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, CONSISTING OF: OPPENHEIMER NEW JERSEY
MUNICIPAL FUND, OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND, AND OPPENHEIMER
ROCHESTER NATIONAL MUNICIPALS
(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: JANUARY 31, 2006
ITEM 1. REPORTS TO STOCKHOLDERS.
OPPENHEIMER NEW JERSEY MUNICIPAL FUND
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN INDUSTRIES
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Tobacco Settlement Payments 16.1%
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Higher Education 8.0
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Education 7.7
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Hospital/Health Care 7.3
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Adult Living Facilities 6.6
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General Obligation 6.4
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Airlines 5.7
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Municipal Leases 5.1
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Special Tax 5.0
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Sales Tax Revenue 4.9
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2006, and are based on the total market value of investments.
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CREDIT ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 19.9%
AA 15.1
A 6.9
BBB 41.9
BB 3.3
B 3.4
CCC 2.5
Not Rated 7.0
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2006, and are dollar-weighted based on the total market value of
investments. Securities rated by any rating organization are included in the
equivalent S&P rating category. The allocation includes rated securities and
those not rated by a national rating organization but to which the ratings above
have been assigned by the Manager for internal purposes as being comparable, in
the Manager's judgment, to securities rated by a rating agency in the same
category.
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13 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES
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Total returns 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 SEMIANNUAL REPORT MUST
BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS OF OPPENHEIMER NEW JERSEY
MUNICIPAL FUND. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS
SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND
EXPENSES. FUND PROSPECTUSES 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.
14 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FUND EXPENSES
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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 any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended January 31, 2006.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line 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 "actual" line 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 "hypothetical" lines of the
table provide 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 before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
15 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FUND EXPENSES
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the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(8/1/05) (1/31/06) JANUARY 31, 2006
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Class A Actual $1,000.00 $1,013.30 $3.91
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Class A Hypothetical 1,000.00 1,021.32 3.93
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Class B Actual 1,000.00 1,008.40 7.88
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Class B Hypothetical 1,000.00 1,017.39 7.91
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Class C Actual 1,000.00 1,009.40 7.78
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Class C Hypothetical 1,000.00 1,017.49 7.81
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended January 31, 2006 are as follows:
CLASS EXPENSE RATIOS
- -----------------------------------
Class A 0.77%
- -----------------------------------
Class B 1.55
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Class C 1.53
The expense ratios reflect voluntary waivers or reimbursements of expenses by
the Fund's Manager that can be terminated at any time, without advance notice.
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.
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16 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS January 31, 2006 / Unaudited
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--99.9%
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NEW JERSEY--78.6%
$ 272,000 Audubon Devel. Corp. (Audubon Park) 7.750% 08/01/2024 $ 280,587
- -------------------------------------------------------------------------------------------------------------------
10,000 Bergen County HDC 6.750 10/01/2018 10,234
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2,055,000 Camden County Improvement Authority
(Cooper Health System) 1 6.000 02/15/2027 2,150,578
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25,000 Camden County Municipal Utilities Authority 5.125 07/15/2017 25,573
- -------------------------------------------------------------------------------------------------------------------
95,000 Camden County PCFA
(Camden County Energy Recovery Associates) 7.500 12/01/2009 96,136
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100,000 Camden County PCFA
(Camden County Energy Recovery Associates) 7.500 12/01/2010 101,196
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15,000 Collingswood GO 5.875 07/15/2018 15,123
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100,000 Delaware River Port Authority PA/NJ 5.400 01/01/2011 102,175
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1,000,000 Delaware River Port Authority PA/NJ 5.400 01/01/2016 1,021,770
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7,085,000 Delaware River Port Authority PA/NJ 5.500 01/01/2026 7,238,603
- -------------------------------------------------------------------------------------------------------------------
300,000 Essex County Improvement Authority 5.125 10/01/2022 320,079
- -------------------------------------------------------------------------------------------------------------------
40,000 Essex County Improvement Authority
(County Jail & Youth House) 5.350 12/01/2024 41,372
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2,000,000 Garden State Preservation Trust
(Open Space & Farmland Preservation) 1 5.800 11/01/2023 2,308,600
- -------------------------------------------------------------------------------------------------------------------
20,000 Gloucester County Improvement Authority
(Governmental Leasing Program) 5.900 04/01/2007 20,043
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5,000 Gloucester County Utilities Authority 5.125 01/01/2013 5,008
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25,000 Haledon School District 5.625 02/01/2009 25,049
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625,000 Higher Education Student Assistance Authority
(Student Loan) 6.000 06/01/2015 630,606
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3,755,000 Hudson County Improvement Authority (Koppers Site) 1 6.125 01/01/2029 3,762,773
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1,000,000 Hudson County Solid Waste Improvement Authority 1 6.000 01/01/2029 991,210
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20,000 Hunterdon County Educational
Services Commission COP 2 7.000 02/01/2015 20,427
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75,000 Mercer County Improvement Authority 5.000 11/15/2016 77,491
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6,290,000 Mercer County Improvement Authority 5.000 08/01/2040 6,498,514
- -------------------------------------------------------------------------------------------------------------------
45,000 Mercer County Improvement Authority (Solid Waste) 5.750 09/15/2016 47,526
- -------------------------------------------------------------------------------------------------------------------
875,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 1 5.000 01/01/2015 892,946
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500,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 1 5.000 01/01/2020 504,815
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1,535,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 1 5.000 01/01/2032 1,518,437
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1,100,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 1 5.125 01/01/2037 1,103,069
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975,000 Middlesex County Improvement Authority
(Skyline Tower Urban Renewal Associates) 1 5.350 07/01/2034 1,019,265
17 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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NEW JERSEY Continued
$ 2,500,000 Middlesex County Pollution Control Authority
(Amerada Hess Corp.) 6.050% 09/15/2034 $ 2,684,600
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35,000 New Brunswick Hsg. & Urban Devel. Authority 5.500 08/01/2011 35,066
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65,000 New Brunswick Hsg. & Urban Devel. Authority 5.750 07/01/2024 65,651
- -------------------------------------------------------------------------------------------------------------------
170,000 Newark Hsg. Finance Corp. (Spruce Park Apartments) 10.800 05/01/2025 179,819
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570,000 NJ EDA (American Airlines) 7.100 11/01/2031 465,399
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255,000 NJ EDA (Anheuser-Busch Companies) 1 5.850 12/01/2030 260,534
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2,065,000 NJ EDA (Applewood Estates) 5.000 10/01/2025 2,136,903
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8,060,000 NJ EDA (Applewood Estates) 5.000 10/01/2035 8,245,622
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100,000 NJ EDA (Cadbury at Cherry Hill) 5.500 07/01/2018 103,860
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25,000 NJ EDA (Cadbury at Cherry Hill) 5.500 07/01/2028 25,623
- -------------------------------------------------------------------------------------------------------------------
25,000 NJ EDA (Cascade Corp.) 1 8.250 02/01/2026 25,000
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3,000,000 NJ EDA (Cigarette Tax) 5.500 06/15/2031 3,104,520
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1,500,000 NJ EDA (Cigarette Tax) 5.750 06/15/2029 1,583,970
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10,000,000 NJ EDA (Cigarette Tax) 5.750 06/15/2034 10,517,800
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425,000 NJ EDA (Continental Airlines) 5.500 04/01/2028 296,076
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7,775,000 NJ EDA (Continental Airlines) 1 6.250 09/15/2019 7,345,587
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360,000 NJ EDA (Continental Airlines) 6.250 09/15/2029 334,145
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3,285,000 NJ EDA (Continental Airlines) 1 6.400 09/15/2023 3,131,492
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2,525,000 NJ EDA (Continental Airlines) 1 6.625 09/15/2012 2,501,492
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665,000 NJ EDA (Continental Airlines) 7.000 11/15/2030 658,729
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3,500,000 NJ EDA (Continental Airlines) 9.000 06/01/2033 3,826,270
- -------------------------------------------------------------------------------------------------------------------
100,000 NJ EDA (Courthouse Convalescent Center) 8.700 02/01/2014 100,062
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3,100,000 NJ EDA (Cranes Mill) 1 5.100 06/01/2027 3,037,411
- -------------------------------------------------------------------------------------------------------------------
70,000 NJ EDA (Dept. of Human Services) 5.000 07/01/2022 72,422
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135,000 NJ EDA (Dept. of Human Services) 6.250 07/01/2024 148,379
- -------------------------------------------------------------------------------------------------------------------
100,000 NJ EDA (Devereux Foundation) 5.450 05/01/2027 103,126
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25,000 NJ EDA (Eastern Shore) 8.000 02/01/2011 25,003
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465,000 NJ EDA (Elizabethtown Water Company) 5.600 12/01/2025 474,784
- -------------------------------------------------------------------------------------------------------------------
4,000,000 NJ EDA (Empowerment Zone-Cumberland) 1 7.750 08/01/2021 4,026,520
- -------------------------------------------------------------------------------------------------------------------
625,000 NJ EDA (Fairleigh Dickinson University), Series D 5.250 07/01/2032 639,025
- -------------------------------------------------------------------------------------------------------------------
20,000 NJ EDA (Fellowship Village) 5.500 01/01/2018 20,356
- -------------------------------------------------------------------------------------------------------------------
120,000 NJ EDA (General Motors Corp.) 5.350 04/01/2009 109,156
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320,000 NJ EDA (Hackensack Water Company) 5.800 03/01/2024 329,904
- -------------------------------------------------------------------------------------------------------------------
125,000 NJ EDA (Hackensack Water Company) 5.900 03/01/2024 129,031
- -------------------------------------------------------------------------------------------------------------------
2,000,000 NJ EDA (Jersey Central Power & Light) 7.100 07/01/2015 2,058,000
- -------------------------------------------------------------------------------------------------------------------
5,500,000 NJ EDA (JVG Properties) 1 5.375 03/01/2019 5,627,050
- -------------------------------------------------------------------------------------------------------------------
2,500,000 NJ EDA (Kapkowski Road Landfill) 6.500 04/01/2031 2,914,450
- -------------------------------------------------------------------------------------------------------------------
10,000 NJ EDA (Kullman Associates) 6.125 06/01/2018 9,070
- -------------------------------------------------------------------------------------------------------------------
125,000 NJ EDA (Kullman Associates) 1 6.750 07/01/2019 117,044
18 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 1,020,000 NJ EDA (Liberty Street Park) 1 5.000% 03/01/2020 $ 1,087,810
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2,545,000 NJ EDA (Liberty Street Park) 1 5.000 03/01/2021 2,706,251
- -------------------------------------------------------------------------------------------------------------------
3,435,000 NJ EDA (Liberty Street Park) 5.000 03/01/2027 3,599,640
- -------------------------------------------------------------------------------------------------------------------
710,000 NJ EDA (Lions Gate) 5.750 01/01/2025 724,846
- -------------------------------------------------------------------------------------------------------------------
1,330,000 NJ EDA (Lions Gate) 5.875 01/01/2037 1,361,694
- -------------------------------------------------------------------------------------------------------------------
1,000,000 NJ EDA (Marcus L. Ward Home) 5.750 11/01/2024 1,054,350
- -------------------------------------------------------------------------------------------------------------------
1,200,000 NJ EDA (Marcus L. Ward Home) 5.800 11/01/2031 1,249,224
- -------------------------------------------------------------------------------------------------------------------
1,000,000 NJ EDA (Masonic Charity Foundation of NJ) 5.500 06/01/2031 1,063,160
- -------------------------------------------------------------------------------------------------------------------
750,000 NJ EDA (Masonic Charity Foundation of NJ) 6.000 06/01/2025 829,103
- -------------------------------------------------------------------------------------------------------------------
80,000 NJ EDA (Middlesex Water Company) 5.200 10/01/2022 80,099
- -------------------------------------------------------------------------------------------------------------------
130,000 NJ EDA (Middlesex Water Company) 5.250 10/01/2023 130,095
- -------------------------------------------------------------------------------------------------------------------
215,000 NJ EDA (Middlesex Water Company) 5.350 02/01/2038 221,710
- -------------------------------------------------------------------------------------------------------------------
150,000 NJ EDA (NJ American Water Company) 5.250 07/01/2038 156,348
- -------------------------------------------------------------------------------------------------------------------
90,000 NJ EDA (NJ American Water Company) 5.350 06/01/2023 90,134
- -------------------------------------------------------------------------------------------------------------------
240,000 NJ EDA (NJ American Water Company) 5.350 06/01/2023 240,358
- -------------------------------------------------------------------------------------------------------------------
335,000 NJ EDA (NJ American Water Company) 5.375 05/01/2032 349,408
- -------------------------------------------------------------------------------------------------------------------
160,000 NJ EDA (NJ American Water Company) 5.500 06/01/2023 160,162
- -------------------------------------------------------------------------------------------------------------------
655,000 NJ EDA (NJ American Water Company) 5.950 11/01/2029 671,834
- -------------------------------------------------------------------------------------------------------------------
290,000 NJ EDA (NJ American Water Company) 6.000 05/01/2036 302,340
- -------------------------------------------------------------------------------------------------------------------
6,520,000 NJ EDA (NJ American Water Company) 2 6.875 11/01/2034 6,603,456
- -------------------------------------------------------------------------------------------------------------------
30,000 NJ EDA (NJ Transit) 5.750 12/15/2017 30,356
- -------------------------------------------------------------------------------------------------------------------
2,105,000 NJ EDA (Nui Corp.) 1 5.250 11/01/2033 2,126,829
- -------------------------------------------------------------------------------------------------------------------
495,000 NJ EDA (Nui Corp.) 5.250 11/01/2033 497,495
- -------------------------------------------------------------------------------------------------------------------
195,000 NJ EDA (Nui Corp.) 5.700 06/01/2032 202,250
- -------------------------------------------------------------------------------------------------------------------
45,000 NJ EDA (Presbyterian Home at
Watchung/Pennington/Monmouth) 7.250 12/01/2021 47,724
- -------------------------------------------------------------------------------------------------------------------
50,000 NJ EDA (Presbyterian Home at
Watchung/Pennington/Monmouth) 7.500 12/01/2032 52,914
- -------------------------------------------------------------------------------------------------------------------
2,000,000 NJ EDA (Public Schools Small
Project Loan Program) RITES 2 8.534 3 09/01/2024 2,679,240
- -------------------------------------------------------------------------------------------------------------------
4,660,000 NJ EDA (Public Service Electric & Gas) 6.400 05/01/2032 4,687,447
- -------------------------------------------------------------------------------------------------------------------
3,250,000 NJ EDA (School Facilities Construction) 5.000 09/01/2030 3,349,710
- -------------------------------------------------------------------------------------------------------------------
15,000,000 NJ EDA (School Facilities Construction) 5.125 03/01/2030 15,624,000
- -------------------------------------------------------------------------------------------------------------------
130,000 NJ EDA (St. Barnabas Medical Center) 5.375 07/01/2027 135,516
- -------------------------------------------------------------------------------------------------------------------
2,000,000 NJ EDA (St. Francis Life Care Corp.) 5.750 10/01/2023 2,027,120
- -------------------------------------------------------------------------------------------------------------------
480,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2019 491,674
- -------------------------------------------------------------------------------------------------------------------
510,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2020 522,306
- -------------------------------------------------------------------------------------------------------------------
545,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2021 558,778
- -------------------------------------------------------------------------------------------------------------------
575,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2022 588,766
- -------------------------------------------------------------------------------------------------------------------
610,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2023 624,256
19 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 650,000 NJ EDA (The Gill/St. Bernards School) 6.000% 02/01/2024 $ 664,950
- -------------------------------------------------------------------------------------------------------------------
690,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2025 705,856
- -------------------------------------------------------------------------------------------------------------------
3,770,000 NJ EDA (Trigen-Trenton District Energy Company) 6.200 12/01/2010 3,796,956
- -------------------------------------------------------------------------------------------------------------------
20,000 NJ EDA (United Methodist Homes of NJ) 5.125 07/01/2018 19,999
- -------------------------------------------------------------------------------------------------------------------
2,370,000 NJ EDA (United Methodist Homes of NJ) 1 5.125 07/01/2025 2,370,356
- -------------------------------------------------------------------------------------------------------------------
345,000 NJ EDA (United Water New Jersey) 5.000 11/01/2028 352,207
- -------------------------------------------------------------------------------------------------------------------
2,000,000 NJ EDA Retirement Community (Cedar Crest Village) 7.250 11/15/2021 2,189,860
- -------------------------------------------------------------------------------------------------------------------
2,100,000 NJ EDA Retirement Community (Seabrook Village) 8.000 11/15/2015 2,388,708
- -------------------------------------------------------------------------------------------------------------------
2,170,000 NJ EDA RITES 2,5 8.631 3 03/01/2027 2,585,989
- -------------------------------------------------------------------------------------------------------------------
4,520,000 NJ EDA ROLs 2 10.935 3 03/01/2028 5,354,211
- -------------------------------------------------------------------------------------------------------------------
3,750,000 NJ EDA ROLs 2 10.935 3 03/01/2030 4,374,000
- -------------------------------------------------------------------------------------------------------------------
90,000 NJ Educational Facilities Authority
(Beth Medrash Govoha America) 6.375 07/01/2030 94,947
- -------------------------------------------------------------------------------------------------------------------
825,000 NJ Educational Facilities Authority (Caldwell College) 7.250 07/01/2025 830,635
- -------------------------------------------------------------------------------------------------------------------
15,000,000 NJ Educational Facilities Authority
(Fairleigh Dickinson University), Series D 6.000 07/01/2025 16,155,000
- -------------------------------------------------------------------------------------------------------------------
1,265,000 NJ Educational Facilities Authority
(Fairleigh Dickinson University), Series G 5.700 07/01/2028 1,300,711
- -------------------------------------------------------------------------------------------------------------------
3,540,000 NJ Educational Facilities Authority
(Georgian Court College) 6.500 07/01/2033 3,959,632
- -------------------------------------------------------------------------------------------------------------------
25,000 NJ Educational Facilities Authority
(Institute for Advance Study) 5.000 07/01/2028 25,394
- -------------------------------------------------------------------------------------------------------------------
60,000 NJ Educational Facilities Authority
(Monmouth University) 5.625 07/01/2013 60,061
- -------------------------------------------------------------------------------------------------------------------
2,000,000 NJ Educational Facilities Authority
(Monmouth University) 1 5.800 07/01/2022 2,074,920
- -------------------------------------------------------------------------------------------------------------------
25,000 NJ Educational Facilities Authority (Princeton 5.000 07/01/2029 25,562
University)
- -------------------------------------------------------------------------------------------------------------------
25,000 NJ Educational Facilities Authority
(Richard Stockton College) 5.400 07/01/2021 25,473
- -------------------------------------------------------------------------------------------------------------------
405,000 NJ Educational Facilities Authority
(Richard Stockton College) 5.400 07/01/2027 412,663
- -------------------------------------------------------------------------------------------------------------------
250,000 NJ Educational Facilities Authority (St. Peter's 5.500 07/01/2027 248,898
College)
- -------------------------------------------------------------------------------------------------------------------
1,250,000 NJ Educational Facilities Authority
(Stevens Institute of Technology) 1 5.250 07/01/2032 1,292,188
- -------------------------------------------------------------------------------------------------------------------
100,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2014 101,166
- -------------------------------------------------------------------------------------------------------------------
20,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2015 20,233
- -------------------------------------------------------------------------------------------------------------------
275,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2021 278,119
- -------------------------------------------------------------------------------------------------------------------
55,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2021 55,624
20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 100,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250% 12/01/2025 $ 101,125
- -------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority
(Allegany Health System Obligated Group) 5.200 07/01/2018 10,440
- -------------------------------------------------------------------------------------------------------------------
65,000 NJ Health Care Facilities Financing Authority
(Atlantic Health Systems Hospital Corp.) 5.375 07/01/2019 67,818
- -------------------------------------------------------------------------------------------------------------------
475,000 NJ Health Care Facilities Financing Authority
(Avalon at Hillsborough) 6.150 07/01/2020 480,805
- -------------------------------------------------------------------------------------------------------------------
750,000 NJ Health Care Facilities Financing Authority
(Avalon at Hillsborough) 6.375 07/01/2025 755,738
- -------------------------------------------------------------------------------------------------------------------
500,000 NJ Health Care Facilities Financing Authority
(Avalon at Hillsborough) 6.625 07/01/2035 504,930
- -------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority
(Burdette Tomlin Memorial Hospital) 6.500 07/01/2012 10,188
- -------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority
(Childrens Specialized Hospital) 5.500 07/01/2036 1,040,570
- -------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(Chilton Memorial Hospital) 5.000 07/01/2013 50,032
- -------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority
(Columbus Hospital) 1 7.500 07/01/2021 1,001,370
- -------------------------------------------------------------------------------------------------------------------
2,000,000 NJ Health Care Facilities Financing Authority
(Englewood Hospital & Medical Center) RITES 2 9.607 3 08/01/2025 2,544,320
- -------------------------------------------------------------------------------------------------------------------
15,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 5.000 09/15/2026 15,663
- -------------------------------------------------------------------------------------------------------------------
15,000 NJ Health Care Facilities Financing Authority
(Holy Name Hospital) 6.000 07/01/2025 15,548
- -------------------------------------------------------------------------------------------------------------------
2,500,000 NJ Health Care Facilities Financing Authority
(Hunterdon Medical Center) 5.125 07/01/2035 2,546,375
- -------------------------------------------------------------------------------------------------------------------
25,000 NJ Health Care Facilities Financing Authority
(ONP/MHC Obligated Group) 5.375 07/01/2024 26,511
- -------------------------------------------------------------------------------------------------------------------
55,000 NJ Health Care Facilities Financing Authority
(Palisades Medical Center) 5.250 07/01/2028 55,809
- -------------------------------------------------------------------------------------------------------------------
2,000,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 7.250 07/01/2014 2,065,200
- -------------------------------------------------------------------------------------------------------------------
130,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 7.250 07/01/2027 133,406
- -------------------------------------------------------------------------------------------------------------------
8,000,000 NJ Health Care Facilities Financing Authority
(RWJ University Hospital) 5.000 07/01/2035 8,192,880
- -------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority
(RWJ University Hospital) 1 5.750 07/01/2025 1,063,720
- -------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority
(Saint Barnabas Corp.) 5.000 07/01/2024 10,248
- -------------------------------------------------------------------------------------------------------------------
20,000 NJ Health Care Facilities Financing Authority
(Society of the Valley Hospital) 5.500 07/01/2020 21,403
21 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 20,000 NJ Health Care Facilities Financing Authority
(South Jersey Hospital System) 6.000% 07/01/2032 $ 21,271
- -------------------------------------------------------------------------------------------------------------------
330,000 NJ Health Care Facilities Financing Authority
(Southern Ocean County Hospital) 6.125 07/01/2013 330,432
- -------------------------------------------------------------------------------------------------------------------
500,000 NJ Health Care Facilities Financing Authority
(Southern Ocean County Hospital) 6.250 07/01/2023 504,330
- -------------------------------------------------------------------------------------------------------------------
4,845,000 NJ Health Care Facilities Financing Authority
(St. Clare's Hospital) 5.250 07/01/2021 5,163,462
- -------------------------------------------------------------------------------------------------------------------
255,000 NJ Health Care Facilities Financing Authority
(St. Joseph's Hospital & Medical Center) 1 5.750 07/01/2016 262,242
- -------------------------------------------------------------------------------------------------------------------
800,000 NJ Health Care Facilities Financing Authority
(St. Joseph's Hospital & Medical Center) 1 6.000 07/01/2026 824,112
- -------------------------------------------------------------------------------------------------------------------
95,000 NJ Health Care Facilities Financing Authority
(St. Peter's Hospital) 5.000 07/01/2021 95,171
- -------------------------------------------------------------------------------------------------------------------
45,000 NJ Health Care Facilities Financing Authority
(The Medical Center at Princeton) 5.000 07/01/2028 46,508
- -------------------------------------------------------------------------------------------------------------------
3,870,000 NJ Health Care Facilities Financing Authority DRIVERS 2 10.001 3 09/15/2028 4,517,064
- -------------------------------------------------------------------------------------------------------------------
45,000 NJ HFA 5.375 11/01/2008 45,050
- -------------------------------------------------------------------------------------------------------------------
45,000 NJ Higher Education Assistance Authority
(Student Loan Program) 5.800 06/01/2016 45,671
- -------------------------------------------------------------------------------------------------------------------
10,000 NJ Higher Education Assistance Authority
(Student Loan Program) 6.125 07/01/2015 10,045
- -------------------------------------------------------------------------------------------------------------------
35,000 NJ Higher Education Assistance Authority (Student Loans) 5.900 07/01/2009 35,340
- -------------------------------------------------------------------------------------------------------------------
20,000 NJ Higher Education Assistance Authority (Student Loans) 6.125 07/01/2009 20,043
- -------------------------------------------------------------------------------------------------------------------
35,000 NJ Hsg. & Mortgage Finance Agency (Homebuyer) 6.125 10/01/2021 35,578
- -------------------------------------------------------------------------------------------------------------------
80,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 5.400 11/01/2028 82,242
- -------------------------------------------------------------------------------------------------------------------
200,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.550 05/01/2027 208,206
- -------------------------------------------------------------------------------------------------------------------
45,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.650 05/01/2040 46,883
- -------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Hsg. & Mortgage Finance Agency, Series A 6.250 05/01/2028 1,022,920
- -------------------------------------------------------------------------------------------------------------------
30,000 NJ Hsg. & Mortgage Finance Agency, Series B 5.850 11/01/2012 31,742
- -------------------------------------------------------------------------------------------------------------------
100,000 NJ Hsg. & Mortgage Finance Agency, Series E1 5.750 05/01/2025 104,462
- -------------------------------------------------------------------------------------------------------------------
5,230,000 NJ Hsg. & Mortgage Finance Agency, Series M 1 4.875 10/01/2026 5,283,608
- -------------------------------------------------------------------------------------------------------------------
985,000 NJ Hsg. & Mortgage Finance Agency, Series M 1 5.000 10/01/2036 995,037
- -------------------------------------------------------------------------------------------------------------------
35,000 NJ Hsg. & Mortgage Finance Agency, Series N 5.900 10/01/2012 35,118
- -------------------------------------------------------------------------------------------------------------------
1,085,000 NJ Hsg. & Mortgage Finance Agency, Series S 5.950 10/01/2017 1,109,271
- -------------------------------------------------------------------------------------------------------------------
75,000 NJ Hsg. & Mortgage Finance Agency, Series T 5.600 04/01/2017 77,766
- -------------------------------------------------------------------------------------------------------------------
1,235,000 NJ Hsg. & Mortgage Finance Agency, Series U 5.750 04/01/2018 1,275,422
- -------------------------------------------------------------------------------------------------------------------
10,000 NJ Hsg. & Mortgage Finance Agency, Series V 5.250 04/01/2026 10,278
- -------------------------------------------------------------------------------------------------------------------
15,000 NJ Sports & Exposition Authority, Series A 5.125 01/01/2016 15,023
- -------------------------------------------------------------------------------------------------------------------
175,000 NJ Sports & Exposition Authority, Series A 5.200 01/01/2020 175,243
- -------------------------------------------------------------------------------------------------------------------
540,000 NJ Sports & Exposition Authority, Series A 5.200 01/01/2024 540,718
22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 375,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.375% 06/01/2018 $ 388,181
- -------------------------------------------------------------------------------------------------------------------
12,710,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.750 06/01/2032 13,161,841
- -------------------------------------------------------------------------------------------------------------------
12,085,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.000 06/01/2037 12,776,866
- -------------------------------------------------------------------------------------------------------------------
14,900,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.125 06/01/2042 15,853,153
- -------------------------------------------------------------------------------------------------------------------
3,860,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2043 4,181,191
- -------------------------------------------------------------------------------------------------------------------
1,005,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.375 06/01/2032 1,103,430
- -------------------------------------------------------------------------------------------------------------------
10,180,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.750 06/01/2039 11,437,535
- -------------------------------------------------------------------------------------------------------------------
660,000 NJ Tobacco Settlement Financing Corp. (TASC) 7.000 06/01/2041 754,288
- -------------------------------------------------------------------------------------------------------------------
800,000 NJ Tobacco Settlement Financing Corp. Fixed Receipts 6.125 06/01/2042 851,176
- -------------------------------------------------------------------------------------------------------------------
9,600,000 NJ Tobacco Settlement Financing Corp. RITES 1,2 7.808 3 06/01/2042 10,828,224
- -------------------------------------------------------------------------------------------------------------------
2,500,000 NJ Transit Corp. ROLs, Series 15 1,2 9.110 3 09/15/2014 2,946,200
- -------------------------------------------------------------------------------------------------------------------
4,000,000 NJ University of Medicine & Dentistry 5.000 06/15/2036 4,125,360
- -------------------------------------------------------------------------------------------------------------------
4,935,000 North Hudson Sewage Authority 1 5.125 08/01/2022 5,021,856
- -------------------------------------------------------------------------------------------------------------------
10,000 North Hudson Sewage Authority 5.250 08/01/2016 10,202
- -------------------------------------------------------------------------------------------------------------------
3,425,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 3,469,422
- -------------------------------------------------------------------------------------------------------------------
2,485,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 2,508,980
- -------------------------------------------------------------------------------------------------------------------
3,930,000 Port Authority NY/NJ RITES 2 8.666 3 09/01/2024 4,517,299
- -------------------------------------------------------------------------------------------------------------------
370,000 Port Authority NY/NJ, 106th Series 6.000 07/01/2016 377,629
- -------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 119th Series 5.500 09/15/2017 25,532
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ, 135th Series 5.000 03/15/2039 1,035,630
- -------------------------------------------------------------------------------------------------------------------
2,635,000 Port Authority NY/NJ, 140th Series 1 5.000 12/01/2034 2,744,853
- -------------------------------------------------------------------------------------------------------------------
2,305,000 Port Authority NY/NJ, 238th Series ROLs 1,2 11.345 3 12/15/2032 2,719,439
- -------------------------------------------------------------------------------------------------------------------
75,000 Readington-Lebanon Sewage Authority 5.250 01/01/2013 75,127
- -------------------------------------------------------------------------------------------------------------------
20,000 Riverside Township GO 5.450 12/01/2010 20,025
- -------------------------------------------------------------------------------------------------------------------
115,000 Salem County IPCFA (Atlantic City Electric Company) 5.600 11/01/2025 115,128
- -------------------------------------------------------------------------------------------------------------------
25,000 Salem County IPCFA (Atlantic City Electric Company) 5.600 11/01/2025 25,028
- -------------------------------------------------------------------------------------------------------------------
645,000 Salem County IPCFA (Public Service Electric & Gas) 5.200 03/01/2025 645,393
- -------------------------------------------------------------------------------------------------------------------
1,335,000 Salem County IPCFA (Public Service Electric & Gas) 5.450 02/01/2032 1,336,041
- -------------------------------------------------------------------------------------------------------------------
1,120,000 Salem County IPCFA (Public Service Electric & Gas) 5.750 04/01/2031 1,188,309
- -------------------------------------------------------------------------------------------------------------------
3,000,000 South Brunswick Township Board of Education 5.250 08/01/2022 3,072,900
- -------------------------------------------------------------------------------------------------------------------
120,000 South Jersey Transit Authority
(The Raytheon Company) 1 6.150 01/01/2022 123,211
- -------------------------------------------------------------------------------------------------------------------
3,980,000 Union County Improvement Authority
(Juvenile Detention Center) 5.500 05/01/2034 4,360,767
- -------------------------------------------------------------------------------------------------------------------
65,000 Union County Improvement Authority (Linden Airport) 5.000 03/01/2028 66,182
- -------------------------------------------------------------------------------------------------------------------
60,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.000 06/01/2023 61,154
23 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 10,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.375% 06/01/2017 $ 10,391
- -------------------------------------------------------------------------------------------------------------------
70,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.375 06/01/2018 72,734
- -------------------------------------------------------------------------------------------------------------------
100,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.375 06/01/2019 103,906
- -------------------------------------------------------------------------------------------------------------------
60,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.375 06/01/2020 62,344
------------
362,852,161
- -------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--21.3%
2,500,000 Guam Government Waterworks
Authority & Wastewater System 5.875 07/01/2035 2,632,825
- -------------------------------------------------------------------------------------------------------------------
3,400,000 Guam Government Waterworks
Authority & Wastewater System 6.000 07/01/2025 3,643,474
- -------------------------------------------------------------------------------------------------------------------
1,250,000 Northern Mariana Islands Ports Authority, Series A 5.500 03/15/2031 1,251,463
- -------------------------------------------------------------------------------------------------------------------
1,420,000 Northern Mariana Islands, Series A 6.250 03/15/2028 1,480,492
- -------------------------------------------------------------------------------------------------------------------
5,000,000 Northern Mariana Islands, Series A 6.750 10/01/2033 5,453,100
- -------------------------------------------------------------------------------------------------------------------
34,000,000 Puerto Rico Children's Trust Fund (TASC) 6.350 4 05/15/2050 2,154,240
- -------------------------------------------------------------------------------------------------------------------
26,000,000 Puerto Rico Children's Trust Fund (TASC) 7.030 4 05/15/2055 882,960
- -------------------------------------------------------------------------------------------------------------------
350,000 Puerto Rico Commonwealth GO 5.000 07/01/2025 359,912
- -------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico Commonwealth GO 5.000 07/01/2026 25,425
- -------------------------------------------------------------------------------------------------------------------
9,015,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 9,216,305
- -------------------------------------------------------------------------------------------------------------------
170,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 172,926
- -------------------------------------------------------------------------------------------------------------------
1,400,000 Puerto Rico Commonwealth GO 5.250 07/01/2022 1,491,000
- -------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Electric Power Authority, Series NN 5.125 07/01/2029 2,065,280
- -------------------------------------------------------------------------------------------------------------------
30,000 Puerto Rico Highway & Transportation
Authority, Series D 5.375 07/01/2036 32,981
- -------------------------------------------------------------------------------------------------------------------
3,095,000 Puerto Rico Highway & Transportation
Authority, Series G 5.000 07/01/2033 3,136,968
- -------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico Highway & Transportation
Authority, Series G 5.000 07/01/2042 504,915
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation
Authority, Series J 5.000 07/01/2034 1,015,060
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2035 1,016,480
- -------------------------------------------------------------------------------------------------------------------
4,500,000 Puerto Rico Highway & Transportation
Authority, Series K 5.000 07/01/2045 4,553,730
- -------------------------------------------------------------------------------------------------------------------
19,750,000 Puerto Rico Infrastructure 5.000 07/01/2041 19,985,815
- -------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 102,738
- -------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 507,765
- -------------------------------------------------------------------------------------------------------------------
1,710,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 1,861,711
24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
U.S. POSSESSION Continued
$ 30,000 Puerto Rico ITEMECF (Dr. Pila Hospital) 6.250% 08/01/2032 $ 30,365
- -------------------------------------------------------------------------------------------------------------------
250,000 Puerto Rico ITEMECF
(SEAM/Hospital Espanol Auxillio Obligated Group) 1 6.250 07/01/2024 250,980
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Municipal Finance Agency RITES 2 7.771 3 08/01/2015 1,191,130
- -------------------------------------------------------------------------------------------------------------------
1,750,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 1,858,903
- -------------------------------------------------------------------------------------------------------------------
7,830,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 6,137,702
- -------------------------------------------------------------------------------------------------------------------
1,990,000 Puerto Rico Port Authority (American Airlines), Series A 1 6.300 06/01/2023 1,596,637
- -------------------------------------------------------------------------------------------------------------------
35,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 35,076
- -------------------------------------------------------------------------------------------------------------------
6,000,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 6,282,180
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Public Buildings Authority, Series D 5.125 07/01/2024 1,033,330
- -------------------------------------------------------------------------------------------------------------------
935,000 Puerto Rico Public Buildings Authority, Series D 5.250 07/01/2036 966,304
- -------------------------------------------------------------------------------------------------------------------
2,175,000 University of Puerto Rico, Series O 5.375 06/01/2030 2,202,318
- -------------------------------------------------------------------------------------------------------------------
150,000 University of V.I. , Series A 5.250 12/01/2023 155,843
- -------------------------------------------------------------------------------------------------------------------
710,000 University of V.I. , Series A 5.375 06/01/2034 744,009
- -------------------------------------------------------------------------------------------------------------------
1,000,000 University of V.I. , Series A 6.000 12/01/2024 1,074,390
- -------------------------------------------------------------------------------------------------------------------
40,000 University of V.I. , Series A 6.250 12/01/2029 43,295
- -------------------------------------------------------------------------------------------------------------------
60,000 V.I.Hsg. Finance Authority, Series A 6.500 03/01/2025 60,723
- -------------------------------------------------------------------------------------------------------------------
5,000,000 V.I.Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 5,658,250
- -------------------------------------------------------------------------------------------------------------------
525,000 V.I.Public Finance Authority, Series A 6.125 10/01/2029 576,114
- -------------------------------------------------------------------------------------------------------------------
1,515,000 V.I.Public Finance Authority, Series A 6.375 10/01/2019 1,686,953
- -------------------------------------------------------------------------------------------------------------------
300,000 V.I.Public Finance Authority, Series E 5.875 10/01/2018 316,500
- -------------------------------------------------------------------------------------------------------------------
2,500,000 V.I.Public Finance Authority, Series E 6.000 10/01/2022 2,625,250
- -------------------------------------------------------------------------------------------------------------------
290,000 V.I. Water & Power Authority 5.300 07/01/2018 295,684
- -------------------------------------------------------------------------------------------------------------------
175,000 V.I. Water & Power Authority 5.300 07/01/2021 176,752
------------
98,546,253
- -------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $443,161,960)--99.9% 461,398,414
- -------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES--0.1 666,892
------------
NET ASSETS--100.0% $462,065,306
============
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Security has been segregated for collateral to cover borrowings. See Note 6
of Notes to Financial Statements.
