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)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: 07/31/2008

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco—Master Settlement Agreement	18.4	%
Hospital/Health Care	13.8
General Obligation	7.5
Airlines	7.2
Special Tax	5.5
Water Utilities	5.0
Higher Education	4.9
Electric Utilities	4.7
Highway/Commuter Facilities	4.2
Adult Living Facilities	4.0

Portfolio holdings are subject to change. Percentages are as of July 31, 2008, and are based on the total market value of investments.

Credit Allocation
AAA	9.2	%
AA	22.6
A	7.1
BBB	44.9
BB or lower	16.2

Allocations are subject to change. Percentages are as of July 31, 2008, and are dollar-weighted based on the total market value of investments. Market value, the total value of the Fund’s securities, does not include cash. Securities rated by any rating organization are included in the equivalent Standard & Poor’s rating category in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 12.63% of the Fund’s market value, are deemed comparable in the Manager’s judgment to the rated securities in each category. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities.

14 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended July 31, 2008, followed by a graphical comparison of the Fund’s performance to an appropriate broad-based market index.

Management’s Discussion of Fund Performance. In a 12-month period marked by significant turbulence in global credit markets and by broad price volatility as investors adjusted their perspectives on risk tolerance, the net asset value (NAV) of Oppenheimer New Jersey Municipal Fund’s Class A shares fell sharply and the Fund’s total returns were negative. As of July 31, 2008, the Fund nonetheless provided the highest level of tax-free income among its peer funds and more income, on a
tax-equivalent basis, than many other fixed-income alternatives. Based on the distribution for the 28-day accrual period ended July 22, 2008, the distribution yield at the end of this reporting period for the Fund’s Class A shares was 5.52% NAV.

     Oppenheimer New Jersey Municipal Fund distributed dividends of 54.3 cents per Class A share this reporting period, including a small amount of ordinary income. The monthly dividend distribution for Class A shares of Oppenheimer New Jersey Municipal Fund increased to 4.5 cents in September 2007 and to 4.6 cents in April 2008. No capital gains were distributed this reporting period.

     At the end of this reporting period, the Fund had more than 325 holdings and an average credit quality of BBB-plus. Despite the broad turmoil in the municipal market, which caused widespread declines in NAVs, default rates on municipal bonds in general and in this Fund in particular continue to be extremely low relative to the default rates on other fixed-income instruments. The default rate on investments in this portfolio remained in line with our expectations, and we remain confident in the long-term structural advantages of the Fund’s investments.

     As the charts on pages 22 to 24 show, the Fund’s total returns were negative this reporting period as investors grew increasingly concerned about risk and widening credit spreads. Credit spread widening is typically more detrimental to the sectors and types of securities the Fund favors than to our Fund’s benchmark.

     At the end of this reporting period, New Jersey general obligation bonds continued to be rated AA by Standard & Poor’s,
A-minus by Fitch Ratings and Aa3 by Moody’s Investors Service, all with stable outlooks. As the state’s general obligation bonds are backed by the full faith and taxing power of the state, we believe that municipal bonds issued by New Jersey will continue to represent solid credits for investors seeking high levels of tax-free income.

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FUND PERFORMANCE DISCUSSION

     In the single-family housing sector, which comprised 2.8% of the Fund’s market value on July 31, 2008, one acquisition in particular illustrates how the Fund benefited from its entry into the auction rate securities (ARS) market. An ARS is a long-term municipal security with an interest rate that resets at a specific frequency (typically 7 to 35 days) through an auction process. Many municipal auctions failed this reporting period because bidders were in short supply. These auction failures created financial headaches for investors who bought bonds with the assumption that their investments would remain highly liquid, and they also pushed the short-term rates on some bonds into the double digits. Intrigued by the opportunity to purchase high-yielding bonds, we applied our credit research expertise to the municipal auction inventory and identified some highly attractive bonds with resetting rates. For example, in February 2008, the Fund purchased a New Jersey Housing and Mortgage Finance Agency bond that offered a 10% rate and was rated AA by S&P and Aa2 by Moody’s. This security, which represented the fourth largest holding in the portfolio at the end of February, was a variable rate demand note (VRDN) with a put to BNP Paribas.¹ As auction rate prices firmed in late March, the Fund sold its position. Despite their brief tenure in the portfolio, this bond helped the Fund deliver high levels of tax-free yield to investors this reporting period. By July 31, 2008, billions of dollars of municipal auction rate securities had been refinanced into lower-yielding credit structures, and the municipal auctions became far less attractive to yield-seeking investors. The Fund’s participation in the municipal auctions, we believe, demonstrates the Rochester investment team’s flexibility and responsiveness to evolving market conditions.

     Throughout this reporting period, however, news about rising foreclosure rates and declining sales has fostered concerns about the long-term viability of all sorts of real estate-related investments, and bond prices in the Fund’s single-family and multifamily housing sectors have declined. The Fund’s single-family housing bonds are high-grade securities that have been issued by state agencies, which continue to abide by conservative lending practices. We believe our multifamily housing bonds (0.7% of the Fund’s invested assets as of July 31, 2008) represent a good value, because the demand for these types of properties will likely rise as the housing crisis persists. Additionally, the Fund does not invest in the securities created from pools of sub-prime mortgages nor in collateralized debt obligations (CDOs) and thus has no exposure to these credits. The overall credit quality of our housing-sector investments has been unaffected by the developments in the sub-prime mortgage market, but the prices nonetheless fell this reporting period.

1. VRDNs have long-term final maturities that can be “put”—or sold—at par on each reset date to a mandatory liquidity provider, in this case BNP Paribas. While VRDN yields are typically too low for consideration in this Fund, we occasionally find VRDNs like this one with very attractive rates.

16 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

     In the reporting period ended July 31, 2008, our in-house credit research team continued to identify yield-enhancing municipal issues in the Commonwealth of Puerto Rico, despite ongoing economic difficulties and political scandals there. Most of these investments involve so-called “creatures of the state” that are supported by tax revenues—electric utilities, education, highways—versus investments for project financing. As such, we remain confident in the government’s ability to collect the taxes and make bond payments using tax proceeds. As discussed in the Market Recap and Outlook, we expect many lower-rated bonds—for example, BBB-rated general obligation bonds issued by Puerto Rico—to be upgraded once Moody’s starts to rate municipal bonds on the same scale it uses for corporate bonds. These ratings, we believe, will more accurately reflect the true credit quality of these bonds. (Fitch, which has also proposed a uniform ratings scale, does not rate Puerto Rico credits.)

     The Fund continues to monitor news that has the potential to affect Puerto Rico’s economy or creditworthiness. In December 2007, Standard & Poor’s said the commonwealth’s BBB-minus general obligation debt deserved a stable outlook. In June 2008, in response to the uncertainty created by Gov. Anibal Acevedo Vila’s proposal to suspend the island’s sales and use tax, S&P announced that the A-plus rating given to Puerto Rico Sales Tax Financing Corporation would be placed on credit watch, with negative implications. Also during this reporting period, the governor and members of his campaign committee were indicted on charges that included wire fraud and conspiracy. The governor denies any misuse of public funds, and the Government Development Bank of Puerto Rico, the commonwealth’s financing arm, was vocal in its assurances that Puerto Rico would honor its financial obligations. Investors should note that the commonwealth, its agencies and the government development bank retained their investment-grade ratings during this reporting period and the outlook, according to both S&P and Moody’s, is stable. As of July 31, 2008, bonds issued by the commonwealth represented just over one-quarter of invested assets.

     During this reporting period, which was characterized by credit spread widening, prices fell on our investments in many
credit-sensitive sectors. Credit spreads are said to be widening when the yield difference between higher-rated securities and lower-rated ones increases, causing the prices for BBB-rated, lower-rated and unrated securities to fall more or rise less than the prices of securities with higher ratings.

     For example, the Fund continued to maintain sizable holdings in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. The Rochester investment team was among the early believers in the structural and yield advantages of these types of bonds,

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FUND PERFORMANCE DISCUSSION

which are backed by state and/or territory proceeds from a national litigation settlement with tobacco manufacturers. To date, MSA payments to the states and territories have been in line with projections made at the outset of this landmark agreement.² At the end of this reporting period, MSA-backed tobacco bonds accounted for nearly one-fifth of Fund investments and comprised the Fund’s largest sector.

     As they faced considerable pricing pressure this reporting period, MSA-backed tobacco bonds underperformed other securities with similar ratings. The following factors, we believe, were significant: a general widening of credit spreads, to which tobacco bonds are inherently more sensitive; an increase in the national supply of MSA bonds, including a record-setting sale by Ohio’s Buckeye Tobacco Settlement Finance Authority; and Standard & Poor’s announcement about changing its assessment of 11 tobacco bonds to negative watch, from negative outlook. Pricing pressure remained persistent even as Fitch Ratings upgraded the ratings of nearly 240 MSA-backed tobacco bonds. As first announced in January 2008, Fitch raised the majority of these bonds to a rating of BBB-plus, the highest rating it gives for these securities. We believe that the price volatility this reporting period was primarily related to technical issues, not fundamental ones, and that the sector should continue to provide attractive, long-term benefits to our yield-seeking investors.

     Further, while industry litigation may create some headline-induced volatility, we continue to believe that the long-term impact of tobacco-related court cases should be negligible. If anything, the latest headlines have been quite favorable. In early April, a three-judge panel in federal appeals court reversed an earlier decision that had granted class-action status to smokers of “light” cigarettes. The panel ruled that individual cases were too distinct from one another to qualify as a “class.” In June, the U.S. Supreme Court announced that it would take a third look at a long-running dispute between the family of a deceased smoker and Philip Morris. Twice before, the Supreme Court has ruled that the punitive damages awarded in Oregon were excessive. The Supreme Court’s recent decision to lower the punitive damages awarded in the Exxon-Valdez case, we believe, bodes well for the tobacco manufacturer. The Philip Morris case is expected to be on the Supreme Court’s fall docket.

     In our experience, interest payments and scheduled payments of principal on the tobacco bonds this Fund holds have always been made in a timely manner, and many

2. Bond investments 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. While consumption has largely been in line with the assumptions used to structure MSA-backed bonds, future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

18 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

bonds have repaid principal earlier than their scheduled final maturity. Our confidence in the long-term benefits these bonds can provide is such that we took advantage of market conditions this reporting period to invest in high-yielding MSA-backed securities.

     The Fund also continued to be invested in the airline sector this reporting period. The Fund’s holdings constitute a diverse portfolio representing many carriers and facilities. Many of the Fund’s holdings are backed by a security interest in the airport terminal buildings or maintenance facilities whose construction they finance and, as a result, these bonds offer investors a fair amount of principal protection—even as economic conditions and fuel costs create financial challenges for many carriers. Shareholders should note that the long-term performance of secured bonds in this sector is not dependent on airline profitability but more closely linked with overall passenger traffic, which has been rising.

     Speculation about future mergers or bankruptcy filings has contributed to price volatility and underperformance in this sector this reporting period. While many ticket holders and some creditors are apt to become concerned amid this type of speculation, our experience with airline-backed securities leads us to believe that most issuers will remain current with the principal and interest payments on the secured bonds we hold, as they have done in the past, thus protecting their valuable assets. In some instances, bankrupt airlines have remained current with their payments on callable bonds with very high coupons, long after their call dates. In others, unsecured airline bonds could be exchanged for an equity position in the carrier, turning bondholders into shareholders who could recoup some of their investment by selling the stock. As of July 31, 2008, the airline-backed sector represented 7.2% of the Fund’s invested assets.

     During the latter half of this reporting period, many bond insurers faced renewed scrutiny from the credit ratings organizations and, as a result, the prices of many insured bonds fell, regardless of the strength of the underlying credit. The bond insurers’ woes were not based on their practice of insuring municipal bonds, which arguably do not need to be insured, but on the insurers’ exposure to sub-prime mortgages. As of July 31, 2008, about 1.2% of the Fund’s assets were insured by ACA Financial Guaranty Corporation. In December 2007, after the insurer lost its investment-grade status, the prices of these bonds declined. These assets were quickly re-evaluated by our in-house credit research team. Instead of applying the insurer’s own credit rating to the insured bond, the team gave each insured holding an internal rating based on the actual credit quality of the underlying security. Investors should note that the underlying borrowers for ACA-insured bonds held by the Fund have consistently made their interest and principal payments without any apparent support from the insurer. While news about bond insurers continues to generate headlines,

19 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

we remain confident in our credit team’s ability to determine which underlying issues meet our standards for creditworthiness and which represent good values for our shareholders.

     The Fund continued to invest in municipal inverse-floating-rate securities this reporting period. These are tax-exempt securities whose interest payments move inversely to changes in short-term interest rates. With generally higher tax-free yields than regular fixed-rate bonds of comparable maturity and credit quality, these securities helped the Fund provide higher dividends this reporting period as the yield curve steepened. However, these securities often face greater price volatility than comparable fixed-rate bonds, and the volatility this reporting period detracted from the Fund’s overall performance.

     The Fund also invested in percentage of LIBOR notes (PLNs), a type of bond structure that experienced price declines this reporting period when another U.S. financial institution sold a large position at a loss. This move depressed the prices of PLNs across the board even though PLN credit quality, which varies among tax-free issuers, generally remained solid. PLNs are bonds that pay a variable rate based on LIBOR and most are A-rated or better. The PLN structure can deliver attractive levels of tax-free yield. However, in a rare development, municipal yields exceeded Treasury and LIBOR rates this reporting period and, as a result, PLNs detracted from Fund performance. We continue to believe that this type of bond will be a valuable source of revenue once more normal rate relations are in place and, therefore, remain invested in a diverse basket of bonds with this structure.

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

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 31, 2008. In the case of Class A, Class B and Class C shares, performance is measured over a ten-year period. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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

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FUND PERFORMANCE DISCUSSION

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

22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. See page 25 for further information.

23 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

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

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. See page 25 for further information.

24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES

Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. This annual report must be preceded or accompanied by the current prospectus of the Oppenheimer New Jersey Municipal Fund. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses carefully before investing.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Class A shares of the Fund were first publicly offered on 3/1/94. The average annual total returns are shown net of the applicable 4.75% maximum initial sales charge.

Class B shares of the Fund were first publicly offered on 3/1/94. The average annual total returns are shown net of the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

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

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

25 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FUND EXPENSES

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2008.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in

26 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	February 1, 2008		July 31, 2008		July 31, 2008
Class A	$	1,000.00	$	929.30	$	7.61
Class B		1,000.00		926.50		11.52
Class C		1,000.00		925.80		11.27
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,017.01		7.95
Class B		1,000.00		1,012.98		12.03
Class C		1,000.00		1,013.23		11.78

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, based on the 6-month period ended July 31, 2008 are as follows:

Class	Expense Ratios
Class A		1.58	%
Class B		2.39
Class C		2.34

The expense ratios reflect reduction to custodian expenses. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

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STATEMENT OF INVESTMENTS July 31, 2008

Principal
Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—126.9%
New Jersey—88.8%
$	3,880,000	Bayonne, NJ Parking Authority (City Parking)1		5.000	%		06/15/2027	$	3,518,229
	10,000	Bergen County, NJ HDC		6.750			10/01/2018		10,164
	20,000	Bergen County, NJ HDC (Park Ridge)		5.950			07/01/2025		20,953
	75,000	Bergen County, NJ Utilities Authority		5.500			12/15/2016		75,161
	25,000	Berkeley, NJ HFC (Bayville Hsg.)		5.750			08/01/2014		25,257
	3,000,000	Burlington County, NJ Bridge Commission Economic Devel. (The Evergreens)		5.625			01/01/2038		2,657,490
	225,000	Camden County, NJ PCFA (Camden County Energy Recovery Associates)1		7.500			12/01/2009		225,664
	100,000	Camden County, NJ PCFA (Camden County Energy Recovery Associates)1		7.500			12/01/2010		100,249
	20,000	Essex County, NJ Improvement Authority (Sportsplex)1		5.625			10/01/2023		20,013
	105,000	Essex County, NJ Improvement Authority (Sportsplex)1		5.625			10/01/2027		105,051
	1,135,000	Gloucester County, NJ HDC (Colonial Park)		6.200			09/15/2011		1,143,842
	5,000	Gloucester County, NJ Utilities Authority1		5.125			01/01/2013		5,011
	25,000	Haledon, NJ School District1		5.625			02/01/2009		25,077
	3,835,000	Hudson County, NJ Solid Waste Improvement Authority (Koppers Site)1		6.125			01/01/2029		3,421,587
	1,000,000	Hudson County, NJ Solid Waste Improvement Authority, Series 11		6.000			01/01/2029		903,660
	10,000	Jackson, NJ Township Municipal Utilities Authority		5.500			12/01/2015		10,219
	45,000	Mercer County, NJ Improvement Authority (Solid Waste)1		5.750			09/15/2016		46,029
	40,000	Middlesex County, NJ Improvement Authority (Edison Township)1		5.650			09/15/2011		40,112
	875,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.000			01/01/2015		817,198
	500,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.000			01/01/2020		446,755
	1,535,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.000			01/01/2032		1,249,613
	1,100,000	Middlesex County, NJ Improvement Authority (Heldrich Center Hotel)		5.125			01/01/2037		885,214
	975,000	Middlesex County, NJ Improvement Authority (Skyline Tower Urban Renewal Associates)1		5.350			07/01/2034		900,559
	20,000	Middlesex County, NJ Improvement Authority (South Plainfield Urban Renewal)1		5.500			09/01/2030		20,297
	2,500,000	Middlesex County, NJ Pollution Control Authority (Amerada Hess Corp.)1		6.050			09/15/2034		2,508,025
	45,000	Monmouth County, NJ Improvement Authority1		5.000			02/01/2013		45,081
	15,000	Monmouth County, NJ Improvement Authority1		5.450			07/15/2013		15,037
	35,000	Morris-Union, NJ Joint Commission COP		7.300			08/01/2009		35,083

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STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	10,000	Morristown, NJ GO1		5.300	%		03/01/2021	$	10,022
	35,000	New Brunswick, NJ Hsg. & Urban Devel. Authority1		5.500			08/01/2011		35,079
	65,000	New Brunswick, NJ Hsg. & Urban Devel. Authority1		5.750			07/01/2024		65,241
	50,000	Newark, NJ Hsg. Authority (Lock Street Urban Renewal Partnership)		6.400			01/20/2034		50,630
	50,000	Newark, NJ Hsg. Finance Corp. (Section 8 Assisted Hsg.)		7.300			04/01/2020		51,714
	2,045,000	NJ EDA (American Airlines)1		7.100			11/01/2031		944,136
	3,060,000	NJ EDA (Applewood Estates)1		5.000			10/01/2035		2,594,360
	50,000	NJ EDA (Bristol Glen)1		5.750			07/01/2029		45,556
	1,050,000	NJ EDA (Burlington Coat Factory Warehouse of New Jersey)		6.125			09/01/2010		1,051,113
	1,130,000	NJ EDA (Cadbury at Cherry Hill)		5.500			07/01/2018		1,057,285
	25,000	NJ EDA (Cadbury at Cherry Hill)		5.500			07/01/2028		21,252
	10,000	NJ EDA (Cigarette Tax)1		5.625			06/15/2017		9,866
	25,000	NJ EDA (Consumers New Jersey Water Company)1		5.100			09/01/2032		22,315
	580,000	NJ EDA (Continental Airlines)1		5.500			04/01/2028		349,931
	17,590,000	NJ EDA (Continental Airlines)1		6.250			09/15/2019		13,902,432
	4,375,000	NJ EDA (Continental Airlines)1		6.250			09/15/2029		3,148,381
	7,240,000	NJ EDA (Continental Airlines)1		6.400			09/15/2023		5,549,967
	3,890,000	NJ EDA (Continental Airlines)1		6.625			09/15/2012		3,544,101
	11,430,000	NJ EDA (Continental Airlines)1		7.000			11/15/2030		8,969,350
	9,475,000	NJ EDA (Continental Airlines)1		9.000			06/01/2033		9,284,458
	5,000,000	NJ EDA (Converted Organics of Woodbridge)		8.000			08/01/2027		4,114,900
	3,100,000	NJ EDA (Cranes Mill)		5.100			06/01/2027		2,692,846
	160,000	NJ EDA (Dept. of Human Services)1		6.250			07/01/2024		167,328
	115,000	NJ EDA (Devereux Foundation)1		5.450			05/01/2027		115,726
	2,605,000	NJ EDA (Elizabethtown Water Company)1		5.600			12/01/2025		2,606,459
	3,800,000	NJ EDA (Empowerment Zone-Cumberland)2,3		7.750			08/01/2021		2,317,924
	20,000	NJ EDA (Fellowship Village)1		5.500			01/01/2018		19,840
	290,000	NJ EDA (General Motors Corp.)1		5.350			04/01/2009		280,964
	6,000,000	NJ EDA (GMT Realty)		6.875			01/01/2037		5,809,260
	25,000	NJ EDA (Greater New York Councils Boy Scouts of America)1		5.450			09/01/2023		25,167
	320,000	NJ EDA (Hackensack Water Company)		5.800			03/01/2024		320,678
	425,000	NJ EDA (Hackensack Water Company)		5.900			03/01/2024		424,966
	18,860,000	NJ EDA (Hamilton Care)		6.650			11/01/2037		17,123,937
	3,700,000	NJ EDA (JVG Properties)		5.375			03/01/2019		3,538,680
	2,500,000	NJ EDA (Kapkowski Road Landfill)		6.500			04/01/2031		2,451,825
	165,000	NJ EDA (Keswick Pines)		5.600			01/01/2012		164,188
	75,000	NJ EDA (Keswick Pines)1		5.750			01/01/2024		69,984

F2 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	45,000	NJ EDA (Kullman Associates)		6.125	%		06/01/2018	$	39,842
	140,000	NJ EDA (Kullman Associates)		6.750			07/01/2019		128,940
	160,000	NJ EDA (Leisure Park)		5.875			12/01/2027		145,662
	90,000	NJ EDA (Liberty State Park Lease Rental)1		5.750			03/15/2022		90,176
	8,680,000	NJ EDA (Liberty Street Park)4		5.000			03/01/2027		8,820,746
	810,000	NJ EDA (Lions Gate)		5.750			01/01/2025		749,185
	1,345,000	NJ EDA (Lions Gate)		5.875			01/01/2037		1,190,836
	30,000	NJ EDA (Manchester Manor)1		6.700			08/01/2022		30,070
	1,000,000	NJ EDA (Marcus L. Ward Home)		5.750			11/01/2024		975,180
	1,200,000	NJ EDA (Marcus L. Ward Home)		5.800			11/01/2031		1,147,992
	2,380,000	NJ EDA (Masonic Charity Foundation of New Jersey)1		5.500			06/01/2031		2,383,808
	1,750,000	NJ EDA (Masonic Charity Foundation of New Jersey)1		6.000			06/01/2025		1,810,375
	255,000	NJ EDA (Middlesex Water Company)1		5.200			10/01/2022		255,752
	525,000	NJ EDA (Middlesex Water Company)1		5.250			10/01/2023		507,906
	1,100,000	NJ EDA (Middlesex Water Company)		5.250			02/01/2029		1,030,502
	770,000	NJ EDA (Middlesex Water Company)1		5.350			02/01/2038		728,166
	5,000	NJ EDA (New Jersey American Water Company)		5.250			11/01/2032		4,553
	2,800,000	NJ EDA (New Jersey American Water Company)		5.250			07/01/2038		2,597,280
	200,000	NJ EDA (New Jersey American Water Company)1		5.350			06/01/2023		200,304
	255,000	NJ EDA (New Jersey American Water Company)		5.350			06/01/2023		255,395
	1,685,000	NJ EDA (New Jersey American Water Company)		5.375			05/01/2032		1,555,424
	1,020,000	NJ EDA (New Jersey American Water Company)		5.500			06/01/2023		998,672
	11,705,000	NJ EDA (New Jersey American Water Company)		5.950			11/01/2029		11,589,589
	1,280,000	NJ EDA (New Jersey American Water Company)		6.000			05/01/2036		1,282,982
	7,035,000	NJ EDA (New Jersey American Water Company)		6.875			11/01/2034		7,115,129
	120,000	NJ EDA (New Jersey Natural Gas Company)		5.000			12/01/2038		106,516
	50,000	NJ EDA (New Jersey Transit Corp.)		5.650			12/15/2012		50,107
	25,000	NJ EDA (New Jersey Transit Corp.)		5.700			12/15/2013		25,055
	30,000	NJ EDA (New Jersey Transit Corp.)1		5.750			12/15/2017		30,079
	10,000	NJ EDA (New Jersey Transit Corp.)		5.750			12/15/2017		10,023
	400,000	NJ EDA (Newark Downtown District Management Corp.)		5.125			06/15/2027		369,028
	700,000	NJ EDA (Newark Downtown District Management Corp.)		5.125			06/15/2037		607,376
	3,995,000	NJ EDA (Nui Corp.)1		5.250			11/01/2033		3,456,514
	2,780,000	NJ EDA (Nui Corp.)1		5.250			11/01/2033		2,374,287
	8,000,000	NJ EDA (Pingry School)		5.000			11/01/2038		6,992,240
	6,195,000	NJ EDA (Public Service Electric and Gas)1		6.400			05/01/2032		6,245,303
	1,165,000	NJ EDA (Reformed Church Ministries to the Aging The Particulare Synod Mid-Atlantics)1		5.375			12/01/2018		1,095,496
	10,000,000	NJ EDA (School Facilities Construction)4		5.000			09/01/2036		10,092,250
	18,080,000	NJ EDA (School Facilities Construction)4		5.125			03/01/2028		18,468,991

F3 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	36,180,000	NJ EDA (School Facilities Construction)4		5.125	%		03/01/2030	$	36,794,698
	1,215,000	NJ EDA (St. Francis Life Care Corp.)1		5.700			10/01/2017		1,185,876
	2,230,000	NJ EDA (St. Francis Life Care Corp.)		5.750			10/01/2023		2,096,579
	10,000	NJ EDA (The Presbyterian Home at Montgomery)		6.250			11/01/2020		9,749
	115,000	NJ EDA (The Presbyterian Home at Montgomery)		6.375			11/01/2031		109,418
	3,360,000	NJ EDA (Trigen-Trenton District Energy Company)		6.200			12/01/2010		3,364,906
	20,000	NJ EDA (United Methodist Homes of New Jersey)1		5.125			07/01/2018		18,056
	2,370,000	NJ EDA (United Methodist Homes of New Jersey)1		5.125			07/01/2025		1,966,508
	45,000	NJ EDA (United Methodist Homes of New Jersey)		7.200			07/01/2010		45,061
	2,500,000	NJ EDA Retirement Community (Seabrook Village)		5.250			11/15/2026		2,163,400
	3,500,000	NJ EDA Retirement Community (Seabrook Village)		5.250			11/15/2036		2,835,175
	90,000	NJ Educational Facilities Authority (Beth Medrash Govoha America)		6.375			07/01/2030		90,671
	625,000	NJ Educational Facilities Authority (Fairleigh Dickinson University), Series D		5.250			07/01/2032		568,419
	17,000,000	NJ Educational Facilities Authority (Fairleigh Dickinson University), Series D		6.000			07/01/2025		17,218,620
	10,000	NJ Educational Facilities Authority (Jersey City State College)		6.250			07/01/2010		10,031
	135,000	NJ Educational Facilities Authority (Monmouth University)1		5.625			07/01/2013		135,116
	2,000,000	NJ Educational Facilities Authority (Monmouth University)1		5.800			07/01/2022		2,006,240
	5,000	NJ Educational Facilities Authority (Stevens Institute of Technology)		5.000			07/01/2018		5,056
	4,250,000	NJ Educational Facilities Authority (Stevens Institute of Technology)1		5.000			07/01/2034		3,740,043
	25,000	NJ Educational Facilities Authority (University of Medicine & Dentistry)1		5.125			12/01/2011		25,037
	50,000	NJ Educational Facilities Authority (University of Medicine & Dentistry)1		5.125			12/01/2012		50,064
	175,000	NJ Educational Facilities Authority (University of Medicine & Dentistry)1		5.250			12/01/2013		175,214
	160,000	NJ Educational Facilities Authority (University of Medicine & Dentistry)1		5.250			12/01/2014		160,173
	90,000	NJ Educational Facilities Authority (University of Medicine & Dentistry)1		5.250			12/01/2015		90,086
	530,000	NJ Educational Facilities Authority (University of Medicine & Dentistry)1		5.250			12/01/2021		530,164
	705,000	NJ Educational Facilities Authority (University of Medicine & Dentistry)1		5.250			12/01/2021		705,219
	115,000	NJ Educational Facilities Authority (University of Medicine & Dentistry)1		5.250			12/01/2025		115,015

F4 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	190,000	NJ Educational Facilities Authority (University of Medicine & Dentistry)1		5.250	%		12/01/2025	$	190,025
	80,000	NJ Environmental Infrastructure1		5.000			09/01/2020		78,786
	10,000	NJ Health Care Facilities Financing Authority (Allegany Health System Obligated Group)1		5.200			07/01/2018		10,474
	475,000	NJ Health Care Facilities Financing Authority (Avalon at Hillsborough)		6.150			07/01/2020		446,120
	750,000	NJ Health Care Facilities Financing Authority (Avalon at Hillsborough)		6.375			07/01/2025		700,238
	565,000	NJ Health Care Facilities Financing Authority (Avalon at Hillsborough)		6.625			07/01/2035		522,908
	6,325,000	NJ Health Care Facilities Financing Authority (Bayonne Hospital)1		6.250			07/01/2012		6,342,267
	150,000	NJ Health Care Facilities Financing Authority (Capital Health System)1		5.250			07/01/2017		151,745
	160,000	NJ Health Care Facilities Financing Authority (Capital Health System)1		5.250			07/01/2027		152,971
	110,000	NJ Health Care Facilities Financing Authority (Capital Health System)1		5.375			07/01/2033		102,776
	4,145,000	NJ Health Care Facilities Financing Authority (Capital Health System)1		5.750			07/01/2023		4,178,243
	39,395,000	NJ Health Care Facilities Financing Authority (Catholic Health East/Mercy Medical/McCauley Center Obligated Group)4		2.593	5		11/15/2033		30,725,900
	1,000,000	NJ Health Care Facilities Financing Authority (Children’s Specialized Hospital)		5.500			07/01/2036		911,260
	70,000	NJ Health Care Facilities Financing Authority (Chilton Memorial Hospital)1		5.000			07/01/2013		70,029
	1,010,000	NJ Health Care Facilities Financing Authority (Columbus Hospital)1		7.500			07/01/2021		921,463
	50,000	NJ Health Care Facilities Financing Authority (CoMC/KMCC Obligated Group)1		5.500			07/01/2017		50,427
	35,000	NJ Health Care Facilities Financing Authority (CoMC/KMCC Obligated Group)1		5.500			07/01/2027		35,023
	10,000	NJ Health Care Facilities Financing Authority (Community Hospital Group/Hartwyck at Oak Tree Obligated Group)1		5.000			07/01/2025		10,047
	7,000,000	NJ Health Care Facilities Financing Authority (Deborah Heart & Lung Center)		6.300			07/01/2023		7,036,890
	750,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)		5.300			11/01/2026		636,428
	1,000,000	NJ Health Care Facilities Financing Authority (Hebrew Old Age Center of Atlantic City)		5.375			11/01/2036		812,440

F5 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	1,260,000	NJ Health Care Facilities Financing Authority (Holy Name Hospital)1		5.000	%		07/01/2036	$	1,070,710
	10,000,000	NJ Health Care Facilities Financing Authority (Holy Name Hospital)1		5.250			07/01/2020		10,028,300
	45,000	NJ Health Care Facilities Financing Authority (Ocean Nursing Pavilion/Meridian Hospitals Corp.)1		5.250			07/01/2019		46,422
	25,000	NJ Health Care Facilities Financing Authority (ONP/MHC Obligated Group)1		5.375			07/01/2024		25,709
	50,000	NJ Health Care Facilities Financing Authority (Palisades Medical Center)1		5.200			07/01/2019		46,343
	435,000	NJ Health Care Facilities Financing Authority (Palisades Medical Center)1		5.250			07/01/2028		374,722
	1,430,000	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)2,6		5.125			07/01/2018		990,704
	5,755,000	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)2,6		5.125			07/01/2028		3,670,539
	135,000	NJ Health Care Facilities Financing Authority (Pascack Valley Hospital Assoc.)1,2		6.625			07/01/2036		93,528
	1,200,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)		7.250			07/01/2014		1,200,192
	9,830,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)		7.250			07/01/2027		9,714,694
	50,000	NJ Health Care Facilities Financing Authority (RWJ University Hospital)1		5.600			07/01/2015		52,213
	1,100,000	NJ Health Care Facilities Financing Authority (RWJ University Hospital)1		5.750			07/01/2025		1,109,053
	25,000	NJ Health Care Facilities Financing Authority (Society of the Valley Hospital)1		5.375			07/01/2025		25,558
	20,000	NJ Health Care Facilities Financing Authority (Society of the Valley Hospital)1		5.500			07/01/2020		20,797
	10,000	NJ Health Care Facilities Financing Authority (Somerset Medical Center)		5.500			07/01/2023		8,814
	70,000	NJ Health Care Facilities Financing Authority (Somerset Medical Center)		5.500			07/01/2033		56,751
	250,000	NJ Health Care Facilities Financing Authority (South Jersey Hospital System)		5.000			07/01/2036		234,118
	37,955,000	NJ Health Care Facilities Financing Authority (St. Barnabas Corp./St. Barnabas Medical Center Obligated Group)		6.250	7		07/01/2030		8,111,743
	5,000	NJ Health Care Facilities Financing Authority (St. Barnabas)		5.000			07/01/2024		5,119
	45,000	NJ Health Care Facilities Financing Authority (St. Barnabas)		5.000			07/01/2024		45,187

F6 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	35,000	NJ Health Care Facilities Financing Authority (St. Joseph’s Hospital & Medical Center)1		5.700	%		07/01/2011	$	35,108
	3,880,000	NJ Health Care Facilities Financing Authority (St. Joseph’s Hospital & Medical Center)1		5.750			07/01/2016		3,892,106
	800,000	NJ Health Care Facilities Financing Authority (St. Joseph’s Hospital & Medical Center)1		6.000			07/01/2026		802,656
	10,000,000	NJ Health Care Facilities Financing Authority (St. Joseph’s Hospital & Medical Center)8		6.625			07/01/2038		9,619,200
	30,000	NJ Health Care Facilities Financing Authority (St. Peter’s Hospital)1		5.000			07/01/2013		30,054
	500,000	NJ Health Care Facilities Financing Authority (St. Peter’s University Hospital/Margaret McLaughlin McCarrick Care Center Obligated Group)1		6.875			07/01/2020		510,585
	1,050,000	NJ Health Care Facilities Financing Authority (St. Peter’s University Hospital/Margaret McLaughlin McCarrick Care Center Obligated Group)1		6.875			07/01/2030		1,066,706
	50,000	NJ Health Care Facilities Financing Authority (THGS/THGSF Obligated Group)1		5.200			07/01/2031		44,822
	2,000,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital)1		5.250			07/01/2030		1,650,260
	5,880,000	NJ Health Care Facilities Financing Authority (Trinitas Hospital/Marillac Corp. Obligated Group)1		5.250			07/01/2030		4,880,870
	15,000	NJ HFA1		5.250			11/01/2015		15,016
	45,000	NJ HFA1		5.375			11/01/2008		45,106
	30,000	NJ Higher Education Assistance Authority (Student Loans)1		5.250			06/01/2018		30,076
	80,000	NJ Higher Education Assistance Authority (Student Loans)1		5.300			06/01/2017		80,847
	35,000	NJ Higher Education Assistance Authority (Student Loans)1		5.800			06/01/2016		35,431
	15,000	NJ Higher Education Assistance Authority (Student Loans)1		5.900			07/01/2009		15,168
	15,000	NJ Higher Education Assistance Authority (Student Loans)1		6.125			07/01/2015		15,063
	480,000	NJ Higher Education Student Assistance Authority (Student Loan)1		6.000			06/01/2015		489,451
	10,000	NJ Higher Education Student Assistance Authority (Student Loan)1		6.150			06/01/2019		10,115
	85,000	NJ Hsg. & Mortgage Finance Agency (Homebuyer)1		5.150			10/01/2018		86,377
	670,000	NJ Hsg. & Mortgage Finance Agency (Homebuyer)1		5.300			04/01/2026		673,524
	3,725,000	NJ Hsg. & Mortgage Finance Agency (Homebuyer)1		5.400			10/01/2020		3,764,671
	2,220,000	NJ Hsg. & Mortgage Finance Agency (Multifamily)1		4.900			11/01/2026		1,974,868
	1,000,000	NJ Hsg. & Mortgage Finance Agency (Multifamily)1		5.000			11/01/2036		862,190

F7 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS   Continued

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	275,000	NJ Hsg. & Mortgage Finance Agency (Multifamily)1		5.150	%		11/01/2030	$	251,991
	45,000	NJ Hsg. & Mortgage Finance Agency (Multifamily)1		5.400			11/01/2017		45,164
	10,000,000	NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.)4		4.550			10/01/2022		9,027,250
	5,000,000	NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.)4		4.625			10/01/2027		4,256,817
	4,500,000	NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.)4		5.000			10/01/2037		3,894,465
	6,160,000	NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.)4		5.375			04/01/2030		5,845,934
	370,000	NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.)		4.800			10/01/2047		294,964
	2,500,000	NJ Hsg. & Mortgage Finance Agency, Series A		4.850			11/01/2039		2,052,100
	2,150,000	NJ Hsg. & Mortgage Finance Agency, Series A		4.950			11/01/2048		1,743,070
	40,000	NJ Hsg. & Mortgage Finance Agency, Series A1		5.050			11/01/2018		39,798
	25,000	NJ Hsg. & Mortgage Finance Agency, Series A1		5.050			05/01/2034		22,022
	130,000	NJ Hsg. & Mortgage Finance Agency, Series A1		5.550			05/01/2027		126,591
	2,085,000	NJ Hsg. & Mortgage Finance Agency, Series A		5.650			05/01/2040		2,042,612
	10,000	NJ Hsg. & Mortgage Finance Agency, Series A11		6.250			05/01/2020		10,133
	15,000	NJ Hsg. & Mortgage Finance Agency, Series B1		5.850			11/01/2012		15,504
	50,000	NJ Hsg. & Mortgage Finance Agency, Series B1		6.150			11/01/2020		51,164
	20,000	NJ Hsg. & Mortgage Finance Agency, Series BB1		5.300			04/01/2017		20,406
	90,000	NJ Hsg. & Mortgage Finance Agency, Series E11		5.750			05/01/2025		91,595
	1,525,000	NJ Hsg. & Mortgage Finance Agency, Series M1		5.000			10/01/2036		1,536,590
	55,000	NJ Hsg. & Mortgage Finance Agency, Series T1		5.600			04/01/2017		55,887
	80,000	NJ Hsg. & Mortgage Finance Agency, Series U1		5.550			10/01/2011		81,294
	1,450,000	NJ Hsg. & Mortgage Finance Agency, Series U1		5.750			04/01/2018		1,460,310
	385,000	NJ Hsg. & Mortgage Finance Agency, Series U1		5.850			04/01/2029		384,973
	65,000	NJ Hsg. & Mortgage Finance Agency, Series V1		5.250			04/01/2026		65,577
	55,000	NJ Readington-Lebanon Sewage Authority1		5.250			01/01/2013		55,117
	1,525,000	NJ South Jersey Port Corp.1		5.200			01/01/2023		1,470,969
	200,000	NJ South Jersey Port Corp.1		5.250			01/01/2030		186,134
	17,020,000	NJ Tobacco Settlement Financing Corp.1		4.500			06/01/2023		15,228,305
	48,000,000	NJ Tobacco Settlement Financing Corp.1		4.625			06/01/2026		39,407,040
	30,035,000	NJ Tobacco Settlement Financing Corp.1		4.750			06/01/2034		21,537,798
	11,585,000	NJ Tobacco Settlement Financing Corp.1		5.000			06/01/2029		8,937,480
	200,950,000	NJ Tobacco Settlement Financing Corp.		5.812	7		06/01/2041		13,783,161
	417,450,000	NJ Tobacco Settlement Financing Corp.8		6.292	7		06/01/2041		30,983,139
	15,000	NJ Wastewater Treatment		5.200			09/01/2010		15,033
	55,000	Pleasantville, NJ School District COP1		5.500			10/01/2013		55,124
	20,000	Pompton Lakes, NJ School District1		5.500			08/01/2009		20,058
	1,535,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		1,523,042
	5,485,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2025		5,343,706
	3,535,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2011		3,503,927
	3,210,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2019		3,211,124

F8 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
New Jersey Continued
$	40,000	Port Authority NY/NJ, 117th Series1		5.125	%		11/15/2013	$	40,507
	25,000	Port Authority NY/NJ, 122nd Series1		5.125			01/15/2036		24,548
	20,000	Port Authority NY/NJ, 124th Series1		5.000			08/01/2022		19,606
	6,595,000	Port Authority NY/NJ, 126th Series1		5.250			05/15/2037		6,460,198
	9,235,000	Port Authority NY/NJ, 127th Series4		5.250			12/15/2032		9,184,336
	10,500,000	Port Authority NY/NJ, 143rd Series4		5.000			10/01/2030		10,198,073
	20,000	Riverside, NJ Township GO		5.450			12/01/2010		20,040
	215,000	Salem County, NJ IPCFA (Atlantic City Electric Company)1		5.600			11/01/2025		215,299
	60,000	Salem County, NJ IPCFA (Atlantic City Electric Company)		5.600			11/01/2025		60,046
	1,565,000	Salem County, NJ IPCFA (Public Service Electric & Gas)1		5.200			03/01/2025		1,565,407
	4,790,000	Salem County, NJ IPCFA (Public Service Electric & Gas)6		5.450			02/01/2032		4,791,964
	1,440,000	Salem County, NJ IPCFA (Public Service Electric & Gas)1		5.750			04/01/2031		1,342,498
	3,980,000	Union County, NJ Improvement Authority (Juvenile Detention Center)		5.500			05/01/2034		4,042,367
	65,000	Union County, NJ Improvement Authority (Linden Airport)		5.000			03/01/2028		65,239
	50,000	Union County, NJ Utilities Authority (County Deficiency)1		5.000			06/15/2028		47,578
	50,000	Union County, NJ Utilities Authority (County Deficiency)1		5.000			06/15/2028		50,121
	15,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.000			06/01/2016		14,950
	1,770,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.000			06/01/2023		1,668,915
	185,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.350			06/01/2023		180,693
	160,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.375			06/01/2017		160,538
	185,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.375			06/01/2018		185,333
	350,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.375			06/01/2019		349,374
	120,000	Union County, NJ Utilities Authority (Ogden Martin Systems of Union)1		5.375			06/01/2020		118,637
	10,000	University of Medicine & Dentistry of New Jersey COP1		6.750			12/01/2009		10,140
									625,142,537
U.S. Possessions—38.1%
	1,740,000	Guam Education Financing Foundation COP1		5.000			10/01/2023		1,687,696
	1,455,000	Guam GO1		5.400			11/15/2018		1,435,139
	2,500,000	Guam Government Waterworks Authority and Wastewater System		5.875			07/01/2035		2,395,400
	3,900,000	Guam Government Waterworks Authority and Wastewater System		6.000			07/01/2025		3,858,543

F9 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	50,000	Guam Power Authority, Series A1		5.125	%		10/01/2029	$	43,521
	4,650,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2030		3,765,524
	300,000	Northern Mariana Islands Commonwealth, Series A1		6.750			10/01/2033		303,015
	1,225,000	Northern Mariana Islands Ports Authority, Series A		5.500			03/15/2031		995,202
	3,230,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		2,618,884
	10,000,000	Puerto Rico Aqueduct & Sewer Authority4		5.125			07/01/2047		9,876,700
	2,500,000	Puerto Rico Aqueduct & Sewer Authority1		0.000	9		07/01/2024		2,165,350
	3,500,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2038		3,662,155
	5,400,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		5,654,394
	5,200,000	Puerto Rico Children’s Trust Fund (TASC)		5.500			05/15/2039		4,699,344
	3,000,000	Puerto Rico Children’s Trust Fund (TASC)		5.625			05/15/2043		2,774,730
	26,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.031	7		05/15/2055		627,380
	350,000	Puerto Rico Commonwealth GO1		5.000			07/01/2025		342,944
	50,000	Puerto Rico Commonwealth GO1		5.000			07/01/2026		48,899
	12,015,000	Puerto Rico Commonwealth GO1		5.000			07/01/2027		11,713,183
	4,685,000	Puerto Rico Commonwealth GO1		5.000			07/01/2034		4,450,000
	3,170,000	Puerto Rico Commonwealth GO1		5.125			07/01/2031		3,080,352
	2,250,000	Puerto Rico Commonwealth GO1		5.250			07/01/2026		2,234,408
	945,000	Puerto Rico Commonwealth GO1		5.250			07/01/2030		932,847
	1,750,000	Puerto Rico Commonwealth GO1		5.250			07/01/2031		1,729,245
	950,000	Puerto Rico Commonwealth GO1		5.250			07/01/2032		938,486
	16,035,000	Puerto Rico Commonwealth GO1		5.250			07/01/2034		15,766,574
	1,705,000	Puerto Rico Commonwealth GO		6.000			07/01/2027		1,793,353
	295,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		310,287
	2,800,000	Puerto Rico Electric Power Authority, Series TT1		5.000			07/01/2037		2,708,468
	20,500,000	Puerto Rico Electric Power Authority, Series UU4		2.570	5		07/01/2031		16,194,973
	6,200,000	Puerto Rico Electric Power Authority, Series UU6		2.550	5		07/01/2025		4,859,250
	885,000	Puerto Rico HFC, Series B1		5.300			12/01/2028		849,830
	810,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2042		765,815
	4,000,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2027		3,899,520
	5,145,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2030		4,933,232
	450,000	Puerto Rico Highway & Transportation Authority, Series M1		5.000			07/01/2037		426,938
	12,000,000	Puerto Rico Highway & Transportation Authority, Series N4		2.400	5		07/01/2045		8,580,000
	29,000,000	Puerto Rico Highway & Transportation Authority, Series N6		2.400	5		07/01/2045		20,735,000
	1,000,000	Puerto Rico Infrastructure1		5.000			07/01/2027		974,880

F10 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	5,000,000	Puerto Rico Infrastructure1		5.000	%		07/01/2037	$	4,743,750
	5,000,000	Puerto Rico Infrastructure		5.000			07/01/2037		4,743,750
	9,750,000	Puerto Rico Infrastructure		5.000			07/01/2041		9,223,890
	20,100,000	Puerto Rico Infrastructure		5.000			07/01/2046		18,961,737
	930,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		810,365
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2019		100,208
	555,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2029		527,244
	1,710,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		1,739,292
	205,000	Puerto Rico ITEMECF (Dr. Pila Hospital)1		6.250			08/01/2032		205,418
	1,000,000	Puerto Rico ITEMECF (Polytechnic University)1		5.000			08/01/2032		881,170
	265,000	Puerto Rico ITEMECF (SEAM/Hospital Espanol Auxillio Obligated Group)1		6.250			07/01/2024		267,215
	500,000	Puerto Rico Municipal Finance Agency, Series A1		5.250			08/01/2024		496,260
	3,250,000	Puerto Rico Municipal Finance Agency, Series A1		5.250			08/01/2025		3,228,355
	18,350,000	Puerto Rico Port Authority (American Airlines), Series A1		6.300			06/01/2023		8,565,413
	80,000	Puerto Rico Port Authority, Series D1		6.000			07/01/2021		80,298
	265,000	Puerto Rico Public Buildings Authority1		5.125			07/01/2024		259,485
	4,535,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2029		4,472,508
	16,305,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2033		16,081,295
	1,530,000	Puerto Rico Public Buildings Authority, Series D1		5.250			07/01/2036		1,499,186
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A4		2.855	5		08/01/2057		7,700,002
	9,000,000	Puerto Rico Sales Tax Financing Corp., Series A		5.250			08/01/2057		8,906,130
	1,000,000	University of Puerto Rico1		5.000			06/01/2025		979,870
	3,350,000	University of Puerto Rico1		5.000			06/01/2025		3,282,565
	3,000,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		2,876,670
	150,000	University of V.I., Series A1		5.250			12/01/2023		144,932
	710,000	University of V.I., Series A1		5.375			06/01/2034		667,982
	1,000,000	University of V.I., Series A		6.000			12/01/2024		1,005,710
	40,000	University of V.I., Series A		6.250			12/01/2029		40,312
	60,000	V.I. HFA, Series A		6.500			03/01/2025		60,014
	5,000,000	V.I. Public Finance Authority (Hovensa Coker)1		6.500			07/01/2021		5,053,950
	1,515,000	V.I. Public Finance Authority, Series A1		6.375			10/01/2019		1,597,265
	325,000	V.I. Public Finance Authority, Series E		5.875			10/01/2018		327,002
	2,500,000	V.I. Public Finance Authority, Series E		6.000			10/01/2022		2,502,525
	1,100,000	V.I. Tobacco Settlement Financing Corp.		6.500	7		05/15/2035		138,919
	2,050,000	V.I. Tobacco Settlement Financing Corp.		6.875	7		05/15/2035		234,766
	3,100,000	V.I. Tobacco Settlement Financing Corp.		7.625	7		05/15/2035		317,874
	290,000	V.I. Water & Power Authority		5.300			07/01/2018		287,454
	175,000	V.I. Water & Power Authority		5.300			07/01/2021		167,788
									268,010,030

F11 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

	Value
Total Investments, at Value (Cost $999,519,458)—126.9%	$	893,152,567
Liabilities in Excess of Other Assets—(26.9)		(189,417,706	)
Net Assets—100.0%	$	703,734,861

Footnotes to Statement of Investments
1.	All or a portion of the security has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes.
2.	Issue is in default. See Note 1 of accompanying Notes.
3.	Non-income producing security.
4.	Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes.
5.	Represents the current interest rate for a variable or increasing rate security.
6.	Illiquid security. The aggregate value of illiquid securities as of July 31, 2008 was $35,047,457, which represents 4.98% of the Fund’s net assets. See Note 5 of accompanying Notes.
7.	Zero coupon bond reflects effective yield on the date of purchase.
8.	When-issued security or delayed delivery to be delivered and settled after July 31, 2008. See Note 1 of accompanying Notes.
9.	Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

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

COP	Certificates of Participation
CoMC	Community Medical Center
EDA	Economic Devel. Authority
GO	General Obligation
HDC	Housing Devel. Corp.
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
IPCFA	Industrial Pollution Control Financing Authority
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK	John Fitzgerald Kennedy
KMCC	Kensington Manor Care Center
MHC	Meridian Hospitals Corp.
NY/NJ	New York/New Jersey
ONP	Ocean Nursing Pavillion, Inc.
PCFA	Pollution Control Finance Authority
RITES	Residual Interest Tax Exempt Securities
ROLs	Residual Option Longs
RWJ	Robert Wood Johnson
SEAM	Sociedad Espanola de Auxilio Mutuo
TASC	Tobacco Settlement Asset-Backed Bonds
THGS	The House of the Good Shepard
THGSF	The House of the Good Shepard Foundation
V.I.	United States Virgin Islands

See accompanying Notes to Financial Statements.

