puerto Rico Public Buildings Authority		5.625			07/01/2039		570,140
	1,000,000	Puerto Rico Public Buildings Authority1		6.000			07/01/2028		1,001,340
	5,000,000	Puerto Rico Public Buildings Authority		5.250			07/01/2042		2,782,000
	1,530,000	Puerto Rico Public Buildings Authority, Series D		5.250			07/01/2036		862,767
	6,800,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500			08/01/2044		2,929,100
	9,850,000	Puerto Rico Sales Tax Financing Corp., Series A		5.375			08/01/2039		4,022,248
	10,935,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2042		4,396,745
	325,000	Puerto Rico Sales Tax Financing Corp., Series A		6.375			08/01/2039		139,188
	2,500,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2021		1,099,650
	4,850,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2022		2,118,044
	5,235,000	Puerto Rico Sales Tax Financing Corp., Series B6		6.000			08/01/2026		654,375
	14,000,000	Puerto Rico Sales Tax Financing Corp., Series C		5.750			08/01/2057		8,559,180
	3,100,000	V.I. Tobacco Settlement Financing Corp.		7.625	2		05/15/2035		247,070
	2,050,000	V.I. Tobacco Settlement Financing Corp.		6.875	2		05/15/2035		226,382
	1,100,000	V.I. Tobacco Settlement Financing Corp.		6.500	2		05/15/2035		133,155
									114,326,430
	Total Investments, at Value (Cost $483,083,901)—107.2%								453,742,196
	Net Other Assets (Liabilities)—(7.2)								(30,378,635	)
	Net Assets—100.0%							$	423,363,561

27      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments

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.

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

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

6. 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 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
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.

28      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2015

Assets
Investments, at value (cost $483,083,901)—see accompanying statement of investments	$	453,742,196
Cash		567,135
Receivables and other assets:
Interest		5,738,024
Investments sold (including $4,353,237 sold on a when-issued or delayed delivery basis)		4,353,237
Shares of beneficial interest sold		159,353
Other		506,875
Total assets		465,066,820
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		22,200,000
Payable for borrowings (See Note 8)		16,800,000
Shares of beneficial interest redeemed		2,158,211
Dividends		320,361
Trustees’ compensation		84,220
Distribution and service plan fees		55,650
Shareholder communications		7,227
Interest expense on borrowings		2,091
Other		75,499
Total liabilities		41,703,259
Net Assets	$	423,363,561
Composition of Net Assets
Paid-in capital	$	612,648,887
Accumulated net investment income		3,428,344
Accumulated net realized loss on investments		(163,371,965)
Net unrealized depreciation on investments		(29,341,705)
Net Assets	$	423,363,561

29      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $263,872,752 and 28,255,634 shares of beneficial interest outstanding)	$	9.34
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	9.81
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $4,443,944 and 474,620 shares of beneficial interest outstanding)	$	9.36
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $131,468,256 and 14,061,543 shares of beneficial interest outstanding)	$	9.35
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $23,578,609 and 2,522,404 shares of beneficial interest outstanding)	$	9.35

See accompanying Notes to Financial Statements.

30      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 31, 2015

Investment Income
Interest	$	28,761,761
Expenses
Management fees		2,636,822
Distribution and service plan fees:
Class A		446,921
Class B		50,116
Class C		1,286,317
Transfer and shareholder servicing agent fees:
Class A		303,386
Class B		5,572
Class C		143,003
Class Y		25,130
Shareholder communications:
Class A		16,634
Class B		795
Class C		8,949
Class Y		1,430
Borrowing fees		1,084,602
Interest expense and fees on short-term floating rate notes issued (See Note 4)		338,219
Interest expense on borrowings		14,686
Trustees’ compensation		7,271
Custodian fees and expenses		6,080
Other		254,488
Total expenses		6,630,421
Net Investment Income		22,131,340
Realized and Unrealized Loss
Net realized loss on investments		(8,229,498)
Net change in unrealized appreciation/depreciation on investments		(6,240,853)
Net Increase in Net Assets Resulting from Operations	$	7,660,989

See accompanying Notes to Financial Statements.

31      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended July 31, 2015		Year Ended July 31, 2014
Operations
Net investment income	$	22,131,340	$	27,080,399
Net realized loss		(8,229,498)		(36,313,172)
Net change in unrealized appreciation/depreciation		(6,240,853)		36,245,859
Net increase in net assets resulting from operations		7,660,989		27,013,086
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(15,406,697)		(17,961,148)
Class B		(239,014)		(365,538)
Class C		(6,175,481)		(7,139,284)
Class Y		(1,309,505)		(1,182,464)
		(23,130,697)		(26,648,434)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(32,683,565)		(62,414,978)
Class B		(1,767,809)		(3,925,573)
Class C		(5,925,078)		(31,680,313)
Class Y		690,570		550,178
		(39,685,882)		(97,470,686)
Net Assets
Total decrease		(55,155,590)		(97,106,034)
Beginning of period		478,519,151		575,625,185
End of period (including accumulated net investment income of $3,428,344 and $4,207,870, respectively)	$	423,363,561	$	478,519,151

See accompanying Notes to Financial Statements.

32      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2015

Cash Flows from Operating Activities
Net increase in net assets from operations	$	7,660,989
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(37,004,113	)
Proceeds from disposition of investment securities		91,623,526
Short-term investment securities, net		628,789
Premium amortization		2,112,556
Discount accretion		(1,667,335	)
Net realized loss on investments		8,229,498
Net change in unrealized appreciation/depreciation on investments		6,240,853
Change in assets:
Increase in other assets		(264,608	)
Decrease in interest receivable		462,194
Increase in receivable for securities sold		(4,353,237	)
Change in liabilities:
Decrease in other liabilities		(43,678	)
Decrease in payable for securities purchased		(55,784	)
Net cash provided by operating activities		73,569,650
Cash Flows from Financing Activities
Proceeds from borrowings		135,900,000
Payments on borrowings		(128,500,000	)
Payments on short-term floating rate notes issued		(18,775,000	)
Proceeds from shares sold		63,372,735
Payments on shares redeemed		(121,381,893	)
Cash distributions paid		(4,337,995	)
Net cash used in financing activities		(73,722,153	)
Net decrease in cash		(152,503	)
Cash, beginning balance		719,638
Cash, ending balance	$	567,135

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $18,994,670.

Cash paid for interest on borrowings—$13,599.

Cash paid for interest on short-term floating rate notes issued—$338,219.

See accompanying Notes to Financial Statements.

33      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 2011 1
Per Share Operating Data
Net asset value, beginning of period	$	9.67	$	9.60	$	10.68	$	9.75	$	10.14
Income (loss) from investment operations:
Net investment income2		0.48		0.52		0.50		0.54		0.64
Net realized and unrealized gain (loss)		(0.31)		0.07		(1.05)		1.00		(0.41)
Total from investment operations		0.17		0.59		(0.55)		1.54		0.23
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.50)		(0.52)		(0.53)		(0.61)		(0.62)
Net asset value, end of period	$	9.34	$	9.67	$	9.60	$	10.68	$	9.75
Total Return, at Net Asset Value3		1.64%		6.40%		(5.43)%		16.21%		2.46%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	263,873	$	306,172	$	368,177	$	421,443	$	359,697
Average net assets (in thousands)	$	301,779	$	326,496	$	425,664	$	385,776	$	377,127
Ratios to average net assets:4
Net investment income		4.89%		5.58%		4.80%		5.31%		6.62%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.87%		0.83%		0.76%		0.76%		0.77%
Interest and fees from borrowings		0.23%		0.15%		0.11%		0.08%		0.10%
Interest and fees on short-term floating rate notes issued 5		0.07%		0.08%		0.06%		0.11%		0.19%
Total expenses		1.17%		1.06%		0.93%		0.95%		1.06%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.17%		1.06%		0.91%		0.93%		1.05%
Portfolio turnover rate		7%		30%		24%		18%		15%

1. July 29, 2011 represents the last business day of the Fund’s reporting period.

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.

34      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Class B	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 2011 1
Per Share Operating Data
Net asset value, beginning of period	$	9.69	$	9.62	$	10.70	$	9.77	$	10.15
Income (loss) from investment operations:
Net investment income2		0.41		0.45		0.42		0.46		0.56
Net realized and unrealized gain (loss)		(0.31)		0.06		(1.06)		0.99		(0.40)
Total from investment operations		0.10		0.51		(0.64)		1.45		0.16
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.43)		(0.44)		(0.44)		(0.52)		(0.54)
Net asset value, end of period	$	9.36	$	9.69	$	9.62	$	10.70	$	9.77
Total Return, at Net Asset Value3		0.86%		5.55%		(6.24)%		15.20%		1.71%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,444	$	6,351	$	10,331	$	18,879	$	23,305
Average net assets (in thousands)	$	5,540	$	7,822	$	15,007	$	20,307	$	28,889
Ratios to average net assets:4
Net investment income		4.13%		4.81%		3.96%		4.50%		5.78%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.63%		1.63%		1.61%		1.61%		1.61%
Interest and fees from borrowings		0.23%		0.15%		0.11%		0.08%		0.10%
Interest and fees on short-term floating rate notes issued 5		0.07%		0.08%		0.06%		0.11%		0.19%
Total expenses		1.93%		1.86%		1.78%		1.80%		1.90%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.93%		1.86%		1.76%		1.78%		1.89%
Portfolio turnover rate		7%		30%		24%		18%		15%

1. July 29, 2011 represents the last business day of the Fund’s reporting period.

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.

35      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class C	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 2011 1
Per Share Operating Data
Net asset value, beginning of period	$	9.68	$	9.61	$	10.69	$	9.76	$	10.14
Income (loss) from investment operations:
Net investment income2		0.40		0.45		0.42		0.46		0.57
Net realized and unrealized gain (loss)		(0.30)		0.06		(1.05)		1.00		(0.41)
Total from investment operations		0.10		0.51		(0.63)		1.46		0.16
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.43)		(0.44)		(0.45)		(0.53)		(0.54)
Net asset value, end of period	$	9.35	$	9.68	$	9.61	$	10.69	$	9.76
Total Return, at Net Asset Value3		0.87%		5.60%		(6.15)%		15.32%		1.79%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	131,468	$	142,154	$	173,766	$	187,934	$	159,119
Average net assets (in thousands)	$	142,243	$	150,721	$	194,185	$	169,315	$	166,762
Ratios to average net assets:4
Net investment income		4.06%		4.83%		4.04%		4.55%		5.85%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.62%		1.59%		1.52%		1.52%		1.54%
Interest and fees from borrowings		0.23%		0.15%		0.11%		0.08%		0.10%
Interest and fees on short-term floating rate notes issued 5		0.07%		0.08%		0.06%		0.11%		0.19%
Total expenses		1.92%		1.82%		1.69%		1.71%		1.83%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.92%		1.82%		1.67%		1.69%		1.82%
Portfolio turnover rate		7%		30%		24%		18%		15%

1. July 29, 2011 represents the last business day of the Fund’s reporting period.

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.

36      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

Class Y	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Period Ended July 29, 20111
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 income2		0.49		0.54		0.52		0.55		0.41
Net realized and unrealized gain (loss)		(0.30)		0.07		(1.07)		1.00		(0.10)
Total from investment operations		0.19		0.61��		(0.55)		1.55		0.31
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.52)		(0.53)		(0.54)		(0.62)		(0.41)
Net asset value, end of period	$	9.35	$	9.68	$	9.60	$	10.69	$	9.76
Total Return, at Net Asset Value3		1.79%		6.66%		(5.40)%		16.34%		3.48%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	23,579	$	23,842	$	23,351	$	23,882	$	9,232
Average net assets (in thousands)	$	25,005	$	20,998	$	25,821	$	15,130	$	4,339
Ratios to average net assets:4
Net investment income		5.02%		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		0.72%		0.69%		0.62%		0.63%		0.62%
Interest and fees from borrowings		0.23%		0.15%		0.11%		0.08%		0.10%
Interest and fees on short-term floating rate notes issued 5		0.07%		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		7%		30%		24%		18%		15%

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

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.

37      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2015

1. Organization

Oppenheimer Rochester New Jersey Municipal Fund (the “Fund”) is a separate series of Oppenheimer Multi-State Municipal Trust, a non-diversified, open-end management investment company registered under the Investment Company Act of 1940 (“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 followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

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

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. 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.

38      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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.

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends.

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

39      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$3,791,313		$—		$163,242,995		$29,389,453

1. At period end, the Fund had $163,242,995 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
2016	$	1,484,285
2017		18,113,753
2018		22,257,929
No expiration		121,387,028
Total	$	163,242,995

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

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

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Increase to Accumulated Net Investment Income	Increase to Accumulated Net Realized Loss on Investments
$219,831		$219,831

The tax character of distributions paid during the reporting periods:

	Year Ended  July 31, 2015		Year Ended  July 31, 2014
Distributions paid from:
Exempt-interest dividends	$	22,711,443	$	26,574,786
Ordinary income		419,254		73,648
Total	$	23,130,697	$	26,648,434

40      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

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 at period end 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	$	460,931,6491
Gross unrealized appreciation	$	22,862,490
Gross unrealized depreciation		(52,251,943)
Net unrealized depreciation	$	(29,389,453)

1. The Federal tax cost of securities does not include cost of $22,200,000, 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.

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

41      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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

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

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

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

42      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

3. Securities Valuation (Continued)

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

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

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.

43      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end 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	$	—	$	307,806,258	$	—	$	307,806,258
New York		—		31,609,508		—		31,609,508
U.S. Possessions		—		114,326,430		—		114,326,430
Total Assets	$	—	$	453,742,196	$	—	$	453,742,196

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 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

44      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

4. Investments and Risks (Continued)

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

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund 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.

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

45      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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 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.

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

46      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

4. Investments and Risks (Continued)

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 period end, municipal bond holdings with a value of $33,916,965 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $22,200,000 in short-term floating rate securities issued and outstanding at that date.

At period end, 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
	$      1,880,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) Tender Option Bond Series 2015-XF0015 Trust		7.326%		10/1/27	$	1,952,643
	665,000	NJ Hsg. & Mtg. Finance Agency (Single Family Hsg.) ROLs		7.976		10/1/37		683,806
	2,625,000	Port Authority NY/NJ, 143rd Series Tender Option Bond Series 2015-XF0032 Trust		15.515		10/1/30		2,899,890
	1,000,000	Rutgers State University NJ ROLs		18.478		5/1/38		1,493,480
	1,585,000	Rutgers State University NJ Tender Option Bond Series 2015-XF2105 Trust		18.506		5/1/29		2,547,143
	1,345,000	Rutgers State University NJ ROLs		18.478		5/1/30		2,140,003
							$	11,716,965

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.

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.

47      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $22,200,000 or 4.77% of its total assets at period end.

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

At period end, the Fund had sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Sold securities		$4,353,237

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 at period end is as follows:

Cost	$5,413,956
Market Value	$654,375
Market Value as % of Net Assets	0.15%

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. At period end, securities with an aggregate market value of $9,283,191, representing 2.19% of the Fund’s net assets, were subject to these forbearance agreements.

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.

48      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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:

	Year Ended July 31, 2015						Year Ended July 31, 2014
	Shares			Amount			Shares			Amount
Class A
Sold		3,344,023		$	32,873,200			4,831,911		$	45,374,472
Dividends and/or distributions reinvested		1,316,338			12,909,781			1,594,449			14,986,662
Redeemed		(8,063,759	)		(78,466,546	)		(13,134,106	)		(122,776,112)
Net decrease		(3,403,398	)	$	(32,683,565	)		(6,707,746	)	$	(62,414,978)
Class B
Sold		5,480		$	54,312			22,237		$	210,890
Dividends and/or distributions reinvested		20,687			203,518			32,070			301,746
Redeemed		(206,711	)		(2,025,639	)		(473,491	)		(4,438,209)
Net decrease		(180,544	)	$	(1,767,809	)		(419,184	)	$	(3,925,573)
Class C
Sold		1,575,257		$	15,542,186			1,293,000		$	12,097,191 ��
Dividends and/or distributions reinvested		495,032			4,859,117			587,480			5,528,467
Redeemed		(2,691,822	)		(26,326,381	)		(5,286,801	)		(49,305,971)
Net decrease		(621,533	)	$	(5,925,078	)		(3,406,321	)	$	(31,680,313)
Class Y
Sold		1,514,002		$	14,876,443			1,013,897		$	9,661,643
Dividends and/or distributions reinvested		104,237			1,022,254			94,977			894,210
Redeemed		(1,558,998	)		(15,208,127	)		(1,077,140	)		(10,005,675)
Net increase		59,241		$	690,570			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 reporting period were as follows:

	Purchases		Sales
Investment securities	$	37,004,113	$	91,623,526

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:

49      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

7. Fees and Other Transactions with Affiliates (Continued)

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 effective management fee for the reporting period was 0.56% 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 reporting period, 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		5,096
Accumulated Liability as of July 31, 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

50      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

7. Fees and Other Transactions with Affiliates (Continued)

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 votes annually to approve their 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.

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.

51      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

7. Fees and Other Transactions with Affiliates (Continued)

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
July 31, 2015		$62,712		$5,492		$11,043		$6,290

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.

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 (0.1925% at period end). The Fund pays additional fees monthly 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

52      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

8. Borrowings and Other Financing (Continued)

Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.16% 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.

At period end, the Fund had borrowings outstanding at an interest rate of 0.1925%.

Details of the borrowings for the reporting period are as follows:

Average Daily Loan Balance	$	8,357,534
Average Daily Interest Rate		0.169	%
Fees Paid	$	1,066,532
Interest Paid	$	13,599

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

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

53      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Borrowings and Other Financing (Continued)

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 year ended July 31, 2015

Details of reverse repurchase agreement transactions for the reporting period are as follows:

Fees Paid $ 322,807

9. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Fund”), in connection with the Defendant Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the Defendant Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the Defendant Fund contained misrepresentations and omissions and the investment policies of the Defendant Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification.

OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

54      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester New Jersey Municipal Fund (a separate series of Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2015, and the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2015, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester New Jersey Municipal Fund as of July 31, 2015, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

September 28, 2015

55      OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2015, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2014.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 98.19% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

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

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

TRUSTEES AND OFFICERS  Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (Since 2007) and Trustee (since 2005) Year of Birth: 1943	Director and Vice Chairman of Community Foundation of the Florida Keys (non-profit) (since July 2012); Trustee of the Board of Trustees, The Jackson Laboratory (non-profit) (1991-2011 and since May 2014); Chairman Emeritus (since August 2011) of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (since September 2004); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
David K. Downes, Trustee (since 2007) Year of Birth: 1940	Director of THL Credit Inc. (since June 2009); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Actua Corporation (information technology company) (since October 2003); formerly, Independent Chairman GSK Employee Benefit Trust (April 2006-June 2013); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985- 1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963- 1965); United States Marine Corps (1957-1959). Oversees 53 portfolios in the

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David K. Downes, Continued	OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Matthew P. Fink, Trustee (since 2005) Year of Birth: 1941	Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2010). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948	Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Director of Monster Worldwide, Inc. (on-line career services) (since January 2008, Lead Director since June 2011); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002- 2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. Oversees 53 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. For purposes of this report, Admiral Giambastiani is identified as a Trustee.
Elizabeth Krentzman, Trustee (since 2014) Year of Birth: 1959	Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held

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TRUSTEES AND OFFICERS Unaudited / Continued

Elizabeth Krentzman, Continued	the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray (1987 - 1991); former Chair of the Investment Management Subcommittee of the Washington, D.C. Bar. Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Mary F. Miller, Trustee (since 2004) Year of Birth: 1942	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joel W. Motley, Trustee (since 2002) Year of Birth: 1952	Director of Greenwall Foundation (since October 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joanne Pace, Trustee (since 2012) Year of Birth: 1958	Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Advisory Council Member of 100 Women in Hedge Funds (non-profit) (since December, 2012); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); Board Director of The Komera Project (non-profit) (since April, 2012); Advisory Board Director of The Agile Trading Group LLC (2012-2013); New York Advisory Board Director of Peace First (non-profit) (2010-2013); Senior Advisor of SECOR Asset Management, LP (2010- 2011); Managing Director and Chief Operating Officer of Morgan Stanley

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Joanne Pace, Continued	Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004- 2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.
Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954	Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (June 2007-December 2013): Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994- January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984- November 1989). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEES	Mr. Glavin is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as director of the Sub-Adviser, and as a shareholder of the Sub-Adviser’s parent company. As a Trustee, he serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin’s address is 225 Liberty Street, New York, New York 10281-1008.
	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.

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TRUSTEES AND OFFICERS Unaudited / Continued

William F. Glavin, Jr., Trustee (since 2013) Year of Birth: 1958

Chairman of the Sub-Adviser (July 2014 -December 2014 and December 2009- December 2012) and Director of the Sub-Adviser (since January 2009); Chairman, Director and Chief Executive Officer (January 2013-June 2014) of the Manager; President of the Manager (January 2013-May 2013); Chief Executive Officer (January 2009-December 2012); President of the Sub-Adviser (May 2009- December 2012); Management Director (June 2009-June 2014), President (December 2009-June 2014) and Chief Executive Officer (January 2011-June 2014) of Oppenheimer Acquisition Corp. (“OAC”) (the Sub-Adviser’s parent holding company); Director of Oppenheimer Real Asset Management, Inc. (March 2010-June 2014); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004- January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. An officer of 91 portfolios in the OppenheimerFunds complex. Mr. Glavin has served on the Boards of certain Oppenheimer funds since December 2009, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958

Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October

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Arthur P. Steinmetz, Continued	2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993- September 2009). An officer of 91 portfolios in the OppenheimerFunds complex.
OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Gabinet, Mss. Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Daniel G. Loughran, Vice President (since 2005) Year of Birth: 1963	Senior Vice President of the Sub-Adviser (since July 2007) and a Senior Portfolio Manager (since December 2001); Vice President of the Sub-Adviser (April 2001- June 2007) and a Portfolio Manager with the Sub-Adviser (December 1999- November 2001). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2005) Year of Birth: 1971	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Troy E. Willis, Vice President (since 2005) Year of Birth: 1972	Vice President of the Sub-Adviser (since July 2009) and a Senior Portfolio Manager (since January 2006); Assistant Vice President of the Sub-Adviser (July 2005-June 2009). Portfolio Manager of the Sub-Adviser (June 2002-December 2005). Corporate Attorney for Southern Resource Group (June 1999-July 2001). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark R. DeMitry, Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Sub-Adviser (June 2003-September 2006) and a Credit Analyst of the Sub-Adviser (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Michael L. Camarella, Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since January 2011); Assistant Vice President of the Sub-Adviser (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010). Research Analyst of the Sub-Adviser (April 2006-December 2007) and a Credit Analyst of the Sub-Adviser (June 2003-March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Charles S. Pulire, Vice President (since 2011) Year of Birth: 1977	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since February 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Research Analyst of the Manager (February 2008-November 2010); Credit Analyst of the Sub-Adviser (May 2006-January 2008). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard A. Stein, Vice President (since 2007) Year of Birth: 1957	Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Sub-Adviser (since June 2011) and a Vice President of the Sub- Adviser (November 1997-May 2011); heads up the Rochester Credit Analysis team (since May 1993).

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TRUSTEES AND OFFICERS Unaudited / Continued

Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Year of Birth: 1958	Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011- December 2012) and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011); Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 91 portfolios in the OppenheimerFunds complex.
Jennifer Sexton, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 91 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 91 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2007) Year of Birth: 1959	Senior Vice President of the Manager (since January 2013); Treasurer of the Sub- Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000- June 2008), and OppenheimerFunds Legacy Program (charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 91 portfolios in the OppenheimerFunds complex.

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The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.CALL OPP (225.5677).

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OPPENHEIMER ROCHESTER NEW JERSEY MUNICIPAL FUND

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

© 2015 OppenheimerFunds, Inc. All rights reserved.

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PRIVACY POLICY NOTICE

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

Information Sources

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

● 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.

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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 256-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 March 2015. 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).

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Table of Contents
Fund Performance Discussion	3
Top Holdings and Allocations	16
Fund Expenses	21
Statement of Investments	23
Statement of Assets and Liabilities	33
Statement of Operations	34
Statements of Changes in Net Assets	35
Statement of Cash Flows	36
Financial Highlights	37
Notes to Financial Statements	41
Report of Independent Registered Public Accounting Firm	59
Federal Income Tax Information	60
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	61
Trustees and Officers	62
Privacy Policy Notice	71

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/15

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Barclays     Municipal     Bond Index
1-Year	6.98%	1.89%	3.56%
5-Year	5.08	4.07	4.39
10-Year	3.72	3.22	4.57

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 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.

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Fund Performance Discussion

Amid low interest rates and coverage that we believe was often narrowly focused on the market’s challenges, Oppenheimer Rochester Pennsylvania Municipal Fund delivered high levels of tax-free income in the 12 months ended July 31, 2015, and outperformed its benchmark, the Barclays Municipal Bond Index. The distribution yield of the Class A shares was 5.89% (without sales charge) and produced an annual total return of 6.98% (without sales charge), beating its benchmark by 342 basis points for the 12-month period ended July 31, 2015. During this reporting period, tax-free income provided approximately 85% of the Fund’s total return.

MARKET OVERVIEW

Yields on high-grade municipal bonds rose during this reporting period as the market continued to anticipate changes to the Fed Funds target rate. Since October 2014, when the Federal Open Market Committee (FOMC) voted to end its program of purchasing mortgage-backed securities and long-term Treasuries in an effort to stimulate the economy (quantitative easing), speculation about the Fed’s plans often triggered movements in the equity and bond markets.

Near the end of this reporting period, Federal Reserve Chairman Janet Yellen told the U.S. Congress that improving economic conditions “would likely make it appropriate for the

The average distribution yield in Pennsylvania Municipal Debt Funds category was 3.44% at the end of this reporting period. At 5.89%, the distribution yield at NAV for this Fund’s Class A shares was 245 basis points higher than the category average.

central bank to raise rates at some point this year,” assuming the labor market continues to advance.

While not definitive by any measure, the statement was more specific than earlier announcements from the Fed. For example, in October 2014, the FOMC said it planned to

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		5.89	%
Dividend Yield with sales charge		5.61
Standardized Yield		5.51
Taxable Equivalent Yield		10.07
Last distribution (7/28/15)	$	0.0510
Total distributions (8/1/14 to 7/31/15)	$	0.6120
Endnotes for this discussion begin on page 18 of this report

3        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

keep the Fed Funds target rate at its current level “for a considerable time” after the end of its bond-buying program. According to a statement released November 19, 2014, the FOMC observed solid job gains, a lower unemployment rate and increases in household and business spending. The committee’s concerns about inflation and falling energy prices, among other factors, played into its decision to “maintain its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities and rolling over maturing Treasury securities at auction.”

In December 2014, the committee said it could “be patient in beginning to normalize the stance of monetary policy,” but the word “patient” did not appear in the minutes of the February 2015 meeting. In a press conference after the February meeting, Ms. Yellen cautioned that “just because we removed the word ‘patient’ doesn’t mean we will be impatient.” Fed officials also stated in February that “the committee will increase the Fed Funds rate only when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2% objective over the medium term.”

By late April, the Fed had removed all calendar-based language relating to possible rate increases, citing a “transitory” decline in output and employment during the first quarter of 2015 with declines in energy prices and non-energy imports keeping inflation low.

In a speech after the May 2015 FOMC meeting, Ms. Yellen said, “If the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the Federal Funds rate target and begin the process of normalizing monetary policy.”

With the current Fed Funds rate set between zero and 0.25% since December 2008, 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 July 31, 2015, the average yield on 30-year, AAA-rated muni bonds was 4.53%, up 109 basis points from July 31, 2014. The average yield on 10-year, AAA-rated muni bonds was 2.40% on July 31, 2015, up 18 basis points from the July 2014 date, and the average yield on 1-year, AAA-rated muni bonds was 0.37%, up 22 basis points from the July 2014 date.

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.

4        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

He inherited the $29 billion fiscal 2015 budget that 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 2016 budget, due on July 1, 2015, was passed by the legislature on time but vetoed by Gov. Wolf, who favors raising personal income and sales taxes, reducing property taxes and imposing a severance tax on Marcellus shale natural gas drilling. The Republican-crafted budget called for no tax rate changes and included proposals to privatize the state-run liquor stores and offer new state hires a 401(k)-style defined contribution plan, instead of a conventional defined-benefit pension plan. The governor is opposed to all such proposals. As of July 31, 2015, Pennsylvania did not have a signed budget for fiscal 2016.

The nation’s leading credit rating agencies have cited Pennsylvania’s pension headaches and budget imbalance 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.

During this reporting period, legislators agreed to limit how long a distressed municipality could be afforded protection under Act 47, a state-sponsored workout program established in 1987. In Harrisburg, a former Act 47

municipality, Mayor Eric Papenfuse signed a restructuring agreement in January 2015 for debt related to the Verizon Tower, a 12-story downtown building that was to be leased for use by more than 800 Department of General Services workers. The settlement was expected to reduce the city’s total debt service to about $18 million.

In April 2015 Gov. Wolf announced an investment of $130.7 million for 12 drinking water and wastewater projects across eight counties through the Pennsylvania Infrastructure Investment Authority (Pennvest).

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 Pennsylvania Municipal Fund held more than 290 securities as of July 31, 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 Fund’s Class A distribution yield at NAV was the second highest in Lipper’s Pennsylvania Municipal Debt Funds category as of July 31, 2015, trailing only the

5        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

distribution yield of this Fund’s Y shares. At 5.89% on that date, it was 245 basis points higher than the category average, which was 3.44%. Additionally, for Pennsylvania residents in the top bracket for federal and state income taxes, a taxable investment with a July 2015 yield of less than 10.07% would not have delivered as much after-tax income as the Class A shares of this Fund. 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 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 5.1 cents per share throughout this reporting period. In all, the Fund distributed 61.2 cents per Class A share this reporting period.

Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers, represented 23.4% of the Fund’s total assets (24.0% of net assets) at the end of this reporting period. Bonds were issued in the Commonwealth of Puerto Rico, the U.S. Virgin Islands and Guam and contributed positively to the Fund’s performance.

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.

As of July 31, 2015, 13.0% of the Fund’s total assets (13.3% of net assets) were invested in the higher education sector. The bonds we hold in this sector, some of which were 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. Investments in this sector contributed positively to the Fund’s performance this reporting period.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 12.8% of the Fund’s total assets (13.2% 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 tobacco MSA and included in this Fund’s tobacco holdings. 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.

6        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

The Rochester Portfolio Management Team

During this reporting period, the government agreed to raise its sales tax rate to 11.5%, from 7.0%. By April 1, 2016, the sales tax will be replaced by a value-added tax (VAT), which is expected to lead to higher tax revenues for the Commonwealth.

News from the Commonwealth that it had once again passed a balanced budget was tempered by the sudden announcement by Governor Alejandro García Padilla in late June 2015 that Puerto Rico was not able to pay its

debts. A government-commissioned study known as the Krueger Report reached a similar conclusion. Investors should note that the report is unaudited and does not compel the administration to implement the report’s recommendations.

The $9.8 billion budget for fiscal year 2016 includes approximately $1 billion to cover the Commonwealth’s G.O. debt-service obligations. Operational spending totals about $8.3 billion. The legislature also created a

7    OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

The Rochester Credit Research Team

8        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

$275 million special fund from the Government Development Bank’s allocation to cover debt obligations and economic development. With the lowest operational spending level in at least 10 years, the budget reduces the operational budgets of most government agencies by 2% to 3% versus fiscal year 2015, which ended June 30, 2015. Nonprofits that provide essential social services had their budgets decreased by no more than 10%.

A decision that we believe has important implications for the muni industry – and our funds in particular – was announced earlier in the reporting period: On February 6, 2015, a federal judge ruled that the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (the “Recovery Act”) violated the U.S. Constitution and was invalid. As you may recall, the Recovery Act was passed in late June 2014 and the Oppenheimer Rochester municipal bond funds filed suit immediately, challenging the legislation that was designed to allow PREPA (the island’s electric utility authority), PRASA (the aqueduct and sewer authority) and PRHTA (the highway authority) to restructure their debt under the supervision of a Commonwealth court. On July 6, 2015, a federal appeals court unanimously affirmed the earlier decision.

The forbearance agreement that was reached in August 2014 between PREPA and many of its creditors, including this Fund, was extended several times beyond March 31, 2015, its initial expiration date. In the agreement, now set to expire September 15, 2015, the

bondholders have agreed to forbear from exercising rights in connection with events that would constitute a default on PREPA bonds, and PREPA had agreed to a variety of financial terms and to submit a 5-year restructuring plan. PREPA made a full $415 million bond payment on July 1, 2015 and promised to reach a comprehensive restructuring plan with its creditors by September 1, 2015. PREPA’s payment was among more than $1 billion in transfers made by Puerto Rico public entities, as money came due at the start of the Commonwealth’s new fiscal year, July 1, 2015.

We are encouraged by the government’s efforts to reduce spending and increase revenue. We continue to believe that Puerto Rico must act within the tenets of the law, including its Constitution. Questions about the degree to which Puerto Rico and its agencies and authorities are committed to honoring their debt-service obligations created significant pressure on the prices of their securities, especially in the latter months of this reporting period. As a result, the Fund’s Puerto Rico holdings in aggregate had a negative impact on the Fund’s total return.

Our investment team’s commitment to protecting the interests of our shareholders is unwavering. 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. We will continue to monitor credit rating changes and

9        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

other developments related to our Puerto Rico holdings closely.

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.

Update (as of September 21, 2015): In the weeks that followed the end of this reporting period, several developments in Puerto Rico and decisions by its agencies and officials kept the Commonwealth in the spotlight. For example, of the four Puerto Rico bond issuers that had payments due on August 3, 2015, three made their payments on time and in full; the Puerto Rico Finance Corporation (PFC) did not.

The PFC’s bond covenant called for a $58 million payment of principal and interest on August 3. Instead, a payment of $628,000 was made to PFC bondholders, a group that includes individual Americans on the mainland and in the Commonwealth, Puerto Rican credit unions, and Oppenheimer Rochester municipal

bond funds and other retail municipal bond funds, among others. Prior to August 3, prices of PFC bonds fell sharply, a signal that the market had anticipated this default; as of this update, these securities continued to trade in the teens.

As long-time investors know, net asset values (NAVs) of municipal bond funds are adjusted daily based on a third party’s pricing of all bonds in the marketplace. Thus, the NAVs of our funds, many of which have invested in the Commonwealth and its agencies and government instrumentalities, reflect all price changes. In light of the non-payment by the PFC, investors should expect volatility in the prices of PFC bonds and other bonds issued by the Commonwealth.

We note that two issuers of revenue-backed bonds – the Puerto Rico Sales Tax Financing Corporation (COFINA) and the Puerto Rico Municipal Finance Agency (MFA) – met their August 3, 2015 debt-service obligations on time and in full.