2. Illiquid security. The aggregate value of illiquid securities as of January
31, 2006 was $50,880,999, which represents 11.01% of the Fund's net assets. See
Note 5 of Notes to Financial Statements.
3. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of Notes to Financial Statements.
4. Zero coupon bond reflects effective yield on the date of purchase.
5. Security is subject to a shortfall and forebearance agreement. See Note 1 of
Notes to Financial Statements.
25 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
COP Certificates of Participation
DRIVERS Derivative Inverse Tax Exempt Receipts
EDA Economic Development Authority
GO General Obligation
HDC Housing Development Corp.
HFA Housing Finance Agency/Authority
ITEMECF Industrial, Tourist, Educational, Medical and
Environmental Community Facilities
MHC Meridian Hospitals Corp.
NY/NJ New York/New Jersey
ONP Ocean Nursing Pavillion, Inc.
PA/NJ Pennsylvania/New Jersey
PCFA Pollution Control Finance Authority
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
RWJ Robert Wood Johnson
SEAM Sociedad Espanola de Auxilio Mutuo
TASC Tobacco Settlement Asset-Backed Bonds
V.I. United States Virgin Islands
DISTRIBUTION OF iNVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Settlement Payments $ 74,373,085 16.1%
Higher Education 36,738,105 8.0
Education 35,562,796 7.7
Hospital/Health Care 33,609,523 7.3
Adult Living Facilities 30,660,885 6.6
General Obligation 29,375,263 6.4
Airlines 26,293,529 5.7
Municipal Leases 23,534,316 5.1
Special Tax 22,900,265 5.0
Sales Tax Revenue 22,719,707 4.9
Marine/Aviation Facilities 22,616,143 4.9
Water Utilities 16,568,169 3.6
Electric Utilities 16,232,785 3.5
Pollution Control 13,764,752 3.0
Highways/Railways 10,290,490 2.2
Single Family Housing 8,882,801 1.9
Hotels, Restaurants & Leisure 6,605,256 1.4
Manufacturing, Non-Durable Goods 5,887,584 1.3
Gas Utilities 5,511,174 1.2
Resource Recovery 5,309,370 1.2
Sewer Utilities 5,137,766 1.1
Manufacturing, Durable Goods 4,300,845 0.9
Multifamily Housing 3,132,127 0.7
Sports Facility Revenue 730,984 0.2
Student Loans 660,694 0.1
--------------------------
Total $461,398,414 100.0%
==========================
26 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
- --------------------------------------------------------------------------------
SUMMARY OF RATINGS January 31, 2006
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY RATINGS CATEGORY, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
RATINGS PERCENT
- --------------------------------------------------------------------------------
AAA 19.9%
AA 15.1
A 6.9
BBB 41.9
BB 3.3
B 3.4
CCC 2.5
Not Rated 7.0
------
Total 100.0%
======
Bonds rated by any nationally recognized statistical rating organization are
included in the equivalent Standard & Poor's rating category. As a general
matter, unrated bonds may be backed by mortgage liens or equipment liens on the
underlying property, and also may be guaranteed. Bonds which are backed by a
letter of credit or by other financial institutions or agencies may be assigned
an investment-grade rating by the Manager, which reflects the quality of the
guarantor, institution or agency. Unrated bonds may also be assigned a rating
when the issuer has rated bonds outstanding with comparable credit
characteristics, or when, in the opinion of the Manager, the bond itself
possesses credit characteristics which allow for rating. The unrated bonds in
the portfolio are predominantly smaller issuers which have not applied for a
bond rating. Only those unrated bonds which subsequent to purchase have not been
designated investment grade by the Manager are included in the "Not Rated"
category.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2006
- -------------------------------------------------------------------------------------------------------
ASSETS
- -------------------------------------------------------------------------------------------------------
Investments, at value (cost $443,161,960)--see accompanying statement of investments $461,398,414
- -------------------------------------------------------------------------------------------------------
Cash 589,255
- -------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 6,066,954
Shares of beneficial interest sold 4,983,590
Investments sold 3,000
Other 10,925
-------------
Total assets 473,052,138
- -------------------------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable on borrowings (See Note 6) 9,700,000
Shares of beneficial interest redeemed 490,772
Dividends 472,578
Investments purchased 97,987
Interest expense 69,634
Distribution and service plan fees 55,740
Trustees' compensation 27,756
Transfer and shareholder servicing agent fees 15,735
Shareholder communications 7,094
Other 49,536
-------------
Total liabilities 10,986,832
- -------------------------------------------------------------------------------------------------------
NET ASSETS $462,065,306
=============
- -------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------------------------
Paid-in capital $448,858,216
- -------------------------------------------------------------------------------------------------------
Accumulated net investment loss (235,857)
- -------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (4,793,507)
- -------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 18,236,454
-------------
NET ASSETS $462,065,306
=============
28 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -----------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $290,668,845
and 24,490,306 shares of beneficial interest outstanding) $11.87
Maximum offering price per share (net asset value plus sales charge of 4.75%
of offering price) $12.46
- -----------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $68,894,055 and 5,797,602 shares
of beneficial interest outstanding) $11.88
- -----------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $102,502,406 and 8,630,246 shares
of beneficial interest outstanding) $11.88
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2006
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $11,133,095
- --------------------------------------------------------------------------------
Other income 240
------------
Total investment income 11,133,335
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 1,109,230
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 178,359
Class B 292,021
Class C 385,882
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 50,401
Class B 20,022
Class C 20,833
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 8,203
Class B 3,903
Class C 3,362
- --------------------------------------------------------------------------------
Interest expense 257,518
- --------------------------------------------------------------------------------
Trustees' compensation 8,318
- --------------------------------------------------------------------------------
Custodian fees and expenses 7,530
- --------------------------------------------------------------------------------
Other 67,651
------------
Total expenses 2,413,233
Less waivers and reimbursements of expenses (313,080)
------------
Net expenses 2,100,153
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 9,033,182
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS
- --------------------------------------------------------------------------------
Net realized loss on investments (560,606)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (3,280,582)
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 5,191,994
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
(UNAUDITED) 2005
- ------------------------------------------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------------------------------------------
Net investment income $ 9,033,182 $ 11,777,338
- ------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (560,606) 359,429
- ------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (3,280,582) 25,172,214
------------------------------
Net increase in net assets resulting from operations 5,191,994 37,308,981
- ------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ------------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (6,392,965) (7,660,240)
Class B (1,457,016) (2,857,475)
Class C (1,930,361) (1,998,017)
- ------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Class A 92,591,116 92,338,986
Class B 7,337,945 4,822,489
Class C 33,366,349 42,066,514
- ------------------------------------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------------------------------------
Total increase 128,707,062 164,021,238
- ------------------------------------------------------------------------------------------------------------------
Beginning of period 333,358,244 169,337,006
------------------------------
End of period (including accumulated net investment income (loss)
of $(235,857) and $511,303, respectively) $462,065,306 $333,358,244
==============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
31 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS A (UNAUDITED) 2005 2004 2003 2002 2001
- ----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.03 $ 10.76 $ 10.51 $ 10.99 $ 10.89 $ 10.36
- ----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .29 1 .62 1 .67 .67 .53 .55
Net realized and unrealized gain (loss) (.14) 1.32 .23 (.52) .08 .51
-------------------------------------------------------------------------------
Total from investment operations .15 1.94 .90 .15 .61 1.06
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.31) (.67) (.65) (.63) (.51) (.53)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.87 $ 12.03 $ 10.76 $ 10.51 $ 10.99 $ 10.89
===============================================================================
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 1.33% 18.46% 8.63% 1.21% 5.79% 10.42%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $290,669 $200,831 $ 94,214 $ 61,825 $ 47,305 $ 39,185
- ----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $241,115 $133,634 $ 78,828 $ 54,811 $ 42,809 $ 35,710
- ----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.88% 5.41% 6.28% 6.24% 4.88% 5.08%
Total expenses 0.93% 0.91% 0.98% 1.02% 0.84% 0.87%
Expenses after payments and waivers and
reduction to custodian expenses 0.77% 0.71% 0.78% 0.82% 0.63% 4 0.67% 4
- ----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 19% 8% 25% 93% 26% 27%
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 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 of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS B (UNAUDITED) 2005 2004 2003 2002 2001
- ----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.05 $ 10.78 $ 10.52 $ 11.00 $ 10.90 $ 10.37
- ----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .25 1 .54 1 .60 .59 .45 .47
Net realized and unrealized gain (loss) (.15) 1.31 .23 (.53) .08 .51
------------------------------------------------------------------------------
Total from investment operations .10 1.85 .83 .06 .53 .98
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.27) (.58) (.57) (.54) (.43) (.45)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.88 $ 12.05 $ 10.78 $ 10.52 $ 11.00 $ 10.90
==============================================================================
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 0.84% 17.53% 7.92% 0.46% 4.99% 9.58%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $68,894 $62,399 $51,329 $46,912 $43,888 $39,164
- ----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $64,429 $56,755 $50,920 $45,226 $41,532 $36,447
- ----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.12% 4.74% 5.54% 5.46% 4.12% 4.34%
Total expenses 1.71% 1.68% 1.73% 1.78% 1.60% 1.62%
Expenses after payments and waivers and
reduction to custodian expenses 1.55% 1.48% 1.53% 1.58% 1.39% 4 1.42% 4
- ----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 19% 8% 25% 93% 26% 27%
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 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 of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
33 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS C (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.04 $ 10.77 $ 10.51 $ 10.99 $ 10.89 $ 10.36
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .25 1 .53 1 .59 .59 .44 .47
Net realized and unrealized gain (loss) (.14) 1.32 .24 (.53) .09 .51
---------------------------------------------------------------------------------
Total from investment operations .11 1.85 .83 .06 .53 .98
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.27) (.58) (.57) (.54) (.43) (.45)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.88 $ 12.04 $ 10.77 $ 10.51 $ 10.99 $ 10.89
=================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 0.94% 17.54% 7.91% 0.45% 4.99% 9.59%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $102,502 $ 70,128 $ 23,795 $ 17,784 $ 12,664 $ 8,622
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 85,228 $ 40,717 $ 20,470 $ 16,770 $ 9,831 $ 7,301
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.11% 4.57% 5.53% 5.49% 4.10% 4.33%
Total expenses 1.69% 1.67% 1.73% 1.78% 1.60% 1.62%
Expenses after payments and waivers and
reduction to custodian expenses 1.53% 1.47% 1.53% 1.58% 1.39% 4 1.42% 4
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 19% 8% 25% 93% 26% 27%
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 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 of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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
advisor 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 six years 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 business. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic exchanges 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 traded on NASDAQ are valued based on the closing
price provided 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 will be valued at the
mean between the "bid" and "asked" prices. Futures contracts traded on a
commodities or futures exchange will be valued at the final settlement price or
official closing price on the principal exchange as reported by such principal
exchange at its trading session ending at, or most recently prior to, the time
when the Fund's assets are valued. Securities (including restricted securities)
for which market quotations are not readily available are valued at their fair
value. Foreign and domestic securities whose
35 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 of the Board of Trustees. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value).
- --------------------------------------------------------------------------------
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 will not invest more than 20% of its total assets in inverse floaters.
Inverse floaters amount to $44,257,116 as of January 31, 2006, which represents
9.36% of the Fund's total assets.
The Fund has entered into so-called shortfall and forbearance agreements
with the sponsors of certain inverse floaters held by the Fund. Such agreements
commit the Fund to reimburse the sponsor of such inverse floater, upon the
termination of the trust issuing the inverse floater, 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 floating rate
security issued in conjunction with the inverse floater. Under the standard
terms of an inverse floater, absent such an interest and forbearance agreement,
the Fund would not be required to make such a reimbursement.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. There are certain risks arising from geographic
concentration in any state. Certain revenue or tax related events in a 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.
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
36 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
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.
As of January 31, 2006, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $4,793,510 expiring by 2014.
This estimated capital loss carryforward represents carryforward as of the end
of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital losses
or gains realized in the first six months of the current fiscal year. As of
January 31, 2006, it is estimated that the Fund will not utilize any capital
loss carryforward to offset realized capital gains. During the year ended July
31, 2005, the Fund utilized $359,429 of capital loss carryforward to offset
realized capital gains.
As of July 31, 2005, the Fund had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
------------------------------
2009 $2,565,622
2010 1,551,532
2012 115,750
----------
Total $4,232,904
==========
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the
Fund's independent trustees. Benefits are based on years of service and fees
paid to each trustee during the years of service. During the six months ended
January 31, 2006, the Fund's projected benefit obligations were increased by
$4,089 and payments of $2,176 were made to retired trustees, resulting in an
accumulated liability of $20,235 as of January 31, 2006.
The Board of Trustees has adopted a deferred compensation 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 Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
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.
37 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
INVESTMENT INCOME. Interest income, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
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 U.S. generally
accepted accounting principles 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 income and expenses 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:
SIX MONTHS ENDED JANUARY 31, 2006 YEAR ENDED JULY 31, 2005
SHARES AMOUNT SHARES AMOUNT
- ----------------------------------------------------------------------------------------------
CLASS A
Sold 9,313,202 $110,405,504 9,080,461 $105,520,260
Dividends and/or
distributions reinvested 305,392 3,621,323 376,131 4,339,946
Redeemed (1,816,712) (21,435,711) (1,520,910) (17,521,220)
------------------------------------------------------------
Net increase 7,801,882 $ 92,591,116 7,935,682 $ 92,338,986
============================================================
38 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
SIX MONTHS ENDED JANUARY 31, 2006 YEAR ENDED JULY 31, 2005
SHARES AMOUNT SHARES AMOUNT
- ----------------------------------------------------------------------------------------------
CLASS B
Sold 1,073,789 $ 12,737,012 1,585,776 $ 18,264,106
Dividends and/or
distributions reinvested 68,347 811,903 142,260 1,635,223
Redeemed (523,524) (6,210,970) (1,312,398) (15,076,840)
------------------------------------------------------------
Net increase 618,612 $ 7,337,945 415,638 $ 4,822,489
============================================================
CLASS C
Sold 3,282,852 $ 38,985,534 3,958,354 $ 46,014,401
Dividends and/or
distributions reinvested 90,349 1,072,090 90,223 1,044,143
Redeemed (566,214) (6,691,275) (434,529) (4,992,030)
------------------------------------------------------------
Net increase 2,806,987 $ 33,366,349 3,614,048 $ 42,066,514
============================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended January 31, 2006, were as
follows:
PURCHASES SALES
- --------------------------------------------------------------------------------
Investment securities $152,024,884 $62,119,749
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at annual
rate of 0.60% of the first $200 million of average annual net assets, 0.55% of
the next $100 million, 0.50% of the next $200 million, 0.45% of the next $250
million, 0.40% of the next $250 million, and 0.35% of average annual net assets
in excess of $1 billion.
- --------------------------------------------------------------------------------
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 six months ended January 31, 2006, the Fund paid
$88,230 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 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
39 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
Class A shares in any fiscal year cannot be recovered in subsequent years. 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 up to 0.15% 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's aggregate uncompensated expenses under the plan at January 31,
2006 for Class B and Class C shares were $2,476,233 and $1,175,779,
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 table below for the period indicated.
CLASS A CLASS B CLASS C
CONTINGENT CONTINGENT CONTINGENT
CLASS A DEFERRED SALES DEFERRED SALES DEFERRED SALES
FRONT-END SALES CHARGES CHARGES CHARGES
SIX MONTHS CHARGES RETAINED RETAINED BY RETAINED BY RETAINED BY
ENDED BY DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------------------------
January 31, 2006 $280,752 $5,000 $50,602 $23,457
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. The Manager had voluntarily agreed to
waive a portion of its management fee so the management fees will not exceed
0.40% of average annual net assets for each class of shares. During the six
months ended January 31, 2006, the Manager waived $313,080 of its management
fees. Effective January 1, 2006 this waiver was withdrawn.
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 January 31, 2006, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has
40 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
not changed for a certain period of time. 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 the
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 Fund has 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 $800 million, 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 (4.4016% as of January 31, 2006). The Fund pays
additional fees of 0.30% per annum on its outstanding borrowings to manage and
administer the facility and is allocated its pro-rata share of a 0.13% per annum
commitment fee for a liquidity backstop facility with respect to the $800
million facility size.
For the six months ended January 31, 2006, the average daily loan balance
was $12,574,457 at an average daily interest rate of 3.908%. The Fund had
borrowings outstanding of $9,700,000 at January 31, 2006 at an interest rate of
4.4016%. The Fund had gross borrowings and gross loan repayments of $116,000,000
and $117,900,000, respectively, during the six months ended January 31, 2006.
The maximum amount of borrowings outstanding at any month-end during the six
months ended January 31, 2006 was $18,600,000. The Fund paid $23,818 in fees and
$207,913 in interest during the six months ended January 31, 2006.
- --------------------------------------------------------------------------------
7. LITIGATION
A complaint was filed as a putative class action against the Manager and OFS
(and other defendants) in the U.S. District Court for the Southern District of
New York on January 10, 2005 and was amended on March 4, 2005. Seven of the
eight counts in the complaint, including claims against certain of the
Oppenheimer funds including the Fund, as nominal defendants, and against certain
present and former Directors, Trustees and officers of the funds, and the
Distributor, as defendants, were dismissed with prejudice, under a court order
dated March 10, 2006, in response to a motion to dismiss the suit that had been
filed by the defendants. The remaining count against the Adviser Defendants
alleges, among other things, that the defendants charged excessive fees in
violation of section
41 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. LITIGATION Continued
36(b) of the Investment Company Act of 1940. The plaintiffs seek unspecified
damages, an accounting of all fees paid, and an award of attorneys' fees and
litigation expenses.
The Adviser Defendants believe that the claims asserted in the remaining
count under this lawsuit are without merit, and intend to defend the suit
vigorously and contest any claimed liability. They believe that it is premature
to render any opinion as to the likelihood of an outcome unfavorable to them and
that no estimate can yet be made with any degree of certainty as to the amount
or range of any potential loss.
42 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
REPORT OF SHAREHOLDER MEETING Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
On August 17, 2005, a shareholder meeting of the Oppenheimer Multi-State
Municipal Trust (Oppenheimer New Jersey Municipal Fund, Oppenheimer Pennsylvania
Municipal Fund and Oppenheimer Rochester National Municipals) was held at which
the eleven Trustees identified below were elected to all three Funds (Proposal
No. 1). The meeting on August 17, 2005 was adjourned until September 16, 2005
for Proposal 2. At the meeting on September 16, 2005, the sub-proposals in
(Proposal No. 2) were approved as described in the Funds' proxy statement for
that meeting. The following is a report of the votes cast:
- --------------------------------------------------------------------------------
PROPOSAL NO. 1
NOMINEE FOR WITHHELD TOTAL
- --------------------------------------------------------------------------------
TRUSTEES
Matthew P. Fink 175,667,885.732 2,649,816.086 178,317,701.818
Robert G. Galli 175,575,987.694 2,741,714.124 178,317,701.818
Phillip A. Griffiths 175,696,592.906 2,621,108.912 178,317,701.818
Mary F. Miller 175,661,836.535 2,655,865.283 178,317,701.818
Joel W. Motley 175,728,376.905 2,589,324.913 178,317,701.818
John V. Murphy 175,688,849.988 2,628,851.830 178,317,701.818
Kenneth A. Randall 175,563,282.546 2,754,419.272 178,317,701.818
Russell S. Reynolds, Jr. 175,548,818.946 2,768,882.872 178,317,701.818
Joseph M. Wikler 175,760,575.604 2,557,126.214 178,317,701.818
Peter I. Wold 175,738,187.053 2,579,514.765 178,317,701.818
Clayton K. Yeutter 175,596,113.306 2,721,588.512 178,317,701.818
- ---------------------------------------------------------------------------------------------
PROPOSAL NO. 2 BROKER
FOR AGAINST ABSTAIN NON-VOTES TOTAL
- ---------------------------------------------------------------------------------------------
2L: Proposal to change the policy on Senior Securities
8,446,969.726 356,860.105 246,641.022 3,343,517.000 12,393,987.853
2O: Proposal to eliminate the policy on Investment Percentage Restrictions
8,319,313.287 430,217.976 300,939.590 3,343,517.000 12,393,987.853
43 | 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.
44 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information on the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel that provide such services. The Manager's duties
include providing the Fund with the services of the portfolio managers and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing, and supervising
the activities of, all administrative and clerical personnel that are necessary
in order to provide effective corporate administration for the Fund; compiling
and maintaining records with respect to the Fund's operations; preparing and
filing reports required by the Securities and Exchange Commission; preparing
periodic reports regarding the operations of the Fund for its shareholders;
preparing proxy materials for shareholder meetings; and preparing the
registration statements required by Federal and state securities laws for the
sale of the Fund's shares. The Manager also provides the Fund with office space,
facilities and equipment.
45 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took account of the facts that the Manager has had over forty
years of experience as an investment adviser and that its assets under
management rank it among the top mutual fund managers in the United States. The
Board evaluated the Manager's administrative, accounting, legal and compliance
services, and information the Board has received regarding the experience and
professional qualifications of the Manager's personnel and the size and
functions of its staff. In its evaluation of the quality of the portfolio
management services provided, the Board considered the experience of Ronald H.
Fielding and the Manager's Municipal Bond investment team and analysts. Mr.
Fielding has had over 28 years of experience managing tax exempt and fixed
income investments. The Board members also considered their experiences with the
Manager and its officers and other personnel through their service as directors
or trustees of the Fund and other funds advised by the Manager. The Board
considered information regarding the quality of services provided by affiliates
of the Manager, which it also reviews at other times during the year in
connection with the renewal of the Fund's service agreements. In light of the
foregoing, the Board concluded that the Fund benefits from the services provided
under the Agreement as a result of the Manager's experience, reputation,
personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the performance of the Fund and the Manager at
each Board meeting, including comparative performance information. The Board
also reviewed information, prepared by the Manager and by the independent
consultant, comparing the Fund's historical performance to relevant market
indices and to the performance of other New Jersey municipal debt funds advised
by other investment advisers. The Board noted that the Fund's one-year,
three-year, five-year and ten-year performance were all better than its peer
group average.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also evaluated the comparability of the fees charged and the services provided
to the Fund to those of other clients or accounts advised by the Manager. The
independent consultant provided comparative data in regard to the fees and
expenses of the Fund, other New Jersey municipal debt funds and other funds with
comparable asset levels and distribution features. The Board considered that,
effective January 1, 2006, the Manager would withdraw its voluntary waiver of
the portion of the Fund's management fee that would exceed 0.40% for each class
of shares. The Board noted that the Fund's actual management fees
46 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
and total expenses were lower than its peer group average although its
contractual management fees were higher than its peer group average.
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, to what extent
those economies of scale benefit the Fund shareholders and the current level of
Fund assets. The Board also noted the Fund's breakpoints, which are intended to
share economies of scale that may exist as the Fund grows with its shareholders.
PROFITS AND OTHER BENEFITS TO THE MANAGER. The Board considered
information regarding the Manager's costs in serving as the Fund's investment
adviser, including the costs associated with the personnel and systems necessary
to manage the Fund, and information regarding the Manager's profitability from
its relationship with the Fund. The Board considered that the Manager must be
able to pay and retain experienced professional personnel at competitive rates
to provide services to the Fund and that maintaining the financial viability of
the Manager is important in order for the Manager to continue to provide
significant services to the Fund and its shareholders. The Board also considered
information regarding the direct and indirect benefits the Manager receives as a
result of its relationship with the Fund, including compensation paid to the
Manager's affiliates for services provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates, and the revised fee structure
following the Manager's withdrawal of a portion of the voluntary fee waiver, are
reasonable in relation to the services provided. Accordingly, the Board elected
to continue the advisory agreement for another year. In arriving at this
decision, the Board did not single out any factor or factors as being more
important than others, but considered all of the factors together. The Board
judged the terms and conditions of the advisory agreement, including the
management fee, in light of all of the surrounding circumstances.
47 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
TOP HOLDINGS AND ALLOCATIONS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOP TEN INDUSTRIES
- --------------------------------------------------------------------------------
Tobacco Settlement Payments 24.0%
- --------------------------------------------------------------------------------
Hospital/Health Care 10.0
- --------------------------------------------------------------------------------
Adult Living Facilities 8.1
- --------------------------------------------------------------------------------
Higher Education 7.2
- --------------------------------------------------------------------------------
Water Utilities 5.9
- --------------------------------------------------------------------------------
Not-for-Profit Organization 5.2
- --------------------------------------------------------------------------------
Marine/Aviation Facilities 4.3
- --------------------------------------------------------------------------------
General Obligation 4.1
- --------------------------------------------------------------------------------
Electric Utilities 4.1
- --------------------------------------------------------------------------------
Resource Recovery 4.0
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2006, and are based on the total market value of investments.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CREDIT ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 20.9%
AA 7.1
A 5.0
BBB 44.0
BB 6.6
B 4.4
CCC 1.4
Not Rated 10.6
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2006, and are dollar-weighted based on the total market value of
investments. Securities rated by any rating organization are included in the
equivalent S&P rating category. The allocation includes rated securities and
those not rated by a national rating organization but to which the ratings above
have been assigned by the Manager for internal purposes as being comparable, in
the Manager's judgment, to securities rated by a rating agency in the same
category.
- --------------------------------------------------------------------------------
13 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES
- --------------------------------------------------------------------------------
Total returns 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 SEMIANNUAL REPORT MUST
BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS OF OPPENHEIMER PENNSYLVANIA
MUNICIPAL FUND. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS
SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND
EXPENSES. FUND PROSPECTUSES 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.