F12 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2008

Assets
Investments, at value (cost $999,519,458)—see accompanying statement of investments	$	893,152,567
Cash		469,599
Receivables and other assets:
Interest		8,838,459
Shares of beneficial interest sold		1,509,049
Investments sold		202,091
Other		66,505
Total assets		904,238,270
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		150,510,000
Payable on borrowings (See Note 6)		36,500,000
Investments purchased (including $10,684,400 purchased on a when-issued or delayed delivery basis)		10,889,838
Shares of beneficial interest redeemed		1,440,048
Dividends		784,712
Distribution and service plan fees		88,793
Trustees’ compensation		80,191
Interest expense on borrowings		73,515
Shareholder communications		45,114
Transfer and shareholder servicing agent fees		27,933
Other		63,265
Total liabilities		200,503,409
Net Assets	$	703,734,861
Composition of Net Assets
Paid-in capital	$	834,097,567
Accumulated net investment income		1,223,631
Accumulated net realized loss on investments		(25,219,446	)
Net unrealized depreciation on investments		(106,366,891	)
Net Assets	$	703,734,861

F13 |  OPPENHEIMER 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 $467,973,895 and 46,777,585 shares of beneficial interest outstanding)	$	10.00
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	10.50
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $52,980,986 and 5,288,693 shares of beneficial interest outstanding)	$	10.02
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $182,779,980 and 18,256,149 shares of beneficial interest outstanding)	$	10.01

See accompanying Notes to Financial Statements.

F14 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 31, 2008

Investment Income
Interest	$	53,270,287
Other income		401
Total investment income		53,270,688
Expenses
Management fees		4,040,062
Distribution and service plan fees:
Class A		772,099
Class B		556,522
Class C		1,819,369
Transfer and shareholder servicing agent fees:
Class A		185,223
Class B		47,865
Class C		102,768
Shareholder communications:
Class A		63,307
Class B		12,888
Class C		27,507
Interest expense and fees on short-term floating rate notes issued (See Note 1)		5,545,272
Interest expense on borrowings		726,595
Custodian fees and expenses		37,629
Trustees’ compensation		29,674
Other		245,858
Total expenses		14,212,638
Less reduction to custodian expenses		(3,817	)
Net expenses		14,208,821
Net Investment Income		39,061,867
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(23,835,770	)
Increase from payment by affiliate		891
Net realized loss		(23,834,879	)
Net change in unrealized depreciation on investments		(121,570,462	)
Net Decrease in Net Assets Resulting from Operations	$	(106,343,474	)

See accompanying Notes to Financial Statements.

F15 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

Year Ended July 31,	2008			2007
Operations
Net investment income	$	39,061,867		$	30,412,564
Net realized gain (loss)		(23,834,879	)		4,847,636
Net change in unrealized appreciation (depreciation)		(121,570,462	)		(5,922,240	)
Net increase (decrease) in net assets resulting from operations		(106,343,474	)		29,337,960
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(26,304,136	)		(21,039,557	)
Class B		(2,582,285	)		(2,680,254	)
Class C		(8,530,712	)		(6,698,889	)
		(37,417,133	)		(30,418,700	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(27,574,196	)		220,976,427
Class B		(9,377,328	)		(814,610	)
Class C		(10,784,825	)		92,387,458
		(47,736,349	)		312,549,275
Net Assets
Total increase (decrease)		(191,496,956	)		311,468,535
Beginning of period		895,231,817			583,763,282
End of period (including accumulated net investment income (loss) of $1,223,631 and $(421,103), respectively)	$	703,734,861		$	895,231,817

See accompanying Notes to Financial Statements.

F16 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2008

Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(106,343,474	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(243,797,639	)
Proceeds from disposition of investment securities		333,487,606
Short-term investment securities, net		(50,287,429	)
Premium amortization		2,194,475
Discount accretion		(6,117,455	)
Net realized loss on investments		23,834,879
Net change in unrealized depreciation on investments		121,570,462
Decrease in interest receivable		232,710
Increase in receivable for securities sold		(202,091	)
Increase in other assets		(46,079	)
Increase in payable for securities purchased		5,553,464
Increase in payable for accrued expenses		71,998
Net cash provided by operating activities		80,151,427
Cash Flows from Financing Activities
Proceeds from bank borrowings		445,600,000
Payments on bank borrowings		(416,600,000	)
Payments on short-term floating rate notes issued		(27,550,000	)
Proceeds from shares sold		227,257,758
Payment on shares redeemed		(295,260,167	)
Cash distributions paid		(13,689,051	)
Net cash used in financing activities		(80,241,460	)
Net decrease in cash		(90,033	)
Cash, beginning balance		559,632
Cash, ending balance	$	469,599

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $23,552,467.

Cash paid for interest on bank borrowings—$679,433.

Cash paid for interest on short-term floating rate notes issued—$5,545,272.

See accompanying Notes to Financial Statements.

F17  | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A Year Ended July 31,	2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	11.98		$	11.90		$	12.03		$	10.76		$	10.51
Income (loss) from investment operations:
Net investment income		.57	1		.52	1		.55	1		.62	1		.67
Net realized and unrealized gain (loss)		(2.01	)		.09			(.09	)		1.32			.23
Total from investment operations		(1.44	)		.61			.46			1.94			.90
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.54	)		(.53	)		(.59	)		(.67	)		(.65	)
Net asset value, end of period	$	10.00		$	11.98		$	11.90		$	12.03		$	10.76
Total Return, at Net Asset Value2		(12.20	)%		5.13	%		3.93	%		18.46	%		8.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	467,974		$	591,238		$	371,295		$	200,831		$	94,214
Average net assets (in thousands)	$	526,573		$	486,782		$	287,248		$	133,634		$	78,828
Ratios to average net assets:3
Net investment income		5.20	%		4.32	%		4.67	%		5.41	%		6.28	%
Expenses excluding interest and fees on short-term floating rate notes issued		0.84	%		0.82	%		0.90	%		0.91	%		0.98	%
Interest and fees on short-term floating rate notes issued4		0.70	%		0.62	%		0.63	%		0.35	%		0.32	%
Total expenses		1.54	%		1.44	%		1.53	%		1.26	%		1.30	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.54	%		1.44	%		1.47	%		1.06	%		1.10	%
Portfolio turnover rate		31	%		18	%		19	%		7	%		14	%

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

See accompanying Notes to Financial Statements.

F18 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Class B Year Ended July 31,	2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	11.99		$	11.91		$	12.05		$	10.78		$	10.52
Income (loss) from investment operations:
Net investment income		.48	1		.43	1		.47	1		.54	1		.60
Net realized and unrealized gain (loss)		(1.99	)		.08			(.11	)		1.31			.23
Total from investment operations		(1.51	)		.51			.36			1.85			.83
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.46	)		(.43	)		(.50	)		(.58	)		(.57	)
Net asset value, end of period	$	10.02		$	11.99		$	11.91		$	12.05		$	10.78
Total Return, at Net Asset Value2		(12.81	)%		4.30	%		3.03	%		17.53	%		7.92	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	52,981		$	73,579		$	73,887		$	62,399		$	51,329
Average net assets (in thousands)	$	61,772		$	75,560		$	68,065		$	56,755		$	50,920
Ratios to average net assets:3
Net investment income		4.39	%		3.55	%		3.93	%		4.74	%		5.54	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.64	%		1.61	%		1.69	%		1.68	%		1.73	%
Interest and fees on short-term floating rate notes issued4		0.70	%		0.62	%		0.63	%		0.35	%		0.32	%
Total expenses		2.34	%		2.23	%		2.32	%		2.03	%		2.05	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.34	%		2.23	%		2.24	%		1.83	%		1.85	%
Portfolio turnover rate		31	%		18	%		19	%		7	%		14	%

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

See accompanying Notes to Financial Statements.

F19 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class C Year Ended July 31,	2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	11.99		$	11.91		$	12.04		$	10.77		$	10.51
Income (loss) from investment operations:
Net investment income		.48	1		.43	1		.46	1		.53	1		.59
Net realized and unrealized gain (loss)		(2.00	)		.09			(.09	)		1.32			.24
Total from investment operations		(1.52	)		.52			.37			1.85			.83
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.46	)		(.44	)		(.50	)		(.58	)		(.57	)
Net asset value, end of period	$	10.01		$	11.99		$	11.91		$	12.04		$	10.77
Total Return, at Net Asset Value2		(12.87	)%		4.33	%		3.14	%		17.54	%		7.91	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	182,780		$	230,415		$	138,581		$	70,128		$	23,795
Average net assets (in thousands)	$	202,047		$	188,557		$	104,423		$	40,717		$	20,470
Ratios to average net assets:3
Net investment income		4.43	%		3.55	%		3.90	%		4.57	%		5.53	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.61	%		1.58	%		1.66	%		1.67	%		1.73	%
Interest and fees on short-term floating rate notes issued4		0.70	%		0.62	%		0.63	%		0.35	%		0.32	%
Total expenses		2.31	%		2.20	%		2.29	%		2.02	%		2.05	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		2.31	%		2.20	%		2.23	%		1.82	%		1.85	%
Portfolio turnover rate		31	%		18	%		19	%		7	%		14	%

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

See accompanying Notes to Financial Statements.

F20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

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

     The Fund offers Class A, Class B and Class C shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the closing price reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing “bid” and “asked” prices, and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities will be valued at the mean between the “bid” and “asked” prices. Securities for which market quotations are not readily available are valued at their fair value. Securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of their respective exchanges will be fair valued. Fair value is determined in good faith using consistently applied procedures under the supervision

F21 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

of the Board of Trustees. Shares of a registered investment company that are not traded on an exchange are valued at the acquired investment company’s net asset value per share. “Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

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 maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of July 31, 2008, 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	$	10,684,400

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 20% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $136,574,694 as of July 31, 2008, which represents 15.10% of the Fund’s total assets.

     Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”)

F22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but do not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At July 31, 2008, municipal bond holdings with a value of $189,661,135 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $150,510,000 in short-term floating rate notes issued and outstanding at that date.

At July 31, 2008, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rates2			Date		Value
$	2,170,000	NJ EDA RITES3		6.044	%		3/1/27	$	2,310,746
	9,045,000	NJ EDA ROLs		10.234			3/1/30		9,659,698
	4,520,000	NJ EDA ROLs		10.234			3/1/28		4,908,991
	13,135,000	NJ Health Care Facilities Financing Authority ROLs3		1.070			11/15/33		4,465,900
	2,500,000	NJ Hsg. & Mortgage Finance Agency ROLs		10.090			10/1/22		1,527,250
	1,670,000	NJ Hsg. & Mortgage Finance Agency ROLs		8.110			10/1/27		926,817
	2,055,000	NJ Hsg. & Mortgage Finance Agency ROLs		10.370			4/1/30		1,740,934
	1,500,000	NJ Hsg. & Mortgage Finance Agency ROLs		9.250			10/1/37		894,465
	2,500,000	NJ Reset Optional Certificates Trust II ROLs		9.679			9/1/36		2,592,250
	2,625,000	Port Authority NY/NJ, 2271st Series ROLs3		12.490			10/1/30		2,323,073
	2,305,000	Port Authority NY/NJ, 238th Series ROLs		9.611			12/15/32		2,254,336
	2,500,000	Puerto Rico Aqueduct & Sewer Authority ROLs		12.300			7/1/47		2,376,700
	5,865,000	Puerto Rico Electric Power Authority ROLs3		2.835			7/1/31		1,559,973
	4,000,000	Puerto Rico Highway & Transportation Authority ROLs3		0.640			7/1/45		580,000
	3,330,000	Puerto Rico Sales Tax Financing Corp. ROLs3		3.090			8/1/57		1,030,002
								$	39,151,135

F23 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F12 of the Statement of Investments.

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

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

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of July 31, 2008, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at approximately $69,950,000.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of July 31, 2008, securities with an aggregate market value of $7,072,695, representing 1.01% of the Fund’s net assets, were in default.

Concentration Risk. There are certain risks arising from geographic concentration in any state. Certain economic, regulatory or political developments occurring in the state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

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

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

F24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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

					Net Unrealized
					Depreciation
					Based on Cost of
					Securities and
Undistributed	Undistributed		Accumulated		Other Investments
Net Investment	Long-Term		Loss		for Federal Income
Income	Gain		Carryforward1,2,3,4		Tax Purposes
$2,578,432	$	—	$	14,601,874	$	116,984,466

1. As of July 31, 2008, the Fund had $3,197,963 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 31, 2008, details of the capital loss carryforwards were as follows:

Expiring
2010	$	1,401,537
2012		115,750
2014		34,199
2016		1,646,477
Total	$	3,197,963

2.	As of July 31, 2008, the Fund had $11,403,911 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2017.
3.	During the fiscal year ended July 31, 2008, the Fund did not utilize any capital loss carryforward.
4.	During the fiscal year ended July 31, 2007, the Fund utilized $2,715,617 of capital loss carryforward to offset capital gains realized in that fiscal year.

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

The tax character of distributions paid during the years ended July 31, 2008 and July 31, 2007 was as follows:

	Year Ended		Year Ended
	July 31, 2008		July 31, 2007
Distributions paid from:
Exempt-interest dividends	$	37,375,134	$	30,401,095
Ordinary income		41,999		17,605
Total	$	37,417,133	$	30,418,700

F25 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. 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 as of July 31, 2008 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	$	861,409,755
Gross unrealized appreciation	$	879,128
Gross unrealized depreciation		(117,863,594	)
Net unrealized depreciation	$	(116,984,466	)

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 31, 2008, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	12,099
Payments Made to Retired Trustees		5,363
Accumulated Liability as of July 31, 2008		54,001

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

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date.

F26 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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 overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F27 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Shares of Beneficial Interest

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

	Year Ended July 31, 2008						Year Ended July 31, 2007
	Shares			Amount			Shares			Amount
Class A
Sold		14,838,614		$	164,225,523			23,410,659		$	284,761,943
Dividends and/or distributions reinvested		1,548,571			16,757,573			1,100,129			13,364,563
Redeemed		(18,964,978	)		(208,557,292	)		(6,358,993	)		(77,150,079	)
Net increase (decrease)		(2,577,793	)	$	(27,574,196	)		18,151,795		$	220,976,427
Class B
Sold		589,209		$	6,462,965			1,143,370		$	13,922,058
Dividends and/or distributions reinvested		151,893			1,646,057			137,950			1,678,223
Redeemed		(1,586,728	)		(17,486,350	)		(1,348,661	)		(16,414,891	)
Net decrease		(845,626	)	$	(9,377,328	)		(67,341	)	$	(814,610	)
Class C
Sold		4,914,635		$	53,827,810			9,578,020		$	116,616,588
Dividends and/or distributions reinvested		475,838			5,148,837			321,342			3,906,782
Redeemed		(6,355,032	)		(69,761,472	)		(2,316,616	)		(28,135,912	)
Net increase (decrease)		(964,559	)	$	(10,784,825	)		7,582,746		$	92,387,458

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2008, were as follows:

	Purchases		Sales
Investment securities	$	243,797,639	$	333,487,606

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $200 million	0.60	%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Over $1 billion	0.35

F28 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2008, the Fund paid $336,484 to OFS for services to the Fund.

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class A shares. It 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 average annual net assets of Class A shares of the Fund. The Board of Trustees can increase that fee to 0.25% of average net assets without shareholder approval. Shareholders will be notified of any such change. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal services 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 for Class B and Class C shares to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares. The Distributor also receives a service fee of 0.15% per year under each plan. However, the Board of Trustees can increase that fee to 0.25% of average net assets without shareholder approval. Shareholders will be notified of any such change. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor determines its uncompensated expenses under the plan at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the plan at June 30, 2008 for Class B and Class C shares were $2,413,944 and $2,797,747, respectively. Fees incurred by the Fund under the plans are detailed in the Statement of Operations.

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

F29 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

4. Fees and Other Transactions with Affiliates Continued

		Class A	Class B	Class C
	Class A	Contingent	Contingent	Contingent
	Front-End	Deferred	Deferred	Deferred
	Sales Charges	Sales Charges	Sales Charges	Sales Charges
	Retained by	Retained by	Retained by	Retained by
Year Ended	Distributor	Distributor	Distributor	Distributor
July 31, 2008	$247,133	$84,703	$176,188	$73,440

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time.

     During the year ended July 31, 2008, the Manager voluntarily reimbursed the Fund $891 for certain transactions. The payment increased the Fund’s total return by less than 0.01%.

5. Illiquid Securities

As of July 31, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings to purchase portfolio securities, to meet redemption obligations or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

     The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $1.25 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (2.7228% as of July 31, 2008). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual commitment fee on the amount of the unused portion of the total facility size. The Fund

F30 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of July 31, 2008, the Fund had borrowings outstanding at an interest rate of 2.7228%. Details of the borrowings for the year ended July 31, 2008 are as follows:

Average Daily Loan Balance	$	18,245,355
Average Daily Interest Rate		4.214	%
Fees Paid	$	107,172
Interest Paid	$	679,433

7. Recent Accounting Pronouncements

In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value Measurements. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of July 31, 2008, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

     In March 2008, FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund’s financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund’s financial statements and related disclosures.

F31 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer New Jersey Municipal Fund (one of the portfolios constituting the Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2008, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

     We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2008, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

     In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer New Jersey Municipal Fund as of July 31, 2008, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
September 16, 2008

F32 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2008, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2007. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

     None of the dividends paid by the Fund during the fiscal year ended July 31, 2008 are eligible for the corporate dividend-received deduction. 99.89% 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.

29 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

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

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form
N-PX filing on the SEC’s website at www.sec.gov.

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

30 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age	Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 65	General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Member of Zurich Financial Investment Management Advisory Council (insurance) (2004-2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 64 portfolios in the OppenheimerFunds complex.
David K. Downes, Trustee (since 2007) Age: 68	Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (since January 2006); Trustee of Employee Trusts (since January 2006); President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment management 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 64 portfolios in the OppenheimerFunds complex.
Matthew P. Fink, Trustee (since 2005) Age: 67	Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 54 portfolios in the OppenheimerFunds complex.

31 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Robert G. Galli, Trustee (since 1993) Age: 75	A director or trustee of other Oppenheimer funds. Oversees 64 portfolios in the OppenheimerFunds complex.
Phillip A. Griffiths, Trustee (since 1999) Age: 69	Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 54 portfolios in the OppenheimerFunds complex.
Mary F. Miller, Trustee (since 2004) Age: 65	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 54 portfolios in the OppenheimerFunds complex.
Joel W. Motley, Trustee (since 2002) Age: 56	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 of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee of Historic Hudson Valley. Oversees 54 portfolios in the OppenheimerFunds complex.
Russell S. Reynolds, Jr., Trustee (since 1989) Age: 76	Chairman of RSR Partners (formerly “The Directorship Search Group, Inc.”) (corporate governance consulting and executive recruiting) (since 1993); Life Trustee of International House (non-profit educational organization); Former Trustee of The Historical Society of the Town of Greenwich; Former Director of Greenwich Hospital Association. Oversees 54 portfolios in the OppenheimerFunds complex.
Joseph M. Wikler, Trustee (since 2005) Age: 67	Director of C-TASC (bio-statistics services) (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Director of Lakes Environmental Association (environmental protection organization) (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Fortis/Hartford mutual funds (1994- December 2001). Oversees 54 portfolios in the OppenheimerFunds complex.
Peter I. Wold, Trustee (since 2005) Age: 60	President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Vice President, Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production) (1996-2006); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 54 portfolios in the OppenheimerFunds complex.

32 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

INTERESTED TRUSTEE AND OFFICER	The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.
John V. Murphy, Trustee, President and Principal Executive Officer (since 2001) Age: 59	Chairman, Chief Executive Officer and Director of the Manager (since June 2001); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 103 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Mr. Zack and Ms. Bloomberg, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey, Wixted, Petersen, Szilagyi and Ms. Ives, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Fielding, Loughran, Cottier and Willis, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Ronald H. Fielding, Vice President and Senior Portfolio Manager (since 2002) Age: 59	Senior Vice President of the Manager (since January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Daniel G. Loughran, Vice President and Senior Portfolio Manager (since 2005) Age: 44	Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 36	Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

33 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 35	Assistant Vice President of the Manager (since July 2005). Portfolio Manager of the Fund (from May 2003 to December 2005). Corporate Attorney for Southern Resource Group (from 1999 to 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 58	Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997-February 2004). An officer of 103 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 48	Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 103 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Assistant Treasurer (since 2004) Age: 38	Vice President of the Manager (since February 2007); Assistant Vice President of the Manager (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November 1998-July 2002). An officer of 103 portfolios in the OppenheimerFunds complex.
Brian C. Szilagyi, Assistant Treasurer (since 2005) Age: 38	Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger Financial Group LLC (May 2001-March 2003). An officer of 103 portfolios in the OppenheimerFunds complex.
Robert G. Zack, Vice President and Secretary (since 2001) Age: 60	Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 103 portfolios in the OppenheimerFunds complex.

34 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

Lisa I. Bloomberg, Assistant Secretary (since 2004) Age: 40

Vice President (since May 2004) and Deputy General Counsel (since May 2008); of the Manager; Associate Counsel of the Manager (May 2004-May 2008); First Vice President (April 2001-April 2004), Associate General Counsel (December 2000- April 2004) of UBS Financial Services Inc. (formerly, PaineWebber Incorporated). An officer of 103 portfolios in the OppenheimerFunds complex.

Kathleen T. Ives, Assistant Secretary (since 2001) Age: 42

Vice President (since June 1998), Deputy General Counsel (since May 2008) and Assistant Secretary (since October 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Senior Counsel of the Manager (October 2003-May 2008). An officer of 103 portfolios in the OppenheimerFunds complex.

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

35 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND

PENNSYLVANIA July 31, 2008 Oppenheimer Management Pennsylvania Commentaries and Municipal Fund Annual Report M A N A G E M E N T C O M M E N TA R I E S Market Recap and Outlook Listing of Top Holdings A N N U A L R E P O RT Fund Performance Discussion Listing of Investments Financial Statements “After 25 years in the business of municipal fund management, I still don’t pretend to have seen it all. But, allowing tax-free yields to compound over time has clearly been a winning strategy for shareholders.” - - Ronald H. Fielding , Chief Strategist, Senior Vice President and Senior Portfolio Manager, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco—Master Settlement Agreeement	19.0	%
Hospital/Health Care	12.1
Single-Family Housing	7.9
Higher Education	7.0
Water Utilities	6.0
Building Products	5.2
Adult Living Facilities	4.2
Marine/Aviation Facilities	4.1
Resource Recovery	4.1
Electric Utilities	3.8

Portfolio holdings are subject to change. Percentages are as of July 31, 2008, and are based on the total market value of investments.

Credit Allocation
AAA	7.3	%
AA	25.5
A	11.2
BBB	35.5
BB or lower	20.5

Allocations are subject to change. Percentages are as of July 31, 2008, and are dollar-weighted based on the total market value of investments. Market value, the total value of the Fund’s securities, does not include cash. Securities rated by any rating organization are included in the equivalent Standard & Poor’s rating category in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 17.02% of the Fund’s market value, are deemed comparable in the Manager’s judgment to the rated securities in each category. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities.

15 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended July 31, 2008, followed by a graphical comparison of the Fund’s performance to an appropriate broad-based market index.

Management’s Discussion of Fund Performance. In a 12-month period marked by significant turbulence in global credit markets and by broad price volatility as investors adjusted their perspectives on risk tolerance, the net asset value (NAV) of Oppenheimer Pennsylvania Municipal Fund’s Class A shares fell sharply and the Fund’s total returns were negative. As of July 31, 2008, the Fund nonetheless provided the highest level of tax-free income among its peer funds and more income, on a tax-equivalent basis, than many other fixed-income alternatives. Based on the distribution for the 28-day accrual period ended July 22, 2008, the distribution yield at the end of this reporting period for the Fund’s Class A shares was 5.58% at NAV.

     Oppenheimer Pennsylvania Municipal Fund distributed dividends of 59.8 cents per Class A share this reporting period, including a small amount of ordinary income. The monthly dividend distribution per Class A share of Oppenheimer Pennsylvania Municipal Fund increased to 4.95 cents in October 2007, to 5.0 cents in February 2008 and to 5.2 cents in July 2008. No capital gains were distributed this reporting period.

     At the end of this reporting period, the Fund had more than 450 holdings and an average credit quality of A-minus. Despite the broad turmoil in the municipal market, which caused widespread declines in NAVs, default rates on municipal bonds in general and in this Fund in particular continue to be extremely low relative to the default rates on other fixed-income instruments. The default rate on investments in this portfolio remained in line with our expectations, and we remain confident in the long-term structural advantages of the Fund’s investments.

     As the charts on pages 22 to 24 show, the Fund’s total returns were negative this reporting period as investors grew increasingly concerned about risk and widening credit spreads. Credit spread widening is typically more detrimental to the sectors and types of securities the Fund favors than to our Fund’s benchmark.

     At the end of this reporting period, Pennsylvania general obligation bonds continued to be rated AA by Standard & Poor’s and by Fitch Ratings and Aa2 by Moody’s Investors Service, all with stable outlooks. As the state’s general obligation bonds are backed by the full faith and taxing power of the state, we believe that municipal bonds issued by Pennsylvania will continue to represent solid credits for investors seeking high levels of tax-free income.

     In the Marine/Aviation Facilities sector, which comprised 4.1% of the Fund’s market value on July 31, 2008, one acquisition in particular illustrates how the Fund benefited

16 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

from its entry into the auction rate securities (ARS) market. An ARS is a long-term municipal security with an interest rate that resets at a specific frequency (typically 7 to 35 days) through an auction process. Many municipal auctions failed this reporting period because bidders were in short supply. These auction failures created financial headaches for investors who bought bonds with the assumption that their investments would remain highly liquid, and they also pushed the short-term rates on some bonds into the double digits. Intrigued by the opportunity to purchase high-yielding bonds, we applied our credit research expertise to the municipal auction inventory and identified some highly attractive bonds with resetting rates. For example, in February 2008, the Fund purchased a Susquehanna Area Regional Airport Authority bond that initially offered a 9.8% rate and was insured by Financial Guaranty Insurance Company (FGIC). The bond paid 12% in March and was called at par in April. Despite its brief tenure in the portfolio, this bond helped the Fund deliver high levels of tax-free yield to investors this reporting period. By July 31, 2008, billions of dollars of municipal auction rate securities had been refinanced into lower-yielding credit structures, and the municipal auctions became far less attractive to yield-seeking investors. The Fund’s participation in the municipal auctions, we believe, demonstrates the Rochester investment team’s flexibility and responsiveness to evolving market conditions.

     Throughout this reporting period, however, news about rising foreclosure rates and declining sales has fostered concerns about the long-term viability of all sorts of real estate-related investments, and bond prices in the Fund’s single-family and multifamily housing sectors have declined. The Fund’s single-family housing bonds (7.9% of the Fund’s invested assets as of July 31, 2008) are high-grade securities that have been issued by state agencies, which continue to abide by conservative lending practices. We believe our multifamily housing bonds (1.5% of the Fund’s invested assets as of July 31, 2008) represent a good value, because the demand for these types of properties will likely rise as the housing crisis persists. Additionally, the Fund does not invest in the securities created from pools of sub-prime mortgages nor in collateralized debt obligations (CDOs) and thus has no exposure to these credits. The overall credit quality of our housing-sector investments has been unaffected by the developments in the sub-prime mortgage market, but the prices nonetheless fell this reporting period.

     In the reporting period ended July 31, 2008, our in-house credit research team continued to identify yield-enhancing municipal issues in the Commonwealth of Puerto Rico, despite ongoing economic difficulties and political scandals there. Most of these investments involve so-called “creatures of the state” that are supported by tax revenues—electric utilities, education, highways—versus investments for project financing. As such,

17 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

we remain confident in the government’s ability to collect the taxes and make bond payments using tax proceeds. As discussed in the Market Recap and Outlook, we expect many lower-rated bonds—for example, BBB-rated general obligation bonds issued by Puerto Rico—to be upgraded once Moody’s starts to rate municipal bonds on the same scale it uses for corporate bonds. These ratings, we believe, will more accurately reflect the true credit quality of these bonds. (Fitch, which has also proposed a uniform ratings scale, does not rate Puerto Rico credits.)

     The Fund continues to monitor news that has the potential to affect Puerto Rico’s economy or creditworthiness. In December 2007, Standard & Poor’s said the commonwealth’s BBB-minus general obligation debt deserved a stable outlook. In June 2008, in response to the uncertainty created by Gov. Anibal Acevedo Vila’s proposal to suspend the island’s sales and use tax, S&P announced that the A-plus rating given to Puerto Rico Sales Tax Financing Corporation would be placed on credit watch, with negative implications. Also during this reporting period, the governor and members of his campaign committee were indicted on charges that included wire fraud and conspiracy. The governor denies any misuse of public funds, and the Government Development Bank of Puerto Rico, the commonwealth’s financing arm, was vocal in its assurances that Puerto Rico would honor its financial obligations. Investors should note that the commonwealth, its agencies and the government development bank retained their investment-grade ratings during this reporting period and the outlook, according to both S&P and Moody’s, is stable. As of July 31, 2008, bonds issued by the commonwealth represented just over one-quarter of invested assets.

     During this reporting period, which was characterized by credit spread widening, prices fell on our investments in many credit-sensitive sectors. Credit spreads are said to be widening when the yield difference between higher-rated securities and lower-rated ones increases, causing the prices for BBB-rated, lower-rated and unrated securities to fall more or rise less than the prices of securities with higher ratings.

     For example, the Fund continued to maintain sizable holdings in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. The Rochester investment team was among the early believers in the structural and yield advantages of these types of bonds, which are backed by state and/or territory proceeds from a national litigation settlement with tobacco manufacturers. To date, MSA payments to the states and territories have

18 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

been in line with projections made at the outset of this landmark agreement.¹ At the end of this reporting period, MSA-backed tobacco bonds accounted for nearly one-fifth of Fund investments and comprised the Fund’s largest sector.

     As they faced considerable pricing pressure this reporting period, MSA-backed tobacco bonds underperformed other securities with similar ratings. The following factors, we believe, were significant: a general widening of credit spreads, to which tobacco bonds are inherently more sensitive; an increase in the national supply of MSA bonds, including a record-setting sale by Ohio’s Buckeye Tobacco Settlement Finance Authority; and Standard & Poor’s announcement about changing its assessment of 11 tobacco bonds to negative watch, from negative outlook. Pricing pressure remained persistent even as Fitch Ratings upgraded the ratings of nearly 240 MSA-backed tobacco bonds. As first announced in January 2008, Fitch raised the majority of these bonds to a rating of BBB-plus, the highest rating it gives for these securities. We believe that the price volatility this reporting period was primarily related to technical issues, not fundamental ones, and that the sector should continue to provide attractive, long-term benefits to our yield-seeking investors.

     Further, while industry litigation may create some headline-induced volatility, we continue to believe that the long-term impact of tobacco-related court cases should be negligible. If anything, the latest headlines have been quite favorable. In early April, a three-judge panel in federal appeals court reversed an earlier decision that had granted class-action status to smokers of “light” cigarettes. The panel ruled that individual cases were too distinct from one another to qualify as a “class.” In June, the U.S. Supreme Court announced that it would take a third look at a long-running dispute between the family of a deceased smoker and Philip Morris. Twice before, the Supreme Court has ruled that the punitive damages awarded in Oregon were excessive. The Supreme Court’s recent decision to lower the punitive damages awarded in the Exxon-Valdez case, we believe, bodes well for the tobacco manufacturer. The Philip Morris case is expected to be on the Court’s fall docket.

     In our experience, interest payments and scheduled payments of principal on the tobacco bonds this Fund holds have always been made in a timely manner, and many

1. Bond investments 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. While consumption has largely been in line with the assumptions used to structure MSA-backed bonds, future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

19 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

bonds have repaid principal earlier than their scheduled final maturity. Our confidence in the long-term benefits these bonds can provide is such that we took advantage of market conditions this reporting period to invest in high-yielding MSA-backed securities.

     During the latter half of this reporting period, many bond insurers faced renewed scrutiny from the credit ratings organizations this reporting period and, as a result, the prices of many insured bonds fell, regardless of the strength of the underlying credit. The bond insurers’ woes were not based on their practice of insuring municipal bonds, which arguably do not need to be insured, but on the insurers’ exposure to sub-prime mortgages. As of July 31, 2008, about 2% of the Fund’s assets were insured by ACA Financial Guaranty Corporation. In December 2007, after the insurer lost its investment-grade status, the prices of these bonds declined. These assets were quickly re-evaluated by our in-house credit research team. Instead of applying the insurer’s own credit rating to the insured bond, the team gave each insured holding an internal rating based on the actual credit quality of the underlying security. Investors should note that the underlying borrowers for ACA-insured bonds held by the Fund have consistently made their interest and principal payments without any apparent support from the insurer. While news about bond insurers continues to generate headlines, we remain confident in our credit team’s ability to determine which underlying issues meet our standards for creditworthiness and which represent good values for our shareholders.

     The Fund continued to invest in municipal inverse-floating-rate securities this reporting period. These are tax-exempt securities whose interest payments move inversely to changes in short-term interest rates. With generally higher tax-free yields than regular fixed-rate bonds of comparable maturity and credit quality, these securities helped the Fund provide higher dividends this reporting period as the yield curve steepened. However, these securities often face greater price volatility than comparable fixed-rate bonds, and the volatility this reporting period detracted from the Fund’s overall performance.

     The Fund also invested in percentage of LIBOR notes (PLNs), a type of bond structure that experienced price declines this reporting period when another U.S. financial institution sold a large position at a loss. This move depressed the prices of PLNs across the board even though PLN credit quality, which varies among tax-free issuers, generally remained solid. PLNs are bonds that pay a variable rate based on LIBOR and most are A-rated or better. The PLN structure can deliver attractive levels of tax-free yield. However, in a rare development, municipal yields exceeded Treasury and LIBOR rates this reporting period and, as a result, PLNs detracted from Fund performance. We continue to believe that this type of bond will be a valuable source of revenue once more normal rate relations are in place and, therefore, remain invested in a diverse basket of bonds with this structure.

20 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 31, 2008. In the case of Class A, Class B and Class C shares, performance is measured over a ten-year period. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

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

21 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

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

22 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. See page 25 for further information.

23 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND PERFORMANCE DISCUSSION

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

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. See page 25 for further information.

24 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES

Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. This annual report must be preceded or accompanied by the current prospectus of the Oppenheimer Pennsylvania Municipal Fund. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses carefully before investing.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Class A shares of the Fund were first publicly offered on 9/18/89. The average annual total returns are shown net of the applicable 4.75% maximum initial sales charge.

Class B shares of the Fund were first publicly offered on 5/3/93. The average annual total returns are shown net of the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

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

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

25 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FUND EXPENSES

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2008.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in

26 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	February 1, 2008		July 31, 2008		July 31, 2008
Class A	$	1,000.00	$	938.00	$	6.92
Class B		1,000.00		935.00		10.79
Class C		1,000.00		935.20		10.65
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,017.75		7.20
Class B		1,000.00		1,013.77		11.23
Class C		1,000.00		1,013.92		11.08

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, based on the 6-month period ended July 31, 2008 are as follows:

Class	Expense Ratios
Class A		1.43	%
Class B		2.23
Class C		2.20

The expense ratios reflect reduction to custodian expenses. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

27 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

THIS PAGE INTENTIONALLY LEFT BLANK.

28 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS July 31, 2008

Principal
Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—121.4%
Pennsylvania—87.2%
$	10,000	Allegheny County, PA COP1		5.000	%		12/01/2028	$	10,008
	24,475,000	Allegheny County, PA GO2		2.415	3		11/01/2026		21,264,099
	15,550,000	Allegheny County, PA GO2		5.000			11/01/2032		15,640,481
	275,000	Allegheny County, PA GO4		2.415	3		11/01/2026		238,906
	130,000	Allegheny County, PA HDA (Catholic Health East)1		5.375			11/15/2022		130,309
	75,000	Allegheny County, PA HDA (Catholic Health East)1		5.500			11/15/2032		73,906
	80,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)1		5.125			05/01/2025		75,648
	25,000	Allegheny County, PA HDA (Jefferson Regional Medical Center)		5.125			05/01/2029		23,262
	3,150,000	Allegheny County, PA HDA (Ohio Valley General Hospital)1		5.125			04/01/2035		2,688,966
	3,600,000	Allegheny County, PA HDA (Ohio Valley General Hospital)1		5.450			01/01/2028		3,366,684
	55,000	Allegheny County, PA HDA (Pittsburgh Mercy Health System)1		5.625			08/15/2026		58,351
	25,000	Allegheny County, PA HDA (The Covenant at South Hills)4,5		7.700			02/01/2009		12,795
	25,000	Allegheny County, PA HDA (The Covenant at South Hills)4,5		7.800			02/01/2009		12,795
	1,535,000	Allegheny County, PA HDA (The Covenant at South Hills)4,5		8.625			02/01/2021		785,613
	305,000	Allegheny County, PA HDA (The Covenant at South Hills)4,5		8.750			02/01/2031		156,099
	21,000,000	Allegheny County, PA HDA (UPMC Health System)2		2.750	3		02/01/2037		15,277,500
	95,000	Allegheny County, PA HDA (UPMC Health System)4		2.745	3		02/01/2037		69,113
	5,000	Allegheny County, PA HDA (UPMC Health System)1		5.000			11/01/2016		5,077
	10,000	Allegheny County, PA HDA (UPMC Health System)1		5.000			12/15/2018		10,266
	20,000	Allegheny County, PA HDA (UPMC Health System)1		5.000			11/01/2023		20,163
	50,000	Allegheny County, PA HEBA (Chatham College)1		5.250			11/15/2019		49,244
	2,020,000	Allegheny County, PA HEBA (Chatham College)1		5.750			11/15/2028		2,007,840
	8,000,000	Allegheny County, PA HEBA (Chatham College)1		5.750			11/15/2035		7,837,440
	955,000	Allegheny County, PA HEBA (Chatham College)1		5.850			03/01/2022		961,675
	1,000,000	Allegheny County, PA HEBA (Chatham College)1		5.950			03/01/2032		1,002,490
	15,000	Allegheny County, PA HEBA (Robert Morris University)		6.000			05/01/2028		14,887
	115,000	Allegheny County, PA HEBA (Thiel College)		5.375			11/15/2019		111,583
	110,000	Allegheny County, PA HEBA (Thiel College)		5.375			11/15/2029		97,621
	3,245,000	Allegheny County, PA HEBA (Waynesburg College)1		4.800			05/01/2036		2,745,432
	10,000	Allegheny County, PA IDA (ARC Allegheny Foundation)1		5.000			12/01/2028		8,898
	1,000,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)		5.000			09/01/2021		932,950
	1,250,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)		5.100			09/01/2026		1,135,150
	1,500,000	Allegheny County, PA IDA (RR/RRSW/RRDC Obligated Group)		5.125			09/01/2031		1,327,665

F1 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	100,000	Allegheny County, PA IDA (USX Corp.)1		5.500	%		12/01/2029	$	95,324
	400,000	Allegheny County, PA IDA (USX Corp.)1		5.600			09/01/2030		372,452
	25,000	Allegheny County, PA IDA (USX Corp.)1		6.000			01/15/2014		25,058
	270,000	Allegheny County, PA IDA (USX Corp.)1		6.100			01/15/2018		270,745
	20,000	Allegheny County, PA IDA (USX Corp.)1		6.100			07/15/2020		20,014
	2,170,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)		5.100			07/01/2014		2,165,421
	23,750,000	Allegheny County, PA Redevel. Authority (Pittsburgh Mills)		5.600			07/01/2023		22,719,488
	255,000	Allegheny County, PA Redevel. Authority (Robinson Mall)		6.875			11/01/2017		262,553
	7,545,000	Allegheny County, PA Redevel. Authority (Robinson Mall)		7.000			11/01/2017		7,940,358
	1,780,000	Allegheny County, PA Residential Finance Authority (Broadview Manor Apartments)		5.950			01/20/2043		1,601,252
	3,110,000	Allegheny County, PA Residential Finance Authority (Cambridge Square Apartments)1		4.600			01/15/2037		2,750,795
	1,370,000	Allegheny County, PA Residential Finance Authority (Independence House Apartments)		6.100			01/20/2043		1,259,934
	365,000	Allegheny County, PA Residential Finance Authority (Single Family Mtg.)1		4.850			11/01/2028		319,240
	1,975,000	Allegheny County, PA Residential Finance Authority (Single Family Mtg.)1		4.950			11/01/2037		1,652,641
	1,200,000	Allegheny County, PA Residential Finance Authority (Single Family Mtg.)1		5.000			05/01/2035		1,036,752
	450,000	Allegheny County, PA Residential Finance Authority (Single Family Mtg.)1		5.150			11/01/2016		452,705
	1,780,000	Allegheny County, PA Residential Finance Authority (Versailles Apartments)		6.160			01/20/2043		1,651,288
	4,000,000	Allegheny, PA Airport Authority (Pittsburgh International Airport)1		5.000			01/01/2018		3,932,080
	5,000	Armstrong County, PA IDA (Kittanning Care Center)1		5.375			08/20/2012		5,303
	5,000	Beaver County, PA Hospital Authority (Valley Health System)1		5.000			05/15/2028		5,006
	135,000	Beaver County, PA IDA (J. Ray McDermott and Company)1		6.800			02/01/2009		135,316
	280,000	Beaver County, PA IDA (Pennsylvania Power and Light Company)1		5.375			06/01/2028		267,330
	10,000	Bedford County, PA IDA (Brown Group)		7.125			02/01/2009		10,002
	300,000	Berks County, PA Municipal Authority (RHMC/HW Obligated Group)1		5.000			03/01/2028		297,399
	50,000	Blair County, PA IDA (The Village at Penn State Retirement Community)		6.400			01/01/2012		50,513
	4,140,000	Blair County, PA IDA (The Village at Penn State Retirement Community)		6.900			01/01/2022		4,192,288
	7,135,000	Blair County, PA IDA (The Village at Penn State Retirement Community)		7.000			01/01/2034		7,215,840

