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
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OPPENHEIMER MULTI-STATE MUNICIPAL TRUST
---------------------------------------
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
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(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
TWO WORLD FINANCIAL CENTER, NEW YORK, NEW YORK 10281-1008
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
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Date of fiscal year end: JULY 31
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Date of reporting period: JANUARY 31, 2007
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ITEM 1. REPORTS TO STOCKHOLDERS.
OPPENHEIMER NEW JERSEY MUNICIPAL FUND
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Tobacco Settlement Payments 19.8%
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Education 10.5
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Hospital/Health Care 9.0
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Marine/Aviation Facilities 8.6
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Airlines 6.8
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General Obligation 6.3
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Higher Education 5.8
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Municipal Leases 4.8
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Adult Living Facilities 4.7
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Special Tax 3.9
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2007, and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 25.9%
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AA 16.7
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A 3.5
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BBB 38.9
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BB 1.9
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B 5.2
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CCC 2.3
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Not Rated 5.6
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2007, 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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14 | 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 1.8000.525.7048, 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.
15 | 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, 2007.
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
16 | 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
(8/1/06) (1/31/07) JANUARY 31, 2007
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Class A Actual $ 1,000.00 $ 1,046.30 $ 7.51
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Class A Hypothetical 1,000.00 1,017.90 7.40
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Class B Actual 1,000.00 1,042.10 11.59
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Class B Hypothetical 1,000.00 1,013.91 11.43
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Class C Actual 1,000.00 1,042.20 11.44
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Class C Hypothetical 1,000.00 1,014.06 11.28
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, 2007 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------
Class A 1.45%
- ---------------------------
Class B 2.24
- ---------------------------
Class C 2.21
Interest and related expenses from inverse floaters represent 0.63% of the
expense ratios, but has not affected the Fund's total returns or net asset
values.
17 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS January 31, 2007 / Unaudited
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--120.1%
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NEW JERSEY--89.4%
$ 10,000 Bergen County HDC 6.750% 10/01/2018 $ 10,122
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20,000 Bergen County HDC (Park Ridge) 5.950 07/01/2025 20,900
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25,000 Berkeley HFC (Bayville Hsg.) 5.750 08/01/2014 25,575
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95,000 Camden County PCFA (Camden County Energy
Recovery Associates) 7.500 12/01/2009 96,324
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100,000 Camden County PCFA (Camden County Energy
Recovery Associates) 7.500 12/01/2010 101,394
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100,000 Delaware River Port Authority PA/NJ 5.400 01/01/2011 101,126
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1,565,000 Delaware River Port Authority PA/NJ 1 5.400 01/01/2016 1,582,622
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9,140,000 Delaware River Port Authority PA/NJ 1 5.500 01/01/2026 9,244,287
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300,000 Essex County Improvement Authority 5.125 10/01/2022 320,343
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105,000 Essex County Improvement Authority (Sportsplex) 5.625 10/01/2027 106,973
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2,000,000 Garden State Preservation Trust (Open Space &
Farmland Preservation) 1 5.800 11/01/2023 2,280,720
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1,250,000 Gloucester County HDC (Colonial Park) 1 6.200 09/15/2011 1,263,563
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20,000 Gloucester County Improvement Authority
(Governmental Leasing Program) 5.900 04/01/2007 20,034
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5,000 Gloucester County Utilities Authority 5.125 01/01/2013 5,005
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25,000 Haledon School District 5.625 02/01/2009 25,036
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545,000 Higher Education Student Assistance Authority
(Student Loan) 1 6.000 06/01/2015 552,881
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1,000,000 Hudson County Solid Waste Improvement Authority 6.000 01/01/2029 1,008,220
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3,755,000 Hudson County Solid Waste Improvement Authority
(Koppers Site) 6.125 01/01/2029 3,842,679
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10,000 Jackson Township Municipal Utilities Authority 5.500 12/01/2015 10,335
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25,000 Jersey City GO 5.250 10/01/2016 25,527
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75,000 Mercer County Improvement Authority 5.000 11/15/2016 76,567
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3,290,000 Mercer County Improvement Authority 1 5.000 08/01/2040 3,441,307
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45,000 Mercer County Improvement Authority (Solid Waste) 5.750 09/15/2016 46,428
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875,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 5.000 01/01/2015 886,664
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500,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 1 5.000 01/01/2020 508,315
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1,535,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 1 5.000 01/01/2032 1,535,430
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1,100,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 5.125 01/01/2037 1,107,062
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975,000 Middlesex County Improvement Authority
(Skyline Tower Urban Renewal Associates) 1 5.350 07/01/2034 1,017,695
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2,500,000 Middlesex County Pollution Control Authority
(Amerada Hess Corp.) 6.050 09/15/2034 2,704,000
18 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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NEW JERSEY Continued
$ 45,000 Monmouth County Improvement Authority 5.000% 02/01/2013 $ 45,044
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15,000 Monmouth County Improvement Authority 5.450 07/15/2013 15,319
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10,000 Morristown GO 5.300 03/01/2021 10,012
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35,000 New Brunswick Hsg. & Urban Devel. Authority 5.500 08/01/2011 35,048
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65,000 New Brunswick Hsg. & Urban Devel. Authority 5.750 07/01/2024 65,099
- ------------------------------------------------------------------------------------------------------------------
1,680,000 NJ EDA (American Airlines) 7.100 11/01/2031 1,682,755
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2,755,000 NJ EDA (Anheuser-Busch Companies) 5.850 12/01/2030 2,786,297
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2,065,000 NJ EDA (Applewood Estates) 5.000 10/01/2025 2,154,105
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8,060,000 NJ EDA (Applewood Estates) 1 5.000 10/01/2035 8,378,370
- ------------------------------------------------------------------------------------------------------------------
50,000 NJ EDA (Bristol Glen) 5.750 07/01/2029 51,170
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1,690,000 NJ EDA (Cadbury at Cherry Hill) 4.600 07/01/2027 1,694,343
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130,000 NJ EDA (Cadbury at Cherry Hill) 5.500 07/01/2018 134,555
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25,000 NJ EDA (Cadbury at Cherry Hill) 5.500 07/01/2028 25,771
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25,000 NJ EDA (Cascade Corp.) 8.250 02/01/2026 25,004
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3,000,000 NJ EDA (Cigarette Tax) 5.500 06/15/2031 3,160,890
- ------------------------------------------------------------------------------------------------------------------
200,000 NJ EDA (Cigarette Tax) 5.625 06/15/2017 201,152
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1,500,000 NJ EDA (Cigarette Tax) 5.750 06/15/2029 1,613,325
- ------------------------------------------------------------------------------------------------------------------
10,000,000 NJ EDA (Cigarette Tax) 5.750 06/15/2034 10,690,900
- ------------------------------------------------------------------------------------------------------------------
530,000 NJ EDA (Continental Airlines) 1 5.500 04/01/2028 530,339
- ------------------------------------------------------------------------------------------------------------------
15,715,000 NJ EDA (Continental Airlines) 6.250 09/15/2019 16,349,257
- ------------------------------------------------------------------------------------------------------------------
4,045,000 NJ EDA (Continental Airlines) 1 6.250 09/15/2029 4,219,784
- ------------------------------------------------------------------------------------------------------------------
5,810,000 NJ EDA (Continental Airlines) 1 6.400 09/15/2023 6,092,540
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3,590,000 NJ EDA (Continental Airlines) 1 6.625 09/15/2012 3,902,079
- ------------------------------------------------------------------------------------------------------------------
5,710,000 NJ EDA (Continental Airlines) 1 7.000 11/15/2030 6,207,284
- ------------------------------------------------------------------------------------------------------------------
3,500,000 NJ EDA (Continental Airlines) 9.000 06/01/2033 4,356,450
- ------------------------------------------------------------------------------------------------------------------
100,000 NJ EDA (Courthouse Convalescent Center) 8.700 02/01/2014 100,080
- ------------------------------------------------------------------------------------------------------------------
3,100,000 NJ EDA (Cranes Mill) 5.100 06/01/2027 3,140,455
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70,000 NJ EDA (Dept. of Human Services) 5.000 07/01/2022 72,360
- ------------------------------------------------------------------------------------------------------------------
130,000 NJ EDA (Dept. of Human Services) 6.250 07/01/2024 140,283
- ------------------------------------------------------------------------------------------------------------------
100,000 NJ EDA (Devereux Foundation) 5.450 05/01/2027 101,347
- ------------------------------------------------------------------------------------------------------------------
50,000 NJ EDA (Eastern Shore) 8.000 02/01/2011 50,016
- ------------------------------------------------------------------------------------------------------------------
680,000 NJ EDA (Elizabethtown Water Company) 5.600 12/01/2025 687,562
- ------------------------------------------------------------------------------------------------------------------
3,900,000 NJ EDA (Empowerment Zone-Cumberland) 7.750 08/01/2021 3,808,467
- ------------------------------------------------------------------------------------------------------------------
20,000 NJ EDA (Fellowship Village) 5.500 01/01/2018 20,461
- ------------------------------------------------------------------------------------------------------------------
140,000 NJ EDA (General Motors Corp.) 1 5.350 04/01/2009 139,775
- ------------------------------------------------------------------------------------------------------------------
25,000 NJ EDA (Greater New York Councils Boy Scouts
of America) 5.450 09/01/2023 25,116
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320,000 NJ EDA (Hackensack Water Company) 5.800 03/01/2024 324,077
- ------------------------------------------------------------------------------------------------------------------
135,000 NJ EDA (Hackensack Water Company) 5.900 03/01/2024 136,586
- ------------------------------------------------------------------------------------------------------------------
2,010,000 NJ EDA (Jersey Central Power & Light Company) 7.100 07/01/2015 2,034,100
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
$ 4,900,000 NJ EDA (JVG Properties) 5.375% 03/01/2019 $ 5,058,368
- ------------------------------------------------------------------------------------------------------------------
2,500,000 NJ EDA (Kapkowski Road Landfill) 6.500 04/01/2031 2,976,975
- ------------------------------------------------------------------------------------------------------------------
15,000 NJ EDA (Kullman Associates) 6.125 06/01/2018 14,229
- ------------------------------------------------------------------------------------------------------------------
120,000 NJ EDA (Kullman Associates) 6.750 07/01/2019 117,218
- ------------------------------------------------------------------------------------------------------------------
8,690,000 NJ EDA (Liberty Street Park) 2 5.000 03/01/2027 9,128,080
- ------------------------------------------------------------------------------------------------------------------
710,000 NJ EDA (Lions Gate) 5.750 01/01/2025 736,909
- ------------------------------------------------------------------------------------------------------------------
1,345,000 NJ EDA (Lions Gate) 5.875 01/01/2037 1,405,283
- ------------------------------------------------------------------------------------------------------------------
2,045,000 NJ EDA (Lutheran Social Ministries at Crane's Mill) 5.000 06/01/2015 2,082,117
- ------------------------------------------------------------------------------------------------------------------
30,000 NJ EDA (Manchester Manor) 6.700 08/01/2022 30,039
- ------------------------------------------------------------------------------------------------------------------
1,000,000 NJ EDA (Marcus L. Ward Home) 5.750 11/01/2024 1,077,220
- ------------------------------------------------------------------------------------------------------------------
1,200,000 NJ EDA (Marcus L. Ward Home) 5.800 11/01/2031 1,294,752
- ------------------------------------------------------------------------------------------------------------------
1,130,000 NJ EDA (Masonic Charity Foundation of New Jersey) 1 5.500 06/01/2031 1,199,269
- ------------------------------------------------------------------------------------------------------------------
750,000 NJ EDA (Masonic Charity Foundation of New Jersey) 6.000 06/01/2025 819,368
- ------------------------------------------------------------------------------------------------------------------
245,000 NJ EDA (Middlesex Water Company) 5.200 10/01/2022 246,296
- ------------------------------------------------------------------------------------------------------------------
200,000 NJ EDA (Middlesex Water Company) 5.250 10/01/2023 200,146
- ------------------------------------------------------------------------------------------------------------------
45,000 NJ EDA (Middlesex Water Company) 5.250 02/01/2029 45,032
- ------------------------------------------------------------------------------------------------------------------
215,000 NJ EDA (Middlesex Water Company) 5.350 02/01/2038 221,029
- ------------------------------------------------------------------------------------------------------------------
1,030,000 NJ EDA (New Jersey American Water Company) 5.250 07/01/2038 1,064,763
- ------------------------------------------------------------------------------------------------------------------
110,000 NJ EDA (New Jersey American Water Company) 5.350 06/01/2023 110,124
- ------------------------------------------------------------------------------------------------------------------
255,000 NJ EDA (New Jersey American Water Company) 5.350 06/01/2023 255,288
- ------------------------------------------------------------------------------------------------------------------
705,000 NJ EDA (New Jersey American Water Company) 5.375 05/01/2032 728,540