The COFINA bonds, which are backed by sales tax revenue, are held by several of the Oppenheimer Rochester funds. The MFA bonds – which are backed by ad valorem taxes that are based on the assessed value of real estate, personal property and/or the duty levied on imported items – also paid their bondholders, including Oppenheimer Rochester funds. We believe that the legal protections for the COFINA bonds and Puerto Rico’s general obligation (G.O.) debt are

10        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

strong, and many of our funds have overweight positions in these bonds.

Also on August 3, 2015, the Government Development Bank for Puerto Rico (GDB) made loan payments to banks that totaled approximately $140 million.

Later in the month, on August 21, 2015, the Commonwealth petitioned the U.S. Supreme Court to overturn a federal district court ruling, which had been affirmed on appeal, related to the Recovery Act: that the Act violated the U.S. Constitution and was invalid. In its petition, the Commonwealth argues that Puerto Rico’s issuers should have the right to restructure their debt pursuant to the terms set forth in the Commonwealth’s Recovery Act. As bondholders, we see things differently: The Commonwealth and its issuers agreed to specific and carefully constructed bond covenants when they sold securities, and the contracts should be honored. Our team remains ready to defend the terms of our investments’ bond indentures.

On September 1, 2015, just prior to the expiration of the forbearance agreement, PREPA and the forbearing bondholders reached an agreement in principle on the major financial terms of a securitization transaction to lower PREPA’s debt service costs. Although the proposed agreement would result in a reduction in the par value of PREPA’s existing bonds, we nevertheless believe the agreement – if implemented – will be a win for bondholders.

Investors should note that the new bond structure would be bankruptcy remote, which serves to protect bondholders from event risks; that the term sheet requires that the new securitization bonds earn an investment-grade rating; that the deal requires high participation by all bondholders, and that insurers reach agreement with PREPA on the treatment of the insured bonds. If all goes as planned, bondholders will face neither the risks and uncertainties related to any inefficiency in PREPA’s operations nor the costs that would mount should any future litigation be required. While we expect that all parties will work toward a restructuring support agreement, we remind investors that there is no guarantee of either a timeline or implementation.

The forbearance agreement with bondholders, which has been extended repeatedly since first signed in August 2014 and was set to expire September 18, 2015, was extended on that date to October 1, 2015. However, PREPA did not secure an extension from its bond insurers, a group that guarantees $2.5 billion of the utility’s debt. According to PREPA’s chief restructuring officer, negotiations with the bond insurers will continue.

After a week-long delay that officials said was caused by Hurricane Erika, the Working Group that had been charged by the governor to deliver a 5-Year Fiscal Plan by September 1, 2015, handed in its plan. Like the government-commissioned Krueger Report that preceded it, the Working Group’s plan included a lengthy roster of policy changes and austerity measures designed to resolve

11        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

some of the Commonwealth’s financial difficulties. Politicians, including some candidates for the presidency, have voiced concerns about the current circumstances in Puerto Rico, and we believe the situation will remain political in the near term. In fact, many of the recommendations would require action by the U.S. Congress or the Puerto Rico Legislature. Even if all the recommendations were implemented, the plan indicated that Puerto Rico would still face a $14 billion financing gap between 2016 and 2020. In the weeks following the release of the plan, leading market analysts raised what we believe to be substantive questions about the accuracy of many of the plan’s figures.

Investors should note that the plan also seeks to reduce and/or restructure some of Puerto Rico’s debt. In a televised address, the governor said, “The plan itself will not get us out of the hole we find ourselves in. It’s time that creditors come to the table and share in the sacrifice.” We continue to believe that Puerto Rico must act within the tenets of the law, including its Constitution.

Separately, it is noteworthy that PRASA, the water utility, had announced plans to issue $750 million in bonds. Originally slated for August 25, 2015, the offering has since been revised to provide greater bondholder protections and higher initial yields and, as of this writing, was listed as “day-to-day.” PRASA’s ability to cut expenses and reduce its debt service obligations helped the utility achieve stronger-than-expected results for fiscal year 2015 despite lower-than-expected

revenue, according to results released in September.

The Oppenheimer Rochester team has been an active participant in negotiations with Puerto Rico officials, and shareholders should be confident that we will continue to work to protect our shareholders’ rights and best interests.

As of July 31, 2015, the Fund’s investments in the student housing sector represented 8.9% of the Fund’s total assets (9.1% 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. This sector contributed positively to the Fund’s performance this reporting period.

As of July 31, 2015, the Fund was invested in the hospital/healthcare sector, which represented 8.5% of total assets (8.7% of net assets). Our holdings in this sector consist of securities across the credit spectrum, but most are investment grade. Based on market value at the end of this reporting period, the two bonds in this sector that were issued in Puerto Rico represented less than 1.5% of the sector’s holdings and contributed positively to the Fund’s performance, as did the sector as a whole.

The Fund’s holdings in municipal bonds issued by utilities represented 8.4% of total assets (8.6% of net assets) at the end of this reporting period. This set of holdings included electric utilities with 4.4% of total assets (4.5% of net assets), sewer utilities with 2.1%

12        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

of total assets (2.1% of net assets), and water utilities with 1.9% of total assets (2.0% of net assets) as of July 31, 2015. Based on market value at the end of this reporting period, securities issued by PRASA represented about 45% of the Fund’s holdings in the sewer utilities sector and securities issued by PREPA represented about 70% of the electric utilities sector. Our holdings in these sectors consist of securities in the mid-range of the credit spectrum and all of the Fund’s utility sectors contributed positively to performance this reporting period. Investors should note that the Fund’s PRASA and PREPA holdings were among the positive contributors to the Fund’s total return.

G.O. securities, which are backed by the full faith and taxing authority of state and local governments, comprised 5.9% of total assets (6.1% of net assets) as of July 31, 2015. Within this sector the Fund holds bonds issued in various U.S. municipalities, including the Commonwealth of Puerto Rico and the Northern Mariana Islands. Investments in this sector detracted from the Fund’s overall performance this reporting period, driven in part by the performance of Puerto Rico’s G.O.s.

As of July 31, 2015, 5.8% of the Fund’s total assets (6.0% of net assets) were invested in the education sector. Bonds in this sector primarily finance the infrastructure needs of a variety of charter schools around the state. Investments in this sector contributed positively to the Fund’s performance this reporting period.

The sales tax sector represented 3.9% of the Fund’s total assets (4.0% of net assets) as of July 31, 2015. All holdings in this sector were issued in Puerto Rico and the sector was a detractor to Fund performance this reporting period.

The Fund continued to be invested in the highways/commuter facilities sector this reporting period, which represented 3.4% of total assets (3.5% of net assets) as of July 31, 2015. The bonds in this sector, some of which were issued in Puerto Rico, are used to build and maintain roadways and highway amenities. This sector contributed positively to the Fund’s performance.

Several sectors in which the Fund maintained relatively smaller investments as of July 31, 2015, contributed positively to performance. Investors benefited this reporting period from the Fund’s holdings in the tax increment financing (TIF), adult living facilities, marine/aviation, multifamily housing, municipal leases and non-profit organizations sectors.

Several of the Fund’s smallest sectors detracted from the Fund’s performance this reporting period, including the energy and equipment services sector and the government appropriations sector.

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

13        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

interest rates. “Inverse floaters” continued to provide high levels of income to funds across the industry during this reporting period and contributed positively to this Fund’s performance. 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.

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-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 July 31, 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.

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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.

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

    

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.

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Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	23.4%
Higher Education	13.0
Housing - Student	8.9
Hospital/Healthcare	8.5
General Obligation	5.9
Education	5.8
Electric Utilities	4.4
Sales Tax Revenue	3.9
Highways/Commuter Facilities	3.4
Tax Increment Financing (TIF)	3.1

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2015, and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		0.0%		0.3%		0.3%
AA		12.4		1.4		13.8
A		12.3		0.0		12.3
BBB		37.0		6.1		43.1
BB or lower		24.2		6.3		30.5
Total		85.9%		14.1%		100.0%

The percentages above are based on the market value of the securities as of July 31, 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.

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Performance

DISTRIBUTION YIELDS

As of 7/31/15

	Without Sales Charge	With Sales Charge
Class A	5.89%	5.61%
Class B	5.01	N/A
Class C	5.03	N/A
Class Y	6.05	N/A

STANDARDIZED YIELDS

For the 30 Days Ended 7/31/15

Class A	5.51%
Class B	5.02
Class C	5.03
Class Y	5.92

TAXABLE EQUIVALENT YIELDS

As of 7/31/15

Class A	10.07	%
Class B	9.18
Class C	9.20
Class Y	10.82

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/15

	Inception Date		1-Year		5-Year		10-Year		Since Inception
Class A (OPATX)		9/18/89		6.98%		5.08%		3.72%	5.66%
Class B (OPABX)		5/3/93		6.27		4.26		3.22	4.82
Class C (OPACX)		8/29/95		6.19		4.30		2.94	4.36
Class Y (OPAYX)		11/29/10		7.23		N/A		N/A	5.76

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/15

	Inception Date		1-Year		5-Year		10-Year		Since Inception
Class A (OPATX)		9/18/89		1.89%		4.07%		3.22%	5.46%
Class B (OPABX)		5/3/93		1.27		3.93		3.22	4.82
Class C (OPACX)		8/29/95		5.19		4.30		2.94	4.36
Class Y (OPAYX)		11/29/10		7.23		N/A		N/A	5.76

17        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, 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.

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. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. 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 indices. 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 $0.051 for the 35-day accrual period ended July 28, 2015. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on July 28, 2015; for the yield

18        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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 $0.0434, $0.0435 and $0.0524, respectively, for the 35-day accrual period ended July 28, 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 July 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.

The average distribution yield in this Fund’s Lipper category was calculated based on the distributions and the final net asset values (NAVs) of the reporting period for the funds in each category. The average yield at NAV in Lipper’s Pennsylvania Municipal Debt Funds category is based on 59 NAVs, one for each class of each fund in the category; a fund can have up to 4 classes. Lipper yields do not include sales charges – which, if included, would reduce results.

Taxable equivalent yield is based on the standardized yield and the top combined federal and Pennsylvania 2015 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.

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 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.

19        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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.

20        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Fund Expenses

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

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

21        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	February 1, 2015		July 31, 2015		July 31, 2015
Class A	$	1,000.00	$	996.80	$	4.66
Class B		1,000.00		994.00		8.39
Class C		1,000.00		994.00		8.39
Class Y		1,000.00		998.50		3.92
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,020.13		4.72
Class B		1,000.00		1,016.41		8.48
Class C		1,000.00		1,016.41		8.48
Class Y		1,000.00		1,020.88		3.97

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended July 31, 2015 are as follows:

Class	Expense Ratios
Class A		0.94	%
Class B		1.69
Class C		1.69
Class Y		0.79

22        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2015

Principal
Amount			Coupon			Maturity	Value
	Municipal Bonds and Notes—109.6%
	Pennsylvania—71.6%
	$    1,125,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)1		5.125	%	05/01/2029	$	1,124,684
	80,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)1		5.125		05/01/2025		80,497
	160,000	Allegheny County, PA HDA (UPMC Health System)1		5.500		08/15/2034		178,395
	35,000	Allegheny County, PA HDA (UPMC Health System)1		5.375		08/15/2029		39,094
	1,125,000	Allegheny County, PA HEBA (Carlow University)1		6.750		11/01/2031		1,290,150
	1,310,000	Allegheny County, PA HEBA (Carlow University)1		6.000		11/01/2021		1,464,279
	1,000,000	Allegheny County, PA HEBA (Chatham University)		5.000		09/01/2035		1,059,220
	15,000	Allegheny County, PA HEBA (Robert Morris University)1		6.000		05/01/2028		17,482
	2,000,000	Allegheny County, PA HEBA (Robert Morris University)1		6.000		10/15/2038		2,175,380
	2,500,000	Allegheny County, PA HEBA (Robert Morris University)1		5.900		10/15/2028		2,716,850
	3,650,000	Allegheny County, PA HEBA (Robert Morris University)1		5.750		10/15/2040		3,953,388
	2,250,000	Allegheny County, PA HEBA (Robert Morris University)1		5.500		10/15/2030		2,428,357
	10,000	Allegheny County, PA IDA (ARC Allegheny Foundation)1		5.000		12/01/2028		10,002
	1,200,000	Allegheny County, PA IDA (Propel Charter School- East)1		6.375		08/15/2035		1,297,884
	1,000,000	Allegheny County, PA IDA (Propel Charter School- Montour)1		6.750		08/15/2035		1,097,000
	1,500,000	Allegheny County, PA IDA (Propel Charter School- Sunrise)		6.000		07/15/2038		1,581,315
	1,225,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)1		5.100		09/01/2026		1,233,342
	1,000,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)1		5.000		09/01/2021		1,014,770
	890,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)1		5.125		09/01/2031		893,498
	380,000	Allegheny County, PA IDA (School Facility Devel.)1,2		5.900		08/15/2026		405,608
	15,435,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)1		5.600		07/01/2023		15,608,798
	1,650,000	Allegheny County, PA Residential Finance Authority (Broadview Manor Apartments)1		5.950		01/20/2043		1,714,399
	25,000	Allegheny County, PA Residential Finance Authority (Cambridge Square Apartments)1		4.250		01/15/2017		25,603
	1,280,000	Allegheny County, PA Residential Finance Authority (Independence House Apartments)1		6.100		01/20/2043		1,336,026
	1,650,000	Allegheny County, PA Residential Finance Authority (Versailles Apartments)1		6.160		01/20/2043		1,724,497
	13,000,000	Berks County, PA Municipal Authority (Reading Hospital & Medical Center)3		5.500		11/01/2031		14,851,200
	3,000,000	Bethlehem, PA Area School District1		5.000		08/01/2035		3,371,550
	3,675,000	Bethlehem, PA Area School District1		5.000		08/01/2034		4,146,686
	1,750,000	Bethlehem, PA GO1		6.500		12/01/2032		2,056,005

23        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity	Value
	Pennsylvania (Continued)
	$    1,000,000	Bucks County, PA IDA (Lutheran Community Telford Center)1		5.750	%	01/01/2027	$	1,016,100
	1,760,000	Butler County, PA IDA (Greenview Gardens Apartments)1		6.250		07/01/2033		1,777,653
	710,000	Butler County, PA IDA (Greenview Gardens Apartments)1		6.000		07/01/2023		717,121
	2,865,000	Cambridge, PA Area Joint Authority1		6.000		12/01/2037		3,046,899
	2,000,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)1		7.000		11/15/2046		2,394,500
	950,000	Centre County, PA Hospital Authority (Mt. Nittany Medical Center)1		6.250		11/15/2041		1,098,884
	30,000	Charleroi, PA Area School Authority		6.000		10/01/2017		30,145
	2,000,000	Chester County, PA H&EFA (Immaculata University)1		7.000		11/01/2041		2,338,220
	23,915,000	Chester County, PA IDA (Aqua Pennsylvania)3		5.000		02/01/2041		24,424,124
	1,000,000	Chester County, PA IDA (West Chester University Student Hsg.)		5.000		08/01/2035		1,057,020
	1,000,000	Clairton, PA Municipal Authority		5.000		12/01/2037		1,067,550
	1,220,000	Clarion County, PA IDA (Clarion University Foundation)1		5.000		07/01/2024		1,335,924
	1,310,000	Clarion County, PA IDA (Clarion University Foundation)1		5.000		07/01/2034		1,388,561
	3,500,000	Clarion County, PA IDA (Clarion University of Pennsylvania Hsg.)1		5.000		07/01/2033		3,677,975
	2,430,000	Clarion County, PA IDA (Clarion University of Pennsylvania Hsg.)1		5.000		07/01/2029		2,583,163
	2,240,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries)1		6.250		01/01/2024		2,625,347
	260,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Social Ministries)1		6.250		01/01/2024		296,962
	950,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)1		5.000		12/01/2021		960,269
	6,605,000	Delaware County, PA Authority (Cabrini College)1		5.500		07/01/2024		6,614,775
	6,385,000	Delaware County, PA Authority (Eastern University)		5.000		10/01/2027		6,860,810
	3,965,000	Delaware County, PA Authority (Eastern University)		5.250		10/01/2032		4,280,812
	100,000	Delaware County, PA Authority (MAS/MCMCSPA/MHH/MHP/MHSSPA Obligated Group)		5.375		11/15/2023		100,435
	650,000	Delaware County, PA Authority (Neumann College)1		6.250		10/01/2038		653,666
	1,160,000	Delaware County, PA Authority (Neumann College)1		6.000		10/01/2025		1,304,188
	280,000	Delaware County, PA Authority (Neumann College)1		6.000		10/01/2030		311,979
	1,000,000	Delaware County, PA Authority (Neumann College)1		6.125		10/01/2034		1,113,950
	1,250,000	Delaware County, PA Authority (Neumann University)1		5.250		10/01/2031		1,327,612
	1,150,000	Delaware County, PA Authority (Neumann University)1		5.000		10/01/2025		1,220,771
	18,705,000	Delaware County, PA IDA (Aqua Pennsylvania)3		5.000		11/01/2038		18,877,037
	4,120,000	Delaware County, PA IDA (Naamans Creek)1		7.000		12/01/2036		4,296,130
	2,750,000	East Hempfield Township, PA IDA (Millersville University Student Services)1		5.000		07/01/2047		2,876,912
	1,250,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000		07/01/2035		1,310,387

24        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity	Value
	Pennsylvania (Continued)
	$    1,000,000	East Hempfield Township, PA IDA (Millersville University Student Services)		5.000	%	07/01/2030	$	1,064,200
	820,000	East Hempfield Township, PA IDA (Millersville University Student Services)1		5.000		07/01/2030		883,091
	1,060,000	East Hempfield Township, PA IDA (Millersville University Student Services)1		5.000		07/01/2035		1,121,130
	3,945,000	Erie County, PA Hospital Authority (St. Vincent’s Health)1		7.000		07/01/2027		4,186,197
	7,840,000	Erie, PA Higher Education Building Authority (Gannon University)		5.000		05/01/2038		8,325,374
	1,000,000	Erie, PA Higher Education Building Authority (Gannon University)1		5.375		05/01/2030		1,067,800
	2,565,000	Erie, PA Higher Education Building Authority (Gannon University)1		5.500		05/01/2040		2,758,478
	905,000	Erie, PA Higher Education Building Authority (Mercyhurst College)1		5.350		03/15/2028		979,029
	3,000,000	Erie, PA Higher Education Building Authority (Mercyhurst College)1		5.500		03/15/2038		3,228,990
	370,000	Erie-Western PA Port Authority1		5.125		06/15/2016		370,507
	3,265,000	Fayette County, PA Redevel. Authority (Fayette Crossing)1		7.000		09/01/2019		3,444,183
	550,000	Harrisburg, PA Authority1		5.000		07/15/2024		551,166
	165,000	Harrisburg, PA Authority1		5.000		07/15/2023		165,373
	50,000	Harrisburg, PA GO		9.614	4	09/15/2016		48,085
	10,000	Harrisburg, PA GO		9.600	4	09/15/2015		9,960
	40,000	Harrisburg, PA GO		9.600	4	03/15/2016		39,143
	70,000	Harrisburg, PA GO		9.727	4	09/15/2015		69,718
	335,000	Harrisburg, PA Water System1		5.000		07/15/2023		336,270
	6,440,000	Horsham, PA Industrial and Commercial Devel. Authority (Pennsylvania LTC)1		6.000		12/01/2037		6,769,986
	225,000	Jeanette, PA GO1		5.000		04/01/2018		225,810
	2,100,000	Lackawanna County, PA GO1		6.000		09/15/2032		2,428,986
	12,565,000	Lawrence County, PA IDA (Shenango Presbyterian Center)1		5.625		11/15/2037		12,675,572
	3,600,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000		11/01/2023		3,583,440
	1,807,494	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000		11/01/2018		1,809,537
	2,747,774	Lehigh County, PA GPA (Kidspeace)1		0.000	5	02/01/2044		768,442
	2,721,970	Lehigh County, PA GPA (Kidspeace)6		7.500		02/01/2044		27
	3,606,455	Lehigh County, PA GPA (Kidspeace/KC/KNCONY/KCH/KMAKNC/KNCONM / IRSch Obligated Group)1		7.500		02/01/2044		3,602,235
	4,700,000	Lehigh Northampton, PA Airport Authority1		6.000		05/15/2030		4,704,653
	5,000,000	Luzerne County, PA IDA1		7.750		12/15/2027		5,210,900
	3,720,000	Lycoming County, PA Authority (Pennsylvania College of Technology)		5.000		05/01/2032		4,083,184
	11,060,000	Mifflin County, PA Hospital Authority (Lewiston Hospital/Lewiston Healthcare Foundation Obligated Group)1		5.125		07/01/2030		11,642,309
	595,000	Millcreek, PA Richland Joint Authority1		5.250		08/01/2022		626,606

25        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity	Value
	Pennsylvania (Continued)
	$    1,390,000	Millcreek, PA Richland Joint Authority1		5.500	%	08/01/2037	$	1,436,176
	20,915,000	Montgomery County, PA IDA3		5.375		08/01/2038		24,901,282
	300,000	Montgomery County, PA IDA (Philadelphia Presbyterian Homes)1		6.500		12/01/2025		347,481
	2,860,000	Northampton County, PA General Purpose Authority (Moravian College)		5.000		07/01/2031		3,045,442
	1,500,000	Northampton County, PA IDA (Morningstar Senior Living)		5.000		07/01/2027		1,571,340
	15,111,360	Northampton County, PA IDA (Northampton Generating)1,10		5.000		12/31/2023		13,659,612
	1,205,000	Northumberland County, PA IDA (NHS Youth Services)1		5.500		02/15/2033		1,056,062
	1,525,000	Northumberland County, PA IDA (NHS Youth Services)1		7.500		02/15/2029		919,804
	3,300,000	Northumberland County, PA IDA (NHS Youth Services)1		7.750		02/15/2029		1,990,230
	16,000,000	PA Commonwealth Financing Authority3		5.000		06/01/2032		17,986,400
	39,737,908	PA EDFA (Bionol Clearfield)7		8.500		07/01/2015		1,721,446
	255,000	PA EDFA (Fayette Thermal)1		5.250		12/01/2016		255,089
	35,000	PA EDFA (Fayette Thermal)1		5.500		12/01/2021		35,010
	3,000,000	PA EDFA (Forum)		5.000		03/01/2029		3,348,360
	2,000,000	PA EDFA (PA Bridges Finco)1		5.000		06/30/2042		2,097,760
	3,000,000	PA EDFA (Philadelphia Biosolids Facility)1		6.250		01/01/2032		3,330,900
	2,950,000	PA EDFA (US Airways Group)1		8.000		05/01/2029		3,499,791
	1,025,000	PA HEFA (Assoc. of Independent Colleges & Universities)1		5.125		05/01/2032		1,056,242
	55,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		6.800		09/01/2025		55,122
	145,000	PA HEFA (California University of Pennsylvania Student Assoc.)1,2		6.750		09/01/2020		145,403
	3,115,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		6.750		09/01/2032		3,118,863
	100,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		5.000		07/01/2028		100,026
	535,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.000		11/01/2042		554,982
	1,245,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.000		11/01/2027		1,334,615
	175,000	PA HEFA (Delaware Valley College of Science & Agriculture)1		5.750		04/15/2034		175,249
	10,000	PA HEFA (Drexel University College of Medicine)1		5.000		05/01/2037		10,703
	6,285,000	PA HEFA (Edinboro University Foundation)1		5.750		07/01/2028		6,590,262
	8,225,000	PA HEFA (Edinboro University Foundation)1		6.000		07/01/2042		8,632,055
	9,000,000	PA HEFA (Edinboro University Foundation)1		5.875		07/01/2038		9,427,680
	3,000,000	PA HEFA (Edinboro University Foundation)1		5.800		07/01/2030		3,226,950
	3,500,000	PA HEFA (Edinboro University Foundation)1		6.000		07/01/2043		3,781,120
	4,000,000	PA HEFA (Elizabethtown College)1		5.000		12/15/2027		4,125,280
	1,300,000	PA HEFA (Gwynedd Mercy College)		5.375		05/01/2042		1,399,944
	750,000	PA HEFA (Indiana University Foundation)		5.000		07/01/2041		788,888
	2,650,000	PA HEFA (La Salle University)1		5.000		05/01/2029		2,888,288
	1,490,000	PA HEFA (Marywood University)1		5.125		06/01/2029		1,497,629

26        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity	Value
	Pennsylvania (Continued)
	$        50,000	PA HEFA (Pennsylvania State University)		5.000	%	03/01/2022	$	50,200
	250,000	PA HEFA (Philadelphia University)1		5.000		06/01/2035		252,405
	1,400,000	PA HEFA (Shippensburg University Student Services)		5.000		10/01/2035		1,452,682
	3,000,000	PA HEFA (Shippensburg University)1		6.000		10/01/2031		3,289,050
	7,000,000	PA HEFA (Shippensburg University)1		6.250		10/01/2043		7,752,570
	2,250,000	PA HEFA (St. Francis University)1		6.250		11/01/2041		2,503,688
	1,750,000	PA HEFA (St. Francis University)1		6.000		11/01/2031		1,921,570
	100,000	PA HEFA (Student Association)1		6.750		09/01/2023		100,130
	4,515,000	PA HEFA (University of Pennsylvania Health System)1		5.750		08/15/2041		5,269,321
	3,050,000	PA HEFA (University of the Arts)1		5.625		03/15/2025		3,055,765
	1,685,000	PA HEFA (University of the Arts)1		5.750		03/15/2030		1,687,763
	60,000	PA HEFA (University of the Arts)1		5.500		03/15/2020		60,166
	1,000,000	PA HEFA (Ursinus College)		5.000		01/01/2029		1,087,310
	1,000,000	PA HEFA (Widener University)1		5.000		07/15/2038		1,073,070
	500,000	PA HEFA (York College)1		5.250		11/01/2024		506,200
	5,000,000	PA Public School Building Authority (Harrisburg Area Community College)1		5.000		10/01/2031		5,353,050
	4,000,000	PA Public School Building Authority (School District of Philadelphia)1		5.000		04/01/2028		4,376,840
	3,500,000	PA Public School Building Authority (School District of Philadelphia)1		5.000		04/01/2027		3,870,440
	3,000,000	PA Public School Building Authority (School District of Philadelphia)1		5.000		04/01/2029		3,250,530
	4,540,000	PA Public School Building Authority (School District of Philadelphia)1		5.000		04/01/2032		4,871,783
	2,250,000	PA Public School Building Authority (School District of Philadelphia)1		5.000		04/01/2031		2,419,920
	1,120,000	PA Southcentral General Authority (Hanover Hospital)1		5.000		12/01/2020		1,133,126
	900,000	PA Southcentral General Authority (Hanover Hospital)1		5.000		12/01/2027		907,344
	2,310,000	PA Southcentral General Authority (Hanover Hospital)1		5.000		12/01/2028		2,328,157
	12,940,000	PA Southcentral General Authority (Wellspan Health Obligated Group)3		6.000		06/01/2029		14,543,760
	3,680,000	PA State Public School Building Authority (Philadelphia School District)1		5.000		06/01/2026		4,170,986
	4,000,000	PA Turnpike Commission1		0.000	5	12/01/2034		4,366,600
	2,000,000	PA Turnpike Commission1		5.000		12/01/2032		2,242,100
	2,000,000	PA Turnpike Commission1		5.000		12/01/2030		2,274,560
	5,000,000	PA Turnpike Commission1		0.000	5	12/01/2034		5,346,500
	10,000,000	PA Turnpike Commission1		0.000	5	12/01/2038		11,011,200
	2,000,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)1		5.625		01/01/2032		2,337,360
	1,835,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital of the Sisters of Christian Charity)1		6.500		01/01/2041		2,170,952
	5,000,000	Philadelphia, PA Airport, Series A1		5.000		06/15/2037		5,182,400
	50,000	Philadelphia, PA Airport, Series A1		5.000		06/15/2025		50,191
	2,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)		6.125		03/15/2043		2,695,975

27        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity	Value
	Pennsylvania (Continued)
	$    20,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)1		6.750	%	04/01/2023	$	20,041
	185,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)1		6.875		04/01/2034		185,333
	450,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)		5.875		04/01/2032		473,747
	500,000	Philadelphia, PA Authority for Industrial Devel. (Discovery Charter School)		6.250		04/01/2042		532,980
	1,000,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)1		5.750		11/15/2030		1,041,930
	500,000	Philadelphia, PA Authority for Industrial Devel. (Global Leadership Academy)1		6.375		11/15/2040		534,310
	2,040,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)1		5.375		06/15/2030		2,140,858
	4,000,000	Philadelphia, PA Authority for Industrial Devel. (International Apartments Temple University)1		5.625		06/15/2042		4,200,040
	2,115,000	Philadelphia, PA Authority for Industrial Devel. (Marina Bracetti Academy)1		7.150		12/15/2036		2,321,932
	1,000,000	Philadelphia, PA Authority for Industrial Devel. (Marina Bracetti Academy)1		7.625		12/15/2041		1,124,110
	1,500,000	Philadelphia, PA Authority for Industrial Devel. (New Foundation Charter School)		6.625		12/15/2041		1,650,840
	1,640,000	Philadelphia, PA Authority for Industrial Devel. (Richard Allen Prep Charter School)1		6.250		05/01/2033		1,651,316
	1,580,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)1		5.125		01/01/2021		1,513,972
	3,090,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)		7.000		06/15/2043		3,479,309
	2,000,000	Philadelphia, PA Authority for Industrial Devel. (Tacony Academy Charter School)		6.750		06/15/2033		2,227,380
	280,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (GIH/PPAM)1		5.125		07/01/2016		282,811
	1,755,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Miriam and Robert M. Rieder House)1		6.100		07/01/2033		1,756,895
	3,000,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Presbyterian Homes Germantown)1		5.625		07/01/2035		3,040,830
	6,260,000	Philadelphia, PA GO1		6.500		08/01/2041		7,479,636
	1,005,000	Philadelphia, PA H&HEFA (Centralized Comprehensive Human Services)1		7.250		01/01/2021		1,008,236
	250,000	Philadelphia, PA Hsg. Authority1		5.000		12/01/2021		253,045
	1,000,000	Philadelphia, PA Municipal Authority1		6.500		04/01/2034		1,141,640
	50,000	Philadelphia, PA Parking Authority		5.125		02/15/2018		50,206
	20,000	Philadelphia, PA Parking Authority, Series A1		5.250		02/15/2029		20,072
	5,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A1		5.500		07/01/2035		5,005
	1,500,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A1		5.625		07/01/2028		1,501,500
	1,000,000	Philadelphia, PA Redevel. Authority (Beech Student Hsg. Complex), Series A1		5.625		07/01/2023		1,001,290
	110,000	Philadelphia, PA Redevel. Authority (Multifamily Hsg.)1,2		5.450		02/01/2023		111,405

28        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity	Value
	Pennsylvania (Continued)
	$    4,100,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)1		6.250	%	10/01/2032	$	4,106,273
	2,285,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)1		6.000		10/01/2023		2,288,953
	50,000	Philadelphia, PA Redevel. Authority (Philadelphia Corp. for Aging)1		5.250		07/01/2031		50,128
	45,000	Philadelphia, PA School District1		6.000		09/01/2038		51,846
	5,000	Philadelphia, PA School District1		6.000		09/01/2038		5,761
	3,335,000	Philadelphia, PA School District1		6.000		09/01/2038		3,730,131
	30,000	Pittsburgh, PA Public Parking Authority1		5.000		12/01/2023		30,391
	2,810,000	Pittsburgh, PA Urban Redevel. Authority (Marian Plaza)1		6.130		01/20/2043		2,938,277
	900,000	Reading, PA Hsg. Auth (Goggle Works Apts.)1		5.625		06/01/2042		936,009
	2,895,000	Reading, PA Hsg. Auth (Goggle Works Apts.)1		5.875		06/01/2052		3,032,773
	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		55,205
	10,000	Schuylkill County, PA IDA (DOCNHS/BSVHS/WMHS Obligated Group)		5.000		11/01/2028		10,037
	6,450,000	Susquehanna, PA Area Regional Airport Authority1		6.500		01/01/2038		6,895,953
	7,100,000	Washington County, PA Redevel. Authority (Victory Centre)1		5.450		07/01/2035		7,201,175
	10,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)1		5.000		03/01/2037		10,183,900
								586,021,911
	U.S. Possessions—38.0%
	700,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750		09/01/2031		761,404
	235,000	Guam Power Authority, Series A		5.000		10/01/2024		277,502
	185,000	Guam Power Authority, Series A		5.000		10/01/2023		218,729
	420,000	Guam Power Authority, Series A		5.000		10/01/2030		484,558
	38,902,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		7.250	4	06/01/2057		675,339
	1,500,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)1		5.625		06/01/2047		1,275,765
	320,000	Northern Mariana Islands Commonwealth, Series A1		5.000		06/01/2017		322,160
	855,000	Northern Mariana Islands Commonwealth, Series A1		5.000		10/01/2022		827,589
	1,395,000	Northern Mariana Islands Ports Authority, Series A1		6.250		03/15/2028		1,241,118
	2,175,000	Northern Mariana Islands Ports Authority, Series A1		5.500		03/15/2031		1,967,353
	1,025,000	Northern Mariana Islands Ports Authority, Series A1		6.600		03/15/2028		1,022,294
	4,500,000	Puerto Rico Aqueduct & Sewer Authority		6.125	5	07/01/2024		3,372,660
	1,460,000	Puerto Rico Aqueduct & Sewer Authority		5.750		07/01/2037		1,041,170
	810,000	Puerto Rico Aqueduct & Sewer Authority		5.250		07/01/2029		576,372
	1,005,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2047		709,269
	3,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125		07/01/2037		2,075,700
	69,645,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500		05/15/2039		69,640,125
	379,890,000	Puerto Rico Children’s Trust Fund (TASC)		6.558	4	05/15/2050		30,527,960
	136,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.325	4	05/15/2055		3,681,520
	1,817,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	4	05/15/2057		31,906,520
	52,750,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625		05/15/2043		52,854,972

29        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity	Value
	U.S. Possessions (Continued)
	$    3,000,000	Puerto Rico Commonwealth GO		5.750	%	07/01/2041	$	1,887,450
	5,000,000	Puerto Rico Commonwealth GO		5.500		07/01/2026		3,237,650
	7,360,000	Puerto Rico Commonwealth GO		5.500		07/01/2039		4,620,976
	9,000,000	Puerto Rico Commonwealth GO		5.750		07/01/2036		5,717,430
	15,000	Puerto Rico Commonwealth GO1		6.000		07/01/2027		15,043
	2,000,000	Puerto Rico Commonwealth GO		5.000		07/01/2020		1,322,080
	11,500,000	Puerto Rico Commonwealth GO		8.000		07/01/2035		8,008,255
	790,000	Puerto Rico Commonwealth GO		6.000		07/01/2028		512,489
	2,500,000	Puerto Rico Commonwealth GO		5.375		07/01/2033		1,572,475
	3,000,000	Puerto Rico Commonwealth GO		5.125		07/01/2028		1,901,550
	3,000,000	Puerto Rico Electric Power Authority, Series A8		6.750		07/01/2036		1,739,880
	3,325,000	Puerto Rico Electric Power Authority, Series A8		5.000		07/01/2042		1,929,730
	4,920,000	Puerto Rico Electric Power Authority, Series A8		5.000		07/01/2029		2,854,633
	1,760,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2030		1,021,205
	5,540,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2027		3,214,253
	1,510,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2025		876,842
	1,435,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2024		833,620
	3,505,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2031		2,033,636
	3,000,000	Puerto Rico Electric Power Authority, Series CCC8		5.250		07/01/2027		1,740,570
	6,000,000	Puerto Rico Electric Power Authority, Series SS		5.000		07/01/2025		5,647,140
	1,450,000	Puerto Rico Electric Power Authority, Series TT8		5.000		07/01/2032		841,362
	1,670,000	Puerto Rico Electric Power Authority, Series WW8		5.000		07/01/2028		968,967
	2,445,000	Puerto Rico Electric Power Authority, Series XX8		5.250		07/01/2040		1,418,662
	725,000	Puerto Rico Electric Power Authority, Series ZZ8		5.000		07/01/2022		422,088
	1,000,000	Puerto Rico Highway & Transportation Authority		5.300		07/01/2035		683,350
	10,000	Puerto Rico Highway & Transportation Authority, Series A		5.000		07/01/2038		3,206
	325,000	Puerto Rico Highway & Transportation Authority, Series H		5.000		07/01/2028		104,188
	700,000	Puerto Rico Highway & Transportation Authority, Series N		5.250		07/01/2039		411,075
	270,000	Puerto Rico Infrastructure		5.000		07/01/2041		69,447
	1,750,000	Puerto Rico Infrastructure		6.400	4	07/01/2043		208,425
	1,400,000	Puerto Rico Infrastructure (Mepsi Campus)1		6.500		10/01/2037		835,478
	185,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375		04/01/2042		155,750
	200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2027		173,624
	1,250,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000		03/01/2036		1,021,675
	125,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125		04/01/2032		106,059
	360,000	Puerto Rico ITEMECF (IEP/HESL/HECR Obligated Group)		5.750		06/01/2019		152,881
	1,500,000	Puerto Rico Public Buildings Authority		6.500		07/01/2030		913,035
	1,265,000	Puerto Rico Public Buildings Authority		6.000		07/01/2019		851,914
	3,000,000	Puerto Rico Public Buildings Authority		5.750	9	07/01/2034		2,219,130
	1,000,000	Puerto Rico Public Buildings Authority		6.750		07/01/2036		612,560
	115,000	Puerto Rico Public Buildings Authority		6.250		07/01/2023		73,438
	2,070,000	Puerto Rico Public Buildings Authority		6.000		07/01/2041		1,208,652
	1,015,000	Puerto Rico Public Buildings Authority, Series D		5.250		07/01/2036		572,358
	5,725,000	Puerto Rico Public Finance Corp., Series B7		5.500		08/01/2031		715,625
	7,385,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500		08/01/2037		3,033,906
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		7.280	4	08/01/2034		3,904,500

30        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$        950,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500	%		08/01/2042	$	381,976
	3,000,000	Puerto Rico Sales Tax Financing Corp., Series A		5.375			08/01/2039		1,225,050
	5,000,000	Puerto Rico Sales Tax Financing Corp., Series A		5.750			08/01/2037		2,066,550
	5,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.375			08/01/2039		2,141,350
	3,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500			08/01/2044		1,292,250
	18,015,000	Puerto Rico Sales Tax Financing Corp., Series C		6.380	4		08/01/2038		1,611,802
	5,500,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2039		2,314,290
	2,170,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2042		913,071
	22,130,000	Puerto Rico Sales Tax Financing Corp., Series C		5.750			08/01/2057		13,529,618
	3,235,000	University of Puerto Rico, Series P		5.000			06/01/2030		1,525,950
	1,300,000	University of Puerto Rico, Series Q		5.000			06/01/2030		613,210
	17,450,000	V.I. Tobacco Settlement Financing Corp.		6.250	4		05/15/2035		2,364,475
	7,000,000	V.I. Tobacco Settlement Financing Corp.		7.625	4		05/15/2035		557,900
	4,150,000	V.I. Tobacco Settlement Financing Corp.		6.875	4		05/15/2035		458,284
	2,195,000	V.I. Tobacco Settlement Financing Corp.		6.500	4		05/15/2035		265,705
	2,235,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		5.000			05/15/2031		2,213,902
	20,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		5.000			05/15/2021		19,999
									311,323,723
	Total Investments, at Value (Cost $1,016,588,343)—109.6%								897,345,634
	Net Other Assets (Liabilities)—(9.6)								(78,688,984)
	Net Assets—100.0%							$	818,656,650

Footnotes to Statement of Investments

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

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.