14 | 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 any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended January 31, 2006.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line 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 "actual" line 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 "hypothetical" lines of the
table provide 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 before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
15 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are 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
(8/1/05) (1/31/06) JANUARY 31, 2006
- --------------------------------------------------------------------------------
Class A Actual $1,000.00 $1,013.90 $4.27
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,020.97 4.29
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 1,010.00 8.19
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,017.09 8.22
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 1,010.00 8.19
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,017.09 8.22
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended January 31, 2006 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------------
Class A 0.84%
- ---------------------------------
Class B 1.61
- ---------------------------------
Class C 1.61
- --------------------------------------------------------------------------------
16 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS January 31, 2006 / Unaudited
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--101.4%
- -----------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--66.6%
$ 40,000 Allegheny County Airport (Pittsburgh International Airport) 5.250% 01/01/2016 $ 41,281
- -----------------------------------------------------------------------------------------------------------------------------
130,000 Allegheny County HDA (Catholic Health East) 5.375 11/15/2022 135,386
- -----------------------------------------------------------------------------------------------------------------------------
10,000 Allegheny County HDA (Catholic Health East) 5.500 11/15/2032 10,328
- -----------------------------------------------------------------------------------------------------------------------------
5,090,000 Allegheny County HDA (Jefferson Health Services) 5.875 05/01/2026 5,222,289
- -----------------------------------------------------------------------------------------------------------------------------
3,150,000 Allegheny County HDA (Ohio Valley General Hospital) 5.125 04/01/2035 3,158,915
- -----------------------------------------------------------------------------------------------------------------------------
55,000 Allegheny County HDA (Pittsburgh Mercy Health System) 5.625 08/15/2026 58,238
- -----------------------------------------------------------------------------------------------------------------------------
190,000 Allegheny County HDA (Presbyterian University Hospital) 5.625 04/01/2027 197,724
- -----------------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County HDA (The Covenant at South Hills) 7.700 02/01/2008 15,406
- -----------------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County HDA (The Covenant at South Hills) 7.800 02/01/2009 15,406
- -----------------------------------------------------------------------------------------------------------------------------
1,535,000 Allegheny County HDA (The Covenant at South Hills) 1 8.625 02/01/2021 945,944
- -----------------------------------------------------------------------------------------------------------------------------
305,000 Allegheny County HDA (The Covenant at South Hills) 1 8.750 02/01/2031 187,956
- -----------------------------------------------------------------------------------------------------------------------------
20,000 Allegheny County HDA (UPMC Health System) 5.125 07/01/2022 20,766
- -----------------------------------------------------------------------------------------------------------------------------
470,000 Allegheny County HDA
(West Penn Allegheny Health System) 9.250 11/15/2015 560,405
- -----------------------------------------------------------------------------------------------------------------------------
1,625,000 Allegheny County HDA
(West Penn Allegheny Health System) 9.250 11/15/2022 1,935,050
- -----------------------------------------------------------------------------------------------------------------------------
12,640,000 Allegheny County HDA
(West Penn Allegheny Health System) 9.250 11/15/2030 14,998,750
- -----------------------------------------------------------------------------------------------------------------------------
1,900,000 Allegheny County HDA RITES 1 14.642 2 11/15/2030 2,868,886
- -----------------------------------------------------------------------------------------------------------------------------
350,000 Allegheny County HDA RITES 1 14.642 2 11/15/2030 528,479
- -----------------------------------------------------------------------------------------------------------------------------
300,000 Allegheny County HEBA (Carnegie Mellon University) 5.450 03/01/2027 300,414
- -----------------------------------------------------------------------------------------------------------------------------
2,020,000 Allegheny County HEBA (Chatham College) 5.750 11/15/2028 2,132,413
- -----------------------------------------------------------------------------------------------------------------------------
7,965,000 Allegheny County HEBA (Chatham College) 5.750 11/15/2035 8,360,701
- -----------------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County HEBA (Chatham College) 5.850 03/01/2022 1,043,800
- -----------------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County HEBA (Chatham College) 5.950 03/01/2032 1,037,210
- -----------------------------------------------------------------------------------------------------------------------------
40,000 Allegheny County HEBA (Duquense University) 5.000 03/01/2021 40,858
- -----------------------------------------------------------------------------------------------------------------------------
20,000 Allegheny County HEBA (Robert Morris College) 6.200 02/15/2010 20,429
- -----------------------------------------------------------------------------------------------------------------------------
2,310,000 Allegheny County HEBA (Robert Morris College) 6.250 02/15/2026 2,360,681
- -----------------------------------------------------------------------------------------------------------------------------
60,000 Allegheny County HEBA (Thiel College) 5.375 11/15/2029 62,029
- -----------------------------------------------------------------------------------------------------------------------------
75,000 Allegheny County Hospital Devel. Authority
(South Hills Health System) 5.850 05/01/2021 76,966
- -----------------------------------------------------------------------------------------------------------------------------
10,000 Allegheny County IDA (Coltec Industries) 7.250 06/01/2008 9,911
- -----------------------------------------------------------------------------------------------------------------------------
2,000,000 Allegheny County IDA (Environmental Improvement) 5.500 11/01/2016 2,051,900
- -----------------------------------------------------------------------------------------------------------------------------
1,145,000 Allegheny County IDA (Residential Resources) 3 5.700 09/01/2012 1,173,213
- -----------------------------------------------------------------------------------------------------------------------------
4,845,000 Allegheny County IDA (Residential Resources) 6.600 09/01/2031 5,104,353
- -----------------------------------------------------------------------------------------------------------------------------
40,000 Allegheny County IDA (The Bradley Center) 6.400 05/01/2010 40,050
- -----------------------------------------------------------------------------------------------------------------------------
35,000 Allegheny County IDA (USX Corp.) 5.500 12/01/2029 36,351
- -----------------------------------------------------------------------------------------------------------------------------
260,000 Allegheny County IDA (USX Corp.) 5.600 09/01/2030 270,514
- -----------------------------------------------------------------------------------------------------------------------------
205,000 Allegheny County IDA (USX Corp.) 6.100 01/15/2018 212,999
17 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 10,000 Allegheny County IDA (USX Corp.) 6.100% 07/15/2020 $ 10,390
- -----------------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County Redevel. Authority (Pittsburgh Mills) 3 5.100 07/01/2014 1,039,130
- -----------------------------------------------------------------------------------------------------------------------------
4,000,000 Allegheny County Redevel. Authority (Pittsburgh Mills) 5.600 07/01/2023 4,181,280
- -----------------------------------------------------------------------------------------------------------------------------
85,000 Allegheny County Redevel. Authority (Robinson Mall) 6.875 11/01/2017 91,600
- -----------------------------------------------------------------------------------------------------------------------------
20,000 Allegheny County Residential Finance Authority 5.625 11/01/2023 20,013
- -----------------------------------------------------------------------------------------------------------------------------
30,000 Allegheny County Residential Finance Authority 5.950 11/01/2024 31,429
- -----------------------------------------------------------------------------------------------------------------------------
8,000,000 Allegheny County Residential Finance Authority 7.000 11/01/2017 8,662,960
- -----------------------------------------------------------------------------------------------------------------------------
65,000 Allegheny County Residential Finance Authority 7.100 05/01/2024 65,088
- -----------------------------------------------------------------------------------------------------------------------------
250,000 Allegheny County Residential Finance Authority
(Single Family) 4.750 11/01/2025 245,738
- -----------------------------------------------------------------------------------------------------------------------------
1,060,000 Allegheny County Residential Finance Authority
(Single Family) 4.850 11/01/2028 1,034,942
- -----------------------------------------------------------------------------------------------------------------------------
465,000 Allegheny County Residential Finance Authority
(Single Family) 5.150 11/01/2016 479,299
- -----------------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County Sanitation Authority 5.000 12/01/2030 1,048,640
- -----------------------------------------------------------------------------------------------------------------------------
375,000 Beaver County IDA (J. Ray McDermott & Company) 6.800 02/01/2009 375,435
- -----------------------------------------------------------------------------------------------------------------------------
240,000 Beaver County IDA (Ohio Edison Company) 1 5.450 09/15/2033 240,312
- -----------------------------------------------------------------------------------------------------------------------------
150,000 Beaver County IDA (Pennsylvania Power & Light Company) 5.375 06/01/2028 156,329
- -----------------------------------------------------------------------------------------------------------------------------
130,000 Beaver County IDA (Pennsylvania Power & Light Company) 1 5.450 09/15/2028 130,169
- -----------------------------------------------------------------------------------------------------------------------------
85,000 Beaver County IDA (St. Joe Minerals Corp.) 6.000 05/01/2007 85,741
- -----------------------------------------------------------------------------------------------------------------------------
45,000 Bedford County IDA (Brown Group) 7.125 02/01/2009 45,000
- -----------------------------------------------------------------------------------------------------------------------------
375,000 Blair County IDA (The Village at Penn State
Retirement Community) 6.050 01/01/2034 375,735
- -----------------------------------------------------------------------------------------------------------------------------
3,785,000 Blair County IDA (The Village at Penn State
Retirement Community) 6.900 01/01/2022 4,009,980
- -----------------------------------------------------------------------------------------------------------------------------
6,945,000 Blair County IDA (The Village at Penn State
Retirement Community) 7.000 01/01/2034 7,331,559
- -----------------------------------------------------------------------------------------------------------------------------
50,000 Blair County IDA (The Village at Penn State
Retirement Community) 4 10.000 01/01/2012 25,934
- -----------------------------------------------------------------------------------------------------------------------------
4,500,000 Bradford County IDA (International Paper Company) 5.200 12/01/2019 4,532,400
- -----------------------------------------------------------------------------------------------------------------------------
500,000 Brighton Township Municipal Authority 5.100 07/15/2022 504,255
- -----------------------------------------------------------------------------------------------------------------------------
3,000,000 Bucks County IDA (Ann's Choice) 6.125 01/01/2025 3,111,090
- -----------------------------------------------------------------------------------------------------------------------------
3,000,000 Bucks County IDA (Ann's Choice) 6.250 01/01/2035 3,101,850
- -----------------------------------------------------------------------------------------------------------------------------
800,000 Bucks County IDA (Chandler Hall Health Care Facility) 6.300 05/01/2029 814,696
- -----------------------------------------------------------------------------------------------------------------------------
240,000 Bucks County IDA (PA Suburban Water Company) 5.550 09/01/2032 252,814
- -----------------------------------------------------------------------------------------------------------------------------
15,000 Bucks County IDA (Pennswood Village) 5.800 10/01/2020 15,894
- -----------------------------------------------------------------------------------------------------------------------------
1,000,000 Bucks County IDA (Pennswood Village) 6.000 10/01/2027 1,060,670
- -----------------------------------------------------------------------------------------------------------------------------
15,000 Bucks County IDA (USX Corp.) 5.600 03/01/2033 15,607
- -----------------------------------------------------------------------------------------------------------------------------
2,000,000 Bucks County IDA RITES 1 10.727 2 09/01/2032 2,427,160
- -----------------------------------------------------------------------------------------------------------------------------
50,000 Bucks County Technical School Authority 5.375 08/15/2015 50,043
18 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 20,000 Butler County Hospital Authority
(Butler Memorial Hospital) 5.250% 07/01/2016 $ 20,032
- -----------------------------------------------------------------------------------------------------------------------------
480,000 Butler County IDA (Greenview Gardens Apartments) 6.000 07/01/2023 503,362
- -----------------------------------------------------------------------------------------------------------------------------
880,000 Butler County IDA (Greenview Gardens Apartments) 6.250 07/01/2033 920,383
- -----------------------------------------------------------------------------------------------------------------------------
65,000 Cambria County GO 5.000 08/15/2023 67,718
- -----------------------------------------------------------------------------------------------------------------------------
90,000 Cambria County GO 6.200 08/15/2021 91,012
- -----------------------------------------------------------------------------------------------------------------------------
200,000 Cambridge Area Joint Authority 5.250 12/01/2021 204,942
- -----------------------------------------------------------------------------------------------------------------------------
25,000 Central Greene School District 5.250 02/15/2024 25,020
- -----------------------------------------------------------------------------------------------------------------------------
7,870,000 Chester County H&EFA (Chester County Hospital) 5.875 07/01/2016 8,030,548
- -----------------------------------------------------------------------------------------------------------------------------
700,000 Chester County H&EFA (Chester County Hospital) 6.750 07/01/2031 766,129
- -----------------------------------------------------------------------------------------------------------------------------
95,000 Chester County H&EFA (Devereaux Foundation) 6.000 11/01/2019 100,646
- -----------------------------------------------------------------------------------------------------------------------------
25,000 Chester County H&EFA (Immaculata College) 5.300 10/15/2011 25,005
- -----------------------------------------------------------------------------------------------------------------------------
30,000 Chester County H&EFA (Immaculata College) 5.400 10/15/2012 30,006
- -----------------------------------------------------------------------------------------------------------------------------
25,000 Chester County H&EFA (Immaculata College) 5.625 10/15/2027 25,131
- -----------------------------------------------------------------------------------------------------------------------------
65,000 Chester County H&EFA (Jefferson Health System) 5.375 05/15/2027 67,316
- -----------------------------------------------------------------------------------------------------------------------------
7,500,000 Chester County H&EFA (Jenners Pond) 7.625 07/01/2034 8,531,175
- -----------------------------------------------------------------------------------------------------------------------------
2,040,000 Chester County IDA (Collegium Charter School) 5.500 04/15/2031 2,137,553
- -----------------------------------------------------------------------------------------------------------------------------
1,575,000 Chester County IDA (Renaissance Academy-Edison
Charter School) 5.250 10/01/2010 1,582,970
- -----------------------------------------------------------------------------------------------------------------------------
1,870,000 Chester County IDA (Renaissance Academy-Edison
Charter School) 5.625 10/01/2015 1,881,033
- -----------------------------------------------------------------------------------------------------------------------------
35,000 Conrad Weiser Area School District 5.200 12/15/2010 35,259
- -----------------------------------------------------------------------------------------------------------------------------
1,000,000 Conrad Weiser Area School District, Series AA 3 5.250 12/15/2011 1,007,590
- -----------------------------------------------------------------------------------------------------------------------------
750,000 Crawford County Hospital Authority
(Wesbury United Methodist Community) 6.125 08/15/2019 777,930
- -----------------------------------------------------------------------------------------------------------------------------
2,100,000 Cumberland County Municipal Authority
(Presbyterian Homes) 5.000 12/01/2020 2,196,159
- -----------------------------------------------------------------------------------------------------------------------------
1,050,000 Cumberland County Municipal Authority
(Presbyterian Homes) 5.000 12/01/2021 1,093,827
- -----------------------------------------------------------------------------------------------------------------------------
1,685,000 Cumberland County Municipal Authority
(Wesley Affiliated Services) 7.250 01/01/2035 1,842,665
- -----------------------------------------------------------------------------------------------------------------------------
210,000 Delaware County Authority
(Crozer-Chester Medical Center) 5.300 12/15/2020 210,292
- -----------------------------------------------------------------------------------------------------------------------------
120,000 Delaware County Authority
(MHSSPA/MAS/MHH/MHP/MCMCSPA Obligated Group) 5.375 11/15/2023 125,999
- -----------------------------------------------------------------------------------------------------------------------------
2,530,000 Delaware County Authority (Neumann College) 6.000 10/01/2031 2,650,124
- -----------------------------------------------------------------------------------------------------------------------------
20,000 Delaware County Authority (Riddle Village) 7.000 06/01/2021 20,235
- -----------------------------------------------------------------------------------------------------------------------------
750,000 Delaware County Authority (White Horse Village) 7.625 07/01/2030 807,225
- -----------------------------------------------------------------------------------------------------------------------------
15,000 Delaware County Hospital Authority
(CCMC/CKHS/DCMH Obligated Group) 5.375 12/01/2018 15,507
- -----------------------------------------------------------------------------------------------------------------------------
25,000 Delaware County Hospital Authority
(CCMC/CKHS/DCMH Obligated Group) 6.250 12/15/2031 26,754
19 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 10,000 Delaware County IDA (American Ref-Fuel Company) 6.100% 07/01/2013 $ 10,511
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Delaware County IDA (American Ref-Fuel Company) 6.200 07/01/2019 25,790
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 5.000 11/01/2036 5,122,550
- ------------------------------------------------------------------------------------------------------------------------------
5,670,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 5.000 02/01/2035 5,804,096
- ------------------------------------------------------------------------------------------------------------------------------
11,055,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 5 5.000 11/01/2037 11,317,335
- ------------------------------------------------------------------------------------------------------------------------------
9,900,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 5.000 11/01/2038 10,133,343
- ------------------------------------------------------------------------------------------------------------------------------
2,250,000 Delaware County IDA Water Facilities (Aqua Pennsylvania)
RITES 1 8.666 2 11/01/2038 2,462,175
- ------------------------------------------------------------------------------------------------------------------------------
175,000 Delaware River Port Authority PA/NJ 5.400 01/01/2015 178,806
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Delaware River Port Authority PA/NJ 5.400 01/01/2016 2,043,540
- ------------------------------------------------------------------------------------------------------------------------------
250,000 Delaware River Port Authority PA/NJ 5.500 01/01/2026 255,370
- ------------------------------------------------------------------------------------------------------------------------------
7,445,000 Delaware River Port Authority PA/NJ 5.500 01/01/2026 7,606,408
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Delaware Valley Regional Financial Authority, Series A 5.900 04/15/2016 25,136
- ------------------------------------------------------------------------------------------------------------------------------
255,000 Eastern York County Sewer Authority 6.000 09/15/2016 257,188
- ------------------------------------------------------------------------------------------------------------------------------
270,000 Eastern York County Sewer Authority 6.000 09/15/2019 271,971
- ------------------------------------------------------------------------------------------------------------------------------
170,000 Erie County Hospital Authority (St. Mary's Home of Erie) 6.000 08/15/2029 181,257
- ------------------------------------------------------------------------------------------------------------------------------
140,000 Erie County IDA (International Paper Company) 5.000 11/01/2018 139,467
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Erie-Western PA Port Authority 6.875 06/15/2016 51,485
- ------------------------------------------------------------------------------------------------------------------------------
5,000 Exeter Township Sewer Authority 6.500 04/01/2008 5,020
- ------------------------------------------------------------------------------------------------------------------------------
80,000 Falls Township Hospital Authority
(Delaware Valley Medical Center) 7.000 08/01/2022 80,409
- ------------------------------------------------------------------------------------------------------------------------------
45,000 Ferndale Area School District GO 6.750 07/15/2009 45,123
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Horizon Hospital System Authority
(Horizon Hospital Systems) 6.350 05/15/2026 51,278
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Horsham Industrial & Commercial Devel. Authority
(GF/Pennsylvania Property) 8.375 09/01/2024 996,620
- ------------------------------------------------------------------------------------------------------------------------------
40,000 Indiana County IDA Pollution Control (PSEG Power LLC) 5.850 06/01/2027 41,947
- ------------------------------------------------------------------------------------------------------------------------------
250,000 Jeannette Health Services Authority
(Jeannette District Memorial Hospital) 6.000 11/01/2018 248,873
- ------------------------------------------------------------------------------------------------------------------------------
305,000 Kennett Consolidated School District 5.150 02/15/2021 305,241
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Lancaster County Hospital Authority
(Saint Anne's Home for the Aged) 6.500 04/01/2015 25,025
- ------------------------------------------------------------------------------------------------------------------------------
40,000 Lancaster County IDA (Garden Spot Village) 7.600 05/01/2022 43,888
- ------------------------------------------------------------------------------------------------------------------------------
2,300,000 Lancaster County IDA (Garden Spot Village) 7.625 05/01/2031 2,507,253
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Langhorne Manor Boro Higher Education Authority
(Lower Bucks Hospital) 7.350 07/01/2022 1,000,140
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Langhorne Manor Boro Higher Education Authority
(Philadelphia Biblical University) 5.200 04/01/2020 988,580
- ------------------------------------------------------------------------------------------------------------------------------
575,000 Langhorne Manor Boro Higher Education Authority
(Philadelphia Biblical University) 5.500 04/01/2025 576,386
20 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 35,000 Latrobe IDA (St. Vincent College) 5.700% 05/01/2031 $ 36,662
- ------------------------------------------------------------------------------------------------------------------------------
55,000 Lawrence County IDA (Pennsylvania Power & Light) 5.400 09/15/2017 55,145
- ------------------------------------------------------------------------------------------------------------------------------
105,000 Lawrence County IDA (Shenango Presbyterian Center) 7.000 11/15/2016 105,379
- ------------------------------------------------------------------------------------------------------------------------------
5,190,000 Lawrence County IDA (Shenango Presbyterian Center) 7.500 11/15/2031 5,335,164
- ------------------------------------------------------------------------------------------------------------------------------
1,020,000 Lehigh County GPA (Bible Fellowship Church Home) 6.000 12/15/2023 1,025,855
- ------------------------------------------------------------------------------------------------------------------------------
1,060,000 Lehigh County GPA (Bible Fellowship Church Home) 7.625 11/01/2021 1,172,349
- ------------------------------------------------------------------------------------------------------------------------------
750,000 Lehigh County GPA (Bible Fellowship Church Home) 7.750 11/01/2033 822,150
- ------------------------------------------------------------------------------------------------------------------------------
115,000 Lehigh County GPA (Cedar Crest College) 6.600 04/01/2010 116,262
- ------------------------------------------------------------------------------------------------------------------------------
100,000 Lehigh County GPA (Cedar Crest College) 6.650 04/01/2017 102,275
- ------------------------------------------------------------------------------------------------------------------------------
115,000 Lehigh County GPA (Cedar Crest College) 6.700 04/01/2026 117,740
- ------------------------------------------------------------------------------------------------------------------------------
1,485,000 Lehigh County GPA (Kidspeace Obligated Group) 5.800 11/01/2012 1,455,671
- ------------------------------------------------------------------------------------------------------------------------------
1,265,000 Lehigh County GPA (Kidspeace Obligated Group) 3 5.800 11/01/2012 1,344,809
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Lehigh County GPA (Kidspeace Obligated Group) 6.000 11/01/2018 2,126,760
- ------------------------------------------------------------------------------------------------------------------------------
8,155,000 Lehigh County GPA (Kidspeace Obligated Group) 6.000 11/01/2018 7,969,718
- ------------------------------------------------------------------------------------------------------------------------------
1,100,000 Lehigh County GPA (Kidspeace Obligated Group) 3 6.000 11/01/2023 1,058,101
- ------------------------------------------------------------------------------------------------------------------------------
2,815,000 Lehigh County GPA (Kidspeace Obligated Group) 6.000 11/01/2023 2,988,123
- ------------------------------------------------------------------------------------------------------------------------------
55,000 Lehigh County GPA (Lehigh Valley Health Network) 5.000 07/01/2028 56,066
- ------------------------------------------------------------------------------------------------------------------------------
200,000 Lehigh County IDA (Lifepath) 5.850 06/01/2008 198,742
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Lehigh County IDA (Pennsylvania Power & Light
Company) RITES 1,7 9.732 2 02/15/2027 1,094,680
- ------------------------------------------------------------------------------------------------------------------------------
4,335,000 Lehigh County IDA Pollution Control RITES 1,3 7.735 2 02/15/2027 4,608,625
- ------------------------------------------------------------------------------------------------------------------------------
650,000 Lehigh Northampton Airport Authority
(Lehigh Valley International Airport) 5.000 01/01/2021 672,425
- ------------------------------------------------------------------------------------------------------------------------------
750,000 Lehigh Northampton Airport Authority
(Lehigh Valley International Airport) 5.000 01/01/2023 771,990
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Lewisburg Area School District 5.125 03/15/2018 30,057
- ------------------------------------------------------------------------------------------------------------------------------
15,000 Lewistown Boro Municipal Water Authority 5.250 01/01/2028 15,409
- ------------------------------------------------------------------------------------------------------------------------------
3,160,000 Luzerne County IDA ROLs 1 10.235 2 09/01/2034 3,514,615
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Lycoming County Authority (Muncy Valley Hospital) 5.500 11/15/2022 10,215
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Lycoming County Hospital Authority
(WH/NCPHS Obligated Group) 5.250 11/15/2015 20,423
- ------------------------------------------------------------------------------------------------------------------------------
975,000 Lycoming County Recreation Authority 5.000 12/15/2027 984,321
- ------------------------------------------------------------------------------------------------------------------------------
4,260,000 McKean County Hospital Authority (Bradford Hospital) 5.000 10/01/2016 4,466,099
- ------------------------------------------------------------------------------------------------------------------------------
2,730,000 McKean County Hospital Authority (Bradford Hospital) 5.000 10/01/2020 2,830,464
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 McKean County Hospital Authority (Bradford Hospital) 5.250 10/01/2030 2,058,680
- ------------------------------------------------------------------------------------------------------------------------------
100,000 Mifflin County Hospital Authority (Lewiston Hospital) 6.200 07/01/2030 109,179
- ------------------------------------------------------------------------------------------------------------------------------
7,240,000 Montgomery County HEHA (Arcadia University) 5 5.000 04/01/2036 7,401,742
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Montgomery County HEHA (Foulkeways at Gwynedd) 6.100 11/15/2008 25,028
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Montgomery County HEHA (Waverly Heights) 6.000 01/01/2008 20,025
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Montgomery County HEHA (Waverly Heights) 6.000 01/01/2013 50,046
21 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 25,000 Montgomery County HEHA (Waverly Heights) 6.375% 01/01/2026 $ 25,269
- ------------------------------------------------------------------------------------------------------------------------------
140,000 Montgomery County IDA
(ACTS Retirement Life Community) 5.250 11/15/2028 142,029
- ------------------------------------------------------------------------------------------------------------------------------
1,345,000 Montgomery County IDA (ACTS/BPE Obligated Group) 5.875 11/15/2022 1,384,772
- ------------------------------------------------------------------------------------------------------------------------------
1,750,000 Montgomery County IDA (Meadowood Corp.) 6.250 12/01/2017 1,815,625
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Montgomery County IDA
(Pennsylvania-American Water Company) 5.050 06/01/2029 50,464
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 Montgomery County IDA (Whitemarsh Continued Care) 3 6.250 02/01/2035 2,620,850
- ------------------------------------------------------------------------------------------------------------------------------
3,840,000 Montgomery County IDA (Wordsworth Academy) 8.000 09/01/2024 3,843,034
- ------------------------------------------------------------------------------------------------------------------------------
145,000 Montgomery County Redevel. Authority 5.600 01/15/2024 146,534
- ------------------------------------------------------------------------------------------------------------------------------
15,000 Montgomery County Redevel. Authority (Pheasant Run) 5.600 01/15/2024 15,159
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Moon IDA (Ellis School) 5.650 03/01/2020 52,082
- ------------------------------------------------------------------------------------------------------------------------------
220,000 Muncy Boro Municipal Utility Authority 5.000 07/01/2020 221,448
- ------------------------------------------------------------------------------------------------------------------------------
600,000 Myerstown Water Authority 5.000 11/15/2018 600,768
- ------------------------------------------------------------------------------------------------------------------------------
2,905,000 New Morgan IDA (Browning-Ferris Industries) 6.500 04/01/2019 2,898,057
- ------------------------------------------------------------------------------------------------------------------------------
40,000 New Wilmington Municipal Authority
(Westminster College) 5.300 03/01/2018 40,654
- ------------------------------------------------------------------------------------------------------------------------------
25,000 New Wilmington Municipal Authority
(Westminster College) 5.350 03/01/2028 25,207
- ------------------------------------------------------------------------------------------------------------------------------
170,000 Northampton County IDA (Moravian Hall Square) 5.350 07/01/2010 171,097
- ------------------------------------------------------------------------------------------------------------------------------
40,000 Northampton County IDA (Moravian Hall Square) 5.700 07/01/2020 40,314
- ------------------------------------------------------------------------------------------------------------------------------
470,000 Northeastern PA Hospital & Education Authority
(Wilkes University) 5.625 10/01/2018 475,353
- ------------------------------------------------------------------------------------------------------------------------------
830,000 Northumberland County IDA (Aqua Pennsylvania) 5.050 10/01/2039 849,779
- ------------------------------------------------------------------------------------------------------------------------------
625,000 Northumberland County IDA (NHS Youth Services) 5.500 02/15/2033 655,600
- ------------------------------------------------------------------------------------------------------------------------------
1,870,000 Northumberland County IDA (NHS Youth Services) 7.500 02/15/2029 1,932,645
- ------------------------------------------------------------------------------------------------------------------------------
3,955,000 Northumberland County IDA (NHS Youth Services) 7.750 02/15/2029 4,140,252
- ------------------------------------------------------------------------------------------------------------------------------
9,000,000 PA EDFA (30th St. Garage) 5.875 06/01/2033 9,590,580
- ------------------------------------------------------------------------------------------------------------------------------
50,000 PA EDFA (Amtrak) 6.000 11/01/2011 51,399
- ------------------------------------------------------------------------------------------------------------------------------
250,000 PA EDFA (Amtrak) 6.125 11/01/2021 266,840
- ------------------------------------------------------------------------------------------------------------------------------
5,005,000 PA EDFA (Amtrak) 6.250 11/01/2031 5,382,878
- ------------------------------------------------------------------------------------------------------------------------------
930,000 PA EDFA (Amtrak) 6.375 11/01/2041 1,003,079
- ------------------------------------------------------------------------------------------------------------------------------
10,670,000 PA EDFA (Colver) 4.625 12/01/2018 10,769,338
- ------------------------------------------------------------------------------------------------------------------------------
14,700,000 PA EDFA (National Gypsum Company) 6.125 11/02/2027 15,549,219
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (National Gypsum Company) 3 6.250 11/01/2027 5,333,650
- ------------------------------------------------------------------------------------------------------------------------------
7,000,000 PA EDFA (Northampton Generating) 6.400 01/01/2009 6,999,370
- ------------------------------------------------------------------------------------------------------------------------------
4,965,000 PA EDFA (Northampton Generating) 6.500 01/01/2013 4,964,553
- ------------------------------------------------------------------------------------------------------------------------------
6,000,000 PA EDFA (Northampton Generating) 6.600 01/01/2019 6,058,980
- ------------------------------------------------------------------------------------------------------------------------------
4,310,000 PA EDFA (Northwestern Human Services) 5.250 06/01/2014 4,252,548
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 PA EDFA (Northwestern Human Services) 5.250 06/01/2028 2,657,610
22 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 12,500,000 PA EDFA (Reliant Energy) 6.750% 12/01/2036 $ 13,326,500
- ------------------------------------------------------------------------------------------------------------------------------
8,000,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 8,528,960
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (Reliant Energy) RITES 1,7 9.369 2 12/01/2036 5,661,150
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 PA EDFA (Waste Management) 5.100 10/01/2027 3,011,580
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 PA EDFA ROLs 1 8.827 2 12/01/2018 2,593,150
- ------------------------------------------------------------------------------------------------------------------------------
65,000 PA HEFA (Allegheny Delaware Valley Obligated Group) 5.875 11/15/2021 67,475
- ------------------------------------------------------------------------------------------------------------------------------
115,000 PA HEFA (Allegheny General Hospital) 7.125 09/01/2007 115,163
- ------------------------------------------------------------------------------------------------------------------------------
40,000 PA HEFA (Allegheny General Hospital) 7.250 09/01/2017 40,061
- ------------------------------------------------------------------------------------------------------------------------------
1,500,000 PA HEFA (CA University of PA Student Assoc.) 6.750 09/01/2020 1,597,410
- ------------------------------------------------------------------------------------------------------------------------------
110,000 PA HEFA (CA University of PA Student Assoc.) 6.750 09/01/2032 115,265
- ------------------------------------------------------------------------------------------------------------------------------
50,000 PA HEFA (CA University of PA Student Assoc.) 6.800 09/01/2025 52,771
- ------------------------------------------------------------------------------------------------------------------------------
1,475,000 PA HEFA (College of Science & Agriculture) 5.350 04/15/2028 1,478,614
- ------------------------------------------------------------------------------------------------------------------------------
1,460,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.650 04/15/2025 1,501,829
- ------------------------------------------------------------------------------------------------------------------------------
815,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.750 04/15/2029 837,665
- ------------------------------------------------------------------------------------------------------------------------------
220,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.750 04/15/2034 225,502
- ------------------------------------------------------------------------------------------------------------------------------
3,210,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.800 04/15/2030 3,312,142
- ------------------------------------------------------------------------------------------------------------------------------
3,385,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.800 04/15/2033 3,476,869
- ------------------------------------------------------------------------------------------------------------------------------
1,820,000 PA HEFA (Geneva College) 5.375 04/01/2023 1,883,609
- ------------------------------------------------------------------------------------------------------------------------------
860,000 PA HEFA (Geneva College) 5.450 04/01/2018 895,905
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 PA HEFA (Geneva College) 6.125 04/01/2022 1,062,530
- ------------------------------------------------------------------------------------------------------------------------------
50,000 PA HEFA (La Salle University) 5.500 05/01/2034 51,957
- ------------------------------------------------------------------------------------------------------------------------------
735,000 PA HEFA (Lycoming College) 5.250 11/01/2027 771,743
- ------------------------------------------------------------------------------------------------------------------------------
1,490,000 PA HEFA (Marywood University) 5.125 06/01/2029 1,552,416
- ------------------------------------------------------------------------------------------------------------------------------
5,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 5.875 11/15/2016 5,190
- ------------------------------------------------------------------------------------------------------------------------------
3,025,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 5.875 11/15/2021 3,142,612
- ------------------------------------------------------------------------------------------------------------------------------
250,000 PA HEFA (Philadelphia University) 5.000 06/01/2035 247,325
- ------------------------------------------------------------------------------------------------------------------------------
2,200,000 PA HEFA (Philadelphia University) 3 5.250 06/01/2032 2,217,710
- ------------------------------------------------------------------------------------------------------------------------------
250,000 PA HEFA (Philadelphia University) 6.000 06/01/2029 268,513
- ------------------------------------------------------------------------------------------------------------------------------
50,000 PA HEFA (Philadelphia University) 6.100 06/01/2030 53,899
- ------------------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (Saint Francis University) 5.750 11/01/2023 103,882
- ------------------------------------------------------------------------------------------------------------------------------
2,300,000 PA HEFA (Slippery Rock University Foundation) 5.000 07/01/2023 2,418,956
- ------------------------------------------------------------------------------------------------------------------------------
3,925,000 PA HEFA (St. Francis University) 6.250 11/01/2018 4,219,689
- ------------------------------------------------------------------------------------------------------------------------------
530,000 PA HEFA (St. Joseph University) 5.875 07/15/2025 541,581
- ------------------------------------------------------------------------------------------------------------------------------
230,000 PA HEFA (St. Joseph University) 5.875 07/15/2025 235,026
- ------------------------------------------------------------------------------------------------------------------------------
25,000 PA HEFA (University of the Arts) 5.750 03/15/2030 26,515
- ------------------------------------------------------------------------------------------------------------------------------
30,000 PA HEFA (UPMC Health System) 6.000 01/15/2031 32,785
- ------------------------------------------------------------------------------------------------------------------------------
750,000 PA HEFA (Widener University) 5.000 07/15/2026 768,443
- ------------------------------------------------------------------------------------------------------------------------------
100,000 PA HFA 5.500 04/01/2029 102,664
- ------------------------------------------------------------------------------------------------------------------------------
45,000 PA HFA (Multifamily FHA Mtg.) 8.200 07/01/2024 45,674
23 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 75,000 PA HFA (Single Family Mtg.) 5.450% 10/01/2032 $ 77,040
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 PA HFA (Single Family Mtg.) RITES 1 8.938 2 10/01/2020 2,776,150
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 PA HFA (Single Family Mtg.) RITES 1 9.138 2 10/01/2022 2,775,000
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 PA HFA (Single Family Mtg.) RITES 1 9.631 2 04/01/2021 2,207,160
- ------------------------------------------------------------------------------------------------------------------------------
2,850,000 PA HFA (Single Family Mtg.) RITES 1 9.938 2 10/01/2022 3,249,114
- ------------------------------------------------------------------------------------------------------------------------------
2,475,000 PA HFA (Single Family Mtg.), Series 59A 5.800 10/01/2029 2,540,736
- ------------------------------------------------------------------------------------------------------------------------------
10,000 PA HFA (Single Family Mtg.), Series 60A 5.850 10/01/2027 10,149
- ------------------------------------------------------------------------------------------------------------------------------
9,180,000 PA HFA (Single Family Mtg.), Series 61A 5.450 10/01/2021 9,385,448
- ------------------------------------------------------------------------------------------------------------------------------
85,000 PA HFA (Single Family Mtg.), Series 61A 5.500 04/01/2029 87,264
- ------------------------------------------------------------------------------------------------------------------------------
195,000 PA HFA (Single Family Mtg.), Series 63A 5.430 6 04/01/2030 51,997
- ------------------------------------------------------------------------------------------------------------------------------
50,000 PA HFA (Single Family Mtg.), Series 66A 5.650 04/01/2029 51,264
- ------------------------------------------------------------------------------------------------------------------------------
4,740,000 PA HFA (Single Family Mtg.), Series 70A 5.800 04/01/2027 4,905,900
- ------------------------------------------------------------------------------------------------------------------------------
2,365,000 PA Infrastructure Investment Authority 5.625 09/01/2014 2,444,180
- ------------------------------------------------------------------------------------------------------------------------------
400,000 PA Intergovernmental Cooperative Authority 5.500 06/15/2011 403,388
- ------------------------------------------------------------------------------------------------------------------------------
35,000 Patterson Township Municipal Authority 5.250 04/15/2007 35,046
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Patterson Township Municipal Authority 5.500 04/15/2011 10,012
- ------------------------------------------------------------------------------------------------------------------------------
220,000 Philadelphia Airport 5.375 06/15/2015 230,699
- ------------------------------------------------------------------------------------------------------------------------------
1,310,000 Philadelphia Airport, Series A 5.000 06/15/2023 1,358,051
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Philadelphia Airport, Series A 3 5.000 06/15/2024 2,067,180
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Philadelphia Airport, Series A 5.000 06/15/2025 2,064,100
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Philadelphia Airport Authority for Industrial Devel. RITES 1 9.930 2 07/01/2022 2,507,520
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Philadelphia Airport System, Series B 5.400 06/15/2027 20,542
- ------------------------------------------------------------------------------------------------------------------------------
6,720,000 Philadelphia Authority for Industrial Devel.
(Aero Philadelphia) 5.500 01/01/2024 6,755,011
- ------------------------------------------------------------------------------------------------------------------------------
2,565,000 Philadelphia Authority for Industrial Devel.
(City of Philadelphia) 5.375 02/15/2027 2,657,879
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia Authority for Industrial Devel.
(Philadelphia Airport) 5.000 07/01/2019 25,562
- ------------------------------------------------------------------------------------------------------------------------------
305,000 Philadelphia Authority for Industrial Devel.
(Philadelphia Airport) 5.000 07/01/2023 310,118
- ------------------------------------------------------------------------------------------------------------------------------
440,000 Philadelphia Authority for Industrial Devel.
(Philadelphia Airport) 5.125 07/01/2028 448,664
- ------------------------------------------------------------------------------------------------------------------------------
165,000 Philadelphia Authority for Industrial Devel.
(Philadelphia Airport) 5.300 07/01/2017 171,214
- ------------------------------------------------------------------------------------------------------------------------------
3,000,000 Philadelphia Authority for Industrial Devel.
(Presbyterian Homes Germantown) 5.625 07/01/2035 3,033,540
- ------------------------------------------------------------------------------------------------------------------------------
1,370,000 Philadelphia Authority for Industrial Devel.
(Stapeley Germantown) 5.000 01/01/2015 1,359,259
- ------------------------------------------------------------------------------------------------------------------------------
1,580,000 Philadelphia Authority for Industrial Devel.