F2 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	50,000	Blair County, PA IDA (The Village at Penn State Retirement Community)4,5,6		10.000	%		01/01/2012	$	3,585
	500,000	Bonneauville Borough, PA Municipal Authority1		5.000			06/01/2027		465,820
	1,580,000	Bonneauville Borough, PA Municipal Authority1		5.250			06/01/2037		1,436,331
	2,000,000	Bonneauville Borough, PA Municipal Authority		5.300			06/01/2043		1,816,180
	5,500,000	Bradford County, PA IDA (International Paper Company)1		5.200			12/01/2019		4,958,030
	270,000	Bucks County, PA IDA (Chandler Hall Health Care Facility)		5.700			05/01/2009		268,680
	1,000,000	Bucks County, PA IDA (Chandler Hall Health Care Facility)		6.200			05/01/2019		952,220
	10,000	Bucks County, PA IDA (Chandler Hall Health Care Facility)1		6.300			05/01/2029		9,273
	1,000,000	Bucks County, PA IDA (Lutheran Community Telford Center)		5.750			01/01/2027		903,200
	8,000,000	Bucks County, PA IDA (Pennsylvania Suburban Water Company)2		5.550			09/01/2032		7,731,760
	255,000	Bucks County, PA IDA (Pennsylvania Suburban Water Company)1		5.550			09/01/2032		246,447
	80,000	Bucks County, PA IDA (USX Corp.)1		5.600			03/01/2033		76,057
	5,000	Butler County, PA Hospital Authority (Butler Memorial Hospital)1		5.250			07/01/2012		5,010
	145,000	Butler County, PA Hospital Authority (Butler Memorial Hospital)1		5.250			07/01/2016		145,300
	80,000	Butler County, PA Hospital Authority (Butler Memorial Hospital)1		5.250			07/01/2016		80,166
	480,000	Butler County, PA IDA (Greenview Gardens Apartments)1		6.000			07/01/2023		482,798
	880,000	Butler County, PA IDA (Greenview Gardens Apartments)1		6.250			07/01/2033		874,993
	200,000	Cambridge, PA Area Joint Authority1		5.250			12/01/2021		200,296
	2,865,000	Cambridge, PA Area Joint Authority7		6.000			12/01/2037		2,821,968
	4,040,000	Carbon County, PA IDA (Panther Creek Partners)1		6.650			05/01/2010		4,115,306
	10,000	Carbondale, PA Hsg. Corp.1		8.125			05/01/2019		10,278
	900,000	Chartiers Valley, PA Industrial & Commercial Devel. Authority (Asbury Health Center)		5.750			12/01/2022		816,525
	7,890,000	Chester County, PA H&EFA (Chester County Hospital)1		5.875			07/01/2016		7,911,303
	700,000	Chester County, PA H&EFA (Chester County Hospital)1		6.750			07/01/2031		716,933
	245,000	Chester County, PA H&EFA (Devereaux Foundation)1		5.500			05/01/2027		246,548
	25,000	Chester County, PA H&EFA (Immaculata College)1		5.300			10/15/2011		25,011
	30,000	Chester County, PA H&EFA (Immaculata College)1		5.400			10/15/2012		30,009
	65,000	Chester County, PA H&EFA (Immaculata College)1		5.600			10/15/2018		63,151
	25,000	Chester County, PA H&EFA (Immaculata College)1		5.625			10/15/2027		22,579
	45,000	Chester County, PA H&EFA (Jefferson Health System)1		5.250			05/15/2022		45,515
	330,000	Chester County, PA H&EFA (Jefferson Health System)1		5.375			05/15/2027		331,172
	2,040,000	Chester County, PA IDA (Collegium Charter School)1		5.500			04/15/2031		1,559,050
	23,915,000	Chester County, PA IDA Water Facilities Authority (Aqua Pennsylvania)		5.000			02/01/2041		21,089,682

F3 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	1,000,000	Clarion County, PA Hospital Authority (Clarion Hospital)1		5.750	%		07/01/2012	$	995,730
	15,000	Clarion County, PA Hospital Authority (Clarion Hospital)1		5.750			07/01/2017		15,031
	800,000	Crawford County, PA Hospital Authority (Wesbury United Methodist Community)1		6.125			08/15/2019		771,240
	1,000,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Ministries)		5.000			01/01/2027		872,740
	5,000,000	Cumberland County, PA Municipal Authority (Diakon Lutheran Ministries)		5.000			01/01/2036		4,181,900
	1,000,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)1		5.000			12/01/2020		965,120
	1,950,000	Cumberland County, PA Municipal Authority (Presbyterian Homes)1		5.000			12/01/2021		1,867,457
	6,605,000	Delaware County, PA Authority (Cabrini College)1		5.500			07/01/2024		6,380,562
	60,000	Delaware County, PA Authority (CCMC)1		5.300			12/01/2027		54,085
	2,500,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)1		5.000			12/15/2026		2,103,375
	15,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)1		5.375			12/01/2018		14,373
	25,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)1		6.250			12/15/2022		28,066
	25,000	Delaware County, PA Authority (CCMC/CKHS/DCMH Obligated Group)1		6.250			12/15/2031		28,066
	120,000	Delaware County, PA Authority (MAS/MCMCSPA/ MHH/MHP/MHSSPA Obligated Group)1		5.375			11/15/2023		125,350
	1,360,000	Delaware County, PA Authority (Neumann College)1		6.000			10/01/2025		1,377,938
	2,530,000	Delaware County, PA Authority (Neumann College)1		6.000			10/01/2031		2,535,870
	1,000,000	Delaware County, PA Authority (Neumann College)1		6.125			10/01/2034		1,014,250
	3,000,000	Delaware County, PA Authority (Neumann College)		6.250			10/01/2038		3,039,570
	11,055,000	Delaware County, PA IDA (Aqua Pennsylvania)1		5.000			11/01/2037		9,801,363
	18,900,000	Delaware County, PA IDA (Aqua Pennsylvania)		5.000			11/01/2038		16,704,954
	4,580,000	Delaware County, PA IDA (Naamans Creek)		7.000			12/01/2036		4,537,956
	5,370,000	Delaware County, PA IDA (Pennsylvania Suburban Water Company)1		5.150			09/01/2032		4,941,957
	45,000	Delaware County, PA IDA (Philadelphia Suburban Water Company)1		5.350			10/01/2031		42,521
	45,000	Delaware County, PA IDA (Philadelphia Suburban Water Company)1		6.000			06/01/2029		45,104
	50,000	Delaware River Port Authority PA/NJ1		5.000			01/01/2026		50,039
	10,000	Derry Township, PA GO1		5.700			09/15/2013		10,027
	25,000	Derry Township, PA Municipal Authority		5.100			12/01/2020		25,048
	15,000	East Hempfield Township, PA IDA (Homestead Village)		6.375			11/01/2023		13,770
	140,000	Erie County, PA IDA (International Paper Company)1		5.000			11/01/2018		125,563

F4 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	10,000	Erie County, PA IDA (International Paper Company)1		5.850	%		12/01/2020	$	9,514
	3,000,000	Erie, PA Higher Education Building Authority (Mercyhurst College)1		5.500			03/15/2038		2,824,740
	2,505,000	Erie-Western PA Port Authority		5.125			06/15/2016		2,522,911
	60,000	Falls Township, PA Hospital Authority (Delaware Valley Medical Center)1		7.000			08/01/2022		60,475
	25,000	Ferndale, PA Area School District GO1		6.750			07/15/2009		25,096
	45,000	Franklin County, PA IDA (The Chambersburg Hospital)1		5.000			07/01/2022		45,012
	10,000	Gettysburg, PA Municipal Authority (Gettysburg College)1		5.000			08/15/2023		10,035
	35,000	Grove City, PA Area Hospital Authority (United Community Hospital)1		5.250			07/01/2012		35,006
	10,000	Grove City, PA Area Hospital Authority (United Community Hospital)1		5.250			07/01/2012		10,002
	1,000,000	Harveys Lake, PA General Municipal Authority (Misericordia University)		6.000			05/01/2019		1,005,440
	7,220,000	Horsham, PA Industrial and Commercial Devel. Authority (Pennsylvania LTC)		6.000			12/01/2037		6,231,293
	40,000	Indiana County, PA IDA Pollution Control (Metropolitan Edison Company)1		5.950			05/01/2027		40,075
	115,000	Indiana County, PA IDA Pollution Control (PSEG Power LLC)1		5.850			06/01/2027		106,513
	10,000	Lancaster County, PA Hospital Authority (Lancaster General Hospital)		5.500			03/15/2026		11,049
	25,000	Lancaster County, PA Hospital Authority (Landis Homes Retirement Community)		5.700			09/01/2018		23,408
	20,000	Lancaster County, PA Hospital Authority (Landis Homes Retirement Community)		5.750			09/01/2023		18,124
	25,000	Lancaster County, PA Hospital Authority (St. Anne’s Home for the Aged)		6.500			04/01/2015		25,017
	25,000	Lancaster County, PA Solid Waste Management Authority1		5.000			12/15/2014		25,156
	10,000	Latrobe, PA IDA (St. Vincent College)1		5.375			05/01/2013		10,408
	10,000	Latrobe, PA IDA (St. Vincent College)1		5.375			05/01/2018		10,015
	35,000	Latrobe, PA IDA (St. Vincent College)1		5.700			05/01/2031		34,514
	14,025,000	Lawrence County, PA IDA (Shenango Presbyterian Center)		5.625			11/15/2037		11,501,903
	1,020,000	Lehigh County, PA GPA (Bible Fellowship Church Home)1		6.000			12/15/2023		954,353
	1,060,000	Lehigh County, PA GPA (Bible Fellowship Church Home)		7.625			11/01/2021		1,113,021
	750,000	Lehigh County, PA GPA (Bible Fellowship Church Home)		7.750			11/01/2033		788,693
	1,265,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		5.800			11/01/2012		1,239,434
	2,000,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2018		1,847,600
	8,190,000	Lehigh County, PA GPA (Kidspeace Obligated Group)1		6.000			11/01/2018		7,565,922
	3,600,000	Lehigh County, PA GPA (Kidspeace Obligated Group)		6.000			11/01/2023		3,165,732

F5 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	1,100,000	Lehigh County, PA GPA (Kidspeace Obligated Group)1		6.000	%		11/01/2023	$	967,307
	115,000	Lehigh County, PA GPA (Lehigh Valley Hospital)1		5.625			07/01/2015		115,277
	250,000	Lehigh County, PA Water Authority		5.000			11/01/2019		250,418
	650,000	Lehigh, PA Northampton Airport Authority (Lehigh Valley International Airport)1		5.000			01/01/2021		619,320
	10,000	Luzerne County, PA Flood Protection Authority1		5.000			01/15/2023		10,003
	22,510,000	Luzerne County, PA IDA (Pennsylvania-American Water Company)1		5.100			09/01/2034		20,561,309
	170,000	Lycoming County, PA Hospital Authority (MVH/DPH Obligated Group)1		5.250			11/15/2015		170,223
	30,000	Lycoming County, PA Hospital Authority (MVH/DPH Obligated Group)1		5.500			11/15/2022		30,052
	70,000	Lycoming County, PA Hospital Authority (WH/NCPHS Obligated Group)1		5.250			11/15/2015		70,092
	50,000	Lycoming County, PA Hospital Authority (WH/NCPHS Obligated Group)1		5.375			11/15/2010		50,114
	30,000	Mars, PA Area School District1		5.000			09/01/2027		30,077
	2,730,000	McKean County, PA Hospital Authority (Bradford Hospital)		5.000			10/01/2020		2,392,190
	2,900,000	McKean County, PA Hospital Authority (Bradford Hospital)		5.250			10/01/2030		2,375,970
	645,000	Millcreek, PA Richland Joint Authority1		5.250			08/01/2022		611,899
	1,355,000	Millcreek, PA Richland Joint Authority1		5.375			08/01/2027		1,275,841
	875,000	Millcreek, PA Richland Joint Authority1		5.375			08/01/2027		823,883
	1,000,000	Millcreek, PA Richland Joint Authority1		5.500			08/01/2037		903,840
	2,445,000	Millcreek, PA Richland Joint Authority1		5.500			08/01/2037		2,209,889
	75,000	Monroe County, PA Hospital Authority (Pocono Medical Center)1		5.625			01/01/2032		70,319
	10,000	Montgomery County, PA HEHA (Abington Memorial Hospital)1		5.000			06/01/2028		9,766
	20,000	Montgomery County, PA HEHA (Abington Memorial Hospital)1		5.125			06/01/2027		19,194
	20,000	Montgomery County, PA HEHA (Abington Memorial Hospital)1		5.125			06/01/2032		18,657
	110,000	Montgomery County, PA HEHA (Holy Redeemer Health System)1		5.250			10/01/2023		111,254
	50,000	Montgomery County, PA HEHA (Holy Redeemer Health System)1		5.250			10/01/2027		47,786
	80,000	Montgomery County, PA HEHA (Holy Redeemer Physician & Ambulatory Services)1		5.250			10/01/2023		80,912
	900,000	Montgomery County, PA IDA (ACTS Retirement Life Community)1		5.250			11/15/2028		824,274

F6 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	270,000	Montgomery County, PA IDA (Pennsylvania-American Water Company)		5.050	%		06/01/2029	$	243,203
	3,840,000	Montgomery County, PA IDA (Wordsworth Academy)1		8.000			09/01/2024		3,842,880
	80,000	New Morgan, PA IDA (Browning-Ferris Industries)1		6.500			04/01/2019		78,630
	2,085,000	New Wilmington, PA Municipal Authority (Westminster College)1		5.000			05/01/2027		1,875,854
	135,000	Northampton County, PA Higher Education Authority (Lafayette College)1		5.000			11/01/2027		135,231
	170,000	Northampton County, PA IDA (Moravian Hall Square)1		5.350			07/01/2010		170,170
	25,000	Northampton County, PA IDA (Moravian Hall Square)1		5.550			07/01/2014		25,011
	40,000	Northampton County, PA IDA (Moravian Hall Square)1		5.700			07/01/2020		39,996
	390,000	Northeastern PA Hospital & Education Authority (WVHCS)1		5.250			01/01/2026		390,569
	830,000	Northumberland County, PA IDA (Aqua Pennsylvania)		5.050			10/01/2039		739,032
	1,205,000	Northumberland County, PA IDA (NHS Youth Services)		5.500			02/15/2033		1,018,611
	1,795,000	Northumberland County, PA IDA (NHS Youth Services)		7.500			02/15/2029		1,851,309
	3,800,000	Northumberland County, PA IDA (NHS Youth Services)		7.750			02/15/2029		3,968,530
	11,400,000	PA EDFA (30th Street Garage)1		5.875			06/01/2033		10,533,144
	50,000	PA EDFA (Amtrak)1		6.000			11/01/2011		51,557
	250,000	PA EDFA (Amtrak)1		6.125			11/01/2021		251,883
	5,005,000	PA EDFA (Amtrak)1		6.250			11/01/2031		4,935,030
	12,445,000	PA EDFA (Amtrak)		6.375			11/01/2041		12,400,820
	40,000,000	PA EDFA (Bionol Clearfield)		8.500			07/15/2015		37,938,000
	500,000	PA EDFA (Fayette Thermal)		5.250			12/01/2016		455,865
	35,000	PA EDFA (Fayette Thermal)		5.500			12/01/2021		30,728
	14,700,000	PA EDFA (National Gypsum Company)		6.125			11/02/2027		12,451,635
	5,000,000	PA EDFA (National Gypsum Company)1		6.250			11/01/2027		4,297,700
	4,100,000	PA EDFA (Northampton Generating)1		6.400			01/01/2009		4,086,921
	8,515,000	PA EDFA (Northampton Generating)1		6.500			01/01/2013		8,310,640
	21,800,000	PA EDFA (Northampton Generating)1		6.600			01/01/2019		21,797,166
	1,200,000	PA EDFA (Northampton Generating)		6.875			01/01/2011		1,172,916
	12,000,000	PA EDFA (Northampton Generating)		6.950			01/01/2021		10,831,080
	45,000	PA EDFA (Northwestern Human Services)1		5.125			06/01/2018		40,349
	3,000,000	PA EDFA (Northwestern Human Services)1		5.250			06/01/2028		2,467,740
	10,000,000	PA EDFA (Reliant Energy)1		6.750			12/01/2036		10,048,900
	8,000,000	PA EDFA (Reliant Energy)1		6.750			12/01/2036		8,039,120
	2,000,000	PA EDFA (Reliant Energy)1		6.750			12/01/2036		2,009,780
	21,500,000	PA EDFA (Reliant Energy/Reliant Seward Obligated Group)1		6.750			12/01/2036		21,605,135
	57,825,000	PA EDFA (USG Corp.)1		6.000			06/01/2031		50,184,005

F7 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	4,870,000	PA EDFA (Waste Management)1		5.100	%		10/01/2027	$	3,915,675
	20,000,000	PA Geisinger Authority Health System (Geisinger Health System)2		2.695	3		05/01/2037		15,308,273
	8,000,000	PA Geisinger Authority Health System (Geisinger Health System)4		2.695	3		05/01/2037		6,160,000
	1,500,000	PA Harrisburg University Authority (Harrisburg University of Science)		5.400			09/01/2016		1,485,900
	50,000	PA HEFA (Allegheny College)1		5.000			11/01/2026		49,996
	3,185,000	PA HEFA (Allegheny Delaware Valley Obligated Group)4		5.875			11/15/2021		3,171,623
	1,025,000	PA HEFA (Assoc. of Independent Colleges & Universities)1		5.125			05/01/2032		909,770
	100,000	PA HEFA (California University of Pennsylvania Student Assoc.)		5.000			07/01/2028		80,002
	1,500,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		6.750			09/01/2020		1,564,800
	110,000	PA HEFA (California University of Pennsylvania Student Assoc.)		6.750			09/01/2032		112,404
	50,000	PA HEFA (California University of Pennsylvania Student Assoc.)1		6.800			09/01/2025		51,654
	1,475,000	PA HEFA (College of Science & Agriculture)		5.350			04/15/2028		1,334,123
	1,460,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.650			04/15/2025		1,404,170
	815,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.750			04/15/2029		775,660
	220,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.750			04/15/2034		205,594
	3,210,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.800			04/15/2030		3,055,760
	3,385,000	PA HEFA (Delaware Valley College of Science & Agriculture)		5.800			04/15/2033		3,188,128
	55,000	PA HEFA (Drexel University)1		5.750			05/01/2022		55,655
	2,500,000	PA HEFA (Edinboro University Foundation)		5.750			07/01/2028		2,437,700
	2,000,000	PA HEFA (Edinboro University Foundation)		5.875			07/01/2038		1,929,020
	3,325,000	PA HEFA (Edinboro University Foundation)		6.000			07/01/2042		3,256,405
	1,830,000	PA HEFA (Elizabethtown College)1		5.000			12/15/2021		1,752,408
	4,000,000	PA HEFA (Elizabethtown College)1		5.000			12/15/2027		3,713,720
	500,000	PA HEFA (Gwynedd-Mercy College)1		5.000			05/01/2027		454,600
	3,750,000	PA HEFA (La Salle University)1		5.000			05/01/2037		3,337,163
	50,000	PA HEFA (La Salle University)1		5.500			05/01/2034		47,810
	585,000	PA HEFA (Lycoming College)1		5.250			11/01/2027		565,689
	1,490,000	PA HEFA (Marywood University)1		5.125			06/01/2029		1,391,347
	140,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.500			11/15/2008		139,965
	70,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875			11/15/2016		69,834
	35,085,000	PA HEFA (MCP/HUHS/AUS Obligated Group)1		5.875			11/15/2016		35,001,849
	9,740,000	PA HEFA (MCP/HUHS/AUS Obligated Group)4		5.875			11/15/2021		9,699,092
	250,000	PA HEFA (Philadelphia University)1		5.000			06/01/2035		220,465
	3,000,000	PA HEFA (Philadelphia University)1		5.125			06/01/2025		2,805,390

F8 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	2,000,000	PA HEFA (Philadelphia University)1		5.250	%		06/01/2032	$	1,856,300
	105,000	PA HEFA (St. Francis University)1		5.750			11/01/2023		103,991
	3,925,000	PA HEFA (St. Francis University)1		6.250			11/01/2018		4,076,270
	25,000	PA HEFA (University of the Arts)1		5.750			03/15/2030		24,484
	100,000	PA HEFA (UPMC Health System)1		5.000			08/01/2029		100,110
	30,000	PA HEFA (UPMC Health System)1		6.000			01/15/2031		31,582
	750,000	PA HEFA (Widener University)1		5.000			07/15/2026		704,280
	100,000	PA HEFA (Widener University)1		5.250			07/15/2024		97,468
	70,000	PA HEFA (Widener University)1		5.400			07/15/2036		67,173
	11,835,000	PA HFA (Single Family Mtg.)1		4.700			10/01/2037		9,455,928
	2,120,000	PA HFA (Single Family Mtg.)1		5.450			10/01/2032		2,173,021
	34,740,000	PA HFA (Single Family Mtg.), Series 100A2		5.350			10/01/2033		31,908,169
	15,000,000	PA HFA (Single Family Mtg.), Series 102A2		5.500			10/01/2034		14,014,950
	7,500,000	PA HFA (Single Family Mtg.), Series 102A1		5.375			10/01/2028		7,131,825
	85,000	PA HFA (Single Family Mtg.), Series 102A1		5.500			10/01/2034		79,417
	9,180,000	PA HFA (Single Family Mtg.), Series 61A1		5.450			10/01/2021		9,185,416
	260,000	PA HFA (Single Family Mtg.), Series 61A1		5.500			04/01/2029		262,740
	4,715,000	PA HFA (Single Family Mtg.), Series 61A1		5.500			04/01/2029		4,765,356
	25,000	PA HFA (Single Family Mtg.), Series 62A1		5.200			10/01/2011		25,401
	570,000	PA HFA (Single Family Mtg.), Series 63A1		5.448	8		04/01/2030		142,551
	60,000	PA HFA (Single Family Mtg.), Series 641		5.000			10/01/2017		59,952
	5,000	PA HFA (Single Family Mtg.), Series 66A1		5.650			04/01/2029		5,122
	2,500,000	PA HFA (Single Family Mtg.), Series 67A1		5.400			10/01/2024		2,526,800
	4,740,000	PA HFA (Single Family Mtg.), Series 70A1		5.800			04/01/2027		4,744,313
	8,000,000	PA HFA (Single Family Mtg.), Series 72A2		5.250			04/01/2021		7,825,800
	18,000,000	PA HFA (Single Family Mtg.), Series 72A2		5.350			10/01/2031		16,628,850
	190,000	PA HFA (Single Family Mtg.), Series 72A1		5.350			10/01/2031		175,526
	11,400,000	PA HFA (Single Family Mtg.), Series 73A2		5.350			10/01/2022		11,332,056
	10,000,000	PA HFA (Single Family Mtg.), Series 74B2		5.150			10/01/2022		9,734,700
	1,020,000	PA HFA (Single Family Mtg.), Series 74B1		5.150			10/01/2022		992,929
	2,975,000	PA HFA (Single Family Mtg.), Series 74B1		5.250			04/01/2032		2,708,619
	4,170,000	PA HFA (Single Family Mtg.), Series 95A1		4.875			10/01/2031		3,544,959
	17,525,000	PA HFA (Single Family Mtg.), Series 96A2		4.700			10/01/2037		13,999,197
	12,990,000	PA HFA (Single Family Mtg.), Series 96A1		4.700			10/01/2037		10,378,750
	4,380,000	PA HFA (Single Family Mtg.), Series 97A1		5.500			10/01/2032		4,409,127
	7,495,000	PA HFA (Single Family Mtg.), Series 98A1		4.850			10/01/2031		6,348,490
	9,000,000	PA HFA (Single Family Mtg.), Series 99A2		5.250			10/01/2032		8,186,535
	15,650,000	PA HFA (Single Family Mtg.), Series 99A2		5.300			10/01/2037		14,068,418
	10,000,000	PA HFA (Single Family Mtg.), Series B2		5.100			10/01/2020		9,830,400

F9 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	55,000	PA Intergovernmental Cooperative Authority1		5.000	%		06/15/2021	$	55,200
	1,265,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2020		1,199,030
	1,400,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2023		1,303,302
	2,245,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2025		2,059,294
	3,265,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2026		2,979,149
	950,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2027		862,277
	2,510,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2028		2,255,260
	1,470,000	PA Southcentral General Authority (Hanover Hospital)1		5.000			12/01/2030		1,305,169
	26,100,000	PA St. Mary Hospital Authority (Catholic Health East)4		2.623	3		11/15/2034		19,836,000
	50,000	PA St. Mary Hospital Authority (Franciscan Health)1		7.000			06/15/2015		50,525
	15,000	PA State Public School Building Authority (Butler College)1		5.400			07/15/2012		15,630
	5,000	PA State Public School Building Authority (Chester Upland School District)1		5.150			11/15/2026		5,057
	5,000	PA Turnpike Commission1		5.000			12/01/2023		5,038
	300,000	PA West Shore Area Hospital Authority (Holy Spirit Hospital)1		6.250			01/01/2032		301,809
	10,000	Patterson Township, PA Municipal Authority1		5.500			04/15/2011		10,014
	25,000	Penn Hills, PA GO		5.850			12/01/2014		25,068
	10,000,000	Philadelphia, PA Airport2		5.000			06/15/2032		9,301,650
	235,000	Philadelphia, PA Airport1		5.375			06/15/2015		235,717
	15,000	Philadelphia, PA Airport, Series B1		5.250			06/15/2031		13,943
	5,000	Philadelphia, PA Authority for Industrial Devel.1		5.250			10/01/2030		5,407
	100,000	Philadelphia, PA Authority for Industrial Devel. (Aero Philadelphia)		5.250			01/01/2009		99,356
	6,720,000	Philadelphia, PA Authority for Industrial Devel. (Aero Philadelphia)		5.500			01/01/2024		5,562,346
	3,870,000	Philadelphia, PA Authority for Industrial Devel. (Air Cargo)1		7.500			01/01/2025		3,892,640
	25,000	Philadelphia, PA Authority for Industrial Devel. (American College of Physicians)1		6.000			06/15/2030		25,564
	1,150,000	Philadelphia, PA Authority for Industrial Devel. (Baptist Home of Philadelphia)		5.500			11/15/2018		1,053,653
	786,000	Philadelphia, PA Authority for Industrial Devel. (Baptist Home of Philadelphia)1		5.600			11/15/2028		680,676
	20,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)		5.600			04/01/2012		20,012
	35,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)		5.700			04/01/2015		35,091
	450,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)		6.750			04/01/2023		455,594
	1,100,000	Philadelphia, PA Authority for Industrial Devel. (Cathedral Village)		6.875			04/01/2034		1,121,120

F10 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	2,750,000	Philadelphia, PA Authority for Industrial Devel. (First Mtg.-CPAP)1		6.125	%		04/01/2019	$	1,851,438
	8,000,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport System), Series A2		5.400			07/01/2022		7,610,360
	30,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)1		5.000			07/01/2019		28,344
	19,710,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)1		5.000			07/01/2023		17,929,004
	10,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)1		5.125			07/01/2020		9,437
	3,915,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)1		5.125			07/01/2028		3,526,045
	115,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)1		5.250			07/01/2028		105,172
	400,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport)1		5.300			07/01/2017		395,204
	1,640,000	Philadelphia, PA Authority for Industrial Devel. (Richard Allen Prep Charter School)1		6.250			05/01/2033		1,542,732
	1,370,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)		5.000			01/01/2015		1,297,500
	1,580,000	Philadelphia, PA Authority for Industrial Devel. (Stapeley Germantown)		5.125			01/01/2021		1,402,282
	1,400,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Arbor House)1		6.100			07/01/2033		1,363,740
	780,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (GIH/PPAM)1		5.125			07/01/2016		763,838
	1,240,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Miriam and Robert M. Rieder House)1		6.100			07/01/2033		1,207,884
	3,000,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Presbyterian Homes Germantown)1		5.625			07/01/2035		2,742,540
	1,160,000	Philadelphia, PA Authority for Industrial Devel. Senior Living (Robert Saligman House)1		6.100			07/01/2033		1,129,956
	25,000	Philadelphia, PA Gas Works1		5.000			07/01/2014		25,044
	15,000	Philadelphia, PA Gas Works1		5.000			07/01/2026		15,002
	1,210,000	Philadelphia, PA H&HEFA (Centralized Comprehensive Human Services)		7.250			01/01/2021		1,238,024
	80,000	Philadelphia, PA H&HEFA (Jefferson Health System)1		5.000			05/15/2018		80,719
	40,000	Philadelphia, PA H&HEFA (Jefferson Health System)1		5.125			05/15/2021		40,452
	60,000	Philadelphia, PA H&HEFA (North Philadelphia Health System)1		5.375			01/01/2028		60,855
	19,470,000	Philadelphia, PA H&HEFA (Temple University Hospital)1		5.500			07/01/2026		18,327,500
	10,000	Philadelphia, PA H&HEFA (Temple University Hospital)1		6.500			11/15/2008		10,082
	5,000	Philadelphia, PA New Public Housing Authority1		5.000			04/01/2012		5,266

F11 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	25,000	Philadelphia, PA Parking Authority (Airport)1		5.500	%		09/01/2018	$	25,302
	20,000	Philadelphia, PA Parking Authority, Series A1		5.250			02/15/2029		20,073
	175,000	Philadelphia, PA Redevel. Authority (Multifamily Hsg.)1		5.450			02/01/2023		175,089
	2,580,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)1		6.000			10/01/2023		2,591,662
	4,100,000	Philadelphia, PA Redevel. Authority (Pavilion Apartments)1		6.250			10/01/2032		4,081,837
	10,000	Pittsburgh & Allegheny County, PA Public Auditorium Authority1		5.000			02/01/2024		10,059
	50,000	Pittsburgh & Allegheny County, PA Public Auditorium Authority1		5.000			02/01/2029		48,749
	40,000	Pittsburgh & Allegheny County, PA Public Auditorium Authority1		5.250			02/01/2031		40,143
	3,025,000	Pittsburgh, PA Urban Redevel. Authority (Marian Plaza)		6.130			01/20/2043		2,813,190
	1,290,000	Pittsburgh, PA Urban Redevel. Authority (West Park Court)		4.900			11/20/2047		1,032,452
	20,000	Pittsburgh, PA Urban Redevel. Authority, Series A1		5.200			10/01/2020		19,838
	30,000	Pittsburgh, PA Urban Redevel. Authority, Series A1		5.250			10/01/2029		27,863
	15,000	Pittsburgh, PA Urban Redevel. Authority, Series A1		7.250			02/01/2024		15,009
	40,000	Pittsburgh, PA Urban Redevel. Authority, Series B1		5.350			10/01/2022		39,762
	60,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		5.600			04/01/2020		60,070
	25,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		5.700			04/01/2030		24,391
	35,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		5.900			10/01/2022		35,181
	750,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		5.950			10/01/2029		750,008
	10,000	Pittsburgh, PA Urban Redevel. Authority, Series C1		7.125			08/01/2013		10,012
	30,000	Potter County, PA Hospital Authority (Charles Cole Memorial Hospital)1		5.250			08/01/2028		27,563
	120,000	Potter County, PA Hospital Authority (Charles Cole Memorial Hospital)1		6.050			08/01/2024		120,179
	1,000,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)1		5.500			07/01/2018		925,270
	390,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)1		5.500			07/01/2018		360,855
	4,170,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)1		5.625			07/01/2024		3,715,220
	235,000	Pottsville, PA Hospital Authority (Pottsville Hospital & Warne Clinic)1		5.625			07/01/2024		209,371
	10,000	Schuylkill County, PA IDA (DOCNHS/BSVHS/WMHS Obligated Group)1		5.000			11/01/2028		10,006
	2,100,000	Scranton, PA Parking Authority1		5.250			06/01/2034		1,846,929
	8,500,000	Scranton, PA Parking Authority		5.250			06/01/2039		7,343,150
	145,000	Scranton, PA School District1		5.000			04/01/2022		146,032
	220,000	Scranton, PA School District1		5.000			04/01/2025		220,475
	5,000	Sharon, PA Regional Health System Authority (SRPS/SRHS Obligated Group)1		5.000			12/01/2028		4,863

F12 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
Pennsylvania Continued
$	460,000	South Fork, PA Municipal Authority (Conemaugh Valley Memorial Hospital)1		5.000	%		07/01/2028	$	460,313
	5,000	South Fork, PA Municipal Authority (Conemaugh Valley Memorial Hospital)1		5.375			07/01/2022		5,058
	355,000	South Fork, PA Municipal Authority (Good Samaritan Medical Center of Johnstown)1		5.250			07/01/2026		355,387
	20,000	South Fork, PA Municipal Authority (Good Samaritan Medical Center of Johnstown)1		5.375			07/01/2016		20,044
	100,000	Susquehanna, PA Area Regional Airport Authority1		5.000			01/01/2028		88,617
	140,000	Susquehanna, PA Area Regional Airport Authority1		5.375			01/01/2018		128,279
	4,300,000	Susquehanna, PA Area Regional Airport Authority		6.500			01/01/2038		4,110,241
	1,000,000	Susquehanna, PA Area Regional Airport Authority (Aero Harrisburg)		5.500			01/01/2024		827,730
	15,000	Union County, PA Hospital Authority (United Methodist Continuing Care Services)		6.250			04/01/2012		15,000
	880,000	Washington County, PA Authority (Capital Projects & Equipment Program)1		6.150			12/01/2029		871,658
	35,000	Washington County, PA Hospital Authority (Washington Hospital)1		5.125			07/01/2028		35,103
	8,000,000	Washington County, PA Redevel. Authority (Victory Centre)		5.450			07/01/2035		6,755,840
	650,000	Washington, PA Township Municipal Authority		5.875			12/15/2023		615,043
	2,500,000	Washington, PA Township Municipal Authority		6.000			12/15/2033		2,341,000
	1,085,000	Westmoreland County, PA IDA (Redstone Retirement Community)		5.875			01/01/2032		960,670
	35,000	Westmoreland County, PA Redevel. Authority (Harmon House)1		5.400			06/20/2028		35,273
	5,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)1		5.000			03/01/2027		4,534,150
	5,000,000	Wilkes-Barre, PA Finance Authority (Wilkes University)1		5.000			03/01/2037		4,317,150
	10,000	York County, PA IDA (PSEG Power)1		5.500			09/01/2020		9,640
	15,000	York, PA Hsg. Corp. Mtg., Series A1		6.875			11/01/2009		15,032
									1,070,309,142
U.S. Possessions—34.2%
	45,000	Guam GO1		5.375			11/15/2013		45,000
	700,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		716,401
	4,705,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		5.250			06/01/2032		4,232,759
	500,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		5.625			06/01/2047		462,020
	38,902,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		7.250	8		06/01/2057		716,186
	600,000	Northern Mariana Islands Commonwealth, Series A1		6.750			10/01/2033		606,030

F13 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	2,670,000	Northern Mariana Islands Ports Authority, Series A		5.500	%		03/15/2031	$	2,169,135
	1,905,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		1,544,574
	1,315,000	Northern Mariana Islands Ports Authority, Series A		6.600			03/15/2028		1,345,666
	10,000,000	Puerto Rico Aqueduct & Sewer Authority2		5.000			07/01/2028		10,054,000
	20,000,000	Puerto Rico Aqueduct & Sewer Authority2		5.125			07/01/2047		19,753,400
	4,250,000	Puerto Rico Aqueduct & Sewer Authority1		0.000	9		07/01/2024		3,681,095
	7,700,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2038		8,056,741
	9,145,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		9,575,821
	30,920,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375			05/15/2033		28,552,456
	88,830,000	Puerto Rico Children’s Trust Fund (TASC)		5.500			05/15/2039		80,277,448
	68,400,000	Puerto Rico Children’s Trust Fund (TASC)		5.625			05/15/2043		63,263,844
	457,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.432	8		05/15/2050		19,228,725
	97,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.013	8		05/15/2055		2,340,610
	1,817,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	8		05/15/2057		39,010,990
	10,020,000	Puerto Rico Commonwealth GO1		5.250			07/01/2030		9,891,143
	9,000,000	Puerto Rico Commonwealth GO1		5.500			07/01/2032		9,109,350
	4,725,000	Puerto Rico Commonwealth GO		6.000			07/01/2027		4,969,850
	525,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		552,206
	9,800,000	Puerto Rico Electric Power Authority, Series UU2		2.550	3		07/01/2025		7,727,601
	31,890,000	Puerto Rico Electric Power Authority, Series UU2		2.570	3		07/01/2031		25,146,244
	3,500,000	Puerto Rico Electric Power Authority, Series UU4		2.550	3		07/01/2025		2,743,125
	885,000	Puerto Rico HFC, Series B1		5.300			12/01/2028		849,830
	25,000	Puerto Rico Highway & Transportation Authority, Series A		5.000			07/01/2038		23,665
	445,000	Puerto Rico Highway & Transportation Authority, Series AA1		5.000			07/01/2035		432,162
	325,000	Puerto Rico Highway & Transportation Authority, Series H		5.000			07/01/2028		319,755
	700,000	Puerto Rico Highway & Transportation Authority, Series M1		5.000			07/01/2037		664,125
	2,105,000	Puerto Rico IMEPCF (American Airlines)1		6.450			12/01/2025		982,635
	700,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		657,867
	650,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		566,384
	235,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2019		235,489
	500,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2029		474,995
	865,000	Puerto Rico ITEMECF (IEP/HESL/HECR Obligated Group)1		5.750			06/01/2019		740,475
	2,750,000	Puerto Rico Municipal Finance Agency, Series A1		5.250			08/01/2025		2,731,685
	25,305,000	Puerto Rico Port Authority (American Airlines), Series A1		6.250			06/01/2026		11,814,651
	1,170,000	Puerto Rico Port Authority (American Airlines), Series A1		6.300			06/01/2023		546,133
	85,000	Puerto Rico Port Authority, Series D1		7.000			07/01/2014		85,420
	1,015,000	Puerto Rico Public Buildings Authority, Series D1		5.250			07/01/2036		994,558
	15,000,000	Puerto Rico Sales Tax Financing Corp., Series A4		2.855	3		08/01/2057		11,550,000
	125,000	University of Puerto Rico1		5.400			06/01/2009		125,335

F14 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	1,075,000	University of Puerto Rico, Series Q1		5.000	%		06/01/2030	$	1,030,807
	6,645,000	V.I. Government Refinery Facilities (Hovensa Coker)1		6.500			07/01/2021		6,716,700
	25,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)1		5.000			10/01/2031		24,134
	4,000,000	V.I. Public Finance Authority (Hovensa Coker)1		6.500			07/01/2021		4,043,160
	8,500,000	V.I. Public Finance Authority (Hovensa Refinery)1		4.700			07/01/2022		7,078,545
	1,000,000	V.I. Public Finance Authority (Hovensa Refinery)1		5.875			07/01/2022		948,080
	5,000,000	V.I. Public Finance Authority (Hovensa Refinery)1		6.125			07/01/2022		4,863,050
	17,450,000	V.I. Tobacco Settlement Financing Corp.		6.250	8		05/15/2035		2,347,549
	2,195,000	V.I. Tobacco Settlement Financing Corp.		6.500	8		05/15/2035		277,207
	4,150,000	V.I. Tobacco Settlement Financing Corp.		6.875	8		05/15/2035		475,258
	7,000,000	V.I. Tobacco Settlement Financing Corp.		7.625	8		05/15/2035		717,780
	35,000	V.I. Tobacco Settlement Financing Corp. (TASC)		5.000			05/15/2021		32,613
	2,235,000	V.I. Tobacco Settlement Financing Corp. (TASC)		5.000			05/15/2031		1,891,001
	435,000	V.I. Water & Power Authority, Series A1		5.000			07/01/2031		407,917
									420,421,385
Total Investments, at Value (Cost $1,602,430,488)—121.4%									1,490,730,527
Liabilities in Excess of Other Assets—(21.4)									(262,974,493	)
Net Assets—100.0%								$	1,227,756,034

Footnotes to Statement of Investments

1.	All or a portion of the security has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes.
2.	Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes.
3.	Represents the current interest rate for a variable or increasing rate security.
4.	Illiquid security. The aggregate value of illiquid securities as of July 31, 2008 was $54,438,746, which represents 4.43% of the Fund’s net assets. See Note 5 of accompanying Notes.
5.	Issue is in default. See Note 1 of accompanying Notes.
6.	Non-income producing security.
7.	When-issued security or delayed delivery to be delivered and settled after July 31, 2008. See Note 1 of accompanying Notes.
8.	Zero coupon bond reflects effective yield on the date of purchase.
9.	Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

F15 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF INVESTMENTS Continued

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

ACTS	Adult Communities Total Services
ARC	Assoc. of Retarded Citizens
AUS	Allegheny United Hospital
BSVHS	Baptist/St. Vincent’s Health System
CCMC	Crozer-Chester Medical Center
CKHS	Crozer-Keystone Health System
COP	Certificates of Participation
CPAP	Crime Prevention Assoc. of Philadelphia
DCMH	Delaware County Memorial Hospital
DOCNHS	Daughters of Charity National Health Systems
DPH	Divine Providence Hospital
EDFA	Economic Devel. Finance Authority
GIH	Germantown Interfaith Housing
GO	General Obligation
GPA	General Purpose Authority
H&EFA	Health and Educational Facilities Authority
H&HEFA	Hospitals and Higher Education Facilities Authority
HDA	Hospital Devel. Authority
HEBA	Higher Education Building Authority
HECR	Hospital Episcopal Cristo Redentor
HEFA	Higher Education Facilities Authority
HEHA	Higher Education and Health Authority
HESL	Hospital Episcopal San Lucas
HFA	Housing Finance Agency/Authority
HFC	Housing Finance Corp.
HUHS	Hahnemann University Hospital System
HW	Highlands at Wyomissing
IDA	Industrial Devel. Agency
IEP	Iglesia Episcopal Puertorriquena
IMEPCF	Industrial, Medical and Environmental Pollution Control Facilities
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
MAS	Mercy Adult Services
MCMCSPA	Mercy Catholic Medical Center of Southeastern Pennsylvania
MCP	Medical College of Pennsylvania
MHH	Mercy Haverford Hospital
MHP	Mercy Health Plan
MHSSPA	Mercy Health System of Southeastern Pennsylvania
MVH	Muncy Valley Hospital
NCPHS	North Central Pennsylvania Health System
PA/NJ	Pennsylvania/New Jersey
PPAM	Philadelphia Presbytery Apartments of Morrisville
PSEG	Public Service Enterprise Group
RHMC	Reading Hospital & Medical Center
RITES	Residential Interest Tax Exempt Security
ROLs	Residual Option Longs
RR	Resource Recovery
RRDC	Residential Resources Devel. Corp.
RRSW	Residential Resources Southwest
SRHS	Sharon Regional Health System
SRPS	Sharon Regional Physicians Services
TASC	Tobacco Settlement Asset-Backed Bonds
UPMC	University of Pittsburgh Medical Center
V.I.	United States Virgin Islands
WH	Williamsport Hospital
WMHS	Western Maryland Health Systems
WVHCS	Wyoming Valley Health Care System

See accompanying Notes to Financial Statements.

F16 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES July 31, 2008

Assets
Investments, at value (cost $1,602,430,488)—see accompanying statement of investments	$	1,490,730,527
Cash		437,966
Receivables and other assets:
Interest		16,371,859
Investments sold		4,821,494
Shares of beneficial interest sold		2,020,579
Other		118,421
Total assets		1,514,500,846
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		233,220,000
Payable on borrowings (See Note 6)		45,100,000
Shares of beneficial interest redeemed		3,617,584
Investments purchased on a when-issued or delayed delivery basis		2,827,688
Dividends		1,397,973
Distribution and service plan fees		153,059
Trustees’ compensation		138,089
Interest expense on borrowings		74,185
Shareholder communications		56,083
Transfer and shareholder servicing agent fees		50,671
Other		109,480
Total liabilities		286,744,812
Net Assets	$	1,227,756,034
Composition of Net Assets
Paid-in capital	$	1,364,943,804
Accumulated net investment income		4,639,350
Accumulated net realized loss on investments		(30,127,159	)
Net unrealized depreciation on investments		(111,699,961	)
Net Assets	$	1,227,756,034

F17 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF ASSETS AND LIABILITIES Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $816,644,949 and 73,423,476 shares of beneficial interest outstanding)	$	11.12
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	11.67
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $119,418,217 and 10,740,856 shares of beneficial interest outstanding)	$	11.12
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $291,692,868 and 26,264,977 shares of beneficial interest outstanding)	$	11.11

See accompanying Notes to Financial Statements.

F18 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF OPERATIONS For the Year Ended July 31, 2008

Investment Income
Interest	$	87,832,230
Other income		656
Total investment income		87,832,886
Expenses
Management fees		5,949,796
Distribution and service plan fees:
Class A		1,243,143
Class B		1,335,820
Class C		2,786,087
Transfer and shareholder servicing agent fees:
Class A		325,641
Class B		102,052
Class C		163,532
Shareholder communications:
Class A		98,313
Class B		25,423
Class C		37,801
Interest expense and fees on short-term floating rate notes issued (See Note 1)		7,854,373
Interest expense on borrowings		1,518,651
Custodian fees and expenses		91,486
Trustees’ compensation		43,768
Other		402,093
Total expenses		21,977,979
Less reduction to custodian expenses		(11,835	)
Net expenses		21,966,144
Net Investment Income		65,866,742
Realized and Unrealized Loss
Net realized loss on investments		(28,869,031	)
Net change in unrealized depreciation on investments		(154,646,743	)
Net Decrease in Net Assets Resulting from Operations	$	(117,649,032	)

See accompanying Notes to Financial Statements.

F19 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENTS OF CHANGES IN NET ASSETS

Year Ended July 31,	2008			2007
Operations
Net investment income	$	65,866,742		$	52,118,309
Net realized gain (loss)		(28,869,031	)		2,508,336
Net change in unrealized appreciation (depreciation)		(154,646,743	)		(7,691,060	)
Net increase (decrease) in net assets resulting from operations		(117,649,032	)		46,935,585
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(42,432,302	)		(33,867,019	)
Class B		(6,216,699	)		(7,292,389	)
Class C		(13,133,368	)		(10,350,372	)
		(61,782,369	)		(51,509,780	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		65,431,917			271,053,312
Class B		(39,865,791	)		(17,991,036	)
Class C		11,416,068			104,040,881
		36,982,194			357,103,157
Net Assets
Total increase (decrease)		(142,449,207	)		352,528,962
Beginning of period		1,370,205,241			1,017,676,279
End of period (including accumulated net investment income of $4,639,350 and $554,977, respectively)	$	1,227,756,034		$	1,370,205,241

See accompanying Notes to Financial Statements.

F20 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2008

Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(117,649,032	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(693,617,937	)
Proceeds from disposition of investment securities		680,669,970
Short-term investment securities, net		24,251,706
Premium amortization		2,887,494
Discount accretion		(4,288,194	)
Net realized loss on investments		28,869,031
Net change in unrealized depreciation on investments		154,646,743
Increase in interest receivable		(787,005	)
Decrease in receivable for securities sold		14,610,265
Increase in other assets		(79,344	)
Decrease in payable for securities purchased		(17,201,707	)
Increase in payable for accrued expenses		83,480
Net cash provided by operating activities		72,395,470
Cash Flows from Financing Activities
Proceeds from bank borrowings		683,400,000
Payments on bank borrowings		(694,100,000	)
Payments on short-term floating rate notes issued		(43,265,000	)
Proceeds from shares sold		360,200,724
Payment on shares redeemed		(357,690,564	)
Cash distributions paid		(20,895,983	)
Net cash used in financing activities		(72,350,823	)
Net increase in cash		44,647
Cash, beginning balance		393,319
Cash, ending balance	$	437,966

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $40,461,055.

Cash paid for interest on bank borrowings—$1,515,345.

Cash paid for interest on short-term floating rate notes issued—$7,854,373.

See accompanying Notes to Financial Statements.