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

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

6. 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.

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 contractual interest rate. See Note 4 of the accompanying Notes.

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

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

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

31        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

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

ARC	Assoc. of Retarded Citizens
BSVHS	Baptist/St. Vincent’s Health System
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
RR	Residential Resources
RRDC	Residential Resources Devel. Corp.
RRSW	Residential Resources Southwest
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.

32        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2015

Assets
Investments, at value (cost $1,016,588,343)—see accompanying statement of investments	$	897,345,634
Cash		625,559
Receivables and other assets:
Interest		11,245,971
Shares of beneficial interest sold		249,750
Investments sold on a when-issued or delayed delivery basis		196,072
Other		203,679
Total assets		909,866,665
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		69,805,000
Payable for borrowings (See Note 8)		18,800,000
Shares of beneficial interest redeemed		1,513,381
Dividends		688,647
Trustees’ compensation		148,975
Distribution and service plan fees		107,197
Shareholder communications		8,287
Interest expense on borrowings		3,587
Other		134,941
Total liabilities		91,210,015
Net Assets	$	818,656,650
Composition of Net Assets
Paid-in capital	$	1,049,264,044
Accumulated net investment income		12,265,975
Accumulated net realized loss on investments		(123,630,660)
Net unrealized depreciation on investments		(119,242,709)
Net Assets	$	818,656,650
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $552,145,972 and 52,629,754 shares of beneficial interest outstanding)		$10.49
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)		$11.01
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $11,078,114 and 1,056,541 shares of beneficial interest outstanding)		$10.49
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $226,295,490 and 21,620,527 shares of beneficial interest outstanding)		$10.47
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $29,137,074 and 2,776,175 shares of beneficial interest outstanding)		$10.50

See accompanying Notes to Financial Statements.

33        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 31, 2015

Investment Income
Interest	$	60,431,558
Expenses
Management fees		4,392,958
Distribution and service plan fees:
Class A		869,118
Class B		131,449
Class C		2,164,905
Transfer and shareholder servicing agent fees:
Class A		592,182
Class B		14,611
Class C		240,968
Class Y		30,533
Shareholder communications:
Class A		17,000
Class B		923
Class C		8,449
Class Y		983
Borrowing fees		934,963
Interest expense and fees on short-term floating rate notes issued (See Note 4)		624,116
Trustees’ compensation		13,411
Interest expense on borrowings		11,158
Custodian fees and expenses		4,836
Other		111,420
Total expenses		10,163,983
Net Investment Income		50,267,575
Realized and Unrealized Gain (Loss)
Net realized gain on investments		7,737,755
Net change in unrealized appreciation/depreciation on investments		(348,069)
Net Increase in Net Assets Resulting from Operations	$	57,657,261

See accompanying Notes to Financial Statements.

34        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended July 31, 2015		Year Ended July 31, 2014
Operations
Net investment income	$	50,267,575	$	59,299,359
Net realized gain (loss)		7,737,755		(6,473,581)
Net change in unrealized appreciation/depreciation		(348,069)		(20,998,208)
Net increase in net assets resulting from operations		57,657,261		31,827,570
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(33,610,451)		(36,896,556)
Class B		(717,638)		(1,058,123)
Class C		(11,894,471)		(13,216,533)
Class Y		(1,779,180)		(1,718,189)
		(48,001,740)		(52,889,401)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(41,348,855)		(136,470,700)
Class B		(6,005,142)		(9,126,545)
Class C		(12,518,925)		(61,970,892)
Class Y		2,584,679		(5,698,171)
		(57,288,243)		(213,266,308)
Net Assets
Total decrease		(47,632,722)		(234,328,139)
Beginning of period		866,289,372		1,100,617,511
End of period (including accumulated net investment income of $12,265,975 and $11,510,289, respectively)	$	818,656,650	$	866,289,372

See accompanying Notes to Financial Statements.

35        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2015

Cash Flows from Operating Activities
Net increase in net assets from operations	$            57,657,261
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities	(113,324,618)
Proceeds from disposition of investment securities	188,974,870
Short-term investment securities, net	(6,365,888)
Premium amortization	1,635,592
Discount accretion	(12,602,159)
Net realized gain on investments	(7,737,755)
Net change in unrealized appreciation/depreciation on investments	348,069
Change in assets:
Decrease in other assets	349,613
Decrease in interest receivable	1,581,207
Decrease in receivable for securities sold	1,508,928
Change in liabilities:
Increase in other liabilities	47,872
Net cash provided by operating activities	112,072,992
Cash Flows from Financing Activities
Proceeds from borrowings	103,900,000
Payments on borrowings	(85,100,000)
Payments on short-term floating rate notes issued	(23,750,000)
Payment on bank overdraft	(1,084,250)
Proceeds from shares sold	96,330,804
Payments on shares redeemed	(194,334,670)
Cash distributions paid	(7,409,317)
Net cash used in financing activities	(111,447,433)
Net increase in cash	625,559
Cash, beginning balance	—
Cash, ending balance	$                625,559

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $40,956,131.

Cash paid for interest on borrowings—$8,539.

Cash paid for interest on short-term floating rate notes issued—$624,116.

See accompanying Notes to Financial Statements.

36        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 20111
Per Share Operating Data
Net asset value, beginning of period	$	10.38	$	10.53	$	11.47	$	10.60	$	10.96
Income (loss) from investment operations:
Net investment income2		0.63		0.67		0.61		0.63		0.69
Net realized and unrealized gain (loss)		0.09		(0.22)		(0.94)		0.90		(0.39)
Total from investment operations		0.72		0.45		(0.33)		1.53		0.30
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.61)		(0.60)		(0.61)		(0.66)		(0.66)
Net asset value, end of period	$	10.49	$	10.38	$	10.53	$	11.47	$	10.60
Total Return, at Net Asset Value3		6.98%		4.57%		(3.13)%		14.84%		2.98%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	552,146	$	586,870	$	737,142	$	795,924	$	723,618
Average net assets (in thousands)	$	589,000	$	624,096	$	812,430	$	752,625	$	760,121
Ratios to average net assets:4
Net investment income		5.93%		6.60%		5.32%		5.67%		6.50%
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%
Interest and fees from borrowings		0.11%		0.14%		0.09%		0.12%		0.13%
Interest and fees on short-term floating rate notes issued5		0.07%		0.13%		0.11%		0.16%		0.20%
Total expenses		0.95%		1.03%		0.89%		0.98%		1.03%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.95%		1.03%		0.88%		0.97%		1.03%
Portfolio turnover rate		12%		6%		10%		15%		16%

1. July 29, 2011 represents the last business day of the Fund’s reporting period.

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.

37        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class B	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 20111
Per Share Operating Data
Net asset value, beginning of period	$	10.37	$	10.52	$	11.47	$	10.59	$	10.95
Income (loss) from investment operations:
Net investment income2		0.55		0.59		0.51		0.54		0.60
Net realized and unrealized gain (loss)		0.10		(0.22)		(0.95)		0.91		(0.38)
Total from investment operations		0.65		0.37		(0.44)		1.45		0.22
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.53)		(0.52)		(0.51)		(0.57)		(0.58)
Net asset value, end of period	$	10.49	$	10.37	$	10.52	$	11.47	$	10.59
Total Return, at Net Asset Value3		6.27%		3.75%		(4.03)%		14.02%		2.13%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,078	$	16,828	$	26,479	$	41,662	$	48,569
Average net assets (in thousands)	$	14,523	$	20,693	$	35,453	$	44,543	$	57,201
Ratios to average net assets:4
Net investment income		5.14%		5.82%		4.47%		4.86%		5.67%
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%
Interest and fees from borrowings		0.11%		0.14%		0.09%		0.12%		0.13%
Interest and fees on short-term floating rate notes issued5		0.07%		0.13%		0.11%		0.16%		0.20%
Total expenses		1.71%		1.83%		1.73%		1.82%		1.86%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.71%		1.83%		1.72%		1.81%		1.86%
Portfolio turnover rate		12%		6%		10%		15%		16%

1. July 29, 2011 represents the last business day of the Fund’s reporting period.

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.

38        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Class C	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 20111
Per Share Operating Data
Net asset value, beginning of period	$	10.36	$	10.51	$	11.45	$	10.58	$	10.94
Income (loss) from investment operations:
Net investment income2		0.55		0.60		0.52		0.54		0.61
Net realized and unrealized gain (loss)		0.09		(0.22)		(0.94)		0.91		(0.39)
Total from investment operations		0.64		0.38		(0.42)		1.45		0.22
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.53)		(0.53)		(0.52)		(0.58)		(0.58)
Net asset value, end of period	$	10.47	$	10.36	$	10.51	$	11.45	$	10.58
Total Return, at Net Asset Value3		6.19%		3.79%		(3.88)%		14.01%		2.20%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	226,296	$	236,269	$	304,243	$	332,380	$	277,553
Average net assets (in thousands)	$	239,680	$	255,808	$	342,161	$	302,122	$	287,679
Ratios to average net assets:4
Net investment income		5.17%		5.84%		4.55%		4.89%		5.74%
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%
Interest and fees from borrowings		0.11%		0.14%		0.09%		0.12%		0.13%
Interest and fees on short-term floating rate notes issued5		0.07%		0.13%		0.11%		0.16%		0.20%
Total expenses		1.70%		1.79%		1.66%		1.74%		1.79%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.70%		1.79%		1.65%		1.73%		1.79%
Portfolio turnover rate		12%		6%		10%		15%		16%

1. July 29, 2011 represents the last business day of the Fund’s reporting period.

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.

39        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class Y	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Period Ended July 29, 20111
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 income2		0.65		0.69		0.62		0.64		0.44
Net realized and unrealized gain (loss)		0.10		(0.22)		(0.94)		0.92		(0.07)
Total from investment operations		0.75		0.47		(0.32)		1.56		0.37
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.63)		(0.62)		(0.63)		(0.68)		(0.45)
Net asset value, end of period	$	10.50	$	10.38	$	10.53	$	11.48	$	10.60
Total Return, at Net Asset Value3		7.23%		4.72%		(3.08)%		15.09%		3.73%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	29,137	$	26,322	$	32,754	$	28,701	$	12,171
Average net assets (in thousands)	$	30,378	$	28,437	$	34,321	$	20,110	$	4,849
Ratios to average net assets:4
Net investment income		6.07%		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		0.11%		0.14%		0.09%		0.12%		0.13%
Interest and fees on short-term floating rate notes issued5		0.07%		0.13%		0.11%		0.16%		0.20%
Total expenses		0.80%		0.89%		0.75%		0.84%		0.90%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80%		0.89%		0.74%		0.83%		0.90%
Portfolio turnover rate		12%		6%		10%		15%		16%

1. For the period from November 29, 2010 (inception of offering) to July 29, 2011 which represents the last business day of the Fund’s reporting period.

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.

40        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2015

1. Significant Accounting Policies

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 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 followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

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

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. 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.

41        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS 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.

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends.

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

42        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$11,698,846		$—		$122,572,073		$118,992,049

1. At period end, the Fund had $122,572,073 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
2016	$	1,143,881
2017		48,870,545
2018		43,078,455
No expiration		29,479,192
Total	$	122,572,073

2. During the reporting period, the Fund utilized $7,963,395 of capital loss carryforward to offset capital gains realized in that fiscal year.

3. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

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

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Accumulated Net Investment Income	Reduction to Accumulated Net Realized Loss on Investments
$1,510,149		$1,510,149

The tax character of distributions paid during the reporting periods:

	Year Ended         July 31, 2015		Year Ended         July 31, 2014
Distributions paid from:
Exempt-interest dividends	$	47,486,075	$	52,341,805
Ordinary income		515,665		547,596
Total	$	48,001,740	$	52,889,401

43        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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 at period end 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	$	944,793,219	1
Gross unrealized appreciation	$	53,000,387
Gross unrealized depreciation		(171,992,436	)
Net unrealized depreciation	$	(118,992,049	)

1. The Federal tax cost of securities does not include cost of $71,544,464, 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.

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

44        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

3. Securities Valuation (Continued)

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

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

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

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

45        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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

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

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.

46        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

3. Securities Valuation (Continued)

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities at period end 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	$	—	$	584,300,438	$	1,721,473	$	586,021,911
U.S. Possessions		—		311,323,723		—		311,323,723
Total Assets	$	—	$	895,624,161	$	1,721,473	$	897,345,634

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.

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
Pennsylvania	$	(1,775,092	)	$	1,775,092
Total Assets	$	(1,775,092	)	$	1,775,092

* Transferred from Level 2 to Level 3 because of the lack of observable market data.

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 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

47        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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.

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.

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

48        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

4. Investments and Risks (Continued)

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 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

49        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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. At period end, the Fund’s maximum exposure under such agreements is estimated at $47,860,000.

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 period end, municipal bond holdings with a value of $115,583,803 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $69,805,000 in short-term floating rate securities issued and outstanding at that date.

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

Principal Amount	Inverse Floater1	Coupon Rate2		Maturity Date		Value
$    3,250,000	Berks County, PA Municipal Authority Tender Option Bond Series 2015-XF2016 Trust3		17.304%		11/1/31	$	5,101,200
7,980,000	Chester County, PA IDA (Water Facilities Authority) Tender Option Bond Series 2015- XF2128 Trust3		6.470		2/1/41		8,489,124
6,240,000	Delaware County, PA IDA Tender Option Bond Series 2015-XF2127 Trust3		11.851		11/1/38		6,412,037
6,970,000	Montgomery County, PA IDA RITES		12.834		8/1/38		10,956,282
8,000,000	PA Commonwealth Financing Authority Tender Option Bond Series 2015 XF-0026 Trust		7.986		6/1/32		9,986,400
3,230,000	PA Southcentral General Authority (Hanover Hospital) Tender Option Bond Series 2015- XF2131 Trust3		19.187		6/1/29		4,833,760
						$	45,778,803

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.

50        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

4. Investments and Risks (Continued)

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 $69,805,000 or 7.67% of its total assets at period end.

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

At period end, the Fund had sold securities issued on a delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Sold securities		$196,072

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.

51        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

Information concerning securities not accruing interest at period end is as follows:

Cost	$	45,462,908
Market Value		$2,437,071
Market Value as % of Net Assets		0.30%

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. At period end, securities with an aggregate market value of $19,895,448, representing 2.4% of the Fund’s net assets, were subject to these forbearance agreements.

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:

	Year Ended July 31, 2015						Year Ended July 31, 2014
	Shares			Amount			Shares			Amount
Class A
Sold		5,147,549		$	55,004,856			5,689,720		$	58,137,092
Dividends and/or distributions reinvested		2,662,938			28,399,350			3,029,465			30,890,536
Redeemed		(11,746,596	)		(124,753,061	)		(22,171,343	)		(225,498,328)
Net decrease		(3,936,109	)	$	(41,348,855	)		(13,452,158	)	$	(136,470,700)
Class B
Sold		24,857		$	264,092			14,809		$	150,764
Dividends and/or distributions reinvested		61,008			650,781			93,178			949,037
Redeemed		(652,191	)		(6,920,015	)		(1,001,669	)		(10,226,346)
Net decrease		(566,326	)	$	(6,005,142	)		(893,682	)	$	(9,126,545)
Class C
Sold		2,434,481		$	25,934,993			2,157,744		$	21,893,192
Dividends and/or distributions reinvested		968,498			10,307,580			1,112,153			11,317,055
Redeemed		(4,605,581	)		(48,761,498	)		(9,405,754	)		(95,181,139)
Net decrease		(1,202,602	)	$	(12,518,925	)		(6,135,857	)	$	(61,970,892)

52        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

5. Shares of Beneficial Interest (Continued)

	Year Ended July 31, 2015						Year Ended July 31, 2014
	Shares			Amount			Shares			Amount
Class Y
Sold		1,368,248		$	14,592,950			1,210,804		$	12,372,773
Dividends and/or distributions reinvested		149,763			1,598,420			143,946			1,467,996
Redeemed		(1,278,028	)		(13,606,691	)		(1,928,725	)		(19,538,940)
Net increase (decrease)		239,983		$	2,584,679			(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 reporting period were as follows:

	Purchases		Sales
Investment securities		$113,324,618		$188,974,870

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 effective management fee for the reporting period was 0.50% 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.

53        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

7. Fees and Other Transactions with Affiliates (Continued)

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 reporting period, 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		8,644
Accumulated Liability as of July 31, 2015		68,499

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

54        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

7. Fees and Other Transactions with Affiliates (Continued)

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 votes annually to approve their 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.

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.

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
July 31, 2015		$161,433		$1,052		$31,848		$11,588

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

55        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Borrowings and Other Financing (Continued)

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.

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 (0.1925% at period end). The Fund pays additional fees monthly 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 reporting period equal 0.08% 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.

At period end, the Fund had borrowings outstanding at an interest rate of 0.1925%.

Details of the borrowings for the reporting period are as follows:

Average Daily Loan Balance	$	5,754,247
Average Daily Interest Rate		0.180	%
Fees Paid	$	301,915
Interest Paid	$	8,539

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

56        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

8. Borrowings and Other Financing (Continued)

aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the reporting period are included in expenses on the Fund’s Statement of Operations and equal 0.03% of the Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare 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 reporting period.

Details of reverse repurchase agreement transactions for the reporting period are as follows:

Fees Paid $                     232,757

9. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Fund”), in connection with the Defendant Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the Defendant Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the Defendant Fund contained misrepresentations and omissions and the investment policies of the Defendant Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the

57        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

9. Pending Litigation (Continued)

court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification.

OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

58        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester Pennsylvania Municipal Fund (a separate series of Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2015, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2015, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester Pennsylvania Municipal Fund as of July 31, 2015, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

September 28, 2015

59        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2015, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2014.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 98.93% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

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

60        OPPENHEIMER 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 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.

61        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007) and Trustee (since 2005) Year of Birth: 1943	Director and Vice Chairman of Community Foundation of the Florida Keys (non- profit) (since July 2012); Trustee of the Board of Trustees, The Jackson Laboratory (non-profit) (1991-2011 and since May 2014); Chairman Emeritus (since August 2011) of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (since September 2004); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
David K. Downes, Trustee (since 2007) Year of Birth: 1940	Director of THL Credit Inc. (since June 2009); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Actua Corporation (information technology company) (since October 2003); formerly, Independent Chairman GSK Employee Benefit Trust (April 2006- June 2013); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993- 2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959).

62        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

David K. Downes, Continued	Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Matthew P. Fink, Trustee (since 2005) Year of Birth: 1941	Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2010). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948	Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Director of Monster Worldwide, Inc. (on- line career services) (since January 2008, Lead Director since June 2011); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. Oversees 53 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. For purposes of this report, Admiral Giambastiani is identified as a Trustee.
Elizabeth Krentzman, Trustee (since 2014) Year of Birth: 1959	Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held

63        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Elizabeth Krentzman, Continued	the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray (1987 - 1991); former Chair of the Investment Management Subcommittee of the Washington, D.C. Bar. Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Mary F. Miller, Trustee (since 2004) Year of Birth: 1942	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joel W. Motley, Trustee (since 2002) Year of Birth: 1952	Director of Greenwall Foundation (since October 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joanne Pace, Trustee (since 2012) Year of Birth: 1958	Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Advisory Council Member of 100 Women in Hedge Funds (non-profit) (since December, 2012); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); Board Director of The Komera Project (non-profit) (since April, 2012); Advisory Board Director of The Agile Trading Group LLC (2012-2013); New York Advisory Board Director of Peace First (non- profit) (2010-2013); Senior Advisor of SECOR Asset Management, LP (2010- 2011); Managing Director and Chief Operating Officer of Morgan Stanley

64        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Joanne Pace, Continued	Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004- 2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008- 2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008- 2010). Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.
Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954	Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (June 2007-December 2013): Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994- January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984- November 1989). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEES	Mr. Glavin is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as director of the Sub-Adviser, and as a shareholder of the Sub-Adviser’s parent company. As a Trustee, he serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin’s address is 225 Liberty Street, New York, New York 10281-1008. Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub- Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008
	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008

65        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

William F. Glavin, Jr., Trustee (since 2013) Year of Birth: 1958

Chairman of the Sub-Adviser (July 2014 -December 2014 and December 2009-December 2012) and Director of the Sub-Adviser (since January 2009); Chairman, Director and Chief Executive Officer (January 2013-June 2014) of the Manager; President of the Manager (January 2013-May 2013); Chief Executive Officer (January 2009-December 2012); President of the Sub-Adviser (May 2009-December 2012); Management Director (June 2009-June 2014), President (December 2009-June 2014) and Chief Executive Officer (January 2011-June 2014) of Oppenheimer Acquisition Corp. (“OAC”) (the Sub-Adviser’s parent holding company); Director of Oppenheimer Real Asset Management, Inc. (March 2010-June 2014); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. An officer of 91 portfolios in the OppenheimerFunds complex. Mr. Glavin has served on the Boards of certain Oppenheimer funds since December 2009, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958

Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October

66        OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

Arthur P. Steinmetz, Continued	2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993- September 2009). An officer of 91 portfolios in the OppenheimerFunds complex.
OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Gabinet, Mss. Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Daniel G. Loughran, Vice President (since 2005) Year of Birth: 1963	Senior Vice President of the Sub-Adviser (since July 2007) and a Senior Portfolio Manager (since December 2001); Vice President of the Sub-Adviser (April 2001- June 2007) and a Portfolio Manager with the Sub-Adviser (December 1999- November 2001). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2005) Year of Birth: 1971	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Troy E. Willis, Vice President (since 2005) Year of Birth: 1972	Vice President of the Sub-Adviser (since July 2009) and a Senior Portfolio Manager (since January 2006); Assistant Vice President of the Sub-Adviser (July 2005-June 2009). Portfolio Manager of the Sub-Adviser (June 2002-December 2005). Corporate Attorney for Southern Resource Group (June 1999-July 2001). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark R. DeMitry, Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Sub-Adviser (June 2003-September 2006) and a Credit Analyst of the Sub-Adviser (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Michael L. Camarella, Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since January 2011); Assistant Vice President of the Sub-Adviser (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010). Research Analyst of the Sub-Adviser (April 2006-December 2007) and a Credit Analyst of the Sub-Adviser (June 2003-March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Charles S. Pulire, Vice President (since 2011) Year of Birth: 1977	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since February 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Research Analyst of the Manager (February 2008-November 2010); Credit Analyst of the Sub-Adviser (May 2006-January 2008). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard A. Stein, Vice President (since 2007) Year of Birth: 1957	Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Sub-Adviser (since June 2011) and a Vice President of the Sub-Adviser (November 1997-May 2011); heads up the Rochester Credit Analysis team (since May 1993).

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TRUSTEES AND OFFICERS Unaudited / Continued

Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Year of Birth: 1958	Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011-December 2012) and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011); Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 91 portfolios in the OppenheimerFunds complex.
Jennifer Sexton, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 91 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 91 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2007) Year of Birth: 1959	Senior Vice President of the Manager (since January 2013); Treasurer of the Sub-Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000-June 2008), and OppenheimerFunds Legacy Program (charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 91 portfolios in the OppenheimerFunds complex.

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The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.CALL OPP (225.5677).

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OPPENHEIMER ROCHESTER PENNSYLVANIA MUNICIPAL FUND

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

© 2015 OppenheimerFunds, Inc. All rights reserved.

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PRIVACY POLICY NOTICE

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

Information Sources

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

●  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.

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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 256-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 March 2015. 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).

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Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	15
Fund Expenses	20
Statement of Investments	22
Statement of Assets and Liabilities	60
Statement of Operations	62
Statements of Changes in Net Assets	63
Statement of Cash Flows	64
Financial Highlights	65
Notes to Financial Statements	69
Report of Independent Registered Public Accounting Firm	93
Federal Income Tax Information	94
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	95
Trustees and Officers	96
Privacy Policy Notice	105

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 7/31/15

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Barclays Municipal   Bond Index
1-Year	4.59%	-0.37%	3.56%
5-Year	6.48	5.45	4.39
10-Year	0.98	0.49	4.57

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 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.

2      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Fund Performance Discussion

Amid low interest rates and coverage that we believe was often narrowly focused on the market’s challenges, Oppenheimer Rochester High Yield Municipal Fund delivered high levels of tax-free income in the 12 months ended July 31, 2015 and outperformed its benchmark, the Barclays Municipal Bond Index. The distribution yield of the Class A shares was 6.82% (without sales charge) and produced an annual total return of 4.59% (without sales charge), beating its benchmark by 103 basis points for the 12-month period ended July 31, 2015. During this reporting period, tax-free income provided 100% of the Fund’s total return.

MARKET OVERVIEW

Yields on high-grade municipal bonds rose during this reporting period as the market continued to anticipate changes to the Fed Funds target rate. Since October 2014, when the Federal Open Market Committee (FOMC) voted to end its program of purchasing mortgage-backed securities and long-term Treasuries in an effort to stimulate the economy (quantitative easing), speculation about the Fed’s plans often triggered movements in the equity and bond markets.

Near the end of this reporting period, Federal Reserve Chairman Janet Yellen told the U.S. Congress that improving economic conditions “would likely make it appropriate for the

The average distribution yield in Lipper’s High Yield Municipal Debt Funds category was 3.97% at the end of this reporting period. At 6.82%, the distribution yield at NAV for this Fund’s Class A shares was 285 basis points higher than the category average.

central bank to raise rates at some point this year,” assuming the labor market continues to advance.

While not definitive by any measure, the statement was more specific than earlier announcements from the Fed. For example, in October 2014, the FOMC said it planned to

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		6.82	%
Dividend Yield with sales charge		6.50
Standardized Yield		6.52
Taxable Equivalent Yield		11.52
Last distribution (7/28/15)	$	0.039
Total distributions (8/1/14 to 7/31/15)	$	0.478

   Endnotes for this discussion begin on page 17 of this report

3      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

keep the Fed Funds target rate at its current level “for a considerable time” after the end of its bond-buying program. According to a statement released November 19, 2014, the FOMC observed solid job gains, a lower unemployment rate and increases in household and business spending. The committee’s concerns about inflation and falling energy prices, among other factors, played into its decision to “maintain its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities and rolling over maturing Treasury securities at auction.”

In December 2014, the committee said it could “be patient in beginning to normalize the stance of monetary policy,” but the word “patient” did not appear in the minutes of the February 2015 meeting. In a press conference after the February meeting, Ms. Yellen cautioned that “just because we removed the word ‘patient’ doesn’t mean we will be impatient.” Fed officials also stated in February that “the committee will increase the Fed Funds rate only when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2% objective over the medium term.”

By late April, the Fed had removed all calendar-based language relating to possible rate increases, citing a “transitory” decline in output and employment during the first quarter of 2015 with declines in energy prices and non-energy imports keeping inflation low.

In a speech after the May 2015 FOMC meeting, Ms. Yellen said, “If the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the Federal Funds rate target and begin the process of normalizing monetary policy.”

With the current Fed Funds rate set between zero and 0.25% since December 2008, 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 July 31, 2015, the average yield on 30-year, AAA-rated muni bonds was 4.53%, up 109 basis points from July 31, 2014. The average yield on 10-year, AAA-rated muni bonds was 2.40% on July 31, 2015, up 18 basis points from the July 2014 date, and the average yield on 1-year, AAA-rated muni bonds was 0.37%, up 22 basis points from the July 2014 date.

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

4      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

dividends and allow the income generated from their investments to compound over time.

FUND PERFORMANCE

Oppenheimer Rochester High Yield Municipal Fund held more than 1,080 securities as of July 31, 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 Fund’s Class A distribution yield at NAV was the second highest in Lipper’s High Yield Municipal Debt Funds category, trailing only the distribution yield of this Fund’s Y shares. At 6.82% on that date, it was 285 basis points higher than the category average, which was 3.97%. Additionally, for a taxable investment to have provided a greater benefit than an investment in this Fund, it would have had to yield more than 11.52%, based on the Fund’s standardized yield as of July 31, 2015, and the current top federal income tax rate. 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 persistence of low interest rates created pressure on the dividends of many fixed-income funds this reporting period. This Fund’s Class A dividend, which was 4.1 cents per share at the outset of the reporting period, was reduced to 3.9 cents per share beginning with the January 2015 payout. In all, the Fund

distributed 47.8 cents per Class A share this reporting period.

Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers, represented 22.2% of the Fund’s total assets (22.3% of net assets) at the end of this reporting period. During this reporting period, the sector contributed positively to the Fund’s performance.

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.

As of July 31, 2015, the Fund remained invested in land development (or “dirt”) bonds, which consist of the Fund’s Special Assessment securities and the subset of the Fund’s 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 10.2% and 2.0% of the Fund’s total assets (10.3% and 2.0% of net assets), respectively.

5      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Overall, we believe that land development bonds 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 bonds.

The Special Tax sector also includes a number of bonds that are not land development bonds but are backed instead by various taxes; these taxes have had consistently strong cash flows that must be used to cover the debt service obligations and have consistently done so. These bonds, all of which were issued in Puerto Rico, represented about 6% of this Fund’s Special Tax sector, based on market value at the end of this reporting period.

Both the Special Assessment and Special Tax sectors contributed positively to Fund performance this reporting period.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 12.2% of the Fund’s total assets (12.2% 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 tobacco MSA and included in this Fund’s tobacco holdings. 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.

During this reporting period, the government agreed to raise its sales tax rate to 11.5%, from 7.0%. By April 1, 2016, the sales tax will be replaced by a value-added tax (VAT), which is expected to lead to higher tax revenues for the Commonwealth.

News from the Commonwealth that it had once again passed a balanced budget was tempered by the sudden announcement by Governor Alejandro García Padilla in late June 2015 that Puerto Rico was not able to pay its debts. A government-commissioned study known as the Krueger Report reached a similar conclusion. Investors should note that the report is unaudited and does not compel the administration to implement the report’s recommendations.