(Stapeley Germantown) 5.125 01/01/2021 1,542,759
- ------------------------------------------------------------------------------------------------------------------------------
1,400,000 Philadelphia Authority for Industrial Devel. Senior Living
(Arbor House) 6.100 07/01/2033 1,463,420
24 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,240,000 Philadelphia Authority for Industrial Devel. Senior Living
(Miriam and Robert M. Rieder House) 6.100% 07/01/2033 $ 1,296,172
- ------------------------------------------------------------------------------------------------------------------------------
1,160,000 Philadelphia Authority for Industrial Devel. Senior Living
(Robert Saligman House) 6.100 07/01/2033 1,212,548
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Philadelphia Gas Works 5.250 08/01/2021 1,072,560
- ------------------------------------------------------------------------------------------------------------------------------
60,000 Philadelphia Gas Works 5.250 08/01/2024 60,503
- ------------------------------------------------------------------------------------------------------------------------------
1,780,000 Philadelphia Gas Works RITES 1 9.096 2 08/01/2031 2,015,708
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Philadelphia Gas Works RITES 1 9.734 2 08/01/2021 2,532,880
- ------------------------------------------------------------------------------------------------------------------------------
8,000,000 Philadelphia GO 5.000 05/15/2020 8,190,800
- ------------------------------------------------------------------------------------------------------------------------------
35,000 Philadelphia GO 5.000 05/15/2025 35,546
- ------------------------------------------------------------------------------------------------------------------------------
205,000 Philadelphia GO 5.000 03/15/2028 210,301
- ------------------------------------------------------------------------------------------------------------------------------
1,210,000 Philadelphia H&HEFA
(Centralized Comprehensive Human Services) 7.250 01/01/2021 1,277,966
- ------------------------------------------------------------------------------------------------------------------------------
165,000 Philadelphia H&HEFA (Frankford Hospital) 5.750 01/01/2019 168,463
- ------------------------------------------------------------------------------------------------------------------------------
1,785,000 Philadelphia H&HEFA (Jeanes Health System) 6.600 07/01/2010 1,916,555
- ------------------------------------------------------------------------------------------------------------------------------
80,000 Philadelphia H&HEFA (Jefferson Health System) 5.000 05/15/2018 82,354
- ------------------------------------------------------------------------------------------------------------------------------
2,380,000 Philadelphia H&HEFA (Philadelphia Protestant Home) 6.500 07/01/2027 2,401,230
- ------------------------------------------------------------------------------------------------------------------------------
15,000 Philadelphia H&HEFA
(Temple University Children's Medical Center) 5.750 06/15/2029 15,258
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Philadelphia H&HEFA (Temple University Hospital) 5.500 11/15/2027 10,394
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia H&HEFA (Temple University Hospital) 5.500 11/15/2027 25,039
- ------------------------------------------------------------------------------------------------------------------------------
35,000 Philadelphia H&HEFA (Temple University Hospital) 5.875 11/15/2023 35,445
- ------------------------------------------------------------------------------------------------------------------------------
5,000 Philadelphia H&HEFA (Temple University Hospital) 6.500 11/15/2008 5,234
- ------------------------------------------------------------------------------------------------------------------------------
3,675,000 Philadelphia H&HEFA (Temple University Hospital) 6.625 11/15/2023 3,703,702
- ------------------------------------------------------------------------------------------------------------------------------
3,870,000 Philadelphia IDA (Air Cargo) 7.500 01/01/2025 4,129,832
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia IDA (American College of Physicians) 6.000 06/15/2030 26,774
- ------------------------------------------------------------------------------------------------------------------------------
85,000 Philadelphia IDA (Baker's Bay Nursing Home Associates) 5.750 08/01/2023 85,143
- ------------------------------------------------------------------------------------------------------------------------------
1,150,000 Philadelphia IDA (Baptist Home of Philadelphia) 5.500 11/15/2018 1,134,337
- ------------------------------------------------------------------------------------------------------------------------------
526,000 Philadelphia IDA (Baptist Home of Philadelphia) 5.600 11/15/2028 509,447
- ------------------------------------------------------------------------------------------------------------------------------
450,000 Philadelphia IDA (Cathedral Village) 6.750 04/01/2023 490,136
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Philadelphia IDA (Cathedral Village) 6.875 04/01/2034 1,081,050
- ------------------------------------------------------------------------------------------------------------------------------
2,750,000 Philadelphia IDA (First Mtg.-CPAP) 6.125 04/01/2019 2,120,690
- ------------------------------------------------------------------------------------------------------------------------------
1,330,000 Philadelphia IDA
(International Educational & Community Project) 5.875 06/01/2022 1,434,033
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia IDA (The Franklin Institute) 5.200 06/15/2018 25,212
- ------------------------------------------------------------------------------------------------------------------------------
3,425,000 Philadelphia IDA RITES 1 9.107 2 10/01/2026 4,233,095
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Philadelphia Parking Authority, Series A 5.250 02/15/2029 20,936
- ------------------------------------------------------------------------------------------------------------------------------
190,000 Philadelphia Redevel. Authority (Multifamily Hsg.) 5.450 02/01/2023 193,836
- ------------------------------------------------------------------------------------------------------------------------------
2,580,000 Philadelphia Redevel. Authority (Pavilion Apartments) 6.000 10/01/2023 2,670,171
- ------------------------------------------------------------------------------------------------------------------------------
4,100,000 Philadelphia Redevel. Authority (Pavilion Apartments) 6.250 10/01/2032 4,234,767
- ------------------------------------------------------------------------------------------------------------------------------
2,250,000 Philadelphia Redevel. Authority ROLs 1 10.438 2 04/15/2028 2,637,225
25 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 2,000,000 Philadelphia School District GO RITES 1 11.110% 2 08/01/2022 $ 2,952,120
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Pittsburgh & Allegheny County Public
Auditorium Authority 5.000 02/01/2029 51,964
- ------------------------------------------------------------------------------------------------------------------------------
60,000 Pittsburgh Urban Redevel. Authority 5.600 04/01/2020 61,343
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Pittsburgh Urban Redevel. Authority
(Home Improvement Loans), Series A 5.650 08/01/2015 20,007
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Pittsburgh Urban Redevel. Authority (Oliver Garage) 5.450 06/01/2028 20,949
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Pittsburgh Urban Redevel. Authority Mtg., Series A 5.650 10/01/2024 25,138
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Pittsburgh Urban Redevel. Authority Mtg., Series A 5.650 10/01/2024 25,217
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh Urban Redevel. Authority Mtg., Series A 5.750 04/01/2010 10,219
- ------------------------------------------------------------------------------------------------------------------------------
160,000 Pittsburgh Urban Redevel. Authority Mtg., Series A 6.050 10/01/2026 163,440
- ------------------------------------------------------------------------------------------------------------------------------
20,000 Pittsburgh Urban Redevel. Authority Mtg., Series A 7.250 02/01/2024 20,024
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh Urban Redevel. Authority Mtg., Series C 5.700 04/01/2030 10,190
- ------------------------------------------------------------------------------------------------------------------------------
605,000 Pittsburgh Urban Redevel. Authority Mtg., Series C 5.950 10/01/2029 622,745
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh Urban Redevel. Authority Mtg., Series C 7.125 08/01/2013 10,012
- ------------------------------------------------------------------------------------------------------------------------------
2,250,000 Pittsburgh Water & Sewer Authority 5.000 09/01/2033 2,334,038
- ------------------------------------------------------------------------------------------------------------------------------
120,000 Potter County Hospital Authority
(Charles Cole Memorial Hospital) 6.050 08/01/2024 123,780
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Pottstown Boro Authority 5.500 11/01/2021 30,438
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pottsville Hospital Authority
(Pottsville Hospital & Warne Clinic) 5.500 07/01/2018 1,001,070
- ------------------------------------------------------------------------------------------------------------------------------
4,170,000 Pottsville Hospital Authority
(Pottsville Hospital & Warne Clinic) 5.625 07/01/2024 4,139,100
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Pottsville Hospital Authority
(Pottsville Hospital & Warne Clinic) 5.625 07/01/2024 25,610
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Saxonburg Area Authority (Sewer & Water) 5.000 03/01/2030 1,035,620
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Saxonburg Area Authority (Sewer & Water) 5.000 03/01/2035 1,030,720
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Sayre Health Care Facilities (Guthrie Healthcare System) 7.125 12/01/2031 2,369,520
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Scranton Parking Authority 7.000 09/15/2009 10,020
- ------------------------------------------------------------------------------------------------------------------------------
65,000 Snyder County Higher Education Authority
(Susquehanna University) 5.000 01/01/2028 65,057
- ------------------------------------------------------------------------------------------------------------------------------
30,000 Somerset County Hospital Authority
(Somerset Community Hospital) 5.375 03/01/2017 30,895
- ------------------------------------------------------------------------------------------------------------------------------
25,000 South Fork Municipal Authority
(Conemaugh Valley Memorial Hospital) 5.000 07/01/2028 25,485
- ------------------------------------------------------------------------------------------------------------------------------
60,000 South Fork Municipal Authority
(Good Samaritan Medial Center of Johnstown) 5.250 07/01/2026 61,543
- ------------------------------------------------------------------------------------------------------------------------------
25,000 South Fork Municipal Authority
(Good Samaritan Medial Center of Johnstown) 5.375 07/01/2016 25,709
- ------------------------------------------------------------------------------------------------------------------------------
1,400,000 Southcentral General Authority (Hanover Hospital) 5.000 12/01/2023 1,449,420
26 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 2,245,000 Southcentral General Authority (Hanover Hospital) 5.000% 12/01/2025 $ 2,324,249
- ------------------------------------------------------------------------------------------------------------------------------
3,265,000 Southcentral General Authority (Hanover Hospital) 5.000 12/01/2026 3,369,774
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Southcentral General Authority (Hanover Hospital) 5.000 12/01/2027 2,062,580
- ------------------------------------------------------------------------------------------------------------------------------
2,510,000 Southcentral General Authority (Hanover Hospital) 5.000 12/01/2028 2,584,547
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Southcentral General Authority (Hanover Hospital) 5.000 12/01/2030 1,024,930
- ------------------------------------------------------------------------------------------------------------------------------
50,000 Southeastern PA Transportation Authority 5.375 03/01/2022 51,943
- ------------------------------------------------------------------------------------------------------------------------------
3,250,000 St. Mary Hospital Authority (Catholic Health East) 5.375 11/15/2034 3,397,875
- ------------------------------------------------------------------------------------------------------------------------------
95,000 St. Mary Hospital Authority (Catholic Health Initiatives) 5.000 12/01/2028 98,810
- ------------------------------------------------------------------------------------------------------------------------------
50,000 St. Mary Hospital Authority (Franciscan Health) 7.000 06/15/2015 50,617
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 Susquehanna Area Regional Airport Authority
(Aero Harrisburg) 5.500 01/01/2024 920,180
- ------------------------------------------------------------------------------------------------------------------------------
10,000 Venango IDA (Boise Cascade Corp.) 5.900 09/01/2007 10,001
- ------------------------------------------------------------------------------------------------------------------------------
5,200,000 Washington County Authority
(Capital Projects & Equipment Program) 6.150 12/01/2029 5,576,168
- ------------------------------------------------------------------------------------------------------------------------------
750,000 Washington Township Municipal Authority 5.875 12/15/2023 778,815
- ------------------------------------------------------------------------------------------------------------------------------
2,500,000 Washington Township Municipal Authority 6.000 12/15/2033 2,589,825
- ------------------------------------------------------------------------------------------------------------------------------
1,000,000 West Cornwall Township Municipal Authority
(Elizabethtown College) 6.000 12/15/2022 1,065,710
- ------------------------------------------------------------------------------------------------------------------------------
25,000 West Cornwall Township Municipal Authority
(Elizabethtown College) 6.000 12/15/2027 26,485
- ------------------------------------------------------------------------------------------------------------------------------
300,000 West Shore Area Hospital Authority (Holy Spirit Hospital) 6.250 01/01/2032 318,435
- ------------------------------------------------------------------------------------------------------------------------------
5,000 Westmoreland County IDA (Redstone
Health Care Facilities) 8.125 11/15/2030 5,930
- ------------------------------------------------------------------------------------------------------------------------------
1,550,000 Westmoreland County IDA
(Redstone Retirement Community) 5.750 01/01/2026 1,591,153
- ------------------------------------------------------------------------------------------------------------------------------
1,085,000 Westmoreland County IDA
(Redstone Retirement Community) 5.875 01/01/2032 1,109,065
- ------------------------------------------------------------------------------------------------------------------------------
30,000 York County Hospital Authority (York Hospital) 5.500 07/01/2008 30,052
- ------------------------------------------------------------------------------------------------------------------------------
10,000 York County IDA (PSEG Power) 5.500 09/01/2020 10,562
- ------------------------------------------------------------------------------------------------------------------------------
25,000 York Hsg. Corp. Mtg., Series A 6.875 11/01/2009 25,032
------------
560,914,540
- ------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--34.8%
1,485,000 Guam EDA (TASC) 5.400 05/15/2031 1,506,339
- ------------------------------------------------------------------------------------------------------------------------------
3,830,000 Guam EDA (TASC)(3) 5.500 05/15/2041 3,849,686
- ------------------------------------------------------------------------------------------------------------------------------
105,000 Guam GO, Series A 5.375 11/15/2013 105,100
- ------------------------------------------------------------------------------------------------------------------------------
3,640,000 Guam GO, Series A 5.400 11/15/2018 3,642,475
- ------------------------------------------------------------------------------------------------------------------------------
2,000,000 Guam Government Waterworks Authority
& Wastewater System 5.875 07/01/2035 2,106,260
- ------------------------------------------------------------------------------------------------------------------------------
195,000 Guam Power Authority, Series A 5.250 10/01/2013 195,031
- ------------------------------------------------------------------------------------------------------------------------------
710,000 Guam Power Authority, Series A 5.250 10/01/2023 712,144
27 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 2,725,000 Northern Mariana Islands Ports Authority, Series A 5.500% 03/15/2031 $ 2,728,188
- ------------------------------------------------------------------------------------------------------------------------------
1,410,000 Northern Mariana Islands Ports Authority, Series A 6.600 03/15/2028 1,569,245
- ------------------------------------------------------------------------------------------------------------------------------
60,000 Northern Mariana Islands, Series A 6.000 06/01/2014 63,496
- ------------------------------------------------------------------------------------------------------------------------------
10,100,000 Northern Mariana Islands, Series A 6.750 10/01/2033 11,015,262
- ------------------------------------------------------------------------------------------------------------------------------
29,770,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 30,323,424
- ------------------------------------------------------------------------------------------------------------------------------
74,665,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 75,111,497
- ------------------------------------------------------------------------------------------------------------------------------
67,035,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 67,771,044
- ------------------------------------------------------------------------------------------------------------------------------
330,000,000 Puerto Rico Children's Trust Fund (TASC) 6.370 6 05/15/2050 20,908,800
- ------------------------------------------------------------------------------------------------------------------------------
97,000,000 Puerto Rico Children's Trust Fund (TASC) 3 7.010 6 05/15/2055 3,294,120
- ------------------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 4,054,240
- ------------------------------------------------------------------------------------------------------------------------------
3,395,000 Puerto Rico Highway & Transportation Authority, Series G 5 5.000 07/01/2042 3,428,373
- ------------------------------------------------------------------------------------------------------------------------------
945,000 Puerto Rico Highway & Transportation Authority, Series H 5.000 07/01/2028 963,730
- ------------------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2030 7,131,320
- ------------------------------------------------------------------------------------------------------------------------------
2,925,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2035 2,973,204
- ------------------------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2045 7,083,580
- ------------------------------------------------------------------------------------------------------------------------------
2,250,000 Puerto Rico Infrastructure 5.000 07/01/2041 2,276,865
- ------------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 25,685
- ------------------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 507,765
- ------------------------------------------------------------------------------------------------------------------------------
1,750,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 1,858,903
- ------------------------------------------------------------------------------------------------------------------------------
14,885,000 Puerto Rico Port Authority (American Airlines), Series A 3 6.250 06/01/2026 11,667,905
- ------------------------------------------------------------------------------------------------------------------------------
625,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 501,456
- ------------------------------------------------------------------------------------------------------------------------------
115,000 Puerto Rico Port Authority, Series D 7.000 07/01/2014 115,311
- ------------------------------------------------------------------------------------------------------------------------------
540,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 562,712
- ------------------------------------------------------------------------------------------------------------------------------
100,000 University of Puerto Rico 5.400 06/01/2009 101,681
- ------------------------------------------------------------------------------------------------------------------------------
40,000 University of Puerto Rico, Series M 5.250 06/01/2025 40,651
- ------------------------------------------------------------------------------------------------------------------------------
1,525,000 University of Puerto Rico, Series O 5.375 06/01/2030 1,544,154
- ------------------------------------------------------------------------------------------------------------------------------
6,645,000 V.I. Government Refinery Facilities (Hovensa Coker) 3 6.500 07/01/2021 7,519,814
- ------------------------------------------------------------------------------------------------------------------------------
4,000,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 4,526,600
- ------------------------------------------------------------------------------------------------------------------------------
5,000,000 V.I. Public Finance Authority (Hovensa Refinery) 6.125 07/01/2022 5,490,500
- ------------------------------------------------------------------------------------------------------------------------------
3,250,000 V.I. Public Finance Authority ROLs 1,3 10.337 2 10/01/2024 3,834,870
- ------------------------------------------------------------------------------------------------------------------------------
45,000 V.I. Tobacco Settlement Financing Corp. (TASC) 5.000 05/15/2021 45,008
- ------------------------------------------------------------------------------------------------------------------------------
2,235,000 V.I. Tobacco Settlement Financing Corp. (TASC) 1,3 5.000 05/15/2031 2,223,713
-------------
293,380,151
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $809,035,562)--101.4% 854,294,691
- ------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(1.4) (11,528,054)
-------------
NET ASSETS--100.0% $ 842,766,637
=============
28 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Illiquid security. The aggregate value of illiquid securities as of January
31, 2006 was $61,207,856, which represents 7.26% of the Fund's net assets. See
Note 5 of Notes to Financial Statements.
2. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of Notes to Financial Statements.
3. Security has been segregated for collateral to cover borrowings. See Note 6
of Notes to Financial Statements.
4. Issue is in default. Non-income producing. See Note 1 of Notes to Financial
Statements.
5. When-issued security or forward commitment to be delivered and settled after
January 31, 2006. See Note 1 of Notes to Financial Statements.
6. Zero coupon bond reflects effective yield on the date of purchase.
7. Security is subject to a shortfall and forebearance agreement. See Note 1 of
Notes to Financial Statements.
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACTS Adult Communities Total Services
AUS Allegheny United Hospitals
BPE Brittany Pointe Estates
CCMC Crozer-Chester Medical Center
CKHS Crozer-Keystone Health System
CPAP Crime Prevention Association of Philadelphia
DCMH Delaware County Memorial Hospital
EDA Economic Development Authority
EDFA Economic Development Finance Authority
FHA Federal Housing Agency
GO General Obligation
GPA General Purpose Authority
H&EFA Health and Educational Facilities Authority
H&HEFA Hospitals and Higher Education Facilities Authority
HDA Hospital Development Authority
HEBA Higher Education Building Authority
HEFA Higher Education Facilities Authority
HEHA Higher Education and Health Authority
HFA Housing Finance Agency/Authority
HUHS Hahnemann University Hospital System
IDA Industrial Development Agency
ITEMECF Industrial, Tourist, Educational, Medical and Environmental
Community Facilities
MAS Mercy Adult Services
MCMCSPA Mercy Catholic Medical Center of Southeastern PA
MCP Medical College of Pennsylvania
MHH Mercy Haverford Hospital
MHP Mercy Health Plan
MHSSPA Mercy Health System of Southeastern PA
NCPHS North Central Pennsylvania Health System
PA/NJ Pennsylvania/New Jersey
PSEG Public Service Enterprise Group
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
TASC Tobacco Settlement Asset-Backed Bonds
UPMC University of Pittsburgh Medical Center
V.I. United States Virgin Islands
WH Williamsport Hospital
29 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Settlement Payments $205,033,631 24.0%
Hospital/Health Care 85,311,498 10.0
Adult Living Facilities 68,980,427 8.1
Higher Education 61,304,677 7.2
Water Utilities 50,160,689 5.9
Not-for-Profit Organization 44,452,467 5.2
Marine/Aviation Facilities 37,042,722 4.3
General Obligation 35,232,041 4.1
Electric Utilities 34,709,045 4.1
Resource Recovery 34,319,749 4.0
Highways/Railways 32,390,586 3.8
Single Family Housing 30,849,630 3.6
Manufacturing, Durable Goods 25,985,965 3.0
Pollution Control 18,231,026 2.1
Special Tax 13,980,438 1.6
Airlines 12,169,361 1.4
Sewer Utilities 10,309,817 1.2
Parking Fee Revenue 9,642,485 1.1
Multifamily Housing 8,970,018 1.1
Municipal Leases 7,453,686 0.9
Education 7,228,050 0.9
Gas Utilities 5,681,651 0.7
Special Assessment 5,220,410 0.6
Paper, Containers & Packaging 4,671,867 0.5
Sales Tax Revenue 3,886,834 0.5
Sports Facility Revenue 984,321 0.1
Hotels, Restaurants & Leisure 91,600 0.0
--------------------------
Total $854,294,691 100.0%
==========================
- --------------------------------------------------------------------------------
SUMMARY OF RATINGS JANUARY 31, 2006
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY RATINGS CATEGORY, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
RATINGS PERCENT
- --------------------------------------------------------------------------------
AAA 20.9%
AA 7.1
A 5.0
BBB 44.0
BB 6.6
B 4.4
CCC 1.4
Not Rated 10.6
------
Total 100.0%
======
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2006
- ---------------------------------------------------------------------------------------------
ASSETS
- ---------------------------------------------------------------------------------------------
Investments, at value (cost $809,035,562)--see accompanying statement of
investments $854,294,691
- ---------------------------------------------------------------------------------------------
Cash 549,746
- ---------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 11,267,718
Shares of beneficial interest sold 7,454,987
Investments sold 494,099
Other 22,061
-------------
Total assets 874,083,302
- ---------------------------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased (including $10,846,770 purchased on a when-issued basis
or forward commitment) 25,312,360
Payable on borrowings (See Note 6) 3,800,000
Shares of beneficial interest redeemed 1,071,625
Dividends 798,504
Distribution and service plan fees 103,086
Trustees' compensation 63,139
Interest expense 62,288
Transfer and shareholder servicing agent fees 31,642
Shareholder communications 18,566
Other 55,455
-------------
Total liabilities 31,316,665
- ---------------------------------------------------------------------------------------------
NET ASSETS $842,766,637
=============
- ---------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ---------------------------------------------------------------------------------------------
Paid-in capital $798,650,534
- ---------------------------------------------------------------------------------------------
Accumulated net investment income 597,557
- ---------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (1,740,583)
- ---------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 45,259,129
-------------
NET ASSETS $842,766,637
=============
31 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited/Continued
- -------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ---------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$477,152,678 and 37,540,536 shares of beneficial interest outstanding) $12.71
Maximum offering price per share (net asset value plus sales charge
of 4.75% of offering price) $13.34
- ---------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$193,506,037 and 15,228,693 shares of beneficial interest outstanding) $12.71
- ---------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$172,107,922 and 13,557,462 shares of beneficial interest outstanding) $12.69
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2006
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $22,837,563
- --------------------------------------------------------------------------------
Other income 507
------------
Total investment income 22,838,070
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 1,993,895
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 312,195
Class B 865,070
Class C 688,116
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 90,941
Class B 56,169
Class C 42,149
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 13,934
Class B 8,515
Class C 5,900
- --------------------------------------------------------------------------------
Interest expense 397,718
- --------------------------------------------------------------------------------
Trustees' compensation 20,067
- --------------------------------------------------------------------------------
Custodian fees and expenses 4,858
- --------------------------------------------------------------------------------
Other 92,743
------------
Total expenses 4,592,270
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 18,245,800
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- --------------------------------------------------------------------------------
Net realized gain on investments 1,507,891
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (9,996,728)
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 9,756,963
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
33 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
(UNAUDITED) 2005
- ------------------------------------------------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------------------------------------------------
Net investment income $ 18,245,800 $ 28,197,440
- ------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 1,507,891 (396,855)
- ------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (9,996,728) 49,249,528
------------------------------
Net increase in net assets resulting from operations 9,756,963 77,050,113
- ------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ------------------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (10,605,637) (16,117,132)
Class B (3,981,508) (8,235,507)
Class C (3,169,737) (4,521,666)
- ------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Class A 96,685,177 130,474,143
Class B 5,914,773 17,198,067
Class C 40,091,258 48,949,671
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------
Total increase 134,691,289 244,797,689
- ------------------------------------------------------------------------------------------------------------------------
Beginning of period 708,075,348 463,277,659
------------------------------
End of period (including accumulated net investment income
of $597,557 and $108,639, respectively) $842,766,637 $708,075,348
==============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS A (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.85 $ 11.76 $ 11.48 $ 11.57 $ 11.46 $ 11.28
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .32 1 .67 1 .73 .75 .70 .67
Net realized and unrealized gain (loss) (.15) 1.10 .25 (.11) .11 .21
-------------------------------------------------------------------------------
Total from investment operations .17 1.77 .98 .64 .81 .88
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.31) (.68) (.70) (.73) (.70) (.70)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.71 $ 12.85 $ 11.76 $ 11.48 $ 11.57 $ 11.46
===============================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 1.39% 15.43% 8.53% 5.36% 7.36% 8.10%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $477,153 $384,863 $229,450 $184,638 $144,592 $100,222
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $428,849 $295,002 $211,061 $172,228 $120,251 $ 77,048
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.03% 5.35% 6.01% 6.11% 6.03% 5.84%
Total expenses 0.84% 0.81% 0.86% 0.86% 0.85% 0.94%
Expenses after payments and waivers and
reduction to custodian expenses 0.84% 0.81% 0.86% 0.86% 0.82% 4 0.87% 4
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 13% 30% 37% 33% 39% 58%
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 distribuions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS B (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.85 $ 11.76 $ 11.48 $ 11.57 $ 11.46 $ 11.27
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations
Net investment income .27 1 .57 1 .63 .65 .62 .59
Net realized and unrealized gain (loss) (.15) 1.11 .25 (.11) .11 .22
--------------------------------------------------------------------------------
Total from investment operations .12 1.68 .88 .54 .73 .81
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.26) (.59) (.60) (.63) (.62) (.62)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.71 $ 12.85 $ 11.76 $ 11.48 $ 11.57 $ 11.46
================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 1.00% 14.56% 7.71% 4.56% 6.55% 7.40%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $193,506 $189,643 $157,338 $146,369 $101,126 $ 52,926
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $190,778 $173,663 $156,689 $127,280 $ 75,772 $ 32,037
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.27% 4.62% 5.26% 5.34% 5.26% 5.03%
Total expenses 1.61% 1.59% 1.62% 1.63% 1.61% 1.68%
Expenses after payments and waivers
and reduction to custodian expenses 1.61% 1.59% 1.62% 1.63% 1.58% 4 1.62% 4
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 13% 30% 37% 33% 39% 58%
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 distribuions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS C (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.83 $ 11.75 $ 11.47 $ 11.56 $ 11.45 $ 11.27
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .27 1 .57 1 .63 .65 .61 .57
Net realized and unrealized gain (loss) (.15) 1.10 .25 (.11) .12 .23
-------------------------------------------------------------------------------
Total from investment operations .12 1.67 .88 .54 .73 .80
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.26) (.59) (.60) (.63) (.62) (.62)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.69 $ 12.83 $ 11.75 $ 11.47 $ 11.56 $ 11.45
===============================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 1.00% 14.48% 7.71% 4.57% 6.55% 7.30%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $172,108 $133,569 $76,489 $69,916 $47,163 $19,494
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $151,950 $ 96,508 $74,956 $60,202 $33,327 $10,913
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.25% 4.56% 5.25% 5.34% 5.26% 5.01%
Total expenses 1.61% 1.59% 1.63% 1.63% 1.61% 1.68%
Expenses after payments and waivers and
reduction to custodian expenses 1.61% 1.59% 1.63% 1.63% 1.58% 4 1.62% 4
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 13% 30% 37% 33% 39% 58%
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 distribuions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 advisor 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 six years 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 business. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic exchanges 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 traded on NASDAQ are valued based on the closing
price provided 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 will be valued at the
mean between the "bid" and "asked" prices. Futures contracts traded on a
commodities or futures exchange will be valued at the final settlement price or
official closing price on the principal exchange as reported by such principal
exchange at its trading session ending at, or most recently prior to, the time
when the Fund's assets are valued. Securities (including restricted securities)
for which market quotations are not
38 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
readily available are valued at their fair value. Foreign and domestic
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 of the Board of Trustees. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value).
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis or
forward commitment can take place up to ten days or more after the trade date.
Normally the settlement date occurs within six months after the trade date;
however, the Fund may, from time to time, purchase securities whose settlement
date extends six months or more beyond 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 Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The purchase of securities on a when-issued
basis or forward commitment may increase the volatility of the Fund's net asset
value to the extent the Fund executes such transactions while remaining
substantially fully invested. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase. As of January 31, 2006, the Fund had purchased
$10,846,770 of securities issued on a when-issued basis or forward commitment.
- --------------------------------------------------------------------------------
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 will not invest more than 20% of its total assets in inverse floaters.
Inverse floaters amount to $57,479,762 as of January 31, 2006, which represents
6.58% of the Fund's total assets.
The Fund has entered into so-called shortfall and forbearance agreements
with the sponsors of certain inverse floaters held by the Fund. Such agreements
commit the Fund to reimburse the sponsor of such inverse floater, upon the
termination of the trust issuing the inverse floater, 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 floating rate
security issued in conjunction with the inverse floater. Under the standard
terms of an inverse floater, absent such an interest and forbearance agreement,
the Fund would not be required to make such a reimbursement.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be
subject to a greater degree of credit risk, market fluctuations and loss of
income and principal, and
39 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIALSTATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
may be more sensitive to economic conditions than lower-yielding, higher-rated
fixed-income securities. The Fund may acquire securities in default, and is not
obligated to dispose of securities whose issuers subsequently default. As of
January 31, 2006, securities with an aggregate market value of $25,934,
representing less than 0.005% of the Fund's net assets, were in default.
There are certain risks arising from geographic concentration in any
state. Certain revenue or tax related events in a 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.
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.
As of January 31, 2006, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $1,712,976 expiring by 2014.
This estimated capital loss carryforward represents carryforward as of the end
of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital losses
or gains realized in the first six months of the current fiscal year. As of
January 31, 2006, it is estimated that the Fund will utilize $1,507,891 of
capital loss carryforward to offset realized capital gains. During the year
ended July 31, 2005, the Fund did not utilize any capital loss carryforward to
offset capital gains realized in that fiscal year.
As of July 31, 2005, the Fund had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
----------------------
2009 $ 195,858
2010 1,365,649
2013 1,659,360
----------
TOTAL $3,220,867
==========
40 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the
Fund's independent trustees. Benefits are based on years of service and fees
paid to each trustee during the years of service. During the six months ended
January 31, 2006, the Fund's projected benefit obligations were increased by
$10,817 and payments of $4,719 were made to retired trustees, resulting in an
accumulated liability of $45,927 as of January 31, 2006.
The Board of Trustees has adopted a deferred compensation 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 Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
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, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
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
41 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 U.S. generally
accepted accounting principles 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 income and expenses 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:
SIX MONTHS ENDED JANUARY 31, 2006 YEAR ENDED JULY 31, 2005
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------
CLASS A
Sold 8,945,231 $113,946,435 12,116,018 $151,196,257
Dividends and/or
distributions
reinvested 468,975 5,975,129 695,852 8,652,502
Redeemed (1,826,499) (23,236,387) (2,365,369) (29,374,616)
-------------------------------------------------------------------
Net increase 7,587,707 $ 96,685,177 10,446,501 $130,474,143
===================================================================
- --------------------------------------------------------------------------------------------------
CLASS B
Sold 1,253,344 $ 15,966,933 2,375,112 $ 29,515,607
Dividends and/or
distributions
reinvested 150,351 1,915,204 314,290 3,897,091
Redeemed (938,722) (11,967,364) (1,305,293) (16,214,631)
-------------------------------------------------------------------
Net increase 464,973 $ 5,914,773 1,384,109 $ 17,198,067
===================================================================
- --------------------------------------------------------------------------------------------------
CLASS C
Sold 3,638,919 $ 46,311,771 4,460,811 $ 55,895,068
Dividends and/or
distributions
reinvested 151,611 1,929,011 221,073 2,744,414
Redeemed (640,876) (8,149,524) (784,051) (9,689,811)
-------------------------------------------------------------------
Net increase 3,149,654 $ 40,091,258 3,897,833 $ 48,949,671
===================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended January 31, 2006, were as
follows:
PURCHASES SALES
-------------------------------------------------------
Investment securities $216,962,833 $84,383,966
42 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.60% of the first $200 million of average annual net assets,
0.55% of the next $100 million, 0.50% of the next $200 million, 0.45% of the
next $250 million, 0.40% of the next $250 million, and 0.35% of average annual
net assets in excess of $1 billion.
- --------------------------------------------------------------------------------
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 six months ended January 31, 2006, the Fund paid
$185,675 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 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
years. 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 up to 0.15% 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's aggregate uncompensated expenses under the plan at January 31,
2006 for Class B and Class C shares were $5,228,434 and $1,993,127,
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
43 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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 table below 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
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- -----------------------------------------------------------------------------------------------------------
January 31, 2006 $409,604 $-- $189,792 $20,036
- -----------------------------------------------------------------------------------------------------------
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 January 31, 2006, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. 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 the 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 Fund has 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 $800 million, 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 (4.4016% as of January 31, 2006). The Fund pays
additional fees of 0.30% per annum on its outstanding borrowings to manage and
administer the facility and is allocated its pro-rata share of a 0.13% per annum
commitment fee for a liquidity backstop facility with respect to the $800
million facility size.
For the six months ended January 31, 2006, the average daily loan balance
was $19,760,870 at an average daily interest rate of 3.903%. The Fund had
borrowings outstanding of $3,800,000 at January 31, 2006 at an interest rate of
4.4016%. The Fund had
44 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
gross borrowings and gross loan repayments of $143,400,000 and $171,100,000,
respectively, during the six months ended January 31, 2006. The maximum amount
of borrowings outstanding at any month-end during the six months ended January
31, 2006 was $31,200,000. The Fund paid $48,061 in fees and $406,184 in interest
during the six months ended January 31, 2006.