- ------------------------------------------------------------------------------------------------------------------
390,000 NJ EDA (New Jersey American Water Company) 5.500 06/01/2023 390,390
- ------------------------------------------------------------------------------------------------------------------
900,000 NJ EDA (New Jersey American Water Company) 5.950 11/01/2029 912,879
- ------------------------------------------------------------------------------------------------------------------
405,000 NJ EDA (New Jersey American Water Company) 6.000 05/01/2036 411,379
- ------------------------------------------------------------------------------------------------------------------
6,520,000 NJ EDA (New Jersey American Water Company) 1 6.875 11/01/2034 6,535,844
- ------------------------------------------------------------------------------------------------------------------
70,000 NJ EDA (New Jersey Natural Gas Company) 5.000 12/01/2038 72,243
- ------------------------------------------------------------------------------------------------------------------
25,000 NJ EDA (New Jersey Transit Corp.) 5.700 12/15/2013 25,039
- ------------------------------------------------------------------------------------------------------------------
30,000 NJ EDA (New Jersey Transit Corp.) 5.750 12/15/2017 30,047
- ------------------------------------------------------------------------------------------------------------------
2,260,000 NJ EDA (Nui Corp.) 5.250 11/01/2033 2,307,166
- ------------------------------------------------------------------------------------------------------------------
1,350,000 NJ EDA (Nui Corp.) 1 5.250 11/01/2033 1,386,531
- ------------------------------------------------------------------------------------------------------------------
1,105,000 NJ EDA (Nui Corp.) 5.700 06/01/2032 1,132,305
- ------------------------------------------------------------------------------------------------------------------
4,995,000 NJ EDA (Public Service Electric & Gas) 1 6.400 05/01/2032 5,038,257
- ------------------------------------------------------------------------------------------------------------------
240,000 NJ EDA (Reformed Church Ministries to the Aging
The Particulare Synod Mid-Atlantics) 5.375 12/01/2018 247,901
- ------------------------------------------------------------------------------------------------------------------
8,000,000 NJ EDA (School Facilities Construction) 2 5.000 09/01/2024 8,571,120
- ------------------------------------------------------------------------------------------------------------------
6,000,000 NJ EDA (School Facilities Construction) 5.000 09/01/2030 6,278,820
- ------------------------------------------------------------------------------------------------------------------
7,500,000 NJ EDA (School Facilities Construction) 1 5.000 09/01/2036 7,899,525
- ------------------------------------------------------------------------------------------------------------------
10,000,000 NJ EDA (School Facilities Construction) 2 5.000 09/01/2036 10,532,650
- ------------------------------------------------------------------------------------------------------------------
7,455,000 NJ EDA (School Facilities Construction) 1 5.125 03/01/2028 7,889,179
- ------------------------------------------------------------------------------------------------------------------
18,080,000 NJ EDA (School Facilities Construction) 2 5.125 03/01/2028 19,133,070
20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 6,345,000 NJ EDA (School Facilities Construction) 5.125% 09/01/2028 $ 6,733,568
- ------------------------------------------------------------------------------------------------------------------
4,430,000 NJ EDA (School Facilities Construction) 1 5.125 03/01/2030 4,678,700
- ------------------------------------------------------------------------------------------------------------------
36,180,000 NJ EDA (School Facilities Construction) 2 5.125 03/01/2030 38,211,145
- ------------------------------------------------------------------------------------------------------------------
635,000 NJ EDA (St. Barnabas Medical Center) 5.375 07/01/2027 651,237
- ------------------------------------------------------------------------------------------------------------------
1,215,000 NJ EDA (St. Francis Life Care Corp.) 5.700 10/01/2017 1,241,232
- ------------------------------------------------------------------------------------------------------------------
2,100,000 NJ EDA (St. Francis Life Care Corp.) 5.750 10/01/2023 2,144,961
- ------------------------------------------------------------------------------------------------------------------
480,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2019 489,451
- ------------------------------------------------------------------------------------------------------------------
510,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2020 519,843
- ------------------------------------------------------------------------------------------------------------------
545,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2021 555,360
- ------------------------------------------------------------------------------------------------------------------
575,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2022 585,816
- ------------------------------------------------------------------------------------------------------------------
610,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2023 621,236
- ------------------------------------------------------------------------------------------------------------------
650,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2024 661,791
- ------------------------------------------------------------------------------------------------------------------
690,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2025 702,372
- ------------------------------------------------------------------------------------------------------------------
115,000 NJ EDA (The Presbyterian Home at Montgomery) 6.375 11/01/2031 122,040
- ------------------------------------------------------------------------------------------------------------------
3,770,000 NJ EDA (Trigen-Trenton District Energy Company) 6.200 12/01/2010 3,806,984
- ------------------------------------------------------------------------------------------------------------------
20,000 NJ EDA (United Methodist Homes of New Jersey) 5.125 07/01/2018 19,795
- ------------------------------------------------------------------------------------------------------------------
2,370,000 NJ EDA (United Methodist Homes of New Jersey) 1 5.125 07/01/2025 2,329,710
- ------------------------------------------------------------------------------------------------------------------
25,000 NJ EDA (United Methodist Homes of New Jersey) 7.200 07/01/2010 25,235
- ------------------------------------------------------------------------------------------------------------------
465,000 NJ EDA (United Water New Jersey) 5.000 11/01/2028 475,244
- ------------------------------------------------------------------------------------------------------------------
2,000,000 NJ EDA Retirement Community (Cedar Crest Village) 7.250 11/15/2021 2,280,680
- ------------------------------------------------------------------------------------------------------------------
2,500,000 NJ EDA Retirement Community (Seabrook Village) 5.250 11/15/2026 2,527,450
- ------------------------------------------------------------------------------------------------------------------
3,500,000 NJ EDA Retirement Community (Seabrook Village) 5.250 11/15/2036 3,514,350
- ------------------------------------------------------------------------------------------------------------------
2,100,000 NJ EDA Retirement Community (Seabrook Village) 8.000 11/15/2015 2,399,334
- ------------------------------------------------------------------------------------------------------------------
6,000,000 NJ EDA, Series B 6.875 01/01/2037 6,339,840
- ------------------------------------------------------------------------------------------------------------------
90,000 NJ Educational Facilities Authority
(Beth Medrash Govoha America) 6.375 07/01/2030 95,471
- ------------------------------------------------------------------------------------------------------------------
625,000 NJ Educational Facilities Authority
(Fairleigh Dickinson University), Series D 5.250 07/01/2032 649,613
- ------------------------------------------------------------------------------------------------------------------
15,000,000 NJ Educational Facilities Authority
(Fairleigh Dickinson University), Series D 6.000 07/01/2025 16,306,650
- ------------------------------------------------------------------------------------------------------------------
3,540,000 NJ Educational Facilities Authority
(Georgian Court College) 6.500 07/01/2033 3,973,579
- ------------------------------------------------------------------------------------------------------------------
185,000 NJ Educational Facilities Authority (Monmouth
University) 5.625 07/01/2013 185,179
- ------------------------------------------------------------------------------------------------------------------
2,000,000 NJ Educational Facilities Authority (Monmouth
University) 1 5.800 07/01/2022 2,050,220
- ------------------------------------------------------------------------------------------------------------------
810,000 NJ Educational Facilities Authority
(Montclaire State University) 5.000 07/01/2024 863,517
- ------------------------------------------------------------------------------------------------------------------
1,590,000 NJ Educational Facilities Authority
(Montclaire State University) 5.000 07/01/2031 1,683,587
- ------------------------------------------------------------------------------------------------------------------
50,000 NJ Educational Facilities Authority (Rowan College) 5.400 07/01/2016 50,826
- ------------------------------------------------------------------------------------------------------------------
280,000 NJ Educational Facilities Authority (St. Peter's
College) 5.500 07/01/2027 284,158
21 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 1,345,000 NJ Educational Facilities Authority
(Stevens Institute of Technology) 1 5.250% 07/01/2032 $ 1,407,879
- ------------------------------------------------------------------------------------------------------------------
125,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2013 125,765
- ------------------------------------------------------------------------------------------------------------------
100,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2014 100,612
- ------------------------------------------------------------------------------------------------------------------
20,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2015 20,122
- ------------------------------------------------------------------------------------------------------------------
345,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2021 347,111
- ------------------------------------------------------------------------------------------------------------------
705,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2021 709,308
- ------------------------------------------------------------------------------------------------------------------
100,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2025 100,597
- ------------------------------------------------------------------------------------------------------------------
190,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2025 191,134
- ------------------------------------------------------------------------------------------------------------------
80,000 NJ Environmental Infrastructure 5.000 09/01/2020 83,132
- ------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority
(Allegany Health System Obligated Group) 5.200 07/01/2018 10,388
- ------------------------------------------------------------------------------------------------------------------
65,000 NJ Health Care Facilities Financing Authority
(Atlantic Health Systems Hospital Corp.) 5.375 07/01/2019 66,658
- ------------------------------------------------------------------------------------------------------------------
80,000 NJ Health Care Facilities Financing Authority
(Atlantic Health Systems) 5.000 07/01/2027 81,656
- ------------------------------------------------------------------------------------------------------------------
475,000 NJ Health Care Facilities Financing Authority
(Avalon at Hillsborough) 6.150 07/01/2020 483,621
- ------------------------------------------------------------------------------------------------------------------
750,000 NJ Health Care Facilities Financing Authority
(Avalon at Hillsborough) 6.375 07/01/2025 762,608
- ------------------------------------------------------------------------------------------------------------------
500,000 NJ Health Care Facilities Financing Authority
(Avalon at Hillsborough) 6.625 07/01/2035 508,835
- ------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority
(Burdette Tomlin Memorial Hospital) 6.500 07/01/2012 10,113
- ------------------------------------------------------------------------------------------------------------------
145,000 NJ Health Care Facilities Financing Authority
(Capital Health System) 5.250 07/01/2027 147,509
- ------------------------------------------------------------------------------------------------------------------
4,145,000 NJ Health Care Facilities Financing Authority
(Capital Health System) 5.750 07/01/2023 4,436,767
- ------------------------------------------------------------------------------------------------------------------
70,000 NJ Health Care Facilities Financing Authority
(Catholic Health East) 5.375 11/15/2033 73,340
- ------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority
(Children's Specialized Hospital) 5.500 07/01/2036 1,053,260
- ------------------------------------------------------------------------------------------------------------------
70,000 NJ Health Care Facilities Financing Authority
(Chilton Memorial Hospital) 5.000 07/01/2013 70,423
- ------------------------------------------------------------------------------------------------------------------
25,000 NJ Health Care Facilities Financing Authority
(CMC/KMCC Obligated Group) 5.500 07/01/2027 25,650
22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 140,000 NJ Health Care Facilities Financing Authority
(CMMC/CMHS Obligated Group) 5.000% 07/01/2025 $ 141,847
- ------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority
(Columbus Hospital) 7.500 07/01/2021 1,015,820
- ------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(CoMC/KMCC Obligated Group) 5.500 07/01/2017 51,309
- ------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority (Community
Hospital Group/Hartwyck at Oak Tree Obligated Group) 5.000 07/01/2025 10,226
- ------------------------------------------------------------------------------------------------------------------
8,000,000 NJ Health Care Facilities Financing Authority
(Englewood Hospital) 2 5.250 08/01/2025 8,452,960
- ------------------------------------------------------------------------------------------------------------------
150,000 NJ Health Care Facilities Financing Authority
(Englewood Hospital) 5.250 08/01/2025 158,493
- ------------------------------------------------------------------------------------------------------------------
15,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 5.000 09/15/2026 15,821
- ------------------------------------------------------------------------------------------------------------------
7,480,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 2 5.000 09/15/2026 7,879,656
- ------------------------------------------------------------------------------------------------------------------
4,000,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 2 5.000 09/15/2027 4,213,720
- ------------------------------------------------------------------------------------------------------------------
4,000,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 2 5.000 09/15/2028 4,213,720
- ------------------------------------------------------------------------------------------------------------------
40,000 NJ Health Care Facilities Financing Authority
(Hackensack University Medical Center) 5.000 01/01/2028 40,663
- ------------------------------------------------------------------------------------------------------------------
750,000 NJ Health Care Facilities Financing Authority
(Hebrew Old Age Center of Atlantic City) 5.300 11/01/2026 761,925
- ------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority
(Hebrew Old Age Center of Atlantic City) 5.375 11/01/2036 1,016,990
- ------------------------------------------------------------------------------------------------------------------
1,260,000 NJ Health Care Facilities Financing Authority
(Holy Name Hospital) 5.000 07/01/2036 1,286,523
- ------------------------------------------------------------------------------------------------------------------
85,000 NJ Health Care Facilities Financing Authority
(Holy Name Hospital) 6.000 07/01/2025 87,202
- ------------------------------------------------------------------------------------------------------------------
2,500,000 NJ Health Care Facilities Financing Authority
(Hunterdon Medical Center) 5.125 07/01/2035 2,594,450