The $9.8 billion budget for fiscal year 2016 includes approximately $1 billion to cover the Commonwealth’s G.O. debt-service obligations. Operational spending totals about $8.3 billion. The legislature also created a $275 million special fund from the Government Development Bank’s allocation to cover debt obligations and economic development. With the lowest operational spending level in at least 10 years, the budget reduces the operational budgets of most government agencies by 2% to 3% versus fiscal year 2015, which ended June 30, 2015.

6      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

The Rochester Portfolio Management Team

Dan Loughran, CFA	Scott Cottier, CFA	Troy Willis, JD, CFA	Mark DeMitry, CFA
Team Leader and	Senior Portfolio	Senior Portfolio	Senior Portfolio
Senior Portfolio	Manager	Manager	Manager
Manager
Michael Camarella,	Charlie Pulire, CFA	Elizabeth Mossow,
CFA	Senior Portfolio	CFA
Senior Portfolio	Manager	Associate Portfolio
Manager		Manager

Nonprofits that provide essential social services had their budgets decreased by no more than 10%.

A decision that we believe has important implications for the muni industry – and our funds in particular – was announced earlier in the reporting period: On February 6, 2015, a federal judge ruled that the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (the “Recovery Act”) violated the U.S. Constitution and was invalid. As you may recall, the Recovery Act was passed in late

June 2014 and the Oppenheimer Rochester municipal bond funds filed suit immediately, challenging the legislation that was designed to allow PREPA (the island’s electric utility authority), PRASA (the aqueduct and sewer authority) and PRHTA (the highway authority) to restructure their debt under the supervision of a Commonwealth court. On July 6, 2015, a federal appeals court unanimously affirmed the earlier decision.

The forbearance agreement that was reached in August 2014 between PREPA and many of

7      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

The Rochester Credit Research Team

Rich Stein, CFA	Chris Weiler, CFA	Bob Bertucci, CFA	Angela Uttaro
Director of Credit	Senior Credit Analyst	Senior Credit Analyst	Senior Credit Analyst
Research
Matt Torpey, CFA	René Vecka, CFA	Jon Hagen, CFA	Alen Kreso, CFA
Senior Credit Analyst	Senior Credit Analyst	Senior Credit Analyst	Senior Credit Analyst
Chris Meteyer	Clara Sanguinetti	Chad Osterhout
Credit Analyst	Credit Analyst	Credit Analyst

8      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

its creditors, including this Fund, was extended several times beyond March 31, 2015, its initial expiration date. In the agreement, now set to expire September 15, 2015, the bondholders have agreed to forbear from exercising rights in connection with events that would constitute a default on PREPA bonds, and PREPA had agreed to a variety of financial terms and to submit a 5-year restructuring plan. PREPA made a full $415 million bond payment on July 1, 2015 and promised to reach a comprehensive restructuring plan with its creditors by September 1, 2015. PREPA’s payment was among more than $1 billion in transfers made by Puerto Rico public entities, as money came due at the start of the Commonwealth’s new fiscal year, July 1, 2015.

We are encouraged by the government’s efforts to reduce spending and increase revenue. We continue to believe that Puerto Rico must act within the tenets of the law, including its Constitution. Questions about the degree to which Puerto Rico and its agencies and authorities are committed to honoring their debt-service obligations created significant pressure on the prices of their securities, especially in the latter months of this reporting period. As a result, the Fund’s Puerto Rico holdings in aggregate had a negative impact on the Fund’s total return.

Our investment team’s commitment to protecting the interests of our shareholders is unwavering. 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. We will continue to monitor credit rating changes and other developments related to our Puerto Rico holdings closely.

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.

Update (as of September 21, 2015): In the weeks that followed the end of this reporting period, several developments in Puerto Rico and decisions by its agencies and officials kept the Commonwealth in the spotlight. For example, of the four Puerto Rico bond issuers that had payments due on August 3, 2015, three made their payments on time and in full; the Puerto Rico Finance Corporation (PFC) did not.

The PFC’s bond covenant called for a $58 million payment of principal and interest on August 3. Instead, a payment of $628,000

9      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

was made to PFC bondholders, a group that includes individual Americans on the mainland and in the Commonwealth, Puerto Rican credit unions, and Oppenheimer Rochester municipal bond funds and other retail municipal bond funds, among others. Prior to August 3, prices of PFC bonds fell sharply, a signal that the market had anticipated this default; as of this update, these securities continued to trade in the teens.

As long-time investors know, net asset values (NAVs) of municipal bond funds are adjusted daily based on a third party’s pricing of all bonds in the marketplace. Thus, the NAVs of our funds, many of which have invested in the Commonwealth and its agencies and government instrumentalities, reflect all price changes. In light of the non-payment by the PFC, investors should expect volatility in the prices of PFC bonds and other bonds issued by the Commonwealth.

We note that two issuers of revenue-backed bonds – the Puerto Rico Sales Tax Financing Corporation (COFINA) and the Puerto Rico Municipal Finance Agency (MFA) – met their August 3, 2015 debt-service obligations on time and in full.

The COFINA bonds, which are backed by sales tax revenue, are held by several of the Oppenheimer Rochester funds. The MFA bonds – which are backed by ad valorem taxes that are based on the assessed value of real estate, personal property and/or the duty levied on imported items – also paid their bondholders, including Oppenheimer Rochester funds. We believe that the legal

protections for the COFINA bonds and Puerto Rico’s general obligation (G.O.) debt are strong, and many of our funds have overweight positions in these bonds.

Also on August 3, 2015, the Government Development Bank for Puerto Rico (GDB) made loan payments to banks that totaled approximately $140 million.

Later in the month, on August 21, 2015, the Commonwealth petitioned the U.S. Supreme Court to overturn a federal district court ruling, which had been affirmed on appeal, related to the Recovery Act: that the Act violated the U.S. Constitution and was invalid. In its petition, the Commonwealth argues that Puerto Rico’s issuers should have the right to restructure their debt pursuant to the terms set forth in the Commonwealth’s Recovery Act. As bondholders, we see things differently: The Commonwealth and its issuers agreed to specific and carefully constructed bond covenants when they sold securities, and the contracts should be honored. Our team remains ready to defend the terms of our investments’ bond indentures.

On September 1, 2015, just prior to the expiration of the forbearance agreement, PREPA and the forbearing bondholders reached an agreement in principle on the major financial terms of a securitization transaction to lower PREPA’s debt service costs. Although the proposed agreement would result in a reduction in the par value of PREPA’s existing bonds, we nevertheless believe the agreement – if implemented – will be a win for bondholders.

10      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Investors should note that the new bond structure would be bankruptcy remote, which serves to protect bondholders from event risks; that the term sheet requires that the new securitization bonds earn an investment-grade rating; that the deal requires high participation by all bondholders, and that insurers reach agreement with PREPA on the treatment of the insured bonds. If all goes as planned, bondholders will face neither the risks and uncertainties related to any inefficiency in PREPA’s operations nor the costs that would mount should any future litigation be required. While we expect that all parties will work toward a restructuring support agreement, we remind investors that there is no guarantee of either a timeline or implementation.

The forbearance agreement with bondholders, which has been extended repeatedly since first signed in August 2014 and was set to expire September 18, 2015, was extended on that date to October 1, 2015. However, PREPA did not secure an extension from its bond insurers, a group that guarantees $2.5 billion of the utility’s debt. According to PREPA’s chief restructuring officer, negotiations with the bond insurers will continue.

After a week-long delay that officials said was caused by Hurricane Erika, the Working Group that had been charged by the governor to deliver a 5-Year Fiscal Plan by September 1, 2015, handed in its plan. Like the government-commissioned Krueger Report that preceded it, the Working Group’s plan included a lengthy roster of policy changes and austerity measures designed to resolve some of the Commonwealth’s financial

difficulties. Politicians, including some candidates for the presidency, have voiced concerns about the current circumstances in Puerto Rico, and we believe the situation will remain political in the near term. In fact, many of the recommendations would require action by the U.S. Congress or the Puerto Rico Legislature. Even if all the recommendations were implemented, the plan indicated that Puerto Rico would still face a $14 billion financing gap between 2016 and 2020. In the weeks following the release of the plan, leading market analysts raised what we believe to be substantive questions about the accuracy of many of the plan’s figures.

Investors should note that the plan also seeks to reduce and/or restructure some of Puerto Rico’s debt. In a televised address, the governor said, “The plan itself will not get us out of the hole we find ourselves in. It’s time that creditors come to the table and share in the sacrifice.” We continue to believe that Puerto Rico must act within the tenets of the law, including its Constitution.

Separately, it is noteworthy that PRASA, the water utility, had announced plans to issue $750 million in bonds. Originally slated for August 25, 2015, the offering has since been revised to provide greater bondholder protections and higher initial yields and, as of this writing, was listed as “day-to-day.” PRASA’s ability to cut expenses and reduce its debt service obligations helped the utility achieve stronger-than-expected results for fiscal year 2015 despite lower-than-expected revenue, according to results released in September.

11      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

The Oppenheimer Rochester team has been an active participant in negotiations with Puerto Rico officials, and shareholders should be confident that we will continue to work to protect our shareholders’ rights and best interests.

The Fund’s holdings in municipal bonds issued by utilities represented 8.9% of total assets (8.9% of net assets) at the end of this reporting period. This set of holdings included sewer utilities with 5.7% of total assets (5.7% of net assets), electric utilities with 2.2% of total assets (2.2% of net assets), water utilities with 0.9% of total assets (0.9% of net assets) and gas utilities with 0.1% of total assets (0.1% of net assets) as of July 31, 2015. Based on market value at the end of this reporting period, securities issued by PRASA represented about one-quarter of the Fund’s holdings in the sewer utilities sector and securities issued by PREPA represented about three-quarters of the electric utilities sector. Our holdings in these sectors consist of securities in the mid-range of the credit spectrum and all of the Fund’s utility sectors contributed positively to performance this reporting period. Investors should note that the Fund’s PRASA and PREPA holdings were among the positive contributors to the Fund’s total return.

The Fund remained invested in the adult living facilities sector, which represented 7.9% of total assets (8.0% of net assets) as of July 31, 2015. These bonds, which finance various projects at senior living centers, tend to perform well in densely populated geographies with strong real estate values and in more

rural areas with stable home prices. This sector contributed positively to the Fund’s performance.

As of July 31, 2015, the Fund was invested in the hospital/healthcare sector, which represented 7.6% of total assets (7.7% of net assets), contributing positively to Fund performance. Our holdings in this sector consist of securities across the credit spectrum, but most are investment grade. Based on market value at the end of this reporting period, about 1.5% of the Fund’s holdings in this sector were issued in Puerto Rico.

General obligation (G.O.) securities, which are backed by the full faith and taxing authority of state and local governments, comprised 6.2% of total assets (6.2% of net assets) as of July 31, 2015. Within this sector, the Fund holds bonds issued in various U.S. municipalities, including the Commonwealth of Puerto Rico and the Northern Mariana Islands. Investments in this sector detracted from the Fund’s overall performance this reporting period, driven in part by the performance of Puerto Rico’s G.O.s.

The Fund’s airline holdings represented 4.8% of total assets (4.8% of net assets) as of July 31, 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. The airline sector contributed positively to the Fund’s performance this reporting period.

12      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Tax increment financing (TIF) bonds constituted 4.1% of the Fund’s total assets (4.2% of net assets) on July 31, 2015, and contributed positively to this Fund’s performance. 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 sales tax revenue sector represented 3.8% of the Fund’s total assets (3.8% of net assets) as of July 31, 2015. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenue. Based on market values as of July 31, 2015, more than 90% of the Fund’s holdings in this sector were issued in Puerto Rico, which caused the sector to detract from the Fund’s total return.

The Fund’s holdings in the municipal leases sector – representing 2.9% of total assets (2.9% of net assets) at the end of this reporting period also detracted from the Fund’s performance. 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 are backed by the proceeds of these lease arrangements. Based on market value at the end of this reporting period, about 60% of the Fund’s holdings in the municipal leases sector were issued in Puerto Rico.

Several sectors in which the Fund maintained relatively smaller investments as of July 31, 2015, contributed positively to performance. Investors benefited this reporting period from the Fund’s holdings in the higher education, multifamily housing, highways/commuter facilities and diversified financial services sectors, among others.

Several of the Fund’s smaller sectors detracted from the Fund’s performance this reporting period: These included municipal leases with 2.9% of total assets (2.9% of net assets), correctional facilities with 0.7% of total assets (0.7% of net assets), and casinos with 0.5% of total assets (0.5% of net assets). Based on market value at the end of this reporting period, about 60% of the Fund’s holdings in the municipal leases sector were issued in Puerto Rico.

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 and contributed positively to this Fund’s performance. 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.

Our approach to municipal bond investing is flexible and responsive to market conditions. Shareholders should note that market

13      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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

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 high yield fund has neither a maturity cap nor a limit on below-investment-grade securities, or “junk” bonds.

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.

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

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.

14      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	22.2%
Special Assessment	10.2
Adult Living Facilities	7.9
Hospital/Healthcare	7.6
General Obligation	6.2
Sewer Utilities	5.7
Airlines	4.8
Tax Increment Financing (TIF)	4.1
Sales Tax Revenue	3.8
Municipal Leases	2.9

Portfolio holdings and allocations are subject to change. Percentages are as of July 31, 2015, and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated			Sub- Adviser- Rated			Total
AAA		1.4	%		0.3	%		1.7	%
AA		6.9			0.7			7.6
A		5.3			0.5			5.8
BBB		12.6			9.5			22.1
BB or lower		30.4			32.4			62.8
Total		56.6	%		43.4	%		100.0	%

The percentages above are based on the market value of the securities as of July 31, 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.

15      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Performance

DISTRIBUTION YIELDS

As of 7/31/15

	Without  Sales Charge		With  Sales Charge
Class A		6.82%		6.50%
Class B		5.92		N/A
Class C		5.98		N/A
Class Y		7.00		N/A

STANDARDIZED YIELDS

For the 30 Days Ended 7/31/15

Class A	6.52%
Class B	6.09
Class C	6.09
Class Y	7.00

TAXABLE EQUIVALENT YIELDS

As of 7/31/15

Class A	11.52%
Class B	10.76
Class C	10.76
Class Y	12.37

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 7/31/15

	Inception Date		1-Year		5-Year		10-Year		Since Inception
Class A (ORNAX)		10/1/93		4.59%		6.48%		0.98%		4.25%
Class B (ORNBX)		10/1/93		3.79		5.63		0.49		4.04
Class C (ORNCX)		8/29/95		3.68		5.66		0.20		3.52
Class Y (ORNYX)		11/29/10		4.61		N/A		N/A		7.38

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 7/31/15

	Inception Date		1-Year		5-Year		10-Year		Since Inception
Class A (ORNAX)		10/1/93		-0.37%		5.45%		0.49%		4.02%
Class B (ORNBX)		10/1/93		-1.11		5.32		0.49		4.04
Class C (ORNCX)		8/29/95		2.70		5.66		0.20		3.52
Class Y (ORNYX)		11/29/10		4.61		N/A		N/A		7.38

16      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

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. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, 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.

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. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. 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 indices. 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 $0.039 for the 35-day accrual period ended July 28, 2015. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on July 28, 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 $0.0340,

17      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

$0.0341 and $0.0400, respectively, for the 35-day accrual period ended July 28, 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 July 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.

The average distribution yield in this Fund’s Lipper category was calculated based on the distributions and the final net asset values (NAVs) of the reporting period for the funds in each category. The average yield at NAV in Lipper’s High Yield Municipal Debt Funds category is based on 157 NAVs, one for each class of each fund in the category; a fund can have up to 4 classes. Lipper yields do not include sales charges – which, if included, would reduce results.

Taxable equivalent yield is based on the standardized yield and the top 2015 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.

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 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.

18      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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.

19      OPPENHEIMER ROCHESTER HIGH YIELD 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 and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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

20      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Actual	Beginning Account Value February 1, 2015		Ending Account Value July 31, 2015		Expenses Paid During 6 Months Ended July 31, 2015
Class A	$	1,000.00	$	974.00	$	4.76
Class B		1,000.00		970.40		8.44
Class C		1,000.00		968.90		8.43
Class Y		1,000.00		973.30		4.02
Hypothetical (5% return before expenses)
Class A		1,000.00		1,019.98		4.87
Class B		1,000.00		1,016.27		8.64
Class C		1,000.00		1,016.27		8.64
Class Y		1,000.00		1,020.73		4.12

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended July 31, 2015 are as follows:

Class	Expense Ratios
Class A		0.97%
Class B		1.72
Class C		1.72
Class Y		0.82

21      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS  July 31, 2015

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—112.5%
	Alabama—4.3%
	$50,050,000	Jefferson County, AL Sewer		0.000	%1		10/01/2050		$            33,047,515
	30,000,000	Jefferson County, AL Sewer		7.000			10/01/2051		36,141,900
	30,000,000	Jefferson County, AL Sewer		0.000	1		10/01/2046		20,129,100
	21,895,000	Jefferson County, AL Sewer		0.000	1		10/01/2039		14,781,533
	20,045,000	Jefferson County, AL Sewer		0.000	1		10/01/2046		13,729,823
	11,500,000	Jefferson County, AL Sewer		5.500			10/01/2053		12,755,225
	59,250,000	Jefferson County, AL Sewer		6.500			10/01/2053		68,480,557
	17,500,000	Jefferson County, AL Sewer		0.000	1		10/01/2050		11,870,775
									210,936,428
	Alaska—0.3%
	2,250,000	AK Industrial Devel. & Export Authority (Anchorage Sportsplex/Grace Community Church Obligated Group)2		6.120			08/01/2031		538,897
	1,650,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)3		5.875			12/01/2027		544,170
	500,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)3		6.000			12/01/2036		164,900
	31,850,000	AK Northern Tobacco Securitization Corp. (TASC)		6.125	4		06/01/2046		942,442
	20,860,000	AK Northern Tobacco Securitization Corp. (TASC)		6.375	4		06/01/2046		587,418
	10,350,000	Koyukuk, AK (Tanana Chiefs Conference Health Care Facility)		7.750			10/01/2041		11,918,232
									14,696,059
	Arizona—1.7%
	4,310,000	Buckeye, AZ Watson Road Community Facilities District		6.000			07/01/2030		4,357,195
	7,948,000	East San Luis, AZ Community Facilities District Special Assessment (Area One)3		6.375			01/01/2028		5,390,572
	4,275,000	East San Luis, AZ Community Facilities District Special Assessment (Area Two)3		8.500			01/01/2028		778,477
	335,000	Estrella Mountain Ranch, AZ Community Facilities District		6.125			07/15/2027		349,171
	500,000	Estrella Mountain Ranch, AZ Community Facilities District		6.200			07/15/2032		520,275
	305,000	Estrella Mountain Ranch, AZ Community Facilities District		5.450			07/15/2021		305,567
	810,000	Estrella Mountain Ranch, AZ Community Facilities District		5.625			07/15/2025		811,029
	900,000	Estrella Mountain Ranch, AZ Community Facilities District		5.800			07/15/2030		901,035
	1,015,000	Estrella Mountain Ranch, AZ Community Facilities District		5.900			07/15/2022		1,068,288
	1,215,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)		6.375			07/01/2022		1,240,551
	3,984,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)		6.750			07/01/2032		4,021,330
	394,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)		6.000			07/01/2017		408,026
	1,000,000	Glendale, AZ IDA (Midwestern University Foundation)		5.000			07/01/2033		1,033,140

22      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Arizona (Continued)
	$1,000,000	Goodyear, AZ IDA Water & Sewer (Litchfield Park Service Company)		6.750	%		10/01/2031	$	1,000,840
	1,870,000	Maricopa County, AZ IDA (Immanuel Campus Care)3		8.500			04/20/2041		747,346
	294,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien		5.250			07/01/2024		294,858
	641,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien		5.300			07/01/2030		645,218
	262,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien		5.250			07/01/2024		264,638
	1,125,000	Palm Valley, AZ Community Facility District No. 3		5.300			07/15/2031		1,128,949
	350,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.350			07/15/2031		350,742
	420,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.300			07/15/2025		422,150
	1,650,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)		6.250			07/01/2036		1,663,481
	1,935,000	Phoenix, AZ IDA (Gourmet Boutique West)		5.875			11/01/2037		1,033,832
	1,160,000	Pima County, AZ IDA (Christian Senior Living)		5.050			01/01/2037		1,169,141
	1,250,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)		6.250			06/01/2026		1,275,013
	3,700,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)		6.375			06/01/2036		3,764,602
	3,000,000	Pima County, AZ IDA (New Plan Learning/OG Ohio/250 Shoup Mill Obligated Group)		8.125			07/01/2041		2,950,680
	5,730,000	Pima County, AZ IDA (P.L.C. Charter Schools)		7.500			04/01/2041		6,453,584
	1,500,000	Pima County, AZ IDA (P.L.C. Charter Schools)		6.750			04/01/2036		1,513,335
	250,000	Pima County, AZ IDA (Paradise Education Center)		5.875			06/01/2022		253,788
	550,000	Pima County, AZ IDA (Paradise Education Center)		6.000			06/01/2036		555,126
	1,600,000	Pima County, AZ IDA (Sonoran Science Academy)		5.670			12/01/2027		1,610,976
	1,960,000	Pima County, AZ IDA (Sonoran Science Academy)		5.750			12/01/2037		1,966,664
	8,890,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)		6.550			12/01/2037		9,047,175
	2,215,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)		5.600			12/01/2022		2,253,563
	11,100,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)		5.750			12/01/2032		11,268,831
	890,000	Pinal County, AZ IDA (San Manuel Facility)		6.250			06/01/2026		908,583
	1,089,000	Prescott Valley, AZ Southside Community Facilities District No. 1		7.250			07/01/2032		793,620
	1,500,000	Quail Creek, AZ Community Facilities District		5.550			07/15/2030		1,505,385
	265,000	Show Low Bluff, AZ Community Facilities District		5.600			07/01/2031		252,651
	50,000	Show Low Bluff, AZ Community Facilities District Special Assessment		5.200			07/01/2017		51,142
	1,000,000	Tartesso West, AZ Community Facilities District		5.900			07/15/2032		1,030,610
	695,000	Tempe, AZ IDA (Tempe Life Care Village)		6.000			12/01/2032		751,448
	1,550,000	Tempe, AZ IDA (Tempe Life Care Village)		6.250			12/01/2042		1,680,169

23      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	Arizona (Continued)
	$85,000	Tucson, AZ IDA (Joint Single Family Mtg.)		5.000	%		01/01/2039	$	85,656
	1,800,000	Verrado, AZ Community Facilities District No. 1		6.000			07/15/2027		2,005,074
	610,000	Verrado, AZ Community Facilities District No. 1		6.000			07/15/2033		669,072
	675,000	Verrado, AZ Community Facilities District No. 1		5.700			07/15/2029		733,637
									83,286,235
	Arkansas—0.1%
	5,645,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)3		6.250			02/01/2038		3,372,887
	California—14.3%
	2,500,000	Adelanto, CA Public Utility Authority		6.750			07/01/2039		2,843,250
	750,000	Alhambra, CA (Atherton Baptist Homes)		7.625			01/01/2040		801,255
	3,905,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)		6.250			09/01/2040		4,028,593
	1,055,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)		6.000			09/01/2030		1,088,454
	370,000	Anaheim, CA Community Facilities District Special Tax (Platinum Triangle)		6.000			09/01/2028		381,770
	11,600,000	Anaheim, CA Public Financing Authority		5.000			05/01/2046		12,953,604
	100,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		5.750			05/01/2034		100,092
	210,000	Blythe, CA Redevel. Agency (Redevel. Project No. 1 Tax Allocation)		6.200			05/01/2031		210,300
	5,500,000	Brea, CA Community Facilities District (Brea Plaza Area)		7.375			09/01/2039		5,969,040
	33,920,000	CA County Tobacco Securitization Agency		6.650	4		06/01/2046		930,426
	127,310,000	CA County Tobacco Securitization Agency		6.489	4		06/01/2046		9,053,014
	107,400,000	CA County Tobacco Securitization Agency		6.619	4		06/01/2050		1,902,054
	246,760,000	CA County Tobacco Securitization Agency		7.477	4		06/01/2055		1,589,134
	8,415,000	CA County Tobacco Securitization Agency		8.150	4		06/01/2033		2,306,888
	215,100,000	CA County Tobacco Securitization Agency		7.000	4		06/01/2055		2,118,735
	19,000,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2046		14,023,710
	36,000,000	CA County Tobacco Securitization Agency (TASC)		5.650	1		06/01/2041		32,128,920
	57,000,000	CA County Tobacco Securitization Agency (TASC)		6.400	4		06/01/2046		2,572,410
	58,530,000	CA County Tobacco Securitization Agency (TASC)		5.700	1		06/01/2046		51,920,792
	15,015,000	CA County Tobacco Securitization Agency (TASC)		5.600	1		06/01/2036		13,792,028
	5,000,000	CA County Tobacco Securitization Agency (TASC)		6.125			06/01/2038		4,999,600
	7,285,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2043		7,284,490
	1,080,000	CA County Tobacco Securitization Agency (TASC)		5.500			06/01/2033		1,072,883
	2,630,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2035		2,629,816
	520,920,000	CA County Tobacco Securitization Agency (TASC)		6.669	4		06/01/2050		29,848,716

24      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	California (Continued)
	$255,000	CA County Tobacco Securitization Agency (TASC)		5.250	%		06/01/2045	$	205,992
	4,625,000	CA County Tobacco Securitization Agency (TASC)		6.000			06/01/2042		4,624,630
	9,125,000	CA Enterprise Devel. Authority (Sunpower Corp.)		8.500			04/01/2031		10,459,896
	1,180,000	CA GO5		5.050			12/01/2036		1,183,008
	133,715,000	CA Golden State Tobacco Securitization Corp. (TASC)5		5.750			06/01/2047		114,439,480
	49,315,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.750			06/01/2047		42,206,243
	7,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.300	1		06/01/2037		5,735,030
	340,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		6.000	4		06/01/2047		9,431,600
	22,400,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.000			06/01/2033		18,785,088
	30,420,000	CA Health Facilities Financing Authority (SJHS/SJHCN/SJHE/SJHO Obligated Group)5		5.750			07/01/2039		34,795,004
	11,095,000	CA Health Facilities Financing Authority (Sutter Health/California Pacific Medical Center Obligated Group)5		5.000			11/15/2042		11,517,577
	1,835,000	CA Independent Cities Finance Authority Mobile Home Park (Lamplighter Salinas)		6.250			07/15/2050		2,024,959
	10,000,000	CA Infrastructure and Economic Devel. (SanfordConsortium)5		5.000			05/15/2040		10,834,400
	750,000	CA Municipal Finance Authority (Harbor Regional Center)		8.500			11/01/2039		972,473
	380,000	CA Public Works		6.625			11/01/2034		382,136
	43,890,000	CA Silicon Valley Tobacco Securitization Authority		8.435	4		06/01/2056		391,060
	25,800,000	CA Silicon Valley Tobacco Securitization Authority		8.590	4		06/01/2041		3,618,708
	70,785,000	CA Silicon Valley Tobacco Securitization Authority		8.994	4		06/01/2036		16,037,757
	13,505,000	CA Silicon Valley Tobacco Securitization Authority		9.002	4		06/01/2047		838,255
	160,600,000	CA Silicon Valley Tobacco Securitization Authority		8.147	4		06/01/2056		1,260,710
	1,730,000	CA Statewide CDA (Albert Einstein Academy)		6.250			11/01/2042		1,792,937
	1,145,000	CA Statewide CDA (Albert Einstein Academy)		6.000			11/01/2032		1,179,430
	10,000	CA Statewide CDA (Escrow Term)		6.750			09/01/2037		10,017
	2,019,578	CA Statewide CDA (Microgy Holdings)3		9.000			12/01/2038		20
	8,015,000	CA Statewide CDA (Yucaipa Valley Water Reservoir)		6.000			09/02/2044		7,900,626
	555,300,000	CA Statewide Financing Authority Tobacco Settlement		7.001	4		06/01/2055		4,631,202
	4,515,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2037		4,514,639
	965,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		964,923

25      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount				Coupon			Maturity		Value
	California (Continued)
	$100,000		CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000	%		05/01/2043	$	99,991
	2,500,000		Calexico, CA Community Redevel. Agency Tax Allocation (Central Business District & Residential Redevel.)		7.250			08/01/2033		3,105,725
	10,465,000		Cerritos, CA Community College District5		5.250			08/01/2033		12,205,230
	165,000		Chino, CA Community Facilities District Special Tax		5.000			09/01/2026		167,322
	1,440,000		Coyote Canyon, CA Public Facilities Community Facilities District No. 2004-1		6.625			09/01/2039		1,616,976
	820,000		Elsinore Valley, CA Municipal Water District Community Facilities District No. 2004-1		6.625			09/01/2040		846,092
	80,000,000		Inland, CA Empire Tobacco Securitization Authority (TASC)		6.750	4		06/01/2047		2,836,000
	1,000,000,000		Inland, CA Empire Tobacco Securitization Authority (TASC)		8.001	4		06/01/2057		8,270,000
	377,795,000		Inland, CA Empire Tobacco Securitization Authority (TASC)		7.626	4		06/01/2057		3,184,812
	310,000		Jurupa, CA Public Financing Authority		6.000			09/01/2030		320,819
	350,000		Jurupa, CA Public Financing Authority		6.000			09/01/2031		362,215
	400,000		Jurupa, CA Public Financing Authority		6.000			09/01/2028		413,960
	500,000		Jurupa, CA Public Financing Authority		6.000			09/01/2032		517,450
	350,000		Jurupa, CA Public Financing Authority		6.000			09/01/2029		362,215
	1,280,000		Lathrop, CA Special Tax Community Facilities District No. 03-2		7.000			09/01/2033		1,282,074
	3,250,000		Los Alamitos, CA Unified School District COP		0.000	1		08/01/2042		2,371,948
	1,625,000		Los Angeles, CA Community Facilities District Special Tax (Legends at Cascades)		5.750			09/01/2040		1,675,700
	31,940,000	��	Los Angeles, CA Dept. of Airports (Los Angeles International Airport)5		5.375			05/15/2030		35,054,150
	5,000,000		Los Angeles, CA Dept. of Water & Power5		5.000			07/01/2034		5,554,150
	9,930,000		Los Angeles, CA Regional Airports Improvement Corp. (Delta-Continental Airlines)6		9.250			08/01/2024		9,985,707
	200,000		Maywood, CA Public Financing Authority		7.000			09/01/2038		200,208
	115,975,000		Northern CA Tobacco Securitization Authority (TASC)		6.375	4		06/01/2045		2,907,493
	25,000,000		Northern CA Tobacco Securitization Authority (TASC)		5.375			06/01/2038		20,628,750
	45,000		Placer County, CA Improvement Bond Act 1915		6.500			09/02/2030		45,041
	21,711,000		River Rock, CA Entertainment Authority2		8.000			11/01/2018		2,171,100
	1,750,000		Riverside County, CA Redevel. Agency		7.125			10/01/2042		2,185,680
	100,000		Sacramento County, CA Special Tax Community Facilities District No. 2004-1 (McClellan Park)		6.000			09/01/2031		99,484
	325,000		San Bernardino, CA Special Tax Community Facilities District No. 2006-1 (Lytle Creek)		5.625			09/01/2034		335,140
	2,000,000		San Buenaventura, CA Community Memorial Health Systems		8.000			12/01/2031		2,510,380
	1,000,000		San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		7.000			08/01/2041		1,201,650
	750,000		San Francisco, CA City & County Redevel. Financing Authority (Mission Bay North Redevel.)		6.750			08/01/2041		905,738

26      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	California (Continued)
	$6,000,000	Santa Clara, CA Redevel. Agency Tax Allocation (Bayshore North)		5.750	%		06/01/2026	$	6,973,140
	78,990,000	Silicon Valley CA Tobacco Securitization Authority		8.865	4		06/01/2047		4,902,909
	143,080,000	Southern CA Tobacco Securitization Authority		7.100	4		06/01/2046		2,668,442
	41,325,000	Southern CA Tobacco Securitization Authority		6.400	4		06/01/2046		828,566
	10,000,000	Southern CA Tobacco Securitization Authority		5.125			06/01/2046		8,200,700
	195,570,000	Southern CA Tobacco Securitization Authority		6.383	4		06/01/2046		4,525,490
	1,000,000	Southern CA Tobacco Securitization Authority (TASC)		5.000			06/01/2037		841,100
	12,115,000	Stockton, CA Unified School District		5.920	4		08/01/2038		4,599,581
	14,735,000	Stockton, CA Unified School District		5.950	4		08/01/2041		4,868,886
	17,145,000	Stockton, CA Unified School District		5.950	4		08/01/2043		5,204,193
	6,245,000	Stockton, CA Unified School District		6.000	4		08/01/2037		2,475,643
	1,335,000	Susanville, CA Public Financing Authority (Utility Enterprises)		5.875			06/01/2035		1,484,520
	1,425,000	Susanville, CA Public Financing Authority (Utility Enterprises)		6.000			06/01/2045		1,591,540
	4,615,000	Tustin, CA Community Facilities District Special Tax (Legacy/Columbus)		6.000			09/01/2036		4,827,659
	200,000	Upland, CA Community Facilities District (San Antonio)		6.100			09/01/2034		202,996
	3,500,000	West Hollywood, CA Community Devel. Commission Tax Allocation (East Side Redevel.)		7.500			09/01/2042		4,435,025
	7,000,000	West Sacramento, CA Special Tax Community Facilities District No. 27		7.000			09/01/2040		7,360,220
									706,701,584
	Colorado—3.2%
	960,000	CO Andonea Metropolitan District No. 22		6.125			12/01/2025		548,467
	2,380,000	CO Andonea Metropolitan District No. 32		6.250			12/01/2035		1,337,013
	1,000,000	CO Confluence Metropolitan District		5.400			12/01/2027		797,130
	1,025,000	CO Country Club Highlands Metropolitan District2		7.250			12/01/2037		415,699
	1,500,000	CO Crystal Crossing Metropolitan District2		6.000			12/01/2036		975,060
	1,213,000	CO Elbert and Highway 86 Metropolitan District		5.750			12/01/2036		861,351
	4,475,000	CO Elbert and Highway 86 Metropolitan District2		7.500			12/01/2032		2,237,768
	2,251,000	CO Elkhorn Ranch Metropolitan District2		6.375			12/01/2035		1,471,119
	1,790,000	CO Fossil Ridge Metropolitan District No. 1		7.250			12/01/2040		1,974,048
	14,350,000	CO Health Facilities Authority (Sisters of Charity of Leavenworth Health System)5		5.000			01/01/2044		15,786,292
	1,030,000	CO Health Facilities Authority Health & Residential Care Facilities (Volunteers of America)		5.300			07/01/2037		998,163
	473,000	CO Horse Creek Metropolitan District		5.750			12/01/2036		399,661
	1,697,000	CO Huntington Trails Metropolitan District		8.250	1		12/01/2037		1,729,531
	500,000	CO Huntington Trails Metropolitan District		6.250			12/01/2036		501,275
	2,500,000	CO International Center Metropolitan District No. 3		6.500			12/01/2035		2,170,900
	1,069,000	CO Liberty Ranch Metropolitan District		6.250			12/01/2036		910,681
	1,875,000	CO Madre Metropolitan District No. 2		5.500			12/01/2036		1,452,581