F21 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS

Class A      Year Ended July 31,	2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	12.77		$	12.75		$	12.85		$	11.76		$	11.48
Income (loss) from investment operations:
Net investment income		.641			.591			.621			.671			.73
Net realized and unrealized gain (loss)		(1.69	)		.02			(.10	)		1.10			.25
Total from investment operations		(1.05	)		.61			.52			1.77			.98
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.60	)		(.59	)		(.62	)		(.68	)		(.70	)
Net asset value, end of period	$	11.12		$	12.77		$	12.75		$	12.85		$	11.76
Total Return, at Net Asset Value2		(8.42	)%		4.81	%		4.21	%		15.43	%		8.53	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	816,645		$	868,070		$	600,716		$	384,863		$	229,450
Average net assets (in thousands)	$	847,089		$	747,558		$	484,153		$	295,002		$	211,061
Ratios to average net assets:3
Net investment income		5.33	%		4.57	%		4.88	%		5.35	%		6.01	%
Expenses excluding interest and fees on
short-term floating rate notes issued		0.81	%		0.74	%		0.82	%		0.81	%		0.86	%
Interest and fees on short-term floating rate notes issued4		0.60	%		0.61	%		0.59	%		0.40	%		0.26	%
Total expenses		1.41	%5		1.35	%5		1.41	%		1.21	%5		1.12	%5,6
Portfolio turnover rate		51	%		4	%		19	%		14	%		25	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an 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 distribuions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.
5.	Reduction to custodian expenses less than 0.005%.
6.	Voluntary waiver of transfer agent fees less than 0.005%.

See accompanying Notes to Financial Statements.

F22 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Class B      Year Ended July 31,	2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	12.76		$	12.75		$	12.85		$	11.76		$	11.48
Income (loss) from investment operations:
Net investment income		.541			.491			.531			.571			.63
Net realized and unrealized gain (loss)		(1.68	)		.01			(.10	)		1.11			.25
Total from investment operations		(1.14	)		.50			.43			1.68			.88
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.50	)		(.49	)		(.53	)		(.59	)		(.60	)
Net asset value, end of period	$	11.12		$	12.76		$	12.75		$	12.85		$	11.76
Total Return, at Net Asset Value2		(9.07	)%		3.93	%		3.41	%		14.56	%		7.71	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	119,418		$	179,266		$	196,704		$	189,643		$	157,338
Average net assets (in thousands)	$	148,180		$	193,167		$	193,225		$	173,663		$	156,689
Ratios to average net assets:3
Net investment income		4.51	%		3.81	%		4.14	%		4.62	%		5.26	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.60	%		1.52	%		1.59	%		1.59	%		1.62	%
Interest and fees on short-term floating rate notes issued4		0.60	%		0.61	%		0.59	%		0.40	%		0.26	%
Total expenses		2.20	%5		2.13	%5		2.18	%		1.99	%5		1.88	%5,6
Portfolio turnover rate		51	%		4	%		19	%		14	%		25	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an 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 distribuions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.
5.	Reduction to custodian expenses less than 0.005%.
6.	Voluntary waiver of transfer agent fees less than 0.005%.

See accompanying Notes to Financial Statements.

F23 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FINANCIAL HIGHLIGHTS Continued

Class C     Year Ended July 31,	2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	12.75		$	12.73		$	12.83		$	11.75		$	11.47
Income (loss) from investment operations:
Net investment income		.551			.491			.521			.571			.63
Net realized and unrealized gain (loss)		(1.68	)		.02			(.09	)		1.10			.25
Total from investment operations		(1.13	)		.51			.43			1.67			.88
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.51	)		(.49	)		(.53	)		(.59	)		(.60	)
Net asset value, end of period	$	11.11		$	12.75		$	12.73		$	12.83		$	11.75
Total Return, at Net Asset Value2		(9.05	)%		4.02	%		3.41	%		14.48	%		7.71	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	291,693		$	322,869		$	220,256		$	133,569		$	76,489
Average net assets (in thousands)	$	309,446		$	274,274		$	174,354		$	96,508		$	74,956
Ratios to average net assets:3
Net investment income		4.56	%		3.80	%		4.10	%		4.56	%		5.25	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.58	%		1.50	%		1.58	%		1.59	%		1.63	%
Interest and fees on short-term floating rate notes issued4		0.60	%		0.61	%		0.59	%		0.40	%		0.26	%
Total expenses		2.18	%5		2.11	%5		2.17	%		1.99	%5		1.89	%5,6
Portfolio turnover rate		51	%		4	%		19	%		14	%		25	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an 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 distribuions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.
5.	Reduction to custodian expenses less than 0.005%.
6.	Voluntary waiver of transfer agent fees less than 0.005%.

See accompanying Notes to Financial Statements.

F24 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

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

     The Fund offers Class A, Class B and Class C shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the closing price reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing “bid” and “asked” prices, and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities will be valued at the mean between the “bid” and “asked” prices. Securities for which market quotations are not readily available are valued at their fair value. Securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of their respective exchanges will be fair valued. Fair value is

F25 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Shares of a registered investment company that are not traded on an exchange are valued at the acquired investment company’s net asset value per share. “Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

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 maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of July 31, 2008, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:

	When-Issued or
	Delayed Delivery
	Basis Transactions
Purchased securities	$	2,827,688

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 20% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $209,255,863 as of July 31, 2008, which represents 13.82% of the Fund’s total assets.

     Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”)

F26 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but do not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At July 31, 2008, municipal bond holdings with a value of $292,344,443 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $233,220,000 in short-term floating rate notes issued and outstanding at that date.

At July 31, 2008, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:

Principal		Inverse	Coupon			Maturity
Amount		Floater1	Rate2			Date		Value
$	2,435,000	Allegheny County, PA GO RITES		2.978	%		11/1/26	$	1,520,974
	10,500,000	Allegheny County, PA ROLs		2.770			2/1/37		4,777,500
	8,750,000	Allegheny County, PA ROLs		1.880			11/1/26		6,453,125
	3,890,000	Allegheny County, PA ROLs		11.070			11/1/32		3,980,481
	2,000,000	Bucks County, PA IDA ROLs3		9.400			9/1/32		1,731,760
	4,500,000	PA Austin Trust Various States Inverse Certificates		13.497			10/1/31		3,128,850
	3,750,000	PA Austin Trust Various States Inverse Certificates		14.106			10/1/34		2,764,950
	4,000,000	PA Austin Trust Various States Inverse Certificates		13.347			10/1/33		2,695,760
	5,655,000	PA Geisinger Authority Health System (Penn State Geisinger Health System Foundation) ROLs3		3.052			5/1/37		963,273
	2,000,000	PA HFA (Single Family Mtg.) RITES		12.278			4/1/21		1,825,800
	2,850,000	PA HFA (Single Family Mtg.) RITES		12.585			10/1/22		2,782,056
	2,500,000	PA HFA (Single Family Mtg.) RITES		11.992			10/1/22		2,234,700
	2,500,000	PA HFA (Single Family Mtg.) RITES		11.585			10/1/20		2,330,400
	2,500,000	PA HFA (Single Family Mtg.) ROLs		13.570			10/1/33		1,684,850
	3,915,000	PA HFA (Single Family Mtg.) ROLs3		13.380			10/1/37		2,333,418
	2,185,000	PA HFA (Single Family Mtg.) ROLs		13.280			10/1/33		1,472,559
	2,250,000	PA HFA (Single Family Mtg.) ROLs		12.890			10/1/32		1,436,535
	4,385,000	PA HFA (Single Family Mtg.) ROLs		10.680			10/1/37		859,197

F27 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Principal		Inverse	Coupon			Maturity
Amount		Floater1	Rate2			Date		Value
$	2,500,000	Philadelphia, PA Airport ROLs3		11.230	%		6/15/32	$	1,801,650
	2,000,000	Philadelphia, PA Authority for Industrial Devel. (Philadelphia Airport) ROLs3		8.760			7/1/22		1,610,360
	2,500,000	Puerto Rico Aqueduct & Sewer Authority ROLs		11.680			7/1/28		2,554,000
	5,000,000	Puerto Rico Aqueduct & Sewer Authority ROLs		12.180			7/1/47		4,753,400
	12,245,000	Puerto Rico Electric Power Authority ROLs3		2.784			7/1/31		3,428,845
								$	59,124,443

1.	For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F16 of the Statement of Investments.
2.	Represents the current interest rate for a variable rate bond known as an “inverse floater”.
3.	Security is subject to a shortfall and forbearance agreement.

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of July 31, 2008, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at approximately $75,025,000.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities in default, and is not obligated to dispose of securities whose issuers subsequently default. As of July 31, 2008, securities with an aggregate market value of $970,887, representing 0.08% of the Fund’s net assets, were in default.

Concentration Risk. There are certain risks arising from geographic concentration in any state. Certain economic, regulatory or political developments occurring in the state may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

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

F28 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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

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

						Net Unrealized
						Depreciation
						Based on Cost of
						Securities and
Undistributed		Undistributed		Accumulated		Other Investments
Net Investment		Long-Term		Loss		for Federal Income
Income		Gain		Carryforward1,2,3,4		Tax Purposes
$	6,253,173	$	—	$	29,620,746	$	112,206,377

1. As of July 31, 2008, the Fund had $4,906,319 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 31, 2008, details of the capital loss carryforwards were as follows:

Expiring
2013	$	1,195,731
2016		3,710,588
Total	$	4,906,319

2.	As of July 31, 2008, the Fund had $24,714,427 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2017.
3.	During the fiscal year ended July 31, 2008, the Fund did not utilize any capital loss carryforward.
4.	During the fiscal year ended July 31, 2007, the Fund utilized $1,499,106 of capital loss carryforward to offset capital gains realized in that fiscal year.

The tax character of distributions paid during the years ended July 31, 2008 and July 31, 2007 was as follows:

	Year Ended		Year Ended
	July 31, 2008		July 31, 2007
Distributions paid from:
Exempt-interest dividends	$	61,443,123	$	51,443,295
Ordinary income		339,246		66,485
Total	$	61,782,369	$	51,509,780

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of July 31, 2008 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.

F29 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Federal tax cost of securities	$	1,361,607,412
Gross unrealized appreciation	$	13,935,656
Gross unrealized depreciation		(126,142,033	)
Net unrealized depreciation	$	(112,206,377	)

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 31, 2008, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	15,636
Payments Made to Retired Trustees		9,401
Accumulated Liability as of July 31, 2008		89,314

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

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

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

F30 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

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

	Year Ended July 31, 2008						Year Ended July 31, 2007
	Shares			Amount			Shares			Amount
Class A
Sold		21,573,103		$	259,898,687			26,767,748		$	347,366,936
Dividends and/or distributions reinvested		2,369,899			28,250,705			1,660,583			21,530,452
Redeemed		(18,514,493	)		(222,717,475	)		(7,548,479	)		(97,844,076	)
Net increase		5,428,509		$	65,431,917			20,879,852		$	271,053,312
Class B
Sold		906,865		$	10,869,239			1,561,002		$	20,251,373
Dividends and/or distributions reinvested		314,181			3,754,212			323,730			4,196,999
Redeemed		(4,526,798	)		(54,489,242	)		(3,270,428	)		(42,439,408	)
Net decrease		(3,305,752	)	$	(39,865,791	)		(1,385,696	)	$	(17,991,036	)

F31 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

2. Shares of Beneficial Interest Continued

	Year Ended July 31, 2008						Year Ended July 31, 2007
	Shares			Amount			Shares			Amount
Class C
Sold		7,042,961		$	84,742,682			10,021,100		$	129,802,452
Dividends and/or distributions reinvested		710,354			8,456,138			511,972			6,629,081
Redeemed		(6,814,346	)		(81,782,752	)		(2,504,155	)		(32,390,652	)
Net increase		938,969		$	11,416,068			8,028,917		$	104,040,881

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations for the year ended July 31, 2008, were as follows:

	Purchases		Sales
Investment securities	$	693,617,937	$	680,669,970

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $200 million	0.60	%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Over $1 billion	0.35

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2008, the Fund paid $589,570 to OFS for services to the Fund.

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class A shares. It 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 average annual net assets of Class A shares of the Fund. The Board of Trustees can increase that fee to 0.25% of average net assets without shareholder approval. Shareholders will be notified of any such change. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically

F32 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

for providing personal services 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 for Class B and Class C shares to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares. The Distributor also receives a service fee of 0.15% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor determines its uncompensated expenses under the plan at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the plan at June 30, 2008 for Class B and Class C shares were $3,854,365 and $4,159,637, respectively. Fees incurred by the Fund under the plans are detailed in the Statement of Operations.

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

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
	Retained by		Retained by		Retained by		Retained by
Year Ended	Distributor		Distributor		Distributor		Distributor
July 31, 2008	$	474,840	$	23,986	$	278,304	$	75,603

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time.

5. Illiquid Securities

As of July 31, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

F33 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

NOTES TO FINANCIAL STATEMENTS Continued

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings to purchase portfolio securities, to meet redemption obligations or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

     The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $1.25 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (2.7228% as of July 31, 2008). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual commitment fee on the amount of the unused portion of the total facility size. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of July 31, 2008, the Fund had borrowings outstanding at an interest rate of 2.7228%. Details of the borrowings for the year ended July 31, 2008 are as follows:

Average Daily Loan Balance	$	38,653,279
Average Daily Interest Rate		4.127	%
Fees Paid	$	228,775
Interest Paid	$	1,515,345

7. Recent Accounting Pronouncements

In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value Measurements. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of July 31, 2008, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

F34 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

      In March 2008, the FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund’s financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund’s financial statements and related disclosures.

F35 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer Pennsylvania Municipal Fund (one of the portfolios constituting the Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2008, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

     We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2008, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

     In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Pennsylvania Municipal Fund as of July 31, 2008, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado
September 16, 2008

F36 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2008, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2007. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

     None of the dividends paid by the Fund during the fiscal year ended July 31, 2008 are eligible for the corporate dividend-received deduction. 99.45% 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.

29 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

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

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

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

30 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age	Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 65	General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995- December 2007); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Member of Zurich Financial Investment Management Advisory Council (insurance) (2004-2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 64 portfolios in the OppenheimerFunds complex.
David K. Downes, Trustee (since 2007) Age: 68	Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (since January 2006); Trustee of Employee Trusts (since January 2006); President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment management 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 64 portfolios in the OppenheimerFunds complex.
Matthew P. Fink, Trustee (since 2005) Age: 67	Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 54 portfolios in the OppenheimerFunds complex.

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TRUSTEES AND OFFICERS Unaudited / Continued

Robert G. Galli, Trustee (since 1993) Age: 75	A director or trustee of other Oppenheimer funds. Oversees 64 portfolios in the OppenheimerFunds complex.
Phillip A. Griffiths, Trustee (since 1999) Age: 69	Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 54 portfolios in the OppenheimerFunds complex.
Mary F. Miller, Trustee (since 2004) Age: 65	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 54 portfolios in the OppenheimerFunds complex.
Joel W. Motley, Trustee (since 2002) Age: 56	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 of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee of Historic Hudson Valley. Oversees 54 portfolios in the OppenheimerFunds complex.
Russell S. Reynolds, Jr., Trustee (since 1989) Age: 76	Chairman of RSR Partners (formerly “The Directorship Search Group, Inc.”) (corporate governance consulting and executive recruiting) (since 1993); Life Trustee of International House (non-profit educational organization); Former Trustee of The Historical Society of the Town of Greenwich; Former Director of Greenwich Hospital Association. Oversees 54 portfolios in the OppenheimerFunds complex.
Joseph M. Wikler, Trustee (since 2005) Age: 67	Director of C-TASC (bio-statistics services) (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Director of Lakes Environmental Association (environmental protection organization) (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Fortis/Hartford mutual funds (1994- December 2001). Oversees 54 portfolios in the OppenheimerFunds complex.
Peter I. Wold, Trustee (since 2005) Age: 60	President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Vice President, Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production) (1996-2006); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 54 portfolios in the OppenheimerFunds complex.

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INTERESTED TRUSTEE AND OFFICER	The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.
John V. Murphy, Trustee, President and Principal Executive Officer (since 2001) Age: 59	Chairman, Chief Executive Officer and Director of the Manager (since June 2001); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 103 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Mr. Zack and Ms. Bloomberg, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey, Wixted, Petersen, Szilagyi and Ms. Ives, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Fielding, Loughran, Cottier and Willis, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Ronald H. Fielding, Vice President and Senior Portfolio Manager (since 1999) Age: 59	Senior Vice President of the Manager (since January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Daniel G. Loughran, Vice President and Senior Portfolio Manager (since 2005) Age: 44	Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 36	Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

33 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

TRUSTEES AND OFFICERS Unaudited / Continued

Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 35	Assistant Vice President of the Manager (since July 2005). Portfolio Manager of the Fund (from May 2003 to December 2005). Corporate Attorney for Southern Resource Group (from 1999 to 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 58	Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997- February 2004). An officer of 103 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 48	Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following:
	OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 103 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Assistant Treasurer (since 2004) Age: 38	Vice President of the Manager (since February 2007); Assistant Vice President of the Manager (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November 1998-July 2002). An officer of 103 portfolios in the OppenheimerFunds complex.
Brian C. Szilagyi, Assistant Treasurer (since 2005) Age: 38	Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger Financial Group LLC (May 2001-March 2003). An officer of 103 portfolios in the OppenheimerFunds complex.
Robert G. Zack, Vice President and Secretary (since 2001) Age: 60	Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 103 portfolios in the OppenheimerFunds complex.

34 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

Lisa I. Bloomberg, Assistant Secretary (since 2004) Age: 40

Vice President (since May 2004) and Deputy General Counsel (since May 2008); of the Manager; Associate Counsel of the Manager (May 2004-May 2008); First Vice President (April 2001-April 2004), Associate General Counsel (December 2000- April 2004) of UBS Financial Services Inc. (formerly, PaineWebber Incorporated). An officer of 103 portfolios in the OppenheimerFunds complex.

Kathleen T. Ives, Assistant Secretary (since 2001) Age: 42

Vice President (since June 1998), Deputy General Counsel (since May 2008) and Assistant Secretary (since October 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Senior Counsel of the Manager (October 2003-May 2008). An officer of 103 portfolios in the OppenheimerFunds complex.

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

35 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND

     July 31, 2008

Oppenheimer
Rochester National
Municipals Management
Commentaries
and
Annual Report

MANAGEMENT COMMENTARIES

Market Recap and Outlook

Listing of Top Holdings

ANNUAL REPORT

Fund Performance Discussion

Listing of Investments

Financial Statements

“After 25 years in the business of municipal fund management, I still don’t pretend to have seen it all. But, allowing tax-free yields to compound over time has clearly been a winning strategy for shareholders.”

— Ronald H. Fielding, Chief Strategist, Senior Vice President and
Senior Portfolio Manager, OppenheimerFunds/Rochester

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco—Master Settlement Agreement	23.8	%
Special Assessment	16.5
Airlines	11.3
Multifamily Housing	5.1
Electric Utilities	4.6
Tax Increment Financing	4.2
Adult Living Facilities	3.8
Energy Equipment & Services	2.8
Hospital/Health Care	2.7
Resource Recovery	2.5

Portfolio holdings are subject to change. Percentages are as of July 31, 2008, and are based on the total market value of investments.

Credit Allocation
AAA	16.6	%
AA	7.0
A	1.6
BBB	24.8
BB or lower	50.0

Allocations are subject to change. Percentages are as of July 31, 2008, and are dollar-weighted based on the total market value of investments. Market value, the total value of the Fund’s securities, does not include cash. Securities rated by any rating organization are included in the equivalent Standard & Poor’s rating category in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 48.26% of the Fund’s market value, are deemed comparable in the Manager’s judgment to the rated securities in each category. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities.

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FUND PERFORMANCE DISCUSSION

How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of the Fund’s performance during its fiscal year ended July 31, 2008, followed by a graphical comparison of the Fund’s performance to an appropriate broad-based market index.

Management’s Discussion of Fund Performance. In a 12-month period marked by significant turbulence in global credit markets and by broad price volatility as investors adjusted their perspectives on risk tolerance, the net asset value (NAV) of Oppenheimer Rochester National Municipals’ Class A shares fell sharply and the Fund’s total returns were negative. As of July 31, 2008, the Fund nonetheless provided the highest level of tax-free income among its peer funds and more income, on a tax-equivalent basis, than many other fixed-income alternatives. Based on the distribution for the 28-day accrual period ended July 22, 2008, the distribution yield at the end of this reporting period for the Fund’s Class A shares was 7.72% at NAV.

     Oppenheimer Rochester National Municipals distributed dividends of 67.1 cents per Class A share this reporting period, including a small amount of ordinary income. The monthly dividend distribution per Class A share of Oppenheimer Rochester National Municipals increased to 5.6 cents in December 2007 and to 5.7 cents in May 2008. No capital gains were distributed this reporting period.

     At the end of this reporting period, the Fund had nearly 1,450 holdings and an overall credit quality of BBB. Despite the broad turmoil in the municipal market, which caused widespread declines in NAVs, default rates on municipal bonds in general and in this Fund in particular continue to be extremely low relative to the default rates on other fixed-income instruments. The default rate on investments in this portfolio remained in line with our expectations, and we remain confident in the long-term structural advantages of the Fund’s investments.

     As the charts on pages 23 to 25 show, the Fund’s total returns were negative this reporting period as investors grew increasingly concerned about risk and widening credit spreads. Credit spread widening is typically more detrimental to the sectors and types of securities the Fund favors than to our Fund’s benchmark.

     A Fund acquisition in the hospital/health care sector illustrates the benefits of entering the auction rate securities (ARS) market. An ARS is a long-term municipal security with an interest rate that resets at a specific frequency (typically 7 to 35 days) through an auction process. Many municipal auctions failed this reporting period because bidders were in short supply. These auction failures created financial headaches for investors who bought

16 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

bonds with the assumption that their investments would remain highly liquid, and they also pushed the short-term rates on some bonds into the double digits. Intrigued by the opportunity to purchase high-yielding bonds, we applied our credit research expertise to the municipal auction inventory and identified some highly attractive bonds with resetting rates. For example, in February 2008, the Fund purchased at par a bond issued by the Maryland Health and Higher Educational Facilities Authority to finance acquisitions, renovations, construction and equipment needs at Frederick Memorial Hospital. The bond initially offered a 14% rate and was insured by Financial Guaranty Insurance Company (FGIC). As auction rate prices firmed in late March, the Fund sold its position, also at par. Despite its brief tenure in the portfolio, this bond helped the Fund deliver high levels of tax-free yield to investors this reporting period. By July 31, 2008, billions of dollars of municipal auction rate securities had been refinanced into lower-yielding credit structures, and the municipal auctions became far less attractive to yield-seeking investors. The Fund’s participation in the municipal auctions, we believe, demonstrates the Rochester investment team’s flexibility and responsiveness to evolving market conditions. The hospital/healthcare sector represented 2.7% of Fund’s market value as of July 31, 2008.

     During this reporting period, which was characterized by credit spread widening, prices fell on our investments in many credit-sensitive sectors. Credit spreads are said to be widening when the yield difference between higher-rated securities and lower-rated ones increases, causing the prices for BBB-rated, lower-rated and unrated securities to fall more or rise less than the prices of securities with higher ratings.

     For example, the Fund continued to maintain sizable holdings in bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers. The Rochester investment team was among the early believers in the structural and yield advantages of these types of bonds, which are backed by state and/or territory proceeds from a national litigation settlement with tobacco manufacturers. To date, MSA payments to the states and territories have been in line with projections made at the outset of this landmark agreement.¹ At the end of this reporting period, MSA-backed tobacco bonds accounted for nearly one-quarter of Fund investments and comprised the Fund’s largest sector.

1. Bond investments 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. While consumption has largely been in line with the assumptions used to structure MSA-backed bonds, future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

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FUND PERFORMANCE DISCUSSION

     As they faced considerable pricing pressure this reporting period, MSA-backed tobacco bonds underperformed other securities with similar ratings. The following factors, we believe, were significant: a general widening of credit spreads, to which tobacco bonds are inherently more sensitive; an increase in the national supply of MSA bonds, including a record-setting sale by Ohio’s Buckeye Tobacco Settlement Finance Authority; and Standard & Poor’s announcement about changing its assessment of 11 tobacco bonds to negative watch, from negative outlook. Pricing pressure remained persistent even as Fitch Ratings upgraded the ratings of nearly 240 MSA-backed tobacco bonds. As first announced in January 2008, Fitch raised the majority of these bonds to a rating of BBB-plus, the highest rating it gives for these securities. We believe that the price volatility this reporting period was primarily related to technical issues, not fundamental ones, and that the sector should continue to provide attractive, long-term benefits to our yield-seeking investors.

     A pre-refunding of MSA-backed tobacco bonds, for example, provides a particularly good example of the long-term benefits that can accrue to shareholders.² Late in this reporting period, the South Carolina Tobacco Settlement Management Authority announced a pre-refunding of MSA-backed bonds that had been scheduled to mature in 2030. The bonds, most of which this Fund purchased at a discount between February 2004 and January 2005, had an average, tax-free yield of 6.84%. After the pre-refunding was announced, these holdings were sold at a gain. As is our practice, the Fund seeks to minimize the aggregate tax consequences, if any, from these types of transactions. We believe that pre-refundings like this one demonstrate how our yield-oriented investment strategy can result in favorable yields as well as price appreciation for individual bonds, both contributing to a Fund’s total return.

     We are also confident that the long-term impact of tobacco-related court cases should remain negligible, even if some headline-induced volatility occurs. The latest headlines, in fact, have been quite favorable. In early April, a three-judge panel in federal appeals court reversed an earlier decision that had granted class-action status to smokers of “light” cigarettes. The panel ruled that individual cases were too distinct from one another to qualify as a “class.” In June, the U.S. Supreme Court announced that it would take a third look at a long-running dispute between the family of a deceased smoker and Philip Morris. Twice before, the Court has ruled that the punitive damages awarded in

2. A pre-refunding involves earmarking the proceeds from a new municipal bond to pay off an earlier bond that is not yet callable; proceeds from the new issue are escrowed in U.S. Government bonds and, because credit or call uncertainty has been eliminated, the original bond’s price generally rises significantly.

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Oregon were excessive. The Supreme Court’s recent decision to lower the punitive damages awarded in the Exxon-Valdez case, we believe, bodes well for the tobacco manufacturer. The Philip Morris case is expected to be on the Supreme Court’s fall docket.

     In our experience, interest payments and scheduled payments of principal on the tobacco bonds this Fund holds have always been made in a timely manner, and many bonds have repaid principal earlier than their scheduled final maturity. Our confidence in the long-term benefits these bonds can provide is such that we took advantage of market conditions this reporting period to invest in high-yielding MSA-backed securities.

     During this reporting period, the Fund aggressively increased its diverse holdings in land development bonds (“dirt bonds”), whose proceeds finance the infrastructure requirements of new real estate development. These Special Tax and Special Assessment holdings represented 18.7% of the Fund’s market value as of July 31, 2008. The Fund’s holdings represent a diversity of projects, developers and locations as well as projects at different stages of completion. Our credit analysis during this reporting period confirmed our long-standing belief that the fundamentals in these sectors remain intact, despite the recent challenges in the national housing market and some reports of temporary payment interruptions on these types of bonds.

     Carefully researched “dirt bonds,” we believe, can provide significant yield advantages for Fund investors. Interest payments are made using the proceeds from the collected tax or assessment and are on parity with property taxes and senior to any mortgage on the property. Whoever owns the land is responsible for the tax and assessment payments, and these payments have a lien ahead of any mortgage. The value of the land is factored into each bond’s unique structure, and we believe it would be highly unlikely that the value would fall so precipitously and permanently that it would become of no interest to any developer. In our experience, for every financially troubled developer who might have to walk away from a half-built project, there are countless others who are eager to negotiate a better deal with community leaders, resume the work and assume the debt-service obligations.

     Recent news reports about languishing housing developments or bankrupt home-building companies have fostered some concerns about the long-term viability of all sorts of real estate-related investments, and the prices in these two sectors have declined. Despite the recent underperformance of these sectors, we remain confident in the structural and yield advantages of the “dirt bonds” this Fund holds. Our recent investments, in particular, should provide significant benefits to shareholders because they offered very competitive yields at attractive prices. In time, we expect the housing crisis will abate and these high-yielding bonds will command higher prices in the market.

19 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

     In addition, the Fund included securities in the multifamily and single-family housing sectors, which constituted 5.1% and 1.2% of the portfolio’s market value, respectively, as of July 31, 2008. We believe our multifamily housing bonds represent a good value, because the demand for these types of properties will likely rise as the housing crisis persists. The Fund’s single-family housing bonds are high-grade securities that have been issued by state agencies, which continue to abide by conservative lending practices. Additionally, the Fund does not invest in the securities created from pools of sub-prime mortgages nor in collateralized debt obligations (CDOs) and thus has no exposure to these credits. The overall credit quality of our housing-sector investments has been unaffected by the developments in the sub-prime mortgage market, but the prices nonetheless fell this reporting period.

     The Fund also continued to be invested in the airline sector this reporting period. The Fund’s holdings constitute a diverse portfolio representing many carriers and facilities. Many of the Fund’s holdings are backed by a security interest in the airport terminal buildings or maintenance facilities whose construction they finance and, as a result, these bonds offer investors a fair amount of principal protection—even as economic conditions and fuel costs create financial challenges for many carriers. Shareholders should note that the long-term performance of secured bonds in this sector is not dependent on airline profitability but more closely linked with overall passenger traffic, which has been rising.

     Speculation about future mergers or bankruptcy filings has contributed to price volatility and underperformance in this sector this reporting period. While many ticket holders and some creditors are apt to become concerned amid this type of speculation, our experience with airline-backed securities leads us to believe that most issuers will remain current with the principal and interest payments on the secured bonds we hold, as they have done in the past, thus protecting their valuable assets. In some instances, bankrupt airlines have remained current with their payments on callable bonds with very high coupons, long after their call dates. In others, unsecured airline bonds could be exchanged for an equity position in the carrier, turning bondholders into shareholders who could recoup some of their investment by selling the stock. As of July 31, 2008, the airline sector represented 11.3% of the Fund’s market value and included some unsecured holdings.

     The price of a small position in our Energy Equipment & Services sector fell sharply this reporting period after the cost of making repairs related to equipment failure during the start-up led the plant’s operators to file for bankruptcy. We continue to believe that the E-3 Mead-Biofuels plant, financed with Saunders County, Nebraska, Industrial Development revenue bonds, will eventually operate as promised and generate income for bondholders. However, as of July 31, 2008, the issuer had not made scheduled interest payments, and the

20 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

bond—representing about one-third of 1% of invested assets at the end of this reporting period—was in default. (In all, this sector held 2.8% of the Fund’s invested assets on July 31, 2008.) The core technology at the plant involves making methane from the manure of an adjacent cattle feedlot and then manufacturing ethanol. Once operational, this project is expected to have a low carbon footprint and to feed the cattle distiller’s grains, a byproduct of ethanol. Our research team has evaluated the technology and we continue to believe that operational issues at this plant can be resolved. We are working closely with current management to secure a good outcome for the plant and the Fund. We remain optimistic that the Fund will eventually benefit from our experience in dealing with these types of projects.

     During the latter half of this reporting period, many bond insurers faced renewed scrutiny from the credit ratings organizations this reporting period and, as a result, the prices of many insured bonds fell, regardless of the strength of the underlying credit. The bond insurers’ woes were not based on their practice of insuring municipal bonds, which arguably do not need to be insured, but on the insurers’ exposure to sub-prime mortgages. While news about bond insurers continues to generate headlines, we remain confident in our credit team’s ability to determine which underlying issues meet our standards for creditworthiness and which represent good values for our shareholders.

     The Fund continued to invest in municipal inverse-floating-rate securities this reporting period. These are tax-exempt securities whose interest payments move inversely to changes in short-term interest rates. With generally higher tax-free yields than regular fixed-rate bonds of comparable maturity and credit quality, these securities helped the Fund provide higher dividends this reporting period as the yield curve steepened. However, these securities often face greater price volatility than comparable fixed-rate bonds, and the volatility this reporting period detracted from the Fund’s overall performance.

     The Fund also invested in percentage of LIBOR notes (PLNs), a type of bond structure that experienced price declines this reporting period when another U.S. financial institution sold a large position at a loss. This move depressed the prices of PLNs across the board even though PLN credit quality, which varies among tax-free issuers, generally remained solid. PLNs are bonds that pay a variable rate based on LIBOR and most are A-rated or better. The PLN structure can deliver attractive levels of tax-free yield. However, in a rare development, municipal yields exceeded Treasury and LIBOR rates this reporting period and, as a result, PLNs detracted from Fund performance. We continue to believe that this type of bond will be a valuable source of revenue once more normal rate relations are in place and, therefore, remain invested in a diverse basket of bonds with this structure.

21 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

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

Comparing the Fund’s Performance to the Market. The graphs that follow show the performance of a hypothetical $10,000 investment in each class of shares of the Fund held until July 31, 2008. In the case of Class A, Class B and Class C shares, performance is measured over a ten-year period. The Fund’s performance reflects the deduction of the maximum initial sales charge on Class A shares, the applicable contingent deferred sales charge on Class B and Class C shares, and reinvestments of all dividends and capital gains distributions. Past performance cannot guarantee future results.

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

22 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, and the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. See page 26 for further information.

23 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND PERFORMANCE DISCUSSION

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

24 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, visit us at www.oppenheimerfunds.com, or call us at 1.800.525.7048. Fund returns include changes in share price, reinvested distributions, and the applicable sales charge for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, and the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C shares, the 1% contingent deferred sales charge for the 1-year period. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. See page 26 for further information.

25 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES

Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares. This annual report must be preceded or accompanied by the current prospectus of the Oppenheimer Rochester National Municipals. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses carefully before investing.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Class A shares of the Fund were first publicly offered on 10/1/93. The average annual total returns are shown net of the applicable 4.75% maximum initial sales charge.

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

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

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

26 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND EXPENSES

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended July 31, 2008.

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in

27 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FUND EXPENSES Continued

the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	February 1, 2008		July 31, 2008		July 31, 2008
Class A	$	1,000.00	$	856.50	$	9.51
Class B		1,000.00		852.40		13.27
Class C		1,000.00		852.90		13.09
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,014.67		10.32
Class B		1,000.00		1,010.64		14.40
Class C		1,000.00		1,010.84		14.20

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). Those annualized expense ratios, based on the 6-month period ended July 31, 2008 are as follows:

Class	Expense Ratios
Class A		2.05	%
Class B		2.86
Class C		2.82

The expense ratios reflect reduction to custodian expenses. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

28 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS July 31, 2008

Principal
Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—138.4%
Alabama—1.0%
$	17,630,000	AL HFA (Single Family)1		5.450	%		10/01/2032	$	16,528,085
	15,000	AL HFA (South Bay Apartments)2		5.950			02/01/2033		14,829
	16,120,000	AL IDA Solid Waste Disposal (Pine City Fiber Company)2		6.450			12/01/2023		14,943,079
	7,665,000	AL IDA Solid Waste Disposal (Pine City Fiber Company)2		6.450			12/01/2023		7,105,378
	10,140,000	AL Space Science Exhibit Finance Authority		6.000			10/01/2025		9,031,090
	10,000	Alexander City, AL GO2		5.625			05/01/2021		9,932
	1,810,000	Andalusia-Opp, AL Airport Authority		5.000			08/01/2026		1,537,161
	100,000	Bay Minette, AL Industrial Devel. Board (B.F. Goodrich)		6.500			02/15/2009		100,204
	7,050,000	Governmental Utility Services Corp. of Moody, AL		7.500			03/01/2038		6,815,799
	25,000	Mobile, AL Industrial Devel. Board (International Paper Company)2		6.450			05/15/2019		25,059
	2,200,000	Rainbow City, AL Special Health Care Facilities Financing Authority (Regency Pointe)		8.250	3		01/01/2031		1,410,860
	10,000	Selma, AL Industrial Devel. Board (International Paper Company)2		6.000			05/01/2025		9,155
	7,220,000	Tuscaloosa, AL Educational Building Authority (Stillman College)2		5.000			06/01/2026		6,136,495
									63,667,126
Alaska—0.4%
	20,000	AK HFC, Series A-12		6.100			06/01/2030		20,235
	7,250,000	AK HFC, Series C1		5.200			12/01/2037		6,407,005
	2,250,000	AK Industrial Devel. & Export Authority (Anchorage Sportsplex/Grace Community Church Obligated Group)		6.150			08/01/2031		1,946,925
	40,000	AK Industrial Devel. & Export Authority (Snettisham)2		6.000			01/01/2014		40,964
	1,650,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)		5.875			12/01/2027		1,453,485
	1,500,000	AK Industrial Devel. & Export Authority Community Provider (Boys & Girls Home)		6.000			12/01/2036		1,297,185
	5,000,000	AK Northern Tobacco Securitization Corp. (TASC)		5.000			06/01/2032		3,787,100
	10,000,000	AK Northern Tobacco Securitization Corp. (TASC)		5.000			06/01/2046		7,086,100
	31,850,000	AK Northern Tobacco Securitization Corp. (TASC)		6.125	4		06/01/2046		1,562,243
	20,860,000	AK Northern Tobacco Securitization Corp. (TASC)		6.375	4		06/01/2046		934,319
									24,535,561
Arizona—5.4%
	297,650,000	AZ Health Facilities Authority (Banner Health System)1		2.680	5		01/01/2037		219,516,875
	800,000	AZ HFA (Casa De Flores)		5.300			07/20/2042		711,808
	3,000,000	Buckeye, AZ Watson Road Community Facilities District		5.750			07/01/2022		2,705,490
	5,000,000	Buckeye, AZ Watson Road Community Facilities District		6.000			07/01/2030		4,316,100

F1 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Arizona Continued
$	16,435,000	East San Luis, AZ Community Facilities District Special Assessment (Area One)		6.375	%		01/01/2028	$	15,721,064
	810,000	Estrella Mountain Ranch, AZ Community Facilities District		5.625			07/15/2025		736,630
	400,000	Estrella Mountain Ranch, AZ Community Facilities District		5.800			07/15/2030		356,584
	1,518,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)		6.000			07/01/2017		1,485,682
	1,265,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)		6.375			07/01/2022		1,218,119
	3,145,000	Estrella Mountain Ranch, AZ Community Facilities District (Golf Village)		6.750			07/01/2032		2,938,688
	8,250,000	Flagstaff, AZ IDA (Senior Living Community- Northern Arizona)		5.700			07/01/2042		6,870,435
	500,000	Gladden Farms, AZ Community Facilities District		5.500			07/15/2031		429,375
	1,000,000	Goodyear, AZ IDA Water and Sewer (Litchfield Park Service Company)		6.750			10/01/2031		1,002,930
	4,300,000	Maricopa County, AZ IDA (Christian Care Apartments)2		6.500			01/01/2036		4,174,053
	1,885,000	Maricopa County, AZ IDA (Immanuel Campus Care)		8.500			04/20/2041		1,795,764
	355,000	Maricopa County, AZ IDA (Sun King Apartments)2		6.750			11/01/2018		357,748
	500,000	Maricopa County, AZ IDA (Sun King Apartments)2		6.750			05/01/2031		479,505
	3,760,000	Maricopa County, AZ IDA (Sun King Apartments)		9.500			11/01/2031		3,378,924
	456,000	Merrill Ranch, AZ Community Facilities District No. 1 Special Assessment Lien		5.250			07/01/2024		403,058
	384,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien		5.250			07/01/2024		339,418
	986,000	Merrill Ranch, AZ Community Facilities District No. 2 Special Assessment Lien		5.300			07/01/2030		830,005
	235,000	Navajo County, AZ IDA (Stone Container Corp.)		7.200			06/01/2027		212,095
	1,445,000	Navajo County, AZ IDA (Stone Container Corp.)		7.400			04/01/2026		1,314,907
	1,125,000	Palm Valley, AZ Community Facility District No. 3		5.300			07/15/2031		945,709
	420,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.300			07/15/2025		370,033
	350,000	Parkway, AZ Community Facilities District No. 1 (Prescott Valley)		5.350			07/15/2031		294,462
	3,275,000	Phoenix, AZ IDA (America West Airlines)		6.250			06/01/2019		2,587,414
	7,500,000	Phoenix, AZ IDA (America West Airlines)		6.300			04/01/2023		5,680,500
	50,000	Phoenix, AZ IDA (Crossroads Apartments)2		5.200			12/15/2021		50,093
	1,650,000	Phoenix, AZ IDA (Espiritu Community Devel. Corp.)		6.250			07/01/2036		1,507,424
	1,935,000	Phoenix, AZ IDA (Gourmet Boutique West)		5.875			11/01/2037		1,572,168
	1,280,000	Phoenix, AZ IDA (Royal Paper Converting)		7.000			03/01/2014		1,266,611

F2 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Arizona Continued
$	225,000	Pima County, AZ Devel. Authority (Tucson Electric Power Company)2		6.100	%		09/01/2025	$	208,103
	5,000,000	Pima County, AZ IDA (American Charter Schools Foundation)		5.625			07/01/2038		4,425,900
	2,045,000	Pima County, AZ IDA (Christian Senior Living)2		5.050			01/01/2037		1,759,170
	400,000	Pima County, AZ IDA (Desert Technology Schools)6		6.375			02/01/2014		203,668
	1,000,000	Pima County, AZ IDA (Desert Technology Schools)6		7.000			02/01/2024		496,940
	1,250,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)		6.250			06/01/2026		1,189,950
	2,350,000	Pima County, AZ IDA (Facility Choice Education & Devel. Corp.)		6.375			06/01/2036		2,189,777
	1,500,000	Pima County, AZ IDA (P.L.C. Charter Schools)		6.750			04/01/2036		1,453,335
	250,000	Pima County, AZ IDA (Paradise Education Center)2		5.875			06/01/2022		233,590
	550,000	Pima County, AZ IDA (Paradise Education Center)2		6.000			06/01/2036		478,434
	1,600,000	Pima County, AZ IDA (Sonoran Science Academy)		5.670			12/01/2027		1,413,040
	1,960,000	Pima County, AZ IDA (Sonoran Science Academy)		5.750			12/01/2037		1,661,629
	11,100,000	Pima County, AZ IDA Waste & Wastewater (Global Water Resources)		5.750			12/01/2032		8,982,453
	10,000,000	Pima County, AZ IDA Water & Wastewater (Global Water Research)		6.550			12/01/2037		8,913,600
	3,410,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)		5.450			12/01/2017		3,054,030
	2,215,000	Pima County, AZ IDA Water & Wastewater (Global Water Resources)		5.600			12/01/2022		1,894,047
	1,575,000	Pinal County, AZ IDA (San Manuel Facility)		6.250			06/01/2026		1,531,184
	1,385,000	Prescott Valley, AZ Southside Community Facilities District No. 1		7.250			07/01/2032		1,377,867
	1,500,000	Quail Creek, AZ Community Facilities District		5.550			07/15/2030		1,306,320
	1,000,000	San Luis, AZ Facility Devel. Corp. (Regional Detention Center)		7.250			05/01/2027		888,140
	265,000	Show Low Bluff, AZ Community Facilities District		5.600			07/01/2031		228,237
	300,000	Show Low Bluff, AZ Community Facilities District Special Assessment		5.200			07/01/2017		287,853
	80,000	Tucson & Pima Counties, AZ IDA (Single Family Mtg.)2		6.200			01/01/2034		82,360
	560,000	Tucson & Pima Counties, AZ IDA (Single Family Mtg.)2		6.350			01/01/2034		568,579
	755,000	Tucson, AZ IDA (Joint Single Family Mtg.)		5.000			01/01/2039		753,558
	4,000,000	Verrado, AZ Community Facilities District No. 1		5.350			07/15/2031		3,406,640
	10,200,000	Yavapai County, AZ IDA Solid Waste Disposal (Waste Management)1		4.900			03/01/2028		8,034,341
	7,250,000	Yuma County, AZ IDA (Water & Sewer)		6.375			12/01/2037		6,614,320
									349,206,736

F3 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Arkansas—0.4%
$	6,980,000	AR Devel. Finance Authority (Single Family Mtg.)1		5.200	%		01/01/2038	$	6,203,789
	55,000	AR Devel. Finance Authority (Single Family Mtg.)2		5.200			01/01/2038		48,883
	555,000	Calhoun County, AR Solid Waste Disposal (Georgia-Pacific Corp.)2		6.375			11/01/2026		489,632
	7,700,000	Cave Springs, AR Municipal Property (Creeks Special Sewer District)		6.250			02/01/2038		6,797,406
	50,000	Grand Prairie, AR Water Users Board		5.900			07/01/2022		50,248
	1,345,000	Little River County, AR (Georgia-Pacific Corp.)2		5.600			10/01/2026		1,055,058
	8,380,000	North Little Rock, AR Residential Hsg. Facilities Board (Ridgeview Apartments)1		5.600			08/20/2045		8,162,916
	25,000	Pine Bluff, AR (International Paper Company)2		5.550			08/15/2022		23,704
	5,460,000	Sebastian County, AR Health Facilities Board (Sparks Regional Medical Center)		5.625			11/01/2031		4,692,542
									27,524,178
California—16.0%
	695,000	Azusa, CA Special Tax Community Facilities District No. 05-1		5.000			09/01/2027		586,253
	1,840,000	Azusa, CA Special Tax Community Facilities District No. 05-1		5.000			09/01/2037		1,486,444
	8,800,000	CA Access to Loans for Learning Student Loan Corp.		7.375			01/01/2042		8,570,584
	127,310,000	CA County Tobacco Securitization Agency		6.489	4		06/01/2046		6,244,556
	107,400,000	CA County Tobacco Securitization Agency		6.619	4		06/01/2050		3,234,888
	33,920,000	CA County Tobacco Securitization Agency		6.650	4		06/01/2046		1,547,091
	215,100,000	CA County Tobacco Securitization Agency		7.000	4		06/01/2055		4,263,282
	117,250,000	CA County Tobacco Securitization Agency		7.129	4		06/01/2055		2,323,895
	143,610,000	CA County Tobacco Securitization Agency		7.300	4		06/01/2046		7,044,071
	246,760,000	CA County Tobacco Securitization Agency		7.477	4		06/01/2055		3,997,512
	102,000,000	CA County Tobacco Securitization Agency		8.550	4		06/01/2055		1,652,400
	36,000,000	CA County Tobacco Securitization Agency (TASC)		0.000	7		06/01/2041		23,701,680
	56,530,000	CA County Tobacco Securitization Agency (TASC)		0.000	7		06/01/2046		37,130,600
	255,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2045		193,091
	19,000,000	CA County Tobacco Securitization Agency (TASC)		5.250			06/01/2046		14,361,530
	2,500,000	CA County Tobacco Securitization Agency (TASC)		5.500			06/01/2033		2,218,925
	2,610,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2035		2,334,280
	7,285,000	CA County Tobacco Securitization Agency (TASC)		5.875			06/01/2043		6,450,940
	2,930,000	CA County Tobacco Securitization Agency (TASC)		6.000			06/01/2042		2,645,702
	5,000,000	CA County Tobacco Securitization Agency (TASC)2		6.125			06/01/2038		4,612,350
	57,000,000	CA County Tobacco Securitization Agency (TASC)		6.400	4		06/01/2046		2,599,770
	525,920,000	CA County Tobacco Securitization Agency (TASC)		6.664	4		06/01/2050		17,308,027
	30,000,000	CA Educational Funding Services1		6.250			12/01/2042		29,766,750