- ------------------------------------------------------------------------------------------------------------------
100,000 NJ Health Care Facilities Financing Authority
(KMH/UMC/KSC Obligated Group) 5.125 07/01/2027 101,433
- ------------------------------------------------------------------------------------------------------------------
25,000 NJ Health Care Facilities Financing Authority
(ONP/MHC Obligated Group) 5.375 07/01/2024 26,005
- ------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority (Palisades
Medical Center of NY Presbyterian Healthcare System) 5.200 07/01/2019 51,326
- ------------------------------------------------------------------------------------------------------------------
165,000 NJ Health Care Facilities Financing Authority
(Palisades Medical Center) 5.250 07/01/2028 168,741
- ------------------------------------------------------------------------------------------------------------------
1,430,000 NJ Health Care Facilities Financing Authority
(Pascack Valley Hospital Assoc.) 5.125 07/01/2018 1,427,483
- ------------------------------------------------------------------------------------------------------------------
5,405,000 NJ Health Care Facilities Financing Authority
(Pascack Valley Hospital Assoc.) 5.125 07/01/2028 5,363,814
23 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 135,000 NJ Health Care Facilities Financing Authority
(Pascack Valley Hospital Assoc.) 6.625% 07/01/2036 $ 147,597
- ------------------------------------------------------------------------------------------------------------------
1,500,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 7.250 07/01/2014 1,543,605
- ------------------------------------------------------------------------------------------------------------------
9,830,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 7.250 07/01/2027 10,058,842
- ------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority (RWJ
Health Care Corp/RWJ Hospital at Hamilton Obligated
Group) 5.000 07/01/2025 1,044,290
- ------------------------------------------------------------------------------------------------------------------
8,000,000 NJ Health Care Facilities Financing Authority (RWJ
University Hospital) 1 5.000 07/01/2035 8,331,440
- ------------------------------------------------------------------------------------------------------------------
1,100,000 NJ Health Care Facilities Financing Authority (RWJ
University Hospital) 1 5.750 07/01/2025 1,166,088
- ------------------------------------------------------------------------------------------------------------------
20,000 NJ Health Care Facilities Financing Authority
(Society of the Valley Hospital) 5.500 07/01/2020 20,965
- ------------------------------------------------------------------------------------------------------------------
70,000 NJ Health Care Facilities Financing Authority
(Somerset Medical Center) 5.500 07/01/2033 72,422
- ------------------------------------------------------------------------------------------------------------------
20,000 NJ Health Care Facilities Financing Authority
(South Jersey Hospital System) 6.000 07/01/2032 22,017
- ------------------------------------------------------------------------------------------------------------------
250,000 NJ Health Care Facilities Financing Authority
(South Jersey Hospital) 5.000 07/01/2036 258,625
- ------------------------------------------------------------------------------------------------------------------
2,505,000 NJ Health Care Facilities Financing Authority
(South Jersey Hospital) 5.000 07/01/2046 2,565,972
- ------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(St. Barnabas Corp.) 5.000 07/01/2024 51,079
- ------------------------------------------------------------------------------------------------------------------
2,000,000 NJ Health Care Facilities Financing Authority
(St. Barnabas Health Care System) 5.000 07/01/2029 2,053,440
- ------------------------------------------------------------------------------------------------------------------
4,845,000 NJ Health Care Facilities Financing Authority
(St. Clare's Hospital) 1 5.250 07/01/2021 5,142,386
- ------------------------------------------------------------------------------------------------------------------
265,000 NJ Health Care Facilities Financing Authority
(St. Joseph's Hospital & Medical Center) 5.750 07/01/2016 270,642
- ------------------------------------------------------------------------------------------------------------------
800,000 NJ Health Care Facilities Financing Authority
(St. Joseph's Hospital & Medical Center) 6.000 07/01/2026 817,280
- ------------------------------------------------------------------------------------------------------------------
45,000 NJ Health Care Facilities Financing Authority
(St. Peter's Hospital) 5.000 07/01/2010 45,038
- ------------------------------------------------------------------------------------------------------------------
5,000 NJ Health Care Facilities Financing Authority
(St. Peter's Hospital) 5.000 07/01/2012 5,004
- ------------------------------------------------------------------------------------------------------------------
20,000 NJ Health Care Facilities Financing Authority
(St. Peter's Hospital) 5.000 07/01/2013 20,017
- ------------------------------------------------------------------------------------------------------------------
295,000 NJ Health Care Facilities Financing Authority
(St. Peter's Hospital) 5.000 07/01/2021 295,802
- ------------------------------------------------------------------------------------------------------------------
1,025,000 NJ Health Care Facilities Financing Authority
(St. Peter's University Hospital/Margaret McLaughlin
McCarrick Care Center Obligated Group) 6.875 07/01/2030 1,114,954
- ------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(The Medical Center at Princeton) 5.000 07/01/2028 51,084
24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 50,000 NJ Health Care Facilities Financing Authority
(THGS/THGSF Obligated Group) 5.200% 07/01/2031 $ 51,639
- ------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(Trinitas Hospital/Marillac Corp. Obligated Group) 7.400 07/01/2020 55,181
- ------------------------------------------------------------------------------------------------------------------
15,000 NJ HFA 5.250 11/01/2015 15,013
- ------------------------------------------------------------------------------------------------------------------
45,000 NJ HFA 5.375 11/01/2008 45,037
- ------------------------------------------------------------------------------------------------------------------
10,000 NJ Higher Education Assistance Authority (Student
Loans) 5.250 06/01/2018 10,045
- ------------------------------------------------------------------------------------------------------------------
15,000 NJ Higher Education Assistance Authority (Student
Loans) 5.300 06/01/2017 15,043
- ------------------------------------------------------------------------------------------------------------------
45,000 NJ Higher Education Assistance Authority (Student
Loans) 5.800 06/01/2016 45,382
- ------------------------------------------------------------------------------------------------------------------
30,000 NJ Higher Education Assistance Authority (Student
Loans) 5.900 07/01/2009 30,262
- ------------------------------------------------------------------------------------------------------------------
25,000 NJ Higher Education Assistance Authority (Student
Loans) 6.000 07/01/2012 25,038
- ------------------------------------------------------------------------------------------------------------------
5,000 NJ Higher Education Assistance Authority (Student
Loans) 6.125 07/01/2009 5,008
- ------------------------------------------------------------------------------------------------------------------
10,000 NJ Higher Education Assistance Authority (Student
Loans) 6.125 07/01/2015 10,017
- ------------------------------------------------------------------------------------------------------------------
15,000 NJ Hsg. & Mortgage Finance Agency (Homebuyer) 5.250 10/01/2018 15,400
- ------------------------------------------------------------------------------------------------------------------
580,000 NJ Hsg. & Mortgage Finance Agency (Homebuyer) 5.400 10/01/2020 590,817
- ------------------------------------------------------------------------------------------------------------------
10,000 NJ Hsg. & Mortgage Finance Agency (Homebuyer) 6.125 10/01/2021 10,091
- ------------------------------------------------------------------------------------------------------------------
1,500,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 1 4.650 11/01/2026 1,527,585
- ------------------------------------------------------------------------------------------------------------------
1,600,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 1 4.800 11/01/2036 1,631,632
- ------------------------------------------------------------------------------------------------------------------
2,335,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 1 4.900 11/01/2026 2,395,103
- ------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 1 5.000 11/01/2036 1,025,620
- ------------------------------------------------------------------------------------------------------------------
170,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 5.150 11/01/2030 173,616
- ------------------------------------------------------------------------------------------------------------------
80,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 5.400 11/01/2028 81,508
- ------------------------------------------------------------------------------------------------------------------
25,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.050 11/01/2018 25,586
- ------------------------------------------------------------------------------------------------------------------
25,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.050 05/01/2034 25,409
- ------------------------------------------------------------------------------------------------------------------
200,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.550 05/01/2027 205,202
- ------------------------------------------------------------------------------------------------------------------
2,320,000 NJ Hsg. & Mortgage Finance Agency, Series A 1 5.650 05/01/2040 2,381,712
- ------------------------------------------------------------------------------------------------------------------
30,000 NJ Hsg. & Mortgage Finance Agency, Series B 5.850 11/01/2012 31,298
- ------------------------------------------------------------------------------------------------------------------
80,000 NJ Hsg. & Mortgage Finance Agency, Series B 6.150 11/01/2020 84,131
- ------------------------------------------------------------------------------------------------------------------
100,000 NJ Hsg. & Mortgage Finance Agency, Series E1 5.750 05/01/2025 104,121
- ------------------------------------------------------------------------------------------------------------------
2,340,000 NJ Hsg. & Mortgage Finance Agency, Series M 1 5.000 10/01/2036 2,394,171
- ------------------------------------------------------------------------------------------------------------------
35,000 NJ Hsg. & Mortgage Finance Agency, Series N 5.900 10/01/2012 35,292
- ------------------------------------------------------------------------------------------------------------------
1,085,000 NJ Hsg. & Mortgage Finance Agency, Series S 1 5.950 10/01/2017 1,090,989
- ------------------------------------------------------------------------------------------------------------------
75,000 NJ Hsg. & Mortgage Finance Agency, Series T 5.600 04/01/2017 76,877
- ------------------------------------------------------------------------------------------------------------------
1,340,000 NJ Hsg. & Mortgage Finance Agency, Series U 5.750 04/01/2018 1,370,699
- ------------------------------------------------------------------------------------------------------------------
480,000 NJ Hsg. & Mortgage Finance Agency, Series U 5.850 04/01/2029 490,454
- ------------------------------------------------------------------------------------------------------------------
75,000 NJ Hsg. & Mortgage Finance Agency, Series V 5.250 04/01/2026 77,012
- ------------------------------------------------------------------------------------------------------------------
10,000 NJ Sports & Exposition Authority, Series A 5.000 01/01/2010 10,010
- ------------------------------------------------------------------------------------------------------------------
15,000 NJ Sports & Exposition Authority, Series A 5.125 01/01/2016 15,016
- ------------------------------------------------------------------------------------------------------------------
205,000 NJ Sports & Exposition Authority, Series A 5.200 01/01/2020 205,223
25 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 565,000 NJ Sports & Exposition Authority, Series A 5.200% 01/01/2024 $ 565,542
- ------------------------------------------------------------------------------------------------------------------
10,000,000 NJ Tobacco Settlement Financing Corp. 5.000 06/01/2041 9,874,800
- ------------------------------------------------------------------------------------------------------------------
259,050,000 NJ Tobacco Settlement Financing Corp. 5.650 3 06/01/2041 38,264,276
- ------------------------------------------------------------------------------------------------------------------
200,000,000 NJ Tobacco Settlement Financing Corp. 5.800 3 06/01/2041 28,100,000
- ------------------------------------------------------------------------------------------------------------------
5,250,000 NJ Tobacco Settlement Financing Corp. 1 6.125 06/01/2024 5,619,338
- ------------------------------------------------------------------------------------------------------------------
450,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.375 06/01/2018 482,891
- ------------------------------------------------------------------------------------------------------------------
10,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.750 06/01/2016 10,910
- ------------------------------------------------------------------------------------------------------------------
12,500,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.750 06/01/2032 13,339,500
- ------------------------------------------------------------------------------------------------------------------
15,290,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.000 06/01/2037 16,864,258
- ------------------------------------------------------------------------------------------------------------------
37,150,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.125 06/01/2042 41,187,462
- ------------------------------------------------------------------------------------------------------------------
3,945,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2043 4,471,224
- ------------------------------------------------------------------------------------------------------------------
1,175,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.375 06/01/2032 1,334,965
- ------------------------------------------------------------------------------------------------------------------
935,000 NJ Tobacco Settlement Financing Corp. (TASC) 1 7.000 06/01/2041 1,098,784
- ------------------------------------------------------------------------------------------------------------------
5,000,000 NJ Transit Corp. COP (Federal Transportation
Administration Grants) 2 6.125 09/15/2014 5,301,375
- ------------------------------------------------------------------------------------------------------------------
25,000 Pleasantville School District COP 5.500 10/01/2013 25,282
- ------------------------------------------------------------------------------------------------------------------
155,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2022 160,315
- ------------------------------------------------------------------------------------------------------------------
5,155,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2025 5,231,913
- ------------------------------------------------------------------------------------------------------------------
3,535,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 3,593,964
- ------------------------------------------------------------------------------------------------------------------
2,735,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 2,777,201
- ------------------------------------------------------------------------------------------------------------------
100,000 Port Authority NY/NJ (KIAC) 7.000 10/01/2007 100,986
- ------------------------------------------------------------------------------------------------------------------
15,720,000 Port Authority NY/NJ, 141st Series 2 5.000 09/01/2024 16,399,025
- ------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 111th Series 5.000 10/01/2032 30,474
- ------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 116th Series 5.000 10/01/2016 25,148
- ------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 117th Series 5.125 11/15/2013 25,704
- ------------------------------------------------------------------------------------------------------------------
7,530,000 Port Authority NY/NJ, 120th Series 1 5.750 10/15/2012 7,700,404
- ------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2022 20,363