27      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	Colorado (Continued)
	$2,275,000	CO Neu Towne Metropolitan District2		7.250	%		12/01/2034	$	604,081
	1,290,000	CO North Range Metropolitan District No. 2		5.500			12/15/2018		1,320,212
	1,000,000	CO North Range Metropolitan District No. 2		5.500			12/15/2037		1,009,450
	12,585,000	CO Park Valley Water and Sanitation Metropolitan District		6.000	4		12/15/2017		4,624,987
	1,590,000	CO Potomac Farms Metropolitan District		7.250			12/01/2037		1,115,512
	290,000	CO Potomac Farms Metropolitan District		7.625	1		12/01/2023		218,530
	915,000	CO Prairie Center Metropolitan District No. 3		5.400			12/15/2031		935,212
	2,253,000	CO Regency Metropolitan District2		5.750			12/01/2036		1,785,548
	500,000	CO Silver Peaks Metropolitan District		5.750			12/01/2036		334,580
	1,720,000	CO Sorrell Ranch Metropolitan District3		6.750			12/15/2036		345,152
	4,950,000	CO Sorrell Ranch Metropolitan District2		5.750			12/01/2036		3,975,296
	2,500,000	CO STC Metropolitan District No. 2		6.000			12/01/2038		2,373,625
	1,260,000	CO Stoneridge Metropolitan District		5.625			12/01/2036		1,274,465
	8,000,000	CO Talon Pointe Metropolitan District3		8.000			12/01/2039		803,920
	655,000	CO Todd Creek Farms Metropolitan District No. 13		6.125			12/01/2019		419,239
	4,390,000	CO Traditions Metropolitan District No. 2 CAB		8.500	1		12/15/2037		4,251,891
	500,000	CO Wheatlands Metropolitan District		6.000			12/01/2025		500,595
	4,000,000	CO Wheatlands Metropolitan District No. 2		8.250			12/15/2035		3,630,320
	892,000	CO Wyndham Hill Metropolitan District		6.375			12/01/2035		863,795
	500,000	CO Wyndham Hill Metropolitan District		6.250			12/01/2025		491,305
	3,415,000	Cundall Farms, CO Metropolitan District		6.875			12/01/2044		3,430,231
	35,375,000	Denver, CO City & County Airport Special Facilities (United Air Lines)		5.250			10/01/2032		36,633,289
	31,350,000	Denver, CO City & County Airport Special Facilities (United Air Lines)		5.750			10/01/2032		32,733,789
	2,065,000	Hawthorn, CO Metropolitan District No. 2		6.375			12/01/2044		2,074,354
	740,000	Tabernash Meadows, CO Water & Sanitation District		7.125			12/01/2034		807,836
	295,000	Tallyns Reach CO Metropolitan District No. 3		5.000			12/01/2033		304,620
	685,000	Tallyns Reach CO Metropolitan District No. 3		5.125			11/01/2038		710,338
	20,183,519	Woodmen Heights, CO Metropolitan District No. 1		0.000	1		12/15/2041		10,140,604
	5,468,763	Woodmen Heights, CO Metropolitan District No. 1		6.000			12/01/2041		5,218,184
									157,497,699
	Connecticut—0.1%
	2,350,000	CT H&EFA (ECHNS/MMH/RGH/TACHC Obligated Group)		6.000			07/01/2025		2,398,598
	470,000	Georgetown, CT Special Taxing District3		5.125			10/01/2036		185,847
	10,719,181	Mashantucket Western Pequot Tribe CT		4.000			07/01/2031		749,271
									3,333,716
	Delaware—0.1%
	1,300,000	Bridgeville, DE Special Obligation (Heritage Shores)		5.450			07/01/2035		1,300,182

28      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Delaware (Continued)
	$7,438,000	Millsboro, DE Special Obligation (Plantation Lakes)		5.450	%		07/01/2036	$	5,685,682
									6,985,864
	District of Columbia—2.0%
	10,000,000	District of Columbia (Howard University)		6.250			10/01/2032		10,621,000
	25,610,000	District of Columbia (Howard University)		6.500			10/01/2041		27,382,980
	5,000,000	District of Columbia (National Public Radio)5		5.000			04/01/2035		5,579,200
	3,200,000	District of Columbia Center for Strategic & International Studies		6.375			03/01/2031		3,471,008
	2,000,000	District of Columbia Center for Strategic & International Studies		6.625			03/01/2041		2,189,620
	15,000	District of Columbia Tobacco Settlement Financing Corp.		6.250			05/15/2024		14,999
	32,680,000	District of Columbia Tobacco Settlement Financing Corp.		6.750			05/15/2040		32,676,405
	1,375,680,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.897	4		06/15/2055		12,518,688
	1,055,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		7.250	4		06/15/2055		6,140,100
									100,594,000
	Florida—11.1%
	1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)		8.000			10/01/2046		1,238,550
	1,000,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)		8.000			10/01/2042		1,240,780
	750,000	Alachua County, FL Health Facilities Authority (Oak Hammock University Florida)		8.000			10/01/2032		934,815
	4,655,000	Amelia Concourse, FL Community Devel. District3		5.750			05/01/2038		3,497,767
	115,000	Arborwood, FL Community Devel. District (Centex Homes)6		5.250			05/01/2016		114,399
	13,820,000	Arlington Ridge, FL Community Devel. District2		5.500			05/01/2036		8,983,967
	1,045,000	Avignon Villages, FL Community Devel. District3		5.300			05/01/2014		136,467
	755,000	Avignon Villages, FL Community Devel. District3		5.400			05/01/2037		98,595
	14,970,000	Baker, FL Correctional Devel. Corp. (Detention Center)		7.500			02/01/2030		12,336,178
	225,000	Bayshore, FL Hsg. Corp.3		8.000			12/01/2016		119,250
	3,035,000	Baywinds, FL Community Devel. District6		7.020			05/01/2022		3,020,432
	7,815,000	Baywinds, FL Community Devel. District		5.250			05/01/2037		7,825,238
	7,555,000	Belle Isle, FL Charter School (Cornerstone Charter Academy & Cornerstone Charter High School Obligated Group)		6.000			10/01/2042		7,902,908
	8,150,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment		7.375			05/01/2034		8,153,097
	5,355,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment		7.500			05/01/2034		5,357,570
	3,575,000	Boynton Village, FL Community Devel. District Special Assessment		6.000			05/01/2038		3,603,707
	300,000	Broward County, FL HFA (Single Family)		5.000			10/01/2039		300,297
	5,845,000	Buckeye Park, FL Community Devel. District3		7.875			05/01/2038		1,753,266

29      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	Florida (Continued)
	$25,450,000	CFM, FL Community Devel. District, Series A3		6.250	%		05/01/2035	$	10,824,648
	8,510,000	Chapel Creek, FL Community Devel. District Special Assessment3		5.500			05/01/2038		5,066,939
	24,013,000	Clearwater Cay, FL Community Devel. District3		5.500			05/01/2037		13,208,831
	1,690,000	Creekside, FL Community Devel. District3		5.200			05/01/2038		676,118
	1,255,000	Crosscreek, FL Community Devel. District3		5.600			05/01/2039		535,621
	2,625,000	Crosscreek, FL Community Devel. District3		5.500			05/01/2017		1,119,247
	55,000	Dade County, FL HFA (Golden Lakes Apartments)		6.050			11/01/2039		55,057
	45,000	Dade County, FL HFA (Siesta Pointe Apartments)		5.650			09/01/2017		45,135
	1,100,000	Dade County, FL IDA (Miami Cerebral Palsy Residence)		8.000			06/01/2022		1,100,176
	7,745,000	Deer Run, FL Community Devel. District Special Assessment3		7.625			05/01/2039		4,569,937
	1,940,000	Durbin Crossing, FL Community Devel. District Special Assessment2		5.250			11/01/2015		1,164,078
	6,718,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)2		7.000			07/15/2032		1,343,802
	12,500,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)2		8.260			07/15/2038		2,500,375
	50,000	FL HFA (Spinnaker Cove Apartments)		6.500			07/01/2036		50,127
	95,000	FL HFA (Stoddert Arms Apartments)		6.250			09/01/2026		95,116
	4,660,000	FL HFC (Westchase Apartments)		6.610			07/01/2038		4,438,417
	30,000	FL HFC (Westwood Apartments)		5.400			02/01/2039		30,025
	3,400,000	FL Lake Ashton II Community Devel. District		5.375			05/01/2036		2,851,444
	1,315,000	Forest Creek, FL Community Devel. District		5.450			05/01/2036		1,315,355
	1,953,132	Forest Creek, FL Community Devel. District6		5.450			05/01/2036		1,953,132
	7,660,000	Glades, FL Correctional Devel. Corp. (Glades County Detention)2		7.375			03/01/2030		1,569,534
	3,065,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District		5.500			05/01/2038		2,937,404
	1,850,000	Harbor Bay, FL Community Devel. District		6.750			05/01/2034		1,856,826
	16,240,000	Heritage Harbour North, FL Community Devel. District		6.375			05/01/2038		17,034,136
	3,480,000	Heritage Plantation, FL Community Devel. District3		5.400			05/01/2037		1,044,209
	1,910,000	Heritage Plantation, FL Community Devel. District3		5.100			11/01/2013		573,115
	845,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A3		5.500			05/01/2036		335,795
	10,000,000	Highlands County, FL Health Facilities Authority (ABH/AGH/AHSGA Obligated Group)5		5.250			11/15/2036		10,531,950
	13,500,000	Highlands County, FL Health Facilities Authority (ABH/AGH/AHSGA Obligated Group)5		5.125			11/15/2032		14,218,133
	4,720,000	Highlands, FL Community Devel. District		5.550			05/01/2036		3,467,312
	5,480,000	Indigo, FL Community Devel. District2		5.750			05/01/2036		3,312,660
	1,425,000	Lakeside Landings, FL Devel. District3		5.500			05/01/2038		569,943
	2,000,000	Lakeside Landings, FL Devel. District3		5.250			05/01/2013		799,940
	8,115,000	Lakewood Ranch, FL Stewardship District		5.500			05/01/2036		7,995,791
	15,360,000	Lakewood Ranch, FL Stewardship District (Country Club East Investors)		5.400			05/01/2037		15,380,890

30      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Florida (Continued)
	$3,800,000	Legends Bay, FL Community Devel. District		5.875	%		05/01/2038	$	3,711,574
	100,000	Leon County, FL Educational Facilities Authority (Southgate Residence Hall)		6.750			09/01/2028		99,988
	1,275,000	Liberty County, FL Revenue (Twin Oaks)3		8.250			07/01/2028		190,867
	1,180,000	Madison County, FL Mtg. (Twin Oaks)		6.000			07/01/2025		759,849
	5,360,000	Magnolia Creek, FL Community Devel. District3		5.900			05/01/2039		1,340,322
	5,000,000	Magnolia Creek, FL Community Devel. District3		5.600			05/01/2014		1,250,300
	2,805,000	Magnolia West, FL Community Devel. District Special Assessment2		5.350			05/01/2037		2,244,196
	2,600,000	Main Street, FL Community Devel. District		6.800			05/01/2038		2,622,464
	975,000	Miami-Dade County, FL HFA (Homeownership Mtg.)		5.450			10/01/2038		973,771
	4,000,000	Miami-Dade County, FL School Board		5.000			05/01/2031		4,573,560
	5,455,000	Miami-Dade County, FL School Board		5.000			05/01/2032		6,140,093
	50,000,000	Miami-Dade County, FL School Board COP5		5.375			02/01/2034		54,725,500
	10,000,000	Miami-Dade County, FL School Board COP5		5.250			02/01/2027		10,833,700
	10,000,000	Miami-Dade County, FL School Board COP5		5.000			02/01/2027		10,750,800
	5,525,000	Montecito, FL Community Devel. District2		5.500			05/01/2037		3,593,349
	12,430,000	Montecito, FL Community Devel. District3		5.100			05/01/2013		8,084,348
	580,000	Moody River, FL Estates Community Devel. District		5.350			05/01/2036		477,108
	10,340,000	Nassau County, FL (Nassau Care Centers)		6.900			01/01/2038		10,593,330
	4,345,000	Naturewalk, FL Community Devel. District2		5.500			05/01/2038		2,389,924
	3,640,000	Naturewalk, FL Community Devel. District2		5.300			05/01/2016		2,002,146
	750,000	Orange County, FL Health Facilities Authority (Orlando Lutheran Tower)		5.500			07/01/2032		770,392
	5,000	Orange County, FL HFA (Park Avenue Villas)		5.250			09/01/2031		5,005
	3,750,000	Palm Bay, FL Educational Facilities (Patriot Charter School)3		7.000			07/01/2036		1,125,075
	3,000,000	Palm Beach County, FL Health Facilities Authority (Sinai Residences Boca Raton)		7.500			06/01/2049		3,451,380
	12,555,000	Palm Coast Park, FL Community Devel. District Special Assessment		5.700			05/01/2037		10,553,733
	6,105,000	Palm Glades, FL Community Devel. District Special Assessment		7.125			05/01/2039		6,242,851
	1,850,000	Palm River, FL Community Devel. District3		5.150			05/01/2013		729,085
	1,565,000	Palm River, FL Community Devel. District3		5.375			05/01/2036		617,721
	1,495,000	Parkway Center, FL Community Devel. District, Series A		6.300			05/01/2034		1,422,328
	5,715,000	Pine Ridge Plantation, FL Community Devel. District		5.400			05/01/2037		4,985,423
	2,250,000	Pinellas County, FL Educational Facilities Authority (Pinellas Prep Academy)		7.125			09/15/2041		2,463,953
	4,500,000	Pinellas County, FL Health Facility Authority (St. Mark Village)		5.650			05/01/2037		4,500,315
	1,805,000	Poinciana West, FL Community Devel. District Special Assessment		6.000			05/01/2037		1,839,512
	625,000	Port St. Lucie, FL Special Assessment (Peacock & Lowry)		5.350			07/01/2027		594,300
	9,900,000	Portico, FL Community Devel. District		5.450			05/01/2037		8,424,207

31      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	Florida (Continued)
	$3,005,000	Portofino Cove, FL Community Devel. District Special Assessment3		5.500	%		05/01/2038	$	1,352,310
	5,905,000	Portofino Isles, FL Community Devel. District (Portofino Court)3		5.600			05/01/2036		1,182,004
	1,955,000	Portofino Landings, FL Community Devel. District Special Assessment3		5.400			05/01/2038		767,885
	1,000,000	Portofino Landings, FL Community Devel. District Special Assessment3		5.200			05/01/2017		392,470
	2,470,000	Portofino Vista, FL Community Devel. District3		5.000			05/01/2013		1,111,549
	2,495,000	Quarry, FL Community Devel. District		5.500			05/01/2036		2,485,594
	420,000	Renaissance Commons, FL Community Devel. District, Series A		5.600			05/01/2036		364,757
	3,420,000	Reunion East, FL Community Devel. District2		5.800			05/01/2036		34
	1,645,000	Reunion East, FL Community Devel. District		6.600			05/01/2033		1,620,144
	3,780,000	Reunion East, FL Community Devel. District		6.600			05/01/2036		3,731,200
	1,425,000	Reunion East, FL Community Devel. District2		7.375			05/01/2033		14
	140,000	Ridgewood Trails, FL Community Devel. District		5.650			05/01/2038		69,174
	8,170,000	River Bend, FL Community Devel. District		5.450			05/01/2035		6,584,938
	2,365,000	River Bend, FL Community Devel. District3		7.125			11/01/2015		304,352
	7,890,000	River Glen, FL Community Devel. District Special Assessment3		5.450			05/01/2038		3,147,400
	172,164	Santa Rosa Bay, FL Bridge Authority		6.250			07/01/2028		109,959
	1,895,000	Sarasota County, FL Educational Facilities (School of Arts & Sciences)		6.500			07/01/2040		2,058,671
	4,185,000	Seminole County, FL IDA (Progressive Health)		7.500			03/01/2035		4,229,780
	8,750,000	South Bay, FL Community Devel. District2		0.000	1		05/01/2036		6,782,213
	3,240,000	South Bay, FL Community Devel. District2		0.000	1		05/01/2025		2,527,556
	5,110,000	South Bay, FL Community Devel. District3		5.950			05/01/2036		1,277,653
	7,620,000	South Bay, FL Community Devel. District		5.950			05/01/2036		7,575,042
	7,035,000	South Bay, FL Community Devel. District		5.125			05/01/2020		6,472,974
	3,900,000	South Fork East, FL Community Devel. District		6.500	1		05/01/2038		3,799,731
	1,005,000	South Fork, FL Community Devel. District Special Assessment		6.150			05/01/2033		1,008,739
	2,325,000	St. Johns County, FL IDA (Glenmoor)3		1.344	7		01/01/2049		809,705
	860,333	St. Johns County, FL IDA (Glenmoor)2		2.500			01/01/2049		9
	3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)		6.000			08/01/2045		3,890,565
	3,500,000	St. Johns County, FL IDA (Presbyterian Retirement)		5.875			08/01/2040		3,865,610
	1,000,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)		5.250			10/01/2041		873,150
	2,485,000	St. John’s Forest, FL Community Devel. District, Series A		6.125			05/01/2034		2,486,541
	1,000,000	Tavares, FL First Mtg. (Osprey Lodge Lakeview)		8.375			07/01/2036		1,001,150
	795,000	Tavares, FL First Mtg. (Osprey Lodge Lakeview)		8.750			07/01/2046		802,759
	19,075,000	Tern Bay, FL Community Devel. District3		5.375			05/01/2037		4,655,063
	16,765,000	Tern Bay, FL Community Devel. District3		5.000			05/01/2015		4,088,648
	2,475,000	Town Center, FL at Palm Coast Community Devel. District		6.000			05/01/2036		2,340,187
	4,950,000	Treeline, FL Preservation Community Devel. District2		6.800			05/01/2039		1,981,040

32      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Florida (Continued)
	$635,000	Turnbull Creek, FL Community Devel. District Special Assessment		5.250	%		05/01/2037	$	583,279
	8,000,000	Verandah East, FL Community Devel. District		5.400			05/01/2037		8,014,080
	1,265,000	Villa Vizcaya, FL Community Devel. District Special Assessment3		5.550			05/01/2039		695,940
	8,340,000	Villages of Westport, FL Community Devel. District3,8		5.700			05/01/2035		5,379,717
	1,955,000	Villages of Westport, FL Community Devel. District3,8		5.400			05/01/2020		1,261,073
	3,350,000	Waterford Estates, FL Community Devel. District Special Assessment3		5.500			05/01/2037		986,073
	4,395,000	Waterford Estates, FL Community Devel. District Special Assessment3		5.125			05/01/2013		1,292,130
	3,190,000	Waterlefe, FL Community Devel. District Golf Course3		8.125			10/01/2025		216,888
	6,805,000	Waters Edge, FL Community Devel. District		0.000	1		05/01/2039		5,696,261
	136,000	Waters Edge, FL Community Devel. District		5.350			05/01/2039		136,286
	14,800,000	Waterstone, FL Community Devel. District3		5.500			05/01/2018		5,872,936
	18,550,000	West Villages, FL Improvement District3		5.800			05/01/2036		11,131,299
	1,215,000	West Villages, FL Improvement District3		5.350			05/01/2015		729,085
	19,100,000	West Villages, FL Improvement District		5.500			05/01/2038		18,757,919
	14,925,000	Westridge, FL Community Devel. District3		5.800			05/01/2037		5,624,337
	11,210,000	Westside, FL Community Devel. District2		5.650			05/01/2037		5,610,605
	16,790,000	Westside, FL Community Devel. District3		7.200			05/01/2038		8,479,622
	7,420,000	Wyld Palms, FL Community Devel. District3		5.400			05/01/2015		1,855,445
	4,340,000	Wyld Palms, FL Community Devel. District3		5.500			05/01/2038		1,085,260
	2,665,000	Zephyr Ridge, FL Community Devel. District3		5.625			05/01/2037		1,050,943
	3,830,000	Zephyr Ridge, FL Community Devel. District3		5.250			05/01/2013		1,508,254
									547,988,972
	Georgia—1.5%
	725,000	Atlanta, GA Tax Allocation (Beltline)		7.500			01/01/2031		842,725
	4,100,000	Atlanta, GA Tax Allocation (Beltline)		7.500			01/01/2031		4,765,758
	350,000	East Point, GA (Camp Creek), Series B		8.000			02/01/2026		350,861
	10,625,000	Franklin County, GA Industrial Building Authority (Emmanuel College)3		6.250			11/01/2043		6,374,894
	1,380,000	Franklin County, GA Industrial Building Authority (Emmanuel College)3		6.000			11/01/2032		827,986
	1,435,000	Franklin County, GA Industrial Building Authority (Emmanuel College)3		5.750			11/01/2025		860,986
	31,945,000	Fulton County, GA Devel. Authority (Piedmont Healthcare)5		5.000			06/15/2029		34,861,839
	13,730,000	Fulton County, GA Devel. Authority (Piedmont Healthcare/Piedmont Hospital/Piedmont Hospital Foundation Obligated Group)5		5.250			06/15/2037		14,987,518
	2,250,000	GA Road & Tollway Authority (I-75 S Express Lanes)		6.252	4		06/01/2024		1,341,832
	9,100,000	GA Road & Tollway Authority (I-75 S Express Lanes)		0.000	1		06/01/2049		4,977,245
	3,750,000	GA Road & Tollway Authority (I-75 S Express Lanes)		6.751	4		06/01/2034		1,132,463

33      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	Georgia (Continued)
	$2,000,000	Marietta, GA Devel. Authority (University Facilities)		7.000	%		06/15/2039	$	2,098,940
									73,423,047
	Hawaii—0.1%
	405,000	HI Dept. of Transportation (Continental Airlines)		5.625			11/15/2027		405,413
	275,000	Kuakini, HI Health System (KMC/KHS/KGC/KSS Obligated Group)		6.375			07/01/2032		275,558
	2,290,000	Kuakini, HI Health System (KMC/KHS/KGC/KSS Obligated Group)		6.300			07/01/2022		2,296,160
									2,977,131
	Idaho—0.0%
	5,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)		5.350			01/01/2025		5,007
	1,500,000	Nampa, ID Local Improvement District No. 1486		6.625			09/01/2030		1,532,430
									1,537,437
	Illinois—7.4%
	600,000	Annawan, IL Tax Increment (Patriot Renewable Fuels)		5.625			01/01/2018		598,308
	30,685,000	Caseyville, IL Tax (Forest Lakes)2		7.000			12/30/2022		1,429,614
	1,100,000	Chicago, IL Board of Education		5.000			12/01/2042		925,859
	32,500,000	Chicago, IL GO5		5.250			01/01/2033		31,313,425
	35,000	Chicago, IL Multifamily Hsg. (Cottage View Terrace)		6.125			02/20/2042		35,052
	10,000	Chicago, IL O’Hare International Airport (General Airport)		5.250			01/01/2034		10,034
	10,032,000	Cortland, IL Special Tax (Sheaffer System)2		5.500			03/01/2017		2,006,801
	1,120,000	Country Club Hills, IL GO		5.000			12/01/2030		1,134,314
	1,175,000	Country Club Hills, IL GO		5.000			12/01/2031		1,191,567
	2,425,000	Country Club Hills, IL GO		5.000			12/01/2032		2,455,434
	965,000	Country Club Hills, IL GO		5.000			12/01/2027		979,465
	915,000	Country Club Hills, IL GO		5.000			12/01/2026		930,958
	1,060,000	Country Club Hills, IL GO		5.000			12/01/2029		1,074,713
	1,010,000	Country Club Hills, IL GO		5.000			12/01/2028		1,024,473
	653,000	Deerfield, IL (Chicagoland Conservative Jewish High School Foundation)		6.000			10/01/2042		618,685
	1,000,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)		5.625			03/01/2036		1,004,020
	1,585,000	Franklin Park, IL GO		6.250			07/01/2030		1,915,789
	2,380,519	Gilberts, IL Special Service Area No. 24 Special Tax (Conservancy)		5.375			03/01/2034		2,012,634
	1,800,000	Harvey, IL GO		5.625			12/01/2032		1,449,324
	6,165,000	Harvey, IL GO		5.500			12/01/2027		5,043,278
	10,575,000	IL Educational Facilities Authority (Plum Creek Rolling Meadows)		6.500			12/01/2037		10,853,969
	685,000	IL Finance Authority (Advocate Health Care)		5.375			04/01/2044		749,787
	11,000,000	IL Finance Authority (Advocate Health Care)5		5.375			04/01/2044		12,040,380
	20,000,000	IL Finance Authority (Advocate Health Care)5		5.500			04/01/2044		22,044,600
	41,175,000	IL Finance Authority (Advocate Health Care)5		5.375			04/01/2044		45,069,326
	3,195,000	IL Finance Authority (Bethel Terrace Apartments)		5.375			09/01/2035		3,196,086

34      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Illinois (Continued)
	$145,000	IL Finance Authority (Bridgeway/Bridgeway Foundation/Occupation Devel. Center Obligated Group)		4.625	%		07/01/2027	$	121,881
	13,000,000	IL Finance Authority (CDHS/CDHA Obligated Group)		5.750			11/01/2039		14,999,270
	5,000,000	IL Finance Authority (CDHS/CDHA)5		5.375			11/01/2039		5,664,450
	12,500,000	IL Finance Authority (Central Dupage Health)5		5.500			11/01/2039		14,273,625
	5,625,000	IL Finance Authority (DeKalb Supportive Living)		6.100			12/01/2041		5,674,050
	2,250,000	IL Finance Authority (Franciscan Communities)		5.500			05/15/2027		2,338,357
	2,030,000	IL Finance Authority (Friendship Village Schaumburg)		5.625			02/15/2037		2,030,183
	1,000,000	IL Finance Authority (Lake Forest College)		6.000			10/01/2048		1,089,580
	850,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2026		862,563
	1,500,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2039		1,514,430
	28,035,000	IL Finance Authority (Provena Health)		7.750			08/15/2034		33,980,102
	575,000	IL Finance Authority (Rogers Park Montessori School)		6.000			02/01/2034		596,286
	1,310,000	IL Finance Authority (Rogers Park Montessori School)		6.125			02/01/2045		1,344,440
	1,090,000	IL Finance Authority (RUMC/RCMC/CMH/RCF/TYW Obligated Group)		7.250			11/01/2030		1,303,716
	11,970,000	IL Finance Authority (St. Anthony Lassing)		6.500			12/01/2032		12,262,667
	5,775,000	IL Finance Authority (The New Admiral at the Lake)		8.000			05/15/2046		6,569,582
	1,500,000	IL Finance Authority (The New Admiral at the Lake)		8.000			05/15/2040		1,708,530
	2,850,000	IL Finance Authority (Uno Charter School Network)		7.125			10/01/2041		3,209,784
	8,700,000	IL Health Facilities Authority		6.900			11/15/2033		6,941,730
	7,140,000	Lake County, IL Special Service Area No. 83		7.125			03/01/2037		3,565,930
	13,635,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)2		7.125			01/01/2036		6,537,983
	4,000,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)3		6.125			03/01/2040		720,680
	2,950,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)3		5.750			03/01/2022		531,502
	1,778,000	Manhattan, IL Special Service Area Special Tax (Lakeside Towns Liberty)3		5.750			03/01/2022		347,759
	3,500,000	Plano, IL Special Service Area No. 53		6.000			03/01/2036		2,074,485
	4,520,000	Quad Cities, IL Regional EDA (Heritage Woods Moline)		6.000			12/01/2041		4,541,199
	5,715,000	Quad Cities, IL Regional EDA (Pheasant Ridge Apartments)6		6.375			08/01/2040		4,493,762
	162	Robbins, IL Res Rec (Robbins Res Rec Partners)		7.250			10/15/2024		172
	2,500,000	Southwestern IL Devel. Authority (Comprehensive Mental Health Center)		6.625			06/01/2037		2,545,850
	1,500,000	Southwestern IL Devel. Authority (Eden Retirement Center)		5.850			12/01/2036		1,357,770
	12,710,000	Southwestern IL Devel. Authority (Local Government Programming)		7.000			10/01/2022		10,668,647

35      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	Illinois (Continued)
	$4,925,000	Southwestern IL Devel. Authority (Village of Sauget)		5.625	%		11/01/2026	$	4,545,824
	13,165,000	Southwestern IL Devel. Authority Solid Waste Disposal (Center Ethanol Company)		8.250			12/01/2019		13,454,103
	12,795,000	Upper, IL River Valley Devel. Authority (DeerPath Huntley)		6.500			12/01/2032		13,183,968
	7,890,000	Upper, IL River Valley Devel. Authority (Living Springs McHenry)		6.100			12/01/2041		7,958,801
	3,025,000	Vernon Hills, IL Tax Increment (Town Center)		6.250			12/30/2026		3,079,632
	2,990,000	Volo Village, IL Special Service Area (Lancaster Falls)		5.750			03/01/2036		3,079,431
	5,391,000	Volo Village, IL Special Service Area (Remington Pointe)		6.450			03/01/2034		5,393,642
	1,900,000	Will-Kankakee, IL Regional Devel. Authority (Senior Estates Supportive Living)		7.000			12/01/2042		1,985,956
	6,225,000	Yorkville, IL United City Special Services Area Special Tax (Bristol Bay)		5.875			03/01/2036		6,321,861
									363,982,078
	Indiana—1.0%
	1,140,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)		9.000			12/01/2045		779,726
	955,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)		8.000			12/01/2045		651,549
	4,300,000	Carmel, IN Redevel. District COP		6.500			07/15/2035		4,698,481
	5,805,000	East Chicago, IN Solid Waste Disposal (USG Corp.)		6.375			08/01/2029		5,817,423
	1,000,000	Hammond, IN Local Public Improvement District		6.750			08/15/2035		1,002,720
	600,000	Hammond, IN Local Public Improvement District		6.500			08/15/2030		601,530
	2,850,000	IN Finance Authority (BHI Senior Living)		5.750			11/15/2041		3,074,580
	1,675,000	IN Finance Authority (BHI Senior Living)		5.500			11/15/2031		1,802,283
	11,505,000	IN Finance Authority (Marian University)		6.375			09/15/2041		12,650,668
	925,000	IN Finance Authority Educational Facilities (Irvington Community)		9.000			07/01/2039		944,416
	7,790,633	North Manchester, IN Economic Devel. (Peabody Retirement Community)2		1.000			12/01/2045		153,397
	9,119,085	North Manchester, IN Economic Devel. (Peabody Retirement Community)		6.050	7		12/01/2045		5,700,522
	6,145,000	Shelbyville, IN Redevel. District Tax Increment (Central Shelbyville Economic)		6.500			07/01/2022		6,713,904
	230,000	St. Joseph County, IN Economic Devel. (Holy Cross Village Notre Dame)		5.550			05/15/2019		230,453
	4,380,000	Vincennes, IN Economic Devel. (Southwest Indiana Regional Youth Village)		6.250			01/01/2024		3,896,930
									48,718,582
	Iowa—0.9%
	940,000	IA Finance Authority (Amity Fellowserve)		6.375			10/01/2026		946,157
	2,190,000	IA Finance Authority (Amity Fellowserve)		6.500			10/01/2036		2,202,001
	690,000	IA Finance Authority (Amity Fellowserve)		6.000			10/01/2028		689,310
	130,000	IA Finance Authority (Amity Fellowserve)		5.900			10/01/2016		131,101

36      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Iowa (Continued)
	$1,160,000	IA Finance Authority (Boys & Girls Home and Family Services)3		5.900	%		12/01/2028	$	382,568
	970,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)		5.375			06/01/2025		890,499
	360,990,000	IA Tobacco Settlement Authority		7.125	4		06/01/2046		8,732,348
	25,230,000	IA Tobacco Settlement Authority		5.500			06/01/2042		22,086,847
	10,000,000	IA Tobacco Settlement Authority (TASC)		5.625			06/01/2046		8,780,400
									44,841,231
	Kansas—0.0%
	675,000	Lenexa, KS Multifamily Hsg. (Meadows Apartments)		7.950			10/15/2035		675,729
	15,000	Olathe, KS Senior Living Facility (Catholic Care Campus)		6.000			11/15/2038		15,132
	3,782,108	Olathe, KS Tax Increment (Gateway)2		5.000			03/01/2026		1,513,108
									2,203,969
	Kentucky—0.4%
	2,075,000	Kuttawa, KY (1st Mtg.-GF/Kentucky)		6.750			03/01/2029		2,078,465
	14,000,000	KY EDFA (Baptist Healthcare System)5		5.375			08/15/2024		15,370,880
	1,000,000	KY EDFA (Masonic Home Independent Living II)		7.375			05/15/2046		1,133,780
	1,250,000	KY EDFA (Masonic Home Independent Living II)		7.250			05/15/2041		1,411,813
									19,994,938
	Louisiana—0.4%
	1,200,000	Juban Park, LA Community Devel. District Special Assessment3		5.150			10/01/2014		241,404
	11,415,000	LA HFA (La Chateau)		7.250			09/01/2039		12,453,537
	5,350,000	LA Public Facilities Authority (Progressive Healthcare)2		6.375			10/01/2028		2,112,073
	555,000	LA Public Facilities Authority (Progressive Healthcare)3		6.375			10/01/2020		219,103
	7,400,000	Lakeshore Villages, LA Master Community Devel. District2		5.250			07/01/2017		2,591,258
									17,617,375
	Maine—0.4%
	2,000,000	ME H&HEFA (Maine General Medical Center)		6.750			07/01/2041		2,271,360
	4,800,000	Rumford, ME Pollution Control (Boise Cascade Corp.)		6.625			07/01/2020		4,819,488
	12,265,000	Rumford, ME Solid Waste Disposal (Boise Cascade Corp.)		6.875			10/01/2026		12,314,796
									19,405,644
	Maryland—0.0%
	2,250,000	Salisbury, MD Special Obligation (Villages at Salisbury Lake)3		0.000	4		01/01/2037		675,113
	Massachusetts—1.4%
	6,905,000	MA Devel. Finance Agency (Lasell College)		6.000			07/01/2041		7,749,550
	321,825	MA Devel. Finance Agency (Linden Ponds)		5.500			11/15/2046		275,936
	1,600,702	MA Devel. Finance Agency (Linden Ponds)		0.965	4		11/15/2056		9,396