F4 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
California Continued
$	24,000,000	CA Golden State Tobacco Securitization Corp. (TASC)2		5.000	%		06/01/2033	$	18,804,240
	20,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.125			06/01/2047		14,764,400
	228,715,000	CA Golden State Tobacco Securitization Corp. (TASC)		5.750			06/01/2047		187,843,630
	340,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		6.000	4		06/01/2047		14,290,200
	1,301,000,000	CA Golden State Tobacco Securitization Corp. (TASC)		6.081	4		06/01/2047		58,922,290
	6,250,000	CA Pollution Control Financing Authority (Browning-Ferris Industries)		6.750			09/01/2019		6,161,563
	25,575,000	CA Pollution Control Financing Authority (Browning-Ferris Industries)2		6.875			11/01/2027		25,220,019
	160,600,000	CA Silicon Valley Tobacco Securitization Authority		8.147	4		06/01/2056		2,927,738
	15,000,000	CA Silicon Valley Tobacco Securitization Authority		8.150	4		06/01/2041		1,102,800
	82,250,000	CA Silicon Valley Tobacco Securitization Authority		8.435	4		06/01/2056		1,254,313
	4,660,000	CA Statewide CDA (Aspire Public Schools)		7.250			08/01/2031		4,689,964
	14,400,000	CA Statewide CDA (Fairfield Apartments)6,8		7.250			01/01/2035		6,465,312
	555,300,000	CA Statewide Financing Authority Tobacco Settlement		7.001	4		06/01/2055		11,006,046
	260,000,000	CA Statewide Financing Authority Tobacco Settlement		7.876	4		06/01/2055		4,212,000
	301,950,000	CA Statewide Financing Authority Tobacco Settlement		8.000	4		06/01/2046		14,810,648
	4,500,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2037		4,084,110
	1,405,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		1,267,703
	100,000	CA Statewide Financing Authority Tobacco Settlement (TASC)		6.000			05/01/2043		90,228
	3,290,000	CA Valley Health System COP2,6		6.875			05/15/2023		2,414,202
	80,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		6.750	4		06/01/2047		3,623,200
	10,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.587	4		06/01/2036		1,108,800
	432,795,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		7.626	4		06/01/2057		7,253,644
	1,000,000,000	Inland, CA Empire Tobacco Securitization Authority (TASC)		8.001	4		06/01/2057		13,580,000
	1,375,000	Lathrop, CA Special Tax Community Facilities District No. 03-2		7.000			09/01/2033		1,429,615
	98,250,000	Long Beach, CA Bond Finance Authority Natural Gas1		3.343	5		11/15/2033		72,459,375
	13,000,000	Long Beach, CA Harbor1		5.200			05/15/2027		12,739,545
	5,700,000	Los Angeles, CA Regional Airports Improvement Corp. (Air Canada)		8.750			10/01/2014		5,101,614
	20,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)2		7.000			12/01/2012		18,633
	5,350,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)2		7.125			12/01/2024		4,394,811

F5 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
California Continued
$	17,810,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)2		7.500	%		12/01/2024	$	14,797,439
	74,145,000	Los Angeles, CA Regional Airports Improvement Corp. (American Airlines)2		7.500			12/01/2024		61,603,373
	2,825,000	Los Angeles, CA Regional Airports Improvement Corp. (Continental Airlines)2		5.650			08/01/2017		2,238,474
	1,135,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta Airlines)		6.350			11/01/2025		863,690
	13,200,000	Los Angeles, CA Regional Airports Improvement Corp. (Delta-Continental Airlines)		9.250			08/01/2024		13,199,868
	400,000	Los Angeles, CA Regional Airports Improvement Corp. (United Airlines)6		6.875			11/15/2012		257,292
	2,580,000	Los Angeles, CA Regional Airports Improvement Corp. (United Airlines)6,8,9		8.800			11/15/2021		1,319,876
	155,000,000	Northern CA Gas Authority1		2.590	5		07/01/2027		110,825,000
	115,975,000	Northern CA Tobacco Securitization Authority (TASC)		6.375	4		06/01/2045		5,739,603
	5,925,000	Palm Desert, CA Improvement Bond Act 1915		5.100			09/02/2037		4,944,235
	2,200,000	San Diego County, CA COP2		5.700			02/01/2028		1,991,044
	101,450,000	Southern CA Public Power Authority Natural Gas1		3.395	5		11/01/2038		75,580,250
	45,440,000	Southern CA Tobacco Securitization Authority		5.125			06/01/2046		33,605,606
	195,570,000	Southern CA Tobacco Securitization Authority		6.383	4		06/01/2046		9,592,709
	41,325,000	Southern CA Tobacco Securitization Authority		6.400	4		06/01/2046		1,884,833
	143,080,000	Southern CA Tobacco Securitization Authority		7.100	4		06/01/2046		6,025,099
	5,125,000	Southern CA Tobacco Securitization Authority (TASC)2		5.000			06/01/2037		3,806,440
	5,425,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)		5.450			09/01/2026		3,770,104
	4,000,000	Temecula, CA Public Financing Authority Community Facilities District (Roripaugh)		5.500			09/01/2036		2,576,800
	2,680,000	Val Verde, CA Unified School District Special Tax		5.450			09/01/2036		2,445,420
									1,043,382,419
Colorado—4.7%
	1,000,000	CO Andonea Metropolitan District No. 2		6.125			12/01/2025		852,660
	2,380,000	CO Andonea Metropolitan District No. 3		6.250			12/01/2035		1,964,000
	5,000,000	CO Arista Metropolitan District		6.750			12/01/2035		4,463,200
	14,000,000	CO Arista Metropolitan District		9.250			12/01/2037		14,779,660
	2,620,000	CO Beacon Point Metropolitan District		6.125			12/01/2025		2,279,112
	3,500,000	CO Beacon Point Metropolitan District		6.250			12/01/2035		2,957,010
	1,000,000	CO Castle Oaks Metropolitan District		6.000			12/01/2025		877,190
	1,500,000	CO Castle Oaks Metropolitan District		6.125			12/01/2035		1,232,625
	5,840,000	CO Central Marksheffel Metropolitan District		7.250			12/01/2029		5,767,467
	1,000,000	CO Confluence Metropolitan District		5.400			12/01/2027		865,490

F6 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Colorado Continued
$	1,000,000	CO Copperleaf Metropolitan District No. 2		5.850	%		12/01/2026	$	821,870
	1,850,000	CO Copperleaf Metropolitan District No. 2		5.950			12/01/2036		1,460,316
	1,025,000	CO Country Club Highlands Metropolitan District		7.250			12/01/2037		972,038
	1,700,000	CO Crystal Crossing Metropolitan District		6.000			12/01/2036		1,369,401
	1,500,000	CO Educational & Cultural Facilities Authority (Banning Lewis Ranch Academy)		6.125			12/15/2035		1,363,650
	660,000	CO Educational & Cultural Facilities Authority (Carbon Valley Academy Charter School)		5.625			12/01/2036		552,968
	2,475,000	CO Educational & Cultural Facilities Authority (Inn at Auraria)		5.375			07/01/2015		2,142,484
	24,295,000	CO Educational & Cultural Facilities Authority (Inn at Auraria)		6.000			07/01/2042		17,871,402
	1,335,000	CO Elbert and Highway 86 Metropolitan District		5.750			12/01/2036		1,049,777
	5,000,000	CO Elbert and Highway 86 Metropolitan District		7.500			12/01/2032		5,008,150
	2,475,000	CO Elkhorn Ranch Metropolitan District		6.375			12/01/2035		2,188,073
	700,000	CO Fallbrook Metropolitan District		5.625			12/01/2026		588,973
	2,000,000	CO Health Facilities Authority (Christian Living Communities)		5.750			01/01/2037		1,722,740
	1,225,000	CO Health Facilities Authority Health & Residential Care Facilities (Volunteers of America)		5.300			07/01/2037		995,754
	2,960,000	CO Heritage Todd Creek Metropolitan District		5.500			12/01/2037		2,229,620
	5,325,000	CO High Plains Metropolitan District		6.125			12/01/2025		4,540,415
	10,875,000	CO High Plains Metropolitan District		6.250			12/01/2035		8,974,159
	1,060,000	CO Horse Creek Metropolitan District		5.750			12/01/2036		859,512
	310,000	CO Hsg. & Finance Authority2		6.400			11/01/2024		320,146
	605,000	CO Hsg. & Finance Authority2		6.450			04/01/2030		637,525
	605,000	CO Hsg. & Finance Authority2		7.000			02/01/2030		640,998
	165,000	CO Hsg. & Finance Authority2		7.050			04/01/2031		174,829
	670,000	CO Hsg. & Finance Authority2		7.050			04/01/2031		709,255
	560,000	CO Hsg. & Finance Authority2		7.250			10/01/2031		569,705
	360,000	CO Hsg. & Finance Authority2		8.400			10/01/2021		382,565
	5,000	CO Hsg. & Finance Authority (Single Family)2		6.500			11/01/2029		5,161
	25,000	CO Hsg. & Finance Authority (Single Family)2		6.800			04/01/2030		25,874
	1,905,000	CO Hsg. & Finance Authority (Single Family)2		6.800			02/01/2031		2,024,786
	40,000	CO Hsg. & Finance Authority (Single Family)2		7.000			05/01/2026		40,792
	39,000	CO Hsg. & Finance Authority (Single Family)2		7.250			05/01/2027		39,648
	75,000	CO Hsg. & Finance Authority (Single Family)2		7.375			06/01/2026		77,791
	355,000	CO Hsg. & Finance Authority, Series C-22		6.600			08/01/2032		375,466
	215,000	CO Hsg. & Finance Authority, Series C-22		6.875			11/01/2028		218,623
	500,000	CO Huntington Trails Metropolitan District		6.250			12/01/2036		417,095
	7,050,000	CO International Center Metropolitan District No. 3		6.500			12/01/2035		5,792,280

F7 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount				Coupon			Maturity		Value
Colorado Continued
$	1,145,000		CO Liberty Ranch Metropolitan District		6.250	%		12/01/2036	$	936,163
	1,875,000		CO Madre Metropolitan District No. 2		5.500			12/01/2036		1,385,981
	2,800,000		CO Mountain Shadows Metropolitan District		5.625			12/01/2037		2,118,312
	1,770,000		CO Multifamily Hsg. Revenue Bond Pass-Thru Certificates (MS Loveland/American International Obligated Group)		6.000	5		11/01/2033		1,703,448
	3,000,000		CO Murphy Creek Metropolitan District No. 3		6.000			12/01/2026		2,478,810
	10,060,000		CO Murphy Creek Metropolitan District No. 3		6.125			12/01/2035		8,074,961
	2,275,000	��	CO Neu Towne Metropolitan District		7.250			12/01/2034		1,381,266
	1,000,000		CO North Range Metropolitan District No. 2		5.500			12/15/2037		819,860
	4,500,000		CO Northwest Metropolitan District No. 3		6.125			12/01/2025		3,906,630
	7,855,000		CO Northwest Metropolitan District No. 3		6.250			12/01/2035		6,566,230
	15,230,000		CO Park Valley Water & Sanitation Metropolitan District		6.000	4		12/15/2017		8,910,464
	320,000		CO Potomac Farms Metropolitan District		0.000	7		12/01/2023		263,939
	1,590,000		CO Potomac Farms Metropolitan District		7.250			12/01/2037		1,456,456
	850,000		CO Prairie Center Metropolitan District No. 3		5.250			12/15/2021		764,040
	1,250,000		CO Prairie Center Metropolitan District No. 3		5.400			12/15/2031		1,059,988
	1,000,000		CO Prairie Center Metropolitan District No. 3		5.400			12/15/2031		847,990
	2,275,000		CO Regency Metropolitan District		5.750			12/01/2036		1,767,402
	1,750,000		CO Serenity Ridge Metropolitan District No. 2		7.500			12/01/2034		1,311,783
	1,320,000		CO Silver Peaks Metropolitan District		5.750			12/01/2036		1,025,482
	10,230,000		CO Sorrell Ranch Metropolitan District		5.750			12/01/2036		7,722,422
	1,735,000		CO Sorrell Ranch Metropolitan District		6.750			12/15/2036		1,346,967
	1,330,000		CO Stoneridge Metropolitan District		5.625			12/01/2036		1,113,609
	2,065,000		CO Tallgrass Metropolitan District		5.250			12/01/2037		1,639,589
	500,000		CO Tallyns Reach Metropolitan District No. 3		5.200			12/01/2036		416,000
	8,000,000		CO Talon Pointe Metropolitan District		8.000			12/01/2039		7,912,480
	655,000		CO Todd Creek Farms Metropolitan District No. 1		6.125			12/01/2019		614,239
	695,000		CO Traditions Metropolitan District No. 2		5.750			12/01/2036		534,114
	4,390,000		CO Traditions Metropolitan District No. 2 CAB		0.000	7		12/15/2037		2,554,146
	3,780,000		CO Waterview I Metropolitan District		8.000			12/15/2032		3,606,763
	1,000,000		CO Wheatlands Metropolitan District		6.000			12/01/2025		840,790
	5,000,000		CO Wheatlands Metropolitan District		6.125			12/01/2035		4,055,850
	1,550,000		CO Wildgrass Metropolitan District		6.200			12/01/2034		1,387,157
	3,875,000		CO Woodmen Heights Metropolitan District No. 1		6.750			12/01/2020		3,500,753
	21,195,000		CO Woodmen Heights Metropolitan District No. 1		7.000			12/01/2030		18,812,046
	1,000,000		CO Wyndham Hill Metropolitan District		6.250			12/01/2025		901,630
	2,450,000		CO Wyndham Hill Metropolitan District		6.375			12/01/2035		2,082,770
	18,510,000		Colorado Springs, CO Urban Renewal (University Village Colorado)		7.000			12/01/2029		17,445,675

F8 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Colorado Continued
$	49,025,000	Denver, CO City & County Airport Special Facilities (United Air Lines)2		5.250	%		10/01/2032	$	30,218,520
	35,200,000	Denver, CO City & County Airport Special Facilities (United Air Lines)2		5.750			10/01/2032		23,385,824
	375,000	Eagle County, CO Airport Terminal Corp.		5.250			05/01/2020		328,965
	16,995,237	El Paso County, CO (Single Family Mtg.)1		5.550			12/01/2039		17,005,115
	560,000	Fairplay, CO Sanitation District		5.250			12/15/2031		514,114
	3,725,000	Highline Business Improvement District (Littleton, CO)6,10		5.250			12/15/2019		1,862,500
	4,000,000	Kit Carson County, CO Health Service District		6.750			01/01/2034		3,686,640
									303,470,138
Connecticut—0.3%
	145,000	CT Devel. Authority (Bridgeport Hydraulic Company)		6.150			04/01/2035		147,229
	125,000	CT Devel. Authority (Bridgeport Hydraulic Company)		6.150			04/01/2035		127,096
	1,500,000	CT Devel. Authority Airport Facility (Learjet)2		7.950			04/01/2026		1,593,495
	105,000	CT H&EFA (Bridgeport Hospital/Bridgeport Hospital Foundation Obligated Group)2		6.500			07/01/2012		105,341
	20,000	CT H&EFA (St. Mary’s Hospital Corp.)		5.500			07/01/2012		19,644
	80,000	CT HFA2		6.300			11/15/2017		82,918
	2,975,000	Georgetown, CT Special Taxing District		5.125			10/01/2036		2,247,166
	3,750,000	Mashantucket, CT Western Pequot Tribe, Series B2		5.500			09/01/2036		3,160,913
	1,750,000	Mashantucket, CT Western Pequot Tribe, Series B2		5.750			09/01/2027		1,555,943
	6,000,000	Mashantucket, CT Western Pequot Tribe, Series B2,11		6.500			09/01/2031		5,754,360
	1,760,000	West Haven, CT Hsg. Authority (Meadow Landing Apartments)		6.000			01/01/2028		1,707,922
	635,000	West Haven, CT Hsg. Authority (Meadow Landing Apartments)		6.000			01/01/2033		602,672
									17,104,699
Delaware—0.1%
	1,810,000	DE EDA (General Motors Corp.)		5.600			04/01/2009		1,753,600
	15,000	DE Hsg. Authority (Single Family Mtg.)2		6.000			07/01/2018		15,400
	55,000	DE Hsg. Authority (Single Family Mtg.)2		6.000			07/01/2032		56,739
	6,939,000	Millsboro, DE Special Obligation (Plantation Lakes)		5.450			07/01/2036		5,696,156
									7,521,895
District of Columbia—1.7%
	220,000	District of Columbia HFA (Benning Road Apartments)2		6.300			01/01/2012		207,088
	10,380,000	District of Columbia HFA (Shipley Park Apartments)1		4.800			06/01/2038		9,331,153
	115,000	District of Columbia Tobacco Settlement Financing Corp.2		6.250			05/15/2024		114,189
	32,680,000	District of Columbia Tobacco Settlement Financing Corp.		6.750			05/15/2040		32,463,985
	515,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.367	4		06/15/2046		24,998,100

F9 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
District of Columbia Continued
$	1,375,680,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		6.897	%4		06/15/2055	$	25,986,595
	1,055,000,000	District of Columbia Tobacco Settlement Financing Corp. (TASC)		7.250	4		06/15/2055		16,647,900
	20,000	Metropolitan Washington, D.C. Airport Authority2		5.000			10/01/2033		18,239
									109,767,249
Florida—19.7%
	1,175,000	Aberdeen, FL Community Devel. District		5.250			11/01/2015		1,034,153
	455,000	Aberdeen, FL Community Devel. District		5.500			11/01/2011		432,314
	24,015,000	Aberdeen, FL Community Devel. District2		5.500			05/01/2036		18,314,079
	8,000,000	Alachua County, FL Industrial Devel. Revenue (North Florida Retirement Village)		5.875			11/15/2042		6,889,680
	1,885,000	Amelia Walk, FL Community Devel. District Special Assessment		5.500			05/01/2037		1,474,485
	5,350,000	Amelia, FL Concourse Community Devel. District		5.750			05/01/2038		4,170,593
	13,005,000	Arborwood, FL Community Devel. District (Centex Homes)		5.250			05/01/2016		11,478,213
	14,285,000	Arlington Ridge, FL Community Devel. District		5.500			05/01/2036		11,066,732
	9,250,000	Ave Maria Stewardship, FL Community Devel. District		5.125			05/01/2038		6,841,485
	2,220,000	Avelar Creek, FL Community Devel. District		5.375			05/01/2036		1,717,592
	1,045,000	Avignon Villages, FL Community Devel. District6		5.300			05/01/2014		667,138
	755,000	Avignon Villages, FL Community Devel. District6		5.400			05/01/2037		481,456
	1,000,000	Bahia Lakes, FL Community Devel. District		5.450			05/01/2037		769,470
	2,620,000	Bainebridge, FL Community Devel. District		5.500			05/01/2038		1,965,865
	11,000,000	Baker, FL Correctional Devel. Corp. (Detention Center)		7.500			02/01/2030		10,414,030
	2,740,000	Bartram Park, FL Community Devel. District		5.300			05/01/2035		2,090,154
	5,250,000	Bay Laurel Center, FL Community Devel. District Special Assessment		5.450			05/01/2037		4,121,985
	225,000	Bayshore, FL Hsg. Corp.		8.000			12/01/2016		149,922
	4,505,000	Baywinds, FL Community Devel. District		4.900			05/01/2012		4,169,918
	11,215,000	Baywinds, FL Community Devel. District		5.250			05/01/2037		8,332,409
	4,640,000	Beacon Lakes, FL Community Devel. District Special Assessment		6.000			05/01/2038		3,878,947
	3,380,000	Beacon Lakes, FL Community Devel. District Special Assessment		6.200			05/01/2038		2,826,626
	1,955,000	Beacon, FL Tradeport Community Devel. District		7.250			05/01/2033		1,968,529
	10,640,000	Bella Verde, FL Golf Community Devel District		7.250			12/18/2008		10,626,806
	7,625,000	Bonnet Creek, FL Resort Community Devel. District Special Assessment		7.500			05/01/2034		7,761,793
	4,000,000	Boynton Village, FL Community Devel. District Special Assessment		6.000			05/01/2038		3,235,040

F10 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	75,000	Broward County, FL Educational Facilities Authority (Pompano Oaks Apartments)		6.000	%		12/01/2027	$	75,125
	25,000	Broward County, FL HFA (Cross Keys Apartments)		5.750			10/01/2028		23,603
	12,475,000	Broward County, FL HFA (Pembroke Village Apartments)		7.000			06/01/2046		12,081,164
	1,300,000	Broward County, FL HFA (Single Family)		5.000			10/01/2039		1,315,132
	15,000	Broward County, FL HFA (Stirling Apartments)		5.600			10/01/2018		14,985
	125,000	Broward County, FL HFA (Stirling Apartments)		5.750			04/01/2038		119,681
	6,050,000	Buckeye Park, FL Community Devel. District		7.875			05/01/2038		5,956,709
	815,000	Cascades, FL Groveland Community Devel. District		5.300			05/01/2036		546,360
	1,050,000	Century Gardens, FL Community Devel. District		5.100			05/01/2037		805,781
	26,260,000	CFM, FL Community Devel. District, Series A		6.250			05/01/2035		21,155,581
	2,500,000	Chapel Creek, FL Community Devel. District Special Assessment		5.200			05/01/2011		2,359,475
	3,665,000	Chapel Creek, FL Community Devel. District Special Assessment		5.250			05/01/2015		3,217,137
	12,595,000	Chapel Creek, FL Community Devel. District Special Assessment		5.500			05/01/2038		9,176,465
	4,200,000	City Center, FL Community Devel. District		6.000			05/01/2038		3,596,124
	7,535,000	City Center, FL Community Devel. District		6.125			05/01/2036		6,652,652
	31,410,000	Clearwater Cay, FL Community Devel. District		5.500			05/01/2037		19,692,185
	2,710,000	Coconut Cay, FL Community Devel. District Special Assessment		5.375			05/01/2036		2,206,184
	55,000	Collier County, FL IDA (Allete)2		6.500			10/01/2025		54,992
	16,110,000	Concord Stations, FL Community Devel. District		5.300			05/01/2035		12,254,233
	4,080,000	Connerton West, FL Community Devel. District		5.125			05/01/2016		3,588,850
	4,370,000	Connerton West, FL Community Devel. District		5.400			05/01/2038		3,356,116
	4,940,000	Copperstone, FL Community Devel. District		5.200			05/01/2038		3,533,483
	7,400,000	Cordoba Ranch, FL Community Devel. District Special Assessment		5.550			05/01/2037		5,825,280
	1,345,000	Coronado, FL Community Devel. District		6.000			05/01/2038		1,121,743
	3,250,000	Creekside, FL Community Devel. District		5.200			05/01/2038		2,377,960
	1,110,000	Crestview II, FL Community Devel. District Special Assessment		5.600			05/01/2037		880,397
	2,625,000	Crosscreek, FL Community Devel. District		5.500			05/01/2017		1,895,303
	1,280,000	Crosscreek, FL Community Devel. District		5.600			05/01/2039		836,416
	9,570,000	Cypress Creek of Hillsborough County, FL Community Devel. District		5.350			05/01/2037		7,305,451
	70,000	Dade City, FL (First Mtg.-Retirement Care)		8.000			01/01/2025		69,986
	45,000	Dade County, FL HFA (Golden Lakes Apartments)		6.050			11/01/2039		41,350
	90,000	Dade County, FL HFA (Siesta Pointe Apartments)2		5.650			09/01/2017		90,031
	9,625	Dade County, FL HFA (Single Family Mtg.)2		6.100			04/01/2027		10,033

F11 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	1,900,000	Dade County, FL IDA (Miami Cerebral Palsy Residence)		8.000	%		06/01/2022	$	1,845,698
	115,000	Dade County, FL Res Rec2		5.500			10/01/2013		115,488
	7,815,000	Deer Run, FL Community Devel. District Special Assessment		7.625			05/01/2039		7,690,742
	3,085,000	Durbin Crossing, FL Community Devel. District Special Assessment		5.250			11/01/2015		2,724,703
	2,405,000	East Homestead, FL Community Devel. District		5.375			05/01/2036		1,945,308
	900,000	East Homestead, FL Community Devel. District		5.450			11/01/2036		736,236
	2,225,000	East Park, FL Community Devel. District Special Assessment		7.500			05/01/2039		2,169,931
	1,110,000	Easton Park, FL Community Devel. District		5.200			05/01/2037		841,347
	5,000	Edgewater, FL Water & Sewer2		7.000			10/01/2021		5,017
	1,500,000	Enclave at Black Point Marina, FL Community Devel. District		5.200			05/01/2014		1,331,730
	1,250,000	Enclave at Black Point Marina, FL Community Devel. District		5.400			05/01/2037		898,538
	75,000	Escambia County, FL HFA (Single Family Mtg.)2		5.500			10/01/2031		70,421
	21,495,000	Fiddler’s Creek, FL Community Devel. District No. 2		6.000			05/01/2038		18,151,668
	175,000	FL Capital Projects Finance Authority (Peerless Group)		7.500			08/01/2019		163,443
	1,250,000	FL Capital Projects Finance Authority Solid Waste (Waste Corp. of America)		9.000			09/01/2020		1,251,488
	26,200,000	FL Capital Trust Agency (AHF Florida LLC)		8.125			10/01/2038		24,014,920
	3,085,000	FL Capital Trust Agency (American Opportunity)2		5.750			06/01/2023		2,657,018
	2,000,000	FL Capital Trust Agency (American Opportunity)2		5.875			06/01/2038		1,613,600
	960,000	FL Capital Trust Agency (American Opportunity)2		7.250			06/01/2038		761,866
	695,000	FL Capital Trust Agency (American Opportunity)		8.250			12/01/2038		537,610
	7,025,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)		7.000			07/15/2032		7,052,960
	13,000,000	FL Capital Trust Agency (Atlantic Hsg. Foundation)		8.260			07/15/2038		13,043,160
	30,000	FL HFA (Hsg. Partners of Panama City)2		5.700			05/01/2037		28,379
	60,000	FL HFA (Landings Boot Ranch)2		6.100			11/01/2035		60,905
	100,000	FL HFA (Mar Lago Village Apartments)2		5.900			12/01/2027		100,079
	115,000	FL HFA (Reserve at Kanapaha)2		5.700			07/01/2037		108,779
	20,000	FL HFA (Spinnaker Cove Apartments)2		6.500			07/01/2036		20,004
	1,345,000	FL HFA (St. Cloud Village Associates)		8.000			02/15/2030		1,162,914
	75,000	FL HFA (Stoddert Arms Apartments)2		6.250			09/01/2026		75,013
	15,000	FL HFA (Turtle Creek Apartments)2		6.200			05/01/2036		14,999
	15,000	FL HFA (Wentworth Apartments)2		5.450			10/01/2037		13,677
	50,000	FL HFA (Willow Lake Apartments)2		5.250			01/01/2021		48,928
	100,000	FL HFA (Willow Lake Apartments)2		5.350			07/01/2027		94,538
	55,000	FL HFC (Ashton Point Apartments)2		5.625			07/01/2029		53,257

F12 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	100,000	FL HFC (Ashton Point Apartments)2		5.750	%		07/01/2036	$	96,105
	85,000	FL HFC (Brittany of Rosemont)2		6.250			07/01/2035		85,001
	20,000	FL HFC (East Lake Apartments)2		5.050			10/01/2026		18,286
	45,000	FL HFC (Grande Pointe Apartments)2		6.000			07/01/2038		44,627
	70,000	FL HFC (Hampton Court Apartments)2		5.600			03/01/2032		65,899
	23,190,000	FL HFC (Homeowner Mtg.)1		5.150			07/01/2037		20,279,954
	9,680,000	FL HFC (Homeowner Mtg.)1		5.150			07/01/2038		8,439,702
	75,000	FL HFC (Homeowner Mtg.)2		5.150			07/01/2021		75,725
	135,000	FL HFC (Homeowner Mtg.)		5.573	4		01/01/2029		43,925
	15,000	FL HFC (Homeowner Mtg.)2		6.250			07/01/2022		15,677
	145,000	FL HFC (Logan Heights Apartments)		6.000			10/01/2039		152,575
	25,000	FL HFC (Marina Bay Apartments)2		5.625			08/01/2027		24,557
	25,000	FL HFC (Mystic Pointe II)2		6.100			12/01/2035		25,057
	45,000	FL HFC (Mystic Woods II Apartments)2		6.300			07/01/2036		45,002
	25,000	FL HFC (Raceway Pointe Apartments)2		5.950			09/01/2032		24,715
	10,000	FL HFC (River Trace Senior Apartments)		5.800			01/01/2041		9,619
	25,000	FL HFC (Sable Chase Associates)2		5.875			11/01/2036		24,442
	10,000	FL HFC (Sanctuary Winterlakes)2		5.850			09/01/2026		10,002
	20,000	FL HFC (Sheridan Place of Bredenton)2		5.500			10/01/2036		18,545
	50,000	FL HFC (Spring Harbor Apartments)2		5.500			08/01/2019		50,258
	95,000	FL HFC (Spring Harbor Apartments)		5.900			08/01/2039		91,475
	55,000	FL HFC (Stonebridge Landings Apartments)2		5.200			08/01/2031		49,613
	10,000	FL HFC (Sundance Pointe Associates)2		5.850			02/01/2037		9,730
	10,000	FL HFC (Villas De Mallorca)2		5.750			07/01/2027		9,909
	30,000	FL HFC (Walker Avenue Club)2		5.750			12/01/2030		29,333
	5,115,000	FL HFC (Westchase Apartments)		6.610			07/01/2038		4,635,418
	75,000	FL HFC (Woods Vero Beach)		5.900			10/01/2039		72,709
	1,500,000	Flora Ridge, FL Educational Facilities Benefit District		5.300			05/01/2037		1,177,530
	5,900,000	Fontainbleau Lakes, FL Community Devel. District		6.000			05/01/2015		5,409,297
	4,000,000	Fontainbleau Lakes, FL Community Devel. District		6.000			05/01/2038		3,239,000
	11,030,000	Forest Creek, FL Community Devel. District		5.450			05/01/2036		8,296,987
	18,340,000	Glades, FL Correctional Devel. Corp. (Glades County Detention)		7.375			03/01/2030		17,324,881
	10,000,000	Grand Bay at Doral, FL Community Devel. District		6.000			05/01/2017		8,765,600
	8,735,000	Grand Bay at Doral, FL Community Devel. District		6.000			05/01/2039		6,725,688
	12,370,000	Greater Lakes/Sawgrass Bay, FL Community Devel. District		5.500			05/01/2038		9,492,120
	7,505,000	Greater Orlando, FL Aviation Authority (JetBlue Airways Corp.)		6.375			11/15/2026		5,398,497
	14,965,000	Greater Orlando, FL Aviation Authority (JetBlue Airways Corp.)		6.500			11/15/2036		10,285,295

F13 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	150,000	Gulf Breeze, FL GO		5.900	%		12/01/2015	$	151,112
	5,940,000	Hammocks, FL Community Devel. District Special Assessment		5.500			05/01/2037		4,616,212
	8,900,000	Harrison Ranch, FL Community Devel. District		5.300			05/01/2038		6,634,505
	1,125,000	Hawks Point, FL Community Devel. District		5.300			05/01/2039		815,164
	15,675,000	Heritage Bay, FL Community Devel. District		5.500			05/01/2036		12,101,727
	15,250,000	Heritage Harbour North, FL Community Devel. District		6.375			05/01/2038		13,452,788
	1,910,000	Heritage Plantation, FL Community Devel. District		5.100			11/01/2013		1,725,742
	3,530,000	Heritage Plantation, FL Community Devel. District		5.400			05/01/2037		2,616,083
	12,000,000	Hialeah Gardens, FL Health Facilities Authority (Catholic Health Services)1		5.250			08/15/2031		11,964,360
	945,000	Highland Meadows, FL Community Devel. District Special Assessment, Series A6		5.500			05/01/2036		634,624
	4,065,000	Highlands, FL Community Devel. District		5.550			05/01/2036		3,142,652
	2,000,000	Hillsborough County, FL IDA (National Gypsum Company)		7.125			04/01/2030		1,898,520
	9,250,000	Hillsborough County, FL IDA (Senior Care Group)		6.700			07/01/2021		8,946,600
	6,035,000	Hillsborough County, FL IDA (Senior Care Group)		6.750			07/01/2029		5,834,819
	11,465,000	Indigo, FL Community Devel. District		5.750			05/01/2036		8,922,063
	8,765,000	Island at Doral III, FL Community Devel. District Special Assessment		5.900			05/01/2035		6,477,335
	3,000,000	Jacksonville, FL EDC (Met Packaging Solutions)		5.500			10/01/2030		2,736,750
	18,000,000	Jacksonville, FL Health Facilities Authority (Ascension Health Credit Group)1		5.250			11/15/2032		18,023,220
	715,000	Jacksonville, FL Water and Sewage (United Waterworks)2		6.350			08/01/2025		715,358
	1,405,000	K-Bar Ranch, FL Community Devel. District Special Assessment		5.450			05/01/2036		1,079,195
	1,180,000	Keys Cove, FL Community Devel. District		5.875			05/01/2035		1,136,800
	3,400,000	Lake Ashton II, FL Community Devel. District		5.375			05/01/2036		2,630,546
	925,000	Lake Frances, FL Community Devel. District Special Assessment		5.300			05/01/2037		652,874
	2,000,000	Lakeside Landings, FL Devel. District		5.250			05/01/2013		1,818,600
	750,000	Lakeside Landings, FL Devel. District		5.500			05/01/2038		553,815
	14,500,000	Landmark at Doral, FL Community Devel. District Special Assessment		5.200			05/01/2015		12,074,875
	8,000,000	Landmark at Doral, FL Community Devel. District Special Assessment		5.500			05/01/2038		5,329,280
	100,000	Largo, FL Sun Coast Health System (Sun Coast Hospital)2		6.200			03/01/2013		69,806
	70,000	Lee County, FL HFA (Single Family Mtg.)2		7.200			03/01/2033		71,356
	1,200,000	Legends Bay, FL Community Devel. District		5.500			05/01/2014		1,100,148
	1,500,000	Legends Bay, FL Community Devel. District		5.875			05/01/2038		1,198,545

F14 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	100,000	Leon County, FL Educational Facilities Authority (Southgate Residence Hall)		6.750	%		09/01/2028	$	100,370
	1,415,000	Liberty County, FL Revenue (Twin Oaks)		8.250			07/01/2028		1,399,180
	7,955,000	Madeira, FL Community Devel. District		5.250			11/01/2014		7,003,105
	8,045,000	Madeira, FL Community Devel. District		5.450			05/01/2039		5,789,906
	1,620,000	Madison County, FL Mtg. (Twin Oaks)		6.000			07/01/2025		1,484,098
	5,000,000	Magnolia Creek, FL Community Devel. District		5.600			05/01/2014		4,574,150
	5,360,000	Magnolia Creek, FL Community Devel. District		5.900			05/01/2039		4,262,862
	2,900,000	Magnolia West, FL Community Devel. District Special Assessment		5.350			05/01/2037		2,167,054
	3,000,000	Main Street, FL Community Devel. District		6.800			05/01/2038		2,816,700
	14,220,000	Martin County, FL IDA (Indiantown Cogeneration)2		7.875			12/15/2025		14,246,734
	760,000	Martin County, FL IDA (Indiantown Cogeneration)2		8.050			12/15/2025		761,543
	4,830,000	Meadow Woods, FL Community Devel. District Special Assessment		6.050			05/01/2035		4,062,127
	985,000	Mediterranea, FL Community Devel. District Special Assessment6		5.600			05/01/2037		631,316
	1,025,000	Miami Beach, FL Health Facilities Authority (Mt. Sinai Medical Center)2		6.700			11/15/2019		1,043,112
	540,000	Miami Beach, FL Health Facilities Authority (Mt. Sinai Medical Center)2		6.800			11/15/2031		540,459
	80,000	Miami-Dade County, FL Aviation2		5.000			10/01/2023		75,366
	26,300,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.250			10/01/2041		25,146,351
	7,380,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.500			10/01/2026		7,402,214
	2,600,000	Miami-Dade County, FL Aviation (Miami International Airport)1		5.500			10/01/2027		2,609,841
	30,000	Miami-Dade County, FL Aviation (Miami International Airport)2		5.000			10/01/2033		26,588
	2,030,000	Mira Lago West, FL Community Devel. District		5.375			05/01/2036		1,616,956
	11,760,000	Miromar Lakes, FL Community Devel. District		6.875			05/01/2035		10,732,882
	9,895,000	Miromar Lakes, FL Community Devel. District		7.375			05/01/2032		9,607,946
	18,375,000	Montecito, FL Community Devel. District		5.100			05/01/2013		16,572,964
	5,615,000	Montecito, FL Community Devel. District		5.500			05/01/2037		4,099,680
	3,915,000	Monterra, FL Community Devel. District Special Assessment6		5.000			11/01/2010		2,851,647
	1,875,000	Monterra, FL Community Devel. District Special Assessment6		5.125			11/01/2014		1,356,113
	5,130,000	Monterra, FL Community Devel. District Special Assessment6		5.500			05/01/2036		3,691,343
	690,000	Moody River, FL Estates Community Devel. District		5.350			05/01/2036		525,849

F15 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	16,950,000	Myrtle Creek, FL Improvement District Special Assessment		5.200	%		05/01/2037	$	12,553,340
	11,150,000	Nassau County, FL (Nassau Care Centers)		6.900			01/01/2038		11,154,014
	25,000	Nassau County, FL Pollution Control (ITT Rayonier)2		6.200			07/01/2015		25,016
	1,735,000	Naturewalk, FL Community Devel. District		5.300			05/01/2016		1,521,387
	5,500,000	Naturewalk, FL Community Devel. District		5.500			05/01/2038		4,162,840
	1,555,000	New Port Tampa Bay, FL Community Devel. District		5.300			11/01/2012		1,012,943
	24,700,000	New Port Tampa Bay, FL Community Devel. District		5.875			05/01/2038		15,962,622
	3,480,000	New River, FL Community Devel. District		5.000			05/01/2013		3,150,827
	365,000	New River, FL Community Devel. District		5.350			05/01/2038		266,479
	2,470,000	North Springs, FL Improvement District (Heron Bay North Assessment)		5.200			05/01/2027		1,822,613
	15,515,000	North Springs, FL Improvement District (Parkland Golf-Country Club)		5.450			05/01/2026		12,059,034
	750,000	Northern Palm Beach, FL Improvement District		5.350			08/01/2041		544,478
	1,395,000	Oak Creek, FL Community Devel. District Special Assessment		5.800			05/01/2035		1,227,851
	2,750,000	Oakmont Grove, FL Community Devel. District Special Assessment		5.250			05/01/2012		2,512,483
	1,595,000	Oakmont Grove, FL Community Devel. District Special Assessment		5.400			05/01/2038		1,111,205
	3,585,000	Old Palm, FL Community Devel. District (Palm Beach Gardens)		5.375			05/01/2014		3,303,900
	1,535,000	Orange County, FL Health Facilities Authority (GF Orlando/CFGH Obligated Group)		8.875			07/01/2021		1,638,352
	3,200,000	Orange County, FL Health Facilities Authority (GF Orlando/CFGH Obligated Group)		9.000			07/01/2031		3,386,560
	750,000	Orange County, FL Health Facilities Authority (Orlando Lutheran Tower)		5.500			07/01/2032		627,435
	1,125,000	Orange County, FL Health Facilities Authority (Orlando Lutheran Tower)		5.500			07/01/2038		920,014
	6,020,000	Orange County, FL HFA (Dunwoodie Apartments)		6.500			07/01/2035		5,758,612
	10,000	Orange County, FL HFA (Homeowner)2		5.200			09/01/2023		9,606
	25,000	Orange County, FL HFA (Homeowner)2		5.250			09/01/2026		23,632
	170,000	Orange County, FL HFA (Homeowner)		5.420	4		03/01/2028		49,132
	15,000	Orange County, FL HFA (Homeowner)2		5.550			09/01/2033		15,147
	5,000	Orange County, FL HFA (Park Avenue Villas)2		5.250			09/01/2031		4,540
	1,755,000	Orange County, FL HFA (Seminole Pointe)		5.800			06/01/2032		1,646,278
	100,000	Osceola County, FL HFA (Kensington Apartments)		5.450			01/01/2040		91,081
	3,750,000	Palm Bay, FL Educational Facilities (Patriot Charter School)		7.000			07/01/2036		3,609,938
	55,000	Palm Beach County, FL HFA (Golden Lake Hsg. Assoc.)2		6.100			08/01/2029		55,003

F16 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	120,000	Palm Beach County, FL HFA (Pinnacle Palms Apartments)		5.750	%		07/01/2041	$	114,551
	14,190,000	Palm Coast Park, FL Community Devel. District Special Assessment		5.700			05/01/2037		11,254,940
	2,705,000	Palm Glades, FL Community Devel. District		5.300			05/01/2036		2,076,656
	6,065,000	Palm Glades, FL Community Devel. District Special Assessment		7.125			05/01/2039		5,648,759
	1,850,000	Palm River, FL Community Devel. District		5.150			05/01/2013		1,697,727
	1,000,000	Palm River, FL Community Devel. District		5.375			05/01/2036		759,350
	1,500,000	Parker Road, FL Community Devel. District		5.350			05/01/2015		1,334,700
	1,500,000	Parker Road, FL Community Devel. District		5.600			05/01/2038		1,143,030
	1,500,000	Parkway Center, FL Community Devel. District, Series A		6.300			05/01/2034		1,283,025
	2,825,000	Paseo, FL Community Devel. District		5.000			02/01/2011		2,671,885
	6,640,000	Pine Ridge Plantation, FL Community Devel. District		5.400			05/01/2037		4,884,716
	4,625,000	Pinellas County, FL Health Facility Authority (St. Mark Village)		5.650			05/01/2037		3,728,444
	35,000	Pinellas County, FL HFA (Single Family Hsg.)		5.200			03/01/2037		29,520
	475,000	Pinellas County, FL HFA (Single Family Hsg.)		5.250			03/01/2038		396,853
	155,000	Pinellas County, FL HFA (Single Family Hsg.)		5.503	4		03/01/2031		35,844
	1,315,000	Poinciana West, FL Community Devel. District Special Assessment		6.000			05/01/2037		1,118,052
	2,100,000	Port St. Lucie, FL Special Assessment (Peacock & Lowry)		5.350			07/01/2027		1,771,581
	6,150,000	Portico, FL Community Devel. District		5.450			05/01/2037		4,744,110
	1,500,000	Portofino Cove, FL Community Devel. District Special Assessment		5.500			05/01/2038		1,165,620
	2,910,000	Portofino Isles, FL Community Devel. District (Portofino Court)		5.600			05/01/2036		2,286,154
	1,000,000	Portofino Landings, FL Community Devel. District Special Assessment		5.200			05/01/2017		868,460
	2,000,000	Portofino Landings, FL Community Devel. District Special Assessment		5.400			05/01/2038		1,518,560
	915,000	Portofino Springs, FL Community Devel. District Special Assessment		5.500			05/01/2038		711,028
	2,510,000	Portofino Vista, FL Community Devel. District		5.000			05/01/2013		2,303,628
	4,170,000	Quarry, FL Community Devel. District		5.250			05/01/2036		3,236,420
	9,000,000	Quarry, FL Community Devel. District		5.500			05/01/2036		7,078,770
	490,000	Renaissance Commons, FL Community Devel. District, Series A		5.600			05/01/2036		399,590
	6,400,000	Reunion East, FL Community Devel. District		5.800			05/01/2036		5,234,816
	10,000,000	Reunion East, FL Community Devel. District, Series A		7.375			05/01/2033		10,271,300
	22,640,000	Reunion West, FL Community Devel. District		6.250			05/01/2036		19,340,899
	2,250,000	Ridgewood Trails, FL Community Devel. District		5.650			05/01/2038		1,738,373

F17 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	9,535,000	River Bend, FL Community Devel. District		5.450	%		05/01/2035	$	7,570,409
	6,600,000	River Bend, FL Community Devel. District		7.125			11/01/2015		6,580,530
	7,890,000	River Glen, FL Community Devel. District Special Assessment		5.450			05/01/2038		5,895,960
	3,495,000	Riverwood Estates, FL Community Devel. District Special Assessment6		5.350			05/01/2037		2,162,147
	2,575,000	Rolling Hills, FL Community Devel. District		5.125			11/01/2013		2,322,084
	1,970,000	Rolling Hills, FL Community Devel. District		5.450			05/01/2037		1,476,811
	200,000	Santa Rosa Bay, FL Bridge Authority2		6.250			07/01/2028		173,104
	23,200,000	Sarasota, FL National Community Devel. District Special Assessment		5.300			05/01/2039		16,810,488
	4,475,000	Seminole County, FL IDA (Progressive Health)		7.500			03/01/2035		4,478,759
	6,855,000	Shingle Creek, FL Community Devel. District		6.100			05/01/2025		6,185,541
	25,085,000	Shingle Creek, FL Community Devel. District		6.125			05/01/2037		21,704,796
	1,055,000	Six Mile Creek, FL Community Devel. District		5.500			05/01/2017		892,024
	8,625,000	Six Mile Creek, FL Community Devel. District		5.875			05/01/2038		6,420,881
	6,900,000	South Bay, FL Community Devel. District		5.125			11/01/2009		4,734,849
	12,035,000	South Bay, FL Community Devel. District6		5.375			05/01/2013		7,953,089
	16,775,000	South Bay, FL Community Devel. District		5.950			05/01/2036		10,849,902
	11,585,000	South Fork East, FL Community Devel. District		5.350			05/01/2036		9,099,554
	1,825,000	South Fork East, FL Community Devel. District		6.500			05/01/2038		1,657,611
	8,190,000	South Fork East, FL Community Devel. District		7.000			11/01/2015		7,956,176
	100,000	South Lake County, FL Hospital District (Orlando Regional Healthcare System)2		6.000			10/01/2022		101,652
	3,100,000	St. Johns County, FL IDA (Glenmoor Health Care)		5.375			01/01/2040		2,418,062
	565,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)		5.200			10/01/2027		468,114
	1,000,000	St. Johns County, FL IDA (St. John’s County Welfare Federation)		5.250			10/01/2041		768,680
	1,970,000	Stonebrier, FL Community Devel. District		5.500			05/01/2037		1,516,132
	3,165,000	Stoneybrook, FL South Community Devel. District		5.800			05/01/2039		2,548,711
	1,515,000	Summerville, FL Community Devel. District		5.500			05/01/2036		1,107,495
	6,000,000	Sweetwater Creek, FL Community Devel. District		5.500			05/01/2038		4,366,200
	9,460,000	Tern Bay, FL Community Devel. District6		5.000			05/01/2015		5,711,948
	19,075,000	Tern Bay, FL Community Devel. District6		5.375			05/01/2037		11,311,857
	33,650,000	Tolomato, FL Community Devel. District Special Assessment		6.650			05/01/2040		33,491,172
	2,925,000	Town Center, FL at Palm Coast Community Devel. District		6.000			05/01/2036		2,458,346
	5,000,000	Treeline, FL Preservation Community Devel. District		6.800			05/01/2039		4,507,000