- --------------------------------------------------------------------------------
7. LITIGATION
A complaint was filed as a putative class action against the Manager and OFS
(and other defendants) in the U.S. District Court for the Southern District of
New York on January 10, 2005 and was amended on March 4, 2005. Seven of the
eight counts in the complaint, including claims against certain of the
Oppenheimer funds including the Fund, as nominal defendants, and against certain
present and former Directors, Trustees and officers of the funds, and the
Distributor, as defendants, were dismissed with prejudice, under a court order
dated March 10, 2006, in response to a motion to dismiss the suit that had been
filed by the defendants. The remaining count against the Adviser Defendants
alleges, among other things, that the defendants charged excessive fees in
violation of section 36(b) of the Investment Company Act of 1940. The plaintiffs
seek unspecified damages, an accounting of all fees paid, and an award of
attorneys' fees and litigation expenses.
The Adviser Defendants believe that the claims asserted in the remaining
count under this lawsuit are without merit, and intend to defend the suit
vigorously and contest any claimed liability. They believe that it is premature
to render any opinion as to the likelihood of an outcome unfavorable to them and
that no estimate can yet be made with any degree of certainty as to the amount
or range of any potential loss.
45 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
REPORT OF SHAREHOLDER MEETING Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
On August 17, 2005, a shareholder meeting of the Oppenheimer Multi-State
Municipal Trust (Oppenheimer New Jersey Municipal Fund, Oppenheimer Pennsylvania
Municipal Fund and Oppenheimer Rochester National Municipals) was held at which
the eleven Trustees identified below were elected to all three Funds (Proposal
No. 1). The meeting on August 17, 2005 was adjourned until September 16, 2005
for Proposal 2. At the meeting on September 16, 2005, the sub-proposals in
(Proposal No. 2) were approved as described in the Funds' proxy statement for
that meeting. The following is a report of the votes cast:
- -----------------------------------------------------------------------------------------------------------
PROPOSAL NO. 1
NOMINEE FOR WITHHELD TOTAL
- -----------------------------------------------------------------------------------------------------------
TRUSTEES
Matthew P. Fink 175,667,885.732 2,649,816.086 178,317,701.818
Robert G. Galli 175,575,987.694 2,741,714.124 178,317,701.818
Phillip A. Griffiths 175,696,592.906 2,621,108.912 178,317,701.818
Mary F. Miller 175,661,836.535 2,655,865.283 178,317,701.818
Joel W. Motley 175,728,376.905 2,589,324.913 178,317,701.818
John V. Murphy 175,688,849.988 2,628,851.830 178,317,701.818
Kenneth A. Randall 175,563,282.546 2,754,419.272 178,317,701.818
Russell S. Reynolds, Jr. 175,548,818.946 2,768,882.872 178,317,701.818
Joseph M. Wikler 175,760,575.604 2,557,126.214 178,317,701.818
Peter I. Wold 175,738,187.053 2,579,514.765 178,317,701.818
Clayton K. Yeutter 175,596,113.306 2,721,588.512 178,317,701.818
- -----------------------------------------------------------------------------------------------------------
PROPOSAL NO. 2
FOR AGAINST ABSTAIN BROKER NON-VOTE TOTAL
- -----------------------------------------------------------------------------------------------------------
2A: Proposal to change the policy on Borrowing
20,108,217.862 1,408,789.720 866,086.903 6,836,704.000 29,219,798.485
2B: Proposal to change the policy on Concentration of Investments
20,803,475.688 734,601.509 845,017.288 6,836,704.000 29,219,798.485
2H: Proposal to change the policy on Lending
20,337,630.975 1,158,114.351 887,349.159 6,836,704.000 29,219,798.485
2K: Proposal to change the policy on Real Estate and Commodities
20,502,698.549 974,366.185 906,029.751 6,836,704.000 29,219,798.485
2L: Proposal to change the policy on Senior Securities
20,791,446.254 661,314.765 930,333.466 6,836,704.000 29,219,798.485
2O: Proposal to eliminate the policy on Investment Percentage Restrictions
20,732,098.169 692,923.766 958,072.550 6,836,704.000 29,219,798.485
46 | 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.
47 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information on the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel that provide such services. The Manager's duties
include providing the Fund with the services of the portfolio managers and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing, and supervising
the activities of, all administrative and clerical personnel that are necessary
in order to provide effective corporate administration for the Fund; compiling
and maintaining records with respect to the Fund's operations; preparing and
filing reports required by the Securities and Exchange Commission; preparing
periodic reports regarding the operations of the Fund for its shareholders;
preparing proxy materials for shareholder meetings; and preparing the
registration statements required by Federal and state securities laws for the
sale of the Fund's shares. The Manager also provides the Fund with office space,
facilities and equipment.
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took
48 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
account of the facts that the Manager has had over forty years of experience as
an investment adviser and that its assets under management rank it among the top
mutual fund managers in the United States. The Board evaluated the Manager's
administrative, accounting, legal and compliance services, and information the
Board has received regarding the experience and professional qualifications of
the Manager's personnel and the size and functions of its staff. In its
evaluation of the quality of the portfolio management services provided, the
Board considered the experience of Ronald H. Fielding and the Manager's
Municipal Bond investment team and analysts. Mr. Fielding has had over 28 years
of experience managing tax exempt and fixed income investments. The Board
members also considered their experiences with the Manager and its officers and
other personnel through their service as directors or trustees of the Fund and
other funds advised by the Manager. The Board considered information regarding
the quality of services provided by affiliates of the Manager, which it also
reviews at other times during the year in connection with the renewal of the
Fund's service agreements. In light of the foregoing, the Board concluded that
the Fund benefits from the services provided under the Agreement as a result of
the Manager's experience, reputation, personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the performance of the Fund and the Manager at
each Board meeting, including comparative performance information. The Board
also reviewed information, prepared by the Manager and by the independent
consultant, comparing the Fund's historical performance to relevant market
indices and to the performance of other Pennsylvania municipal debt funds
advised by other investment advisers. The Board noted that the Fund's one-year,
three-year, five-year and ten-year performance were all better than its peer
group average.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also evaluated the comparability of the fees charged and the services provided
to the Fund to those of other clients or accounts advised by the Manager. The
independent consultant provided comparative data in regard to the fees and
expenses of the Fund, other Pennsylvania municipal debt funds and other funds
with comparable asset levels and distribution features. The Board noted that the
Fund's contractual management fees and total expenses were both lower than its
peer group average, although its actual management fees were higher than its
peer group average.
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, to what extent
those
49 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
economies of scale benefit the Fund shareholders and the current level of Fund
assets. The Board also noted the Fund's breakpoints, which are intended to share
economies of scale that may exist as the Fund grows with its shareholders.
PROFITS AND OTHER BENEFITS TO THE MANAGER. The Board considered
information regarding the Manager's costs in serving as the Fund's investment
adviser, including the costs associated with the personnel and systems necessary
to manage the Fund, and information regarding the Manager's profitability from
its relationship with the Fund. The Board considered that the Manager must be
able to pay and retain experienced professional personnel at competitive rates
to provide services to the Fund and that maintaining the financial viability of
the Manager is important in order for the Manager to continue to provide
significant services to the Fund and its shareholders. The Board also considered
information regarding the direct and indirect benefits the Manager receives as a
result of its relationship with the Fund, including compensation paid to the
Manager's affiliates for services provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the advisory
agreement for another year. In arriving at this decision, the Board did not
single out any factor or factors as being more important than others, but
considered all of the factors together. The Board judged the terms and
conditions of the advisory agreement, including the management fee, in light of
all of the surrounding circumstances.
50 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
TOP HOLDINGS AND ALLOCATIONS
- --------------------------------------------------------------------------------
TOP TEN INDUSTRIES
- --------------------------------------------------------------------------------
Tobacco Settlement Payments 24.6%
- --------------------------------------------------------------------------------
Airlines 15.7
- --------------------------------------------------------------------------------
Electric Utilities 7.0
- --------------------------------------------------------------------------------
Multifamily Housing 5.8
- --------------------------------------------------------------------------------
Hospital/Health Care 4.6
- --------------------------------------------------------------------------------
Manufacturing, Durable Goods 4.0
- --------------------------------------------------------------------------------
Special Assessment 3.9
- --------------------------------------------------------------------------------
Hotels, Restaurants & Leisure 3.8
- --------------------------------------------------------------------------------
Single Family Housing 3.3
- --------------------------------------------------------------------------------
Paper, Containers & Packaging 3.1
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2006, and are based on the total market value of investments.
- --------------------------------------------------------------------------------
CREDIT ALLOCATION
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 8.9%
AA 3.1
A 1.3
BBB 31.8
BB 6.0
B 16.1
CCC 2.9
C 2.2
Not Rated 27.7
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2006, and are dollar-weighted based on the total market value of
investments. Securities rated by any rating organization are included in the
equivalent S&P rating category. The allocation includes rated securities and
those not rated by a national rating organization but to which the ratings above
have been assigned by the Manager for internal purposes as being comparable, in
the Manager's judgment, to securities rated by a rating agency in the same
category.
- --------------------------------------------------------------------------------
15 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES
- --------------------------------------------------------------------------------
Total returns 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 SEMIANNUAL REPORT MUST
BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS OF 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.
16 | 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 any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended January 31, 2006.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line 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 "actual" line 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 "hypothetical" lines of the
table provide 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 before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
17 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FUND EXPENSES
- --------------------------------------------------------------------------------
the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are 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
(8/1/05) (1/31/06) JANUARY 31, 2006
- --------------------------------------------------------------------------------
Class A Actual $1,000.00 $ 997.20 $3.63
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,021.58 3.68
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 993.20 7.62
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,017.59 7.71
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 993.30 7.51
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,017.69 7.61
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended January 31, 2006 are as follows:
CLASS EXPENSE RATIOS
- ------------------------
Class A 0.72%
- ------------------------
Class B 1.51
- ------------------------
Class C 1.49
- --------------------------------------------------------------------------------
18 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS January 31, 2006 / Unaudited
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--100.5%
- ----------------------------------------------------------------------------------------------------------------------------------
ALABAMA--1.8%
- ----------------------------------------------------------------------------------------------------------------------------------
$ 27,350,000 AL HFA (Single Family) 5.450% 10/01/2032 $ 27,945,957
- ----------------------------------------------------------------------------------------------------------------------------------
15,485,000 AL IDA Solid Waste Disposal (Pine City Fiber Company) 6.450 12/01/2023 15,938,711
- ----------------------------------------------------------------------------------------------------------------------------------
7,330,000 AL IDA Solid Waste Disposal (Pine City Fiber Company) 6.450 12/01/2023 7,579,147
- ----------------------------------------------------------------------------------------------------------------------------------
11,000,000 AL Space Science Exhibit Finance Authority 1 6.000 10/01/2025 10,709,380
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Courtland, AL Industrial Devel. Board
(International Paper Company) 5.200 06/01/2025 10,083,900
- ----------------------------------------------------------------------------------------------------------------------------------
2,200,000 Rainbow City, AL Special Health Care Facilities
Financing Authority (Regency Pointe) 8.250 01/01/2031 1,219,438
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 Selma, AL Industrial Devel. Board
(International Paper Company) 6.000 05/01/2025 10,420
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 South Marengo County, AL Water &
Fire Protection Authority 7.700 05/01/2008 30,262
---------------
73,517,215
- ----------------------------------------------------------------------------------------------------------------------------------
ALASKA--0.1%
260,000 AK Northern Tobacco Securitization Corp. (TASC) 5.375 06/01/2021 265,044
- ----------------------------------------------------------------------------------------------------------------------------------
605,000 AK Northern Tobacco Securitization Corp. (TASC) 5.500 06/01/2029 618,479
- ----------------------------------------------------------------------------------------------------------------------------------
5,170,000 AK Northern Tobacco Securitization Corp. (TASC) 6.500 06/01/2031 5,461,123
---------------
6,344,646
- ----------------------------------------------------------------------------------------------------------------------------------
ARIZONA--1.1%
325,000 Apache County, AZ IDA (Tucson Electric Power Company) 5.875 03/01/2033 325,098
- ----------------------------------------------------------------------------------------------------------------------------------
7,000,000 AZ Health Facilities Authority (American Baptist Estates) 7.750 11/15/2033 7,895,300
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Buckeye, AZ Watson Road Community Facilities District 5.750 07/01/2022 3,010,320
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Buckeye, AZ Watson Road Community Facilities District 6.000 07/01/2030 5,013,150
- ----------------------------------------------------------------------------------------------------------------------------------
520,000 Coconino County, AZ Pollution Control
(Nevada Power Company) 6.375 10/01/2036 531,118
- ----------------------------------------------------------------------------------------------------------------------------------
810,000 Estrella, AZ Mountain Ranch Community Facilities District 5.625 07/15/2025 801,479
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 Estrella, AZ Mountain Ranch Community Facilities District 5.800 07/15/2030 396,632
- ----------------------------------------------------------------------------------------------------------------------------------
3,900,000 Maricopa County, AZ IDA (Christian Care Apartments) 6.500 01/01/2036 3,908,814
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Maricopa County, AZ IDA (Citizens Utilities Company) 6.200 05/01/2030 99,504
- ----------------------------------------------------------------------------------------------------------------------------------
355,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 11/01/2018 321,847
- ----------------------------------------------------------------------------------------------------------------------------------
490,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 05/01/2031 418,093
- ----------------------------------------------------------------------------------------------------------------------------------
3,820,000 Maricopa County, AZ IDA (Sun King Apartments) 9.500 11/01/2031 3,820,191
- ----------------------------------------------------------------------------------------------------------------------------------
4,375,000 Maricopa County, AZ Pollution Control ROLs 2 9.627 3 08/01/2033 4,377,713
- ----------------------------------------------------------------------------------------------------------------------------------
1,050,000 Navajo County, AZ IDA (Stone Container Corp.) 7.400 04/01/2026 1,073,342
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Phoenix, AZ IDA (America West Airlines) 6.250 06/01/2019 1,665,720
- ----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Phoenix, AZ IDA (Royal Paper Converting) 7.000 03/01/2014 1,685,950
- ----------------------------------------------------------------------------------------------------------------------------------
190,000 Pima County, AZ Devel. Authority
(Tucson Electric Power Company) 6.100 09/01/2025 190,023
- ----------------------------------------------------------------------------------------------------------------------------------
1,385,000 Pima County, AZ IDA (Basis School) 7.375 07/01/2034 1,426,799
19 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
ARIZONA Continued
$ 1,150,000 Pima County, AZ IDA (Columbus Village) 6.000% 10/20/2031 $ 1,207,397
- ----------------------------------------------------------------------------------------------------------------------------------
4,585,000 Pima County, AZ IDA (Columbus Village) 6.050 10/20/2041 4,807,189
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pima County, AZ IDA (Desert Tech Schools) 7.000 02/01/2024 1,015,570
- ----------------------------------------------------------------------------------------------------------------------------------
1,200,000 San Luis, AZ Facility Devel. Corp.
(Regional Detention Center) 7.250 05/01/2027 1,178,160
- ----------------------------------------------------------------------------------------------------------------------------------
885,000 Tucson & Pima Counties, AZ IDA (Single Family Mtg.) 6.000 07/01/2021 899,682
- ----------------------------------------------------------------------------------------------------------------------------------
165,000 Tucson & Pima Counties, AZ IDA (Single Family Mtg.) 6.200 01/01/2034 166,579
- ----------------------------------------------------------------------------------------------------------------------------------
1,245,000 Tucson & Pima Counties, AZ IDA (Single Family Mtg.) 6.350 01/01/2034 1,269,141
---------------
47,504,811
- ----------------------------------------------------------------------------------------------------------------------------------
ARKANSAS--0.1%
945,000 Little River County, AR (Georgia-Pacific Corp.) 5.600 10/01/2026 909,128
- ----------------------------------------------------------------------------------------------------------------------------------
2,160,000 North Little Rock, AR Residential Hsg. Facilities
Board RITES 2 10.973 3 02/20/2017 2,463,869
---------------
3,372,997
- ----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA--7.7%
2,500,000 CA County Tobacco Securitization Agency (TASC) 5.500 06/01/2033 2,552,675
- ----------------------------------------------------------------------------------------------------------------------------------
680,000 CA County Tobacco Securitization Agency (TASC) 5.750 06/01/2029 703,800
- ----------------------------------------------------------------------------------------------------------------------------------
2,610,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2035 2,714,531
- ----------------------------------------------------------------------------------------------------------------------------------
7,285,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2043 7,576,764
- ----------------------------------------------------------------------------------------------------------------------------------
1,605,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2038 1,682,217
- ----------------------------------------------------------------------------------------------------------------------------------
2,930,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2042 3,070,962
- ----------------------------------------------------------------------------------------------------------------------------------
155,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2043 162,457
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 CA County Tobacco Securitization Agency (TASC) 6.125 06/01/2038 5,274,000
- ----------------------------------------------------------------------------------------------------------------------------------
2,250,000 CA GO ROLs 2,7 9.263 3 12/01/2018 2,388,555
- ----------------------------------------------------------------------------------------------------------------------------------
5,250,000 CA GO ROLs 2,7 9.871 3 12/01/2025 5,439,735
- ----------------------------------------------------------------------------------------------------------------------------------
14,375,000 CA GO ROLs 2,7 10.480 3 12/01/2036 15,157,288
- ----------------------------------------------------------------------------------------------------------------------------------
3,655,000 CA Golden State Tobacco Securitization Corp. 6.250 06/01/2033 3,994,403
- ----------------------------------------------------------------------------------------------------------------------------------
13,180,000 CA Golden State Tobacco Securitization Corp. 6.625 06/01/2040 14,707,167
- ----------------------------------------------------------------------------------------------------------------------------------
30,195,000 CA Golden State Tobacco Securitization Corp. 6.750 06/01/2039 34,004,703
- ----------------------------------------------------------------------------------------------------------------------------------
1,510,000 CA Golden State Tobacco Securitization Corp. (TASC) 7.875 06/01/2042 1,816,304
- ----------------------------------------------------------------------------------------------------------------------------------
37,865,000 CA Golden State Tobacco Securitization Corp. ROLs 2,4,7 10.271 3 06/01/2045 39,828,679
- ----------------------------------------------------------------------------------------------------------------------------------
6,125,000 CA Golden State Tobacco Securitization Corp. ROLs 7 10.428 3 06/01/2045 6,442,643
- ----------------------------------------------------------------------------------------------------------------------------------
6,250,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 6.750 09/01/2019 6,287,625
- ----------------------------------------------------------------------------------------------------------------------------------
25,575,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 6.875 11/01/2027 25,654,027
- ----------------------------------------------------------------------------------------------------------------------------------
4,880,000 CA Statewide CDA (Aspire Public Schools) 7.250 08/01/2031 4,961,740
- ----------------------------------------------------------------------------------------------------------------------------------
13,000,000 CA Statewide CDA (East Valley Tourist) 9.250 10/01/2020 14,324,830
- ----------------------------------------------------------------------------------------------------------------------------------
19,000,000 CA Statewide CDA (East Valley Tourist) 11.000 10/01/2020 19,477,280
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 CA Statewide CDA (Elder Care Alliance) 8.250 11/15/2032 3,193,980
20 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 14,400,000 CA Statewide CDA (Fairfield Apartments) 7.250% 01/01/2035 $ 13,967,568
- ----------------------------------------------------------------------------------------------------------------------------------
52,724,000 CA Statewide CDA (United Airlines) 5 5.700 10/01/2033 23,658,841
- ----------------------------------------------------------------------------------------------------------------------------------
4,500,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2037 4,714,020
- ----------------------------------------------------------------------------------------------------------------------------------
1,405,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2043 1,471,822
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2043 104,756
- ----------------------------------------------------------------------------------------------------------------------------------
3,995,000 CA Valley Health System COP 6.875 05/15/2023 4,000,353
- ----------------------------------------------------------------------------------------------------------------------------------
1,385,000 Lathrop, CA Special Tax Community Facilities
District No. 03-2 7.000 09/01/2033 1,433,212
- ----------------------------------------------------------------------------------------------------------------------------------
3,250,000 Long Beach, CA Harbor DRIVERS 2 10.831 3 05/15/2027 3,836,300
- ----------------------------------------------------------------------------------------------------------------------------------
5,700,000 Los Angeles, CA Regional Airports Improvement Corp.
(Air Canada) 8.750 10/01/2014 5,581,554
- ----------------------------------------------------------------------------------------------------------------------------------
1,135,000 Los Angeles, CA Regional Airports Improvement Corp.
(Delta Airlines) 5 6.350 11/01/2025 859,002
- ----------------------------------------------------------------------------------------------------------------------------------
8,500,000 Los Angeles, CA Regional Airports Improvement Corp.
(Delta-Continental Airlines) 9.250 08/01/2024 8,573,780
- ----------------------------------------------------------------------------------------------------------------------------------
2,200,000 San Diego County, CA COP 5.700 02/01/2028 2,152,260
- ----------------------------------------------------------------------------------------------------------------------------------
5,025,000 Southern CA Tobacco Securitization Authority (TASC) 5.500 06/01/2036 5,130,877
- ----------------------------------------------------------------------------------------------------------------------------------
8,625,000 Southern CA Tobacco Securitization Authority (TASC) 5.625 06/01/2043 8,855,029
- ----------------------------------------------------------------------------------------------------------------------------------
8,335,000 Southern CA Tobacco Securitization Authority (TASC) 1 6.000 06/01/2043 8,606,304
- ----------------------------------------------------------------------------------------------------------------------------------
2,680,000 Val Verde, CA Unified School District Special Tax 5.450 09/01/2036 2,706,237
---------------
317,068,280
- ----------------------------------------------------------------------------------------------------------------------------------
COLORADO--2.9%
1,000,000 Andonea, CO Metropolitan District No. 2 6.125 12/01/2025 989,720
- ----------------------------------------------------------------------------------------------------------------------------------
2,380,000 Andonea, CO Metropolitan District No. 3 6.250 12/01/2035 2,365,411
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Arista, CO Metropolitan District 6.750 12/01/2035 5,096,100
- ----------------------------------------------------------------------------------------------------------------------------------
1,620,000 Beacon Point, CO Metropolitan District 6.125 12/01/2025 1,629,931
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Beacon Point, CO Metropolitan District 6.250 12/01/2035 2,007,060
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Castle Oaks, CO Metropolitan District 6.000 12/01/2025 986,790
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Castle Oaks, CO Metropolitan District 6.125 12/01/2035 1,475,625
- ----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Central Marksheffel, CO Metropolitan District 7.250 12/01/2029 6,410,220
- ----------------------------------------------------------------------------------------------------------------------------------
24,295,000 CO Educational & Cultural Facilities Authority 6.000 07/01/2042 24,133,195
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 CO Educational & Cultural Facilities Authority
(Colorado Lutheran High School Assoc.) 7.625 06/01/2034 1,990,480
- ----------------------------------------------------------------------------------------------------------------------------------
720,000 CO Hsg. & Finance Authority 6.400 11/01/2024 728,719
- ----------------------------------------------------------------------------------------------------------------------------------
970,000 CO Hsg. & Finance Authority 6.450 04/01/2030 997,412
- ----------------------------------------------------------------------------------------------------------------------------------
1,025,000 CO Hsg. & Finance Authority 7.000 02/01/2030 1,095,469
- ----------------------------------------------------------------------------------------------------------------------------------
205,000 CO Hsg. & Finance Authority 7.050 04/01/2031 217,280
21 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 815,000 CO Hsg. & Finance Authority 7.050% 04/01/2031 $ 863,819
- ----------------------------------------------------------------------------------------------------------------------------------
580,000 CO Hsg. & Finance Authority 8.400 10/01/2021 615,305
- ----------------------------------------------------------------------------------------------------------------------------------
55,000 CO Hsg. & Finance Authority (Single Family) 6.800 04/01/2030 56,084
- ----------------------------------------------------------------------------------------------------------------------------------
134,000 CO Hsg. & Finance Authority (Single Family) 7.250 05/01/2027 135,130
- ----------------------------------------------------------------------------------------------------------------------------------
525,000 CO Hsg. & Finance Authority (Single Family), Series C-2 6.600 08/01/2032 538,808
- ----------------------------------------------------------------------------------------------------------------------------------
685,000 CO Hsg. & Finance Authority, Series C-2 6.875 11/01/2028 700,104
- ----------------------------------------------------------------------------------------------------------------------------------
4,535,000 Colorado Springs, CO Utilities ROLs 2 10.438 3 11/15/2043 5,010,268
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Denver, CO City & County Airport DRIVERS 2 10.001 3 05/15/2013 2,368,200
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Denver, CO City & County Airport Special Facilities
(United Air Lines) 5 6.875 10/01/2032 1,992,240
- ----------------------------------------------------------------------------------------------------------------------------------
3,200,000 Denver, CO Urban Renewal Authority 9.125 09/01/2017 3,293,088
- ----------------------------------------------------------------------------------------------------------------------------------
2,475,000 Elkhorn Ranch, CO Metropolitan District 6.375 12/01/2035 2,450,275
- ----------------------------------------------------------------------------------------------------------------------------------
3,625,000 High Plains, CO Metropolitan District 6.125 12/01/2025 3,640,551
- ----------------------------------------------------------------------------------------------------------------------------------
5,625,000 High Plains, CO Metropolitan District 6.250 12/01/2035 5,666,288
- ----------------------------------------------------------------------------------------------------------------------------------
3,725,000 Highline Business Improvement District (Littleton, CO) 2,5 5.250 12/15/2019 2,525,736
- ----------------------------------------------------------------------------------------------------------------------------------
11,000,000 Lincoln Park, CO Metropolitan District 7.750 12/01/2026 11,669,570
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Northwest CO Metropolitan District No. 3 6.125 12/01/2025 2,527,325
- ----------------------------------------------------------------------------------------------------------------------------------
5,625,000 Northwest CO Metropolitan District No. 3 6.250 12/01/2035 5,696,494
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Southlands, CO Medical District 7.000 12/01/2024 1,089,500
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Southlands, CO Medical District 7.125 12/01/2034 2,174,600
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Wheatlands, CO Metropolitan District 6.125 12/01/2035 2,015,960
- ----------------------------------------------------------------------------------------------------------------------------------
11,500,000 Woodmen Heights, CO Metropolitan District 7.000 12/01/2030 11,809,120
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Wyndham Hill, CO Metropolitan District 6.250 12/01/2025 1,009,030
- ----------------------------------------------------------------------------------------------------------------------------------
2,450,000 Wyndham Hill, CO Metropolitan District 6.375 12/01/2035 2,471,266
---------------
120,442,173
- ----------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT--0.1%
10,391 CT Devel. Authority (East Hills Woods) 7.750 11/01/2017 9,245
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 CT Devel. Authority Airport Facility (Learjet) 7.950 04/01/2026 1,784,475
- ----------------------------------------------------------------------------------------------------------------------------------
1,660,000 CT Resource Recovery Authority
(Browning-Ferris Industries) 6.450 11/15/2022 1,672,135
---------------
3,465,855
- ----------------------------------------------------------------------------------------------------------------------------------
DELAWARE--0.1%
1,810,000 DE Economic Devel. Authority (General Motors Corp.) 5.600 04/01/2009 1,674,431
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 DE Hsg. (Multifamily) 7.000 05/01/2025 201,478
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 New Castle County, DE Pollution Control
(General Motors Corp.) 7.875 6 10/01/2008 200,000
---------------
2,075,909
- ----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--1.3%
75,000 District of Columbia HFA (Benning Road Apartments) 6.300 01/01/2012 75,464
22 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA Continued
$ 2,595,000 District of Columbia HFA RITES 2 9.527% 3 12/01/2021 $ 2,523,586
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 District of Columbia Tobacco Settlement Financing Corp. 6.250 05/15/2024 106,149
- ----------------------------------------------------------------------------------------------------------------------------------
3,295,000 District of Columbia Tobacco Settlement Financing Corp. 6.500 05/15/2033 3,765,131
- ----------------------------------------------------------------------------------------------------------------------------------
27,680,000 District of Columbia Tobacco Settlement Financing Corp. 6.750 05/15/2040 30,137,430
- ----------------------------------------------------------------------------------------------------------------------------------
2,055,000 Metropolitan Washington, D.C. Airport
Authority DRIVERS 2 10.419 3 10/01/2011 2,300,655
- ----------------------------------------------------------------------------------------------------------------------------------
5,575,000 Metropolitan Washington, D.C. Airport Authority ROLs 2 11.332 3 10/01/2032 6,356,281
- ----------------------------------------------------------------------------------------------------------------------------------
6,580,000 Metropolitan Washington, D.C. Airport Authority, Series A 2 9.439 3 10/01/2020 7,160,751
---------------
52,425,447
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA--6.5%
5,765,000 Aberdeen, FL Community Devel. District 5.500 05/01/2036 5,751,798
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Alachua County, FL Health Facilities Authority
(Shands Teaching Hospital and Clinics) 5.800 12/01/2026 25,920
- ----------------------------------------------------------------------------------------------------------------------------------
2,200,000 Beacon, FL Tradeport Community Devel. District 7.250 05/01/2033 2,371,930
- ----------------------------------------------------------------------------------------------------------------------------------
2,750,000 Beacon, FL Tradeport Community Devel. District RITES 2 11.038 3 05/01/2032 3,558,445
- ----------------------------------------------------------------------------------------------------------------------------------
7,625,000 Bonnet Creek, FL Resort Community Devel.
District Special Assessment 7.500 05/01/2034 8,384,603
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Dade County, FL Aviation, Series A 5.750 10/01/2018 20,659
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Dade County, FL HFA (Siesta Pointe Apartments) 5.750 09/01/2029 25,494
- ----------------------------------------------------------------------------------------------------------------------------------
1,955,000 Dade County, FL IDA (Miami Cerebral Palsy Residence) 8.000 06/01/2022 1,987,981
- ----------------------------------------------------------------------------------------------------------------------------------
5,240,000 Escambia County, FL Pollution Control
(Champion International Corp.) 5.875 06/01/2022 5,326,565
- ----------------------------------------------------------------------------------------------------------------------------------
4,215,000 Escambia County, FL Pollution Control
(Champion International Corp.) 6.400 09/01/2030 4,365,138
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 FL Capital Projects Finance Authority
(Waste Corp. of America) 9.000 09/01/2020 1,196,763
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 FL Capital Projects Finance Authority CCRC
(Glenridge on Palmer Ranch) 7.625 06/01/2032 52,202
- ----------------------------------------------------------------------------------------------------------------------------------
8,485,000 FL Capital Projects Finance Authority CCRC
(Glenridge on Palmer Ranch) 8.000 06/01/2032 9,384,410
- ----------------------------------------------------------------------------------------------------------------------------------
710,000 FL Capital Trust Agency (American Opportunity) 8.250 12/01/2038 718,832
- ----------------------------------------------------------------------------------------------------------------------------------
7,135,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 6.000 07/01/2040 7,137,640
- ----------------------------------------------------------------------------------------------------------------------------------
13,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 8.000 07/01/2040 13,034,060
- ----------------------------------------------------------------------------------------------------------------------------------
24,600,000 FL Capital Trust Agency (Seminole Tribe Convention) 1 8.950 10/01/2033 30,309,414
- ----------------------------------------------------------------------------------------------------------------------------------
28,210,000 FL Capital Trust Agency Multifamily Affordable Hsg.,
Series C 8.125 10/01/2038 27,698,553
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 FL City Center Community Devel. District 6.125 05/01/2036 1,998,400
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 FL HFC (Stonebridge Landings Apartments) 5.200 08/01/2031 10,130
- ----------------------------------------------------------------------------------------------------------------------------------
1,655,000 FL HFC (Tallahassee Augustine Club Apartments) 8.250 10/01/2030 1,534,764
- ----------------------------------------------------------------------------------------------------------------------------------
5,205,000 FL HFC (Westchase Apartments) 6.610 07/01/2038 5,351,573
23 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 665,000 Grand Haven, FL Community Devel. District
Special Assessment, Series B 6.900% 05/01/2019 $ 671,238
- ----------------------------------------------------------------------------------------------------------------------------------
12,000,000 Greater Orlando, FL Aviation Authority
(Jet Blue Airways Corp.) 6.500 11/15/2036 12,027,480
- ----------------------------------------------------------------------------------------------------------------------------------
4,185,000 Highlands, FL Community Devel. District 5.550 05/01/2036 4,216,220
- ----------------------------------------------------------------------------------------------------------------------------------
2,255,000 Hillsborough County, FL Hsg. & Finance Authority
(Gardens at South Bay Apartments) ROLs 2 9.304 3 07/01/2022 2,136,973
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Hillsborough County, FL IDA (National Gypsum Company) 7.125 04/01/2030 2,223,000
- ----------------------------------------------------------------------------------------------------------------------------------
9,250,000 Hillsborough County, FL IDA (Senior Care Group) 6.700 07/01/2021 9,455,535
- ----------------------------------------------------------------------------------------------------------------------------------
3,500,000 Hillsborough County, FL IDA (Senior Care Group) 6.750 07/01/2029 3,559,885
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Jacksonville, FL Economic Devel. Corp.