37      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	Massachusetts (Continued)
	$2,057,748	MA Devel. Finance Agency (Linden Ponds)		6.250	%		11/15/2039	$	1,975,705
	6,062,305	MA Devel. Finance Agency (Linden Ponds)		6.250			11/15/2046		5,797,625
	685,000	MA Devel. Finance Agency (Linden Ponds)		6.250			11/15/2018		683,212
	210,443	MA Devel. Finance Agency (Northern Berkshire Healthcare)2		3.184	4		02/15/2043		10,474
	365,340	MA Devel. Finance Agency (Northern Berkshire Healthcare)2		0.000	1		02/15/2043		18,183
	318,761	MA Devel. Finance Agency (Northern Berkshire Healthcare)3		6.000			02/15/2043		15,865
	1,000,000	MA Devel. Finance Agency (VOA Concord)		5.200			11/01/2041		979,160
	11,710,000	MA Educational Financing Authority, Series H5		6.350			01/01/2030		12,876,952
	9,980,000	MA HFA, Series A5		5.300			06/01/2049		10,140,163
	8,015,000	MA HFA, Series C5		5.400			12/01/2049		8,109,634
	17,790,000	MA HFA, Series C5		5.350			12/01/2042		18,409,270
	220,000	MA Industrial Finance Agency (Cambridge Friends School)		5.800			09/01/2028		220,141
	50,000	MA Port Authority (Delta Air Lines)		5.000			01/01/2027		50,154
									67,321,420
	Michigan—3.1%
	4,140,000	Charyl Stockwell Academy, MI Public School Academy		5.750			10/01/2045		3,913,625
	2,740,000	Charyl Stockwell Academy, MI Public School Academy		5.500			10/01/2035		2,608,398
	10,100,000	Detroit, MI City School District5		6.000			05/01/2029		12,090,306
	906,750	Detroit, MI GO		5.000			04/01/2021		903,377
	350,300	Detroit, MI GO		5.250			04/01/2020		350,345
	54,250	Detroit, MI GO		5.250			04/01/2017		54,337
	206,150	Detroit, MI GO		5.250			04/01/2022		200,881
	250,000	Detroit, MI GO		5.250			11/01/2035		267,827
	803,643	Detroit, MI GO		5.000			04/01/2020		790,962
	155,000	Detroit, MI GO		5.250			04/01/2020		154,135
	15,500	Detroit, MI GO		5.250			04/01/2023		15,448
	342,550	Detroit, MI GO		5.250			04/01/2021		342,564
	2,150,000	Detroit, MI Local Devel. Finance Authority		6.700			05/01/2021		2,150,967
	1,355,000	Detroit, MI Local Devel. Finance Authority		6.850			05/01/2021		1,355,881
	20,000	Detroit, MI Water Supply System		5.000			07/01/2034		20,065
	200,000	Detroit, MI Water Supply System		5.000			07/01/2034		200,654
	425,000	Macomb, MI Public Academy		6.750			05/01/2037		428,149
	4,943,250	MI Finance Authority (City of Detroit)		5.000			04/01/2021		4,924,861
	1,123,850	MI Finance Authority (City of Detroit)		5.250			04/01/2022		1,108,566
	295,750	MI Finance Authority (City of Detroit)		5.250			04/01/2017		296,226
	1,909,700	MI Finance Authority (City of Detroit)		5.250			04/01/2020		1,909,948
	845,000	MI Finance Authority (City of Detroit)		5.250			04/01/2020		842,482
	1,867,450	MI Finance Authority (City of Detroit)		5.250			04/01/2021		1,861,624
	84,500	MI Finance Authority (City of Detroit)		5.250			04/01/2023		84,214
	1,400,000	MI Finance Authority (Old Redford Public School Academy)		5.900			12/01/2030		1,407,868
	2,590,000	MI Hospital Finance Authority (Oakwood Obligated Group)		5.000			07/15/2037		2,808,311

38      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Michigan (Continued)
	$840,000	MI Public Educational Facilities Authority (American Montessori)		6.500	%		12/01/2037	$	853,306
	1,400,000	MI Public Educational Facilities Authority (Old Redford Academy)		6.000			12/01/2035		1,400,140
	1,248,750	MI Strategic Fund Limited Obligation (Wolverine Human Services)		7.875			08/31/2028		1,283,678
	3,150,000	MI Strategic Fund Solid Waste (Genesee Power Station)		7.500			01/01/2021		3,104,923
	344,990,000	MI Tobacco Settlement Finance Authority		7.305	4		06/01/2052		6,675,556
	3,048,780,000	MI Tobacco Settlement Finance Authority		8.877	4		06/01/2058		13,628,047
	1,625,000	Pontiac, MI City School District		4.500			05/01/2020		1,459,835
	52,930,000	Wayne County, MI Airport Authority (Detroit MetroWayne Airport)5		5.000			12/01/2029		53,576,193
	10,000,000	Wayne County, MI Airport Authority (Detroit MetroWayne Airport)5		5.000			12/01/2034		10,122,595
	5,223,000	Wayne County, MI GO6		2.187	7		12/01/2016		5,164,816
	13,925,000	Wayne, MI Charter County Airport Facilities (Northwest Airlines)		6.000			12/01/2029		13,956,192
									152,317,302
	Minnesota—0.7%
	2,830,000	Eveleth, MN Multifamily (Manor House Woodland)		5.700			10/01/2036		2,140,357
	1,510,000	Eveleth, MN Multifamily (Manor House Woodland)		5.500			10/01/2025		1,261,620
	6,370,000	International Falls, MN Solid Waste Disposal (Boise Cascade Corp.)		6.850			12/01/2029		6,395,862
	5,340,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)		5.500			04/01/2042		5,130,458
	730,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)		5.400			04/01/2028		721,773
	1,000,000	Minneapolis, MN Senior Hsg. & Healthcare Revenue		5.250			11/01/2045		1,004,020
	975,000	Minneapolis, MN Tax Increment (Ivy Tower)		5.700			02/01/2029		954,895
	500,000	Minneapolis, MN Tax Increment (Ivy Tower)		5.500			02/01/2022		496,515
	2,100,000	Northwest MN Multi-County Hsg. & Redevel. Authority		5.450			07/01/2041		2,100,252
	830,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)		5.375			08/01/2021		846,974
	790,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)		5.625			02/01/2031		803,351
	1,585,000	St. Paul, MN Hsg. & Redevel. Authority (Bridgecreek Senior Place)		7.000			09/15/2037		1,586,046
	1,694,956	St. Paul, MN Hsg. & Redevel. Authority (Episcopal Nursing Home)		5.630			10/01/2033		1,726,295
	2,705,000	St. Paul, MN Hsg. & Redevel. Authority (Great Northern Lofts)		6.250			03/01/2029		2,734,403
	400,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)		5.750			09/01/2026		404,980
	650,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)		6.000			09/01/2036		658,210

39      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	Minnesota (Continued)
	$2,305,000	St. Paul, MN Hsg. & Redevel. Authority Charter School (Hmong College Prep Academy)		5.500	%		09/01/2043	$	2,396,094
	600,000	St. Paul, MN Port Authority (Great Northern)		6.000			03/01/2030		604,980
	466,906	St. Paul, MN Port Authority Parking Revenue (4th Parking Ramp)3		8.000			12/01/2027		140,016
	725,000	Wadena, MN Hsg. & Redevel. Authority (Humphrey Manor East)		6.000			02/01/2019		671,002
									32,778,103
	Mississippi—0.2%
	2,395,000	Meridian, MS Tax Increment (Meridian Crossroads)		8.750			12/01/2024		2,657,324
	3,885,000	MS Business Finance Corp. (Intrinergy Wiggins)2		8.000			01/01/2023		2,524,085
	1,755,000	Ridgeland, MS Tax Increment (Colony Park)		5.375			10/01/2028		1,864,143
	1,395,000	Ridgeland, MS Tax Increment (Colony Park)		5.250			10/01/2027		1,476,747
	16,410,000	Stonebridge, MS Public Improvement District Special Assessment3		7.500			10/01/2042		2,298,385
									10,820,684
	Missouri—1.5%
	400,000	Belton, MO Tax Increment (Belton Town Center)		5.625			03/01/2025		411,872
	250,000	Belton, MO Tax Increment (Belton Town Center)		5.500			03/01/2020		257,240
	730,000	Branson Hills, MO Infrastructure Facilities		5.500			04/01/2022		440,102
	750,000	Branson Hills, MO Infrastructure Facilities		5.500			04/01/2027		451,815
	500,000	Branson Hills, MO Infrastructure Facilities		5.000			04/01/2017		303,555
	500,000	Branson Hills, MO Infrastructure Facilities		5.000			04/01/2016		308,505
	4,900,000	Branson, MO Commerce Park Community Improvement District2		5.750			06/01/2026		1,225,147
	2,485,000	Branson, MO IDA (Branson Hills Redevel.)		5.750			05/01/2026		2,509,303
	13,000,000	Branson, MO IDA (Branson Hills Redevel.)		7.050			05/01/2027		13,009,880
	1,050,000	Branson, MO IDA (Branson Landing)		5.250			06/01/2021		1,050,462
	2,470,000	Branson, MO IDA (Branson Landing)		5.500			06/01/2029		2,469,778
	21,700,000	Branson, MO IDA (Branson Shoppe Redevel.)		5.950			11/01/2029		21,972,335
	570,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)		6.125			12/01/2036		451,993
	3,100,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.625			04/01/2027		2,230,946
	1,215,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.500			04/01/2021		979,411
	1,250,000	Jennings, MO Tax Increment & Community Improvement (Northland Redevel. Area)		5.000			11/01/2023		1,250,462
	1,219,000	Kansas City, MO IDA (West Paseo)		6.750			07/01/2036		1,220,938
	1,400,000	Kansas City, MO Tax Increment (Shoal Creek Parkway)		6.500			06/01/2025		1,412,264
	750,000	Lees Summit, MO IDA (Kensington Farms)		5.750			03/01/2029		727,357
	1,200,000	Lees Summit, MO IDA (Kensington Farms)		5.500			03/01/2021		1,191,096
	2,800,000	Lees Summit, MO Tax (Summit Fair Community Improvement District)		6.000			05/01/2042		2,898,504
	2,310,000	Liberty, MO Tax Increment (Liberty Triangle)		5.875			10/01/2029		2,358,672
	3,020,000	MO Dardenne Town Square Transportation Devel. District2		5.000			05/01/2026		1,409,404
	3,825,000	MO Dardenne Town Square Transportation Devel. District2		5.000			05/01/2036		1,546,906

40      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	Missouri (Continued)
	$220,000	MO Grindstone Plaza Transportation Devel. District		5.250	%		10/01/2021	$	212,672
	400,000	MO Grindstone Plaza Transportation Devel. District		5.400			10/01/2026		370,800
	115,000	MO Grindstone Plaza Transportation Devel. District		5.550			10/01/2036		99,932
	709,000	Northwoods, MO Transportation Devel. District6		5.850			02/01/2031		650,160
	4,580,000	St. Louis, MO IDA (Railway Exchange Building Redevel.)3		8.000			04/27/2033		1,592,283
	2,442,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)		6.000			08/21/2026		1,557,215
	2,034,000	St. Louis, MO Tax Increment (Pet Building Redevel.)		5.500			05/29/2028		1,320,025
	1,660,000	St. Louis, MO Tax Increment (Printers Lofts)2		6.000			08/21/2026		790,210
	3,043,000	St. Louis, MO Tax Increment (Security Building Redevel.)2		6.300			04/01/2027		1,472,812
	1,510,000	St. Louis, MO Tax Increment (Washington East Condominiums)3		5.500			01/20/2028		1,028,250
	2,367,000	St. Louis, MO Tax Increment (Washington East Condominiums)		5.500			01/20/2028		1,908,914
	1,108,000	St. Louis, MO Tax Increment Financing, Series A		5.500			09/02/2028		699,636
	975,000	Stone Canyon, MO Improvement District (Infrastructure)3		5.750			04/01/2027		297,424
	1,865,000	Stone Canyon, MO Improvement District (Infrastructure)3		5.700			04/01/2022		568,918
	595,000	Suemandy, MO Mid-Rivers Community Improvement District		7.500			10/01/2029		646,426
									75,303,624
	Montana—0.1%
	5,935,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)		6.250	1		09/01/2031		4,429,943
	1,650,000	MT Facilities Finance Authority (St. John’s Lutheran)		6.125			05/15/2036		1,679,552
	1,125,000	MT Facilities Finance Authority (St. John’s Lutheran)		6.000			05/15/2025		1,150,076
									7,259,571
	Nebraska—0.7%
	865,000	Beatrice, NE Community Redevel. Authority (Beatrice Biodiesel)		6.625			12/01/2021		840,797
	20,000,000	Douglas County, NE Hospital Authority (Methodist Health System)5		5.750			11/01/2048		22,973,160
	2,400,000	NE Educational Facilities Authority (Midland Lutheran College)		5.600			09/15/2029		2,293,848
	6,960,000	Santee Sioux Nation, NE Tribal Health Care (Indian Health Service)		8.750			10/01/2020		7,001,830
									33,109,635
	Nevada—0.3%
	770,000	Clark County, NV Improvement District		5.050			02/01/2031		739,369

41      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	Nevada (Continued)
	$1,000,000	Clark County, NV Improvement District		5.000	%		02/01/2026	$	977,650
	8,000,000	Las Vegas, NV Valley Water District		5.000			06/01/2039		8,981,920
	400,000	Mesquite, NV Special Improvement District (Canyon Creek)6		5.500			08/01/2025		354,724
	110,000	Mesquite, NV Special Improvement District (Canyon Creek)		5.400			08/01/2020		105,424
	1,590,000	Mesquite, NV Special Improvement District No. 07-01 (Anthem at Mesquite)6		6.150			08/01/2037		1,613,612
									12,772,699
	New Hampshire—0.1%
	1,445,000	NH Business Finance Authority (Huggins Hospital)		6.875			10/01/2039		1,544,517
	4,620,000	NH H&EFA (Franklin Pierce College)		6.050			10/01/2034		4,279,275
	515,000	NH HE&HFA (Franklin Pierce College)		5.300			10/01/2028		459,988
									6,283,780
	New Jersey—6.4%
	3,583,000	Newark, NJ GO		5.000			07/15/2029		3,757,671
	115,000	NJ EDA (Cadbury at Cherry Hill)		5.500			07/01/2018		113,175
	170,000	NJ EDA (Continental Airlines)		4.875			09/15/2019		178,175
	3,750,000	NJ EDA (Continental Airlines)		5.625			11/15/2030		4,191,375
	7,385,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044		8,001,352
	7,405,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044		8,023,021
	7,405,000	NJ EDA (Engel Burman at Woodcliff Lake)		8.000			05/01/2044		8,023,021
	11,000,000	NJ EDA (GMT Realty)		6.875			01/01/2037		11,041,690
	565,000	NJ EDA (Leap Academy Charter School)		6.000			10/01/2034		580,572
	750,000	NJ EDA (Leap Academy Charter School)		6.200			10/01/2044		769,418
	500,000	NJ EDA (Leap Academy Charter School)		6.300			10/01/2049		512,855
	1,000,000	NJ EDA (Paterson Charter School Science & Technology)		6.100			07/01/2044		998,590
	8,020,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)		7.250			07/01/2027		8,030,506
	96,125,000	NJ Tobacco Settlement Financing Corp.5		5.000			06/01/2029		81,281,138
	85,700,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2041		64,678,647
	154,950,000	NJ Tobacco Settlement Financing Corp.		4.750			06/01/2034		115,761,596
	210,000	Weehawken Township, NJ GO		6.000			08/01/2021		245,351
	210,000	Weehawken Township, NJ GO		6.000			08/01/2022		243,046
									316,431,199
	New Mexico—0.2%
	615,000	Boulders, NM Pubic Improvement District		5.750			10/01/2044		618,235
	97,000	Dona Ana County, NM Multifamily (Montana Meadows Apartments)		8.500			12/01/2015		97,069
	420,000	Mariposa East, NM Public Improvement District		0.000	1		09/01/2032		371,456
	560,000	Mariposa East, NM Public Improvement District		5.900			09/01/2032		470,663
	500,000	Mariposa East, NM Public Improvement District		12.495	4		09/01/2032		59,975
	90,000	Mariposa East, NM Public Improvement District		5.900			09/01/2032		88,946
	875,000	Montecito Estates, NM Public Improvement District		7.000			10/01/2037		897,024

42      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon			Maturity		Value
	New Mexico (Continued)
	$129,000	NM Regional Hsg. Authority (Wildewood Apartments)		8.750	%		12/01/2020	$	129,054
	1,925,000	NM Trails Public Improvement District		7.750			10/01/2038		1,887,597
	4,490,000	Saltillo, NM Improvement District		7.625			10/01/2037		4,642,885
	1,000,000	Ventana West, NM Public Improvement District Special Levy		6.875			08/01/2033		1,001,340
									10,264,244
	New York—9.3%
	14,980,000	Brookhaven, NY IDA (BK at Lake Grove)		7.750	7		11/01/2046		16,171,509
	10,000,000	Brookhaven, NY IDA (BK at Lake Grove)		7.750	7		11/01/2046		10,795,400
	15,015,000	Brookhaven, NY IDA (BK at Lake Grove)		7.750	7		11/01/2046		16,218,602
	1,010,000	Erie County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2045		941,472
	17,700,000	Erie County, NY Tobacco Asset Securitization Corp.		6.656	4		06/01/2055		137,529
	9,345,000	Islip, NY IDA (Engel Burman at Sayville)		6.500	7		11/01/2045		9,680,953
	5,705,000	Islip, NY IDA (Engel Burman at Sayville)		6.500	7		11/01/2045		5,910,095
	1,500,000	Islip, NY IDA (Engel Burman at Sayville)		7.750	7		11/01/2045		1,624,305
	14,060,000	Islip, NY IDA (Engel Burman at Sayville)		6.500	7		11/01/2045		14,565,457
	1,000,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		6.000			06/01/2030		1,120,180
	3,560,000	Nassau County, NY IDA (Amsterdam at Harborside)		5.500			07/01/2020		3,558,291
	2,100,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2049		2,074,989
	1,780,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2049		1,758,800
	2,937,408	Nassau County, NY IDA (Amsterdam at Harborside)3		2.000			01/01/2049		161,264
	750,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.500			01/01/2032		750,510
	13,050,000	Nassau County, NY Tobacco Settlement Corp.		5.250	1		06/01/2026		12,811,446
	1,895,000	Nassau County, NY Tobacco Settlement Corp.		5.125			06/01/2046		1,586,892
	2,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.000			06/01/2035		1,750,780
	413,400,000	NY Counties Tobacco Trust V		7.848	4		06/01/2060		1,554,384
	412,100,000	NY Counties Tobacco Trust V		7.151	4		06/01/2060		1,475,318
	37,380,000	NY Liberty Devel. Corp. (Bank of America Tower)5,9		5.125			01/15/2044		41,580,580
	900,000	NY MTA, Series D		5.250			11/15/2029		1,054,800
	560,000	NY MTA, Series D		5.250			11/15/2028		658,409
	485,000	NY MTA, Series D		5.250			11/15/2027		572,635
	900,000	NY MTA, Series D		5.250			11/15/2030		1,050,471
	900,000	NY MTA, Series D		5.250			11/15/2033		1,037,601
	900,000	NY MTA, Series D		5.250			11/15/2032		1,039,734
	900,000	NY MTA, Series D		5.250			11/15/2031		1,046,160
	1,500,000	NY TSASC, Inc. (TFABs)		5.125			06/01/2042		1,299,615
	8,765,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.927	10		4/1/2036		9,148,907
	14,200,000	NYC IDA (American Airlines)		8.000			08/01/2028		15,209,336

43      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$40,000,000	NYC IDA (American Airlines)		7.750	%		08/01/2031	$	42,639,200
	59,000,000	NYC IDA (American Airlines)		7.625			08/01/2025		63,032,650
	19,550,000	NYC IDA (British Airways)		7.625			12/01/2032		19,843,837
	6,740,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.650			10/01/2028		5,584,966
	5,480,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.750			10/01/2036		4,467,789
	8,630,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		6.200			10/01/2022		8,182,276
	12,955,000	NYC Municipal Water Finance Authority5		5.750			06/15/2040		14,528,506
	20,200,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		21,814,788
	26,750,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.750			11/15/2051		30,870,035
	200,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		200,586
	2,700,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2019		2,699,595
	8,385,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.000			06/01/2048		7,441,771
	7,430,497	Westchester County, NY IDA (EBC White Plains)		8.000	7		11/01/2043		8,134,834
	7,430,459	Westchester County, NY IDA (EBC White Plains)		8.000	7		11/01/2043		8,134,792
	7,430,497	Westchester County, NY IDA (EBC White Plains)		8.000	7		11/01/2043		8,134,834
	9,795,000	Westchester County, NY IDA (Engel Burman at Armonk)		6.500	7		11/01/2045		10,147,130
	9,640,000	Westchester County, NY IDA (Engel Burman at Armonk)		6.500	7		11/01/2045		9,986,558
	9,640,000	Westchester County, NY IDA (Engel Burman at Armonk)		6.500	7		11/01/2045		9,986,558
	2,000,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.125			06/01/2045		1,900,900
	2,600,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-C		6.200			03/01/2020		2,599,922
									458,677,951
	North Carolina—0.1%
	1,500,000	NC Medical Care Commission (AHACHC)		5.800			10/01/2034		1,507,245
	1,650,000	NC Medical Care Commission (Whitestone)		7.750			03/01/2031		1,898,457
									3,405,702
	North Dakota—0.0%
	25,000	Cass County, ND Industrial Devel. Revenue (Fraser Ltd.)		7.000			11/01/2015		24,965
	2,410,000	Richland County, ND Hsg. (Birchwood Properties)		6.750			05/01/2029		2,322,059
									2,347,024
	Ohio—8.6%
	9,950,000	Allen County, OH Hospital Facilities (Catholic Healthcare)5		5.000			06/01/2038		10,913,854
	77,055,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.250	1		06/01/2037		66,181,769
	113,205,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2047		91,074,555
	18,115,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.375			06/01/2024		15,315,146

44      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	Ohio (Continued)
	$2,295,300,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.504%4		06/01/2052	$	21,139,713
	44,380,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.500		06/01/2047		38,548,468
	30,200,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875		06/01/2030		25,002,278
	37,115,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.125		06/01/2024		30,888,588
	12,937,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		6.000		06/01/2042		10,470,043
	15,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.750		06/01/2034		11,975,100
	5,645,000	Butler County, OH Port Authority (Maple Knoll Communities)		7.000		07/01/2043		5,938,201
	4,495,000	Centerville, OH Health Care (Bethany Lutheran Village)		6.000		11/01/2038		4,690,218
	5,000	Cleveland, OH Airport (Continental Airlines)		5.700		12/01/2019		5,025
	310,000	Columbus-Franklin County, OH Finance Authority, Series A		6.000		05/15/2035		323,066
	9,680,000	Cuyahoga County, OH Hospital Facilities (CSAHS-UHHS-Cuyahoga/Canton Obligated Group)		7.500		01/01/2030		9,695,391
	32,200,000	Gallia County, OH Hospital Facilities (Holzer/HHlthS/HMCG/HMCJ Obligated Group)		8.000		07/01/2042		36,343,174
	7,500,000	Grove City, OH Tax Increment Financing		5.375		12/01/2031		7,625,325
	1,450,000	Hancock County, OH Hospital (BVRHC/BVHF Obligated Group)		6.250		12/01/2034		1,696,587
	629,413	Hickory Chase, OH Community Authority Infrastructure Improvement3,11		7.000		12/01/2038		503,531
	125,000	Lake County, OH Hospital Facilities (Lake Hospital System)		5.750		08/15/2038		137,547
	545,000	Lorain County, OH Port Authority (Alumalloy LLC)		6.000		11/15/2025		539,185
	10,000,000	Montgomery County, OH (Miami Valley Hospital)5		5.750		11/15/2023		11,751,400
	1,644,222	OH Port Authority of Columbiana Solid Waste (Apex Environmental)2		10.820		08/01/2034		838,553
	16,320,000	OH Port Authority of Columbiana Solid Waste (Apex Environmental)2,8		7.250		08/01/2034		11,809,642
	1,605,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.300		02/15/2024		1,158,585
	2,500,000	Port of Greater Cincinnati, OH Devel. Authority (Public Parking Infrastructure)		6.400		02/15/2034		1,774,125
	4,100,000	Southeastern OH Port Authority Hospital Facility (Memorial Health System)		5.750		12/01/2032		4,396,963
	1,955,000	Toledo-Lucas County, OH Port Authority (Town Square at Levis Commons)		5.400		11/01/2036		969,465

45      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	Ohio (Continued)
	$3,415,000	Warren County, OH Port Authority (Corridor 75 Park)		7.500%		12/01/2034	$	3,566,489
								425,271,986
	Oklahoma—0.2%
	1,700,000	Ardmore, OK Devel. Authority (Airpark Increment District)		5.750		11/01/2022		1,706,817
	1,500,000	Atoka County, OK Healthcare Authority (Atoka Memorial Hospital)		6.625		10/01/2037		1,446,075
	4,840,000	Grady County, OK Criminal Justice Authority		7.000		11/01/2041		4,811,105
	100,000	OK Ordnance Works Authority Sewer & Solid Waste Disposal Facilities (Ralston Purina Group)		6.500		09/01/2026		100,238
								8,064,235
	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		845,467
	10,000	OR GO (Elderly & Disabled Hsg.)		5.300		08/01/2032		10,013
	1,300,000	Salem, OR Hospital Finance Authority (Capital Manor)		6.000		05/15/2047		1,427,231
	370,000	Western Generation, OR Agency Cogeneration (Wauna Cogeneration)		5.000		01/01/2021		377,792
								2,665,523
	Pennsylvania—1.0%
	500,000	Luzerne County, PA IDA		7.750		12/15/2027		521,090
	1,005,000	Luzerne County, PA IDA		7.500		12/15/2019		1,054,737
	8,396,881	Northampton County, PA IDA (Northampton Generating)12		5.000		12/31/2023		7,590,193
	24,937,498	PA EDFA (Bionol Clearfield)3		8.500		07/01/2015		1,080,292
	11,500,000	PA Geisinger Authority Health System, Series A5		5.250		06/01/2039		12,653,220
	4,000,000	PA HEFA (Shippensburg University)		6.250		10/01/2043		4,430,040
	1,500,000	Philadelphia, PA Authority for Industrial Devel. (Architecture & Design Charter School)		6.125		03/15/2043		1,617,585
	1,155,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)		5.500		06/15/2022		1,228,874
	2,000,000	Philadelphia, PA Authority for Industrial Devel. (Green Woods Charter School)		5.500		06/15/2032		2,058,600
	5,250,000	Philadelphia, PA H&HEFA (Temple University Health System)		5.625		07/01/2042		5,514,758
	3,350,000	Philadelphia, PA H&HEFA (Temple University Health System)		5.625		07/01/2036		3,533,044
	5,865,000	York, PA GO		7.250		11/15/2041		6,619,180
								47,901,613
	Rhode Island—0.6%
	44,240,000	Central Falls, RI Detention Facility3		7.250		07/15/2035		11,014,875
	7,500,000	RI Health & Educational Building Corp. (Public Schools Financing Program)		6.000		05/15/2029		8,406,375
	9,715,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)5		5.200		10/01/2047		9,807,096

46      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	Rhode Island (Continued)
	$28,225,000	RI Tobacco Settlement Financing Corp. (TASC)		6.125%4		06/01/2052	$	1,137,185
								30,365,531
	South Carolina—0.6%
	6,747,000	Hardeeville, SC Assessment Revenue (Anderson Tract Municipal Improvement District)		7.750		11/01/2039		6,387,587
	14,191,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)		6.200		11/01/2036		14,189,581
	7,620,000	SC Connector 2000 Assoc. Toll Road, Series B		6.4534		01/01/2020		4,801,362
	8,500,000	SC Connector 2000 Assoc. Toll Road, Series B		6.6214		01/01/2024		4,335,850
	200,000	SC Connector 2000 Assoc. Toll Road, Series B		6.3004		01/01/2026		90,020
								29,804,400
	South Dakota—0.0%
	1,425,000	Turner County, SD Tax Increment		5.000		12/15/2026		1,424,972
	Tennessee—0.4%
	8,890,000	Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland Hsg./NTH/VH Obligated Group)3		5.7507		04/01/2042		3,467,100
	215,000	Memphis-Shelby County, TN Airport Authority (Express Airlines)2		6.125		12/01/2016		32,145
	9,000,000	Shelby County, TN HE&HFB (Trezevant Manor)		5.500		09/01/2047		9,161,550
	6,525,000	Shelby County, TN HE&HFB (Trezevant Manor)		8.000		09/01/2044		7,123,799
								19,784,594
	Texas—10.5%
	230,000	Beaumont, TX Multifamily HDC (Madison on the Lake Apartments)		7.750		12/01/2028		219,694
	2,345,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)2		6.3007		07/01/2032		134,837
	11,420,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)3		6.750		10/01/2038		656,650
	13,500,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)2		5.400		05/01/2029		776,250
	41,315,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)2		5.000		03/01/2041		2,375,612
	10,000,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)2		7.700		03/01/2032		600,000
	26,120,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)3		7.700		04/01/2033		1,567,200
	15,870,000	Cambridge, TX Student Hsg. (Cambridge Student Hsg. Devel.)		7.000		11/01/2039		20,220,443
	400,000	Celina, TX Special Assessment		5.500		09/01/2032		388,768
	1,100,000	Celina, TX Special Assessment		5.875		09/01/2040		1,063,557
	700,000	Celina, TX Special Assessment		5.375		09/01/2028		683,277
	750,000	Clifton, TX Higher Education Finance Corp. (Idea Public Schools)		5.750		08/15/2041		838,612
	1,250,000	Crane, TX Independent School District		5.000		02/15/2030		1,274,812
	22,150,000	Donna, TX GO		6.250		02/15/2037		21,776,330
	1,500,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)		6.500		09/01/2036		1,551,975

47      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	Texas (Continued)
	$2,000,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)		6.750%		09/01/2043	$	2,056,780
	1,500,000	Flower Mound, TX Special Assessment (River Walk Public Improvement District No. 1)		6.125		09/01/2028		1,545,435
	3,700,000	Galveston, TX Special Assessment		6.000		09/01/2038		3,607,352
	2,400,000	Galveston, TX Special Assessment		5.625		09/01/2028		2,355,264
	3,500,000	Galveston, TX Special Assessment		6.125		09/01/2044		3,404,940
	10,000,000	Grand Parkway, TX Transportation Corp.5		5.000		04/01/2053		10,856,500
	11,238,709	Gulf Coast, TX IDA (Microgy Holdings)3		7.000		12/01/2036		112
	20,000	Gulf Coast, TX IDA Solid Waste (Citgo Petroleum Corp.)		8.000		04/01/2028		20,036
	3,225,000	Harris County, TX Cultural Education Facilities Finance Corp. (Space Center Houston)		7.000		08/15/2028		3,469,745
	2,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)		5.750		11/01/2036		2,775,768
	2,000,000	HFDC of Central TX (Lutheran Social Services of the South)		6.875		02/15/2032		2,003,360
	555,000	Houston, TX Airport System		5.000		07/01/2026		618,104
	1,210,000	Houston, TX Airport System		5.000		07/01/2025		1,359,471
	2,000,000	Houston, TX Airport System		5.000		07/01/2024		2,259,880
	435,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)		6.500		05/15/2031		552,176
	380,000	Houston, TX Higher Education Finance Corp. (Cosmos Foundation)		6.500		05/15/2031		453,800
	500,000	Houston, TX Higher Education Finance Corp. (Ninos)		6.000		08/15/2036		540,715
	750,000	Houston, TX Higher Education Finance Corp. (Ninos)		6.000		08/15/2041		808,253
	600,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)		5.875		09/01/2044		590,106
	600,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)		5.750		09/01/2038		590,928
	500,000	Leander, TX Special Assesment (Oak Creek Public Improvement District)		5.375		09/01/2028		494,430
	1,770,000	Maverick County, TX GO COP		8.750		03/01/2034		1,403,114
	5,995,000	Maverick County, TX GO COP		8.750		03/01/2034		4,752,356
	400,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)		5.500		09/15/2040		390,924
	450,000	Mclendon-Chisholm, TX Special Assessment (Sonoma Public Improvement District)		5.375		09/15/2035		440,762
	520,000	Midlothian, TX Devel. Authority Tax Increment		5.125		11/15/2026		524,581
	1,300,000	New Hope, TX Educational Facilities Finance Corp. Retirement Facility (Wesleyan Homes)		5.500		01/01/2049		1,316,367
	785,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)		5.875		04/01/2036		881,147
	1,950,000	New Hope, TX Educational Facilities Finance Corp. Student Hsg. (Stephenville-Tarleton State University)		6.000		04/01/2045		2,199,308
	1,630,000	Newark, TX Cultural Education Facilities Finance Corp. (A.W. Brown Fellowship Charter School)		6.000		08/15/2042		1,682,584

48      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	Texas (Continued)
	$1,600,000	North Central TX HFC (Village Kaufman Apartments)		6.150%7		01/01/2043	$	1,676,624
	38,000,000	North Central TX HFDC (Children’s Medical Center)5		5.750		08/15/2039		42,762,540
	5,920,000	North TX Tollway Authority5		5.750		01/01/2048		6,510,402
	16,000,000	North TX Tollway Authority5		5.750		01/01/2048		17,595,680
	3,000,000	Red River, TX Health Facilities Devel. Corp. (Happy Harbor Methodist Home)		8.000		11/15/2049		3,553,860
	2,100,000	Sabine Neches, TX HFC (Fox Run Apartments)		6.150		01/01/2043		2,200,569
	1,735,693	Sabine Neches, TX HFC (Single Family Mtg.)5		5.430		12/01/2039		1,829,626
	4,100,000	Sabine River, TX Authority Pollution Control (TXU Electric Company)3		6.150		08/01/2022		235,750
	1,800,000	Sabine River, TX Authority Pollution Control (TXU Electric Company)2		6.4507		06/01/2021		103,500
	10,000,000	San Jacinto, TX Community College District5		5.125		02/15/2038		10,916,400
	26,820,000	Sanger, TX Industrial Devel. Corp. (Texas Pellets)		7.500		07/01/2038		28,314,410
	4,890,000	Springhill, TX Courtland Heights Public Facility Corp.		5.850		12/01/2028		4,156,500
	32,600,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)5		6.250		11/15/2029		37,941,836
	7,935,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Baylor Health Care System)5		5.750		11/15/2024		9,107,540
	3,810,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)		5.750		11/15/2037		3,889,324
	13,500,000	Tarrant County, TX Health Facilities Devel. Corp. (Cook Childrens Medical Center)5		5.000		12/01/2033		14,930,055
	27,525,000	Travis County, TX HFDC (Longhorn Village)		7.125		01/01/2046		29,707,457
	1,600,000	Travis County, TX HFDC (Querencia Barton Creek)		5.650		11/15/2035		1,609,152
	2,495,000	Trinity, TX River Authority (TXU Energy Company)3		6.250		05/01/2028		143,463
	20,100,000	Trophy Club, TX Public Improvement (Highlands Trophy Club)		7.750		10/01/2037		21,394,038
	34,600,000	TX Angelina & Neches River Authority (Aspen Power)3		6.500		11/01/2029		13,461,130
	117,760,000	TX Municipal Gas Acquisition & Supply Corp.5		6.250		12/15/2026		141,526,271
	1,600,000	TX Public Finance Authority Charter School Finance Corp. (Ed-Burnham Wood)		6.250		09/01/2036		1,643,536
	635,000	TX Student Hsg. Corp. (University of North Texas)		6.750		07/01/2021		624,192
	200,000	TX Student Hsg. Corp. (University of North Texas)		6.850		07/01/2031		192,920
	2,095,000	Vintage Township, TX Public Facilities Corp.		7.375		10/01/2038		2,178,695
	6,375,000	Waxahachie, TX Special Assessment		6.000		08/15/2045		6,185,089
	4,615,000	Wise County, TX (Parket County Junior College District)		7.750		08/15/2028		5,520,694