- ------------------------------------------------------------------------------------------------------------------
40,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2031 40,702
- ------------------------------------------------------------------------------------------------------------------
650,000 Port Authority NY/NJ, 126th Series 5.250 05/15/2037 683,768
- ------------------------------------------------------------------------------------------------------------------
2,500,000 Port Authority NY/NJ, 134th Series 5.000 07/15/2034 2,620,475
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ, 135th Series 1 5.000 03/15/2039 1,047,570
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ, 140th Series 5.000 12/01/2034 1,054,470
- ------------------------------------------------------------------------------------------------------------------
10,500,000 Port Authority NY/NJ, 143rd Series 5.000 10/01/2030 10,930,185
- ------------------------------------------------------------------------------------------------------------------
9,235,000 Port Authority NY/NJ, 127th Series 2 5.250 12/15/2032 9,719,557
- ------------------------------------------------------------------------------------------------------------------
65,000 Readington-Lebanon Sewage Authority 5.250 01/01/2013 65,076
- ------------------------------------------------------------------------------------------------------------------
50,000 Riverside Township GO 5.300 12/01/2007 50,052
- ------------------------------------------------------------------------------------------------------------------
20,000 Riverside Township GO 5.450 12/01/2010 20,020
- ------------------------------------------------------------------------------------------------------------------
185,000 Salem County IPCFA (Atlantic City Electric Company) 1 5.600 11/01/2025 187,664
- ------------------------------------------------------------------------------------------------------------------
40,000 Salem County IPCFA (Atlantic City Electric Company) 1 5.600 11/01/2025 40,046
- ------------------------------------------------------------------------------------------------------------------
850,000 Salem County IPCFA (Public Service Electric & Gas) 5.200 03/01/2025 850,587
26 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 2,005,000 Salem County IPCFA (Public Service Electric & Gas) 5.450% 02/01/2032 $ 2,018,313
- ------------------------------------------------------------------------------------------------------------------
1,365,000 Salem County IPCFA (Public Service Electric & Gas) 1 5.750 04/01/2031 1,445,863
- ------------------------------------------------------------------------------------------------------------------
3,000,000 South Brunswick Township Board of Education 5.250 08/01/2022 3,019,260
- ------------------------------------------------------------------------------------------------------------------
3,980,000 Union County Improvement Authority
(Juvenile Detention Center) 5.500 05/01/2034 4,367,015
- ------------------------------------------------------------------------------------------------------------------
65,000 Union County Improvement Authority (Linden Airport) 5.000 03/01/2028 66,199
- ------------------------------------------------------------------------------------------------------------------
15,000 Union County Utilities Authority (County Deficiency) 5.000 06/15/2028 15,278
- ------------------------------------------------------------------------------------------------------------------
275,000 Union County Utilities Authority (County Deficiency) 1 5.000 06/15/2028 280,104
- ------------------------------------------------------------------------------------------------------------------
50,000 Union County Utilities Authority (County Deficiency) 5.000 06/15/2028 50,936
- ------------------------------------------------------------------------------------------------------------------
15,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.000 06/01/2016 15,304
- ------------------------------------------------------------------------------------------------------------------
270,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 1 5.000 06/01/2023 274,520
- ------------------------------------------------------------------------------------------------------------------
80,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.350 06/01/2023 81,954
- ------------------------------------------------------------------------------------------------------------------
60,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.375 06/01/2017 61,504
- ------------------------------------------------------------------------------------------------------------------
70,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.375 06/01/2018 71,755
- ------------------------------------------------------------------------------------------------------------------
180,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.375 06/01/2019 184,513
- ------------------------------------------------------------------------------------------------------------------
60,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.375 06/01/2020 61,504
- ------------------------------------------------------------------------------------------------------------------
10,000 University of Medicine & Dentistry of NJ 6.750 12/01/2009 10,111
--------------
675,878,127
- ------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--30.7%
2,740,000 Guam Education Financing Foundation COP 1 5.000 10/01/2023 2,886,919
- ------------------------------------------------------------------------------------------------------------------
2,500,000 Guam Government Waterworks
Authority & Wastewater System 5.875 07/01/2035 2,676,125
- ------------------------------------------------------------------------------------------------------------------
3,900,000 Guam Government Waterworks
Authority & Wastewater System 6.000 07/01/2025 4,258,839
- ------------------------------------------------------------------------------------------------------------------
50,000 Guam Power Authority, Series A 5.125 10/01/2029 50,865
- ------------------------------------------------------------------------------------------------------------------
1,250,000 Northern Mariana Islands Ports Authority, Series A 5.500 03/15/2031 1,261,025
- ------------------------------------------------------------------------------------------------------------------
3,390,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 3,555,635
- ------------------------------------------------------------------------------------------------------------------
5,000,000 Northern Mariana Islands Ports Authority, Series A 1 6.750 10/01/2033 5,578,900
- ------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Aqueduct & Sewer Authority 1 5.000 07/01/2019 5,085,300
- ------------------------------------------------------------------------------------------------------------------
5,200,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 5,438,212
- ------------------------------------------------------------------------------------------------------------------
3,000,000 Puerto Rico Children's Trust Fund (TASC) 1 5.625 05/15/2043 3,150,570
- ------------------------------------------------------------------------------------------------------------------
94,000,000 Puerto Rico Children's Trust Fund (TASC) 6.313 3 05/15/2050 6,456,860
- ------------------------------------------------------------------------------------------------------------------
26,000,000 Puerto Rico Children's Trust Fund (TASC) 7.031 3 05/15/2055 938,860
- ------------------------------------------------------------------------------------------------------------------
350,000 Puerto Rico Commonwealth GO 5.000 07/01/2025 363,489
27 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 50,000 Puerto Rico Commonwealth GO 5.000% 07/01/2026 $ 50,873
- ------------------------------------------------------------------------------------------------------------------
12,015,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 12,410,414
- ------------------------------------------------------------------------------------------------------------------
3,170,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 3,264,434
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2025 2,144,980
- ------------------------------------------------------------------------------------------------------------------
2,500,000 Puerto Rico Commonwealth GO 1 5.250 07/01/2030 2,683,225
2,500,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 2,679,225
- ------------------------------------------------------------------------------------------------------------------
60,000 Puerto Rico Electric Power Authority, Series AA 5.375 07/01/2027 61,247
- ------------------------------------------------------------------------------------------------------------------
5,775,000 Puerto Rico Electric Power Authority, Series NN 5.125 07/01/2029 6,034,529
- ------------------------------------------------------------------------------------------------------------------
900,000 Puerto Rico HFC, Series B 5.300 12/01/2028 930,618
- ------------------------------------------------------------------------------------------------------------------
650,000 Puerto Rico Highway & Transportation Authority 5.000 07/01/2036 679,016
- ------------------------------------------------------------------------------------------------------------------
2,370,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 2,442,641
- ------------------------------------------------------------------------------------------------------------------
1,075,000 Puerto Rico Highway & Transportation Authority, Series J 5.000 07/01/2034 1,113,679
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Highway & Transportation Authority, Series J 5.125 07/01/2039 2,086,340
- ------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2027 4,165,720
- ------------------------------------------------------------------------------------------------------------------
5,145,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2030 5,358,157
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2035 1,040,720
- ------------------------------------------------------------------------------------------------------------------
9,500,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2040 9,866,510
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Infrastructure 5.000 07/01/2027 1,045,420
- ------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 5,200,000
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 2,087,700
- ------------------------------------------------------------------------------------------------------------------
9,750,000 Puerto Rico Infrastructure 5.000 07/01/2041 10,126,155
- ------------------------------------------------------------------------------------------------------------------
18,250,000 Puerto Rico Infrastructure 5.000 07/01/2046 19,007,558
- ------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 102,810
- ------------------------------------------------------------------------------------------------------------------
555,000 Puerto Rico ITEMECF (Ana G. Mendez University) 1 5.375 02/01/2029 568,570
- ------------------------------------------------------------------------------------------------------------------
1,710,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 1,852,101
- ------------------------------------------------------------------------------------------------------------------
205,000 Puerto Rico ITEMECF (Dr. Pila Hospital) 6.250 08/01/2032 205,375
- ------------------------------------------------------------------------------------------------------------------
265,000 Puerto Rico ITEMECF (SEAM/Hospital Espanol
Auxillio Obligated Group) 6.250 07/01/2024 266,940
- ------------------------------------------------------------------------------------------------------------------
3,250,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 3,466,710
- ------------------------------------------------------------------------------------------------------------------
15,965,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 16,167,596
- ------------------------------------------------------------------------------------------------------------------
1,985,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 1,986,509
- ------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 55,190
- ------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Public Buildings Authority 1 5.250 07/01/2029 10,639,900
- ------------------------------------------------------------------------------------------------------------------
16,545,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 17,549,612
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Public Buildings Authority, Series D 5.125 07/01/2024 1,039,700
- ------------------------------------------------------------------------------------------------------------------
1,530,000 Puerto Rico Public Buildings Authority, Series D 5.250 07/01/2036 1,601,390
- ------------------------------------------------------------------------------------------------------------------
2,950,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 3,106,409
- ------------------------------------------------------------------------------------------------------------------
1,000,000 University of Puerto Rico 5.000 06/01/2025 1,046,630
- ------------------------------------------------------------------------------------------------------------------
3,350,000 University of Puerto Rico 5.000 06/01/2025 3,506,211
- ------------------------------------------------------------------------------------------------------------------
1,000,000 University of Puerto Rico 5.000 06/01/2026 1,045,070
28 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 3,500,000 University of Puerto Rico, Series Q 5.000% 06/01/2030 $ 3,657,745
- ------------------------------------------------------------------------------------------------------------------
11,000,000 University of Puerto Rico, Series Q 5.000 06/01/2036 11,487,176
- ------------------------------------------------------------------------------------------------------------------
150,000 University of V.I., Series A 5.250 12/01/2023 157,097
- ------------------------------------------------------------------------------------------------------------------
710,000 University of V.I., Series A 5.375 06/01/2034 753,232
- ------------------------------------------------------------------------------------------------------------------
1,000,000 University of V.I., Series A 6.000 12/01/2024 1,066,290
- ------------------------------------------------------------------------------------------------------------------
40,000 University of V.I., Series A 6.250 12/01/2029 42,994
- ------------------------------------------------------------------------------------------------------------------
60,000 V.I. HFA, Series A 6.500 03/01/2025 60,059
- ------------------------------------------------------------------------------------------------------------------
5,000,000 V.I. Public Finance Authority (Hovensa Coker) 1 6.500 07/01/2021 5,634,350
- ------------------------------------------------------------------------------------------------------------------
600,000 V.I. Public Finance Authority, Series A 6.125 10/01/2029 652,944
- ------------------------------------------------------------------------------------------------------------------
1,515,000 V.I. Public Finance Authority, Series A 6.375 10/01/2019 1,646,063
- ------------------------------------------------------------------------------------------------------------------
325,000 V.I. Public Finance Authority, Series E 5.875 10/01/2018 337,457
- ------------------------------------------------------------------------------------------------------------------
2,500,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 2,595,475
- ------------------------------------------------------------------------------------------------------------------
11,100,000 V.I. Tobacco Settlement Financing Corp. 6.235 3 05/15/2035 2,046,174
- ------------------------------------------------------------------------------------------------------------------
1,100,000 V.I. Tobacco Settlement Financing Corp. 6.500 3 05/15/2035 191,048
- ------------------------------------------------------------------------------------------------------------------
2,050,000 V.I. Tobacco Settlement Financing Corp. 6.875 3 05/15/2035 314,470
- ------------------------------------------------------------------------------------------------------------------
3,100,000 V.I. Tobacco Settlement Financing Corp. 7.625 3 05/15/2035 396,118
- ------------------------------------------------------------------------------------------------------------------
290,000 V.I. Water & Power Authority 5.300 07/01/2018 294,460
- ------------------------------------------------------------------------------------------------------------------
175,000 V.I. Water & Power Authority 5.300 07/01/2021 177,088
--------------
231,897,723
- ------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $874,348,656)-120.1% 907,775,850
- ------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS-(20.1) (152,089,618)
--------------
NET ASSETS-100.0% $ 755,686,232
==============
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 5 of accompanying Notes.