(Met Packaging Solutions) 5.500 10/01/2030 3,150,030
- ----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Jacksonville, FL Health Facilities Authority ROLs 2 11.452 3 11/15/2032 5,154,840
- ----------------------------------------------------------------------------------------------------------------------------------
1,225,000 Keys Cove, FL Community Devel. District 5.875 05/01/2035 1,272,677
- ----------------------------------------------------------------------------------------------------------------------------------
1,800,000 Madison County, FL Mtg. (Twin Oaks) 6.000 07/01/2025 1,801,044
- ----------------------------------------------------------------------------------------------------------------------------------
14,190,000 Martin County, FL IDA (Indiantown Cogeneration) 7.875 12/15/2025 14,456,488
- ----------------------------------------------------------------------------------------------------------------------------------
670,000 Martin County, FL IDA (Indiantown Cogeneration) 8.050 12/15/2025 683,192
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Miami Beach, FL Health Facilities Authority
(Mt. Sinai Medical Center) 6.700 11/15/2019 1,099,410
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Miami Beach, FL Health Facilities Authority
(Mt. Sinai Medical Center) 6.800 11/15/2031 546,275
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Miami, FL Health Facilities Authority (Mercy Hospital) IRS 7.020 3 08/15/2015 2,032,600
- ----------------------------------------------------------------------------------------------------------------------------------
700,000 Mira Lago West, FL Community Devel. District 5.375 05/01/2036 702,786
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Monterra, FL Community Devel. District
Special Assessment 5.500 05/01/2036 3,039,000
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Orange County, FL Health Facilities Authority
(Orlando Lutheran Towers) 8.750 07/01/2026 1,575,240
- ----------------------------------------------------------------------------------------------------------------------------------
6,020,000 Orange County, FL HFA (Dunwoodie Apartments) 6.500 07/01/2035 6,170,560
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Orange County, FL Hsg. Finance Authority
(Seminole Pointe) 5.800 06/01/2032 500,065
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Palm Beach County, FL HFA (Chelsea Commons) 5.900 06/01/2029 20,244
- ----------------------------------------------------------------------------------------------------------------------------------
685,000 Palm Beach County, FL Multifamily (Boynton Apartments) 5 8.000 01/01/2014 462,533
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Parkway Center, FL Community Devel. District, Series A 6.300 05/01/2034 1,590,960
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 Pinellas County, FL Educational Facilities Authority
(Eckerd College) 7.750 07/01/2014 15,022
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Portofino Isles, FL Community Devel. District
(Portofino Court) 5.600 05/01/2036 3,009,360
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Renaissance Commons, FL Community Devel. District,
Series A 5.600 05/01/2036 506,980
- ----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Reunion East, FL Community Devel. District 5.800 05/01/2036 1,799,928
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Reunion East, FL Community Devel. District, Series A 7.375 05/01/2033 11,131,700
24 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 2,000,000 Reunion West, FL Community Devel. District
Special Assessment 6.250% 05/01/2036 $ 2,104,960
- ----------------------------------------------------------------------------------------------------------------------------------
3,965,000 Sanford, FL Airport Facilities Authority
(Central Florida Terminals) 7.500 05/01/2010 3,942,915
- ----------------------------------------------------------------------------------------------------------------------------------
5,880,000 Sanford, FL Airport Facilities Authority
(Central Florida Terminals) 7.500 05/01/2015 5,800,620
- ----------------------------------------------------------------------------------------------------------------------------------
1,145,000 Sanford, FL Airport Facilities Authority
(Central Florida Terminals) 7.500 05/01/2021 1,119,650
- ----------------------------------------------------------------------------------------------------------------------------------
10,395,000 Sanford, FL Airport Facilities Authority
(Central Florida Terminals) 7.750 05/01/2021 10,398,742
- ----------------------------------------------------------------------------------------------------------------------------------
4,475,000 Seminole County, FL IDA (Progressive Health) 7.500 03/01/2035 4,518,139
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Tern Bay, FL Community Devel. District 5.375 05/01/2037 3,951,880
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Town Center, FL at Palm Coast Community Devel. District 6.000 05/01/2036 3,087,090
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 West Villages, FL Improvement District 5.800 05/01/2036 3,062,430
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Westside FL Community Devel. District 5.650 05/01/2037 3,030,930
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 World Commerce, FL Community Devel. District
Special Assessment 6.500 05/01/2036 1,039,660
---------------
267,313,555
- ----------------------------------------------------------------------------------------------------------------------------------
GEORGIA--1.2%
3,000,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 6.250 07/01/2036 3,349,470
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Atlanta, GA Tax Allocation (Eastside) 5.600 01/01/2030 1,534,845
- ----------------------------------------------------------------------------------------------------------------------------------
140,000 Atlanta, GA Urban Residential Finance Authority
(Spring Branch Apartments) 8.500 04/01/2026 137,280
- ----------------------------------------------------------------------------------------------------------------------------------
580,000 Brunswick & Glynn County, GA Devel. Authority
(Coastal Community Retirement Corp.) 7.125 01/01/2025 589,460
- ----------------------------------------------------------------------------------------------------------------------------------
7,695,000 Brunswick & Glynn County, GA Devel. Authority
(Coastal Community Retirement Corp.) 7.250 01/01/2035 7,814,273
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Burke County, GA Devel. Authority
(Georgia Power Company) 5.450 05/01/2034 50,067
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Burke County, GA Devel. Authority
(Georgia Power Company) 2 5.450 05/01/2034 75,287
- ----------------------------------------------------------------------------------------------------------------------------------
6,700,000 Burke County, GA Devel. Authority RITES 2 6.400 3 05/01/2034 6,489,352
- ----------------------------------------------------------------------------------------------------------------------------------
1,775,000 Burke County, GA Devel. Authority ROLs 2 8.917 3 05/01/2034 1,719,194
- ----------------------------------------------------------------------------------------------------------------------------------
150,000 Charlton County, GA Solid Waste Management Authority
(Chesser Island Road Landfill) 7.375 04/01/2018 150,519
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Cherokee County, GA Hospital Authority
(RT Jones Memorial Hospital) 7.300 12/01/2013 50,642
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 De Kalb County, GA Devel. Authority
(General Motors Corp.) 6.000 03/15/2021 1,231,380
- ----------------------------------------------------------------------------------------------------------------------------------
570,000 Effingham County, GA Devel. Authority
(Fort James Corp.) 5.625 07/01/2018 557,779
25 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
GEORGIA Continued
$ 2,065,000 GA Hsg. & Finance Authority ROLs 2 9.729% 3 12/01/2037 $ 1,965,508
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 McDuffie County, GA County Devel. Authority
(Temple-Inland) 6.950 12/01/2023 110,753
- ----------------------------------------------------------------------------------------------------------------------------------
3,360,000 Rockdale County, GA Devel. Authority (Visy Paper) 7.400 01/01/2016 3,372,466
- ----------------------------------------------------------------------------------------------------------------------------------
14,500,000 Rockdale County, GA Devel. Authority (Visy Paper) 1 7.500 01/01/2026 14,554,955
- ----------------------------------------------------------------------------------------------------------------------------------
425,000 Savannah, GA EDA (Skidway Health & Living Services) 7.400 01/01/2024 456,463
- ----------------------------------------------------------------------------------------------------------------------------------
2,450,000 Savannah, GA EDA (Skidway Health & Living Services) 7.400 01/01/2034 2,605,453
- ----------------------------------------------------------------------------------------------------------------------------------
2,160,000 Savannah, GA EDA (Stone Container Corp.) 8.125 07/01/2015 2,207,131
---------------
49,022,277
- ----------------------------------------------------------------------------------------------------------------------------------
HAWAII--0.6%
2,500,000 HI Department of Budget & Finance RITES 2 8.438 3 12/01/2022 2,793,550
- ----------------------------------------------------------------------------------------------------------------------------------
2,125,000 HI Department of Budget & Finance RITES 2 8.834 3 09/01/2032 2,325,430
- ----------------------------------------------------------------------------------------------------------------------------------
10,600,000 HI Department of Budget & Finance Special Purpose
(Kahala Nui) 8.000 11/15/2033 12,295,470
- ----------------------------------------------------------------------------------------------------------------------------------
2,600,000 HI Department of Budget & Finance Special Purpose
(Kahala Senior Living Community) 7.875 11/15/2023 3,014,570
- ----------------------------------------------------------------------------------------------------------------------------------
5,850,000 HI Department of Transportation (Continental Airlines) 7.000 06/01/2020 5,684,679
---------------
26,113,699
- ----------------------------------------------------------------------------------------------------------------------------------
IDAHO--0.1%
3,000,000 ID Health Facilities Authority (Valley Vista Care Corp.) 7.875 11/15/2022 3,023,070
- ----------------------------------------------------------------------------------------------------------------------------------
785,000 ID Hsg. Agency (Single Family Mtg.) 6.550 07/01/2025 792,567
---------------
3,815,637
- ----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS--3.7%
4,262,500 Bolingbrook, IL Will & Du Page Counties
Wastewater Facilities (Crossroads Treatment) 6.600 01/01/2035 4,288,842
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Caseyville, IL Tax (Forest Lakes) 7.000 12/30/2022 8,407,600
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Centerpoint, IL Intermodal Center Program 8.000 06/15/2023 8,116,880
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Chicago, IL Midway Airport 5.500 01/01/2029 10,281,800
- ----------------------------------------------------------------------------------------------------------------------------------
9,785,000 Chicago, IL O'Hare International Airport (American Airlines) 8.200 12/01/2024 9,484,894
- ----------------------------------------------------------------------------------------------------------------------------------
8,050,000 Chicago, IL O'Hare International Airport RITES 2 12.424 3 01/01/2029 11,654,790
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Chicago, IL O'Hare International Airport ROLs 2 10.318 3 01/01/2034 2,075,160
- ----------------------------------------------------------------------------------------------------------------------------------
1,375,000 Godfrey, IL (United Methodist Village) 5.875 11/15/2029 1,125,726
- ----------------------------------------------------------------------------------------------------------------------------------
26,961 IL Devel. Finance Authority 8.250 08/01/2012 23,917
- ----------------------------------------------------------------------------------------------------------------------------------
23,540,000 IL Devel. Finance Authority (Citgo Petroleum Corp.) 1 8.000 06/01/2032 26,648,928
- ----------------------------------------------------------------------------------------------------------------------------------
3,195,000 IL Finance Authority (Bethel Terrace Apartments) 5.375 09/01/2035 3,107,265
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.375 02/15/2025 1,998,760
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.625 02/15/2037 2,014,020
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 IL Health Facilities Authority 6.900 11/15/2033 1,630,335
- ----------------------------------------------------------------------------------------------------------------------------------
2,125,000 IL Health Facilities Authority RITES 2 9.096 3 02/15/2025 2,421,225
26 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 10,000 IL Hsg. Devel. Authority (Multifamily Hsg.), Series A 7.100% 07/01/2026 $ 10,014
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 IL Hsg. Devel. Authority ROLs 2 8.716 3 02/01/2024 1,204,725
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 IL Hsg. Devel. Authority ROLs 2 9.324 3 02/01/2034 853,140
- ----------------------------------------------------------------------------------------------------------------------------------
985,000 Lombard, IL Facilities Corp. ROLs 2 11.412 3 01/01/2030 1,170,968
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Lombard, IL Facilities Corp. ROLs 2 11.412 3 01/01/2036 1,469,825
- ----------------------------------------------------------------------------------------------------------------------------------
6,750,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 5.250 01/01/2036 7,046,730
- ----------------------------------------------------------------------------------------------------------------------------------
13,635,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 7.125 01/01/2036 14,320,841
- ----------------------------------------------------------------------------------------------------------------------------------
495,000 Peoria, IL Hsg. (Peoria Oak Woods Apartments) 7.750 10/15/2033 494,688
- ----------------------------------------------------------------------------------------------------------------------------------
6,400,000 Quad Cities, IL Regional Economic Devel. Authority
(Pheasant Ridge Apartments) 6.375 08/01/2040 6,402,560
- ----------------------------------------------------------------------------------------------------------------------------------
19,026,158 Robbins, IL Res Rec (Robbins Res Rec Partners) 7.250 10/15/2024 19,497,246
- ----------------------------------------------------------------------------------------------------------------------------------
5,660,000 Volo Village, IL Special Service Area (Remington Pointe) 6.450 03/01/2034 6,178,456
---------------
151,929,335
- ----------------------------------------------------------------------------------------------------------------------------------
INDIANA--1.2%
25,000 Fort Wayne, IN Pollution Control (General Motors Corp.) 6.200 10/15/2025 20,380
- ----------------------------------------------------------------------------------------------------------------------------------
13,925,000 IN Devel. Finance Authority (Inland Steel) 1 7.250 11/01/2011 14,396,918
- ----------------------------------------------------------------------------------------------------------------------------------
1,690,000 IN Health Facility Financing Authority RITES 2 10.562 3 11/01/2031 2,005,151
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 IN Health Facility Financing Authority RITES 2 10.572 3 11/01/2031 2,966,200
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 IN Pollution Control (General Motors Corp.) 5.625 04/01/2011 439,490
- ----------------------------------------------------------------------------------------------------------------------------------
4,360,000 Indianapolis, IN Hsg. (Cambridge Station Apartments) 5.250 01/01/2039 4,403,774
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Jasper County, IN Economic Devel. (Georgia-Pacific Corp.) 5.625 12/01/2027 72,928
- ----------------------------------------------------------------------------------------------------------------------------------
17,500,000 North Manchester, IN (Estelle Peabody Memorial Home) 1 7.250 07/01/2033 18,248,825
- ----------------------------------------------------------------------------------------------------------------------------------
6,915,000 Vincennes, IN Economic Devel. (Southwest
Indiana Regional Youth Village) 6.250 01/01/2024 6,933,048
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 Wabash, IN Solid Waste Disposal (Jefferson Smurfit Corp.) 7.500 06/01/2026 30,750
---------------
49,517,464
- ----------------------------------------------------------------------------------------------------------------------------------
IOWA--4.3%
900,000 IA Finance Authority Retirement Community
(Friendship Haven) 6.125 11/15/2032 913,086
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 IA Higher Education Loan Authority (Wartburg College) 5.300 10/01/2037 10,042,400
- ----------------------------------------------------------------------------------------------------------------------------------
33,450,000 IA Tobacco Settlement Authority 5.375 06/01/2038 32,744,540
- ----------------------------------------------------------------------------------------------------------------------------------
50,000,000 IA Tobacco Settlement Authority 5.500 06/01/2042 49,491,500
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 IA Tobacco Settlement Authority 5.625 06/01/2046 4,990,850
- ----------------------------------------------------------------------------------------------------------------------------------
190,800,000 IA Tobacco Settlement Authority 6.250 8 06/01/2046 16,153,128
- ----------------------------------------------------------------------------------------------------------------------------------
360,990,000 IA Tobacco Settlement Authority 7.130 8 06/01/2046 21,717,158
- ----------------------------------------------------------------------------------------------------------------------------------
19,245,000 IA Tobacco Settlement Authority (TASC) 5.300 06/01/2025 20,713,586
- ----------------------------------------------------------------------------------------------------------------------------------
20,000,000 IA Tobacco Settlement Authority ROLs 2,7 10.316 3 06/01/2046 19,880,000
---------------
176,646,248
27 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
KANSAS--0.3%
$ 1,300,000 Lenexa, KS Multifamily Hsg. (Meadows Apartments) 7.750% 10/15/2035 $ 1,325,506
- ----------------------------------------------------------------------------------------------------------------------------------
1,665,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.) 5.900 06/01/2028 1,682,882
- ----------------------------------------------------------------------------------------------------------------------------------
2,995,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.) 6.450 12/01/2033 3,119,622
- ----------------------------------------------------------------------------------------------------------------------------------
1,205,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.) 6.875 12/01/2026 1,234,282
- ----------------------------------------------------------------------------------------------------------------------------------
355,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.) 7.600 12/01/2031 367,414
- ----------------------------------------------------------------------------------------------------------------------------------
890,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.) 7.600 12/01/2031 921,123
- ----------------------------------------------------------------------------------------------------------------------------------
1,650,000 Wichita, KS Hsg. (Innes Station Apartments) 6.250 03/01/2028 1,679,535
- ----------------------------------------------------------------------------------------------------------------------------------
650,000 Wyandotte County/Kansas City, KS Unified Government
Pollution Control (General Motors) 6.000 06/01/2025 519,305
---------------
10,849,669
- ----------------------------------------------------------------------------------------------------------------------------------
KENTUCKY--2.7%
890,000 Boone County, KY Pollution Control
(Dayton Power & Light Company) 6.500 11/15/2022 895,215
- ----------------------------------------------------------------------------------------------------------------------------------
5,000 Boone County, KY Pollution Control
(Dayton Power & Light Company) 6.500 11/15/2022 5,013
- ----------------------------------------------------------------------------------------------------------------------------------
27,170,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 5 6.125 02/01/2022 16,954,895
- ----------------------------------------------------------------------------------------------------------------------------------
45,760,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 5 7.125 02/01/2021 30,239,581
- ----------------------------------------------------------------------------------------------------------------------------------
150,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 5 7.250 02/01/2022 98,747
- ----------------------------------------------------------------------------------------------------------------------------------
28,805,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 5 7.500 02/01/2012 19,626,575
- ----------------------------------------------------------------------------------------------------------------------------------
31,200,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 5 7.500 02/01/2020 20,774,208
- ----------------------------------------------------------------------------------------------------------------------------------
5,165,000 Kenton County, KY Airport Special Facilities
(Mesaba Aviation) 2 6.625 07/01/2019 3,572,476
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Kenton County, KY Airport Special Facilities
(Mesaba Aviation) 2 6.700 07/01/2029 3,456,300
- ----------------------------------------------------------------------------------------------------------------------------------
2,735,000 Kuttawa, KY (1st Mortgage-GF/Kentucky) 6.750 03/01/2029 2,643,405
- ----------------------------------------------------------------------------------------------------------------------------------
2,900,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 6.000 05/01/2023 2,824,977
- ----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 7.450 05/01/2022 1,202,832
- ----------------------------------------------------------------------------------------------------------------------------------
5,740,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 7.650 05/01/2016 5,770,020
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Perry County, KY Solid Waste Disposal
(Weyerhaeuser Company) 6.550 04/15/2027 2,092,040
---------------
110,156,284
- ----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA--4.4%
5,555,000 Calcasieu Parish, LA Industrial Devel. Board
Pollution Control (Gulf States Utilities Company) 6.750 10/01/2012 5,574,609
- ----------------------------------------------------------------------------------------------------------------------------------
1,400,000 Epps, LA COP 2 8.000 06/01/2018 1,450,526
- ----------------------------------------------------------------------------------------------------------------------------------
3,790,000 LA CDA (Eunice Student Hsg. Foundation) 7.375 09/01/2033 3,440,335
28 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA Continued
$ 315,000 LA HFA (Single Family Mtg.) 6.300% 06/01/2020 $ 323,256
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 LA HFA (Single Family Mtg.) 7.800 12/01/2026 15,693
- ----------------------------------------------------------------------------------------------------------------------------------
1,155,000 LA Local Government EF&CD Authority
(Cypress Apartments) 8.000 04/20/2028 1,154,942
- ----------------------------------------------------------------------------------------------------------------------------------
650,000 LA Local Government EF&CD Authority
(Oakleigh Apartments) 8.500 06/01/2038 684,717
- ----------------------------------------------------------------------------------------------------------------------------------
4,100,000 LA Local Government EF&CD Authority
(Oakleigh Apartments), Series A 6.375 06/01/2038 4,344,032
- ----------------------------------------------------------------------------------------------------------------------------------
520,000 LA Local Government EF&CD Authority
(Sharlo Apartments) 8.000 06/20/2028 519,974
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 LA Local Government EF&CD Authority (St. James Place) 7.000 11/01/2029 8,146,080
- ----------------------------------------------------------------------------------------------------------------------------------
7,460,000 LA Public Facilities Authority
(Lake Charles Memorial Hospital) 8.625 12/01/2030 7,875,895
- ----------------------------------------------------------------------------------------------------------------------------------
210,000 LA Public Facilities Authority
(Multi-Family Misson Ministries) 7.100 09/01/2024 199,420
- ----------------------------------------------------------------------------------------------------------------------------------
5,350,000 LA Public Facilities Authority (Progressive Healthcare) 6.375 10/01/2028 5,088,439
- ----------------------------------------------------------------------------------------------------------------------------------
1,875,000 LA Public Facilities Authority ROLs 2 10.438 3 05/15/2022 1,975,013
- ----------------------------------------------------------------------------------------------------------------------------------
119,935,000 LA Tobacco Settlement Financing Corp. (TASC) 5.875 05/15/2039 125,627,115
- ----------------------------------------------------------------------------------------------------------------------------------
9,580,000 LA Tobacco Settlement Financing Corp. (TASC), Series B 5.500 05/15/2030 9,806,471
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 Lake Charles, LA Non-Profit HDC Section 8 (Chateau) 7.875 02/15/2025 45,869
- ----------------------------------------------------------------------------------------------------------------------------------
1,965,000 New Orleans, LA Finance Authority (Single Family Mtg.) 6.220 8 12/01/2032 375,688
- ----------------------------------------------------------------------------------------------------------------------------------
2,720,000 New Orleans, LA Finance Authority (Single Family Mtg.) 6.370 8 06/01/2032 515,005
- ----------------------------------------------------------------------------------------------------------------------------------
345,000 New Orleans, LA HDC (Southwood Patio) 7.700 02/01/2022 347,805
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 New Orleans, LA Sewage Service 3.000 07/26/2006 4,937,800
- ----------------------------------------------------------------------------------------------------------------------------------
135,000 West Feliciana Parish, LA Pollution Control
(Entergy Gulf States) 5.800 12/01/2015 135,729
- ----------------------------------------------------------------------------------------------------------------------------------
240,000 West Feliciana Parish, LA Pollution Control
(Entergy Gulf States) 5.800 04/01/2016 240,682
---------------
182,825,095
- ----------------------------------------------------------------------------------------------------------------------------------
MAINE--1.0%
35,000,000 ME Finance Authority Solid Waste Recycling
Facilities (Great Northern Paper) 7.750 10/01/2022 35,542,500
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 ME State Hsg. Authority Mtg. ROLs 2 11.585 3 11/15/2022 1,382,650
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 North Berwick, ME (Hussey Seating Company) 2 7.000 12/01/2013 20,417
- ----------------------------------------------------------------------------------------------------------------------------------
4,800,000 Rumford, ME Pollution Control (Boise Cascade Corp.) 6.625 07/01/2020 4,908,480
---------------
41,854,047
- ----------------------------------------------------------------------------------------------------------------------------------
MARYLAND--0.2%
3,000,000 Baltimore, MD Convention Center 4 5.875 09/01/2039 3,123,390
- ----------------------------------------------------------------------------------------------------------------------------------
977,000 Baltimore, MD Special Obligation (North Locust Point) 5.500 09/01/2034 991,440
- ----------------------------------------------------------------------------------------------------------------------------------
320,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 5.500 05/01/2020 327,069
29 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MARYLAND Continued
$ 850,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 6.000% 05/01/2035 $ 885,097
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 Montgomery County, MD Hsg. Opportunities
Commission (Multifamily Mtg.), Series C 7.150 07/01/2023 15,019
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Prince Georges County, MD Special Obligation
(National Harbor) 5.200 07/01/2034 4,033,920
---------------
9,375,935
- ----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--0.7%
800,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2019 806,704
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2029 1,000,580
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 MA GO ROLs 2 10.438 3 08/01/2027 2,644,920
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 MA H&EFA RITES 2 8.700 3 08/15/2035 2,613,250
- ----------------------------------------------------------------------------------------------------------------------------------
13,020,000 MA HFA RITES 1,2,7 9.735 3 07/01/2025 14,351,425
- ----------------------------------------------------------------------------------------------------------------------------------
5,640,000 MA HFA ROLs 2 10.348 3 07/01/2022 6,029,047
- ----------------------------------------------------------------------------------------------------------------------------------
120,000 MA Industrial Finance Agency (General Motors Corp.) 5.550 04/01/2009 111,092
---------------
27,557,018
- ----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN--2.4%
310,000 Detroit, MI Hsg. Finance Corp.
(Across The Park Section 8 Elderly Hsg.) 7.875 06/01/2010 313,429
- ----------------------------------------------------------------------------------------------------------------------------------
95,000 Detroit, MI Local Devel. Finance Authority 5.500 05/01/2021 90,882
- ----------------------------------------------------------------------------------------------------------------------------------
2,625,000 Kent, MI Hospital Finance Authority 6.250 07/01/2040 2,854,530
- ----------------------------------------------------------------------------------------------------------------------------------
2,475,000 MI Higher Education Student Loan Authority RITES 2 10.234 3 09/01/2026 2,849,963
- ----------------------------------------------------------------------------------------------------------------------------------
2,185,000 MI Job Devel. Authority Pollution Control
(General Motors Corp.) 5.550 04/01/2009 1,999,406
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 MI Public Educational Facilities Authority (Old Redford) 6.000 12/01/2035 2,010,860
- ----------------------------------------------------------------------------------------------------------------------------------
4,900,000 MI Strategic Fund (Genesee Power Station) 7.500 01/01/2021 4,842,523
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 MI Strategic Fund Limited Obligation
(Detroit Edison) ROLs 2 12.346 3 06/01/2030 2,487,440
- ----------------------------------------------------------------------------------------------------------------------------------
485,000 MI Strategic Fund Limited Obligation
(Ford Motor Company), Series A 6.550 10/01/2022 419,607
- ----------------------------------------------------------------------------------------------------------------------------------
6,110,000 MI Strategic Fund Pollution Control
(General Motors Corp.) 6.200 09/01/2020 5,146,759
- ----------------------------------------------------------------------------------------------------------------------------------
27,895,000 MI Strategic Fund Pollution Control
(General Motors Corp.) 1 7.875 6 12/01/2008 27,895,000
- ----------------------------------------------------------------------------------------------------------------------------------
15,930,000 MI Strategic Fund Pollution Control
(General Motors Corp.) 8.000 6 04/01/2008 15,930,000
- ----------------------------------------------------------------------------------------------------------------------------------
23,000,000 Midland County, MI EDC
(Midland Cogeneration Venture) 6.875 07/23/2009 22,675,700
- ----------------------------------------------------------------------------------------------------------------------------------
2,640,000 Wayne Charter County, MI Airport Facilities
(Northwest Airlines) 2,5 6.000 12/01/2029 1,458,125
30 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN Continued
$ 7,795,000 Wayne County, MI Airport Authority ROLs 10.338% 3 12/01/2029 $ 8,559,845
---------------
99,534,069
- ----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA--1.7%
1,430,000 Burnsville, MN Commercial Devel. (Holiday Inn) 5.900 04/01/2008 1,422,049
- ----------------------------------------------------------------------------------------------------------------------------------
475,000 Cuyuna Range, MN Hospital District Health Facilities 5.200 06/01/2025 477,057
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Cuyuna Range, MN Hospital District Health Facilities 5.500 06/01/2035 1,010,830
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 Eden Prairie, MN Hsg. (Sterling Ponds) 6.250 12/01/2029 195,024
- ----------------------------------------------------------------------------------------------------------------------------------
1,230,000 Mahtomedi, MN Multifamily (Briarcliff) 7.350 06/01/2036 1,258,979
- ----------------------------------------------------------------------------------------------------------------------------------
9,800,000 Mankato, MN Industrial Devel.
(Environ Biocomposites Holdings) 7.250 12/01/2025 9,795,492
- ----------------------------------------------------------------------------------------------------------------------------------
30,530,000 Minneapolis & St. Paul, MN Metropolitan Airports
Commission (Northwest Airlines) 5 7.000 04/01/2025 19,867,398
- ----------------------------------------------------------------------------------------------------------------------------------
12,400,000 Minneapolis & St. Paul, MN Metropolitan Airports
Commission (Northwest Airlines) 5 7.375 04/01/2025 8,068,928
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Minneapolis, MN Tax Increment (Ivy Tower) 5.700 02/01/2029 1,006,310
- ----------------------------------------------------------------------------------------------------------------------------------
8,265,000 Rochester, MN Hsg. (Wedum Shorewood Campus) 6.600 06/01/2036 8,522,951
- ----------------------------------------------------------------------------------------------------------------------------------
685,000 Rochester, MN Multifamily Hsg. (Eastridge Estates) 7.750 12/15/2034 684,904
- ----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Sartell, MN Health Care & Hsg. Facilities
(The Foundation for Health Care Continuums) 6.625 09/01/2029 4,592,610
- ----------------------------------------------------------------------------------------------------------------------------------
1,700,000 St. Paul, MN Hsg. & Redevel. Authority
(Brigecreek Senior Place) 7.000 09/15/2037 1,700,170
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 St. Paul, MN Hsg. & Redevel. Authority
(Community of Peace Building Company) 7.875 12/01/2030 2,076,460
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 St. Paul, MN Hsg. & Redevel. Authority
(Great Northern Lofts) 6.250 03/01/2029 3,147,840
- ----------------------------------------------------------------------------------------------------------------------------------
2,130,000 St. Paul, MN Hsg. & Redevel. Authority (Upper Landing) 7.000 03/01/2029 2,123,780
- ----------------------------------------------------------------------------------------------------------------------------------
3,400,000 St. Paul, MN Port Authority (Healtheast Midway Campus) 6.000 05/01/2030 3,467,286
---------------
69,418,068
- ----------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI--0.6%
125,000 Claiborne County, MS Pollution Control
(System Energy Resources) 6.200 02/01/2026 126,381
- ----------------------------------------------------------------------------------------------------------------------------------
320,000 Hinds County, MS Urban Renewal
(The Lodge Associates, Ltd.) 5 8.000 10/15/2022 233,731
- ----------------------------------------------------------------------------------------------------------------------------------
12,485,000 MS Business Finance Corp. (System Energy Resources) 1 5.875 04/01/2022 12,668,530
- ----------------------------------------------------------------------------------------------------------------------------------
6,430,000 MS Business Finance Corp. (System Energy Resources) 5.900 05/01/2022 6,530,951
- ----------------------------------------------------------------------------------------------------------------------------------
4,375,000 MS Hospital Equipment & Facilities Authority RITES 2 8.680 3 09/01/2024 4,572,750
---------------
24,132,343
- ----------------------------------------------------------------------------------------------------------------------------------
MISSOURI--1.3%
13,000,000 Branson, MO IDA (Branson Hills) 7.050 05/01/2027 13,029,510
- ----------------------------------------------------------------------------------------------------------------------------------
2,470,000 Branson, MO IDA (Branson Landing) 5.500 06/01/2029 2,501,270
31 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MISSOURI Continued
$ 2,530,000 Clay County, MO IDA (Oak Creek) 6.300% 01/20/2038 $ 2,729,364
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Kansas City, MO IDA (Plaza Library) 5.900 03/01/2024 999,500
- ----------------------------------------------------------------------------------------------------------------------------------
1,400,000 Kansas City, MO IDA (West Paseo) 6.750 07/01/2036 1,412,264
- ----------------------------------------------------------------------------------------------------------------------------------
135,000 Kennett, MO IDA (ACF Industries) 8.125 06/01/2010 136,858
- ----------------------------------------------------------------------------------------------------------------------------------
3,915,000 MO Hsg. Devel. Commission (Mansion
Apartments Phase II) 6.170 04/01/2032 3,958,496
- ----------------------------------------------------------------------------------------------------------------------------------
3,865,000 MO Hsg. Devel. Commission (Single Family Mtg.) 5.550 09/01/2034 3,979,868
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 St. Joseph, MO IDA (Living Community of St. Joseph) 7.000 08/15/2032 2,673,675
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 St. Joseph, MO IDA (Shoppes at North Village) 5.375 11/01/2024 746,430
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 St. Joseph, MO IDA (Shoppes at North Village) 5.500 11/01/2027 2,498,200
- ----------------------------------------------------------------------------------------------------------------------------------
2,355,000 St. Louis, MO IDA (Kiel Center Multipurpose Arena) 7.750 12/01/2013 2,389,148
- ----------------------------------------------------------------------------------------------------------------------------------
15,400,000 St. Louis, MO IDA (Kiel Center Multipurpose Arena) 1 7.875 12/01/2024 15,638,700
---------------
52,693,283
- ----------------------------------------------------------------------------------------------------------------------------------
MONTANA--0.2%
6,800,000 MT Board of Investment Exempt Facilities
(Stillwater Mining Company) 8.000 07/01/2020 7,057,040
- ----------------------------------------------------------------------------------------------------------------------------------
1,910,000 MT Health Facilities Authority
(Community Medical Center) 6.375 06/01/2018 1,955,630
- ----------------------------------------------------------------------------------------------------------------------------------
165,000 MT Higher Education Student Assistance Corp. 5.500 12/01/2031 168,704
---------------
9,181,374
- ----------------------------------------------------------------------------------------------------------------------------------
MULTI STATES--0.7%
7,000,000 GMAC Municipal Mortgage Trust 7 5.500 10/31/2040 7,048,160
- ----------------------------------------------------------------------------------------------------------------------------------
13,000,000 GMAC Municipal Mortgage Trust 1,7 5.700 10/31/2040 13,069,940
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Munimae TE Bond Subsidiary 7 5.900 11/29/2049 8,227,840
---------------
28,345,940
- ----------------------------------------------------------------------------------------------------------------------------------
NEVADA--1.5%
27,210,000 Clark County, NV Industrial Devel.
(Nevada Power Company) 5.900 10/01/2030 27,211,088
- ----------------------------------------------------------------------------------------------------------------------------------
6,990,000 Clark County, NV Industrial Devel.
(Nevada Power Company), Series A 5.900 11/01/2032 6,990,280
- ----------------------------------------------------------------------------------------------------------------------------------
13,160,000 Clark County, NV Industrial Devel.