F18 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	745,000	Turnbull Creek, FL Community Devel. District Special Assessment		5.250	%		05/01/2037	$	547,977
	1,415,000	Two Creeks, FL Community Devel. District		5.250			05/01/2037		1,020,286
	2,250,000	University Square, FL Community Devel. District		5.875			05/01/2038		1,956,105
	10,750,000	Verandah East, FL Community Devel. District		5.400			05/01/2037		8,322,650
	7,920,000	Verano Center, FL Community Devel. District		5.375			05/01/2037		5,785,798
	2,500,000	Villa Portofino East, FL Community Devel. District		5.200			05/01/2037		1,794,875
	1,760,000	Villa Portofino West, FL Community Devel. District		5.350			05/01/2036		1,348,019
	1,265,000	Villa Vizcaya, FL Community Devel. District Special Assessment		5.550			05/01/2039		953,873
	2,000,000	Villages of Westport, FL Community Devel. District		5.700			05/01/2035		1,576,220
	2,815,000	Villagewalk of Bonita Springs, FL Community Devel. District		5.150			05/01/2038		2,093,234
	20,000	Volusia County, FL Educational Facility Authority (Embry-Riddle Aeronautical University)		5.750			10/15/2029		19,650
	1,395,000	Waterford Estates, FL Community Devel. District Special Assessment		5.125			05/01/2013		1,222,090
	3,350,000	Waterford Estates, FL Community Devel. District Special Assessment		5.500			05/01/2037		2,227,616
	3,735,000	Watergrass, FL Community Devel. District Special Assessment		5.125			11/01/2014		3,368,260
	2,370,000	Watergrass, FL Community Devel. District Special Assessment		5.375			05/01/2039		1,794,019
	3,275,000	Waterlefe, FL Community Devel. District Golf Course		8.125			10/01/2025		3,003,044
	7,065,000	Waters Edge, FL Community Devel. District		5.350			05/01/2039		5,040,383
	3,025,000	Waters Edge, FL Community Devel. District		5.400			05/01/2039		2,162,300
	5,800,000	Waterstone, FL Community Devel. District		5.500			05/01/2018		5,070,824
	6,360,000	Wentworth Estates, FL Community Devel. District		5.125			11/01/2012		5,733,476
	28,210,000	Wentworth Estates, FL Community Devel. District		5.625			05/01/2037		20,261,833
	3,505,000	West Villages, FL Improvement District		5.350			05/01/2015		3,103,397
	10,330,000	West Villages, FL Improvement District		5.500			05/01/2037		7,578,811
	11,395,000	West Villages, FL Improvement District		5.500			05/01/2038		8,332,480
	18,550,000	West Villages, FL Improvement District		5.800			05/01/2036		14,283,500
	15,040,000	Westridge, FL Community Devel. District		5.800			05/01/2037		11,657,805
	17,510,000	Westside, FL Community Devel District		7.200			05/01/2038		16,616,815
	11,370,000	Westside, FL Community Devel. District		5.650			05/01/2037		8,841,539
	1,480,000	Winter Garden Village at Fowler Groves, FL Community Devel. District Special Tax		5.650			05/01/2037		1,377,791
	2,085,000	World Commerce, FL Community Devel. District Special Assessment		5.500			05/01/2038		1,634,661
	1,000,000	World Commerce, FL Community Devel. District Special Assessment		6.500			05/01/2036		910,190

F19 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Florida Continued
$	7,420,000	Wyld Palms, FL Community Devel. District		5.400	%		05/01/2015	$	6,585,547
	4,400,000	Wyld Palms, FL Community Devel. District		5.500			05/01/2038		3,281,124
	2,270,000	Zephyr Ridge, FL Community Devel. District6		5.250			05/01/2013		1,496,452
	2,665,000	Zephyr Ridge, FL Community Devel. District6		5.625			05/01/2037		1,713,702
									1,286,896,583
Georgia—2.0%
	60,000	Acworth, GA Hsg. Authority (Wingate Falls Apartments)2		6.200			03/01/2027		60,156
	25,000	Acworth, GA Hsg. Authority (Wingate Falls Apartments)2		6.200			03/01/2029		25,035
	55,000	Americus-Sumter County, GA Hospital Authority (South Georgia Methodist Home for the Aging)		6.250			05/15/2016		54,493
	3,000,000	Atlanta, GA Devel. Authority Student Hsg. (ADA/CAU Partners)		6.250			07/01/2036		2,618,580
	160,000	Atlanta, GA Hsg. Authority (Village at Castleberry)		5.400			02/20/2039		146,206
	1,500,000	Atlanta, GA Tax Allocation (Eastside)		5.600			01/01/2030		1,333,440
	140,000	Atlanta, GA Urban Residential Finance Authority (Spring Branch Apartments)		8.500			04/01/2026		115,129
	200,000	Brunswick & Glynn County, GA Devel. Authority (Georgia-Pacific Corp.)2		5.550			03/01/2026		160,984
	320,000	Charlton County, GA Solid Waste Management Authority (Chesser Island Road Landfill)		7.375			04/01/2018		319,952
	40,000	Cherokee County, GA Hospital Authority (RT Jones Memorial Hospital)2		7.300			12/01/2013		43,834
	50,000	Crisp County, GA Devel. Authority (International Paper Company)2		6.200			02/01/2020		49,223
	4,000,000	De Kalb County, GA Devel. Authority (General Motors Corp.)2		6.000			03/15/2021		2,851,680
	1,680,000	Effingham County, GA Devel. Authority (Fort James Corp.)2		5.625			07/01/2018		1,488,614
	95,000	Effingham County, GA IDA Pollution Control (Georgia-Pacific Corp.)2		6.500			06/01/2031		89,871
	125,000	Fulton County, GA Airport (Delta Airlines)6,8,10		5.300			05/01/2013		1,125
	250,000	Fulton County, GA Airport (Delta Airlines)6,8,10		5.450			05/01/2023		2,250
	25,000	Fulton County, GA Airport (Delta Airlines)6,8,10		5.500			05/01/2033		225
	80,000	Fulton County, GA Airport (Delta Airlines)6,8,10		6.950			11/01/2012		720
	19,595,000	Fulton County, GA Devel. Authority (Catholic Health East/Mercy Medical/McCauley Center Obligated Group)10		2.603	5		11/15/2028		15,749,481
	615,000	Fulton County, GA Devel. Authority (Catholic Health East/Mercy Medical/Mccauley Center Obligated Group)10		2.632	5		11/15/2028		494,306
	19,915,000	Fulton County, GA Devel. Authority (Catholic Health East/Mercy Medical/McCauley Center Obligated Group)1		2.603	5		11/15/2028		16,006,649

F20 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Georgia Continued
$	4,000,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)		5.000	%		07/01/2027	$	3,278,440
	1,000,000	Fulton County, GA Residential Care Facilities (Lenbrook Square Foundation)		5.125			07/01/2042		766,360
	20,000	GA Hsg. & Finance Authority (Single Family Mtg.)2		5.400			12/01/2031		20,202
	10,000,000	GA Main Street Natural Gas2		6.250			07/15/2033		9,066,200
	30,000,000	Irwin County, GA COP		8.000			08/01/2037		29,171,700
	100,000	McDuffie County, GA County Devel. Authority (Temple-Inland)2		6.950			12/01/2023		97,733
	49,820,000	Milledgeville-Baldwin County, GA Devel. Authority (Georgia College & State University Foundation)1		2.520	5		10/01/2033		36,493,122
	10,000	Peach County, GA Devel. Authority Healthcare Facility		8.500			03/01/2034		10,023
	7,000,000	Richmond County, GA Devel. Authority (International Paper Company)2		5.000			08/01/2030		5,385,310
	1,000,000	Rockdale County, GA Devel. Authority (Visy Paper)		6.125			01/01/2034		960,180
	430,000	Savannah, GA EDA (Skidway Health & Living Services)		6.850			01/01/2019		427,287
	1,055,000	Savannah, GA EDA (Skidway Health & Living Services)		7.400			01/01/2024		1,094,098
	2,985,000	Savannah, GA EDA (Skidway Health & Living Services)		7.400			01/01/2034		3,072,878
	70,000	Savannah, GA EDA (Snap Hsg.)		5.350			11/20/2040		63,167
									131,518,653
Hawaii—0.3%
	200,000	HI Airports System2		6.000			07/01/2019		202,516
	10,600,000	HI Dept. of Budget & Finance Special Purpose (Kahala Nui)		8.000			11/15/2033		11,394,894
	2,700,000	HI Dept. of Budget & Finance Special Purpose (Kahala Senior Living Community)		7.875			11/15/2023		2,923,722
	375,000	HI Dept. of Transportation (Continental Airlines)2		5.625			11/15/2027		248,359
	7,860,000	HI Dept. of Transportation (Continental Airlines)2		7.000			06/01/2020		6,521,206
									21,290,697
Idaho—0.1%
	3,000,000	ID Health Facilities Authority (Valley Vista Care Corp.)		7.875			11/15/2022		3,269,550
	5,000	ID Hsg. & Finance Assoc. (Single Family Mtg.)2		5.350			01/01/2025		4,718
	75,000	ID Hsg. Agency (Single Family Mtg.)2		6.200			07/01/2025		77,209
	205,000	ID Hsg. Agency (Single Family Mtg.)2		6.550			07/01/2025		211,663
	25,000	Power County, ID Industrial Devel. Corp. (FMC Corp.)2		6.450			08/01/2032		24,655
									3,587,795
Illinois—6.7%
	1,700,000	Annawan, IL Tax Increment (Patriot Renewable Fuels)		5.625			01/01/2018		1,559,427
	37,391,000	Aurora, IL Single Family Mtg.1		5.500			12/01/2039		37,357,527
	47,500,000	Aurora, IL Single Family Mtg.1		6.300			12/01/2045		48,289,925

F21 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Illinois Continued
$	402,257	Aurora, IL Single Family Mtg.		5.500	%		12/01/2039	$	401,899
	1,750,000	Belleville, IL Tax Increment (Frank Scott Parkway Redevel.)		5.700			05/01/2036		1,482,128
	4,255,000	Bolingbrook, IL Will and Du Page Counties Wastewater Facilities (Crossroads Treatment)		6.600			01/01/2035		3,716,913
	30,975,000	Caseyville, IL Tax (Forest Lakes)		7.000			12/30/2022		25,181,436
	8,000,000	Centerpoint, IL Intermodal Center Program		8.000			06/15/2023		7,335,760
	11,560,000	Chicago, IL (Single Family Mtg.)1		5.500			06/01/2038		11,213,316
	20,000	Chicago, IL (Single Family Mtg.)2		6.350			10/01/2030		20,646
	55,000	Chicago, IL Midway Airport2		5.750			01/01/2017		55,181
	35,000	Chicago, IL Midway Airport, Series B2		5.625			01/01/2029		34,935
	40,000	Chicago, IL Multifamily Hsg. (Cottage View Terrace)		6.125			02/20/2042		39,744
	50,000	Chicago, IL Multifamily Hsg. (Indiana Manor Townhomes)		5.100			03/20/2044		42,446
	8,000,000	Chicago, IL O’Hare International Airport1		5.000			01/01/2034		7,183,600
	16,845,000	Chicago, IL O’Hare International Airport (Delta Airlines)		6.450			05/01/2018		12,576,477
	90,000	Cook County, IL Multifamily Hsg. (Morton Grove Senior Hsg.)2		5.650			09/20/2033		86,381
	5,300,000	Cortland, IL Special Tax (Sheaffer System)		5.500			03/01/2017		4,968,750
	1,500,000	Deerfield, IL Educational Facilities (Chicagoland Jewish High School)		6.000			05/01/2041		1,405,365
	1,000,000	Du Page County, IL Special Service Area No. 31 Special Tax (Monarch Landing)		5.625			03/01/2036		843,060
	3,750,000	Gilberts, IL Special Service Area No. 19 Special Tax (Conservancy)		5.375			03/01/2016		2,815,838
	1,375,000	Godfrey, IL (United Methodist Village)10		5.875			11/15/2029		1,019,975
	1,725,000	Hampshire, IL Special Service Area No. 16 (Crown Devel.-Prairie Ridge)		5.625			03/01/2022		1,510,203
	3,135,000	Hampshire, IL Special Service Area No. 16 (Crown Devel.-Prairie Ridge)		6.000			03/01/2046		2,578,632
	1,160,000	Hampshire, IL Special Service Area No. 17 (Crown Devel.-Oakstead)		5.625			03/01/2022		1,015,557
	7,450,000	Hampshire, IL Special Service Area No. 17 (Crown Devel.-Oakstead)		6.000			03/01/2045		6,134,777
	1,215,000	Hampshire, IL Special Service Area No. 18 (Crown Devel.-Tamms Farm)		6.000			03/01/2044		1,001,719
	4,270,000	Hampshire, IL Special Service Area No. 19 (Crown Devel.-Prairie Ridge East)		6.000			03/01/2046		3,512,203
	100,000	IL COP (Dept. of Central Management Services)2		5.650			07/01/2017		101,241
	24,864	IL Devel. Finance Authority (Community Rehabilitation Providers)		8.250			08/01/2012		19,744
	23,540,000	IL Devel. Finance Authority Environmental Facilities (Citgo Petroleum Corp.)2		8.000			06/01/2032		24,827,873

F22 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Illinois Continued
$	115,000	IL Devel. Finance Authority Solid Waste (WSREC)		8.250	%		04/01/2023	$	116,362
	11,600,000	IL Educational Facilities Authority (Plum Creek Rolling Meadows)		6.500			12/01/2037		10,540,572
	3,195,000	IL Finance Authority (Bethel Terrace Apartments)		5.375			09/01/2035		2,748,659
	1,200,000	IL Finance Authority (Central Baptist Village)		5.375			11/15/2039		960,000
	4,250,000	IL Finance Authority (Clare Oaks)		6.000			11/15/2039		3,724,913
	1,000,000	IL Finance Authority (DeKalb Supportive Living)		6.100			12/01/2041		855,480
	2,250,000	IL Finance Authority (Franciscan Communities)		5.500			05/15/2027		1,964,678
	2,750,000	IL Finance Authority (Franciscan Communities)		5.500			05/15/2037		2,281,208
	2,000,000	IL Finance Authority (Friendship Village Schaumburg)		5.375			02/15/2025		1,648,160
	2,000,000	IL Finance Authority (Friendship Village Schaumburg)		5.625			02/15/2037		1,582,460
	30,000,000	IL Finance Authority (Illinois River Energy)		8.500			07/01/2019		26,214,000
	850,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2026		784,457
	1,500,000	IL Finance Authority (Luther Oaks)		6.000			08/15/2039		1,323,795
	3,265,000	IL Finance Authority (Lutheran Social Services of Illinois/Vesper Management Corp. Obligated Group)		5.000			08/15/2024		2,664,599
	3,640,000	IL Finance Authority (Lutheran Social Services of Illinois/Vesper Management Corp. Obligated Group)		5.125			08/15/2028		2,915,458
	30,000,000	IL Finance Authority (Monarch Landing)		7.000			12/01/2042		28,922,700
	1,250,000	IL Finance Authority (Montgomery Place)		5.500			05/15/2026		1,072,688
	2,250,000	IL Finance Authority (Montgomery Place)		5.750			05/15/2038		1,893,578
	7,000,000	IL Finance Authority (Sedgebrook)		6.000			11/15/2042		6,146,490
	3,500,000	IL Finance Authority (Three Crowns Park Plaza)		5.875			02/15/2038		3,089,835
	8,700,000	IL Health Facilities Authority6,10		6.900			11/15/2033		6,595,470
	100,000	IL Health Facilities Authority (Delnor Community Resource Living)		6.000			11/15/2017		97,050
	40,000	IL Health Facilities Authority (Memorial Medical Center/Memorial Health System)2		5.250			10/01/2027		40,212
	1,920,000	IL Hsg. Devel. Authority (Riverwoods Apartments)		5.550			01/01/2048		1,728,211
	7,140,000	Lake County, IL Special Service Area No. 8		7.125			03/01/2037		6,663,762
	13,635,000	Lombard, IL Public Facilities Corp. (Conference Center & Hotel)		7.125			01/01/2036		13,766,441
	3,760,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)		5.750			03/01/2022		3,581,362
	4,000,000	Manhattan, IL Special Service Area Special Tax (Groebe Farm-Stonegate)		6.125			03/01/2040		3,377,840
	1,889,000	Manhattan, IL Special Service Area Special Tax (Lakeside Towns Liberty)		5.750			03/01/2022		1,799,254
	445,000	Peoria, IL Hsg. (Peoria Oak Woods Apartments)		7.750			10/15/2033		430,836
	3,500,000	Plano, IL Special Service Area No. 5		6.000			03/01/2036		3,072,790
	3,750,000	Quad Cities, IL Regional EDA (Heritage Woods Moline)		6.000			12/01/2041		3,161,175

F23 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Illinois Continued
$	6,260,000	Quad Cities, IL Regional EDA (Pheasant Ridge Apartments)		6.375	%		08/01/2040	$	5,301,344
	47,033	Robbins, IL Res Rec (Robbins Res Rec Partners)		5.873	4		10/15/2009		43,110
	668	Robbins, IL Res Rec (Robbins Res Rec Partners)		7.250			10/15/2009		665
	19,208,162	Robbins, IL Res Rec (Robbins Res Rec Partners)		7.250			10/15/2024		19,351,071
	10,000	Rockford, IL Mtg. (Faust Landmark Partnership)2		6.200			01/01/2028		10,064
	2,500,000	Southwestern IL Devel. Authority (Comprehensive Mental Health Center)		6.625			06/01/2037		2,393,700
	1,500,000	Southwestern IL Devel. Authority (Eden Retirement Center)		5.850			12/01/2036		1,314,180
	18,050,000	Southwestern IL Devel. Authority (Local Government Programming)		7.000			10/01/2022		17,065,553
	3,650,000	Southwestern IL Devel. Authority (Village of Sauget)		5.625			11/01/2026		3,229,338
	15,230,000	Southwestern IL Devel. Authority Solid Waste Disposal (Center Ethanol Company)		8.250			12/01/2019		13,139,226
	8,450,000	Upper, IL River Valley Devel. Authority (Living Springs McHenry)		6.100			12/01/2041		7,228,806
	3,025,000	Vernon Hills, IL Tax Increment (Town Center)		6.250			12/30/2026		2,871,270
	3,200,000	Volo Village, IL Special Service Area (Lancaster Falls)		5.750			03/01/2036		2,712,288
	5,600,000	Volo Village, IL Special Service Area (Remington Pointe)		6.450			03/01/2034		5,238,408
	5,175,000	Yorkville, IL United City Special Services Area Special Tax (Bristol Bay)		5.875			03/01/2036		4,637,939
									438,634,135
Indiana—2.1%
	8,080,000	Anderson, IN Multifamily Hsg. (Cross Lakes Apartments)		6.500	3		07/01/2033		6,998,977
	20,210,000	Bluffton, IN Solid Waste Disposal Facility (Bluffton Subordinate Industrial Bio-Energy)		7.500			09/01/2019		16,695,481
	1,475,000	East Chicago, IN Solid Waste Disposal (USG Corp.)2		5.500			09/01/2028		1,208,202
	5,805,000	East Chicago, IN Solid Waste Disposal (USG Corp.)2		6.375			08/01/2029		5,375,952
	25,000	Fort Wayne, IN Pollution Control (General Motors Corp.)2		6.200			10/15/2025		17,168
	75,000	Griffith, IN Economic Devel. (May Department Stores Company)		6.750			03/01/2009		74,933
	25,000	IN Bond Bank (Southwestern Bartholomew Water Corp.)		6.625			06/01/2012		25,035
	1,835,000	IN Health Facility Financing Authority (Methodist Hospitals)2		5.500			09/15/2031		1,605,001
	550,000	IN Pollution Control (General Motors Corp.)2		5.625			04/01/2011		467,665
	9,365,000	Indianapolis, IN Multifamily Hsg. (Covered Bridge)		6.000	3		04/01/2030		7,535,454
	75,000	Jasper County, IN Economic Devel. (Georgia-Pacific Corp.)2		5.600			04/01/2029		59,315
	215,000	Jasper County, IN Economic Devel. (Georgia-Pacific Corp.)2		5.625			12/01/2027		171,852

F24 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Indiana Continued
$	560,000	Jasper County, IN Economic Devel. (Georgia-Pacific Corp.)2		6.700	%		04/01/2029	$	506,458
	30,000	North Manchester, IN (Estelle Peabody Memorial Home)		6.500			07/01/2015		29,907
	17,505,000	North Manchester, IN (Estelle Peabody Memorial Home)		7.250			07/01/2033		17,724,863
	60,000	Petersburg, IN Pollution Control (Indianapolis Power & Light Company)		6.375			11/01/2029		59,923
	6,820,000	Shelbyville, IN Redevel. District Tax Increment (Central Shelbyville Economic)		6.500			07/01/2022		6,481,592
	230,000	St. Joseph County, IN Economic Devel. (Holy Cross Village Notre Dame)		5.550			05/15/2019		211,710
	265,000	St. Joseph County, IN Economic Devel. (Holy Cross Village Notre Dame)		5.700			05/15/2028		231,875
	500,000	St. Joseph County, IN Economic Devel. (Holy Cross Village Notre Dame)		6.000			05/15/2038		436,310
	39,000,000	St. Joseph County, IN Hospital Authority1		2.663	5		08/15/2046		29,250,055
	4,875,000	Vigo County, IN Hospital Authority (Union Hospital)		5.800			09/01/2047		4,166,711
	6,460,000	Vincennes, IN Economic Devel. (Southwest Indiana Regional Youth Village)		6.250			01/01/2024		5,801,661
	25,000,000	Wabash County, IN Economic Devel. (North Manchester Ethanol)		9.250			07/01/2020		24,652,000
	4,500,000	Wabash County, IN Economic Devel. Solid Waste Facility		14.000			07/01/2020		4,301,505
									134,089,605
Iowa—2.3%
	500,000	Cedar Rapids, IA (Cottage Grove Place)		5.875			07/01/2028		424,605
	3,615,000	Cedar Rapids, IA (Cottage Grove Place)		6.000			07/01/2014		3,404,571
	750,000	Coralville, IA Urban Renewal		5.750			06/01/2028		714,585
	750,000	Coralville, IA Urban Renewal		6.000			06/01/2036		718,193
	30,000	Des Moines, IA Aviation System2		5.125			07/01/2028		28,404
	5,475,000	Dickinson County, IA Hsg. (Spirit Lake)		5.875			12/01/2036		4,579,728
	20,000	IA Finance Authority (Allen Memorial Hospital Corp.)2		5.600			02/15/2020		20,016
	480,000	IA Finance Authority (Amity Fellowserve)		5.900			10/01/2016		458,386
	845,000	IA Finance Authority (Amity Fellowserve)		6.000			10/01/2028		740,727
	940,000	IA Finance Authority (Amity Fellowserve)		6.375			10/01/2026		877,998
	2,190,000	IA Finance Authority (Amity Fellowserve)		6.500			10/01/2036		2,021,874
	1,160,000	IA Finance Authority (Boys & Girls Home and Family Services)		5.900			12/01/2028		1,042,121
	900,000	IA Finance Authority Retirement Community (Friendship Haven)		6.125			11/15/2032		836,406
	1,000,000	IA Finance Authority Senior Hsg. (Bethany Manor)		5.550			11/01/2041		811,060
	1,300,000	IA Finance Authority Senior Hsg. (Wedum Walnut Ridge)		5.375			06/01/2025		1,155,804
	36,910,000	IA Tobacco Settlement Authority2		5.375			06/01/2038		28,684,607

F25 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Iowa Continued
$	45,000,000	IA Tobacco Settlement Authority		5.500	%		06/01/2042	$	35,017,200
	190,800,000	IA Tobacco Settlement Authority		6.250	4		06/01/2046		8,515,404
	360,990,000	IA Tobacco Settlement Authority		7.125	4		06/01/2046		12,681,579
	59,992,781	IA Tobacco Settlement Authority (TASC)1		5.625			06/01/2046		47,321,528
									150,054,796
Kansas—0.4%
	85,000	Goddard, KS Industrial Revenue (IFR Systems)		6.250			05/01/2012		85,364
	1,025,000	KS Devel. Finance Authority (Oak Ridge Park Associates)		6.500			02/01/2018		1,027,009
	1,000,000	KS Devel. Finance Authority (Oak Ridge Park Associates)		6.625			08/01/2029		975,680
	55,000	KS Devel. Finance Authority (VS/VSCF/JGCCF Obligated Group)		5.500			11/15/2015		52,562
	950,000	Labette County, KS Hospital Revenue		5.750			09/01/2029		880,574
	1,280,000	Lenexa, KS Multifamily Hsg. (Meadows Apartments)		7.950			10/15/2035		1,284,480
	1,000,000	Manhattan, KS Health Care Facility (Meadowlark Hills Retirement)		5.125			05/15/2042		772,870
	45,000	Mission, KS Multifamily (Lamar Place Apartments)2		5.180			10/01/2023		42,887
	4,500,000	Olathe, KS Tax Increment (Gateway)		5.000			03/01/2026		3,162,915
	2,500,000	Olathe, KS Transportation Devel. District (Gateway)		5.000			12/01/2028		1,709,825
	9,760,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)1		5.500			12/01/2038		9,638,439
	70,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)2		5.900			06/01/2028		70,984
	1,730,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)2		6.450			12/01/2033		1,799,598
	1,005,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)2		6.450			12/01/2033		1,058,215
	170,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)2		7.600			12/01/2031		173,402
	410,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)2		7.600			12/01/2031		418,204
	1,645,000	Wichita, KS Hsg. (Innes Station Apartments)		6.250			03/01/2028		1,611,278
	2,475,000	Wyandotte County/Kansas City, KS Unified Government Industrial Devel. (Crestwood Apartments)		6.950			06/01/2037		2,189,880
	1,400,000	Wyandotte County/Kansas City, KS Unified Government Pollution Control (General Motors)2		6.000			06/01/2025		942,606
									27,896,772
Kentucky—0.4%
	15,000	Elizabethtown, KY Industrial Building (Elizabethtown Medical Rehabilitation)		10.250			12/01/2016		15,292
	28,805,000	Kenton County, KY Airport (Delta Air Lines)6,8,10		8.000			12/01/2015		259,245
	31,750,000	Kenton County, KY Airport (Delta Airlines)6,8,10		8.000			12/01/2015		285,750

F26 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Kentucky Continued
$	27,170,000	Kenton County, KY Airport (Delta Airlines)6,8,10		8.000	%		12/01/2015	$	244,530
	45,560,000	Kenton County, KY Airport (Delta Airlines)6,8,10		8.000			12/01/2015		410,040
	150,000	Kenton County, KY Airport (Delta Airlines)6,8,10		8.000			12/01/2015		1,350
	4,415,000	Kenton County, KY Airport Special Facilities (Mesaba Aviation)		6.625			07/01/2019		4,134,780
	5,000,000	Kenton County, KY Airport Special Facilities (Mesaba Aviation)		6.700			07/01/2029		4,563,450
	2,580,000	Kuttawa, KY (1st Mortgage-GF/Kentucky)		6.750			03/01/2029		2,575,537
	10,000	KY EDFA (Norton)		6.125			10/01/2010		10,274
	2,900,000	Morgantown, KY Solid Waste Disposal (Imco Recycling)		6.000			05/01/2023		2,642,451
	4,600,000	Morgantown, KY Solid Waste Disposal (Imco Recycling)		7.450			05/01/2022		4,599,724
	5,740,000	Morgantown, KY Solid Waste Disposal (Imco Recycling)		7.650			05/01/2016		5,740,918
									25,483,341
Louisiana—2.3%
	175,000	Caddo Parish, LA Industrial Devel. Board (Pennzoil Products Company)2		5.600			12/01/2028		175,137
	5,565,000	Calcasieu Parish, LA Industrial Devel. Board Pollution Control (Gulf States Utilities Company)10		6.750			10/01/2012		5,566,113
	2,600,000	Claiborne Parish, LA Law Enforcement District (Claiborne Correctional Facilities)		6.250			03/01/2019		2,505,646
	2,000,000	Colonial Pinnacle, LA Community Devel. District Special Assessment		7.000			05/01/2037		1,945,260
	1,400,000	Epps, LA COP		8.000			06/01/2018		1,353,534
	2,300,000	Juban Park, LA Community Devel. District Special Assessment		5.150			10/01/2014		2,172,511
	3,750,000	LA CDA (Eunice Student Hsg. Foundation)		7.375			09/01/2033		2,732,775
	65,000	LA HFA (Single Family Mtg.)2		6.300			06/01/2020		65,898
	3,550,000	LA HFA (Spanish Arms)		5.350			03/20/2049		3,132,059
	1,065,000	LA Local Government EF&CD Authority (Cypress Apartments)		8.000			04/20/2028		1,007,000
	480,000	LA Local Government EF&CD Authority (Sharlo Apartments)		8.000			06/20/2028		445,219
	5,000,000	LA Local Government EF&CD Authority (Westlake Chemical Corp.)2		6.750			11/01/2032		4,879,400
	5,350,000	LA Public Facilities Authority (Progressive Healthcare)		6.375			10/01/2028		4,855,607
	110,080,000	LA Tobacco Settlement Financing Corp. (TASC)		5.875			05/15/2039		99,213,918
	9,630,000	LA Tobacco Settlement Financing Corp. (TASC), Series B2		5.500			05/15/2030		8,850,740
	7,500,000	Lakeshore Villages, LA Master Community Devel. District		5.250			07/01/2017		6,711,375
	1,055,000	New Orleans, LA Finance Authority (Single Family Mtg.)		6.372	4		06/01/2032		229,705
	320,000	New Orleans, LA HDC (Southwood Patio)2		7.700			02/01/2022		326,486
	60,000	New Orleans, LA Sewage Service2		5.400			06/01/2017		57,100

F27 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Louisiana Continued
$	3,020,000	St. James Parish, LA Solid Waste (IMC Phosphates Company)		7.700	%		10/01/2022	$	3,031,869
	40,000	Tensas Parish, LA Law Enforcement District COP10		8.000			10/01/2010		39,720
	15,000	West Feliciana Parish, LA Pollution Control (Entergy Gulf States)2		6.600			09/01/2028		15,005
									149,312,077
Maine—0.8%
	56,390,000	ME Finance Authority Solid Waste Recycling Facilities (Great Northern Paper)2		7.750			10/01/2022		34,630,227
	90,000	ME Municipal Bond Bank, Series D2		6.300			11/01/2014		90,312
	3,705,000	ME State Hsg. Authority Mtg., Series F-21		5.150			11/15/2022		3,604,093
	20,000	North Berwick, ME (Hussey Seating Company)		7.000			12/01/2013		20,018
	4,800,000	Rumford, ME Pollution Control (Boise Cascade Corp.)2		6.625			07/01/2020		4,676,496
	6,215,000	Rumford, ME Solid Waste Disposal (Boise Cascade Corp.)2		6.875			10/01/2026		5,959,128
									48,980,274
Maryland—0.4%
	6,810,000	Brunswick, MD Special Obligation (Brunswick Crossing)		5.500			07/01/2036		5,455,695
	8,000,000	MD EDC (Chesapeake Bay)		5.000			12/01/2031		5,969,680
	5,135,000	MD EDC Student Hsg. (Bowie State University)2		6.000			06/01/2023		4,802,098
	400,000	MD EDC Student Hsg. (University of Maryland)2		5.625			10/01/2023		350,584
	8,500,000	MD EDC Student Hsg. (University of Maryland)2		5.750			10/01/2033		7,105,830
	750,000	MD H&HEFA (Edenwald)		5.400			01/01/2031		667,433
	600,000	MD H&HEFA (Edenwald)		5.400			01/01/2037		522,216
	600,000	MD H&HEFA (King Farm Presbyterian Community)		5.300			01/01/2037		475,794
	925,000	MD H&HEFA (Washington Christian Academy)		5.500			07/01/2038		745,707
	2,250,000	Salisbury, MD Special Obligation (Villages at Aydelotte Farm)		5.250			01/01/2037		1,732,050
									27,827,087
Massachusetts—1.2%
	800,000	MA Devel. Finance Agency (Eastern Nazarene College)2		5.625			04/01/2019		768,328
	2,630,000	MA Devel. Finance Agency (Eastern Nazarene College)2		5.625			04/01/2029		2,255,620
	1,800,000	MA Devel. Finance Agency (Linden Ponds)		5.750			11/15/2042		1,532,178
	300,000	MA Devel. Finance Agency (Regis College)2		5.250			10/01/2018		270,834
	1,000,000	MA Devel. Finance Agency (VOA Concord)		5.200			11/01/2041		759,090
	9,990,000	MA H&EFA (Catholic Health East/Mercy Medical/Mcauley Center/Mercy Community Health Obligated Group)1		2.613	5		11/15/2032		7,753,286
	155,000	MA H&EFA (Catholic Health East/Mercy Medical/Mccauley Center/Mercy Community Health Obligated Group)10		2.642	5		11/15/2032		117,800

F28 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Massachusetts Continued
$	75,000	MA H&EFA (Holyoke Hospital)2		6.500	%		07/01/2015	$	73,547
	52,080,000	MA HFA, Series A1		5.250			07/01/2025		49,827,280
	10,500,000	MA HFA, Series A1		5.300			06/01/2049		9,029,843
	8,330,000	MA HFA, Series C1		5.400			12/01/2049		7,404,510
	145,000	MA Industrial Finance Agency (Arbors at Taunton)		5.500			06/20/2040		144,127
									79,936,443
Michigan—2.1%
	3,606,000	Detroit, MI Local Devel. Finance Authority2		6.700			05/01/2021		3,452,925
	2,210,000	Detroit, MI Local Devel. Finance Authority2		6.850			05/01/2021		2,124,672
	35,150,000	Detroit, MI Sewer Disposal System1		2.477	5		07/01/2032		28,115,000
	20,510,000	Detroit, MI Sewer Disposal System10		2.470	5		07/01/2032		16,408,000
	770,000	East Lansing, MI Economic Corp. (Burcham Hills)		5.250			07/01/2037		621,051
	1,700,000	Kalamazoo, MI EDC (Heritage Community)		5.500			05/15/2036		1,386,707
	2,625,000	Kent, MI Hospital Finance Authority		6.250			07/01/2040		2,533,545
	65,000	MI Hospital Finance Authority (Detroit Medical Center)2		6.500			08/15/2018		65,014
	7,500,000	MI Hsg. Devel. Authority, Series A1		5.200			06/01/2039		6,641,925
	900,000	MI Public Educational Facilities Authority (American Montessori)		6.500			12/01/2037		833,139
	450,000	MI Public Educational Facilities Authority (Black River School)		5.800			09/01/2030		411,593
	1,500,000	MI Public Educational Facilities Authority (Old Redford Academy)2		6.000			12/01/2035		1,394,625
	360,000	MI Strategic Fund Limited Obligation (Clark Retirement Community/Clark Retirement Community Foundation Obligated Group)2		5.650			09/01/2029		333,274
	5,515,000	MI Strategic Fund Limited Obligation (Ford Motor Company), Series A2		6.550			10/01/2022		4,238,388
	4,730,000	MI Strategic Fund Pollution Control (General Motors Corp.)2		6.200			09/01/2020		3,467,610
	4,600,000	MI Strategic Fund Solid Waste (Genesee Power Station)		7.500			01/01/2021		4,420,922
	428,990,000	MI Tobacco Settlement Finance Authority		7.286	4		06/01/2052		11,496,932
	3,048,780,000	MI Tobacco Settlement Finance Authority		8.877	4		06/01/2058		41,036,579
	14,500,000	Wayne, MI Charter County Airport Facilities (Northwest Airlines)		6.000			12/01/2029		10,017,035
									138,998,936
Minnesota—1.9%
	1,375,000	Aitkin, MN Health Care Facilities (Riverwood Healthcare Center)		5.600			02/01/2032		1,211,224
	1,500,000	Apple Valley, MN EDA (Evercare Senior Living)		6.000			12/01/2025		1,389,510
	6,000,000	Apple Valley, MN EDA (Evercare Senior Living)		6.125			06/01/2035		5,531,760

F29 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Minnesota Continued
$	1,750,000	Buffalo, MN Health Care (Central Minnesota Senior Hsg.)		5.500	%		09/01/2033	$	1,527,960
	1,430,000	Burnsville, MN Commercial Devel. (Holiday Inn)6,10		5.900			09/30/2008		1,026,025
	2,500,000	Chippewa County, MN Gross Revenue (Montevideo Hospital)		5.500			03/01/2037		2,113,200
	1,000,000	Cokato, MN Senior Hsg. (Cokato Charitable Trust)		5.400			12/01/2036		836,410
	1,000,000	Cottage Grove, MN Senior Hsg.		5.250			12/01/2046		846,820
	1,750,000	Cottage Grove, MN Senior Hsg.		6.000			12/01/2046		1,639,610
	1,500,000	Crookston, MN Health Care Facilities (Riverview Health Assoc.)		5.300			05/01/2032		1,265,220
	100,000	Eagan, MN Ice Arena		5.500			04/01/2019		99,999
	200,000	Eden Prairie, MN Multifamily Hsg. (Sterling Ponds)		6.250			12/01/2029		187,792
	2,000,000	Elysian, MN Senior Hsg. (Kingsway Ministries)		5.350			05/01/2042		1,601,460
	750,000	Eveleth, MN Health Care (Arrowhead Senior Living Community)		5.200			10/01/2027		634,148
	1,000,000	Eveleth, MN Multifamily (Manor House Woodland)		5.500			10/01/2025		899,750
	2,000,000	Eveleth, MN Multifamily (Manor House Woodland)		5.700			10/01/2036		1,685,040
	2,160,000	Green Isle, MN Senior Hsg. (Kingsway Ministries)		5.500			05/01/2042		1,779,106
	3,000,000	Hopkins, MN Hsg. and Redevel. Authority (Excelsior Crossings)		5.050			02/01/2030		2,550,660
	525,000	International Falls, MN Pollution Control (Boise Cascade Corp.)2		5.500			04/01/2023		451,516
	3,250,000	International Falls, MN Pollution Control (Boise Cascade Corp.)2		5.650			12/01/2022		2,844,660
	6,370,000	International Falls, MN Solid Waste Disposal (Boise Cascade Corp.)2		6.850			12/01/2029		6,097,937
	14,680,000	Lamberton, MN Solid Waste (Highwater Ethanol)		8.500			12/01/2022		14,220,369
	9,545,000	Mankato, MN Industrial Devel. (Environ Biocomposites Holdings)		7.250			12/01/2025		7,475,930
	1,300,000	Meeker County, MN (Memorial Hospital)		5.750			11/01/2037		1,212,224
	7,884,113	Minneapolis & St. Paul, MN Hsg. Finance Board (Single Family Mtg.)1		5.000			11/01/2038		6,717,937
	47,015,000	Minneapolis & St. Paul, MN Metropolitan Airports Commission (Northwest Airlines)6,8,10		7.000			04/01/2025		4,702
	16,400,000	Minneapolis & St. Paul, MN Metropolitan Airports Commission (Northwest Airlines)6,8,10		7.375			04/01/2025		1,640
	35,000	Minneapolis, MN (Walker Methodist Senior Services)		5.875			11/15/2018		33,310
	145,000	Minneapolis, MN (Walker Methodist Senior Services)		6.000			11/15/2028		128,042
	15,000	Minneapolis, MN (Walker Methodist Senior Services)		6.000			11/15/2028		13,246
	100,000	Minneapolis, MN Multifamily Hsg. (Belmont Apartments)		7.625			11/01/2027		100,009

F30 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Minnesota Continued
$	730,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)		5.400	%		04/01/2028	$	627,399
	5,340,000	Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments)		5.500			04/01/2042		4,381,150
	500,000	Minneapolis, MN Tax Increment (Ivy Tower)		5.500			02/01/2022		463,775
	1,000,000	Minneapolis, MN Tax Increment (Ivy Tower)		5.700			02/01/2029		892,360
	900,000	New Hope, MN Hsg. & Health Care Facilities (Minnesota Masonic Home North Ridge)		5.900			03/01/2019		852,165
	80,000	New Hope, MN Multifamily (Chardon Court)		7.250			06/01/2026		70,854
	1,000,000	Northfield, MN Hsg. & Redevel. Authority (Northfield Retirement)		5.375			12/01/2036		860,830
	25,000	Northfield, MN Lease (Village School of Northfield)6,8,10		6.500			12/01/2014		7,812
	330,000	Northfield, MN Lease (Village School of Northfield)6,8,10		7.500			12/01/2024		96,971
	2,100,000	Northwest MN Multi-County Hsg. and Redevel. Authority		5.450			07/01/2041		1,758,855
	5,000,000	Oronoco, MN Multifamily Hsg. (Wedum Shorewood Campus)		5.400			06/01/2041		4,248,050
	10,170,000	Otter Tail County, MN GO		7.500			11/01/2019		8,543,309
	400,000	Owatonna, MN Senior Hsg. (Owatonna Senior Living)		5.800			10/01/2029		369,084
	400,000	Park Rapids, MN Health Facilities (Mankato Lutheran Homes)		5.600			08/01/2036		337,864
	1,000,000	Pine City, MN (Lakes International Language Academy)		6.250			05/01/2035		894,840
	820,000	Pine City, MN Health Care & Hsg. (North Branch)		6.000			10/20/2036		745,167
	1,715,000	Pine City, MN Health Care & Hsg. (North Branch)		6.125			10/20/2047		1,548,765
	1,000,000	Prior Lake, MN Senior Hsg. (Shepherds Path Senior Hsg.)		5.750			08/01/2041		905,460
	6,200,000	Richfield, MN Senior Hsg. (Richfield Senior Hsg.)		6.625			12/01/2039		5,990,874
	675,000	Rochester, MN Multifamily Hsg. (Eastridge Estates)		7.750			12/15/2034		653,245
	4,300,000	Sartell, MN Health Care & Hsg. Facilities (The Foundation for Health Care Continuums)		6.625			09/01/2029		4,315,652
	830,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)		5.375			08/01/2021		771,942
	790,000	St. Anthony, MN Hsg. & Redevel. Authority (Silver Lake Village)		5.625			02/01/2031		696,180
	95,000	St. Cloud, MN Hsg. & Redevel. Authority (Germain Towers)2		5.900			09/01/2020		87,841
	1,000,000	St. Louis Park, MN (Roitenberg Family)		5.700			08/15/2041		872,970
	1,290,000	St. Paul, MN Hsg. & Redevel. Authority (Bridgecreek Senior Place)		7.000			09/15/2037		1,239,651
	2,000,000	St. Paul, MN Hsg. & Redevel. Authority (Episcopal Nursing Home)		5.630			10/01/2033		1,717,700
	3,000,000	St. Paul, MN Hsg. & Redevel. Authority (Great Northern Lofts)		6.250			03/01/2029		2,933,610

F31 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Minnesota Continued
$	400,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)		5.750	%		09/01/2026	$	364,184
	650,000	St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy)		6.000			09/01/2036		583,317
	1,500,000	St. Paul, MN Hsg. & Redevel. Authority (Rossy & Richard Shaller)		5.250			10/01/2042		1,218,705
	2,000,000	St. Paul, MN Hsg. & Redevel. Authority (Upper Landing)		6.800			03/01/2029		2,039,320
	2,000,000	St. Paul, MN Hsg. & Redevel. Authority (Upper Landing)		7.000			03/01/2029		2,053,540
	1,725,000	St. Paul, MN Port Authority (Great Northern)		6.000			03/01/2030		1,568,957
	560,000	St. Paul, MN Port Authority Parking Revenue (4th Parking Ramp)		8.000			12/01/2027		443,139
	1,655,000	Wadena, MN Hsg. & Redevel. Authority (Humphrey Manor East)2		6.000			02/01/2019		1,677,789
	3,600,000	Washington County, MN Hsg. & Redevel. (Birchwood & Woodbury)		5.625			06/01/2037		3,191,652
	1,000,000	Worthington, MN Hsg. Authority (Meadows Worthington)		5.375			05/01/2037		831,860
									126,984,054
Mississippi—0.4%
	125,000	Claiborne County, MS Pollution Control (System Energy Resources)2		6.200			02/01/2026		122,765
	50,000	Gulfport, MS Hospital Facility (Memorial Hospital at Gulfport)2		6.125			07/01/2015		50,083
	175,000	Jackson, MS Hsg. Authority (Elton Park Apartments)		5.400			04/01/2039		175,534
	5,000,000	MS Business Finance Corp. (Intrinergy Wiggins)		8.000			01/01/2023		4,923,650
	2,820,000	MS Home Corp. (Madonna Manor Apartments)		5.375			01/20/2049		2,498,971
	16,410,000	Stonebridge, MS Public Improvement District Special Assessment		7.500			10/01/2042		15,281,320
	345,000	Warren County, MS Environmental Improvement (International Paper Company)2		5.550			08/15/2022		310,555
	175,000	Warren County, MS Environmental Improvement (International Paper Company)2		6.250			09/01/2023		171,561
									23,534,439
Missouri—1.8%
	250,000	Belton, MO Tax Increment (Belton Town Center)		5.500			03/01/2020		242,188
	400,000	Belton, MO Tax Increment (Belton Town Center)		5.625			03/01/2025		375,764
	325,000	Branson Hills, MO Infrastructure Facilities		5.000			04/01/2010		327,275
	580,000	Branson Hills, MO Infrastructure Facilities		5.000			04/01/2012		576,990
	500,000	Branson Hills, MO Infrastructure Facilities		5.000			04/01/2016		476,825
	500,000	Branson Hills, MO Infrastructure Facilities		5.000			04/01/2017		469,930
	730,000	Branson Hills, MO Infrastructure Facilities		5.500			04/01/2022		673,483