2. Security represents the underlying municipal bond on an inverse floating rate
security. The bond was purchased by the Fund and subsequently segregated and
transferred to a trust. See Note 1 of accompanying Notes.
3. Zero coupon bond reflects effective yield on the date of purchase.
29 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
CMC Carolinas Medical Center
CMHS Clara Maass Health System
CMMC Clara Maass Medical Center
COP Certificates of Participation
CoMC Community Medical Center
DRIVERS Derivative Inverse Tax Exempt Receipts
EDA Economic Devel. Authority
GO General Obligation
HDC Housing Devel. Corp.
HFA Housing Finance Agency
HFC Housing Finance Corp.
IPCFA Industrial Pollution Control Financing Authority
ITEMECF Industrial, Tourist, Educational, Medical and
Environmental Community Facilities
JFK John Fitzgerald Kennedy
KMCC Kensington Manor Care Center
KMH/UMC Kennedy Memorial Hospital/University Medical Center
KSC Kennedy Surgical Center
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
THGS The House of the Good Shepard
THGSF The House of the Good Shepard Foundation
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 $179,580,720 19.8%
Education 95,656,507 10.5
Hospital/Health Care 81,973,749 9.0
Marine/Aviation Facilities 77,895,997 8.6
Airlines 61,494,593 6.8
General Obligation 57,681,204 6.3
Higher Education 52,664,908 5.8
Municipal Leases 43,982,188 4.8
Adult Living Facilities 42,624,729 4.7
Special Tax 35,243,808 3.9
Water Utilities 30,058,910 3.3
Highways/Railways 26,807,869 3.0
Sales Tax Revenue 26,285,335 2.9
Electric Utilities 20,783,525 2.3
Pollution Control 15,354,855 1.7
Single Family Housing 13,727,919 1.5
Hotels, Restaurants & Leisure 13,165,551 1.5
Manufacturing, Non-Durable Goods 7,844,665 0.9
Gas Utilities 7,602,245 0.8
Resource Recovery 6,192,417 0.7
Multifamily Housing 5,635,174 0.6
Manufacturing, Durable Goods 3,964,918 0.4
Sports Facility Revenue 795,791 0.1
Student Loans 618,032 0.1
Sewer Utilities 115,125 0.0
Not-for-Profit Organization 25,116 0.0
-----------------------
Total $907,775,850 100.0%
=======================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
30 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2007
- -----------------------------------------------------------------------------------------------------
ASSETS
- -----------------------------------------------------------------------------------------------------
Investments, at value (cost $874,348,656)--see accompanying statement of investments $ 907,775,850
- -----------------------------------------------------------------------------------------------------
Cash 463,547
- -----------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 19,565,118
Interest 8,473,384
Shares of beneficial interest sold 6,021,819
Other 22,235
--------------
Total assets 942,321,953
- -----------------------------------------------------------------------------------------------------
LIABILITIES
- -----------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 99,545,000
Payable on borrowings (See Note 5) 83,300,000
Shares of beneficial interest redeemed 1,958,177
Investments purchased 749,203
Dividends 722,502
Interest expense on borrowings 115,517
Distribution and service plan fees 91,918
Trustees' compensation 74,189
Shareholder communications 24,441
Transfer and shareholder servicing agent fees 23,012
Other 31,762
--------------
Total liabilities 186,635,721
- -----------------------------------------------------------------------------------------------------
NET ASSETS $ 755,686,232
==============
- -----------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -----------------------------------------------------------------------------------------------------
Paid-in capital $ 727,189,030
- -----------------------------------------------------------------------------------------------------
Accumulated net investment loss (392,931)
- -----------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (4,537,061)
- -----------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 33,427,194
--------------
NET ASSETS $ 755,686,232
==============
31 | OPPENHEIMER NEW JERSEY 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 $490,135,231
and 40,242,834 shares of beneficial interest outstanding) $ 12.18
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $ 12.79
- -----------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $75,789,149 and 6,214,895 shares
of beneficial interest outstanding) $ 12.19
- -----------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $189,761,852 and 15,569,588 shares
of beneficial interest outstanding) $ 12.19
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2007
- -----------------------------------------------------------------------------------------------
INVESTMENT INCOME
- -----------------------------------------------------------------------------------------------
Interest $ 19,463,024
- -----------------------------------------------------------------------------------------------
Other income 238
-------------
Total investment income 19,463,262
- -----------------------------------------------------------------------------------------------
EXPENSES
- -----------------------------------------------------------------------------------------------
Management fees 1,759,233
- -----------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 314,192
Class B 343,556
Class C 741,825
- -----------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 76,914
Class B 24,975
Class C 37,911
- -----------------------------------------------------------------------------------------------
Shareholder communications:
Class A 14,106
Class B 4,909
Class C 5,805
- -----------------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued (See Note 1) 2,114,811
- -----------------------------------------------------------------------------------------------
Interest expense on borrowings 249,509
- -----------------------------------------------------------------------------------------------
Trustees' compensation 31,936
- -----------------------------------------------------------------------------------------------
Custodian fees and expenses 11,147
- -----------------------------------------------------------------------------------------------
Other 73,508
-------------
Total expenses 5,804,337
Less reduction to custodian expenses (856)
-------------
Net expenses 5,803,481
- -----------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 13,659,781
- -----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- -----------------------------------------------------------------------------------------------
Net realized gain on investments 1,712,751
- -----------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments 12,301,383
- -----------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 27,673,915
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
33 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
(UNAUDITED) 2006
- -----------------------------------------------------------------------------------------------------------------
OPERATIONS
- -----------------------------------------------------------------------------------------------------------------
Net investment income $ 13,659,781 $ 20,173,451
- -----------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 1,712,751 (1,544,971)
- -----------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 12,301,383 (845,556)
----------------------------------
Net increase in net assets resulting from operations 27,673,915 17,782,924
- -----------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -----------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (9,319,108) (14,004,495)
Class B (1,363,672) (2,817,386)
Class C (2,954,965) (4,277,840)
----------------------------------
(13,637,745) (21,099,721)
- -----------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (11,302) --
Class B (1,888) --
Class C (4,419) --
----------------------------------
(17,609) --
- -----------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -----------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Class A 109,898,391 172,386,035
Class B 164,082 12,154,635
Class C 47,841,916 69,181,165
----------------------------------
157,904,389 253,721,835
- -----------------------------------------------------------------------------------------------------------------
NET ASSETS
- -----------------------------------------------------------------------------------------------------------------
Total increase 171,922,950 250,405,038
- -----------------------------------------------------------------------------------------------------------------
Beginning of period 583,763,282 333,358,244
----------------------------------
End of period (including accumulated net investment loss of $392,931
and $414,967, respectively) $ 755,686,232 $ 583,763,282
==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF CASH FLOWS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2007
- ------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- ------------------------------------------------------------------------------------
Net increase in net assets from operations $ 27,673,915
- ------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (228,979,349)
Proceeds from disposition of investment securities 28,687,314
Short-term investment securities, net (23,169,242)
Premium amortization 1,326,852
Discount accretion (384,902)
Net realized gain on investments (1,712,751)
Net change in unrealized appreciation on investments (12,301,383)
Increase in interest receivable (719,074)
Decrease in receivable for securities sold 4,998,082
Increase in other assets (11,878)
Decrease in payable for securities purchased (6,554,357)
Increase in payable for accrued expenses 132,928
--------------
Net cash used in operating activities (211,013,845)
- ------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ------------------------------------------------------------------------------------
Proceeds from bank borrowing 173,500,000
Payments on bank borrowing (105,300,000)
Payment on short-term floating rate notes issued (2,100,000)
Proceeds from shares sold 198,199,842
Payment on shares redeemed (48,248,970)
Cash distributions paid (5,140,918)
--------------
Net cash provided by financing activities 210,909,954
- ------------------------------------------------------------------------------------
Net decrease in cash (103,891)
- ------------------------------------------------------------------------------------
Cash, beginning balance 567,438
--------------
Cash, ending balance $ 463,547
==============
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $8,222,665.
Cash paid for interest on bank borrowings--$160,357.
Cash paid for interest on short-term floating rate notes issued--$2,114,811.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
CLASS A (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.90 $ 12.03 $ 10.76 $ 10.51 $ 10.99 $ 10.89
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .27 1 .55 1 .62 1 .67 .67 .53
Net realized and unrealized gain (loss) .27 (.09) 1.32 .23 (.52) .08
-----------------------------------------------------------------------------
Total from investment operations .54 .46 1.94 .90 .15 .61
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.26) (.59) (.67) (.65) (.63) (.51)
Distributions from net realized gain -- 2 -- -- -- -- --
-----------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.26) (.59) (.67) (.65) (.63) (.51)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.18 $ 11.90 $ 12.03 $ 10.76 $ 10.51 $ 10.99
=============================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 4.63% 3.93% 18.46% 8.63% 1.21% 5.79%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 490,135 $ 371,295 $ 200,831 $ 94,214 $ 61,825 $ 47,305
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 425,791 $ 287,248 $ 133,634 $ 78,828 $ 54,811 $ 42,809
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 4.35% 4.67% 5.41% 6.28% 6.24% 4.88%
Expenses excluding interest and fees
on short-term floating rate notes
issued 0.82% 0.90% 0.91% 0.98% 1.02% 0.84%
Interest and fees on short-term floating
rate notes issued 5 0.63% 0.63% 0.35% 0.32% 0.26% 0.10%
-----------------------------------------------------------------------------
Total expenses 1.45% 1.53% 1.26% 1.30% 1.28% 0.94%
Expenses after payments and waivers
and reduction to custodian expenses 1.45% 1.47% 1.06% 1.10% 1.08% 0.73% 6
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 4% 19% 7% 14% 62% 25%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. 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.
4. Annualized for periods of less than one full year.
5. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
6. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
CLASS B (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.91 $ 12.05 $ 10.78 $ 10.52 $ 11.00 $ 10.90
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .22 1 .47 1 .54 1 .60 .59 .45
Net realized and unrealized gain (loss) .28 (.11) 1.31 .23 (.53) .08
-----------------------------------------------------------------------------
Total from investment operations .50 .36 1.85 .83 .06 .53
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.22) (.50) (.58) (.57) (.54) (.43)
Distributions from net realized gain -- 2 -- -- -- -- --
-----------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.22) (.50) (.58) (.57) (.54) (.43)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.19 $ 11.91 $ 12.05 $ 10.78 $ 10.52 $ 11.00
=============================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 4.21% 3.03% 17.53% 7.92% 0.46% 4.99%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 75,789 $ 73,887 $ 62,399 $ 51,329 $ 46,912 $ 43,888
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 75,771 $ 68,065 $ 56,755 $ 50,920 $ 45,226 $ 41,532
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 3.58% 3.93% 4.74% 5.54% 5.46% 4.12%
Expenses excluding interest and fees
on short-term floating rate notes issued 1.61% 1.69% 1.68% 1.73% 1.78% 1.60%
Interest and fees on short-term floating
rate notes issued 5 0.63% 0.63% 0.35% 0.32% 0.26% 0.10%
-----------------------------------------------------------------------------
Total expenses 2.24% 2.32% 2.03% 2.05% 2.04% 1.70%
Expenses after payments and waivers and
reduction to custodian expenses 2.24% 2.24% 1.83% 1.85% 1.84% 1.49% 6
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 4% 19% 7% 14% 62% 25%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. 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.