(Southwest Gas Corp.), Series B 1 5.000 12/01/2033 13,361,085
- ----------------------------------------------------------------------------------------------------------------------------------
2,065,000 Clark County, NV Industrial Devel. RITES 2 10.634 3 12/01/2038 2,515,211
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Director of the State of NV Dept. of Business
& Industry (Las Ventanas Retirement) 7.000 11/15/2034 10,370,100
- ----------------------------------------------------------------------------------------------------------------------------------
135,000 Mesquite, NV Special Improvement District
(Canyon Creek) 5.400 08/01/2020 133,623
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Mesquite, NV Special Improvement District
(Canyon Creek) 5.500 08/01/2025 496,160
---------------
61,077,547
32 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE--0.2%
$ 2,265,000 NH Business Finance Authority (Air Cargo at Pease) 6.750% 04/01/2024 $ 2,200,198
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 NH H&EFA (Franklin Pierce College) 6.050 10/01/2034 4,333,080
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NH HE&H Facilities Authority (New England College) 5.750 03/01/2009 975,080
---------------
7,508,358
- ----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY--10.1%
100,000 NJ EDA (Cascade Corp.) 8.250 02/01/2026 99,999
- ----------------------------------------------------------------------------------------------------------------------------------
24,000,000 NJ EDA (Cigarette Tax) 5.500 06/15/2024 25,025,280
- ----------------------------------------------------------------------------------------------------------------------------------
5,205,000 NJ EDA (Cigarette Tax) 5.500 06/15/2031 5,386,342
- ----------------------------------------------------------------------------------------------------------------------------------
19,205,000 NJ EDA (Cigarette Tax) 5.750 06/15/2029 20,280,096
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 NJ EDA (Cigarette Tax) 5.750 06/15/2034 3,155,340
- ----------------------------------------------------------------------------------------------------------------------------------
965,000 NJ EDA (Continental Airlines) 5.500 04/01/2028 672,267
- ----------------------------------------------------------------------------------------------------------------------------------
12,030,000 NJ EDA (Continental Airlines) 6.250 09/15/2019 11,365,583
- ----------------------------------------------------------------------------------------------------------------------------------
31,000,000 NJ EDA (Continental Airlines) 6.250 09/15/2029 28,773,580
- ----------------------------------------------------------------------------------------------------------------------------------
10,755,000 NJ EDA (Continental Airlines) 6.400 09/15/2023 10,252,419
- ----------------------------------------------------------------------------------------------------------------------------------
860,000 NJ EDA (Continental Airlines) 6.625 09/15/2012 851,993
- ----------------------------------------------------------------------------------------------------------------------------------
20,520,000 NJ EDA (Continental Airlines) 7.000 11/15/2030 20,326,496
- ----------------------------------------------------------------------------------------------------------------------------------
16,910,000 NJ EDA (Continental Airlines) 7.200 11/15/2030 16,962,759
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 NJ EDA (Continental Airlines) 9.000 06/01/2033 109,322
- ----------------------------------------------------------------------------------------------------------------------------------
1,600,000 NJ EDA (Empowerment Zone-Cumberland) 7.750 08/01/2021 1,610,608
- ----------------------------------------------------------------------------------------------------------------------------------
3,250,000 NJ EDA Retirement Community (Cedar Crest Village) 7.250 11/15/2031 3,524,853
- ----------------------------------------------------------------------------------------------------------------------------------
7,395,000 NJ EDA ROLs 1,2 11.448 3 12/15/2015 10,578,548
- ----------------------------------------------------------------------------------------------------------------------------------
2,545,000 NJ Health Care Facilities Financing Authority
(Columbus Hospital) 7.500 07/01/2021 2,548,487
- ----------------------------------------------------------------------------------------------------------------------------------
5,100,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 7.250 07/01/2027 5,233,620
- ----------------------------------------------------------------------------------------------------------------------------------
1,115,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.750 06/01/2032 1,154,638
- ----------------------------------------------------------------------------------------------------------------------------------
64,620,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.000 06/01/2037 68,319,495
- ----------------------------------------------------------------------------------------------------------------------------------
88,750,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.125 06/01/2042 94,427,338
- ----------------------------------------------------------------------------------------------------------------------------------
46,215,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2043 50,060,550
- ----------------------------------------------------------------------------------------------------------------------------------
16,165,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.375 06/01/2032 17,748,200
- ----------------------------------------------------------------------------------------------------------------------------------
12,590,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.750 06/01/2039 14,145,243
- ----------------------------------------------------------------------------------------------------------------------------------
4,055,000 NJ Tobacco Settlement Financing Corp. (TASC) 7.000 06/01/2041 4,634,297
---------------
417,247,353
- ----------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO--0.4%
5,800,000 El Dorado, NM Area Water & Sanitation District 6.000 02/01/2025 5,764,272
- ----------------------------------------------------------------------------------------------------------------------------------
10,800,000 Sandoval County, NM (Santa Ana Pueblo) 1 7.750 07/01/2015 11,108,124
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Ventana West, NM Public Improvement
District Special Levy 6.875 08/01/2033 1,059,990
---------------
17,932,386
33 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
NEW YORK--3.2%
$ 3,000,000 Albany, NY IDA (New Covenant Charter School) 7.000% 05/01/2035 $ 2,865,330
- ----------------------------------------------------------------------------------------------------------------------------------
23,000,000 Erie County, NY IDA (Great Lakes) 7.500 12/01/2025 22,837,160
- ----------------------------------------------------------------------------------------------------------------------------------
13,000,000 Erie County, NY Tobacco Asset Securitization Corp. 5.870 8 06/01/2047 1,100,060
- ----------------------------------------------------------------------------------------------------------------------------------
56,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.280 8 06/01/2050 3,481,520
- ----------------------------------------------------------------------------------------------------------------------------------
62,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.660 8 06/01/2055 2,366,540
- ----------------------------------------------------------------------------------------------------------------------------------
33,200,000 NY Counties Tobacco Trust V 5.980 8 06/01/2038 5,009,880
- ----------------------------------------------------------------------------------------------------------------------------------
108,000,000 NY Counties Tobacco Trust V 6.070 8 06/01/2050 7,722,000
- ----------------------------------------------------------------------------------------------------------------------------------
412,100,000 NY Counties Tobacco Trust V 7.150 8 06/01/2060 9,301,097
- ----------------------------------------------------------------------------------------------------------------------------------
500,000,000 NY Counties Tobacco Trust V 7.840 8 06/01/2060 7,870,000
- ----------------------------------------------------------------------------------------------------------------------------------
2,825,000 NYC IDA (American Airlines) 5.400 07/01/2019 2,089,624
- ----------------------------------------------------------------------------------------------------------------------------------
3,815,000 NYC IDA (American Airlines) 5.400 07/01/2020 2,784,034
- ----------------------------------------------------------------------------------------------------------------------------------
7,055,000 NYC IDA (American Airlines) 6.900 08/01/2024 5,841,399
- ----------------------------------------------------------------------------------------------------------------------------------
46,000,000 NYC IDA (American Airlines) 7.750 08/01/2031 47,915,900
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 1,005,750
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA Special Facilities (JFK International Airport) 8.000 08/01/2012 524,960
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 6.625 07/01/2019 5,388,200
- ----------------------------------------------------------------------------------------------------------------------------------
1,350,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2013 1,358,829
- ----------------------------------------------------------------------------------------------------------------------------------
1,435,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2014 1,437,554
- ----------------------------------------------------------------------------------------------------------------------------------
1,520,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2015 1,512,902
- ----------------------------------------------------------------------------------------------------------------------------------
1,610,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2016 1,589,698
---------------
134,002,437
- ----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA--0.9%
680,000 Charlotte, NC Douglas International Airport
Special Facilities (US Airways) 7.750 02/01/2028 622,091
- ----------------------------------------------------------------------------------------------------------------------------------
10,420,000 Charlotte, NC Special Facilities
(Charlotte/Douglas International Airport) 5.600 07/01/2027 7,929,516
- ----------------------------------------------------------------------------------------------------------------------------------
25,000,000 Gaston, NC IF&PCFA (National Gypsum) 5.750 08/01/2035 26,240,750
- ----------------------------------------------------------------------------------------------------------------------------------
1,400,000 NC Medical Care Commission (United Methodist) 5.500 10/01/2032 1,437,912
---------------
36,230,269
- ----------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA--0.1%
2,635,000 Richland County, ND Hsg. (Birchwood Properties) 6.750 05/01/2029 2,528,915
- ----------------------------------------------------------------------------------------------------------------------------------
OHIO--1.7%
1,495,000 Butler County, OH Hsg. (Anthony Wayne Apartments) 6.500 09/01/2030 1,420,340
- ----------------------------------------------------------------------------------------------------------------------------------
15,505,000 Cleveland, OH Airport (Continental Airlines) 5.375 09/15/2027 12,339,189
- ----------------------------------------------------------------------------------------------------------------------------------
13,325,000 Cleveland, OH Airport (Continental Airlines) 5.700 12/01/2019 11,549,977
- ----------------------------------------------------------------------------------------------------------------------------------
3,480,000 Dublin, OH Industrial Devel. (Dublin Health Care Corp.) 7.500 12/01/2016 3,574,412
- ----------------------------------------------------------------------------------------------------------------------------------
1,120,000 Lorain County, OH Port Authority (Alumalloy LLC) 6.000 11/15/2025 1,132,219
- ----------------------------------------------------------------------------------------------------------------------------------
960,000 Moraine, OH Solid Waste Disposal (General Motors Corp.) 5.650 07/01/2024 739,104
34 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
OHIO Continued
$ 225,000 Moraine, OH Solid Waste Disposal (General Motors Corp.) 6.750% 07/01/2014 $ 205,166
- ----------------------------------------------------------------------------------------------------------------------------------
4,375,000 OH Air Quality Devel. Authority ROLs 2 9.627 3 01/01/2034 4,506,338
- ----------------------------------------------------------------------------------------------------------------------------------
150,000 OH Environmental Facilities (Ford Motor Company) 5.950 09/01/2029 117,045
- ----------------------------------------------------------------------------------------------------------------------------------
2,410,000 OH HFA ROLs 2 9.497 3 09/01/2029 2,246,891
- ----------------------------------------------------------------------------------------------------------------------------------
550,000 OH Pollution Control (General Motors Corp.) 5.625 03/01/2015 464,541
- ----------------------------------------------------------------------------------------------------------------------------------
4,360,000 OH Pollution Control (General Motors Corp.) 7.750 6 03/01/2006 4,360,000
- ----------------------------------------------------------------------------------------------------------------------------------
2,175,000 OH Port Authority of Columbiana County (A&L Salvage) 14.500 07/01/2028 2,478,565
- ----------------------------------------------------------------------------------------------------------------------------------
16,320,000 OH Port Authority of Columbiana Solid Waste
(Apex Environmental) 7.250 08/01/2034 16,515,840
- ----------------------------------------------------------------------------------------------------------------------------------
12,815,000 OH Solid Waste (General Motors Corp.) 6.300 12/01/2032 10,338,886
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 OH Water Devel. Authority (Cincinnati Gas) 5.450 01/01/2024 400,980
- ----------------------------------------------------------------------------------------------------------------------------------
235,000 OH Water Devel. Authority (General Motors Corp.) 5.900 06/15/2008 221,281
---------------
72,610,774
- ----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA--1.4%
2,635,000 Cleveland County, OK IDA (Vaughn Foods) 6.750 12/01/2012 2,660,612
- ----------------------------------------------------------------------------------------------------------------------------------
2,365,000 Cleveland County, OK IDA (Vaughn Foods) 7.100 12/01/2024 2,398,914
- ----------------------------------------------------------------------------------------------------------------------------------
2,015,000 Ellis County, OK Industrial Authority
(W.B. Johnston Grain of Shattuck) 7.100 08/01/2023 2,116,576
- ----------------------------------------------------------------------------------------------------------------------------------
2,760,000 Ellis County, OK Industrial Authority
(W.B. Johnston Grain of Shattuck) 7.500 08/01/2023 2,933,852
- ----------------------------------------------------------------------------------------------------------------------------------
3,825,000 Jackson County, OK Memorial Hospital Authority
(Jackson County Memorial) 7.300 08/01/2015 3,886,315
- ----------------------------------------------------------------------------------------------------------------------------------
9,000,000 OK Devel. Finance Authority (Doane Products Company) 6.250 07/15/2023 9,120,780
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Oklahoma City, OK Industrial & Cultural Facilities
(Aero Obligated Group) 6.750 01/01/2023 1,554,195
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Ottawa, OK Finance Authority
(Doane Products Company) 7.250 06/01/2017 3,036,780
- ----------------------------------------------------------------------------------------------------------------------------------
15,000,000 Tulsa County, OK Industrial Authority (Affordable Hsg.) 5.125 6 01/01/2039 15,000,000
- ----------------------------------------------------------------------------------------------------------------------------------
6,425,000 Tulsa, OK Municipal Airport Trust (American Airlines) 5.650 12/01/2035 6,259,299
- ----------------------------------------------------------------------------------------------------------------------------------
10,500,000 Tulsa, OK Municipal Airport Trust (American Airlines) 7.750 06/01/2035 11,064,480
---------------
60,031,803
- ----------------------------------------------------------------------------------------------------------------------------------
OREGON--0.1%
2,250,000 Klamath Falls, OR Electric (Klamath Cogeneration) 5.875 01/01/2016 1,949,625
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Klamath Falls, OR Electric (Klamath Cogeneration) 6.000 01/01/2025 1,224,075
- ----------------------------------------------------------------------------------------------------------------------------------
320,000 OR Economic Devel. (Georgia-Pacific Corp.) 5.700 12/01/2025 313,645
- ----------------------------------------------------------------------------------------------------------------------------------
570,000 OR Economic Devel. (Georgia-Pacific Corp.) 6.350 08/01/2025 570,114
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Port of Portland, OR Special Obligation (Delta Air Lines) 2,5 6.200 09/01/2022 646,200
---------------
4,703,659
35 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--5.1%
$ 1,250,000 Allegheny County, PA HDA (The Covenant at South Hills) 2 8.750 % 02/01/2031 $ 770,313
- ----------------------------------------------------------------------------------------------------------------------------------
4,370,000 Allegheny County, PA HDA
(West Penn Allegheny Health System) 9.250 11/15/2015 5,210,570
- ----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Allegheny County, PA HDA
(West Penn Allegheny Health System) 9.250 11/15/2022 7,144,800
- ----------------------------------------------------------------------------------------------------------------------------------
36,010,000 Allegheny County, PA HDA
(West Penn Allegheny Health System) 9.250 11/15/2030 42,729,826
- ----------------------------------------------------------------------------------------------------------------------------------
95,000 Beaver County, PA IDA (J. Ray McDermott & Company) 6.800 02/01/2009 95,110
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Chester County, PA H&EFA (Jenners Pond) 7.750 07/01/2034 1,043,100
- ----------------------------------------------------------------------------------------------------------------------------------
340,000 Horsham, PA Industrial & Commercial Devel. Authority
(GF/Pennsylvania Property) 7.375 09/01/2008 337,634
- ----------------------------------------------------------------------------------------------------------------------------------
5,040,000 Horsham, PA Industrial & Commercial Devel. Authority
(GF/Pennsylvania Property) 8.375 09/01/2024 5,022,965
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Lawrence County, PA IDA (Shenango Presbyterian Center) 7.500 11/15/2031 1,027,970
- ----------------------------------------------------------------------------------------------------------------------------------
485,000 New Morgan, PA IDA (Browning-Ferris Industries) 6.500 04/01/2019 483,841
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (National Gypsum Company) 6.250 11/01/2027 5,333,650
- ----------------------------------------------------------------------------------------------------------------------------------
76,625,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 81,691,445
- ----------------------------------------------------------------------------------------------------------------------------------
15,500,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 16,524,860
- ----------------------------------------------------------------------------------------------------------------------------------
29,675,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 31,637,111
- ----------------------------------------------------------------------------------------------------------------------------------
13,000,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 13,859,560
---------------
212,912,755
- ----------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND--3.0%
45,000,000 Central Falls, RI Detention Facility 7.250 07/15/2035 48,497,850
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 RI Hsg. & Mtg. Finance Corp. RITES 2 9.103 3 10/01/2022 2,166,320
- ----------------------------------------------------------------------------------------------------------------------------------
51,605,000 RI Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2042 54,535,648
- ----------------------------------------------------------------------------------------------------------------------------------
17,925,000 RI Tobacco Settlement Financing Corp. (TASC), Series A 6.125 06/01/2032 18,872,695
---------------
124,072,513
- ----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--1.4%
1,510,000 Florence County, SC Industrial Devel.
(Stone Container Corp.) 7.375 02/01/2007 1,511,782
- ----------------------------------------------------------------------------------------------------------------------------------
7,810,000 Greenville County, SC School District ROLs 1,2 8.893 3 12/01/2020 8,809,368
- ----------------------------------------------------------------------------------------------------------------------------------
6,250,000 SC Connector 2000 Assoc. Toll Road, Series B 6.550 8 01/01/2020 2,907,313
- ----------------------------------------------------------------------------------------------------------------------------------
8,500,000 SC Connector 2000 Assoc. Toll Road, Series B 6.620 8 01/01/2024 3,127,575
- ----------------------------------------------------------------------------------------------------------------------------------
7,315,000 SC GO ROLs 2 7.918 3 08/01/2019 8,426,734
- ----------------------------------------------------------------------------------------------------------------------------------
1,785,000 SC Hsg. Finance & Devel. Authority RITES 2 7.842 3 01/01/2023 1,881,818
- ----------------------------------------------------------------------------------------------------------------------------------
2,800,000 SC Hsg. Finance & Devel. Authority ROLs 2 11.129 3 07/01/2034 3,011,176
- ----------------------------------------------------------------------------------------------------------------------------------
5,000 SC Resource Authority Local Government Program 7.250 06/01/2020 5,016
- ----------------------------------------------------------------------------------------------------------------------------------
18,840,000 SC Tobacco Settlement Management Authority, Series B 1 6.375 05/15/2028 20,172,365
- ----------------------------------------------------------------------------------------------------------------------------------
6,485,000 SC Tobacco Settlement Management Authority, Series B 6.375 05/15/2030 7,253,862
- ----------------------------------------------------------------------------------------------------------------------------------
110,000 York County, SC (Hoechst Celanese Corp.) 5.700 01/01/2024 106,459
36 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA Continued
$ 290,000 York County, SC Pollution Control (Bowater) 7.400 % 01/01/2010 $ 290,484
---------------
57,503,952
- ----------------------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA--1.2%
1,000,000 Lower Brule, SD Sioux Tribe, Series B 5.500 05/01/2019 991,100
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Lower Brule, SD Sioux Tribe, Series B 5.600 05/01/2020 993,800
- ----------------------------------------------------------------------------------------------------------------------------------
36,920,000 SD Educational Enhancement Funding Corp.
Tobacco Settlement 6.500 06/01/2032 40,088,474
- ----------------------------------------------------------------------------------------------------------------------------------
6,131,469 Sioux Falls, SD Economic Devel. (City Centre Hotel) 7.000 6 11/01/2016 6,088,671
---------------
48,162,045
- ----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE--0.9%
985,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 5.500 10/01/2020 990,349
- ----------------------------------------------------------------------------------------------------------------------------------
1,800,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 6.000 10/01/2035 1,842,894
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 Hamilton County, TN Industrial Devel. Board (Park at 58) 6.700 03/01/2021 367,136
- ----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Johnson City, TN Health & Educational Facilities
Board RITES 4 0.000 3 07/01/2036 6,492,000
- ----------------------------------------------------------------------------------------------------------------------------------
4,085,000 Maury County, TN Industrial Devel. Board
(General Motors Corp.) 6.500 09/01/2024 3,498,394
- ----------------------------------------------------------------------------------------------------------------------------------
7,000,000 Maury County, TN Industrial Devel. Board
(General Motors Corp.) 7.750 6 09/01/2027 7,000,000
- ----------------------------------------------------------------------------------------------------------------------------------
7,400,000 Maury County, TN Industrial Devel. Board
(General Motors Corp.) 8.000 6 06/01/2027 7,400,000
- ----------------------------------------------------------------------------------------------------------------------------------
4,395,000 McMinn County, TN Industrial Devel. Board
Pollution Control (Calhoun Newsprint) 7.625 03/01/2016 4,402,999
- ----------------------------------------------------------------------------------------------------------------------------------
1,510,000 McMinn County, TN Industrial Devel. Board
Solid Waste (Calhoun Newsprint) 7.400 12/01/2022 1,522,760
- ----------------------------------------------------------------------------------------------------------------------------------
300,000 Memphis-Shelby County, TN Airport Authority
(Express Airlines) 6.125 12/01/2016 277,347
- ----------------------------------------------------------------------------------------------------------------------------------
8,500,000 Metropolitan Knoxville, TN Airport Authority
(Northwest Airlines) 5 8.000 04/01/2032 4,382,515
- ----------------------------------------------------------------------------------------------------------------------------------
800,000 Shelby County, TN HE&HF
(Cornerstone-Cameron & Stonegate) 5 5.900 07/01/2018 520,400
- ----------------------------------------------------------------------------------------------------------------------------------
655,000 Shelby County, TN HE&HF
(Cornerstone-Cameron & Stonegate) 5 6.000 07/01/2028 425,691
---------------
39,122,485
- ----------------------------------------------------------------------------------------------------------------------------------
TEXAS--11.0%
32,615,000 Alliance Airport Authority, TX (American Airlines) 7.500 12/01/2029 28,105,650
- ----------------------------------------------------------------------------------------------------------------------------------
5,685,000 Alliance Airport Authority, TX (Federal Express Corp.) 6.375 04/01/2021 5,822,236
- ----------------------------------------------------------------------------------------------------------------------------------
2,150,000 Austin, TX Convention Enterprises (Convention Center) 5.750 01/01/2032 2,231,163
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Austin, TX Convention Enterprises (Convention Center) 6.000 01/01/2023 4,258,920
37 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 520,000 Austin, TX Convention Enterprises (Convention Center) 6.700% 01/01/2028 $ 555,958
- ----------------------------------------------------------------------------------------------------------------------------------
485,000 Bexar County, TX HFC (American Opportunity Hsg.) 7.500 01/01/2013 493,434
- ----------------------------------------------------------------------------------------------------------------------------------
880,000 Bexar County, TX HFC (American Opportunity Hsg.) 8.000 01/01/2031 884,761
- ----------------------------------------------------------------------------------------------------------------------------------
1,195,000 Bexar County, TX HFC (American Opportunity Hsg.) 8.250 12/01/2037 1,218,374
- ----------------------------------------------------------------------------------------------------------------------------------
970,000 Bexar County, TX HFC (American Opportunity Hsg.) 9.250 12/01/2037 978,187
- ----------------------------------------------------------------------------------------------------------------------------------
1,020,000 Bexar County, TX HFC (Doral Club) 8.750 10/01/2036 1,025,365
- ----------------------------------------------------------------------------------------------------------------------------------
220,000 Bexar County, TX HFC (Honey Creek LLC) 8.000 04/01/2030 222,352
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Bexar County, TX HFC (Honey Creek LLC) 9.000 04/01/2030 49,673
- ----------------------------------------------------------------------------------------------------------------------------------
1,460,000 Bexar County, TX HFC (Perrin Square) 9.750 11/20/2031 1,536,869
- ----------------------------------------------------------------------------------------------------------------------------------
3,150,000 Brazos River Authority, TX (TXU Energy Company) 6.750 10/01/2038 3,493,287
- ----------------------------------------------------------------------------------------------------------------------------------
8,025,000 Brazos River Authority, TX (TXU Energy Company) 7.700 04/01/2033 9,404,979
- ----------------------------------------------------------------------------------------------------------------------------------
3,375,000 Brazos River Authority, TX ROLs 2 11.505 3 05/01/2029 3,450,060
- ----------------------------------------------------------------------------------------------------------------------------------
17,500,000 Cambridge, TX Student Hsg.
(Cambridge Student Hsg. Devel.) 7.000 11/01/2039 17,750,775
- ----------------------------------------------------------------------------------------------------------------------------------
885,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 6.150 05/01/2029 864,495
- ----------------------------------------------------------------------------------------------------------------------------------
3,630,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 6.375 05/01/2035 2,699,558
- ----------------------------------------------------------------------------------------------------------------------------------
19,065,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 7.250 11/01/2030 15,887,246
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 8.250 11/01/2036 37,152
- ----------------------------------------------------------------------------------------------------------------------------------
22,000,000 Dallas-Fort Worth, TX International Airport
Facility Improvement Corp. 9.000 05/01/2029 22,090,200
- ----------------------------------------------------------------------------------------------------------------------------------
45,945,000 Dallas-Fort Worth, TX International Airport
Facility Improvement Corp. 9.125 05/01/2029 46,373,667
- ----------------------------------------------------------------------------------------------------------------------------------
9,320,000 Dallas-Fort Worth, TX International Airport
Facility Improvement Corp. (Learjet) 6.150 01/01/2016 9,408,354
- ----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Dallas-Fort Worth, TX International Airport RITES 2 8.562 3 11/01/2027 6,198,120
- ----------------------------------------------------------------------------------------------------------------------------------
8,125,000 Dallas-Fort Worth, TX International Airport ROLs 2 12.346 3 11/01/2033 9,957,188
- ----------------------------------------------------------------------------------------------------------------------------------
450,000 Decatur, TX Hospital Authority
(Wise Regional Health System) 5.625 09/01/2013 450,387
- ----------------------------------------------------------------------------------------------------------------------------------
7,240,000 El Paso, TX Health Facilities Devel. Corp.
(Bienvivir Senior Health Services) 7.750 08/15/2031 7,909,338
- ----------------------------------------------------------------------------------------------------------------------------------
5,897,461 El Paso, TX HFC (Single Family) 6.180 04/01/2033 6,285,750
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Galveston County, TX HFC 6.200 10/01/2021 25,072
- ----------------------------------------------------------------------------------------------------------------------------------
2,090,000 Galveston, TX HFC (Single Family) 6.300 09/15/2031 2,154,790
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 Galveston, TX Special Contract (Farmers Export Company) 6.750 05/01/2007 9,964
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Grapevine, TX IDC (Air Cargo) 6.500 01/01/2024 1,049,220
- ----------------------------------------------------------------------------------------------------------------------------------
4,660,000 Gulf Coast, TX IDA (Citgo Petroleum Corp.) 7.500 05/01/2025 5,273,116
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Gulf Coast, TX Waste Disposal Authority (FMC Corp.) 7.050 10/01/2009 75,765
38 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 5,660,000 Gulf Coast, TX Waste Disposal Authority
(International Paper Company) 6.100% 08/01/2024 $ 5,987,431
- ----------------------------------------------------------------------------------------------------------------------------------
5,950,000 Harris County, TX Industrial Devel. Corp.
(Continental Airlines) 5.375 07/01/2019 5,011,685
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 HFDC of Central TX
(Lutheran Social Services of the South) 6.875 02/15/2032 2,099,860
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 HFDC of Central TX (Villa De San Antonio) 6.250 05/15/2036 4,053,840
- ----------------------------------------------------------------------------------------------------------------------------------
6,385,000 Houston, TX Airport Special Facilities
(Continental Airlines) 5.700 07/15/2029 5,184,684
- ----------------------------------------------------------------------------------------------------------------------------------
6,740,000 Houston, TX Airport Special Facilities
(Continental Airlines) 5.700 07/15/2029 5,472,947
- ----------------------------------------------------------------------------------------------------------------------------------
8,450,000 Houston, TX Airport Special Facilities
(Continental Airlines) 6.125 07/15/2017 7,886,216
- ----------------------------------------------------------------------------------------------------------------------------------
5,895,000 Houston, TX Airport Special Facilities
(Continental Airlines) 6.125 07/15/2027 5,230,987
- ----------------------------------------------------------------------------------------------------------------------------------
6,565,000 Houston, TX Airport Special Facilities
(Continental Airlines) 6.125 07/15/2027 5,825,518
- ----------------------------------------------------------------------------------------------------------------------------------
17,750,000 Houston, TX Airport Special Facilities
(Continental Airlines) 6.750 07/01/2021 17,647,938
- ----------------------------------------------------------------------------------------------------------------------------------
45,525,000 Houston, TX Airport Special Facilities
(Continental Airlines) 6.750 07/01/2029 45,062,011
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Houston, TX Airport Special Facilities
(Continental Airlines) 7.000 07/01/2029 100,915
- ----------------------------------------------------------------------------------------------------------------------------------
1,260,000 Houston, TX Airport Special Facilities
(Continental Airlines) 7.375 07/01/2022 1,295,746
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Houston, TX HFDC
(Buckinham Senior Living Community) 7.000 02/15/2026 1,652,205
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Houston, TX HFDC
(Buckinham Senior Living Community) 7.125 02/15/2034 5,490,800
- ----------------------------------------------------------------------------------------------------------------------------------
135,000 Houston, TX IDC (Air Cargo) 6.375 01/01/2023 141,989
- ----------------------------------------------------------------------------------------------------------------------------------
4,200,000 Hutto, TX Independent School District ROLs 2 10.438 3 08/01/2037 4,732,140
- ----------------------------------------------------------------------------------------------------------------------------------
2,200,000 IAH TX Public Facility Corp. 7.750 05/01/2026 2,194,918
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Lancaster, TX Independent School District GO RITES 2 11.573 3 02/15/2034 3,566,000
- ----------------------------------------------------------------------------------------------------------------------------------
9,000,000 Lewisville, TX GO 6.125 09/01/2029 9,866,880
- ----------------------------------------------------------------------------------------------------------------------------------
1,790,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 6.000 07/01/2032 1,824,189
- ----------------------------------------------------------------------------------------------------------------------------------
140,000 Matagorda County, TX Navigation District
(Reliant Energy) 5.950 05/01/2030 142,800
- ----------------------------------------------------------------------------------------------------------------------------------
1,350,000 Newton County, TX Public Facility Corp. 2 8.000 03/01/2019 1,378,526
- ----------------------------------------------------------------------------------------------------------------------------------
2,250,000 North Central, TX HFDC (Northwest Senior Hsg. Corp.) 7.500 11/15/2029 2,420,753
- ----------------------------------------------------------------------------------------------------------------------------------
1,860,000 Nueces County, TX HFC (Dolphins Landing Apartments) 6.875 07/01/2030 1,991,651
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Port Corpus Christi, TX Industrial Devel. Corp.
(Citgo Petroleum Corp.) 8.250 11/01/2031 79,053
- ----------------------------------------------------------------------------------------------------------------------------------
5,905,000 Port of Bay City, TX (Hoechst Celanese Corp.) 6.500 05/01/2026 5,984,127
39 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 15,000,000 Port of Corpus Christi, TX Authority (CNA Holdings) 6.700% 11/01/2030 $ 15,971,850
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 San Antonio, TX Convention Center Hotel Finance Corp.
(Empowerment Zone) 5.000 07/15/2039 15,216
- ----------------------------------------------------------------------------------------------------------------------------------
11,250,000 San Antonio, TX Convention Center Hotel
Finance Corp. ROLs 1,2 10.318 3 07/15/2034 11,978,100
- ----------------------------------------------------------------------------------------------------------------------------------
10,565,000 San Antonio, TX Convention Center Hotel
Finance Corp. ROLs 1,2 10.318 3 07/15/2039 11,174,812
- ----------------------------------------------------------------------------------------------------------------------------------
7,000,000 San Antonio, TX HFC (Midcrowne Senior Apartments) 4 5.150 06/20/2047 7,000,000
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 Southeast TX HFC (Forest View Apartments) 5 8.750 11/01/2023 33,771
- ----------------------------------------------------------------------------------------------------------------------------------
1,600,000 Travis County, TX Health Facilities Devel. Corp.
(Querencia Barton Creek) 5.650 11/15/2035 1,569,552
- ----------------------------------------------------------------------------------------------------------------------------------
8,400,000 Trinity, TX River Authority (General Motors Corp.) 7.875 6 04/01/2009 8,400,000
- ----------------------------------------------------------------------------------------------------------------------------------
2,320,000 TX Affordable Hsg. Corp. (American Hsg. Foundation) 5 8.000 03/01/2032 348,882
- ----------------------------------------------------------------------------------------------------------------------------------
2,965,000 TX Affordable Hsg. Corp.
(Ashton Place & Woodstock Apartments) 6.300 08/01/2033 2,296,007
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 TX Department of Hsg. & Community Affairs RITES 2 8.562 3 07/01/2034 10,335,600
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 TX GO RITES 2 13.034 3 12/01/2028 2,930,800
- ----------------------------------------------------------------------------------------------------------------------------------
1,525,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 6.625 03/01/2020 1,575,615
- ----------------------------------------------------------------------------------------------------------------------------------
2,065,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 6.750 03/01/2031 2,130,646
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 TX Student Hsg. Corp. (University of North Texas) 6.000 07/01/2011 48,242
- ----------------------------------------------------------------------------------------------------------------------------------
60,000 TX Student Hsg. Corp. (University of North Texas) 6.750 07/01/2021 56,105
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 TX Student Hsg. Corp. (University of North Texas) 6.850 07/01/2031 183,106
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 TX Turnpike Authority ROLs 2 10.438 3 08/15/2042 4,316,880
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 TX Veterans Hsg. Assistance RITES 2 11.434 3 06/01/2029 3,395,100
---------------
454,317,518
- ----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--2.4%
1,200,000 Guam EDA (Royal Socio Apartments) 5 9.500 11/01/2018 596,376
- ----------------------------------------------------------------------------------------------------------------------------------
9,500,000 Northern Mariana Islands, Series A 6.750 10/01/2033 10,360,890
- ----------------------------------------------------------------------------------------------------------------------------------
564,000,000 Puerto Rico Children's Trust Fund (TASC) 6.300 8 05/15/2050 35,735,040
- ----------------------------------------------------------------------------------------------------------------------------------
745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.010 8 05/15/2055 25,300,200
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico ITEMECF (Mennonite General Hospital) 6.500 07/01/2012 75,493
- ----------------------------------------------------------------------------------------------------------------------------------
19,430,000 Puerto Rico Port Authority (American Airlines), Series A 1 6.250 06/01/2026 15,230,594
- ----------------------------------------------------------------------------------------------------------------------------------
6,600,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 5,295,378
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Puerto Rico Public Finance Corp. ROLs 2,7 27.853 3 08/01/2027 5,655,900
---------------
98,249,871
- ----------------------------------------------------------------------------------------------------------------------------------
UTAH--0.2%
650,000 Carbon County, UT Solid Waste Disposal
(Allied Waste Industries) 7.450 07/01/2017 685,490
- ----------------------------------------------------------------------------------------------------------------------------------
2,085,000 Carbon County, UT Solid Waste Disposal
(Allied Waste Industries) 7.500 02/01/2010 2,121,779
40 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
UTAH Continued
$ 3,735,000 UT HFA (Colonial Pointe Apartments) 6.750% 07/20/2036 $ 3,869,385
- ----------------------------------------------------------------------------------------------------------------------------------
1,975,000 UT HFA (RHA Community Service of Utah) 6.875 07/01/2027 1,997,041
---------------
8,673,695
- ----------------------------------------------------------------------------------------------------------------------------------
VIRGINIA--2.6%
2,275,000 Bedford County, VA IDA (Georgia-Pacific Corp.) 6.550 12/01/2025 2,341,476
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Fairfax County, VA Redevel. & Hsg. Authority
(Burke Shire Commons) 7.600 10/01/2036 3,189,810
- ----------------------------------------------------------------------------------------------------------------------------------
90,000 Giles County, VA IDA (Hoechst Celanese Corp.) 5.950 12/01/2025 90,611
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Giles County, VA IDA (Hoechst Celanese Corp.) 6.450 05/01/2026 10,210,800
- ----------------------------------------------------------------------------------------------------------------------------------
7,915,000 Giles County, VA IDA (Hoechst Celanese Corp.) 6.625 12/01/2022 7,938,982
- ----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Halifax County, VA IDA RITES 2 10.968 3 06/01/2028 2,345,280
- ----------------------------------------------------------------------------------------------------------------------------------
35,000 Loundoun County, VA IDA
(Dulles Airport Marriott Hotel) 7.125 09/01/2015 35,723
- ----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Norfolk, VA Redevel. & Hsg. Authority
(First Mtg.-Retirement Community) 6.125 01/01/2035 1,238,232
- ----------------------------------------------------------------------------------------------------------------------------------
10,500,000 Pittsylvania County, VA IDA (Multitrade of Pittsylvania) 7.500 01/01/2014 10,719,765
- ----------------------------------------------------------------------------------------------------------------------------------
7,350,000 Pittsylvania County, VA IDA (Multitrade of Pittsylvania) 7.550 01/01/2019 7,498,617
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 5.250 08/15/2008 3,087,450
- ----------------------------------------------------------------------------------------------------------------------------------
5,510,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 1 5.500 08/15/2028 5,673,647
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 5.900 8 08/15/2025 3,297,100
- ----------------------------------------------------------------------------------------------------------------------------------
485,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 5.910 8 08/15/2017 241,365
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 5.950 8 08/15/2023 371,370
- ----------------------------------------------------------------------------------------------------------------------------------
26,500,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 5.960 8 08/15/2024 9,258,305
- ----------------------------------------------------------------------------------------------------------------------------------
48,400,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 1 6.130 8 08/15/2034 9,312,160
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 6.200 8 08/15/2015 59,702
- ----------------------------------------------------------------------------------------------------------------------------------
865,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 6.290 8 08/15/2016 486,779
- ----------------------------------------------------------------------------------------------------------------------------------
125,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 6.750 8 08/15/2019 58,719
- ----------------------------------------------------------------------------------------------------------------------------------
825,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 6.770 8 08/15/2030 202,645
- ----------------------------------------------------------------------------------------------------------------------------------
2,250,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 7.000 8 08/15/2007 2,050,043
41 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
VIRGINIA Continued
$ 4,050,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 7.380% 8 08/15/2012 $ 2,879,550
- ----------------------------------------------------------------------------------------------------------------------------------
1,125,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 11.900 8 08/15/2018 527,018
- ----------------------------------------------------------------------------------------------------------------------------------
1,845,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 11.900 8 08/15/2019 813,590
- ----------------------------------------------------------------------------------------------------------------------------------
20,000,000 VA Tobacco Settlement Authority (TASC) 5.625 06/01/2037 20,346,800
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 West Point, VA IDA (Chesapeake Corp.) 6.375 03/01/2019 2,511,900
---------------
106,787,439
- ----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON--1.3%
3,000,000 Chelan County, WA Public Utility District RITES 2 10.837 3 01/01/2036 3,901,140
- ----------------------------------------------------------------------------------------------------------------------------------
3,500,000 Grant County, WA Public Utility District RITES 2 8.607 3 01/01/2022 3,677,240
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 King County, WA Hsg. Authority
(Southwood Square Apartments) 6.200 10/01/2031 511,695
- ----------------------------------------------------------------------------------------------------------------------------------
2,455,000 Port Camas, WA Public Industrial Corp.