F32 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Missouri Continued
$	750,000	Branson Hills, MO Infrastructure Facilities		5.500	%		04/01/2027	$	656,663
	5,000,000	Branson, MO Commerce Park Community Improvement District		5.750			06/01/2026		4,555,400
	2,485,000	Branson, MO IDA (Branson Hills Redevel.)		5.750			05/01/2026		2,264,531
	13,000,000	Branson, MO IDA (Branson Hills Redevel.)		7.050			05/01/2027		13,315,510
	2,005,000	Branson, MO IDA (Branson Landing)		5.250			06/01/2021		1,818,936
	2,470,000	Branson, MO IDA (Branson Landing)		5.500			06/01/2029		2,116,024
	24,545,000	Branson, MO IDA (Branson Shoppe Redevel.)		5.950			11/01/2029		22,304,042
	5,000,000	Branson, MO Regional Airport (Branson Airport)		6.000			07/01/2025		4,310,950
	570,000	Broadway-Fairview, MO Transportation Devel. District (Columbia)		6.125			12/01/2036		404,090
	75,000	Cape Girardeau County, MO IDA (Procter & Gamble Company)2		5.300			05/15/2028		74,089
	1,215,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.500			04/01/2021		1,134,446
	1,100,000	Chillicothe, MO Tax Increment (South U.S. 65)		5.625			04/01/2027		989,549
	200,000	Jackson County, MO IDA (Avila College)		6.500			12/02/2025		200,512
	1,250,000	Jennings, MO Tax Increment & Community Improvement (Northland Redevel. Area)		5.000			11/01/2023		1,080,513
	1,000,000	Kansas City, MO IDA (Plaza Library)		5.900			03/01/2024		934,830
	1,369,000	Kansas City, MO IDA (West Paseo)		6.750			07/01/2036		1,204,268
	500,000	Kansas City, MO IDA (Woodbridge Apartments)		6.700			08/01/2015		495,475
	3,750,000	Kansas City, MO Tax Increment (Briarcliff West)		5.400			06/01/2024		3,320,100
	1,735,000	Lees Summit, MO IDA (Kensington Farms)		5.500			03/01/2021		1,627,708
	750,000	Lees Summit, MO IDA (Kensington Farms)		5.750			03/01/2029		677,573
	3,065,000	Liberty, MO Tax Increment (Liberty Triangle)		5.875			10/01/2029		2,891,368
	3,325,000	MO Dardenne Town Square Transportation Devel. District		5.000			05/01/2026		2,619,169
	3,825,000	MO Dardenne Town Square Transportation Devel. District		5.000			05/01/2036		2,764,863
	2,815,000	MO Enright Arlington Community Improvement District		5.400			03/01/2026		2,489,107
	50,000	MO Environmental Improvement & Energy Resources Authority2		5.450			01/01/2018		50,083
	70,000	MO Environmental Improvement & Energy Resources Authority (Missouri-American Water Company)2		5.900			03/01/2030		70,118
	2,000,000	MO Good Shepard Nursing Home District		5.900			08/15/2023		2,022,860
	245,000	MO Grindstone Plaza Transportation Devel. District		5.250			10/01/2021		220,868
	400,000	MO Grindstone Plaza Transportation Devel. District		5.400			10/01/2026		347,112
	115,000	MO Grindstone Plaza Transportation Devel. District		5.550			10/01/2036		95,830
	3,915,000	MO HDC (Mansion Apartments Phase II)		6.170			04/01/2032		3,786,588
	40,000	MO HDC (Multifamily Hsg.)		5.625			01/01/2040		37,673
	10,000	MO HDC (Single Family Mtg.)2		5.500			09/01/2033		10,145

F33 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Missouri Continued
$	405,000	MO HDC (Single Family Mtg.)2		6.350	%		09/01/2034	$	418,778
	55,000	MO HDC (Single Family Mtg.)2		6.400			03/01/2029		56,819
	10,000	MO HDC (Single Family Mtg.)2		7.200			09/01/2026		10,160
	789,000	Northwoods, MO Transportation Devel. District		5.850			02/01/2031		593,147
	115,000	St. Charles County, MO IDA (Ashwood Apartments)2		5.600			04/01/2030		109,989
	2,500,000	St. Joseph, MO IDA (Living Community of St. Joseph)		7.000			08/15/2032		2,394,525
	2,000,000	St. Joseph, MO IDA (Shoppes at North Village)		5.500			11/01/2027		1,786,940
	10,000	St. Louis County, MO IDA (Century Garden Apartments)		5.700			08/20/2039		9,419
	14,000,000	St. Louis County, MO IDA (Ventura Village Apartments)		6.450			08/15/2034		12,841,080
	2,466,000	St. Louis, MO Tax Increment (1601 Washington Redevel.)		6.000			08/21/2026		2,312,344
	2,150,000	St. Louis, MO Tax Increment (Pet Building Redevel.)		5.500			05/29/2028		1,871,876
	1,660,000	St. Louis, MO Tax Increment (Printers Lofts)		6.000			08/21/2026		1,556,565
	3,045,000	St. Louis, MO Tax Increment (Security Building Redevel.)		6.300			04/01/2027		2,942,049
	2,437,000	St. Louis, MO Tax Increment (Washington East Condominiums)		5.500			01/20/2028		2,122,627
	1,600,000	St. Louis, MO Tax Increment (Washington East Condominiums)		5.500			01/20/2028		1,393,600
	1,115,000	St. Louis, MO Tax Increment Financing, Series A		5.500			09/02/2028		968,924
	1,865,000	Stone Canyon, MO Improvement District (Infrastructure)		5.700			04/01/2022		1,722,290
	975,000	Stone Canyon, MO Improvement District (Infrastructure)		5.750			04/01/2027		867,087
									118,011,667
Montana—0.2%
	4,360,000	Hardin, MT Tax Increment Industrial Infrastructure Devel. (Rocky Mountain Power)		0.000	7		09/01/2031		2,734,548
	90,000	MT Board of Hsg. (Single Family Mtg.)2		5.550			06/01/2033		91,418
	6,800,000	MT Board of Investment Exempt Facilities (Stillwater Mining Company)2		8.000			07/01/2020		6,413,012
	1,125,000	MT Facilities Finance Authority (St. John’s Lutheran)		6.000			05/15/2025		1,048,883
	1,650,000	MT Facilities Finance Authority (St. John’s Lutheran)		6.125			05/15/2036		1,519,617
	1,925,000	MT Health Facilities Authority (CoMC)2		6.375			06/01/2018		1,925,597
									13,733,075
Multi States—0.1%
	8,000,000	Munimae TE Bond Subsidiary		5.900			11/29/2049		7,517,920
Nebraska—1.9%
	1,360,000	Beatrice, NE Community Redevel. Authority (Beatrice Biodiesel)		6.625			12/01/2021		1,122,204
	138,250,000	Central Plains, NE Gas Energy1		2.477	5		12/01/2026		99,618,570

F34 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Nebraska Continued
$	50,000	Dawson County, NE Sanitation & Improvement District2		5.650	%		02/01/2022	$	46,410
	1,200,000	Douglas County, NE Hsg. Authority (Orchard Gardens)		5.150			10/01/2032		1,065,744
	1,250,000	Mead Village, NE Tax Increment (Biofuels-Mead)		5.750			01/01/2022		870,138
	2,400,000	NE Educational Facilities Authority (Midland Lutheran College)		5.600			09/15/2029		2,095,656
	20,000	NE Investment Finance Authority (Single Family Hsg.)2		5.850			09/01/2028		20,011
	110,000	NE Student Loan (Nebhelp)		6.000			06/01/2028		111,646
	65,000	NE Student Loan (Nebhelp)2		6.250			06/01/2018		67,113
	20,000	NE Student Loan (Nebhelp)2		6.450			06/01/2018		20,928
	275,000	NE Student Loan (Nebhelp)		6.680	4		12/15/2015		163,658
	45,745,000	Saunders County, NE Individual Devel. (Mead Biofuels)6,8		7.000			12/01/2026		20,466,770
									125,668,848
Nevada—0.9%
	1,000,000	Clark County, NV Improvement District		5.000			02/01/2026		797,850
	770,000	Clark County, NV Improvement District		5.050			02/01/2031		585,146
	41,135,000	Clark County, NV Industrial Devel. (Nevada Power Company)2		5.900			10/01/2030		36,430,390
	7,255,000	Clark County, NV Industrial Devel. (Nevada Power Company), Series A2		5.900			11/01/2032		6,393,977
	25,000	Clark County, NV Pollution Control (Nevada Power Company)2		5.450			10/01/2023		21,910
	10,000,000	Director of the State of NV Dept. of Business & Industry (Las Ventanas Retirement)		7.000			11/15/2034		6,932,400
	130,000	Mesquite, NV Special Improvement District (Canyon Creek)		5.400			08/01/2020		116,958
	525,000	Mesquite, NV Special Improvement District (Canyon Creek)		5.500			08/01/2025		449,054
	2,000,000	Mesquite, NV Special Improvement District No. 07-01 (Anthem at Mesquite)		6.150			08/01/2037		1,740,840
	3,390,000	NV Hsg. Division (Single Family Mtg.)		5.300			04/01/2047		2,976,047
									56,444,572
New Hampshire—0.1%
	2,090,000	NH Business Finance Authority (Air Cargo at Pease)		6.750			04/01/2024		1,785,299
	70,000	NH Business Finance Authority (Connecticut Light & Power)2		5.850			12/01/2022		69,792
	4,000,000	NH H&EFA (Franklin Pierce College)2		6.050			10/01/2034		3,541,600
	275,000	NH HE&HFA (New England College)		5.750			03/01/2009		274,962
	45,000	NH HFA (Single Family Mtg.)2		5.300			07/01/2033		45,920
									5,717,573

F35 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
New Jersey—10.0%
$	1,400,000	NJ EDA (Continental Airlines)2		5.500	%		04/01/2028	$	844,662
	22,800,000	NJ EDA (Continental Airlines)2		6.250			09/15/2019		18,020,208
	64,635,000	NJ EDA (Continental Airlines)2		6.250			09/15/2029		46,513,285
	16,355,000	NJ EDA (Continental Airlines)2		6.400			09/15/2023		12,537,252
	1,585,000	NJ EDA (Continental Airlines)2		6.625			09/15/2012		1,444,062
	25,875,000	NJ EDA (Continental Airlines)2		7.000			11/15/2030		20,304,630
	16,920,000	NJ EDA (Continental Airlines)2		7.200			11/15/2030		13,593,020
	16,500,000	NJ EDA (Continental Airlines)2		9.000			06/01/2033		16,168,185
	12,500,000	NJ EDA (Converted Organics of Woodbridge)		8.000			08/01/2027		10,287,250
	1,405,000	NJ EDA (Empowerment Zone-Cumberland)6,8		7.750			08/01/2021		857,022
	9,000,000	NJ EDA (GMT Realty)		6.875			01/01/2037		8,713,890
	540,000	NJ Health Care Facilities Financing Authority (Catholic Health East/Mercy Medical/McAuley Center Obligated Group)10		2.622	5		11/15/2033		421,200
	34,565,000	NJ Health Care Facilities Financing Authority (Catholic Health East/Mercy Medical/McCauley Center Obligated Group)1		2.593	5		11/15/2033		27,500,694
	2,545,000	NJ Health Care Facilities Financing Authority (Columbus Hospital)2		7.500			07/01/2021		2,321,905
	6,130,000	NJ Health Care Facilities Financing Authority (Raritan Bay Medical Center)		7.250			07/01/2027		6,058,095
	154,940,000	NJ Tobacco Settlement Financing Corp.2		4.750			06/01/2034		111,105,925
	96,125,000	NJ Tobacco Settlement Financing Corp.2		5.000			06/01/2029		74,157,554
	375,020,000	NJ Tobacco Settlement Financing Corp.		5.000			06/01/2041		269,114,352
	198,050,000	NJ Tobacco Settlement Financing Corp.9		7.389	4		06/01/2041		14,699,271
									654,662,462
New Mexico—0.2%
	581,000	Dona Ana County, NM Multifamily (Montana Meadows Apartments)		8.500			12/01/2015		593,590
	5,475,000	Eldorado, NM Area Water and Sanitation District		6.000			02/01/2025		5,016,688
	50,000	Farmington, NM Pollution Control (Public Service Company of New Mexico)2		6.600			10/01/2029		50,058
	1,100,000	Mariposa East, NM Public Improvement District		5.500			09/01/2016		1,055,263
	500,000	Mariposa East, NM Public Improvement District		5.750			09/01/2021		458,395
	500,000	Mariposa East, NM Public Improvement District		6.000			09/01/2032		431,545
	900,000	Montecito Estates, NM Public Improvement District		7.000			10/01/2037		829,026
	20,000	NM Educational Assistance Foundation2		6.650			11/01/2025		20,578
	5,000	NM Mtg. Finance Authority, Series C2		6.500			07/01/2025		5,181
	220,000	NM Regional Hsg. Authority (Wildewood Apartments)		8.750			12/01/2020		229,383
	4,805,000	Saltillo, NM Improvement District		7.625			10/01/2037		4,768,098

F36 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New Mexico Continued
$	1,000,000	Ventana West, NM Public Improvement District Special Levy		6.875	%		08/01/2033	$	991,750
									14,449,555
New York—1.4%
	3,000,000	Albany, NY IDA (New Covenant Charter School)		7.000			05/01/2035		2,279,760
	17,700,000	Erie County, NY Tobacco Asset Securitization Corp.		6.656	4		06/01/2055		331,698
	412,100,000	NY Counties Tobacco Trust V		7.151	4		06/01/2060		5,052,346
	500,000,000	NY Counties Tobacco Trust V		7.836	4		06/01/2060		6,130,000
	2,815,000	NYC IDA (American Airlines)2		5.400			07/01/2020		1,271,564
	11,055,000	NYC IDA (American Airlines)2		6.900			08/01/2024		4,992,549
	4,500,000	NYC IDA (American Airlines)2		7.500			08/01/2016		4,058,100
	28,500,000	NYC IDA (American Airlines)2		7.625			08/01/2025		24,386,310
	52,000,000	NYC IDA (American Airlines)2		7.750			08/01/2031		44,253,560
	500,000	NYC IDA (JFK International Airport)2		8.000			08/01/2012		487,325
									93,243,212
North Carolina—1.1%
	46,700,000	Charlotte, NC Douglas International Airport Special Facilities (US Airways)		5.600			07/01/2027		31,398,278
	14,235,000	Charlotte, NC Douglas International Airport Special Facilities (US Airways)		7.750			02/01/2028		12,282,527
	1,025,000	Elizabeth City, NC Multifamily Hsg. (Walker Landing)		5.125			03/20/2049		865,090
	31,615,000	Gaston, NC IF&PCFA (National Gypsum)		5.750			08/01/2035		24,664,442
	2,775,000	NC Medical Care Commission Retirement Facilities (Village at Brookwood)		5.250			01/01/2032		2,218,252
									71,428,589
North Dakota—0.1%
	1,000,000	Cando, ND Nursing Facility (Towner County Medical Center)		7.125			08/01/2022		1,000,200
	100,000	Cass County, ND Industrial Devel. Revenue (Fraser Ltd.)		7.000			11/01/2015		100,007
	10,000	ND HFA (Home Mtg.)2		5.400			01/01/2034		10,234
	10,000	ND HFA (Home Mtg.)2		5.550			07/01/2022		10,327
	2,940,000	Richland County, ND Hsg. (Birchwood Properties)		6.750			05/01/2029		2,754,692
									3,875,460
Ohio—4.5%
	3,960,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)2		5.875			06/01/2030		3,425,242
	28,185,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		5.875			06/01/2047		22,898,621
	2,345,000,000	Buckeye, OH Tobacco Settlement Financing Authority (TASC)		7.501	4		06/01/2052		64,182,650

F37 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Ohio Continued
$	1,445,000	Butler County, OH Hsg. (Anthony Wayne Apartments)		6.500	%		09/01/2030	$	1,354,268
	6,495,000	Centerville, OH Health Care (Bethany Lutheran Village)		6.000			11/01/2038		5,627,723
	21,625,000	Cleveland, OH Airport (Continental Airlines)2		5.375			09/15/2027		14,135,614
	35,000	Cleveland, OH Airport (Continental Airlines)2		5.500			12/01/2008		34,593
	24,260,000	Cleveland, OH Airport (Continental Airlines)2		5.700			12/01/2019		18,463,073
	1,000,000	Cleveland-Cuyahoga County, OH Port Authority (St. Clarence)		6.250			05/01/2038		917,010
	2,715,000	Cuyahoga County, OH Multifamily (Allerton Apartments)		5.400			08/20/2048		2,454,496
	3,035,000	Dublin, OH Industrial Devel. (Dublin Health Care Corp.)		7.500			12/01/2016		3,057,580
	7,500,000	Grove City, OH Tax Increment Financing		5.375			12/01/2031		6,038,400
	4,500,000	Hickory Chase, OH Community Authority Infrastructure Improvement		7.000			12/01/2038		4,429,890
	830,000	Lorain County, OH Port Authority (Alumalloy LLC)		6.000			11/15/2025		743,896
	24,075,000	Mahoning County, OH Hospital Facilities (Forum Health Obligated Group)2		6.000			11/15/2032		20,964,751
	960,000	Moraine, OH Solid Waste Disposal (General Motors Corp.)2		5.650			07/01/2024		627,024
	3,225,000	Moraine, OH Solid Waste Disposal (General Motors Corp.)2		6.750			07/01/2014		2,756,569
	14,300,000	OH Air Quality Devel. Authority (Fostoria Ethanol)		8.500			02/01/2020		13,319,020
	14,300,000	OH Air Quality Devel. Authority (Marion Ethanol)		8.500			02/01/2020		13,319,020
	50,000	OH Environmental Facilities (Ford Motor Company)2		5.750			04/01/2035		31,374
	520,000	OH Environmental Facilities (Ford Motor Company)2		5.950			09/01/2029		347,396
	100,000	OH Environmental Facilities (Ford Motor Company)2		6.150			06/01/2030		68,247
	3,670,000	OH HFA (Uptown Towers Apartments)		5.250			04/20/2048		3,188,239
	550,000	OH Pollution Control (General Motors Corp.)2		5.625			03/01/2015		434,429
	2,050,000	OH Port Authority of Columbiana Solid Waste (A&L Salvage)6,8		14.500			07/01/2028		605,591
	16,320,000	OH Port Authority of Columbiana Solid Waste (Apex Environmental)		7.250			08/01/2034		15,444,106
	14,000,000	OH Solid Waste (General Motors Corp.)2		6.300			12/01/2032		9,240,700
	29,515,000	OH Solid Waste Disposal (USG Corp.)2		5.600			08/01/2032		24,374,963
	38,910,000	OH Solid Waste Disposal (USG Corp.)2		5.650			03/01/2033		32,292,965
	6,640,000	OH Solid Waste Disposal (USG Corp.)2		6.050			08/01/2034		5,800,438
	70,000	Pike County, OH Hospital Facilities (Pike Health Services)		7.000			07/01/2022		70,126
									290,648,014

F38 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Oklahoma—1.5%
$	1,700,000	Ardmore, OK Devel. Authority (Airpark Increment District)		5.750	%		11/01/2022	$	1,589,228
	1,500,000	Atoka County, OK Healthcare Authority (Atoka Memorial Hospital)		6.625			10/01/2037		1,435,995
	2,000,000	Cleveland County, OK IDA (Vaughn Foods)		7.750			12/01/2012		1,882,340
	2,365,000	Cleveland County, OK IDA (Vaughn Foods)		8.100			12/01/2024		2,051,732
	410,000	Grady County, OK Industrial Authority (Correctional Facilities)		7.000			11/01/2011		297,447
	2,945,000	Jackson County, OK Memorial Hospital Authority (Jackson County Memorial)2		7.300			08/01/2015		2,958,724
	9,000,000	OK Devel. Finance Authority (Doane Products Company)		6.250			07/15/2023		9,180,000
	95,000	OK HFA (Single Family)		5.686	4		09/01/2030		27,402
	125,000	OK Ordnance Works Authority Sewer & Solid Waste Disposal Facilities (Ralston Purina Group)2		6.500			09/01/2026		125,108
	30,000	OK Student Loan Authority2		5.300			12/01/2032		27,091
	1,500,000	Oklahoma City, OK Industrial & Cultural Facilities (Aero Obligated Group)2		6.750			01/01/2023		1,426,425
	2,950,000	Oklahoma County, OK Finance Authority (Var-Sail Assoc.)		5.250			05/15/2041		2,858,580
	7,130,000	Oklahoma County, OK HFA (Single Family Mtg.)1		5.400			10/01/2038		7,090,801
	23,974,000	Tulsa County, OK Home Finance Authority (Single Family Mtg.)1		5.250			12/01/2038		23,291,619
	2,260,000	Tulsa, OK Municipal Airport Trust (American Airlines)2		5.650			12/01/2035		2,233,309
	4,075,000	Tulsa, OK Municipal Airport Trust (American Airlines)2		6.250			06/01/2020		3,222,143
	215,000	Tulsa, OK Municipal Airport Trust (American Airlines)2		7.350			12/01/2011		203,848
	41,980,000	Tulsa, OK Municipal Airport Trust (American Airlines)		7.750			06/01/2035		38,206,418
									98,108,210
Oregon—0.2%
	20,000	Lane County, OR Hsg. Authority & Community Services (Firewood)		6.600			11/01/2015		20,064
	1,095,000	OR Economic Devel. (Georgia-Pacific Corp.)2		5.700			12/01/2025		898,535
	2,325,000	OR Economic Devel. (Georgia-Pacific Corp.)2		6.350			08/01/2025		2,055,230
	10,000	OR GO (Elderly & Disabled Hsg.)2		5.250			08/01/2031		9,141
	55,000	OR Hsg. & Community Services Dept. (Multifamily)2		6.000			07/01/2031		55,026
	225,000	OR Hsg. & Community Services Dept. (Single Family Mtg.), Series A2		6.450			07/01/2026		225,113
	8,270,000	OR Solid Waste Disposal (USG Corp.)2		6.400			12/01/2029		7,633,458
	50,000	Port Astoria, OR Pollution Control (James River)2		6.550			02/01/2015		47,530
	3,655,000	Port of St. Helen’s, OR Pollution Control (Boise Cascade Corp.)2		5.650			12/01/2027		3,120,639

F39 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Oregon Continued
$	25,000	Portland, OR Hsg. Authority (Lovejoy Station Apartments)2		5.900	%		07/01/2023	$	25,138
	1,465,000	Western Generation, OR Agency Cogeneration (Wauna Cogeneration)		5.000			01/01/2021
									1,242,335
									15,332,209
Pennsylvania—4.7%
	1,250,000	Allegheny County, PA HDA (The Covenant at South Hills)6,10		8.750			02/01/2031		639,750
	35,000	Beaver County, PA IDA (J. Ray McDermott and Company)2		6.800			02/01/2009		35,082
	10,000	Erie County, PA IDA (International Paper Company)2		5.850			12/01/2020		9,514
	42,355,000	Lehigh County, PA GPA (St. Lukes Hospital Bethlehem)1		2.713	5		08/15/2033		28,271,990
	24,000,000	Lehigh County, PA GPA (St. Lukes Hospital Bethlehem)1		2.813	5		08/15/2042		16,020,031
	25,000,000	PA EDFA (Bionol Clearfield)		8.500			07/15/2015		23,711,250
	5,000,000	PA EDFA (National Gypsum Company)2		6.250			11/01/2027		4,297,700
	5,000,000	PA EDFA (Northampton Generating)2		6.500			01/01/2013		4,880,000
	5,000,000	PA EDFA (Northampton Generating)2		6.600			01/01/2019		4,999,350
	89,425,000	PA EDFA (Reliant Energy)2		6.750			12/01/2036		89,862,288
	28,500,000	PA EDFA (Reliant Energy)2		6.750			12/01/2036		28,639,365
	29,675,000	PA EDFA (Reliant Energy)2		6.750			12/01/2036		29,820,111
	17,500,000	PA EDFA (Reliant Energy)2		6.750			12/01/2036		17,585,575
	11,470,000	PA EDFA (USG Corp.)2		6.000			06/01/2031		9,954,354
	10,000,000	Sayre, PA Health Care Facilities Authority (Guthrie Health)1		2.577	5		12/01/2024		8,137,512
	16,000,000	Sayre, PA Health Care Facilities Authority (Guthrie Healthcare System)1		2.627	5		12/01/2031		12,039,990
	37,750,000	Sayre, PA Health Care Facilities Authority (Guthrie Healthcare System)10		2.627	5		12/01/2031		28,406,875
									307,310,737
Rhode Island—2.6%
	45,000,000	Central Falls, RI Detention Facility		7.250			07/15/2035		45,250,650
	25,000	Providence, RI Hsg. Authority (Lockwood Plaza)2		5.700			09/01/2033		23,908
	45,000	RI Health & Educational Building Corp. (Roger Williams General Hospital)2		5.500			07/01/2018		43,727
	11,500,000	RI Hsg. & Mtg. Finance Corp.1		5.000			10/01/2048		9,482,325
	12,835,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)1		5.200			10/01/2047		11,065,776
	50,000	RI Hsg. & Mtg. Finance Corp. (Homeownership Opportunity)2		5.100			10/01/2029		45,365
	7,090,000	RI Hsg. & Mtg. Finance Corp. (Rental Hsg.)1		5.150			10/01/2022		6,902,168

F40 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Rhode Island Continued
$	52,090,000	RI Tobacco Settlement Financing Corp. (TASC)		6.125	%4		06/01/2052	$	1,299,646
	32,675,000	RI Tobacco Settlement Financing Corp. (TASC)		6.250			06/01/2042		29,589,173
	1,275,245,000	RI Tobacco Settlement Financing Corp. (TASC)		6.436	4		06/01/2052		37,964,044
	42,825,000	RI Tobacco Settlement Financing Corp. (TASC)		7.868	4		06/01/2052		888,191
	25,605,000	RI Tobacco Settlement Financing Corp. (TASC), Series A2		6.125			06/01/2032		23,948,100
									166,503,073
South Carolina—0.8%
	2,000,000	Georgetown County, SC Environmental Improvement (International Paper Company)2		5.550			12/01/2029		1,673,420
	15,000	Georgetown County, SC Environmental Improvement (International Paper Company)2		6.250			09/01/2023		14,426
	7,483,000	Hardeeville, SC Assessment Revenue (Anderson Tract Municipal Improvement District)		7.750			11/01/2039		7,399,190
	5,000	Horry County, SC Airport2		5.600			07/01/2017		5,022
	4,815,000	Lancaster County, SC (Edenmoor Improvement District)		5.750			12/01/2037		3,954,030
	1,000,000	Myrtle Beach, SC Tax Increment (Myrtle Beach Air Force Base)		5.250			11/01/2026		838,230
	2,000,000	Myrtle Beach, SC Tax Increment (Myrtle Beach Air Force Base)		5.300			11/01/2035		1,577,920
	17,189,000	Richland County, SC Assessment Revenue (Village at Sandhill Improvement District)		6.200			11/01/2036		14,563,552
	500,000	Richland County, SC Environmental Improvement2		5.950			09/01/2031		446,295
	200,000	SC Connector 2000 Assoc. Toll Road, Series B2		6.300	4		01/01/2026		44,076
	7,620,000	SC Connector 2000 Assoc. Toll Road, Series B2		6.453	4		01/01/2020		2,639,568
	8,500,000	SC Connector 2000 Assoc. Toll Road, Series B2		6.621	4		01/01/2024		2,132,055
	10,700,000	SC Hsg. Finance & Devel. Authority1		5.200			07/01/2034		9,604,952
	50,000	SC Jobs-EDA (JDAM/LH/Franke Home/LS Obligated Group)		5.650			05/01/2018		47,216
	600,000	SC Jobs-EDA (Lutheran Homes)		5.500			05/01/2028		516,138
	500,000	SC Jobs-EDA (Lutheran Homes)		5.625			05/01/2042		410,810
	5,035,000	York County, SC (Hoechst Celanese Corp.)2		5.700			01/01/2024		4,353,362
	900,000	York County, SC Pollution Control (Bowater)2		7.400			01/01/2010		791,793
									51,012,055
South Dakota—0.9%
	19,000,000	Brown County, SD Solid Waste Facilities (Heartland Grain Fuels)		8.250			01/01/2018		16,578,260
	1,000,000	Lower Brule, SD Sioux Tribe, Series B		5.500			05/01/2019		890,650
	1,000,000	Lower Brule, SD Sioux Tribe, Series B		5.600			05/01/2020		884,960
	33,445,000	SD Educational Enhancement Funding Corp. Tobacco Settlement2		6.500			06/01/2032		32,767,070

F41 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
South Dakota Continued
$	5,410,910	Sioux Falls, SD Economic Devel. (City Centre Hotel)		7.000	%5		11/01/2016	$	4,996,867
	1,425,000	Turner County, SD Tax Increment		5.000			12/15/2026		1,194,221
									57,312,028
Tennessee—0.9%
	1,675,000	Blount County, TN H&EFB (Asbury)		5.125			04/01/2023		1,463,498
	895,000	Chattanooga, TN HE&HFB (Campus Devel. Foundation Phase I)		5.500			10/01/2020		835,778
	2,535,000	Chattanooga, TN HE&HFB (John Calvin Apartments)		5.350			09/20/2047		2,242,258
	21,710,000	Maury County, TN Industrial Devel. Board (General Motors Corp.)2		6.500			09/01/2024		15,602,760
	15,480,000	McMinn County, TN Industrial Devel. Board Pollution Control (Calhoun Newsprint)2		7.625			03/01/2016		9,707,663
	19,575,000	McMinn County, TN Industrial Devel. Board Solid Waste (Calhoun Newsprint)2		7.400			12/01/2022		12,008,871
	1,840,000	Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland Hsg./NTH/VH Obligated Group)10		3.590	5		04/01/2042		1,719,940
	9,080,000	Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland Hsg./NTH/VH Obligated Group)		5.750			04/01/2042		8,074,844
	215,000	Memphis-Shelby County, TN Airport Authority (Express Airlines)		6.125			12/01/2016		175,169
	7,870,000	Metropolitan Knoxville, TN Airport Authority (Northwest Airlines)		8.000			04/01/2032		7,022,480
	525,000	Shelby County, TN HE&HF (Lapaloma Apartments)		7.750			12/01/2029		484,738
	55,000	TN Hsg. Devel. Agency (Homeownership)2		5.450			01/01/2033		56,265
									59,394,264
Texas—25.2%
	115,000	Abilene, TX HFDC (Hendrick Medical Center)2		6.000			09/01/2013		115,331
	20,000	Abilene, TX HFDC (Hendrick Medical Center)2		6.000			09/01/2013		20,058
	50,625,000	Alliance Airport Authority, TX (American Airlines)2		5.250			12/01/2029		22,888,575
	93,500,000	Alliance Airport Authority, TX (American Airlines)2		5.750			12/01/2029		42,258,260
	305,000	Alliance Airport Authority, TX (American Airlines)2		7.000			12/01/2011		155,907
	4,000,000	Austin, TX Convention Enterprises (Convention Center)2		5.750			01/01/2034		3,517,240
	230,000	Beaumont, TX Multifamily HDC (Madison on the Lake Apartments)		7.750			12/01/2028		226,842
	370,000	Bexar County, TX HFC (American Opportunity Hsg.)		7.500			01/01/2013		352,987
	980,000	Bexar County, TX HFC (American Opportunity Hsg.)2		8.000			01/01/2031		872,866
	1,195,000	Bexar County, TX HFC (American Opportunity Hsg.)2		8.250			12/01/2037		939,557
	970,000	Bexar County, TX HFC (American Opportunity Hsg.)		9.250			12/01/2037		761,935
	1,130,000	Bexar County, TX HFC (American Opportunity Hsg.-Nob Hill Apartments)6,8		8.500			06/01/2031		722,466
	1,005,000	Bexar County, TX HFC (Doral Club)2		8.750			10/01/2036		860,441

F42 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Texas Continued
$	205,000	Bexar County, TX HFC (Honey Creek LLC)2		8.000	%		04/01/2030	$	172,760
	100,000	Bexar County, TX HFC (Honey Creek LLC)		9.000			04/01/2030		81,601
	1,460,000	Bexar County, TX HFC (Perrin Square)		9.750			11/20/2031		1,427,486
	13,500,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)1		5.400			05/01/2029		9,454,852
	41,315,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		5.000			03/01/2041		25,575,224
	2,345,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)2		6.300			07/01/2032		1,802,297
	14,080,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)2		6.750			04/01/2038		13,096,090
	11,420,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		6.750			10/01/2038		9,211,486
	10,000,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)		7.700			03/01/2032		9,147,400
	28,120,000	Brazos River Authority, TX Pollution Control (TXU Energy Company)2		7.700			04/01/2033		25,687,339
	17,220,000	Cambridge, TX Student Hsg. (Cambridge Student Hsg. Devel.)		7.000			11/01/2039		16,615,578
	190,000	Cass County, TX IDC (International Paper Company)2		6.600			03/15/2024		190,011
	10,000,000	Dallas-Fort Worth, TX International Airport1		5.000			11/01/2035		9,284,150
	65,000	Dallas-Fort Worth, TX International Airport2		5.000			11/01/2035		60,346
	25,000	Dallas-Fort Worth, TX International Airport2		5.500			11/01/2035		23,426
	20,000	Dallas-Fort Worth, TX International Airport2		5.750			11/01/2030		19,556
	32,500,000	Dallas-Fort Worth, TX International Airport (American Airlines/AMR Corp. Obligated Group)2		5.500			11/01/2030		14,691,625
	320,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)2		6.000			11/01/2014		163,670
	63,880,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)2		6.375			05/01/2035		29,505,533
	305,000	Dallas-Fort Worth, TX International Airport Facility (American Airlines)2		8.250			11/01/2036		149,947
	22,100,000	Dallas-Fort Worth, TX International Airport Facility Improvement Corp.		9.000			05/01/2029		11,410,672
	45,945,000	Dallas-Fort Worth, TX International Airport Facility Improvement Corp.		9.125			05/01/2029		23,737,025
	12,330,000	Dallas-Fort Worth, TX International Airport Facility Improvement Corp. (Learjet)2		6.150			01/01/2016		11,578,240
	2,115,000	Danbury, TX Higher Education Finance Corp. (Island Foundation)		6.250			02/15/2036		1,967,267
	450,000	Decatur, TX Hospital Authority (Wise Regional Health System)		5.625			09/01/2013		444,083
	22,950,000	Donna, TX GO		6.250			02/15/2037		20,969,186

F43 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Texas Continued
$	68	El Paso, TX HFC (Single Family)2		6.180	%		04/01/2033	$	71
	55,000	Gainesville, TX Hsg. Authority		6.800			12/01/2020		56,602
	25,000	Galveston County, TX HFC (Friendswood)2		6.200			10/01/2021		25,323
	1,250,000	Galveston County, TX HFC (Single Family)2		6.300			09/15/2031		1,288,225
	1,000,000	Grapevine, TX IDC (Air Cargo)2		6.500			01/01/2024		964,160
	30,000	Greater Kelly, TX Devel. Authority (The Boeing Company)2		5.350			06/01/2018		30,000
	4,000,000	Guadalupe-Blanco, TX River Authority (E.I. Dupont De Nemours)2		6.400			04/01/2026		4,002,440
	4,660,000	Gulf Coast, TX IDA (Citgo Petroleum Corp.)2		7.500			05/01/2025		4,845,328
	31,000,000	Gulf Coast, TX IDA (Microgy Holdings)		7.000			12/01/2036		27,204,670
	70,000	Gulf Coast, TX Waste Disposal Authority (FMC Corp.)2		7.050			10/01/2009		70,050
	5,755,000	Gulf Coast, TX Waste Disposal Authority (International Paper Company)2		6.100			08/01/2024		5,357,847
	150,000	Gulf Coast, TX Waste Disposal Authority (Valero Energy Corp.)2		5.700			04/01/2032		135,003
	5,760,000	Harris County, TX IDC (Continental Airlines)2		5.375			07/01/2019		4,193,222
	1,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)		5.625			11/01/2026		1,498,665
	2,750,000	HFDC of Central TX (Legacy at Willow Bend Retirement Community)		5.750			11/01/2036		2,280,905
	2,000,000	HFDC of Central TX (Lutheran Social Services of the South)		6.875			02/15/2032		1,950,360
	4,000,000	HFDC of Central TX (Villa De San Antonio)		6.250			05/15/2036		3,567,440
	115,000	Houston, TX Airport Special Facilities (Continental Airlines)2		5.500			07/15/2017		115,140
	7,915,000	Houston, TX Airport Special Facilities (Continental Airlines)2		5.700			07/15/2029		5,214,323
	7,290,000	Houston, TX Airport Special Facilities (Continental Airlines)2		5.700			07/15/2029		4,802,579
	20,590,000	Houston, TX Airport Special Facilities (Continental Airlines)2		6.125			07/15/2017		16,571,656
	7,885,000	Houston, TX Airport Special Facilities (Continental Airlines)2		6.125			07/15/2027		5,562,946
	18,705,000	Houston, TX Airport Special Facilities (Continental Airlines)2		6.125			07/15/2027		13,196,565
	24,995,000	Houston, TX Airport Special Facilities (Continental Airlines)2		6.750			07/01/2021		20,168,965
	59,510,000	Houston, TX Airport Special Facilities (Continental Airlines)2		6.750			07/01/2029		45,380,541
	100,000	Houston, TX Airport Special Facilities (Continental Airlines)2		7.000			07/01/2029		78,383

F44 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Texas Continued
$	3,520,000	Houston, TX Airport Special Facilities (Continental Airlines)2		7.375	%		07/01/2022	$	2,983,306
	75,000	Houston, TX Airport System2		5.000			07/01/2027		71,043
	9,860,000	Houston, TX HFC (Hometowne on Bellfort)1		5.250			12/01/2040		8,757,948
	2,064,000	Houston, TX HFC (RRG Houston Apartments)2		6.250			09/20/2035		2,099,294
	470,000	Houston, TX IDC (Air Cargo)2		6.375			01/01/2023		448,479
	1,000,000	IAH TX Public Facility Corp.		6.000			05/01/2016		935,440
	1,500,000	IAH TX Public Facility Corp.		6.125			05/01/2026		1,322,595
	2,200,000	IAH TX Public Facility Corp.		7.750			05/01/2026		2,072,312
	10,000,000	La Vernia, TX Higher Education Finance Corp.		7.125			02/15/2038		9,677,200
	730,000	Laredo, TX HFC2		6.950			10/01/2027		742,147
	9,020,000	Lewisville, TX GO		6.125			09/01/2029		9,137,982
	1,840,000	Lubbock, TX HFC (Las Colinas Quail Creek Apartments)2		6.000			07/01/2032		1,479,158
	20,000	Lubbock, TX HFC, Series A2		6.150			10/01/2030		20,236
	575,000	Matagorda County, TX Navigation District (Reliant Energy)2		5.950			05/01/2030		513,274
	390,000	Maverick County, TX Public Facility Corp.		6.375			02/01/2029		340,579
	715,000	Midlothian, TX Devel. Authority Tax Increment		5.125			11/15/2026		608,587
	3,500,000	Mission, TX EDC (Allied Waste Industries)2		5.200			04/01/2018		3,175,690
	1,380,000	Newton County, TX Public Facility Corp.		8.000			03/01/2019		1,332,211
	100,000	Northwest Harris County, TX Municipal Utility District (Waterworks & Sewer)		6.100			04/01/2012		100,109
	6,120,000	Port of Bay City, TX (Hoechst Celanese Corp.)2		6.500			05/01/2026		5,610,694
	15,000,000	Port of Corpus Christi, TX Authority (CNA Holdings)2		6.700			11/01/2030		14,007,150
	12,170,596	Sabine Neches, TX HFC (Single Family Mtg.)1		4.875	5		12/01/2039		11,837,618
	4,100,000	Sabine, TX River Authority Pollution Control (TXU Electric Company)2		6.150			08/01/2022		3,315,588
	1,800,000	Sabine, TX River Authority Pollution Control (TXU Electric Company)2		6.450			06/01/2021		1,503,072
	42,260,000	San Antonio, TX Convention Center Hotel Finance Corp. (Empowerment Zone)1		5.000			07/15/2039		35,877,241
	385,000	San Antonio, TX HFC (Encinal Apartments)		7.500			09/01/2027		367,186
	25,000	San Antonio, TX HFC (La Risa Apartments)		8.250			01/01/2026		23,671
	6,980,000	San Antonio, TX HFC (Midcrowne Senior Apartments)1		5.150			06/20/2047		5,858,698
	10,500	San Antonio, TX HFC (Point East Section 8)6,10		7.500			08/01/2023		525
	8,649,489	San Antonio, TX Hsg. Trust Finance Corp. (Single Family Mtg.)1		5.375			10/01/2039		8,409,393
	3,600,000	Southeast TX HFC (Forest View Apartments)		6.750			07/01/2037		3,097,152
	310,000	Springhill, TX Courtland Heights Public Facility Corp.2		5.125			12/01/2008		308,996
	6,030,000	Springhill, TX Courtland Heights Public Facility Corp.2		5.850			12/01/2028		5,169,881

F45 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Texas Continued
$	4,250,000	Tarrant County, TX Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community)		5.750	%		11/15/2037	$	3,654,830
	10,755,000	Tarrant County, TX HFC (Lindberg Park)1		5.150			10/20/2047		9,157,463
	10,935,000	Tarrant County, TX HFC (Multifamily Hsg.)1		5.200			12/20/2048		9,405,205
	14,920,000	Tarrant County, TX HFC (Village Creek Apartments)1		5.000			04/20/2048		12,313,684
	1,600,000	Travis County, TX HFDC (Querencia Barton Creek)		5.650			11/15/2035		1,364,992
	2,495,000	Trinity, TX River Authority (TXU Energy Company)2		6.250			05/01/2028		1,952,861
	20,500,000	Trophy Club, TX Public Improvement (Highlands Trophy Club)		7.750			10/01/2037		19,581,600
	2,320,000	TX Affordable Hsg. Corp. (American Hsg. Foundation)6,8		8.000			03/01/2032		461,982
	2,965,000	TX Affordable Hsg. Corp. (Ashton Place & Woodstock Apartments)6		6.300			08/01/2033		1,992,184
	6,215,000	TX Affordable Hsg. Corp. (South Texas Affordable Properties Corp.)2		8.000			03/01/2032		5,209,413
	36,000,000	TX Angelina & Neches River Authority (Aspen Power)		6.500			11/01/2029		29,102,400
	45,000	TX Angelina & Neches River Authority Solid Waste (Champion International Corp.)		6.300			04/01/2018		44,851
	250,000	TX Angelina & Neches River Authority Waste Disposal (Temple-Inland)2		6.950			05/01/2023		234,623
	15,000	TX Dept. of Hsg. & Community Affairs2		5.350			07/01/2033		15,325
	160,000	TX Dept. of Hsg. & Community Affairs (Sugar Creek Apartments)		6.000			01/01/2042		162,765
	6,750,000	TX Dept. of Hsg. & Community Affairs (Summit Point Apartments)1		5.250			06/20/2047		5,871,944
	39,400,000	TX Dept. of Hsg. & Community Affairs, Series A1		5.000			07/01/2034		34,111,535
	38,380,000	TX Multifamily Housing Options (Affordable Hsg.)10		2.608	5		01/01/2039		35,823,892
	1,500,000	TX Multifamily Hsg. Revenue Bond Pass-Thru Certificates (Skyway Villas)		5.950			11/01/2034		1,471,635
	39,960,000	TX Municipal Gas Acquisition & Supply Corp.1		2.730	5		09/15/2027		33,916,020
	259,560,000	TX Municipal Gas Acquisition & Supply Corp.1		5.625			12/15/2017		249,262,660
	579,255,000	TX Municipal Gas Acquisition & Supply Corp.1		6.250			12/15/2026		549,549,778
	40,000	TX Municipal Gas Acquisition & Supply Corp.10		2.730	5		09/15/2027		33,950
	5,960,000	TX Municipal Gas Acquisition & Supply Corp.10		3.335	5		12/15/2026		4,343,350
	4,360,000	TX Panhandle HFA (Amarillo Affordable Hsg.)6		6.750			03/01/2031		3,238,259
	3,075,000	TX Public Finance Authority Charter School Finance Corp. (Cosmos Foundation)		5.375			02/15/2037		2,340,659
	1,600,000	TX Public Finance Authority Charter School Finance Corp. (Ed-Burnham Wood)		6.250			09/01/2036		1,478,080
	75,000	TX Student Hsg. Corp. (Midwestern State University)		6.500			09/01/2022		76,979
	35,000	TX Student Hsg. Corp. (University of North Texas)2		6.000			07/01/2011		34,084
	635,000	TX Student Hsg. Corp. (University of North Texas)2		6.750			07/01/2021		575,297
	200,000	TX Student Hsg. Corp. (University of North Texas)2		6.850			07/01/2031		171,454

F46 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Texas Continued
$	50,000	TX Veterans Hsg. Assistance, Series B2		5.800	%		12/01/2014	$	50,993
	2,115,000	Vintage Township, TX Public Facilities Corp.		7.375			10/01/2038		2,057,684
	1,279,000	Vintage Township, TX Public Facilities Corp.		7.375			10/01/2038		1,244,339
									1,640,231,949
U.S. Possessions—1.1%
	700,000	Northern Mariana Islands Commonwealth, Series A2		6.750			10/01/2033		707,035
	94,500,000	Puerto Rico Sales Tax Financing Corp., Series A1		2.855	5		08/01/2057		72,765,000
									73,472,035
Utah—0.2%
	650,000	Carbon County, UT Solid Waste Disposal (Allied Waste Industries)		7.450			07/01/2017		654,297
	2,085,000	Carbon County, UT Solid Waste Disposal (Allied Waste Industries)2		7.500			02/01/2010		2,091,255
	2,800,000	Carbon County, UT Solid Waste Disposal (Sunnyside Cogeneration)		7.100			08/15/2023		2,739,044
	85,000	Emery County, UT Pollution Control (Pacificorp)2		5.625			11/01/2023		85,151
	70,000	Tooele County, UT Hazardous Waste Treatment (Union Pacific Corp.)2		5.700			11/01/2026		64,726
	1,835,000	UT HFA (RHA Community Service of Utah)		6.875			07/01/2027		1,759,159
	25,000	UT State Building Ownership Authority, Series A2		5.750			08/15/2011		25,444
	1,315,000	Utah County, UT Charter School (Lincoln Academy)		5.875			06/15/2037		1,150,770
	825,000	Utah County, UT Charter School (Renaissance Academy)		5.625			07/15/2037		694,807
	4,425,000	West Valley City, UT Sewer (East Hollywood High School)		5.625			06/15/2037		3,727,089
									12,991,742
Vermont—0.1%
	2,000,000	VT EDA (Wake Robin Corp.)		5.375			05/01/2036		1,648,320
	50,000	VT EDA (Wake Robin Corp.)		6.000			03/01/2022		48,354
	2,784,813	VT Educational & Health Buildings Financing Agency (Marlboro College)		3.570			04/01/2019		2,412,511
	60,000	VT HFA (Single Family), Series 92		5.400			05/01/2037		60,577
									4,169,762
Virginia—1.5%
	570,000	Bedford County, VA IDA (Georgia-Pacific Corp.)2		5.600			12/01/2025		462,048
	595,000	Bedford County, VA IDA (Georgia-Pacific Corp.)2		6.300			12/01/2025		522,374
	2,535,000	Bedford County, VA IDA (Georgia-Pacific Corp.)2		6.550			12/01/2025		2,320,362
	14,951,000	Farms New Kent, VA Community Devel. Authority Special Assessment		5.125			03/01/2036		10,843,512