4. Annualized for periods of less than one full year.
5. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
6. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
CLASS C (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.91 $ 12.04 $ 10.77 $ 10.51 $ 10.99 $ 10.89
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .22 1 .46 1 .53 1 .59 .59 .44
Net realized and unrealized gain (loss) .28 (.09) 1.32 .24 (.53) .09
-----------------------------------------------------------------------------
Total from investment operations .50 .37 1.85 .83 .06 .53
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.22) (.50) (.58) (.57) (.54) (.43)
Distributions from net realized gain -- 2 -- -- -- -- --
-----------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.22) (.50) (.58) (.57) (.54) (.43)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.19 $ 11.91 $ 12.04 $ 10.77 $ 10.51 $ 10.99
=============================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 4.22% 3.14% 17.54% 7.91% 0.45% 4.99%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 189,762 $ 138,581 $ 70,128 $ 23,795 $ 17,784 $ 12,664
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 163,768 $ 104,423 $ 40,717 $ 20,470 $ 16,770 $ 9,831
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 3.58% 3.90% 4.57% 5.53% 5.49% 4.10%
Expenses excluding interest and fees
on short-term floating rate notes issued 1.58% 1.66% 1.67% 1.73% 1.78% 1.60%
Interest and fees on short-term floating
rate notes issued 5 0.63% 0.63% 0.35% 0.32% 0.26% 0.10%
-----------------------------------------------------------------------------
Total expenses 2.21% 2.29% 2.02% 2.05% 2.04% 1.70%
Expenses after payments and waivers and
reduction to custodian expenses 2.21% 2.23% 1.82% 1.85% 1.84% 1.49% 6
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 4% 19% 7% 14% 62% 5%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. 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.
4. Annualized for periods of less than one full year.
5. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
6. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38 | 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(R) 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. Options are
valued daily based upon the last sale price on the principal exchange on which
the option is traded. Securities (including restricted securities) for which
market quotations are not readily available are valued at their fair value.
Foreign
39 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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. Investments in open-end
registered investment companies (including affiliated funds) are valued at that
fund's net asset value. 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 $42,211,078 as of January 31, 2007, which represents
4.48% of the Fund's total assets.
Certain inverse floating rate securities are created when the Fund
purchases and subsequently transfers a municipal bond security (the "municipal
bond") to a broker dealer. The municipal bond is typically a fixed rate
security. The broker dealer (the "sponsor") creates a trust (the "Trust") and
deposits the municipal bond. The Trust issues short-term floating rate notes
available to third parties and a residual interest in the municipal bond
(referred to as an "inverse floating rate security") to the Fund. The terms of
these inverse floating rate securities grant the Fund the right to require that
the Trust issuing the inverse floating rate security compel a tender of the
short-term floating rate notes to facilitate the Fund's repurchase of the
underlying municipal bond. Following such a request, the Fund pays the sponsor
the principal amount due to the holders of the short-term floating rate notes
issued by the Trust and exchanges the inverse floating rate security for the
underlying municipal bond. These transactions are considered secured borrowings
for financial reporting purposes. As a result of such accounting treatments, the
Fund includes the municipal bond position on its Statement of Investments (but
does not separately include the inverse floating rate securities received). The
Fund also includes the value of the municipal bond and a payable amount equal to
the short-term floating rate notes issued by the Trust on its Statement of
Assets and Liabilities. The interest rates on these short-term floating rate
notes reset periodically, usually weekly. The holders of these short-term
floating rate notes have the option to tender their investment, to the sponsor
or the Trust's liquidity provider, for redemption at par at each reset date.
Income from the municipal bond position and the interest expense on the payable
for the short-term floating rate notes issued by the Trust are recorded on the
Fund's Statement of Operations. At January 31, 2007 municipal bond holdings with
a value of $141,756,078 shown on the Fund's Statement of Investments are held by
such Trusts and serve as collateral for the $99,545,000 in short-term floating
rate notes issued and outstanding at that date.
40 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
At January 31, 2007, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL COUPON MATURITY VALUE AS OF JANUARY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE 31, 2007
- ---------------------------------------------------------------------------------------------
$ 2,000,000 NJ EDA (Public Schools Small
Project Loan Program) RITES 6.497% 9/1/24 $ 2,571,120
2,170,000 NJ EDA RITES 3 5.790 3/1/27 2,608,080
4,520,000 NJ EDA ROLs 9.195 3/1/28 5,573,070
9,045,000 NJ EDA ROLs 9.195 3/1/30 11,076,145
2,000,000 NJ Health Care Facilities
Financing Authority
(Englewood Hospital
& Medical Center) RITES 7.570 8/1/25 2,452,960
3,870,000 NJ Health Care Facilities
Financing Authority DRIVERS 8.217 9/15/28 4,697,096
2,500,000 NJ Reset Optional Certificates
Trust II ROLs 8.718 9/1/36 3,032,650
2,500,000 NJ Transit Corp. ROLs, Series 15 8.530 9/15/14 2,801,375
3,930,000 Port Authority NY/NJ RITES 5.730 9/1/24 4,609,025
2,305,000 Port Authority NY/NJ,
238th Series ROLs 9.631 12/15/32 2,789,557
-------------------
$ 42,211,078
===================
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 30 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond known as an
"inverse floater."
3. Security is subject to a shortfall and forbearance agreement.
The Fund enters into shortfall and forbearance agreements with the
sponsors of certain inverse floaters held by the Fund. These agreements commit
the Fund to reimburse the sponsor of the inverse floater, in certain
circumstances, for the amount of the difference between the liquidation value of
the underlying security (which is the basis of the inverse floater) and the
principal amount due to the holders of the floating rate notes issued by the
Trust in conjunction with the inverse floating rate security. Under the standard
terms of an inverse floating rate security, absent such a shortfall and
forbearance agreement, the Fund would not be required to make such a
reimbursement. The Manager monitors the Fund's potential exposure with respect
to these agreements on a daily basis and intends to take action to terminate the
Fund's investment in such inverse floating rate securities, if it deems it
appropriate to do so. As of January 31, 2007, in addition to the exposure
detailed in the preceding table, the Fund's maximum exposure under such
agreements is estimated at approximately $6,510,000.
- --------------------------------------------------------------------------------
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.
41 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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, 2007, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $4,354,557 expiring by 2015.
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, 2007, it is estimated that the Fund will utilize $1,712,751 of
capital loss carryforward to offset realized capital gains. During the year
ended July 31, 2006, the Fund did not utilized any capital loss carryforward to
offset realized capital gains.
As of July 31, 2006, the Fund had available for federal income tax purposes
post-October losses of $1,800,205 and unused capital loss carryforwards as
follows:
EXPIRING
--------------------------
2009 $ 2,565,622
2010 1,551,532
2012 115,750
2014 34,199
------------
TOTAL $ 4,267,103
============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution
42 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
method with respect to their benefits under the Plan. During the six months
ended January 31, 2007, the Fund's projected benefit obligations were increased
by $25,499 and payments of $2,339 were made to retired trustees, resulting in an
accumulated liability of $55,692 as of January 31, 2007.
The Board of Trustees has adopted a compensation deferral plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee in
amounts equal to his or her deemed investment, resulting in a Fund asset equal
to the deferred compensation liability. Such assets are included as a component
of "Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund's assets, liabilities or net
investment income per share. Amounts will be deferred until distributed in
accordance to the compensation deferral plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
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
43 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------------------------------
CLASS A
Sold 11,109,221 $ 135,019,635 18,682,666 $ 221,763,770
Dividends and/or distributions reinvested 471,583 5,731,949 685,948 8,140,403
Redeemed (2,541,553) (30,853,193) (4,853,455) (57,518,138)
------------------------------------------------------------
Net increase 9,039,251 $ 109,898,391 14,515,159 $ 172,386,035
============================================================
- -------------------------------------------------------------------------------------------------------------
CLASS B
Sold 612,777 $ 7,451,896 1,835,126 $ 21,799,263
Dividends and/or distributions reinvested 68,598 834,492 136,533 1,622,906
Redeemed (668,140) (8,122,306) (948,989) (11,267,534)
------------------------------------------------------------
Net increase 13,235 $ 164,082 1,022,670 $ 12,154,635
============================================================
- -------------------------------------------------------------------------------------------------------------
CLASS C
Sold 4,608,750 $ 56,067,265 7,000,353 $ 83,208,814
Dividends and/or distributions reinvested 136,154 1,656,224 200,285 2,378,670
Redeemed (813,278) (9,881,573) (1,385,935) (16,406,319)
------------------------------------------------------------
Net increase 3,931,626 $ 47,841,916 5,814,703 $ 69,181,165
============================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations and money market funds, for the six months ended
January 31, 2007, were as follows:
PURCHASES SALES
- -------------------------------------------------------------------------------
Investment securities $ 228,979,349 $ 28,687,314
44 | OPPENHEIMER NEW JERSEY 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 average net assets as shown in the following table:
FEE SCHEDULE
---------------------------------
Up to $200 million 0.60%
Next $100 million 0.55
Next $200 million 0.50
Next $250 million 0.45
Next $250 million 0.40
Over $1 billion 0.35
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS or the Transfer Agent), 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, 2007, the Fund paid $139,131 to OFS for services to the Fund.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A
shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
periodically at an annual rate of up to 0.15% of the average annual net assets
of Class A shares of the Fund. The Board of Trustees can increase that fee to
0.25% of average net assets without shareholder approval. Shareholders will be
notified of any such change. The Distributor currently uses all of those fees to
pay dealers, brokers, banks and other financial institutions periodically for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
periods. Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans for Class B and Class C shares to
compensate the Distributor for its services in connection with the distribution
of those shares and servicing accounts. Under the plans, the Fund pays the
Distributor an annual asset-based sales charge of 0.75% on Class B and Class C
shares. The Distributor also receives a service fee of up to 0.15% under each
plan. However, the Board of Trustees can increase that fee to 0.25% of average
net assets without shareholder approval. Shareholders will be notified of any
such change. If either the Class B or Class C plan is terminated by the Fund or
by the shareholders of a class, the Board of Trustees and its independent
trustees must determine whether the Distributor shall be entitled to payment
from the Fund of all or a portion of the service fee
45 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
and/or asset-based sales charge in respect to shares sold prior to the effective
date of such termination. The Distributor determines its uncompensated expenses
under the plan at calendar quarter ends. The Distributor's aggregate
uncompensated expenses under the plan at December 31, 2006 for Class B and Class
C shares were $2,666,610 and $2,108,368, respectively. Fees incurred by the Fund
under the plans are detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
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, 2007 $280,264 $10,960 $95,355 $12,697
- --------------------------------------------------------------------------------
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. 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 $900 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 (5.2817% as of January 31, 2007). 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 $900
million facility size.
For the six months ended January 31, 2007, the average daily loan balance
was $9,224,457 at an average daily interest rate of 5.303%. The Fund had
borrowings outstanding
46 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
of $83,300,000 at January 31, 2007 at an interest rate of 5.2817%. The Fund had
gross borrowings and gross loan repayments of $173,500,000 and $105,300,000,
respectively, during the six months ended January 31, 2007. The maximum amount
of borrowings outstanding at any month-end during the six months ended January
31, 2007 was $83,300,000. The Fund paid $17,851 in fees and $160,357 in interest
during the six months ended January 31, 2007.
- --------------------------------------------------------------------------------
6. RECENT ACCOUNTING PRONOUNCEMENTS
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an
enterprise's financial statements in accordance with FASB Statement No. 109,
ACCOUNTING FOR INCOME TAXES. FIN 48 requires the evaluation of tax positions
taken in the course of preparing the Fund's tax returns to determine whether it
is "more-likely-than-not" that tax positions taken in the Fund's tax return will
be ultimately sustained. A tax liability and expense must be recorded in respect
of any tax position that, in Management's judgment, will not be fully realized.
FIN 48 is effective for fiscal years beginning after December 15, 2006. As of
January 31, 2007, the Manager has evaluated the implications of FIN 48 and does
not currently anticipate a material impact to the Fund's financial statements.
The Manager will continue to monitor the Fund's tax positions prospectively for
potential future impacts.
In September 2006, the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of January 31, 2007, the Manager does not believe the
adoption of SFAS No. 157 will materially impact the financial statement amounts;
however, additional disclosures may be required about the inputs used to develop
the measurements and the effect of certain of the measurements on changes in net
assets for the period.