(James River Corp. of VA) 6.700 04/01/2023 2,457,111
- ----------------------------------------------------------------------------------------------------------------------------------
1,600,000 Port Seattle, WA Special Facility (Northwest Airlines) 5 7.125 04/01/2020 1,095,536
- ----------------------------------------------------------------------------------------------------------------------------------
24,900,000 Port Seattle, WA Special Facility (Northwest Airlines) 5 7.250 04/01/2030 17,045,793
- ----------------------------------------------------------------------------------------------------------------------------------
1,099,000 Seattle, WA Hsg. Authority (Kin on Health Care Center) 7.400 11/20/2036 1,174,743
- ----------------------------------------------------------------------------------------------------------------------------------
1,675,000 Snohomish County, WA Hsg. Authority
(Whispering Pines Apartments) 5.600 09/01/2025 1,662,119
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Snohomish County, WA Hsg. Authority
(Whispering Pines Apartments) 5.750 09/01/2030 1,239,375
- ----------------------------------------------------------------------------------------------------------------------------------
4,680,000 WA Tobacco Settlement Authority (TASC) 6.500 06/01/2026 5,110,654
- ----------------------------------------------------------------------------------------------------------------------------------
13,955,000 WA Tobacco Settlement Authority (TASC) 6.625 06/01/2032 15,309,333
---------------
53,184,739
- ----------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA--0.6%
14,000,000 Braxton County, WV Solid Waste Disposal
(Weyerhaeuser Company) 5.800 06/01/2027 14,375,480
- ----------------------------------------------------------------------------------------------------------------------------------
5,425,000 Braxton County, WV Solid Waste Disposal ROLs 11.900 3 05/01/2025 5,437,369
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 WV Hospital Finance Authority
(Charleston Area Medical Center) 7.250 10/01/2014 15,039
- ----------------------------------------------------------------------------------------------------------------------------------
5,110,000 WV Hsg. Devel. Fund RITES 2 10.010 3 11/01/2032 5,384,407
---------------
25,212,295
- ----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN--2.2%
15,000 Badger, WI Tobacco Asset Securitization Corp. 6.125 06/01/2027 15,901
- ----------------------------------------------------------------------------------------------------------------------------------
40,935,000 Badger, WI Tobacco Asset Securitization Corp. 6.375 06/01/2032 43,874,542
- ----------------------------------------------------------------------------------------------------------------------------------
4,450,000 Janesville, WI Pollution Control (General Motors Corp.) 5.550 04/01/2009 4,072,017
- ----------------------------------------------------------------------------------------------------------------------------------
6,510,000 Kaukauna, WI Environmental Improvement
(International Paper Company) 5.250 06/01/2029 6,427,583
42 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN Continued
$ 15,000 Madison, WI Community Devel. Authority
(Ecumenical Hsg. Corp.) 6.500% 04/01/2024 $ 14,998
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 Milwaukee, WI (Aero Milwaukee) 6.500 01/01/2025 631,284
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 Milwaukee, WI (Air Cargo) 7.500 01/01/2025 1,384,169
- -----------------------------------------------------------------------------------------------------------------------------------
165,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 6.800 11/01/2012 169,736
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 6.850 05/01/2013 164,592
- -----------------------------------------------------------------------------------------------------------------------------------
1,595,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 7.125 05/01/2024 1,636,789
- -----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Sokaogon, WI Chippewa Community (Gaming) 7.000 01/01/2026 1,750,788
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Sokaogon, WI Chippewa Community (Gaming) 8.250 01/01/2017 1,999,200
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 WI H&EFA (Eastcastle Place) 6.125 12/01/2034 1,019,750
- -----------------------------------------------------------------------------------------------------------------------------------
4,400,000 WI H&EFA (Hess Memorial Hospital Assoc.) 7.750 11/01/2015 4,505,424
- -----------------------------------------------------------------------------------------------------------------------------------
6,185,000 WI H&EFA (National Regency of New Berlin) 8.000 08/15/2025 6,318,843
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 WI H&EFA (Reedburg Area Medical Center) 6.750 06/01/2017 24,841
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 WI H&EFA RITES 2 9.572 3 02/15/2032 2,351,560
- -----------------------------------------------------------------------------------------------------------------------------------
3,580,000 WI Hsg. & Economic Devel. Authority RITES 2 11.484 3 09/01/2024 3,849,789
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 WI Hsg. & Economic Devel. Authority ROLs 2 9.811 3 03/01/2036 2,309,350
- -----------------------------------------------------------------------------------------------------------------------------------
4,875,000 WI Hsg. & Economic Devel. Authority ROLs 2 9.811 3 03/01/2036 4,503,233
- -----------------------------------------------------------------------------------------------------------------------------------
4,570,000 WI Hsg. & Economic Devel. Authority ROLs 2 10.115 3 03/01/2024 4,686,626
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 WI Lac Courte Oreilles Band of Lake Superior
Chippewa Indians 8.000 12/01/2018 250,146
----------------
91,961,161
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $3,979,444,752)--100.5% 4,150,532,642
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.5) (20,534,776)
----------------
NET ASSETS--100.0% $ 4,129,997,866
================
43 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Security has been segregated for collateral to cover borrowings. See Note 6
of Notes to Financial Statements.
2. Illiquid security. The aggregate value of illiquid securities as of January
31, 2006 was $380,158,449, which represents 9.20% of the Fund's net assets. See
Note 5 of Notes to Financial Statements.
3. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of Notes to Financial Statements.
4. When-issued security or forward commitment to be delivered and settled after
January 31, 2006. See Note 1 of Notes to Financial Statements.
5. Issue is in default. Non-income producing. See Note 1 of Notes to Financial
Statements.
6. Represents the current interest rate for a variable or increasing rate
security.
7. Security is subject to a shortfall and forebearance agreement. See Note 1 of
Notes to Financial Statements.
8. Zero coupon bond reflects effective yield on the date of purchase.
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ADA Atlanta Development Authority
CAU Clark Atlanta University
CCRC Continuing Care Retirement Community
CDA Communities Development Authority
COP Certificates of Participation
DA Dormitory Authority
DRIVERS Derivative Inverse Tax Exempt Receipts
EDA Economic Development Authority
EDC Economic Development Corp.
EDFA Economic Development Finance Authority
EF&CD Environmental Facilities and Community Development
GO General Obligation
H&EFA Health and Educational Facilities Authority
HDA Hospital Development Authority
HDC Housing Development Corp.
HE&H Higher Educational and Health
HE&HF Higher Educational and Housing Facilities
HFA Housing Finance Agency/Authority
HFC Housing Finance Corp.
HFDC Health Facilities Development Corp.
HJDOI Hospital for Joint Diseases Orthopedic Institute
IDA Industrial Development Agency
IDC Industrial Development Corp.
IF&PCFA Industrial Facilities and Pollution Control Financing Authority
IRS Inverse Rate Security
ITEMECF Industrial, Tourist, Educational, Medical and Environmental
Community Facilities
JFK John Fitzgerald Kennedy
MSH/NYU Mount Sinai Hospital/New York University
NYC New York City
NYS New York State
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
Res Rec Resource Recovery Facility
TASC Tobacco Settlement Asset-Backed Bonds
44 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
- --------------------------------------------------------------------------------
INDUSTRY CONCENTRATIONS January 31, 2006
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Settlement Payments $1,022,576,867 24.6%
Airlines 650,630,289 15.7
Electric Utilities 291,813,664 7.0
Multifamily Housing 240,425,105 5.8
Hospital/Health Care 192,326,626 4.6
Manufacturing, Durable Goods 163,994,040 4.0
Special Assessment 162,425,755 3.9
Hotels, Restaurants & Leisure 156,806,428 3.8
Single Family Housing 137,846,043 3.3
Paper, Containers & Packaging 127,492,476 3.1
Adult Living Facilities 123,512,036 3.0
Resource Recovery 121,989,830 2.9
Marine/Aviation Facilities 119,399,424 2.9
Special Tax 89,294,435 2.2
Manufacturing, Non-Durable Goods 85,407,503 2.1
General Obligation 67,625,813 1.6
Not-for-Profit Organization 62,819,260 1.5
Higher Education 57,236,007 1.4
Sales Tax Revenue 53,852,074 1.3
Highways/Railways 48,671,211 1.2
Gas Utilities 47,877,393 1.2
Education 36,947,321 0.9
Pollution Control 32,773,027 0.8
Sports Facility Revenue 18,027,848 0.4
Water Utilities 10,774,540 0.2
Municipal Leases 10,637,212 0.2
Sewer Utilities 9,226,642 0.2
Parking Fee Revenue 5,273,810 0.1
Student Loans 2,849,963 0.1
----------------------------
Total $4,150,532,642 100.0%
============================
45 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SUMMARY OF RATINGS JANUARY 31, 2006
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY RATINGS CATEGORY, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
RATINGS PERCENT
- --------------------------------------------------------------------------------
AAA 8.9%
AA 3.1
A 1.3
BBB 31.8
BB 6.0
B 16.1
CCC 2.9
C 2.2
Not Rated 27.7
------
Total 100.0%
======
Bonds rated by any nationally recognized statistical rating organization are
included in the equivalent Standard & Poor's rating category. As a general
matter, unrated bonds may be backed by mortgage liens or equipment liens on the
underlying property, and also may be guaranteed. Bonds which are backed by a
letter of credit or by other financial institutions or agencies may be assigned
an investment-grade rating by the Manager, which reflects the quality of the
guarantor, institution or agency. Unrated bonds may also be assigned a rating
when the issuer has rated bonds outstanding with comparable credit
characteristics, or when, in the opinion of the Manager, the bond itself
possesses credit characteristics which allow for rating. The unrated bonds in
the portfolio are predominantly smaller issuers which have not applied for a
bond rating. Only those unrated bonds which subsequent to purchase have not been
designated investment grade by the Manager are included in the "Not Rated"
category.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2006
- --------------------------------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------------------------------
Investments, at value (cost $3,979,444,752)--see accompanying statement of investments $ 4,150,532,642
- --------------------------------------------------------------------------------------------------------
Cash 2,099,213
- --------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 55,941,341
Shares of beneficial interest sold 33,905,005
Investments sold 10,432,701
Other 52,446
----------------
Total assets 4,252,963,348
- --------------------------------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable on borrowings (See Note 6) 68,900,000
Investments purchased (including $22,795,187 purchased on a when-issued basis
or forward commitment) 39,421,256
Shares of beneficial interest redeemed 8,993,838
Dividends 4,422,508
Distribution and service plan fees 512,076
Interest expense 223,834
Trustees' compensation 161,924
Transfer and shareholder servicing agent fees 156,067
Shareholder communications 57,123
Other 116,856
----------------
Total liabilities 122,965,482
- --------------------------------------------------------------------------------------------------------
NET ASSETS $ 4,129,997,866
================
- --------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------------------------------
Paid-in capital $ 3,977,399,157
- --------------------------------------------------------------------------------------------------------
Accumulated net investment income 4,814,976
- --------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (23,304,157)
- --------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 171,087,890
----------------
NET ASSETS $ 4,129,997,866
================
47 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ----------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$2,583,966,668 and 209,834,768 shares of beneficial interest outstanding) $12.31
Maximum offering price per share (net asset value plus sales charge of
4.75% of offering price) $12.92
- ----------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $528,790,977
and 42,839,222 shares of beneficial interest outstanding) $12.34
- ----------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$1,017,240,221 and 82,738,870 shares of beneficial interest outstanding) $12.29
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2006
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $ 122,640,941
- --------------------------------------------------------------------------------
Other income 451
--------------
Total investment income 122,641,392
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 7,553,950
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 1,818,962
Class B 2,375,240
Class C 4,263,818
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 511,974
Class B 178,543
Class C 259,917
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 33,994
Class B 26,987
Class C 19,334
- --------------------------------------------------------------------------------
Interest expense 2,227,679
- --------------------------------------------------------------------------------
Trustees' compensation 111,467
- --------------------------------------------------------------------------------
Custodian fees and expenses 65,098
- --------------------------------------------------------------------------------
Other 383,950
--------------
Total expenses 19,830,913
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 102,810,479
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS
- --------------------------------------------------------------------------------
Net realized loss on investments (16,421,611)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (102,649,680)
- --------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (16,260,812)
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
(UNAUDITED) 2005
- --------------------------------------------------------------------------------------------------------------
OPERATIONS
- --------------------------------------------------------------------------------------------------------------
Net investment income $ 102,810,479 $ 139,800,688
- --------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (16,421,611) 16,330,226
- --------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (102,649,680) 270,282,535
---------------------------------
Net increase (decrease) in net assets resulting from operations (16,260,812) 426,413,449
- --------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- --------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (64,755,504) (89,316,259)
Class B (11,908,021) (24,198,317)
Class C (21,465,352) (28,160,685)
- --------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (1,931,995) --
Class B (414,967) --
Class C (765,045) --
- --------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- --------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Class A 348,338,938 1,407,359,926
Class B 16,610,922 166,634,889
Class C 176,393,721 541,739,166
- --------------------------------------------------------------------------------------------------------------
NET ASSETS
- --------------------------------------------------------------------------------------------------------------
Total increase 423,841,885 2,400,472,169
- --------------------------------------------------------------------------------------------------------------
Beginning of period 3,706,155,981 1,305,683,812
---------------------------------
End of period (including accumulated net investment income
of $4,814,976 and $133,374, respectively) $ 4,129,997,866 $ 3,706,155,981
=================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS A (UNAUDITED) 2005 2004 2003 2002 2001
- --------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.69 $ 11.13 $ 10.64 $ 11.28 $ 11.25 $ 10.76
- --------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .34 1 .78 1 .85 .92 .71 .58
Net realized and unrealized gain (loss) (.38) 1.59 .50 (.67) .03 .48
----------------------------------------------------------------------------
Total from investment operations (.04) 2.37 1.35 .25 .74 1.06
- --------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.33) (.81) (.86) (.89) (.71) (.57)
Distributions from net realized gain (.01) -- -- -- -- --
----------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.34) (.81) (.86) (.89) (.71) (.57)
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.31 $12.69 $ 11.13 $ 10.64 $ 11.28 $ 11.25
============================================================================
- --------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (0.28)% 21.97% 12.78% 2.36% 6.89% 10.03%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $2,583,967 $2,309,856 $731,565 $306,857 $193,452 $38,827
- --------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $2,426,670 $1,366,113 $506,440 $252,496 $ 73,877 $36,900
- --------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.53% 6.46% 7.54% 8.44% 6.61% 5.21%
Total expenses 0.72% 0.69% 0.80% 1.04% 1.06% 0.87%
Expenses after payments and waivers and
reduction to custodian expenses 0.72% 0.69% 0.80% 1.04% 0.89% 4 0.78% 4
- --------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 36% 22% 44% 57% 127% 37%
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 of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS B (UNAUDITED) 2005 2004 2003 2002 2001
- --------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.72 $ 11.15 $ 10.66 $ 11.30 $ 11.27 $ 10.78
- --------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .30 1 .70 1 .77 .83 .63 .49
Net realized and unrealized gain (loss) (.39) 1.59 .49 (.66) .02 .48
----------------------------------------------------------------------------
Total from investment operations (.09) 2.29 1.26 .17 .65 .97
- --------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.28) (.72) (.77) (.81) (.62) (.48)
Distributions from net realized gain (.01) -- -- -- -- --
----------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.29) (.72) (.77) (.81) (.62) (.48)
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.34 $12.72 $11.15 $10.66 $11.30 $11.27
============================================================================
- --------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (0.68)% 21.09% 11.89% 1.57% 6.07% 9.19%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 528,791 $528,192 $308,778 $188,645 $90,547 $20,279
- --------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 523,602 $410,031 $256,425 $141,819 $36,100 $18,445
- --------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.76% 5.80% 6.80% 7.67% 5.85% 4.45%
Total expenses 1.51% 1.48% 1.56% 1.81% 1.80% 1.62%
Expenses after payments and waivers and
reduction to custodian expenses 1.51% 1.48% 1.56% 1.81% 1.63% 4 1.53% 4
- --------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 36% 22% 44% 57% 127% 37%
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 of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2006 JULY 31,
CLASS C (UNAUDITED) 2005 2004 2003 2002 2001
- --------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.67 $ 11.11 $ 10.63 $ 11.27 $ 11.24 $ 10.75
- --------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .29 1 .68 1 .76 .83 .61 .50
Net realized and unrealized gain (loss) (.38) 1.60 .49 (.66) .04 .48
----------------------------------------------------------------------------
Total from investment operations (.09) 2.28 1.25 .17 .65 .98
- --------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.28) (.72) (.77) (.81) (.62) (.49)
Distributions from net realized gain (.01) -- -- -- -- --
----------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.29) (.72) (.77) (.81) (.62) (.49)
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.29 $ 12.67 $ 11.11 $ 10.63 $ 11.27 $ 11.24
============================================================================
- --------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (0.67)% 21.08% 11.83% 1.59% 6.09% 9.22%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,017,240 $ 868,108 $265,340 $111,710 $49,248 $ 3,410
- --------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 940,626 $ 488,562 $193,845 $ 85,483 $13,453 $ 2,552
- --------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.77% 5.68% 6.76% 7.68% 5.88% 4.45%
Total expenses 1.49% 1.46% 1.56% 1.80% 1.80% 1.62%
Expenses after payments and waivers and
reduction to custodian expenses 1.49% 1.46% 1.56% 1.80% 1.63% 4 1.53% 4
- --------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 36% 22% 44% 57% 127% 37%
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 of less than one full year.
4. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 advisor 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 six years 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 business. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic exchanges 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 traded on NASDAQ are valued based on the closing
price provided 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 will be valued at the
mean between the "bid" and "asked" prices. Futures contracts traded on a
commodities or futures exchange will be valued at the final settlement price or
official closing price on the principal exchange as reported by such principal
exchange at its trading session ending at, or most recently prior to, the time
when the Fund's assets are valued. Securities (including restricted securities)
for which market quotations are not readily available are valued at their fair
value. Foreign and domestic securities whose val-
54 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
ues 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 of the Board of Trustees. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value).
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis or
forward commitment can take place up to ten days or more after the trade date.
Normally the settlement date occurs within six months after the trade date;
however, the Fund may, from time to time, purchase securities whose settlement
date extends six months or more beyond 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 Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The purchase of securities on a when-issued
basis or forward commitment may increase the volatility of the Fund's net asset
value to the extent the Fund executes such transactions while remaining
substantially fully invested. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase. As of January 31, 2006, the Fund had purchased
$22,795,187 of securities issued on a when-issued basis or forward commitment.
- --------------------------------------------------------------------------------
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 will not invest more than 35% of its total assets in inverse floaters.
Inverse floaters amount to $393,769,000 as of January 31, 2006, which represents
9.26% of the Fund's total assets.
The Fund has entered into so-called shortfall and forbearance agreements
with the sponsors of certain inverse floaters held by the Fund. Such agreements
commit the Fund to reimburse the sponsor of such inverse floater, upon the
termination of the trust issuing the inverse floater, 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 floating rate
security issued in conjunction with the inverse floater. Under the standard
terms of an inverse floater, absent such an interest and forbearance agreement,
the Fund would not be required to make such a reimbursement.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be
subject to a greater degree of credit risk, market fluctuations and loss of
income and principal, and may be more sensitive to economic conditions than
lower-yielding, higher-rated fixed-
55 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
income securities. The Fund may acquire securities in default, and is not
obligated to dispose of securities whose issuers subsequently default. As of
January 31, 2006, securities with an aggregate market value of $171,915,704,
representing 4.16% of the Fund's net assets, were in default.
- --------------------------------------------------------------------------------
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.
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.
As of January 31, 2006, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $20,008,130 expiring by 2014.
This estimated capital loss carryforward represents carryforward as of the end
of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital losses
or gains realized in the first six months of the current fiscal year. As of
January 31, 2006, it is estimated that the Fund will not utilize any capital
loss carryforward to offset realized capital gains. During the year ended July
31, 2005, the Fund utilized $16,514,248 of capital loss carryforward to offset
realized capital gains.
As of July 31, 2005, the Fund had available for federal income tax purposes
an unused capital loss carryforward as follows:
EXPIRING
----------------------
2012 $3,586,519
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the
Fund's independent trustees. Benefits are based on years of service and fees
paid to each trustee during the years of service. During the six months ended
January 31, 2006, the Fund's projected benefit obligations were increased by
$65,811 and payments of $14,862 were made to retired trustees, resulting in an
accumulated liability of $118,554 as of January 31, 2006.
56 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
The Board of Trustees has adopted a deferred compensation 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 Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
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, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
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 U.S. generally
accepted accounting principles requires management to make estimates and assump-
57 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
tions 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 income and expenses 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:
SIX MONTHS ENDED JANUARY 31, 2006 YEAR ENDED JULY 31, 2005
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------
CLASS A
Sold 65,908,384 $ 813,370,539 133,239,665 $1,612,797,528
Dividends and/or
distributions reinvested 2,765,021 33,953,068 3,545,591 42,823,965
Redeemed (40,839,183) (498,984,669) (20,526,179) (248,261,567)
-------------------------------------------------------------------
Net increase 27,834,222 $ 348,338,938 116,259,077 $1,407,359,926
===================================================================
- ---------------------------------------------------------------------------------------------------
CLASS B
Sold 4,865,975 $ 60,214,685 17,084,575 $ 205,710,784
Dividends and/or
distributions reinvested 434,745 5,352,265 820,743 9,875,104
Redeemed (3,983,411) (48,956,028) (4,071,776) (48,950,999)
-------------------------------------------------------------------
Net increase 1,317,309 $ 16,610,922 13,833,542 $ 166,634,889
===================================================================
- ---------------------------------------------------------------------------------------------------
CLASS C
Sold 22,712,606 $ 279,904,498 47,841,160 $ 580,425,334
Dividends and/or
distributions reinvested 842,854 10,333,390 1,061,481 12,801,896
Redeemed (9,324,539) (113,844,167) (4,272,766) (51,488,064)
-------------------------------------------------------------------
Net increase 14,230,921 $ 176,393,721 44,629,875 $ 541,739,166
===================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended January 31, 2006, were as
follows:
PURCHASES SALES
- --------------------------------------------------------------------------------
Investment securities $1,146,368,810 $1,141,815,113
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.60% of the first $200 million of average annual net assets,
0.55% of the next $100 million, 0.50% of the next $200 million, 0.45% of the
next $250 million, 0.40% of the next $250 million, and 0.35% of average annual
net assets in excess of $1 billion.
58 | 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 six months ended January 31, 2006, the Fund paid
$921,568 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 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
years. 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 up to 0.15% 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's aggregate uncompensated expenses under the plan at January 31,
2006 for Class B and Class C shares were $16,910,556 and $10,764,063,
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 table below for the period indicated.
59 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / 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
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
January 31, 2006 $1,803,253 $36,105 $773,478 $266,558
- --------------------------------------------------------------------------------
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 January 31, 2006, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. 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 the 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 Fund has 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 $800 million, 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 (4.4016% as of January 31, 2006). The Fund pays
additional fees of 0.30% per annum on its outstanding borrowings to manage and
administer the facility and is allocated its pro-rata share of a 0.13% per annum
commitment fee for a liquidity backstop facility with respect to the $800
million facility size.
For the six months ended January 31, 2006, the average daily loan balance
was $111,470,652 at an average daily interest rate of 3.912%. The Fund had
borrowings outstanding of $68,900,000 at January 31, 2006 at an interest rate of
4.4016%. The Fund had gross borrowings and gross loan repayments of $907,800,000
and $856,000,000, respectively, during the six months ended January 31, 2006.
The maximum amount of borrowings outstanding at any month-end during the six
months ended January 31, 2006
60 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
was $263,800,000. The Fund paid $247,961 in fees and $2,159,203 in interest
during the six months ended January 31, 2006.
- --------------------------------------------------------------------------------
7. LITIGATION
A complaint was filed as a putative class action against the Manager and OFS
(and other defendants) in the U.S. District Court for the Southern District of
New York on January 10, 2005 and was amended on March 4, 2005. Seven of the
eight counts in the complaint, including claims against certain of the
Oppenheimer funds including the Fund, as nominal defendants, and against certain
present and former Directors, Trustees and officers of the funds, and the
Distributor, as defendants, were dismissed with prejudice, under a court order
dated March 10, 2006, in response to a motion to dismiss the suit that had been
filed by the defendants. The remaining count against the Adviser Defendants
alleges, among other things, that the defendants charged excessive fees in
violation of section 36(b) of the Investment Company Act of 1940. The plaintiffs
seek unspecified damages, an accounting of all fees paid, and an award of
attorneys' fees and litigation expenses.
The Adviser Defendants believe that the claims asserted in the remaining
count under this lawsuit are without merit, and intend to defend the suit
vigorously and contest any claimed liability. They believe that it is premature
to render any opinion as to the likelihood of an outcome unfavorable to them and
that no estimate can yet be made with any degree of certainty as to the amount
or range of any potential loss.
61 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
REPORT OF SHAREHOLDER MEETING Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
On August 17, 2005, a shareholder meeting of the Oppenheimer Multi-State
Municipal Trust (Oppenheimer New Jersey Municipal Fund, Oppenheimer Pennsylvania
Municipal Fund and Oppenheimer Rochester National Municipals) was held at which
the eleven Trustees identified below were elected to all three Funds (Proposal
No. 1). The meeting on August 17, 2005 was adjourned until September 16, 2005
for Proposal 2. At the meeting on September 16, 2005, the sub-proposals in
(Proposal No. 2) were approved as described in the Funds' proxy statement for
that meeting. The following is a report of the votes cast:
- --------------------------------------------------------------------------------
PROPOSAL NO. 1
NOMINEE FOR WITHHELD TOTAL
- --------------------------------------------------------------------------------
TRUSTEES
Matthew P. Fink 175,667,885.732 2,649,816.086 178,317,701.818
Robert G. Galli 175,575,987.694 2,741,714.124 178,317,701.818
Phillip A. Griffiths 175,696,592.906 2,621,108.912 178,317,701.818
Mary F. Miller 175,661,836.535 2,655,865.283 178,317,701.818
Joel W. Motley 175,728,376.905 2,589,324.913 178,317,701.818
John V. Murphy 175,688,849.988 2,628,851.830 178,317,701.818
Kenneth A. Randall 175,563,282.546 2,754,419.272 178,317,701.818
Russell S. Reynolds, Jr. 175,548,818.946 2,768,882.872 178,317,701.818
Joseph M. Wikler 175,760,575.604 2,557,126.214 178,317,701.818
Peter I. Wold 175,738,187.053 2,579,514.765 178,317,701.818
Clayton K. Yeutter 175,596,113.306 2,721,588.512 178,317,701.818
- --------------------------------------------------------------------------------------------------------
PROPOSAL NO. 2
BROKER
FOR AGAINST ABSTAIN NON-VOTES TOTAL
- --------------------------------------------------------------------------------------------------------
2C: Proposal to change the policy on Diversification of Investments
93,171,248.661 3,399,519.752 4,590,169.896 28,710,700.000 129,871,674.309
2G: Proposal to change the policy on Investing in Other Investment Companies
91,365,925.678 5,016,399.551 4,778,650.080 28,710,700.000 129,871,674.309
2H: Proposal to change the policy on Lending
91,474,917.929 4,754,319.135 4,931,737.245 28,710,700.000 129,871,674.309
2K: Proposal to change the policy on Real Estate and Commodities
92,004,252.016 4,334,154.150 4,822,568.143 28,710,700.000 129,871,674.309
2L: Proposal to change the policy on Senior Securities
92,878,688.092 3,515,971.364 4,766,314.853 28,710,700.000 129,871,674.309
62 | 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.
63 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information on the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel that provide such services. The Manager's duties
include providing the Fund with the services of the portfolio managers and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing, and supervising
the activities of, all administrative and clerical personnel that are necessary
in order to provide effective corporate administration for the Fund; compiling
and maintaining records with respect to the Fund's operations; preparing and
filing reports required by the Securities and Exchange Commission; preparing
periodic reports regarding the operations of the Fund for its shareholders;
preparing proxy materials for shareholder meetings; and preparing the
registration statements required by Federal and state securities laws for the
sale of the Fund's shares. The Manager also provides the Fund with office space,
facilities and equipment.
64 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took account of the facts that the Manager has had over forty
years of experience as an investment adviser and that its assets under
management rank it among the top mutual fund managers in the United States. The
Board evaluated the Manager's administrative, accounting, legal and compliance
services, and information the Board has received regarding the experience and
professional qualifications of the Manager's personnel and the size and
functions of its staff. In its evaluation of the quality of the portfolio
management services provided, the Board considered the experience of Ronald H.
Fielding and the Manager's Municipal Bond investment team and analysts. Mr.
Fielding has had over 28 years of experience managing tax exempt and fixed
income investments. The Board members also considered their experiences with the
Manager and its officers and other personnel through their service as directors
or trustees of the Fund and other funds advised by the Manager. The Board
considered information regarding the quality of services provided by affiliates
of the Manager, which it also reviews at other times during the year in
connection with the renewal of the Fund's service agreements. In light of the
foregoing, the Board concluded that the Fund benefits from the services provided
under the Agreement as a result of the Manager's experience, reputation,
personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the performance of the Fund and the Manager at
each Board meeting, including comparative performance information. The Board
also reviewed information, prepared by the Manager and by the independent
consultant, comparing the Fund's historical performance to relevant market
indices and to the performance of other high yield municipal debt funds advised
by the Manager and other investment advisers. The Board noted that the Fund's
one-year, three-year, five-year and ten-year performance were all better than
its peer group average.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also evaluated the comparability of the fees charged and the services provided
to the Fund to those of other clients or accounts advised by the Manager. The
independent consultant provided comparative data in regard to the fees and
expenses of the Fund, other high yield municipal debt funds and other funds with
comparable asset levels and distribution features. The Board noted that the
Fund's contractual and actual management fees and total expenses were all lower
than its peer group average.
65 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, to what extent
those economies of scale benefit the Fund shareholders and the current level of
Fund assets. The Board also noted the Fund's breakpoints, which are intended to
share economies of scale that may exist as the Fund grows with its shareholders.
PROFITS AND OTHER BENEFITS TO THE MANAGER. The Board considered
information regarding the Manager's costs in serving as the Fund's investment
adviser, including the costs associated with the personnel and systems necessary
to manage the Fund, and information regarding the Manager's profitability from
its relationship with the Fund. The Board considered that the Manager must be
able to pay and retain experienced professional personnel at competitive rates
to provide services to the Fund and that maintaining the financial viability of
the Manager is important in order for the Manager to continue to provide
significant services to the Fund and its shareholders. The Board also considered
information regarding the direct and indirect benefits the Manager receives as a
result of its relationship with the Fund, including compensation paid to the
Manager's affiliates for services provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the advisory
agreement for another year. In arriving at this decision, the Board did not
single out any factor or factors as being more important than others, but
considered all of the factors together. The Board judged the terms and
conditions of the advisory agreement, including the management fee, in light of
all of the surrounding circumstances.
66 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
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:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
o 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
o 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 January 31, 2006, the registrant's principal executive
officer and principal financial officer found the registrant's disclosure
controls and procedures to provide reasonable assurances that information
required to be disclosed by the registrant in the reports that it files under
the Securities Exchange Act of 1934 (a) is accumulated and communicated to
registrant's management, including its principal executive officer and principal
financial officer, to allow timely decisions regarding required disclosure, and
(b) is recorded, processed, summarized and reported, within the time periods
specified in the rules and forms adopted by the U.S. Securities and Exchange
Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Multi-State Municipal Trust, consisting of: Oppenheimer New Jersey
Municipal Fund, Oppenheimer Pennsylvania Municipal Fund, and Oppenheimer
Rochester National Municipals
By: /s/ John V. Murphy
----------------------------
John V. Murphy
Principal Executive Officer
Date: March 15, 2006
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. Murphy
----------------------------
John V. Murphy
Principal Executive Officer
Date: March 15, 2006
By: /s/ Brian W. Wixted
----------------------------
Brian W. Wixted
Principal Financial Officer
Date: March 15, 2006