F47 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Virginia Continued
$	9,200,000	Farms New Kent, VA Community Devel. Authority Special Assessment		5.450	%		03/01/2036	$	6,891,352
	3,206,000	Farms New Kent, VA Community Devel. Authority Special Assessment		5.800			03/01/2036		2,484,778
	475,000	Giles County, VA IDA (Hoechst Celanese Corp.)2		5.950			12/01/2025		411,402
	10,000,000	Giles County, VA IDA (Hoechst Celanese Corp.)2		6.450			05/01/2026		9,174,200
	7,930,000	Giles County, VA IDA (Hoechst Celanese Corp.)2		6.625			12/01/2022		7,474,818
	235,000	Goochland County, VA IDA (Georgia-Pacific Corp.)2		5.650			12/01/2025		191,713
	1,990,000	Isle Wight County, VA IDA Environmental Improvement (International Paper Company)2		6.600			05/01/2024		1,990,716
	4,000,000	Lewistown, VA Commerce Center Community Devel. Authority		6.050			03/01/2027		3,498,800
	3,000,000	New Port, VA CDA		5.600			09/01/2036		2,295,450
	2,050,000	Norfolk, VA EDA, Series A		6.000			11/01/2036		1,721,139
	1,085,000	Norfolk, VA Redevel. & Hsg. Authority (First Mtg.-Retirement Community)		6.125			01/01/2035		978,757
	9,675,000	Peninsula, VA Town Center Community Devel. Authority Special Obligation		6.450			09/01/2037		8,725,109
	6,300,000	VA Celebrate South CDA Special Assessment		6.250			03/01/2037		5,374,215
	3,400,000	VA H2O Community Devel. Authority		5.200			09/01/2037		2,432,054
	15,000,000	VA Hsg. Devel. Authority1		5.100			10/01/2035		13,218,675
	308,700,000	VA Tobacco Settlement Authority		7.075	4		06/01/2047		14,786,730
	2,500,000	West Point, VA IDA Solid Waste (Chesapeake Corp.)2		6.375			03/01/2019		1,875,100
									97,673,304
Washington—1.2%
	12,000,000	Chelan County, WA Public Utility District No. 0011		5.600			01/01/2036		11,883,360
	30,000	Chelan County, WA Public Utility District No. 1
		(Chelan Hydro System)2		5.250			07/01/2037		27,738
	25,000	King County, WA Hsg. Authority (Cascadian Apartments)2		6.800			07/01/2019		25,084
	70,000	King County, WA Hsg. Authority (Eastwood Square Apartments)		5.450			01/01/2041		63,967
	15,000	King County, WA Hsg. Authority (Kona Village)		6.700			01/01/2020		15,202
	125,000	King County, WA Hsg. Authority (Southwood Square Apartments)		6.100			10/01/2021		126,241
	725,000	King County, WA Hsg. Authority (Southwood Square Apartments)		6.200			10/01/2031		725,558
	40,000	King County, WA Hsg. Authority (Woodridge Park)2		6.250			05/01/2015		40,081
	50,000	King County, WA Hsg. Authority (Woodridge Park)2		6.350			05/01/2025		50,075
	1,945,000	Kitsap County, WA Consolidated Hsg. Authority		5.500			06/01/2027		1,820,364
	2,350,000	Kitsap County, WA Consolidated Hsg. Authority		5.600			06/01/2037		2,134,341

F48 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Washington Continued
$	50,000	Kitsap County, WA Consolidated Hsg. Authority (Heritage Apartments)		6.100	%		10/01/2031	$	48,625
	2,465,000	Port Camas, WA Public Industrial Corp. (James River Corp. of Virginia)2		6.700			04/01/2023		2,319,146
	5,000,000	Port of Seattle, WA Special Facility (Northwest Airlines)		7.125			04/01/2020		4,214,300
	13,600,000	Port of Seattle, WA Special Facility (Northwest Airlines)		7.250			04/01/2030		10,938,344
	50,000	Snohomish County, WA Hsg. Authority2		6.400			04/01/2026		50,138
	2,465,000	Snohomish County, WA Hsg. Authority (Westwood Crossing Apartments)		5.250			05/01/2037		2,121,527
	100,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)		5.100			09/01/2015		99,287
	1,675,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)		5.600			09/01/2025		1,601,334
	1,250,000	Snohomish County, WA Hsg. Authority (Whispering Pines Apartments)		5.750			09/01/2030		1,182,038
	20,000	Vancouver, WA Hsg. Authority		5.625			03/01/2028		18,748
	13,160,000	WA HFC (Single Family Programs)1		5.150			06/01/2037		11,592,973
	10,760,000	WA Kalispel Tribe Indians Priority District		6.750			01/01/2038		10,164,326
	4,280,000	WA Tobacco Settlement Authority (TASC)2		6.500			06/01/2026		4,302,342
	14,285,000	WA Tobacco Settlement Authority (TASC)2		6.625			06/01/2032		14,023,299
									79,588,438
West Virginia—0.9%
	21,700,000	Braxton County, WV Solid Waste Disposal (Weyerhaeuser Company)1		5.400			05/01/2025		18,851,660
	13,435,000	Harrison County, WV Tax Increment (Charles Pointe)		7.000			06/01/2028		13,068,896
	1,840,000	Harrison County, WV Tax Increment (Charles Pointe)		7.000			06/01/2035		1,801,636
	13,710,000	Harrison County, WV Tax Increment (Charles Pointe)		7.000			06/01/2035		13,034,234
	25,000	Kingswood, WV Sewage System		6.000			10/01/2025		25,038
	600,000	Ohio County, WV Commission Special District Excise Tax (Fort Henry Centre)		5.625			03/01/2036		560,634
	15,000	WV Hospital Finance Authority (Charleston Area Medical Center)2		7.250			10/01/2014		15,036
	7,250,000	WV Hsg. Devel. Fund1		5.200			05/01/2038		6,438,985
	7,385,000	WV State Hsg. Devel. Fund, Series D1		5.350			11/01/2032		7,584,002
									61,380,121
Wisconsin—1.3%
	28,000,000	Aztalan, WI Exempt Facility (Renew Energy)		7.500			05/01/2018		23,468,760
	60,000	Badger, WI Tobacco Asset Securitization Corp.2		6.125			06/01/2027		59,040
	15,720,000	Badger, WI Tobacco Asset Securitization Corp.2		6.375			06/01/2032		15,351,523
	6,510,000	Kaukauna, WI Environmental Improvement (International Paper Company)2		5.250			06/01/2029		5,242,698

F49 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal
Amount			Coupon			Maturity		Value
Wisconsin Continued
$	660,000	Milwaukee, WI (Aero Milwaukee)		6.500	%		01/01/2025	$	635,507
	1,220,000	Milwaukee, WI (Air Cargo)2		7.500			01/01/2025		1,236,275
	4,120,000	Necedah, WI Community Devel. Authority Exempt Facility (Castle Rock Renewable Fuels)		7.500			03/01/2018		3,570,804
	165,000	New Berlin, WI Hsg. Authority (Pinewood Creek)		6.800			11/01/2012		163,870
	160,000	New Berlin, WI Hsg. Authority (Pinewood Creek)		6.850			05/01/2013		158,419
	1,595,000	New Berlin, WI Hsg. Authority (Pinewood Creek)		7.125			05/01/2024		1,555,061
	200,000	Reedsburg, WI Industrial Devel. Revenue (Seats, Inc.)		6.250			05/01/2019		191,608
	1,750,000	Sokaogon, WI Chippewa Community (Gaming)		7.000			01/01/2026		1,536,693
	1,800,000	Sokaogon, WI Chippewa Community (Gaming)		8.250			01/01/2017		1,659,762
	100,000	WI GO2		5.350			05/01/2028		94,853
	35,000	WI GO2		5.350			05/01/2028		33,002
	20,000	WI GO2		6.000			05/01/2027		20,032
	3,000,000	WI H&EFA (AE Nursing Centers)		7.250			06/01/2038		2,912,400
	55,000	WI H&EFA (Aurora Health Care)2		5.625			02/15/2029		52,870
	1,600,000	WI H&EFA (Catholic Residential Services)		5.250			05/01/2028		1,280,096
	1,000,000	WI H&EFA (Eastcastle Place)		6.125			12/01/2034		902,150
	20,000	WI H&EFA (Marshfield Clinic)2		5.750			02/15/2027		20,024
	70,000	WI H&EFA (Marshfield Clinic)2		6.250			02/15/2029		70,699
	1,650,000	WI H&EFA (St. Clare Terrance)		5.750			12/01/2036		1,383,905
	7,335,000	WI H&EFA (Wellington Homes)		6.750			09/01/2037		6,711,158
	1,300,000	WI H&EFA (Wisconsin Illinois Senior Hsg.)		5.650			08/01/2021		1,174,394
	2,385,000	WI H&EFA (Wisconsin Illinois Senior Hsg.)		5.800			08/01/2029		2,102,258
	14,135,000	WI Hsg. & EDA1		5.100			09/01/2024		13,126,792
	40,000	WI Hsg. & EDA		5.150			11/01/2045		34,199
									84,748,852
Wyoming—0.0%
	20,000	Afton, WY National Rural Utilities (Lower Valley Power & Light)2		5.875			05/01/2026		20,024
Total Municipal Bonds and Notes (Cost $10,845,804,040)									9,025,855,438

Shares
Common Stocks—0.0%
	43,900	Northwest Airlines Corp.8,12 (Cost $292,374)	402,124

F50 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
Corporate Bonds and Notes—0.3%
$	19,153,022	Delta Air Lines, Inc., Sr. Unsec. Nts.10 (Cost $18,961,493)		8,000	%		12/01/2015	$	16,136,421
Total Investments, at Value (Cost $10,865,057,907)—138.7%									9,042,393,983
Liabilities in Excess of Other Assets—(38.7)									(2,523,862,412	)
Net Assets—100.0%								$	6,518,531,571

Footnotes to Statement of Investments

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

2.   All or a portion of the security has been segregated for collateral to cover borrowings. See Note 7 of accompanying Notes.

3.   Subject to a deferred-principal/interest forebearance agreement. Rate shown is current rate. See Note 1 of accompanying Notes.

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

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

6.   Issue is in default. See Note 1 of accompanying Notes.

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

8.   Non-income producing security.

9.   When-issued security or delayed delivery to be delivered and settled after July 31, 2008. See Note 1 of accompanying Notes.

10. Illiquid security. The aggregate value of illiquid securities as of July 31, 2008 was $137,721,653, which represents 2.11% of the Fund’s net assets. See Note 6 of accompanying Notes.

11. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $5,754,360 or 0.09% of the Fund’s net assets as of July 31, 2008.

12. A sufficient amount of liquid assets has been designated to cover outstanding written call options.

F51 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF INVESTMENTS Continued

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

ADA		Atlanta Devel. Authority
AHF		American Housing Foundation
CAB		Capital Appreciation Bond
CAU		Clark Atlanta University
CDA		Communities Devel. Authority
CFGH		Central Florida Group Homes
COP		Certificates of Participation
CoMC		Community Medical Center
DRIVERS		Derivative Inverse Tax Exempt Receipts
EDA		Economic Devel. Authority
EDC		Economic Devel. Corp.
EDFA		Economic Devel. Finance Authority
EF&CD		Environmental Facilities and Community Devel.
GO		General Obligation
GPA		General Purpose Authority
H&EFA		Health and Educational Facilities Authority
H&EFB		Health and Educational Facilities Board
H&HEFA		Hospitals and Higher Education Facilities Authority
HDA		Hospital Devel. Authority
HDC		Housing Devel. Corp.
HE&HF		Higher Educational and Housing Facilities
HE&HFA		Higher Education and Health Facilities Authority
HE&HFB		Health Educational and Housing Facility Board
HFA		Housing Finance Agency/Authority
HFC		Housing Finance Corp.
HFDC		Health Facilities Devel. Corp.
IDA		Industrial Devel. Agency
IDC		Industrial Devel. Corp.
IF&PCFA		Industrial Facilities & Pollution Control Financing Authority
JDAM		Julia Dyckman Andrus Memorial
JFK		John Fitzgerald Kennedy
JGCCF		Jewish Geriatric & Convalescent Center Foundation
LH		Lowman Home
LS		Lutheran Services
NH		Northgate Housing
NTH		North Terrace Housing
NYC		New York City
RHA		Resource Healthcare of America
Res Rec	��	Resource Recovery Facility
RITES		Residual Interest Tax Exempt Security
ROLs		Residual Option Longs
TASC		Tobacco Settlement Asset-Backed Bonds
VH		Village Housing
VS		Village Shalom
VSCF		Village Shalom Charitable Foundation
WSREC		West Suburban Recycling and Energy Corp.

Written Options as of July 31, 2008 are as follows:

		Number of		Exercise		Expiration		Premiums
Description	Type	Contracts		Price		Date		Received		Value
Northwest Airlines Corp.	Call		188	$	12.50		9/22/08	$	29,704	$	(13,160	)
Northwest Airlines Corp.	Call		3		10.00		9/22/08		309		(420	)
Northwest Airlines Corp.	Call		248		10.00		12/12/08		33,464		(64,480	)
								$	63,477	$	(78,060	)

See accompanying Notes to Financial Statements.

F52 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES July 31, 2008

Assets
Investments, at value (cost $10,865,057,907)—see accompanying statement of investments	$	9,042,393,983
Cash		475,640
Receivables and other assets:
Interest		113,270,340
Investments sold		66,571,640
Shares of beneficial interest sold		33,799,507
Other		581,274
Total assets		9,257,092,384
Liabilities
Options written, at value (premiums received $63,477)—see accompanying statement of investments		78,060
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		2,230,782,000
Payable on borrowings (See Note 7)		398,200,000
Investments purchased (including $11,312,902 purchased on a when-issued or delayed delivery basis)		70,078,751
Shares of beneficial interest redeemed		25,549,572
Dividends		10,336,661
Interest expense on borrowings		923,898
Distribution and service plan fees		832,058
Trustees’ compensation		656,816
Transfer and shareholder servicing agent fees		311,874
Shareholder communications		217,941
Other		593,182
Total liabilities		2,738,560,813
Net Assets	$	6,518,531,571
Composition of Net Assets
Paid-in capital	$	8,836,518,783
Accumulated net investment income		18,047,181
Accumulated net realized loss on investments		(513,355,886	)
Net unrealized depreciation on investments		(1,822,678,507	)
Net Assets	$	6,518,531,571

F53 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Continued

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $4,503,510,029 and 506,764,520 shares of beneficial interest outstanding)	$	8.89
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	9.33
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $356,191,491 and 39,969,937 shares of beneficial interest outstanding)	$	8.91
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,658,830,051 and 187,013,890 shares of beneficial interest outstanding)	$	8.87

See accompanying Notes to Financial Statements.

F54 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF OPERATIONS For the Year Ended July 31, 2008

Investment Income
Interest	$	625,977,326
Other income		1,532
Total investment income		625,978,858
Expenses
Management fees		26,496,826
Distribution and service plan fees:
Class A		7,300,126
Class B		4,135,784
Class C		16,225,981
Transfer and shareholder servicing agent fees:
Class A		2,109,985
Class B		410,747
Class C		1,094,632
Shareholder communications:
Class A		379,183
Class B		62,405
Class C		182,172
Interest expense and fees on short-term floating rate notes issued (See Note 1)		89,796,652
Interest expense on borrowings		13,207,337
Custodian fees and expenses		318,955
Trustees’ compensation		251,669
Other		1,954,311
Total expenses		163,926,765
Less reduction to custodian expenses		(22,802	)
Net expenses		163,903,963
Net Investment Income		462,074,895
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (including premiums on options exercised)		(507,209,620	)
Closing and expiration of option contracts written		2,600,770
Increase from payment by affiliate		986
Net realized loss		(504,607,864	)
Net change in unrealized depreciation on:
Investments		(1,935,283,022	)
Option contracts written		(14,583	)
Net change in unrealized depreciation		(1,935,297,605	)
Net Decrease in Net Assets Resulting from Operations	$	(1,977,830,574	)

See accompanying Notes to Financial Statements.

F55 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS

Year Ended July 31,	2008			2007
Operations
Net investment income	$	462,074,895		$	356,520,993
Net realized loss		(504,607,864	)		(157,388	)
Net change in unrealized appreciation (depreciation)		(1,935,297,605	)		(99,963,807	)
Net increase (decrease) in net assets resulting from operations		(1,977,830,574	)		256,399,798
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(315,036,292	)		(256,665,435	)
Class B		(25,507,935	)		(26,861,031	)
Class C		(102,017,272	)		(80,586,640	)
		(442,561,499	)		(364,113,106	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		274,523,857			2,525,127,317
Class B		(75,415,052	)		31,071,724
Class C		141,440,580			852,372,073
		340,549,385			3,408,571,114
Net Assets
Total increase (decrease)		(2,079,842,688	)		3,300,857,806
Beginning of period		8,598,374,259			5,297,516,453
End of period (including accumulated net investment income (loss) of $18,047,181 and $(1,492,491), respectively)	$	6,518,531,571		$	8,598,374,259

See accompanying Notes to Financial Statements.

F56 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

STATEMENT OF CASH FLOWS For the Year Ended July 31, 2008

Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(1,977,830,574	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(3,457,968,013	)
Proceeds from disposition of investment securities		3,054,960,073
Short-term investment securities, net		708,520,897
Premium amortization		10,409,296
Discount accretion		(64,998,820	)
Net realized loss on investments		504,607,864
Net change in unrealized depreciation on investments		1,935,297,605
Increase in interest receivable		(11,376,630	)
Decrease in receivable for securities sold		14,554,576
Increase in other assets		(437,244	)
Increase in options written, at value		78,060
Decrease in payable for securities purchased		(19,588,385	)
Increase in payable for accrued expenses		649,312
Net cash provided by operating activities		696,878,017
Cash Flows from Financing Activities
Proceeds from bank borrowings		2,653,000,000
Payments on bank borrowings		(2,407,100,000	)
Payments on short-term floating rate notes issued		(839,415,268	)
Proceeds from shares sold		3,885,700,364
Payments on bank overdraft		(4,150,712	)
Payments on shares redeemed		(3,803,981,185	)
Cash distributions paid		(180,455,576	)
Net cash used in financing activities		(696,402,377	)
Net increase in cash		475,640
Cash, beginning balance		—
Cash, ending balance	$	475,640

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $258,969,548.

Cash paid for interest on bank borrowings—$12,908,717.

Cash paid for interest on short-term floating rate notes issued—$89,796,652.

See accompanying Notes to Financial Statements.

F57 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FINANCIAL HIGHLIGHTS

Class A     Year Ended July 31,	2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	12.43		$	12.47		$	12.69		$	11.13		$	10.64
Income (loss) from investment operations:
Net investment income		.70	1		.67	1		.69	1		.78	1		.85
Net realized and unrealized gain (loss)		(3.57	)		(.03	)		(.24	)		1.59			.50
Total from investment operations		(2.87	)		.64			.45			2.37			1.35
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.67	)		(.68	)		(.67	)		(.81	)		(.86	)
Net asset value, end of period	$	8.89		$	12.43		$	12.47		$	12.69		$	11.13
Total Return, at Net Asset Value2		(23.62	)%		5.16	%		3.79	%		21.97	%		12.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,503,510		$	5,886,284		$	3,439,135		$	2,309,856		$	731,565
Average net assets (in thousands)	$	4,903,394		$	4,813,462		$	2,721,861		$	1,366,113		$	506,440
Ratios to average net assets:3
Net investment income		6.70	%		5.23	%		5.60	%		6.46	%		7.54	%
Expenses excluding interest and fees on short-term floating rate notes issued		0.79	%		0.63	%		0.67	%		0.69	%		0.80	%
Interest and fees on short-term floating rate notes issued4		1.25	%		0.84	%		0.81	%		0.39	%		0.37	%
Total expenses		2.04	%5		1.47	%5		1.48	%		1.08	%5		1.17	%5,6
Portfolio turnover rate		37	%		6	%		24	%		6	%		14	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.
5.	Reduction to custodian expenses less than 0.005%.
6.	Voluntary waiver of transfer agent fees less than 0.005%.

See accompanying Notes to Financial Statements.

F58 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Class B      Year Ended July 31,	2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	12.46		$	12.50		$	12.72		$	11.15		$	10.66
Income (loss) from investment operations:
Net investment income		.62	1		.57	1		.60	1		.70	1		.77
Net realized and unrealized gain (loss)		(3.58	)		(.02	)		(.24	)		1.59			.49
Total from investment operations		(2.96	)		.55			.36			2.29			1.26
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.59	)		(.59	)		(.58	)		(.72	)		(.77	)
Net asset value, end of period	$	8.91		$	12.46		$	12.50		$	12.72		$	11.15
Total Return, at Net Asset Value2		(24.27	)%		4.34	%		2.97	%		21.09	%		11.89	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	356,192		$	586,763		$	558,386		$	528,192		$	308,778
Average net assets (in thousands)	$	458,627		$	587,412		$	533,869		$	410,031		$	256,425
Ratios to average net assets:3
Net investment income		5.86	%		4.49	%		4.84	%		5.80	%		6.80	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.60	%		1.41	%		1.46	%		1.48	%		1.56	%
Interest and fees on short-term floating rate notes issued4		1.25	%		0.84	%		0.81	%		0.39	%		0.37	%
Total expenses		2.85	%5		2.25	%5		2.27	%		1.87	%5		1.93	%5,6
Portfolio turnover rate		37	%		6	%		24	%		6	%		14	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.
5.	Reduction to custodian expenses less than 0.005%.
6.	Voluntary waiver of transfer agent fees less than 0.005%.

See accompanying Notes to Financial Statements.

F59 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

Class C      Year Ended July 31,	2008			2007			2006			2005			2004
Per Share Operating Data
Net asset value, beginning of period	$	12.41		$	12.45		$	12.67		$	11.11		$	10.63
Income (loss) from investment operations:
Net investment income		.62	1		.57	1		.60	1		.68	1		.76
Net realized and unrealized gain (loss)		(3.57	)		(.02	)		(.24	)		1.60			.49
Total from investment operations		(2.95	)		.55			.36			2.28			1.25
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.59	)		(.59	)		(.58	)		(.72	)		(.77	)
Net asset value, end of period	$	8.87		$	12.41		$	12.45		$	12.67		$	11.11
Total Return, at Net Asset Value2		(24.26	)%		4.38	%		3.01	%		21.08	%		11.83	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,658,830		$	2,125,327		$	1,299,995		$	868,108		$	265,340
Average net assets (in thousands)	$	1,800,637		$	1,756,797		$	1,050,344		$	488,562		$	193,845
Ratios to average net assets:3
Net investment income		5.93	%		4.47	%		4.83	%		5.68	%		6.76	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.56	%		1.39	%		1.44	%		1.46	%		1.56	%
Interest and fees on short-term floating rate notes issued4		1.25	%		0.84	%		0.81	%		0.39	%		0.37	%
Total expenses		2.81	%5		2.23	%5		2.25	%		1.85	%5		1.93	%5,6
Portfolio turnover rate		37	%		6	%		24	%		6	%		14	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions. See Note 1 of accompanying Notes.
5.	Reduction to custodian expenses less than 0.005%.
6.	Voluntary waiver of transfer agent fees less than 0.005%.

See accompanying Notes to Financial Statements.

F60 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS

1. Significant Accounting Policies

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

     The Fund offers Class A, Class B and Class C shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C have separate distribution and/or service plans. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading. Securities may be valued primarily using dealer-supplied valuations or a portfolio pricing service authorized by the Board of Trustees. Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security traded on that exchange prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the closing price reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the closing “bid” and “asked” prices, and if not, at the closing bid price. Securities traded on foreign exchanges are valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the official closing price on the principal exchange. Corporate, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities will be valued at the mean between the “bid” and “asked” prices. Securities for which market quotations are not readily available are valued at their fair value. Securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of their respective exchanges will be fair valued. Fair value

F61 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

is determined in good faith using consistently applied procedures under the supervision of the Board of Trustees. Shares of a registered investment company that are not traded on an exchange are valued at the acquired investment company’s net asset value per share. “Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

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 maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of July 31, 2008, 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		$11,312,902

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 35% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $1,925,548,562 as of July 31, 2008, which represents 20.80% of the Fund’s total assets.

     Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The

F62 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but do not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At July 31, 2008, municipal bond holdings with a value of $2,455,829,940 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $2,230,782,000 in short-term floating rate notes issued and outstanding at that date.

At July 31, 2008, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:

Principal	Inverse	Coupon			Maturity
Amount	Floater1	Rate2			Date		Value
$1,815,000	AK HFC ROLs3		9.650	%		12/1/37	$	972,005
5,875,000	AL HFA ROLs		11.140			10/1/32		4,773,085
1,745,000	AR Devel. Finance Authority (Single Family Mtg.) ROLs3		10.450			1/1/38		968,789
9,350,000	Aurora, IL Single Family Mtg. ROLs		14.560			12/1/39		9,316,527
11,875,000	Aurora, IL Single Family Mtg. ROLs3		17.090			12/1/45		12,664,925
41,500,000	AZ Health Facilities Authority ROLs3		3.510			1/1/37		(12,968,750	)
4,460,000	AZ Health Facilities Authority ROLs3		3.510			1/1/37		(1,393,750	)
13,570,000	AZ Health Facilities Authority ROLs3		3.510			1/1/37		(4,240,625	)
4,255,000	Braxton County, WV Solid Waste Disposal ROLs3		13.452			5/1/25		1,406,660
3,865,000	Brazos River Authority, TX Pollution Control ROLs3		9.995			5/1/29		(180,148	)
7,500,000	CA Educational Funding Services ROLs3		16.380			12/1/42		7,266,750
3,000,000	Chelan County, WA Public Utility District RITES		12.900			1/1/36		2,883,360
2,890,000	Chicago, IL (Single Family Mtg.) ROLs		11.340			6/1/38		2,543,316
2,000,000	Chicago, IL O’Hare International Airport ROLs3		7.440			1/1/34		1,183,600

F63 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

Principal		Inverse	Coupon			Maturity
Amount		Floater1	Rate2			Date			Value
$	2,500,000	Dallas-Fort Worth, TX International Airport ROLs		8.329	%		11/1/35		$	1,784,150
	7,035,000	Detroit, MI Sewer Disposal System ROLs3		0.321			7/1/32			—
	2,595,000	District of Columbia HFA RITES		8.831			6/1/38			1,546,153
	4,250,000	El Paso County, CO (Single Family Mtg.) ROLs		11.540			12/1/39			4,260,115
	1,845,000	FL Austin Trust Various States Inverse Certificate		17.052			10/1/26			1,867,214
	650,000	FL Austin Trust Various States Inverse Certificate		16.619			10/1/27			659,841
	6,575,000	FL Austin Trust Various States Inverse Certificate		12.189			10/1/41			5,421,351
	2,420,000	FL HFC ROLs		9.894			7/1/38			1,179,702
	5,805,000	FL HFC ROLs3		12.760			7/1/37			2,894,954
	9,005,000	Fulton County, GA RITES		2.148			11/15/28			5,401,649
	3,000,000	Hialeah Gardens, FL Health Facilities Authority (Catholic Health Services Facilities) RITES		10.860			8/15/31			2,964,360
	2,465,000	Houston, TX HFC ROLs3		13.190			12/1/40			1,362,948
	12,710,000	IA Tobacco Settlement Authority ROLs3		13.827			6/1/46			39,528
	4,500,000	Jacksonville, FL Health Facilities Authority ROLs		10.620			11/15/32			4,523,220
	23,795,000	Lehigh County, PA GPA ROLs3		3.100			8/15/42			5,873,320
	5,550,000	Lehigh County, PA GPA ROLs3		2.980			8/15/33			1,408,701
	19,650,000	Long Beach, CA Bond Finance Authority Natural Gas ROLs3		5.650			11/15/33	��		(6,140,625	)
	3,250,000	Long Beach, CA Harbor DRIVERS		11.620			5/15/27			2,989,545
	5,455,000	MA H&EFA RITES		2.916			11/15/32			3,218,286
	13,020,000	MA HFA RITES3		9.963			7/1/25			10,767,280
	2,085,000	MA HFA ROLs		13.780			12/1/49			1,159,510
	2,625,000	MA HFA ROLs3		13.390			6/1/49			1,154,843
	945,000	ME Hsg. Authority Mtg. ROLs		9.865			11/15/22			844,093
	1,875,000	MI Hsg. Devel. Authority ROLs3		12.990			6/1/39			1,016,925
	9,960,000	Milledgeville-Baldwin County, GA Devel. Authority (Georgia College & State University Foundation) ROLs3		0.350			10/1/33			(3,366,878	)
	1,993,645	Minneapolis & St. Paul, MN Hsg. Finance Board (Single Family Mtg.) ROLs		12.168			11/1/38			822,937
	23,315,000	NE Central Plains Gas Energy ROLs3		2.124			12/1/26			(4,010,180	)
	5,000,000	NE Central Plains Gas Energy ROLs3		2.140			12/1/26			(1,281,250	)
	4,000,000	NE Central Plains Gas Energy ROLs3		2.140			12/1/26			(1,025,000	)
	18,960,000	NJ Health Care RITES		2.744			11/15/33			11,895,694
	2,095,000	North Little Rock, AR Residential Hsg. Facilities Board RITES		11.625			8/20/45			1,877,916
	31,000,000	Northern CA Gas Authority ROLs3		0.100			7/1/27			(13,175,000	)
	1,785,000	Oklahoma County, OK Finance Authority ROLs		13.770			10/1/38			1,745,801
	9,450,000	Puerto Rico Sales Tax Financing Corp. ROLs3		4.140			8/1/57			(12,285,000	)
	1,770,000	RI Hsg. & Mtg. Finance Corp. RITES		10.269			10/1/22			1,582,168
	3,210,000	RI Hsg. & Mtg. Finance Corp. ROLs3		10.073			10/1/47			1,440,776
	2,875,000	RI Hsg. & Mtg. Finance Corp. ROLs3		12.190			10/1/48			857,325
	3,052,000	Sabine Neches, TX HFC (Single Family Mtg.) ROLs		11.744			12/1/39			2,712,618
	14,085,000	San Antonio, TX Convention Center ROLs3		8.850			7/15/39			7,702,241

F64 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Principal		Inverse	Coupon			Maturity
Amount		Floater1	Rate2			Date		Value
$	1,745,000	San Antonio, TX HFC (Multifamily Hsg.) ROLs3		9.901	%		7/20/47	$	623,698
	2,145,000	San Antonio, TX Hsg. Trust Finance Corp. (Single Family Mtg.) ROLs		10.870			10/1/39		1,909,393
	2,730,000	Sayre, PA Health Care Facilities Authority ROLs3		2.742			12/1/24		867,512
	4,920,000	Sayre, PA Health Care Facilities Authority ROLs3		2.922			12/1/31		959,990
	2,680,000	SC Hsg. Finance & Devel. Authority ROLs		9.743			7/1/34		1,584,952
	2,440,000	Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.)		11.340			12/1/38		2,318,439
	10,145,000	Southern CA Public Power Authority Natural Gas ROLs3		10.720			11/1/38		(15,724,750	)
	11,020,000	St. Joseph County, IN Hospital Authority ROLs3		2.939			8/15/46		1,270,055
	4,830,000	Tarrant County, TX HFC (Village Creek Apartments) RITES		8.147			4/20/48		2,223,684
	2,735,000	Tarrant County, TX HFC ROLs3		12.990			12/20/48		1,205,205
	2,690,000	Tarrant County, TX HFC ROLs3		9.898			10/20/47		1,092,463
	5,990,000	Tulsa County, OK Home Finance Authority (Single Family Mtg.) ROLs3		13.150			12/1/38		5,307,619
	1,690,000	TX Dept. of Hsg. & Community Affairs (Multifamily Hsg.) ROLs3		13.170			6/20/47		811,944
	9,850,000	TX Dept. of Hsg. & Community Affairs RITES		9.784			7/1/34		4,561,535
	7,995,000	TX Municipal Gas Acquisition & Supply Corp. ROLs3		2.590			9/15/27		1,951,020
	51,915,000	TX Municipal Gas Acquisition & Supply Corp. ROLs3		13.960			12/15/17		41,617,660
	115,855,000	TX Municipal Gas Acquisition & Supply Corp. ROLs3		17.090			12/15/26		86,149,778
	3,750,000	VA Hsg. Devel. Authority ROLs		9.727			10/1/35		1,968,675
	3,290,000	WA HFC ROLs		9.901			6/1/37		1,722,973
	3,725,000	WI Hsg. & EDA RITES		9.739			9/1/24		2,716,792
	1,845,000	WV Hsg. Devel. Fund RITES		11.177			11/1/32		2,044,002
	1,815,000	WV Hsg. Devel. Fund ROLs		10.066			5/1/38		1,003,985
	2,140,000	Yavapai County, AZ IDA (Solid Waste Disposal) ROLs3		10.663			3/1/28		(25,659	)
								$	225,047,940

1.	For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F52 of the Statement of Investments.
2.	Represents the current interest rate for a variable rate bond known as an “inverse floater.”
3.	Security is subject to a shortfall and forbearance agreement.

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis

F65 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. Significant Accounting Policies Continued

and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of July 31, 2008, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $1,827,043,385.

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 as they become due. The Fund may acquire securities in default with respect to contractual payments of principal or interest, and is not obligated to dispose of securities whose issuers subsequently default. As of July 31, 2008, securities with an aggregate market value of $91,605,026, representing 1.41% of the Fund’s net assets, were in default with respect to contractual payments of interest.

     The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego payment of the original principal or coupon interest rates. As of July 31, 2008, securities with an aggregate market value of $15,945,291, representing 0.02% of the Fund’s net assets, were subject to these forbearance agreements. Interest and principal payments of $635,250 and $1,070,000, respectively, are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

Investments With Off-Balance Sheet Market Risk. The Fund enters into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Fund’s Statement of Assets and Liabilities.

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

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

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

F66 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

					Net Unrealized
					Depreciation
					Based on Cost
					of Securities and
Undistributed	Undistributed		Accumulated		Other Investments
Net Investment	Long-Term		Loss		for Federal Income
Income	Gain		Carryforward1,2,3,4,5		Tax Purposes
$29,650,175		$—		$398,304,914		$1,937,729,481

1. As of July 31, 2008, the Fund had $81,667,551 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of July 31, 2008, details of the capital loss carryforwards were as follows:

Expiring
2014	$	187,364
2016		81,480,187
Total	$	81,667,551

2.	As of July 31, 2008, the Fund had $316,620,819 of post-October losses available to offset future realized capital gains, if any. Such losses, if unutilized, will expire in 2017.
3.	The Fund had $16,544 of straddle losses which were deferred.
4.	During the fiscal year ended July 31, 2008, the Fund did not utilize any capital loss carryforward.
5.	During the fiscal year ended July 31, 2007, the Fund utilized $6,148,913 of capital loss carryforward to offset capital gains realized in that fiscal year.

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

Accordingly, the following amounts have been reclassified for July 31, 2008. Net assets of the Fund were unaffected by the reclassifications.

Increase to		Increase to
Accumulated		Accumulated Net
Net Investment		Realized Loss
Income		on Investments
	$26,276		$26,276

The tax character of distributions paid during the years ended July 31, 2008 and July 31, 2007 was as follows:

	Year Ended		Year Ended
	July 31, 2008		July 31, 2007
Distributions paid from:
Exempt-interest dividends	$	439,859,049	$	361,190,921
Ordinary income		2,702,450		2,922,185
Total	$	442,561,499	$	364,113,106

F67 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

1. 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 as of July 31, 2008 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	$	8,734,145,291
Federal tax cost of other investments		(63,477	)
Total federal tax cost	$	8,734,081,814
Gross unrealized appreciation	$	36,913,664
Gross unrealized depreciation		(1,974,643,145	)
Net unrealized depreciation	$	(1,937,729,481	)

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended July 31, 2008, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	87,148
Payments Made to Retired Trustees		45,626
Accumulated Liability as of July 31, 2008		441,176

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

F68 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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 overdrafts, to the extent they are not offset by positive cash balances maintained by the Fund, at a rate equal to the Federal Funds Rate plus 0.50%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

F69 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

2. Shares of Beneficial Interest

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

	Year Ended July 31, 2008						Year Ended July 31, 2007
	Shares			Amount			Shares			Amount
Class A
Sold		278,856,237		$	2,916,922,847			255,415,514		$	3,256,685,389
Dividends and/or distributions reinvested		18,646,375			191,467,084			11,963,388			152,344,833
Redeemed		(264,338,488	)		(2,833,866,074	)		(69,607,414	)		(883,902,905	)
Net increase		33,164,124		$	274,523,857			197,771,488		$	2,525,127,317
Class B
Sold		6,521,405		$	67,139,700			8,035,188		$	102,699,207
Dividends and/or distributions reinvested		1,277,996			13,230,189			1,045,429			13,351,514
Redeemed		(14,920,016	)		(155,784,941	)		(6,664,299	)		(84,978,997	)
Net increase (decrease)		(7,120,615	)	$	(75,415,052	)		2,416,318		$	31,071,724
Class C
Sold		86,844,863		$	900,968,735			83,679,098		$	1,065,448,699
Dividends and/or distributions reinvested		5,305,983			54,272,275			3,260,844			41,455,752
Redeemed		(76,450,271	)		(813,800,430	)		(20,061,528	)		(254,532,378	)
Net increase		15,700,575		$	141,440,580			66,878,414		$	852,372,073

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended July 31, 2008, were as follows:

	Purchases		Sales
Investment securities	$	3,457,968,013	$	3,054,960,073

4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $200 million	0.60	%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Over $1 billion	0.35

F70 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the year ended July 31, 2008, the Fund paid $3,602,074 to OFS for services to the Fund.

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class A shares. It 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 average annual net assets of Class A shares of the Fund. The Board of Trustees can increase that fee to 0.25% of average net assets without shareholder approval. Shareholders will be notified of any such change. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal services 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 for Class B and Class C shares to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares. The Distributor also receives a service fee of 0.15% per year under each plan. However, the Board of Trustees can increase that fee to 0.25% of average net assets without shareholder approval. Shareholders will be notified of any such change. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. The Distributor determines its uncompensated expenses under the plan at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the plan at June 30, 2008 for Class B and Class C shares were $14,739,485 and $29,512,564, respectively. Fees incurred by the Fund under the plans are detailed in the Statement of Operations.

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NOTES TO FINANCIAL STATEMENTS Continued

4. Fees and Other Transactions with Affiliates Continued

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

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
	Retained by		Retained by		Retained by		Retained by
Year Ended	Distributor		Distributor		Distributor		Distributor
July 31, 2008		$3,349,166		$1,812,994		$1,601,763		$877,943

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time.

     During the year ended July 31, 2008, the Manager voluntarily reimbursed to the Fund $986 for certain transactions. The payment increased the Fund’s total returns by less than 0.01%.

5. Option Activity

The Fund may buy and sell put and call options, or write put and covered call options. When an option is written, the Fund receives a premium and becomes obligated to sell or purchase the underlying security at a fixed price, upon exercise of the option.

     Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statement of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statement of Operations.

     Securities designated to cover outstanding call or put options are noted in the Statement of Investments where applicable. Options written are reported in a schedule following the Statement of Investments and as a liability in the Statement of Assets and Liabilities.

     The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the Fund pays a premium

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whether or not the option is exercised. The Fund also has the additional risk that there may be an illiquid market where the Fund is unable to close the contract.

Written option activity for the year ended July 31, 2008 was as follows:

	Call Options
	Number of			Amount of
	Contracts			Premiums
Options outstanding as of July 31, 2007		—		$	—
Options written		37,320			4,326,927
Options closed or expired		(19,205	)		(2,600,770	)
Options exercised		(17,676	)		(1,662,680	)
Options outstanding as of July 31, 2008		439		$	63,477

6. Illiquid Securities

As of July 31, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

7. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings to purchase portfolio securities, to meet redemption obligations or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

     The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $1.25 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (2.7228% as of July 31, 2008). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual commitment fee on the amount of the unused portion of the total facility size. The Fund

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NOTES TO FINANCIAL STATEMENTS Continued

7. Borrowings Continued

has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

     As of July 31, 2008, the Fund had borrowings outstanding at an interest rate of 2.7228%. Details of the borrowings for the year ended July 31, 2008 are as follows:

Average Daily Loan Balance	$	323,493,169
Average Daily Interest Rate		4.208	%
Fees Paid	$	1,587,828
Interest Paid	$	12,908,717

8. Recent Accounting Pronouncements

In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value Measurements. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of July 31, 2008, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

     In March 2008, FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Fund uses derivative instruments, how these activities are accounted for, and their effect on the Fund’s financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Fund’s financial statements and related disclosures.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester National Municipals (one of the portfolios constituting the Oppenheimer Multi-State Municipal Trust), including the statement of investments, as of July 31, 2008, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

     We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2008, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

     In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester National Municipals as of July 31, 2008, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG llp

Denver, Colorado
September 16, 2008

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THIS PAGE INTENTIONALLY LEFT BLANK.

F76 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2008, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2007. Regulations of the U.S. Treasury Department require the Fund to report this information to the Internal Revenue Service.

     None of the dividends paid by the Fund during the fiscal year ended July 31, 2008 are eligible for the corporate dividend-received deduction. 99.39% is 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.

29 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

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

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

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

30 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships
Fund, Length of Service, Age	Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2005) Age: 65	General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Manager’s parent company) (since September 2004); Chairman (since August 2007) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); Treasurer and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Member of Zurich Financial Investment Management Advisory Council (insurance) (2004-2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 64 portfolios in the OppenheimerFunds complex.
David K. Downes, Trustee (since 2007) Age: 68	Independent Chairman GSK Employee Benefit Trust (since April 2006); Director of Correctnet (since January 2006); Trustee of Employee Trusts (since January 2006); President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment management company) (since January 2004); Director of Internet Capital Group (information technology company) (since October 2003); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); President of The Community Reinvestment Act Qualified Investment Fund (investment management 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 64 portfolios in the OppenheimerFunds complex.
Matthew P. Fink, Trustee (since 2005) Age: 67	Trustee of the Committee for Economic Development (policy research foundation) (since 2005); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 54 portfolios in the OppenheimerFunds complex.

31 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

TRUSTEES AND OFFICERS Unaudited / Continued

Robert G. Galli, Trustee (since 1993) Age: 75	A director or trustee of other Oppenheimer funds. Oversees 64 portfolios in the OppenheimerFunds complex.
Phillip A. Griffiths, Trustee (since 1999) Age: 69	Fellow of the Carnegie Corporation (since 2007); Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI Lumonics Inc. (precision technology products company) (since 2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 54 portfolios in the OppenheimerFunds complex.
Mary F. Miller, Trustee (since 2004) Age: 56	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 54 portfolios in the OppenheimerFunds complex.
Joel W. Motley, Trustee (since 2002) Age: 56	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 of the Episcopal Church of America, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee of Historic Hudson Valley. Oversees 54 portfolios in the OppenheimerFunds complex.
Russell S. Reynolds, Jr., Trustee (since 1989) Age: 76	Chairman of RSR Partners (formerly “The Directorship Search Group, Inc.”) (corporate governance consulting and executive recruiting) (since 1993); Life Trustee of International House (non-profit educational organization); Former Trustee of The Historical Society of the Town of Greenwich; Former Director of Greenwich Hospital Association. Oversees 54 portfolios in the OppenheimerFunds complex.
Joseph M. Wikler, Trustee (since 2005) Age: 67	Director of C-TASC (bio-statistics services) (since 2007); Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996); Director of Lakes Environmental Association (environmental protection organization) (since 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 54 portfolios in the OppenheimerFunds complex.
Peter I. Wold, Trustee (since 2005) Age: 60	President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Vice President, Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production) (1996-2006); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 54 portfolios in the OppenheimerFunds complex.

32 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

INTERESTED TRUSTEE AND OFFICER	The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his resignation, retirement, death or removal and as an Officer for an indefinite term, or until his resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his positions with OppenheimerFunds, Inc. and its affiliates.
John V. Murphy, Trustee, President and Principal Executive Officer (since 2001) Age: 59	Chairman, Chief Executive Officer and Director of the Manager (since June 2001); President of the Manager (September 2000-February 2007); President and director or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. (“OAC”) (the Manager’s parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since July 2001); Director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC’s parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute’s Board of Governors (since October 2003). Oversees 103 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Mr. Zack and Ms. Bloomberg, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey, Wixted, Petersen, Szilagyi and Ms. Ives, 6803 S. Tucson Way, Centennial, Colorado 80112-3924, for Messrs. Fielding, Loughran, Cottier and Willis, 350 Linden Oaks, Rochester, New York 14625. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Ronald H. Fielding, Vice President and Senior Portfolio Manager (since 2002) Age: 59	Senior Vice President of the Manager (since January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Daniel G. Loughran, Vice President and Senior Portfolio Manager (since 2005) Age: 44	Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2005) and Senior Portfolio Manager (since 2002) Age: 36	Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

33 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

TRUSTEES AND OFFICERS Unaudited / Continued

Troy E. Willis, Vice President (since 2005) and Senior Portfolio Manager (since 2006) Age: 35	Assistant Vice President of the Manager (since July 2005). Portfolio Manager of the Fund (from May 2003 to December 2005). Corporate Attorney for Southern Resource Group (from 1999 to 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark S. Vandehey, Vice President and Chief Compliance Officer (since 2004) Age: 58	Senior Vice President and Chief Compliance Officer of the Manager (since March 2004); Chief Compliance Officer of OppenheimerFunds Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of the Manager (1997-February 2004). An officer of 103 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Age: 48	Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 103 portfolios in the OppenheimerFunds complex.
Brian S. Petersen, Assistant Treasurer (since 2004) Age: 38	Vice President of the Manager (since February 2007); Assistant Vice President of the Manager (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November 1998-July 2002). An officer of 103 portfolios in the OppenheimerFunds complex.
Brian C. Szilagyi, Assistant Treasurer (since 2005) Age: 38	Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger Financial Group LLC (May 2001-March 2003). An officer of 103 portfolios in the OppenheimerFunds complex.
Robert G. Zack, Vice President and Secretary (since 2001) Age: 60	Executive Vice President (since January 2004) and General Counsel (since March 2002) of the Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of Centennial Asset Management Corporation (since December 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001); Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 103 portfolios in the OppenheimerFunds complex.

34 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Lisa I. Bloomberg, Assistant Secretary (since 2004) Age: 40

Vice President (since May 2004) and Deputy General Counsel (since May 2008); of the Manager; Associate Counsel of the Manager (May 2004-May 2008); First Vice President (April 2001-April 2004), Associate General Counsel (December 2000-April 2004) of UBS Financial Services Inc. (formerly, PaineWebber Incorporated). An officer of 103 portfolios in the OppenheimerFunds complex.

Kathleen T. Ives, Assistant Secretary (since 2001) Age: 42

Vice President (since June 1998), Deputy General Counsel (since May 2008) and Assistant Secretary (since October 2003) of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Senior Counsel of the Manager (October 2003-May 2008). An officer of 103 portfolios in the OppenheimerFunds complex.

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

35 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that David Downes, a member of the Board’s Audit Committee, 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 $140,000 in fiscal 2008 and $106,000 in fiscal 2007.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $4,026 in fiscal 2008 and no such fees in fiscal 2007.

The principal accountant for the audit of the registrant’s annual financial statements billed $250,000 in fiscal 2008 and $352,190 in fiscal 2007 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 and professional services relating to FAS 123R.

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees to the registrant during the last two fiscal years.

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

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees during the last two fiscal years.

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

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

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

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

(2) 100%

(f)	Not applicable as less than 50%.
(g)	The principal accountant for the audit of the registrant’s annual financial statements billed $254,026 in fiscal 2008 and $352,190 in fiscal 2007 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.

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

1.	The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.
2.	The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.
3.	The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the

Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

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

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

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

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

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

4.

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

5.

Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 07/31/2008, 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/ John V. MurphyJohn V. Murphy
	Principal Executive Officer
Date: 09/12/2008

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/ John V. MurphyJohn V. Murphy
	Principal Executive Officer
Date: 09/12/2008
By:	/s/ Brian W. WixtedBrian W. Wixted
	Principal Financial Officer
Date: 09/12/2008