- --------------------------------------------------------------------------------
7. LITIGATION
A consolidated amended complaint was filed as a putative class action against
the Manager and the Transfer Agent and other defendants (including 51 of the
Oppenheimer funds including the Fund) in the U.S. District Court for the
Southern District of New York on January 10, 2005 and was amended on March 4,
2005. The complaint alleged, among other things, that the Manager charged
excessive fees for distribution and other costs, and that by permitting and/or
participating in those actions, the Directors/Trustees and the Officers of the
funds breached their fiduciary duties to fund shareholders under the Investment
Company Act of 1940 and at common law. The plaintiffs sought unspecified
damages, an accounting of all fees paid, and an award of attorneys' fees and
litigation expenses.
47 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. LITIGATION Continued
In response to the defendants' motions to dismiss the suit, seven of the
eight counts in the complaint, including the claims against certain of the
Oppenheimer funds, 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, by court order dated March 10, 2006,
and the remaining count against the Manager and the Transfer Agent was dismissed
with prejudice by court order dated April 5, 2006. The plaintiffs filed an
appeal of those dismissals on May 11, 2006.
The Manager believes that the allegations contained in the complaint are
without merit and that there are substantial grounds to sustain the district
court's rulings. The Manager also believes that it is premature to render any
opinion as to the likelihood of an outcome unfavorable to it, the funds, the
Directors/Trustees or the Officers on the appeal of the decisions of the
district court, and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss.
48 | 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.
49 | 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 about the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel who 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
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
50 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
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 fact 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. The
Board members also considered their experiences with the Manager and its
officers and other personnel through their service on the boards 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 its members
have become knowledgeable about 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 and from 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 investment 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 all other retail front-end load and
no-load 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 better than its peer group median.
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 the fees and services for 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
noted that the Fund's actual management fees are lower than its peer group
median although its contractual management fees and total expenses are higher
than its peer group median.
51 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
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, the extent to
which those economies of scale benefit the Fund's shareholders and the current
level of Fund assets in relation to the Fund's breakpoint schedule for its
management fees. 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.
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. In addition to considering the profits
realized by the Manager, the Board 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 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 Agreement,
including the management fee, in light of all of the surrounding circumstances.
52 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
TOP HOLDINGS AND ALLOCATIONS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOP TEN INDUSTRIES
- --------------------------------------------------------------------------------
Tobacco Settlement Payments 17.1%
- --------------------------------------------------------------------------------
Water Utilities 9.5
- --------------------------------------------------------------------------------
Higher Education 7.0
- --------------------------------------------------------------------------------
Hospital/Health Care 6.8
- --------------------------------------------------------------------------------
Single Family Housing 6.1
- --------------------------------------------------------------------------------
Adult Living Facilities 5.8
- --------------------------------------------------------------------------------
Marine/Aviation Facilities 5.6
- --------------------------------------------------------------------------------
Electric Utilities 5.1
- --------------------------------------------------------------------------------
Highways/Railways 4.9
- --------------------------------------------------------------------------------
Manufacturing, Durable Goods 4.5
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2007, and are based on the total market value of investments.
CREDIT ALLOCATION
- --------------------------------------------------------------------------------
AAA 25.1%
- --------------------------------------------------------------------------------
AA 10.0
- --------------------------------------------------------------------------------
A 3.3
- --------------------------------------------------------------------------------
BBB 41.6
- --------------------------------------------------------------------------------
BB 9.0
- --------------------------------------------------------------------------------
B 1.3
- --------------------------------------------------------------------------------
CCC 2.0
- --------------------------------------------------------------------------------
Not Rated 7.7
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2007, 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.
- --------------------------------------------------------------------------------
14 | 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.
15 | 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, 2007.
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
16 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
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
(8/1/06) (1/31/07) JANUARY 31, 2007
- --------------------------------------------------------------------------------
Class A Actual $ 1,000.00 $ 1,042.60 $ 6.97
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,018.40 6.89
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 1,037.80 11.00
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,014.47 10.87
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 1,038.70 10.95
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,014.52 10.82
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, 2007 are as follows:
CLASS EXPENSE RATIOS
- -----------------------------
Class A 1.35%
- -----------------------------
Class B 2.13
- -----------------------------
Class C 2.12
Interest and related expenses from inverse floaters represents 0.61% of the
expense ratios, but has not affected the Fund's total returns or net asset
values.
- --------------------------------------------------------------------------------
17 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS January 31, 2007 / Unaudited
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--117.6%
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--80.6%
$ 55,000 Abington School District 5.125% 05/15/2026 $ 55,230
- ------------------------------------------------------------------------------------------------------------------
15,000 Albert Gallatin Area School District 5.375 09/01/2024 15,126
- ------------------------------------------------------------------------------------------------------------------
7,375,000 Allegheny County Airport (Pittsburgh International
Airport) 5.000 01/01/2019 7,512,913
- ------------------------------------------------------------------------------------------------------------------
75,000 Allegheny County Airport (Pittsburgh International
Airport) 5.250 01/01/2016 76,464
- ------------------------------------------------------------------------------------------------------------------
10,000 Allegheny County COP 5.000 12/01/2028 10,273
- ------------------------------------------------------------------------------------------------------------------
130,000 Allegheny County HDA (Catholic Health East) 5.375 11/15/2022 136,271
- ------------------------------------------------------------------------------------------------------------------
40,000 Allegheny County HDA (Catholic Health East) 5.500 11/15/2032 42,172
- ------------------------------------------------------------------------------------------------------------------
3,150,000 Allegheny County HDA (Ohio Valley General Hospital) 1 5.125 04/01/2035 3,225,758
- ------------------------------------------------------------------------------------------------------------------
3,600,000 Allegheny County HDA (Ohio Valley General Hospital) 5.450 01/01/2028 3,699,288
- ------------------------------------------------------------------------------------------------------------------
55,000 Allegheny County HDA (Pittsburgh Mercy Health System) 5.625 08/15/2026 59,310
- ------------------------------------------------------------------------------------------------------------------
570,000 Allegheny County HDA (Presbyterian University Hospital) 5.625 04/01/2027 582,717
- ------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County HDA (The Covenant at South Hills) 2,3,4 7.700 02/01/2008 12,500
- ------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County HDA (The Covenant at South Hills) 2,4 7.800 02/01/2009 12,721
- ------------------------------------------------------------------------------------------------------------------
1,535,000 Allegheny County HDA (The Covenant at South Hills) 2,4 8.625 02/01/2021 768,452
- ------------------------------------------------------------------------------------------------------------------
305,000 Allegheny County HDA (The Covenant at South Hills) 2,4 8.750 02/01/2031 152,582
- ------------------------------------------------------------------------------------------------------------------
10,000 Allegheny County HDA (UPMC Health System) 5.000 12/15/2018 10,276
- ------------------------------------------------------------------------------------------------------------------
20,000 Allegheny County HDA (UPMC Health System) 5.000 11/01/2023 20,462
- ------------------------------------------------------------------------------------------------------------------
30,000 Allegheny County HDA (UPMC Health System) 5.125 07/01/2022 30,651
- ------------------------------------------------------------------------------------------------------------------
9,000,000 Allegheny County HDA (West Penn Allegheny
Health System) 5 6.500 11/15/2030 9,943,065
- ------------------------------------------------------------------------------------------------------------------
3,435,000 Allegheny County HDA (West Penn Allegheny
Health System) 1 9.250 11/15/2015 4,081,742
- ------------------------------------------------------------------------------------------------------------------
1,650,000 Allegheny County HDA (West Penn Allegheny
Health System) 1 9.250 11/15/2022 1,957,461
- ------------------------------------------------------------------------------------------------------------------
12,720,000 Allegheny County HDA (West Penn Allegheny
Health System) 9.250 11/15/2030 15,065,695
- ------------------------------------------------------------------------------------------------------------------
300,000 Allegheny County HEBA (Carnegie Mellon University) 1 5.450 03/01/2027 300,327
- ------------------------------------------------------------------------------------------------------------------
50,000 Allegheny County HEBA (Chatham College) 5.250 11/15/2019 50,352
- ------------------------------------------------------------------------------------------------------------------
2,020,000 Allegheny County HEBA (Chatham College) 5.750 11/15/2028 2,153,098
- ------------------------------------------------------------------------------------------------------------------
7,980,000 Allegheny County HEBA (Chatham College) 5.750 11/15/2035 8,472,366
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County HEBA (Chatham College) 5.850 03/01/2022 1,063,260
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County HEBA (Chatham College) 5.950 03/01/2032 1,058,900
- ------------------------------------------------------------------------------------------------------------------
15,000 Allegheny County HEBA (Robert Morris University) 6.000 05/01/2028 17,180
- ------------------------------------------------------------------------------------------------------------------
15,000 Allegheny County HEBA (Thiel College) 5.375 11/15/2019 15,638
- ------------------------------------------------------------------------------------------------------------------
60,000 Allegheny County HEBA (Thiel College) 5.375 11/15/2029 62,414
- ------------------------------------------------------------------------------------------------------------------
3,245,000 Allegheny County HEBA (Waynesburg College) 1 4.800 05/01/2036 3,297,861
- ------------------------------------------------------------------------------------------------------------------
5,000 Allegheny County IDA (ARC Allegheny Foundation) 5.000 12/01/2028 5,062
18 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 5,000 Allegheny County IDA (Coltec Industries) 7.250% 06/01/2008 $ 4,983
- ------------------------------------------------------------------------------------------------------------------
1,145,000 Allegheny County IDA (Residential Resources) 5.700 09/01/2012 1,198,300
- ------------------------------------------------------------------------------------------------------------------
4,665,000 Allegheny County IDA (Residential Resources) 6.600 09/01/2031 5,195,177
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County IDA (RR/RRSW/RRDC
Obligated Group) 5.000 09/01/2021 1,029,510
- ------------------------------------------------------------------------------------------------------------------
1,250,000 Allegheny County IDA (RR/RRSW/RRDC
Obligated Group) 5.100 09/01/2026 1,284,775
- ------------------------------------------------------------------------------------------------------------------
1,250,000 Allegheny County IDA (RR/RRSW/RRDC
Obligated Group) 5.125 09/01/2031 1,286,188
- ------------------------------------------------------------------------------------------------------------------
60,000 Allegheny County IDA (USX Corp.) 1 5.500 12/01/2029 62,254
- ------------------------------------------------------------------------------------------------------------------
345,000 Allegheny County IDA (USX Corp.) 1 5.600 09/01/2030 356,813
- ------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County IDA (USX Corp.) 6.000 01/15/2014 25,543
245,000 Allegheny County IDA (USX Corp.) 1 6.100 01/15/2018 250,339
- ------------------------------------------------------------------------------------------------------------------
10,000 Allegheny County IDA (USX Corp.) 6.100 07/15/2020 10,218
- ------------------------------------------------------------------------------------------------------------------
2,295,000 Allegheny County Redevel. Authority (Pittsburgh Mills) 5.100 07/01/2014 2,364,722
- ------------------------------------------------------------------------------------------------------------------
17,125,000 Allegheny County Redevel. Authority (Pittsburgh Mills) 5.600 07/01/2023 18,105,920
- ------------------------------------------------------------------------------------------------------------------
120,000 Allegheny County Redevel. Authority (Robinson Mall) 6.875 11/01/2017 130,348
- ------------------------------------------------------------------------------------------------------------------
8,000,000 Allegheny County Redevel. Authority (Robinson Mall) 7.000 11/01/2017 8,724,080
- ------------------------------------------------------------------------------------------------------------------
1,060,000 Allegheny County Residential Finance Authority
(Single Family) 1 4.850 11/01/2028 1,072,211
- ------------------------------------------------------------------------------------------------------------------
1,260,000 Allegheny County Residential Finance Authority
(Single Family) 1 5.000 05/01/2035 1,284,683
- ------------------------------------------------------------------------------------------------------------------
450,000 Allegheny County Residential Finance Authority