49      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	Texas (Continued)
	$2,920,000	Wise County, TX (Parket County Junior College District)		7.500%		08/15/2025	$	3,472,026
								521,465,594
	Utah—0.6%
	4,915,000	Hideout, UT Local District No. 1 Special Assessment		8.250		08/01/2034		4,918,096
	1,950,000	Hideout, UT Local District No. 1 Special Assessment		7.750		08/01/2024		1,951,619
	1,750,000	UT Charter School Finance Authority (Endeavor Hall)		6.000		07/15/2032		1,800,978
	815,000	UT Charter School Finance Authority (Endeavor Hall)		5.500		07/15/2022		847,893
	3,870,000	UT Charter School Finance Authority (Endeavor Hall)		6.250		07/15/2042		4,006,379
	6,550,000	UT Charter School Finance Authority (Hawthorn Academy)		8.250		07/15/2046		8,017,593
	750,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)		6.300		07/15/2032		814,733
	1,640,000	UT Charter School Finance Authority (Vista Entrada School of Performing Arts & Technology)		6.550		07/15/2042		1,798,932
	1,465,000	UT HFA (RHA Community Service of Utah)		6.875		07/01/2027		1,467,681
	825,000	Utah County, UT Charter School (Renaissance Academy)		5.625		07/15/2037		828,077
	4,300,000	West Valley City, UT Sewer (East Hollywood High School)		5.625		06/15/2037		4,170,828
								30,622,809
	Vermont—0.0%
	1,148,454	VT Educational & Health Buildings Financing Agency (Marlboro College)		2.779		04/01/2019		1,129,815
	Virginia—1.0%
	1,833,000	Celebrate, VA North CDA Special Assessment2		6.750		03/01/2034		1,184,063
	5,100,000	Celebrate, VA South CDA Special Assessment3		6.250		03/01/2037		2,805,153
	3,206,000	Farms New Kent, VA Community Devel. Authority Special Assessment2		5.800		03/01/2036		801,756
	9,200,000	Farms New Kent, VA Community Devel. Authority Special Assessment2		5.450		03/01/2036		2,300,828
	14,300,000	Farms New Kent, VA Community Devel. Authority Special Assessment2		5.125		03/01/2036		3,576,287
	636,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050		03/01/2044		622,676
	2,051,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050		03/01/2054		102,653
	1,297,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050		03/01/2044		1,065,939
	2,900,000	New Port, VA CDA3,6		5.600		09/01/2036		1,669,878
	2,050,000	Norfolk, VA EDA, Series A		6.000		11/01/2036		1,875,606
	18,986,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation		6.450		09/01/2037		20,105,225
	3,251,000	VA H2O Community Devel. Authority		5.200		09/01/2037		1,837,303

50      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	Virginia (Continued)
	$253,700,000	VA Tobacco Settlement Authority		7.441%4		06/01/2047	$	5,335,311
	6,000,000	VA Tobacco Settlement Financing Corp.		5.2001		06/01/2046		4,335,060
	2,404,674	West Point, VA IDA Solid Waste (Chesapeake Corp.)3		6.375		03/01/2019		24
								47,617,762
	Washington—1.6%
	750,000	Greater Wenatchee, WA Regional Events Center		5.000		09/01/2027		797,032
	200,000	Kelso County, WA Hsg. Authority (Chinook & Columbia Apartments)		5.600		03/01/2028		200,014
	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		725,493
	100,000	King County, WA Hsg. Authority (Southwood Square Apartments)		6.100		10/01/2021		101,002
	1,500,000	Kitsap County, WA Consolidated Hsg. Authority		5.600		06/01/2037		1,529,685
	50,000	Kitsap County, WA Consolidated Hsg. Authority (Heritage Apartments)		6.100		10/01/2031		50,027
	1,915,000	Seattle, WA Hsg. Authority (Newholly Phase II)		7.000		01/01/2032		1,933,614
	1,675,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)		5.600		09/01/2025		1,675,921
	1,250,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)		5.750		09/01/2030		1,250,538
	100,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)		5.100		09/01/2015		100,135
	3,884,358	Tacoma, WA Consolidated Local Improvements District No. 65		5.750		04/01/2043		3,906,227
	1,500,000	Tes Properties, WA5		5.500		12/01/2029		1,698,000
	12,000,000	Tes Properties, WA5		5.625		12/01/2038		13,588,080
	18,075,000	WA Health Care Facilities Authority (Catholic Health Initiatives)5		6.375		10/01/2036		20,530,806
	17,410,000	WA Health Care Facilities Authority (Peacehealth)5		5.000		11/01/2028		19,058,205
	1,700,000	WA Hsg. Finance Commission (Heron’s Key)6		7.000		07/01/2050		1,707,089
	1,000,000	WA Hsg. Finance Commission (Heron’s Key)6		7.000		07/01/2045		1,018,500
	10,860,000	WA Kalispel Tribe Indians Priority District		6.750		01/01/2038		11,005,090
								80,885,474
	West Virginia—0.5%
	4,500,000	Brooke County, WV (Bethany College)		6.750		10/01/2037		4,963,995
	3,000,000	Brooke County, WV (Bethany College)		6.500		10/01/2031		3,284,850
	27,145,000	Harrison County, WV Tax Increment (Charles Pointe)2		7.000		06/01/2035		13,573,857
	1,840,000	Harrison County, WV Tax Increment (Charles Pointe)		7.000		06/01/2035		1,669,745

51      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	West Virginia (Continued)
	$3,045,000	WV Hospital Finance Authority (UTD Health System)		5.500%		06/01/2039	$	3,347,551
								26,839,998
	Wisconsin—0.7%
	3,970,000	Necedah, WI Community Devel. Authority Exempt Facility (Castle Rock Renewable Fuels)2		7.500		03/01/2018		1,640,816
	1,800,000	Sokaogon, WI Chippewa Community (Gaming)3		8.250		01/01/2017		1,083,600
	1,750,000	Sokaogon, WI Chippewa Community (Gaming)3		7.000		01/01/2026		931,000
	3,000,000	WI H&EFA (AE Nursing Centers)		7.250		06/01/2038		3,199,380
	2,015,000	WI H&EFA (Beloit College)		6.125		06/01/2039		2,219,966
	750,000	WI H&EFA (Beloit College)		6.125		06/01/2035		830,475
	6,335,000	WI H&EFA (Wellington Homes)		6.750		09/01/2037		6,686,402
	2,000,000	WI Public Finance Authority (Las Ventanas Retirement Community)		0.2104		10/01/2042		626,300
	6,657,500	WI Public Finance Authority (Las Ventanas Retirement Community)		7.000		10/01/2042		6,682,599
	2,000,000	WI Public Finance Authority (Las Ventanas Retirement Community)		36.0954		10/01/2042		20
	660,000	WI Public Finance Authority (Thomas Jefferson Classical Academy)		7.000		07/01/2031		717,625
	845,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)		6.000		07/15/2042		913,673
	1,325,000	WI Public Finance Authority Charter School (Explore Knowledge Foundation)		5.750		07/15/2032		1,427,860
	1,910,000	WI Public Finance Authority Educational Facility (Ask Academy)		6.000		02/01/2045		1,823,821
	5,875,000	WI Public Finance Authority Educational Facility (Horizon Academy West Charter School)		6.000		09/01/2045		5,955,722
								34,739,259
	U.S. Possessions—12.8%
	28,225,000	Northern Mariana Islands Commonwealth, Series B		5.000		10/01/2033		24,244,710
	7,645,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2044		5,423,669
	11,450,000	Puerto Rico Aqueduct & Sewer Authority		5.250		07/01/2042		7,880,920
	10,000	Puerto Rico Aqueduct & Sewer Authority		5.000		07/01/2025		9,919
	3,325,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2038		2,383,559
	53,230,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2047		37,566,540
	2,750,000	Puerto Rico Aqueduct & Sewer Authority		5.750		07/01/2037		1,961,107
	11,980,000	Puerto Rico Aqueduct & Sewer Authority		5.000		07/01/2033		8,347,784
	250,000	Puerto Rico Aqueduct & Sewer Authority		5.500		07/01/2028		179,742
	152,450,000	Puerto Rico Children’s Trust Fund (TASC)		9.3554		05/15/2055		4,126,821
	2,145,000	Puerto Rico Commonwealth GO13		0.800		07/01/2019		2,007,763
	36,400,000	Puerto Rico Commonwealth GO		8.000		07/01/2035		25,347,868
	39,915,000	Puerto Rico Commonwealth GO		5.750		07/01/2041		25,112,522
	1,345,000	Puerto Rico Commonwealth GO		5.750		07/01/2037		1,337,132
	11,540,000	Puerto Rico Commonwealth GO		5.750		07/01/2036		7,331,016
	1,500,000	Puerto Rico Commonwealth GO		5.000		07/01/2024		961,815
	340,000	Puerto Rico Commonwealth GO		5.500		07/01/2027		218,895
	3,255,000	Puerto Rico Commonwealth GO		5.500		07/01/2026		2,107,710

52      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$62,660,000	Puerto Rico Commonwealth GO		5.500%		07/01/2039	$	39,341,081
	14,695,000	Puerto Rico Commonwealth GO		5.500		07/01/2026		9,515,453
	4,545,000	Puerto Rico Commonwealth GO		5.000		07/01/2041		2,780,449
	2,625,000	Puerto Rico Commonwealth GO		6.000		07/01/2035		1,680,551
	5,000,000	Puerto Rico Commonwealth GO		5.000		07/01/2033		3,095,350
	1,920,000	Puerto Rico Commonwealth GO		5.250		07/01/2026		1,233,658
	40,000	Puerto Rico Commonwealth GO		5.500		07/01/2018		28,842
	285,000	Puerto Rico Commonwealth GO13		0.820		07/01/2020		264,261
	2,165,000	Puerto Rico Commonwealth GO		5.250		07/01/2037		1,351,285
	2,250,000	Puerto Rico Commonwealth GO		6.000		07/01/2039		1,429,380
	5,000	Puerto Rico Commonwealth GO		5.250		07/01/2024		5,012
	13,000,000	Puerto Rico Commonwealth GO		6.500		07/01/2040		8,372,520
	9,265,000	Puerto Rico Commonwealth GO		6.000		07/01/2039		5,885,869
	19,550,000	Puerto Rico Commonwealth GO		6.500		07/01/2037		12,663,317
	3,000,000	Puerto Rico Commonwealth GO		5.750		07/01/2038		1,898,520
	5,295,000	Puerto Rico Electric Power Authority, Series A8		7.000		07/01/2033		3,070,888
	100,000	Puerto Rico Electric Power Authority, Series A8		7.000		07/01/2040		57,992
	7,750,000	Puerto Rico Electric Power Authority, Series A8		7.000		07/01/2043		4,494,612
	18,635,000	Puerto Rico Electric Power Authority, Series A8		6.750		07/01/2036		10,807,555
	5,745,000	Puerto Rico Electric Power Authority, Series A8		5.000		07/01/2042		3,334,226
	10,035,000	Puerto Rico Electric Power Authority, Series A8		5.050		07/01/2042		5,823,712
	2,745,000	Puerto Rico Electric Power Authority, Series A8		5.000		07/01/2029		1,592,676
	500,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2025		290,345
	4,570,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2026		2,653,114
	10,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2023		5,814
	40,000	Puerto Rico Electric Power Authority, Series AAA		5.250		07/01/2021		23,336
	40,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2022		23,285
	95,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2030		55,122
	250,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2029		145,058
	30,000	Puerto Rico Electric Power Authority, Series AAA8		5.250		07/01/2028		17,405
	140,000	Puerto Rico Electric Power Authority, Series CCC8		5.250		07/01/2028		81,221
	2,475,000	Puerto Rico Electric Power Authority, Series CCC8		5.250		07/01/2027		1,435,970
	35,000	Puerto Rico Electric Power Authority, Series CCC		5.000		07/01/2024		20,336
	40,000	Puerto Rico Electric Power Authority, Series CCC		5.000		07/01/2027		23,208
	30,000	Puerto Rico Electric Power Authority, Series CCC8		5.000		07/01/2028		17,407
	20,000	Puerto Rico Electric Power Authority, Series CCC8		5.000		07/01/2025		11,616
	185,000	Puerto Rico Electric Power Authority, Series DDD8		5.000		07/01/2022		107,705
	15,000	Puerto Rico Electric Power Authority, Series NN		5.500		07/01/2020		8,758
	170,000	Puerto Rico Electric Power Authority, Series TT8		5.000		07/01/2017		99,464
	6,750,000	Puerto Rico Electric Power Authority, Series TT8		5.000		07/01/2032		3,916,687
	20,000	Puerto Rico Electric Power Authority, Series TT		5.000		07/01/2018		11,673
	895,000	Puerto Rico Electric Power Authority, Series TT8		5.000		07/01/2026		519,610

53      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$1,015,000	Puerto Rico Electric Power Authority, Series TT8		5.000%		07/01/2027	$	588,903
	5,720,000	Puerto Rico Electric Power Authority, Series TT8		5.000		07/01/2037		3,319,144
	10,000	Puerto Rico Electric Power Authority, Series TT8		5.000		07/01/2025		5,808
	5,000	Puerto Rico Electric Power Authority, Series TT		5.000		07/01/2020		2,920
	210,000	Puerto Rico Electric Power Authority, Series TT8		5.000		07/01/2022		122,260
	15,000	Puerto Rico Electric Power Authority, Series TT		5.000		07/01/2024		8,715
	85,000	Puerto Rico Electric Power Authority, Series WW8		5.375		07/01/2022		49,473
	60,000	Puerto Rico Electric Power Authority, Series WW8		5.500		07/01/2021		35,002
	135,000	Puerto Rico Electric Power Authority, Series WW8		5.250		07/01/2033		78,335
	90,000	Puerto Rico Electric Power Authority, Series WW8		5.000		07/01/2028		52,220
	185,000	Puerto Rico Electric Power Authority, Series WW8		5.250		07/01/2025		107,428
	395,000	Puerto Rico Electric Power Authority, Series WW8		5.500		07/01/2038		229,175
	390,000	Puerto Rico Electric Power Authority, Series WW8		5.375		07/01/2024		226,543
	17,970,000	Puerto Rico Electric Power Authority, Series XX8		5.750		07/01/2036		10,426,733
	38,050,000	Puerto Rico Electric Power Authority, Series XX8		5.250		07/01/2040		22,077,752
	165,000	Puerto Rico Electric Power Authority, Series XX8		5.250		07/01/2027		95,731
	2,290,000	Puerto Rico Electric Power Authority, Series XX8		5.250		07/01/2035		1,328,750
	10,000	Puerto Rico Electric Power Authority, Series XX		5.250		07/01/2026		5,806
	95,000	Puerto Rico Electric Power Authority, Series ZZ		5.000		07/01/2021		55,429
	50,000	Puerto Rico Electric Power Authority, Series ZZ8		5.250		07/01/2022		29,106
	60,000	Puerto Rico Electric Power Authority, Series ZZ8		5.250		07/01/2024		34,855
	150,000	Puerto Rico Electric Power Authority, Series ZZ8		5.250		07/01/2025		87,104
	215,000	Puerto Rico Electric Power Authority, Series ZZ		5.000		07/01/2024		124,919
	50,000	Puerto Rico Electric Power Authority, Series ZZ8		5.250		07/01/2026		29,028
	20,000	Puerto Rico Electric Power Authority, Series ZZ8		5.000		07/01/2018		11,673
	25,000	Puerto Rico Electric Power Authority, Series ZZ		5.250		07/01/2021		14,585
	850,000	Puerto Rico Electric Power Authority, Series ZZ8		5.000		07/01/2022		494,862
	515,000	Puerto Rico Electric Power Authority, Series ZZ8		5.250		07/01/2018		300,580
	190,000	Puerto Rico Electric Power Authority, Series ZZ		4.625		07/01/2025		110,373
	820,000	Puerto Rico Electric Power Authority, Series ZZ8		5.000		07/01/2017		479,766
	10,000	Puerto Rico Electric Power Authority, Series ZZ		5.000		07/01/2026		5,806
	350,000	Puerto Rico Highway & Transportation Authority		5.750		07/01/2021		216,450
	2,175,000	Puerto Rico Highway & Transportation Authority		5.000		07/01/2028		697,261
	6,940,000	Puerto Rico Highway & Transportation Authority		5.750		07/01/2019		4,427,998
	6,415,000	Puerto Rico Highway & Transportation Authority		5.300		07/01/2035		4,383,690
	25,000	Puerto Rico Highway & Transportation Authority		5.500		07/01/2023		25,388
	45,000	Puerto Rico Highway & Transportation Authority		5.000		07/01/2027		44,707
	9,000,000	Puerto Rico Highway & Transportation Authority		5.750		07/01/2022		6,976,080
	150,000	Puerto Rico Highway & Transportation Authority13		0.920		07/01/2027		104,629
	45,000	Puerto Rico Highway & Transportation Authority		5.750		07/01/2019		37,509
	215,000	Puerto Rico Highway & Transportation Authority		5.000		07/01/2023		155,765
	605,000	Puerto Rico Highway & Transportation Authority, Series H		5.450		07/01/2035		193,921
	4,715,000	Puerto Rico Highway & Transportation Authority, Series M		5.000		07/01/2046		1,511,299
	260,000	Puerto Rico Highway & Transportation Authority, Series N		5.250		07/01/2039		152,685
	3,000,000	Puerto Rico Infrastructure		5.000		07/01/2037		775,860
	5,000,000	Puerto Rico Infrastructure		5.000		07/01/2031		1,405,600

54      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$3,000,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500%		10/01/2037	$	1,790,310
	15,000,000	Puerto Rico Infrastructure Financing Authority		6.1404		07/01/2034		3,602,250
	500,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625		06/01/2026		472,430
	4,050,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)		6.000		07/01/2033		3,977,870
	300,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000		10/01/2020		252,639
	100,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000		10/01/2021		82,215
	25,000	Puerto Rico Municipal Finance Agency, Series B		5.250		07/01/2019		24,808
	76,125,000	Puerto Rico Public Buildings Authority		5.250		07/01/2042		42,355,950
	8,825,000	Puerto Rico Public Buildings Authority		6.000		07/01/2041		5,152,829
	7,000,000	Puerto Rico Public Buildings Authority		5.875		07/01/2039		4,060,840
	13,840,000	Puerto Rico Public Buildings Authority		5.625		07/01/2039		7,890,738
	2,380,000	Puerto Rico Public Buildings Authority		5.000		07/01/2036		1,330,253
	100,000	Puerto Rico Public Buildings Authority		5.250		07/01/2023		61,146
	260,000	Puerto Rico Public Buildings Authority		5.500		07/01/2023		160,794
	410,000	Puerto Rico Public Buildings Authority		7.000		07/01/2021		274,339
	12,000,000	Puerto Rico Public Buildings Authority		6.125		07/01/2023		7,632,960
	1,640,000	Puerto Rico Public Buildings Authority		5.250		07/01/2033		930,848
	150,000	Puerto Rico Public Buildings Authority		5.000		07/01/2037		83,646
	5,100,000	Puerto Rico Public Buildings Authority		6.250		07/01/2026		3,180,258
	3,870,000	Puerto Rico Public Buildings Authority		5.000		07/01/2032		2,186,782
	12,845,000	Puerto Rico Public Buildings Authority		5.750		07/01/2022		8,102,754
	4,980,000	Puerto Rico Public Buildings Authority		6.750		07/01/2036		3,050,549
	200,000	Puerto Rico Public Buildings Authority		5.500		07/01/2037		113,520
	1,515,000	Puerto Rico Public Buildings Authority, Series D		5.250		07/01/2036		854,308
	39,020,000	Puerto Rico Public Finance Corp., Series B2		5.500		08/01/2031		4,877,500
	17,895,000	Puerto Rico Sales Tax Financing Corp.		5.250		08/01/2057		10,734,316
	37,060,000	Puerto Rico Sales Tax Financing Corp., Series A		8.6944		08/01/2035		4,415,699
	35,000,000	Puerto Rico Sales Tax Financing Corp., Series A		0.0001		08/01/2033		13,153,000
	37,735,000	Puerto Rico Sales Tax Financing Corp., Series A		5.375		08/01/2039		15,409,087
	31,660,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500		08/01/2042		12,729,853
	2,040,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500		08/01/2028		861,431
	2,250,000	Puerto Rico Sales Tax Financing Corp., Series A		6.125		08/01/2029		975,128
	15,700,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000		08/01/2043		6,293,816
	2,945,000	Puerto Rico Sales Tax Financing Corp., Series A		4.000		08/01/2016		1,720,881
	12,305,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500		08/01/2037		5,055,140
	3,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.375		08/01/2039		1,284,810
	11,455,000	Puerto Rico Sales Tax Financing Corp., Series A		5.250		08/01/2027		4,801,363
	43,845,000	Puerto Rico Sales Tax Financing Corp., Series A		5.750		08/01/2037		18,121,577
	1,630,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000		08/01/2024		686,377
	7,945,000	Puerto Rico Sales Tax Financing Corp., Series A		7.8904		08/01/2034		1,034,042
	53,275,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500		08/01/2044		22,948,206
	25,860,000	Puerto Rico Sales Tax Financing Corp., Series A-1		5.250		08/01/2043		10,365,981
	135,000	Puerto Rico Sales Tax Financing Corp., Series C		5.000		08/01/2046		80,557
	52,010,000	Puerto Rico Sales Tax Financing Corp., Series C		5.250		08/01/2041		21,114,500
	300,000	Puerto Rico Sales Tax Financing Corp., Series C		5.000		08/01/2035		121,011
	57,560,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000		08/01/2042		24,219,521
	5,000,000	Puerto Rico Sales Tax Financing Corp., Series C		0.0001		08/01/2032		2,209,800

55      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$5,000,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000%		08/01/2039	$	2,103,900
	5,160,000	Puerto Rico Sales Tax Financing Corp., Series C		5.375		08/01/2038		2,113,433
	1,000,000	Puerto Rico Sales Tax Financing Corp., Series C		5.375		08/01/2036		409,600
	5,000,000	University of Puerto Rico, Series P		5.000		06/01/2030		2,358,500
								634,215,526
	Total Municipal Bonds and Notes (Cost $6,890,997,207)							5,562,662,018
Shares
	Common Stocks—0.0%
	7,679	Delta Air Lines, Inc.14,15						340,487
	4,927	General Motors Co.14,15						155,250
	15,021	Motors Liquidation Co. GUC Trust14,15						255,357
	Total Common Stocks (Cost $54,137)							751,094
Units			Strike Price     Expiration
	Rights, Warrants and Certificates—0.0%
	4,479	General Motors Co. Wts.14,15		$14.710 07/10/2019				65,886
	4,479	General Motors Co. Wts.14,15		22.000 07/10/2016				98,538
	Total Rights, Warrants and Certificates (Cost $—)							164,424
Principal Amount			Coupon		Maturity
	Corporate Loans—0.3%
	6,000,000	Aspen Power Senior Secured Bridge Promissory Note14		9.0007		11/16/2015		6,000,000
	3,500,000	Aspen Power Senior Secured Bridge Promissory Note14		9.0007		11/16/2015		3,500,000
	7,000,000	Aspen Power Senior Secured Bridge Promissory Note14		9.0007		11/16/2015		7,000,000
	Total Corporate Loans (Cost $16,500,000)							16,500,000
	Total Investments, at Value (Cost $6,907,551,344)—112.8%							5,580,077,536
	Net Other Assets (Liabilities)—(12.8)							(633,972,425	)
	Net Assets—100.0%						$	4,946,105,111

Footnotes to Statement of Investments

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

2. 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.

3. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Notes.

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

5. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 4 of the accompanying Notes.

6. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. See Note 4 of the accompanying Notes.

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

56      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Footnotes to Statement of Investments (Continued)

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

9. Restricted security. The aggregate value of restricted securities at period end was $41,580,580, which represents 0.84% of the Fund’s net assets. See Note 4 of the accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Dates		Cost		Value		Unrealized Appreciation
NY Liberty Devel. Corp. (Bank of America Tower)		7/23/10 - 3/4/11	$	37,404,237	$	41,580,580	$	4,176,343

10. Represents the current interest rate for the inverse floating rate security. See Note 4 of the accompanying Notes.

11. Security received as the result of issuer reorganization.

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

13. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

14. Received as a result of a corporate action.

15. Non-income producing security.

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
FCommH	Fayette Community Hospital
GO	General Obligation

57      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Abbreviations (Continued)

GUC	General Unsecured Creditors
H&EFA	Health and Educational Facilities Authority
H&HEFA	Hospitals and Higher Education Facilities Authority
HC	HASC Center
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
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
HFDC	Health Facilities Devel. Corp.
HHlthS	Holzer Health Systems
HMCG	Holzer Medical Center-Gallipolis
HMCJ	Holzer Medical Center-Jackson
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
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
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds

58      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Abbreviations (Continued)

TYW	The YMCA of Wichita
UHHS	University Hospitals Health System
VH	Village Housing
VOA	Volunteers of America
WICF	W.I. Cook Foundation

See accompanying Notes to Financial Statements.

59      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2015

Assets
Investments at value (cost $6,907,551,344)—see accompanying statement of investments	$	5,580,077,536
Cash		836,847
Receivables and other assets:
Interest		79,983,331
Investments sold (including $14,895,402 sold on a when-issued or delayed delivery basis)		44,795,107
Shares of beneficial interest sold		6,053,407
Other		1,657,786
Total assets		5,713,404,014
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		722,510,000
Payable for borrowings (See Note 8)		15,900,000
Shares of beneficial interest redeemed		19,647,700
Dividends		4,928,426
Investments purchased (including $2,699,408 purchased on a when-issued or delayed delivery basis)		2,699,408
Trustees’ compensation		741,268
Distribution and service plan fees		583,164
Shareholder communications		28,102
Interest expense on borrowings		2,889
Other		257,946
Total liabilities		767,298,903
Net Assets	$	4,946,105,111
Composition of Net Assets
Paid-in capital	$	8,665,963,173
Accumulated net investment income		100,671,953
Accumulated net realized loss on investments		(2,493,056,207)
Net unrealized depreciation on investments		(1,327,473,808)
Net Assets	$	4,946,105,111

60      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $2,968,690,503 and 432,881,544 shares of beneficial interest outstanding)	$	6.86
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	7.20
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $49,791,729 and 7,227,666 shares of beneficial interest outstanding)	$	6.89
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,234,905,516 and 180,717,484 shares of beneficial interest outstanding)	$	6.83
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $692,717,363 and 101,117,748 shares of beneficial interest outstanding)	$	6.85

See accompanying Notes to Financial Statements.

61      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 31, 2015

Investment Income
Interest	$	439,122,980
Dividends		10,023
Total investment income		439,133,003
Expenses
Management fees		20,272,316
Distribution and service plan fees:
Class A		4,869,066
Class B		594,582
Class C		12,157,953
Transfer and shareholder servicing agent fees:
Class A		3,276,135
Class B		66,089
Class C		1,351,182
Class Y		703,681
Shareholder communications:
Class A		44,955
Class B		2,638
Class C		22,406
Class Y		8,783
Interest expense and fees on short-term floating rate notes issued (See Note 4)		9,261,746
Legal, auditing and other professional fees		4,673,009
Borrowing fees		4,048,465
Trustees’ compensation		82,397
Custodian fees and expenses		42,251
Interest expense on borrowings		4,119
Other		1,399,342
Total expenses		62,881,115
Net Investment Income		376,251,888
Realized and Unrealized Loss
Net realized loss on investments		(99,572,148)
Net change in unrealized appreciation/depreciation on investments		(47,125,328)
Net Increase in Net Assets Resulting from Operations	$	229,554,412

See accompanying Notes to Financial Statements.

62      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended July 31, 2015		Year Ended July 31, 2014
Operations
Net investment income	$	376,251,888	$	381,267,912
Net realized loss		(99,572,148)		(4,795,521)
Net change in unrealized appreciation/depreciation		(47,125,328)		99,151,615
Net increase in net assets resulting from operations		229,554,412		475,624,006
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(217,531,286)		(250,693,322)
Class B		(3,868,044)		(5,771,650)
Class C		(79,889,356)		(86,591,025)
Class Y		(47,795,196)		(36,840,501)
		(349,083,882)		(379,896,498)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(221,818,275)		(490,548,695)
Class B		(26,821,866)		(31,751,567)
Class C		(47,369,977)		(174,369,616)
Class Y		149,496,945		80,952,069
		(146,513,173)		(615,717,809)
Net Assets
Total decrease		(266,042,643)		(519,990,301)
Beginning of period		5,212,147,754		5,732,138,055
End of period (including accumulated net investment income of $100,671,953 and $64,905,154, respectively)	$	4,946,105,111	$	5,212,147,754

See accompanying Notes to Financial Statements.

63      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2015

Cash Flows from Operating Activities
Net increase in net assets from operations	$	229,554,412
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(954,245,473)
Proceeds from disposition of investment securities		1,248,487,117
Short-term investment securities, net		20,583,338
Premium amortization		1,953,516
Discount accretion		(80,045,240)
Net realized loss on investments		99,572,148
Net change in unrealized appreciation/depreciation on investments		47,125,328
Change in assets:
Decrease in other assets		140,726
Increase in interest receivable		(115,764)
Increase in receivable for securities sold		(26,776,203)
Change in liabilities:
Decrease in other liabilities		(120,501)
Decrease in payable for securities purchased		(12,315,592)
Net cash provided by operating activities		573,797,812
Cash Flows from Financing Activities
Proceeds from borrowings		198,200,000
Payments on borrowings		(203,600,000)
Payments on short-term floating rate notes issued		(81,860,000)
Proceeds from shares sold		1,220,031,545
Payments on shares redeemed		(1,637,409,202)
Cash distributions paid		(69,401,763)
Net cash used in financing activities		(574,039,420)
Net decrease in cash		(241,608)
Cash, beginning balance		1,078,455
Cash, ending balance	$	836,847

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $282,364,358.

Cash paid for interest on borrowings—$4,576.

Cash paid for interest on short-term floating rate notes issued—$9,261,746.

See accompanying Notes to Financial Statements.

64      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 20111
Per Share Operating Data
Net asset value, beginning of period	$	7.01	$	6.87	$	7.50	$	6.92	$	7.17
Income (loss) from investment operations:
Net investment income2		0.51		0.50		0.51		0.50		0.55
Net realized and unrealized gain (loss)		(0.18)		0.13		(0.65)		0.60		(0.25)
Total from investment operations		0.33		0.63		(0.14)		1.10		0.30
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.48)		(0.49)		(0.49)		(0.52)		(0.55)
Net asset value, end of period	$	6.86	$	7.01	$	6.87	$	7.50	$	6.92
Total Return, at Net Asset Value3		4.59%		9.63%		(2.19)%		16.63%		4.65%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,968,690	$	3,260,438	$	3,688,901	$	4,463,156	$	3,969,090
Average net assets (in thousands)	$	3,258,788	$	3,477,994	$	4,450,000	$	4,001,353	$	4,149,509
Ratios to average net assets:4
Net investment income		7.19%		7.24%		6.69%		7.00%		8.07%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.74%		0.71%		0.73%		0.64%		0.64%
Interest and fees from borrowings		0.08%		0.09%		0.10%		0.12%		0.11%
Interest and fees on short-term floating rate notes issued5		0.17%		0.25%		0.25%		0.31%		0.35%
Total expenses		0.99%		1.05%		1.08%		1.07%		1.10%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.99%		1.05%		1.08%		1.07%		1.10%
Portfolio turnover rate		16%		16%		18%		11%		18%

1. July 29, 2011 represents the last business day of the Fund’s reporting period.

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 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

FINANCIAL HIGHLIGHTS Continued

Class B	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 20111
Per Share Operating Data
Net asset value, beginning of period	$	7.04	$	6.89	$	7.53	$	6.94	$	7.19
Income (loss) from investment operations:
Net investment income2		0.46		0.45		0.45		0.44		0.50
Net realized and unrealized gain (loss)		(0.19)		0.14		(0.66)		0.61		(0.26)
Total from investment operations		0.27		0.59		(0.21)		1.05		0.24
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.42)		(0.44)		(0.43)		(0.46)		(0.49)
Net asset value, end of period	$	6.89	$	7.04	$	6.89	$	7.53	$	6.94
Total Return, at Net Asset Value3		3.79%		8.89%		(3.12)%		15.76%		3.75%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	49,792	$	77,369	$	107,602	$	161,197	$	162,309
Average net assets (in thousands)	$	65,703	$	90,234	$	142,525	$	156,216	$	186,637
Ratios to average net assets:4
Net investment income		6.43%		6.49%		5.86%		6.17%		7.21%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.50%		1.49%		1.56%		1.48%		1.49%
Interest and fees from borrowings		0.08%		0.09%		0.10%		0.12%		0.11%
Interest and fees on short-term floating rate notes issued5		0.17%		0.25%		0.25%		0.31%		0.35%
Total expenses		1.75%		1.83%		1.91%		1.91%		1.95%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.75%		1.83%		1.91%		1.91%		1.95%
Portfolio turnover rate		16%		16%		18%		11%		18%

1. July 29, 2011 represents the last business day of the Fund’s reporting period.

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 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.

66      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Class C	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Year Ended July 29, 20111
Per Share Operating Data
Net asset value, beginning of period	$	6.99	$	6.85	$	7.48	$	6.90	$	7.15
Income (loss) from investment operations:
Net investment income2		0.46		0.44		0.45		0.44		0.50
Net realized and unrealized gain (loss)		(0.20)		0.14		(0.65)		0.61		(0.25)
Total from investment operations		0.26		0.58		(0.20)		1.05		0.25
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.42)		(0.44)		(0.43)		(0.47)		(0.50)
Net asset value, end of period	$	6.83	$	6.99	$	6.85	$	7.48	$	6.90   ��
Total Return, at Net Asset Value3		3.68%		8.84%		(2.94)%		15.80%		3.86%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,234,906	$	1,311,700	$	1,463,567	$	1,691,778	$	1,479,323
Average net assets (in thousands)	$	1,344,166	$	1,337,849	$	1,735,006	$	1,533,562	$	1,545,519
Ratios to average net assets:4
Net investment income		6.43%		6.49%		5.92%		6.23%		7.30%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.50%		1.47%		1.50%		1.41%		1.41%
Interest and fees from borrowings		0.08%		0.09%		0.10%		0.12%		0.11%
Interest and fees on short-term floating rate notes issued5		0.17%		0.25%		0.25%		0.31%		0.35%
Total expenses		1.75%		1.81%		1.85%		1.84%		1.87%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.75%		1.81%		1.85%		1.84%		1.87%
Portfolio turnover rate		16%		16%		18%		11%		18%

1. July 29, 2011 represents the last business day of the Fund’s reporting period.

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 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.

67      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class Y	Year Ended July 31, 2015		Year Ended July 31, 2014		Year Ended July 31, 2013		Year Ended July 31, 2012		Period Ended July 29, 20111,2
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		0.52		0.50		0.52		0.50		0.36
Net realized and unrealized gain (loss)		(0.18)		0.14		(0.66)		0.62		0.02
Total from investment operations		0.34		0.64		(0.14)		1.12		0.38
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.49)		(0.50)		(0.50)		(0.53)		(0.37)
Net asset value, end of period	$	6.85	$	7.00	$	6.86	$	7.50	$	6.91
Total Return, at Net Asset Value4		4.61%		9.96%		(2.19)%		16.97%		6.00%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	692,717	$	562,641	$	472,068	$	517,080	$	172,676
Average net assets (in thousands)	$	700,339	$	501,364	$	572,611	$	344,746	$	62,327
Ratios to average net assets:5
Net investment income		7.33%		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		0.59%		0.56%		0.59%		0.49%		0.48%
Interest and fees from borrowings		0.08%		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		0.84%		0.90%		0.94%		0.92%		0.95%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.84%		0.90%		0.94%		0.92%		0.95%
Portfolio turnover rate		16%		16%		18%		11%		18%

1. January 29, 2011 represents the last business day of the Fund’s reporting period.

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 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.

68      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS July 31, 2015

1. Organization

Oppenheimer Rochester High-Yield 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 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 followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

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

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. 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.

69      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS 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.

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, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends.

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

70      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

2. Significant Accounting Policies (Continued)

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$260,895,176		$—		$2,506,798,482		$1,303,958,887

1. At period end, the Fund had $2,506,798,482 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
2016	$	81,480,187
2017		566,789,505
2018		915,944,693
2019		35,463,515
No expiration		907,120,582
Total	$	2,506,798,482

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3. During the previous reporting period, the Fund did not utilize any capital loss carryforward.

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

Accordingly, the following amounts have been reclassified for the reporting period. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Increase to Accumulated Net Investment Income		Increase to Accumulated Net Realized Loss on Investments
$2,753,726		$8,598,793		$5,845,067

The tax character of distributions paid during the reporting periods:

	Year Ended July 31, 2015		Year Ended July 31, 2014
Distributions paid from:
Exempt-interest dividends	$	343,922,506	$	372,313,272
Ordinary income		5,161,376		7,583,226
Total	$	349,083,882	$	379,896,498

71        OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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 at period end 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	$	6,062,089,174	1
Gross unrealized appreciation	$	460,726,333
Gross unrealized depreciation		(1,764,685,220)
Net unrealized depreciation	$	(1,303,958,887)

1. The Federal tax cost of securities does not include cost of $821,947,249, 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.

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

72      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)

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

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

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

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

73        OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

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

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 at period end based on valuation input level:

74      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)

	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	$	—	$	210,936,428	$	—	$	210,936,428
Alaska		—		14,696,059		—		14,696,059
Arizona		—		81,473,926		1,812,309		83,286,235
Arkansas		—		—		3,372,887		3,372,887
California		—		706,701,564		20		706,701,584
Colorado		—		151,849,392		5,648,307		157,497,699
Connecticut		—		3,333,716		—		3,333,716
Delaware		—		6,985,864		—		6,985,864
District of Columbia		—		100,594,000		—		100,594,000
Florida		—		538,786,950		9,202,022		547,988,972
Georgia		—		73,423,047		—		73,423,047
Hawaii		—		2,977,131		—		2,977,131
Idaho		—		1,537,437		—		1,537,437
Illinois		—		349,098,361		14,883,717		363,982,078
Indiana		—		48,718,582		—		48,718,582
Iowa		—		44,841,231		—		44,841,231
Kansas		—		2,203,969		—		2,203,969
Kentucky		—		19,994,938		—		19,994,938
Louisiana		—		15,026,117		2,591,258		17,617,375
Maine		—		19,405,644		—		19,405,644
Maryland		—		675,113		—		675,113
Massachusetts		—		67,292,763		28,657		67,321,420
Michigan		—		152,317,302		—		152,317,302
Minnesota		—		32,778,103		—		32,778,103
Mississippi		—		10,820,684		—		10,820,684
Missouri		—		75,303,624		—		75,303,624
Montana		—		2,829,628		4,429,943		7,259,571
Nebraska		—		33,109,635		—		33,109,635
Nevada		—		12,772,699		—		12,772,699
New Hampshire		—		6,283,780		—		6,283,780
New Jersey		—		316,431,199		—		316,431,199
New Mexico		—		10,264,244		—		10,264,244
New York		—		458,677,951		—		458,677,951
North Carolina		—		3,405,702		—		3,405,702
North Dakota		—		2,347,024		—		2,347,024
Ohio		—		423,929,902		1,342,084		425,271,986
Oklahoma		—		8,064,235		—		8,064,235
Oregon		—		2,665,523		—		2,665,523
Pennsylvania		—		46,821,321		1,080,292		47,901,613
Rhode Island		—		30,365,531		—		30,365,531
South Carolina		—		15,614,819		14,189,581		29,804,400
South Dakota		—		1,424,972		—		1,424,972
Tennessee		—		16,317,494		3,467,100		19,784,594
Texas		—		503,847,852		17,617,742		521,465,594
Utah		—		30,622,809		—		30,622,809
Vermont		—		1,129,815		—		1,129,815
Virginia		—		40,938,867		6,678,895		47,617,762

75        OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS 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)
Washington	$	—	$	80,885,474	$	—	$	80,885,474
West Virginia		—		26,839,998		—		26,839,998
Wisconsin		—		34,739,239		20		34,739,259
U.S. Possessions		—		634,215,526		—		634,215,526
Common Stocks		751,094		—		—		751,094
Rights, Warrants and Certificates		164,424		—		—		164,424
Corporate Loans		—		—		16,500,000		16,500,000
Total Assets	$	915,518	$	5,476,317,184	$	102,844,834	$	5,580,077,536

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.

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
Arizona	$	(771,124	)	$	771,124
Colorado		(321,016	)		321,016
Florida		(16,727,036	)		16,727,036
Louisiana		(2,740,220	)		2,740,220
Montana		(4,694,229	)		4,694,229
Pennsylvania		(1,113,958	)		1,113,958
Texas		(3,214,088	)		3,214,088
Virginia		(14,154,512	)		14,154,512
Corporate Loans		(10,500,000	)		10,500,000
Total Assets	$	(54,236,183	)	$	54,236,183

* Transferred from Level 2 to Level 3 because of the lack of observable market data.

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

	Value as of July 31, 2014		Realized gain (loss)		Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/ discounta
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Arizona	$	1,033,367	$	—	$	7,818		$	—
Arkansas		3,825,389		—		857,498			—
California		20		—		—			—
Colorado		6,653,169		—		(651,462	)		1,075,584

76      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)

	Value as of July 31, 2014		Realized gain (loss)			Change in unrealized appreciation/ depreciation			Accretion/ (amortization) of premium/ discounta
Municipal Bonds and Notes (Continued)
Florida	$	4,022,008	$	(32,546	)	$	(5,517,420	)	$	(834,649)
Illinois		12,395,454		—			4,553,263			—
Indiana		12,268,148		943,559			3,462,093			—
Louisiana		—		—			(148,962	)		—
Massachusetts		7		(5,142	)		42,429			21,138
Minnesota		12,502,516		1,468,000			2,177,484			—
Montana		—		—			(268,536	)		4,250
Nebraska		342,875		(1,249,987	)		907,125			—
New Jersey		9		(781,479	)		781,470			—
New York		450,180		(2,398,758	)		2,422,232			—
Ohio		503,671		(5,614	)		(382,249	)		—
Pennsylvania		—		—			(33,666	)		—
South Carolina		14,935,702		183,304			467,091			17,484
Tennessee		2,933,700		—			533,400			—
Texas		15,520,288		—			(896,634	)		—
Virginia		24		—			(7,521,545	)		45,904
Wisconsin		20		—			—			—
Corporate Loans		—		—			—			—
Total Assets	$	87,386,547	$	(1,878,663	)	$	791,429		$	329,711

Assets Table (Continued)	Purchases		Sales			Transfers into Level 3		Value as of July 31, 2015
Investments, at Value:
Municipal Bonds and Notes (Continued)
Arizona	$	—	$	—		$	771,124	$	1,812,309
Arkansas		—		(1,310,000	)		—		3,372,887
California		—		—			—		20
Colorado		—		(1,750,000	)		321,016		5,648,307
Florida		130,991		(5,293,398	)		16,727,036		9,202,022
Illinois		—		(2,065,000	)		—		14,883,717
Indiana		—		(16,673,800	)		—		—
Louisiana		—		—			2,740,220		2,591,258
Massachusetts		—		(29,775	)		—		28,657
Minnesota		—		(16,148,000	)		—		—
Montana		—		—			4,694,229		4,429,943
Nebraska		—		(13	)		—		—
New Jersey		—		—			—		—
New York		—		(473,654	)		—		—
Ohio		1,226,276		—			—		1,342,084
Pennsylvania		—		—			1,113,958		1,080,292
South Carolina		—		(1,414,000	)		—		14,189,581
Tennessee		—		—			—		3,467,100
Texas		—		(220,000	)		3,214,088		17,617,742
Virginia		—		—			14,154,512		6,678,895
Wisconsin		—		—			—		20
Corporate Loans		6,000,000		—			10,500,000		16,500,000
Total Assets	$	7,357,267	$	(45,377,640	)	$	54,236,183	$	102,844,834

a. Included in net investment income.

77        OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

The total change in unrealized appreciation/depreciation included in the Statement of Operations attributable to Level 3 investments still held at period end:

	Change in unrealized appreciation/ depreciation
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Arizona	$	7,818
Arkansas		857,498
Colorado		(1,185,212)
Florida		(7,607,801)
Illinois		4,553,263
Louisiana		(148,962)
Massachusetts		42,430
Montana		(268,536)
Ohio		(387,723)
Pennsylvania		(33,666)
South Carolina		467,091
Tennessee		533,400
Texas		(896,634)
Virginia		(7,521,545)
Total Assets	$	(11,588,579)

The following table summarizes the valuation techniques and significant unobservable inputs used in determining fair value measurements for those investments classified as Level 3 at period end:

	Value as of July 31, 2015		Valuation Technique		Unobservable Input			Range of Unobservable Inputs		Unobservable Input Used
Assets Table
Investments, at Value:
Municipal Bonds and Notes
Arizona	$	1,812,309		Pricing service		N/A			N/A		N/A (a)
Arkansas		3,372,887		Pricing service		N/A			N/A		N/A (a)
California		20		Pricing service		N/A			N/A		N/A (a)
Colorado		5,648,307		Pricing service		N/A			N/A		N/A (a)
Florida		9,202,022		Pricing service		N/A			N/A		N/A (a)
Illinois		14,883,717		Pricing service		N/A			N/A		N/A (a)
Louisiana		2,591,258		Pricing service		N/A			N/A		N/A (a)
Massachusetts		28,657		Pricing service		N/A			N/A		N/A (a)
Montana		4,429,943		Pricing service		N/A			N/A		N/A (a)
Ohio		838,553		Pricing service		N/A			N/A		N/A (a)
Ohio		503,531		Discount to expected distribution		Discount rate			N/A		20% (b)
Pennsylvania		1,080,292		Pricing service		N/A			N/A		N/A (a)
South Carolina		14,189,581		Pricing service		N/A			N/A		N/A (a)
Tennessee		3,467,100		Pricing service		N/A	��		N/A		N/A (a)

78      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

3. Securities Valuation (Continued)

	Value as of July 31, 2015		Valuation Technique		Unobservable Input		Range of Unobservable Inputs		Unobservable Input Used
Municipal Bonds and Notes (Continued)
Texas	$	17,617,742		Pricing service		N/A		N/A		N/A (a)
Virginia		6,678,895		Pricing service		N/A		N/A		N/A (a)
Wisconsin		20		Pricing service		N/A		N/A		N/A (a)
Corporate Loans		16,500,000		Recent transaction price		N/A		N/A		100% of par (c)
Total	$	102,844,834

(a) Securities classified as Level 3 whose unadjusted values were provided by a pricing service and for which such inputs are unobservable. The Manager periodically reviews pricing vendor methodologies and inputs to confirm they are determined using unobservable inputs and have been appropriately classified. Such securities’ fair valuations could change significantly based on changes in unobservable inputs used by the pricing service.

(b) The Fund fair values certain municipals bonds using a discount to reflect uncertainty of timing and amount of future distribution. A significant increase (decrease) to the expected distribution amount or a significant decrease (increase) to the discount rate will result in a significant increase (decrease) to the fair value of the investment.

(c) The Fund fair values certain corporate loans at a recent transaction price, based on a transaction within the past seven months. The Manager monitors such investments for additional market information or the occurrence of a significant event which would warrant a re-evaluation of the security’s fair valuation.

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 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.

79        OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund 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.

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,

80      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)

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 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

81        OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

rate securities, if it deems it appropriate to do so. At period end, the Fund’s maximum exposure under such agreements is estimated at $484,360,000.

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 period end, municipal bond holdings with a value of $1,223,300,625 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $722,510,000 in short-term floating rate securities issued and outstanding at that date.

At period end, 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 (Mercy Health) Tender Option Bond Series 2015 XF-0235 Trust		18.364%		6/1/38	$	3,453,854
	400,000	CA GO Tender Option Bond Series 2015-XF2148 Trust3		11.799		12/1/36		403,008
	77,555,000	CA Golden State Tobacco Securitization Corp. ROLs3		6.743		6/1/47		58,279,480
	3,750,000	CA Health Facilities Financing Authority (SJHS/SJHCN Obligated Group) ROLs		21.353		7/1/39		5,907,300
	5,550,000	CA Health Facilities Financing Authority Tender Option Bond Series 2015-XF2027 Trust3		8.067		11/15/42		5,972,577
	3,855,000	CA Health Facilities Financing Authority Tender Option Bond Series 2015-XF2104 Trust3		18.171		7/1/39		6,072,704
	5,000,000	CA Infrastructure and Economic Devel. (Sanford Consortium) RITES		8.042		5/15/40		5,834,400
	2,615,000	Cerritos, CA Community College District DRIVERS		16.064		8/1/33		4,355,230
	16,250,000	Chicago, IL GO ROLs3		8.285		1/1/33		15,063,425
	7,175,000	CO Health Facilities Authority (Sisters of Charity of Leavenworth Health System) Tender Option Bond Series 2015 XF-0239 Trust		8.061		1/1/44		8,611,292
	2,525,000	Detroit, MI City School District Tender Option Bond Series 2015 XF-0241 Trust3		16.792		5/1/29		4,515,306
	2,500,000	District of Columbia GO Tender Option Bond Series 2015- XF2018 Trust3		7.980		4/1/35		3,079,200
	4,675,000	Douglas County, NE Hospital Authority Tender Option Bond Series 2015-XF2132 Trust3		19.493		11/1/48		7,648,160
	680,000	Fulton County, GA Devel. Authority (PHC/FCommH/PHosp/ PMSH/ PNH/PMCC/PClinic/PHlthCF/ PHI/PHIP/PHHosp Obligated Group) ROLs		16.344		6/15/29		943,425
	3,465,000	Fulton County, GA Devel. Authority (PHC/FCommH/PHosp/ PMSH/PNH/PMCC/PClinic/PHlthCF/PHI/PHIP/PHHosp Obligated Group) ROLs		16.163%		6/15/37	$	4,722,518

82      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)

Principal Amount		Inverse Floater1	Coupon Rate2		Maturity Date		Value
	$      7,280,000	Fulton County, GA Devel. Authority (PHC/FCommH/PHosp/ PMSH/PNH/PMCC/PClinic/PHlthCF/PHI/PHIP/PHHosp Obligated Group) Tender Option Bond Series 2015- XF0024 Trust		15.413%		6/15/29	$	9,933,414
	2,875,000	Geisinger, PA Authority (Geisinger Health System) Tender Option Bond Series 2015 XF-0040 Trust		16.310		6/1/39		4,028,220
	5,000,000	Grand Parkway, TX Transportation Corp. Tender Option Bond Series 2015-XF2034 Trust3		8.070		4/1/53		5,856,500
	11,750,000	Highlands County, FL Health Facilities Authority Tender Option Bond Series 2015-XF2145 Trust3		8.419		11/15/36		13,000,083
	2,200,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) ROLs		16.743		4/1/44		3,032,304
	1,250,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) ROLs		16.743		4/1/44		1,722,900
	2,750,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) ROLs		16.743		4/1/44		3,790,380
	2,500,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) ROLs		16.743		4/1/44		3,445,800
	4,345,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) ROLs		16.738		4/1/44		5,988,322
	5,000,000	IL Finance Authority (AHCN/ANSHN/ACMC/AH&HC Obligated Group) Tender Option Bond Series 2015- XF0023 Trust		17.176		4/1/44		7,044,600
	1,250,000	IL Finance Authority (CDHS/CDHA Obligated Group) ROLs		16.743		11/1/39		1,914,450
	3,125,000	IL Finance Authority (CDHS/CDHA Obligated Group) Tender Option Bond Series 2015-XF0025 Trust		17.176		11/1/39		4,898,625
	3,500,000	KY EDFA (Baptist Healthcare System) Tender Option Bond Series 2015-XF2011 Trust3		15.940		8/15/24		4,870,880
	7,985,000	Los Angeles, CA Dept. of Airports (Los Angeles International Airport) Tender Option Bond Series 2015 XF-0041 Trust		16.653		5/15/30		11,099,150
	1,250,000	Los Angeles, CA Dept. of Water & Power Tender Option Bond Series 2015 XF-0039 Trust		15.444		7/1/34		1,804,150
	4,185,000	MA Educational Financing Authority ROLs3		14.196		1/1/30		4,896,952
	3,010,000	MA HFA ROLs3		11.479		12/1/49		3,104,634
	3,750,000	MA HFA Tender Option Bond Series 2015-XF2130 Trust3		11.242		6/1/49		3,910,163
	8,895,000	MA HFA Tender Option Bond Series 2015-XF2150 Trust3		8.687		12/1/42		9,514,270
	12,500,000	Miami-Dade County, FL School Board ROLs3		16.600		2/1/34		17,225,500
	2,500,000	Miami-Dade County, FL School Board ROLs3		15.300		2/1/27		3,250,800
	2,500,000	Miami-Dade County, FL School Board Tender Option Bond Series 2015-XF2117 Trust3		16.167		2/1/27		3,333,700
	2,500,000	Montgomery County, OH (Miami Valley Hospital) Tender Option Bond Series 2015-XF0029 Trust		18.042		11/15/23		4,251,400
	60,560,000	NJ Tobacco Settlement Financing Corp. ROLs3		5.220		6/1/29		45,716,138
	9,500,000	North Central TX HFDC (CMCD/CMCtrF Obligated Group) Tender Option Bond Series 2015-XF0034 Trust		18.175		8/15/39		14,262,540
	4,000,000	North TX Tollway Authority Tender Option Bond Series 2015-XF2036 Trust3		18.171		1/1/48		5,595,680
	1,480,000	North TX Tollway Authority Tender Option Bond Series 2015-XF2037 Trust3		18.171		1/1/48		2,070,402

83        OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

Principal Amount		Inverse Floater1	Coupon Rate2		Maturity Date		Value
	$      18,695,000	NY Liberty Devel. Corp. Tender Option Bond Series 2015- XF2146 Trust3		8.305%		1/15/44	$	22,895,580
	3,240,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF2151 Trust3		18.314		6/15/40		4,813,506
	2,450,000	RI Hsg. & Mtg. Finance Corp. Tender Option Bond Series 2015-XF2120 Trust3		16.127		10/1/47		2,542,096
	607,000	Sabine Neches, TX HFC (Single Family Mtg.) ROLs3		6.489		12/1/39		549,626
	2,500,000	San Jacinto, TX Community College District Tender Option Bond Series 2015-XF2010 Trust3		16.003		2/15/38		3,416,400
	8,150,000	Tarrant County, TX Cultural Education Facilities Finance Corp. ROLs3		19.185		11/15/29		13,491,836
	1,985,000	Tarrant County, TX Cultural Education Facilities Finance Corp. Tender Option Bond Series 2015-XF2057 Trust3		17.440		11/15/29		3,157,540
	6,750,000	Tarrant County, TX Health Facilities Devel. Corp. (CCMCtr/CCHCS/CCPN/WICF Obligated Group) Tender Option Bond Series 2015-XF0028 Trust		8.025		12/1/33		8,180,055
	3,000,000	Tes Properties, WA ROLs		17.609		12/1/38		4,588,080
	375,000	Tes Properties, WA Tender Option Bond Series 2015- XF0038 Trust		17.176		12/1/29		573,000
	39,305,000	TX Municipal Gas Acquisition & Supply Corp. ROLs3		12.545		12/15/26		63,076,271
	8,705,000	WA Health Care Facilities Authority (Peacehealth) Tender Option Bond Series 2015 XF-0042 Trust		7.836		11/1/28		10,353,205
	4,520,000	WA Health Care Facilities Authority Tender Option Bond Series 2015-XF2035 Trust3		19.763		10/1/36		6,975,806
	3,645,000	Wayne County, MI Airport Authority ROLs3		11.735		12/1/29		3,778,443
	8,335,000	Wayne County, MI Airport Authority ROLs3		11.738		12/1/29		8,640,228
	3,335,000	Wayne County, MI Airport Authority ROLs3		11.734		12/1/34		3,457,595
	5,670,000	Wayne County, MI Airport Authority Tender Option Bond Series 2015-XF2118 Trust3		11.733		12/1/29		5,877,522
							$	500,790,625

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

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

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

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

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 35% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are

84      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

4. Investments and Risks (Continued)

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 $722,510,000 or 12.65% of its total assets at period end.

Loans. The Fund invests in loans made to U.S. and foreign borrowers that are corporations, partnerships or other business entities. The Fund will do so directly as an original lender or by assignment or indirectly through participation agreements or certain derivative instruments. While many of these loans will be collateralized, the Fund can also invest in uncollateralized loans. Loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancing of borrowers. The loans often pay interest at rates that float above (or are adjusted periodically based on) a benchmark that reflects current interest rates although the Fund can also invest in loans with fixed interest rates.

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

At period end, 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	$	14,895,402
Sold securities		2,699,408

Restricted Securities. At period end, 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.

85        OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

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 at period end is as follows:

Cost	$	553,323,579
Market Value	$	192,181,760
Market Value as % of Net Assets		3.89%

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. At period end, securities with an aggregate market value of $97,222,147, representing 1.97% of the Fund’s net assets, were subject to these forbearance agreements. Interest payments of $1,742,850 are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

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:

86      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

5. Shares of Beneficial Interest (Continued)

	Year Ended July 31, 2015				Year Ended July 31, 2014
	Shares		Amount		Shares		Amount
Class A
Sold		87,123,461	$	619,980,821		137,102,282	$	933,950,926
Dividends and/or distributions reinvested		24,865,585		176,893,384		30,093,455		205,951,112
Redeemed		(144,091,096)		(1,018,692,480)		(239,441,124)		(1,630,450,733)
Net decrease		(32,102,050)	$	(221,818,275)		(72,245,387)	$	(490,548,695)
Class B
Sold		134,690	$	964,201		484,637	$	3,287,365
Dividends and/or distributions reinvested		471,292		3,371,053		705,140		4,839,098
Redeemed		(4,364,892)		(31,157,120)		(5,810,952)		(39,878,030)
Net decrease		(3,758,910)	$	(26,821,866)		(4,621,175)	$	(31,751,567)
Class C
Sold		28,694,059	$	203,408,816		35,469,141	$	241,146,185
Dividends and/or distributions reinvested		8,903,012		63,120,770		9,923,437		67,687,442
Redeemed		(44,567,966)		(313,899,563)		(71,505,039)		(483,203,243)
Net decrease		(6,970,895)	$	(47,369,977)		(26,112,461)	$	(174,369,616)
Class Y
Sold		55,233,963	$	391,896,568		60,336,987	$	411,211,484
Dividends and/or distributions reinvested		5,486,984		38,979,151		4,169,746		28,544,554
Redeemed		(39,925,421)		(281,378,774)		(52,993,918)		(358,803,969)
Net increase		20,795,526	$	149,496,945		11,512,815	$	80,952,069

6. Purchase and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the reporting period were as follows:

	Purchases		Sales
Investment securities	$	954,245,473	$	1,248,487,117

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:

87        OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

7. Fees and Other Transactions with Affiliates (Continued)

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 effective management fee for the reporting period was 0.38% 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 reporting period, 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 July 31, 2015		343,066

88      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

7. Fees and Other Transactions with Affiliates (Continued)

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 votes annually to approve their 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.

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

89        OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

7. Fees and Other Transactions with Affiliates (Continued)

Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred Sales		Deferred Sales		Deferred Sales
	Sales Charges		Charges		Charges		Charges
	Retained by		Retained by		Retained by		Retained by
Year Ended	Distributor		Distributor		Distributor		Distributor
July 31, 2015		$694,797		$123,433		$95,532		$110,098

8. Borrowing 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.

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 (0.1925% at period end). The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated its

90      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

8. Borrowing and Other Financing (Continued)

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 reporting period 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.

At period end, the Fund had borrowings outstanding at an interest rate of 0.1925%.

Details of the borrowings for the reporting period are as follows:

Average Daily Loan Balance	$	2,064,932
Average Daily Interest Rate		0.185	%
Fees Paid	$	2,767,770
Interest Paid	$	4,576

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

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

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

91        OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

8. Borrowing and Other Financing (Continued)

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 reporting period.

Details of reverse repurchase agreement transactions for the reporting period are as follows:

Fees Paid $                1,204,991

9. Pending Litigation

In 2009, several putative class action lawsuits were filed and later consolidated before the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc. (“OFDI”), and Oppenheimer Rochester California Municipal Fund, a fund advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Fund”), in connection with the Defendant Fund’s investment performance. The plaintiffs asserted claims against OFI, OFDI and certain present and former trustees and officers of the Defendant Fund under the federal securities laws, alleging, among other things, that the disclosure documents of the Defendant Fund contained misrepresentations and omissions and the investment policies of the Defendant Fund were not followed. Plaintiffs in the suit filed an amended complaint and defendants filed a motion to dismiss. In 2011, the court issued an order which granted in part and denied in part the defendants’ motion to dismiss. In 2012, plaintiffs filed a motion, which defendants opposed, to certify a class and appoint class representatives and class counsel. In March 2015, the court granted plaintiffs’ motion for class certification. In May 2015, the U.S. Court of Appeals for the Tenth Circuit vacated the class certification order and remanded the matter to the district court for further proceedings. In July 2015, the district court held an evidentiary hearing on plaintiffs’ motion for class certification.

OFI and OFDI believe the suit is without merit; that it is premature to render any opinion as to the likelihood of an outcome unfavorable to them in the suit; and that no estimate can yet be made as to the amount or range of any potential loss. Furthermore, OFI believes that the suit should not impair the ability of OFI or OFDI to perform their respective duties to the Fund and that the outcome of the suit should not have any material effect on the operations of any of the Oppenheimer funds.

92      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester High Yield Municipal Fund (a separate series of Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2015, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2015, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester High Yield Municipal Fund as of July 31, 2015, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG _LLP

Denver, Colorado

September 28, 2015

93      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2015, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2014.

None of the dividends paid by the Fund during the reporting period are eligible for the corporate dividend-received deduction. 98.52% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. To the extent a shareholder is subject to any state or local tax laws, some or all of the dividends received may be taxable.

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

94      OPPENHEIMER ROCHESTER HIGH YIELD 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.

95      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an annual term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007) and Trustee (since 2005) Year of Birth: 1943	Director and Vice Chairman of Community Foundation of the Florida Keys (non-profit) (since July 2012); Trustee of the Board of Trustees, The Jackson Laboratory (non-profit) (1991-2011 and since May 2014); Chairman Emeritus (since August 2011) of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (since September 2004); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
David K. Downes, Trustee (since 2007) Year of Birth: 1940	Director of THL Credit Inc. (since June 2009); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Actua Corporation (information technology company) (since October 2003); formerly, Independent Chairman GSK Employee Benefit Trust (April 2006- June 2013); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993- 2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959).

96      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

David K. Downes, Continued	Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Matthew P. Fink, Trustee (since 2005) Year of Birth: 1941	Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2010). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948	Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Director of Monster Worldwide, Inc. (on-line career services) (since January 2008, Lead Director since June 2011); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. Oversees 53 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. For purposes of this report, Admiral Giambastiani is identified as a Trustee.
Elizabeth Krentzman, Trustee (since 2014) Year of Birth: 1959	Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held

97      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Elizabeth Krentzman, Continued	the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray (1987 - 1991); former Chair of the Investment Management Subcommittee of the Washington, D.C. Bar. Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Mary F. Miller, Trustee (since 2007) Year of Birth: 1942	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joel W. Motley, Trustee (since 2002) Year of Birth: 1952	Director of Greenwall Foundation (since October 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joanne Pace, Trustee (since 2012) Year of Birth: 1958	Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Advisory Council Member of 100 Women in Hedge Funds (non-profit) (since December, 2012); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); Board Director of The Komera Project (non-profit) (since April, 2012); Advisory Board Director of The Agile Trading Group LLC (2012-2013); New York Advisory Board Director of Peace First (non-profit) (2010-2013); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of

98      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Joanne Pace, Continued	FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004- 2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.
Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954	Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (June 2007-December 2013): Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEES	Mr. Glavin is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as director of the Sub-Adviser, and as a shareholder of the Sub-Adviser’s parent company. As a Trustee, he serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin’s address is 225 Liberty Street, New York, New York 10281-1008. Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008.

99      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

William F. Glavin, Jr., Trustee (since 2013) Year of Birth: 1958

Chairman of the Sub-Adviser (July 2014-December 2014 and December 2009-December 2012) and Director of the Sub-Adviser (since January 2009); Chairman, Director and Chief Executive Officer (January 2013-June 2014) of the Manager; President of the Manager (January 2013-May 2013); Chief Executive Officer (January 2009-December 2012); President of the Sub-Adviser (May 2009-December 2012); Management Director (June 2009-June 2014), President (December 2009-June 2014) and Chief Executive Officer (January 2011-June 2014) of Oppenheimer Acquisition Corp. (“OAC”) (the Sub-Adviser’s parent holding company); Director of Oppenheimer Real Asset Management, Inc. (March 2010-June 2014); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007- December 2008) of MML Investors Services, Inc. An officer of 91 portfolios in the OppenheimerFunds complex. Mr. Glavin has served on the Boards of certain Oppenheimer funds since December 2009, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958

Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October

100      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

Arthur P. Steinmetz, Continued	2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993- September 2009). An officer of 91 portfolios in the OppenheimerFunds complex.
OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Gabinet, Mss. Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Daniel G. Loughran, Vice President (since 2005) Year of Birth: 1963	Senior Vice President of the Sub-Adviser (since July 2007) and a Senior Portfolio Manager (since December 2001); Vice President of the Sub-Adviser (April 2001-June 2007) and a Portfolio Manager with the Sub-Adviser (December 1999- November 2001). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2005) Year of Birth: 1971	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Troy E. Willis, Vice President (since 2005) Year of Birth: 1972	Vice President of the Sub-Adviser (since July 2009) and a Senior Portfolio Manager (since January 2006); Assistant Vice President of the Sub-Adviser (July 2005-June 2009). Portfolio Manager of the Sub-Adviser (June 2002-December 2005). Corporate Attorney for Southern Resource Group (June 1999-July 2001). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark R. DeMitry, Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Sub-Adviser (June 2003-September 2006) and a Credit Analyst of the Sub-Adviser (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Michael L. Camarella, Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since January 2011); Assistant Vice President of the Sub-Adviser (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010). Research Analyst of the Sub-Adviser (April 2006-December 2007) and a Credit Analyst of the Sub-Adviser (June 2003-March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Charles S. Pulire, Vice President (since 2011) Year of Birth: 1977	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since February 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Research Analyst of the Manager (February 2008-November 2010); Credit Analyst of the Sub-Adviser (May 2006-January 2008). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard A. Stein, Vice President (since 2007) Year of Birth: 1957	Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Sub-Adviser (since June 2011) and a Vice President of the Sub- Adviser (November 1997-May 2011); heads up the Rochester Credit Analysis team (since May 1993).

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TRUSTEES AND OFFICERS Unaudited / Continued

Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Year of Birth: 1958	Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011-December 2012) and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011); Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 91 portfolios in the OppenheimerFunds complex.
Jennifer Sexton, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 91 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 91 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 2007) Year of Birth: 1959	Senior Vice President of the Manager (since January 2013); Treasurer of the Sub-Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000-June 2008), and OppenheimerFunds Legacy Program (charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 91 portfolios in the OppenheimerFunds complex.

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The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.CALL OPP (225.5677).

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OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

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	KPMGLLP
Legal Counsel	Kramer Levin Naftalis & Frankel LLP

©2015 OppenheimerFunds, Inc. All rights reserved.

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PRIVACY POLICY NOTICE

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

Information Sources

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

• 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.

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.

105      OPPENHEIMER ROCHESTER HIGH YIELD MUNICIPAL FUND

PRIVACY POLICY NOTICE Continued

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 256-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 March 2015. 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).

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Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $137,000 in fiscal 2015 and $141,700 in fiscal 2014.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $7,500 in fiscal 2015 and $7,500 in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed $897,697 in fiscal 2015 and $727,131 in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, reorganization, and system conversion testing

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed $559,556 in fiscal 2015 and $202,044 in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2015 and no such fees in fiscal 2014 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(e) (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $1,464,753 in fiscal 2015 and $936,675 in fiscal 2014 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h) The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company

and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

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 7/31/2015, 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) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Multi-State Municipal Trust

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	9/9/2015

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:	9/9/2015

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	9/9/2015