(Single Family) 5.150 11/01/2016 463,343
- ------------------------------------------------------------------------------------------------------------------
30,000 Allegheny County Residential Finance Authority
(Single Family) 5.625 11/01/2023 30,022
- ------------------------------------------------------------------------------------------------------------------
30,000 Allegheny County Residential Finance Authority
(Single Family) 5.950 11/01/2024 31,249
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County Sanitation Authority 5.000 12/01/2030 1,053,570
- ------------------------------------------------------------------------------------------------------------------
10,000 Armstrong County IDA (Kittanning Care Center) 5.375 08/20/2012 10,344
- ------------------------------------------------------------------------------------------------------------------
65,000 Beaver County GO 5.300 10/01/2026 65,552
- ------------------------------------------------------------------------------------------------------------------
5,000 Beaver County Hospital Authority (Valley Health System) 5.000 05/15/2028 5,092
- ------------------------------------------------------------------------------------------------------------------
275,000 Beaver County IDA (J. Ray McDermott & Company) 6.800 02/01/2009 277,448
- ------------------------------------------------------------------------------------------------------------------
155,000 Beaver County IDA (Pennsylvania Power
& Light Company) 5.375 06/01/2028 160,251
- ------------------------------------------------------------------------------------------------------------------
45,000 Beaver County IDA (St. Joe Minerals Corp.) 6.000 05/01/2007 45,052
- ------------------------------------------------------------------------------------------------------------------
35,000 Bedford County IDA (Brown Group) 7.125 02/01/2009 35,050
- ------------------------------------------------------------------------------------------------------------------
300,000 Berks County Municipal Authority
(RHMC/HW Obligated Group) 1 5.000 03/01/2028 305,490
- ------------------------------------------------------------------------------------------------------------------
15,000 Bethlehem Area School District 5.000 09/01/2015 15,108
- ------------------------------------------------------------------------------------------------------------------
2,410,000 Blair County IDA (The Village at Penn State
Retirement Community) 6.050 01/01/2034 2,406,313
19 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 65,000 Blair County IDA (The Village at Penn State
Retirement Community) 6.400% 01/01/2012 $ 66,644
- ------------------------------------------------------------------------------------------------------------------
4,085,000 Blair County IDA (The Village at Penn State
Retirement Community) 6.900 01/01/2022 4,287,575
- ------------------------------------------------------------------------------------------------------------------
7,120,000 Blair County IDA (The Village at Penn State
Retirement Community) 7.000 01/01/2034 7,469,877
- ------------------------------------------------------------------------------------------------------------------
50,000 Blair County IDA (The Village at Penn State
Retirement Community) 2,3,4 10.000 01/01/2012 3,455
- ------------------------------------------------------------------------------------------------------------------
4,500,000 Bradford County IDA (International Paper Company) 5.200 12/01/2019 4,545,045
- ------------------------------------------------------------------------------------------------------------------
500,000 Brighton Township Municipal Authority 5.100 07/15/2022 503,550
- ------------------------------------------------------------------------------------------------------------------
35,000 Bucks County Community College 5.500 06/15/2014 35,215
- ------------------------------------------------------------------------------------------------------------------
500,000 Bucks County Community College Authority 5.350 06/15/2011 502,795
- ------------------------------------------------------------------------------------------------------------------
3,000,000 Bucks County IDA (Ann's Choice) 6.125 01/01/2025 3,190,890
- ------------------------------------------------------------------------------------------------------------------
3,000,000 Bucks County IDA (Ann's Choice) 6.250 01/01/2035 3,183,810
- ------------------------------------------------------------------------------------------------------------------
775,000 Bucks County IDA (Chandler Health Care Facility) 5.700 05/01/2009 772,985
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Bucks County IDA (Chandler Health Care Facility) 6.200 05/01/2019 998,690
- ------------------------------------------------------------------------------------------------------------------
15,000 Bucks County IDA (Pennswood Village) 5.800 10/01/2020 15,852
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Bucks County IDA (Pennswood Village) 1 6.000 10/01/2027 1,075,500
- ------------------------------------------------------------------------------------------------------------------
240,000 Bucks County IDA (Pennsylvania Suburban
Water Company) 1 5.550 09/01/2032 253,951
- ------------------------------------------------------------------------------------------------------------------
8,000,000 Bucks County IDA (Pennsylvania Suburban Water
Company) 5 5.550 09/01/2032 8,465,040
- ------------------------------------------------------------------------------------------------------------------
15,000 Bucks County IDA (USX Corp.) 5.600 03/01/2033 15,506
- ------------------------------------------------------------------------------------------------------------------
10,000 Butler County Hospital Authority
(Butler Memorial Hospital) 5.250 07/01/2012 10,010
- ------------------------------------------------------------------------------------------------------------------
45,000 Butler County Hospital Authority
(Butler Memorial Hospital) 5.250 07/01/2016 45,048
- ------------------------------------------------------------------------------------------------------------------
95,000 Butler County Hospital Authority
(Butler Memorial Hospital) 5.250 07/01/2016 95,101
- ------------------------------------------------------------------------------------------------------------------
480,000 Butler County IDA (Greenview Gardens Apartments) 6.000 07/01/2023 509,746
- ------------------------------------------------------------------------------------------------------------------
880,000 Butler County IDA (Greenview Gardens Apartments) 6.250 07/01/2033 940,746
- ------------------------------------------------------------------------------------------------------------------
65,000 Cambria County GO 5.000 08/15/2023 66,459
- ------------------------------------------------------------------------------------------------------------------
200,000 Cambridge Area Joint Authority 5.250 12/01/2021 201,690
- ------------------------------------------------------------------------------------------------------------------
5,000 Carbondale Hsg. Corp. 8.125 05/01/2019 5,213
- ------------------------------------------------------------------------------------------------------------------
900,000 Chartiers Valley Industrial & Commercial Devel.
Authority (Asbury Health Center) 5.750 12/01/2022 932,751
- ------------------------------------------------------------------------------------------------------------------
7,870,000 Chester County H&EFA (Chester County Hospital) 5.875 07/01/2016 7,960,820
- ------------------------------------------------------------------------------------------------------------------
700,000 Chester County H&EFA (Chester County Hospital) 6.750 07/01/2031 765,667
- ------------------------------------------------------------------------------------------------------------------
2,250,000 Chester County H&EFA (Devereaux Foundation) 1 5.000 11/01/2031 2,324,385
- ------------------------------------------------------------------------------------------------------------------
95,000 Chester County H&EFA (Devereaux Foundation) 6.000 11/01/2019 101,349
- ------------------------------------------------------------------------------------------------------------------
25,000 Chester County H&EFA (Immaculata College) 5.300 10/15/2011 24,999
- ------------------------------------------------------------------------------------------------------------------
30,000 Chester County H&EFA (Immaculata College) 5.400 10/15/2012 30,002
20 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 50,000 Chester County H&EFA (Immaculata College) 5.600% 10/15/2018 $ 50,890
- ------------------------------------------------------------------------------------------------------------------
25,000 Chester County H&EFA (Immaculata College) 5.625 10/15/2027 25,331
- ------------------------------------------------------------------------------------------------------------------
330,000 Chester County H&EFA (Jefferson Health System) 5.375 05/15/2027 337,732
- ------------------------------------------------------------------------------------------------------------------
7,500,000 Chester County H&EFA (Jenners Pond) 7.625 07/01/2034 8,943,150
- ------------------------------------------------------------------------------------------------------------------
2,040,000 Chester County IDA (Collegium Charter School) 1 5.500 04/15/2031 2,186,166
- ------------------------------------------------------------------------------------------------------------------
1,575,000 Chester County IDA (Renaissance Academy-Edison
Charter School) 5.250 10/01/2010 1,585,049
- ------------------------------------------------------------------------------------------------------------------
1,870,000 Chester County IDA (Renaissance Academy-Edison
Charter School) 5.625 10/01/2015 1,885,521
- ------------------------------------------------------------------------------------------------------------------
6,915,000 Chester County IDA Water Facilities Authority (Aqua PA) 5.000 02/01/2040 7,190,978
- ------------------------------------------------------------------------------------------------------------------
16,915,000 Chester County IDA Water Facilities Authority (Aqua PA) 5.000 02/01/2041 17,590,078
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Clarion County Hospital Authority (Clarion Hospital) 5.750 07/01/2012 1,022,190
- ------------------------------------------------------------------------------------------------------------------
800,000 Crawford County Hospital Authority (Wesbury
United Methodist Community) 6.125 08/15/2019 823,832
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Cumberland County Municipal Authority
(Diakon Lutheran Ministries) 5.000 01/01/2027 1,029,920
- ------------------------------------------------------------------------------------------------------------------
4,500,000 Cumberland County Municipal Authority
(Diakon Lutheran Ministries) 5.000 01/01/2036 4,604,040
- ------------------------------------------------------------------------------------------------------------------
2,100,000 Cumberland County Municipal Authority
(Presbyterian Homes) 5.000 12/01/2020 2,199,897
- ------------------------------------------------------------------------------------------------------------------
1,050,000 Cumberland County Municipal Authority
(Presbyterian Homes) 5.000 12/01/2021 1,099,161
- ------------------------------------------------------------------------------------------------------------------
1,685,000 Cumberland County Municipal Authority
(Wesley Affiliated Services) 7.250 01/01/2035 1,966,311
- ------------------------------------------------------------------------------------------------------------------
15,000 Dauphin County General Authority (Pinnacle Health) 5.500 05/15/2027 15,207
- ------------------------------------------------------------------------------------------------------------------
4,650,000 DE County IDA (Naamans Creek) 7.000 12/01/2036 4,663,997
- ------------------------------------------------------------------------------------------------------------------
120,000 Delaware County Authority
(MAS/MCMCSPA/MHH/MHP/MHSSPA Obligated Group) 5.375 11/15/2023 126,238
- ------------------------------------------------------------------------------------------------------------------
2,530,000 Delaware County Authority (Neumann College) 1 6.000 10/01/2031 2,668,897
- ------------------------------------------------------------------------------------------------------------------
175,000 Delaware County Authority (Riddle Memorial Hospital) 5.250 01/01/2016 178,759
- ------------------------------------------------------------------------------------------------------------------
15,000 Delaware County Hospital Authority
(CCMC/CKHS/DCMH Obligated Group) 5.375 12/01/2018 15,486
- ------------------------------------------------------------------------------------------------------------------
25,000 Delaware County Hospital Authority
(CCMC/CKHS/DCMH Obligated Group) 6.250 12/15/2022 27,199
- ------------------------------------------------------------------------------------------------------------------
25,000 Delaware County Hospital Authority
(CCMC/CKHS/DCMH Obligated Group) 6.250 12/15/2031 27,118
- ------------------------------------------------------------------------------------------------------------------
10,000 Delaware County Hospital Authority
(Riddle Memorial Hospital) 5.000 01/01/2028 10,161
- ------------------------------------------------------------------------------------------------------------------
7,010,000 Delaware County IDA (American Ref-Fuel Company) 6.100 07/01/2013 7,264,954
- ------------------------------------------------------------------------------------------------------------------
25,000 Delaware County IDA (American Ref-Fuel Company) 6.200 07/01/2019 25,640
- ------------------------------------------------------------------------------------------------------------------
5,500,000 Delaware County IDA (Pennsylvania Suburban Water Co.) 5.150 09/01/2032 5,742,935
- ------------------------------------------------------------------------------------------------------------------
30,000 Delaware County IDA (Philadelphia Suburban Water) 1 5.350 10/01/2031 31,572
21 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 5,670,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 5.000% 02/01/2035 $ 5,897,367
- ------------------------------------------------------------------------------------------------------------------
5,000,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 5.000 11/01/2036 5,215,600
- ------------------------------------------------------------------------------------------------------------------
55,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 5.000 11/01/2037 57,372
- ------------------------------------------------------------------------------------------------------------------
11,000,000 Delaware County IDA Water Facilities (Aqua Pennsylania) 5 5.000 11/01/2037 11,474,320
- ------------------------------------------------------------------------------------------------------------------
18,000,000 Delaware County IDA Water Facilities (Aqua Pennsylania) 5 5.000 11/01/2038 18,749,610
- ------------------------------------------------------------------------------------------------------------------
900,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 5.000 11/01/2038 937,476
- ------------------------------------------------------------------------------------------------------------------
25,000 Delaware River Port Authority PA/NJ 5.000 01/01/2026 25,392
- ------------------------------------------------------------------------------------------------------------------
70,000 Delaware River Port Authority PA/NJ 5.400 01/01/2014 70,788
- ------------------------------------------------------------------------------------------------------------------
180,000 Delaware River Port Authority PA/NJ 5.400 01/01/2015 182,027
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Delaware River Port Authority PA/NJ 1 5.400 01/01/2016 2,022,520
- ------------------------------------------------------------------------------------------------------------------
9,705,000 Delaware River Port Authority PA/NJ 5.500 01/01/2026 9,815,734
- ------------------------------------------------------------------------------------------------------------------
405,000 Delaware River Port Authority PA/NJ 5.500 01/01/2026 409,536
- ------------------------------------------------------------------------------------------------------------------
10,000 Doylestown Hospital Authority (Doylestown Hospital) 5.000 07/01/2014 10,009
- ------------------------------------------------------------------------------------------------------------------
150,000 Doylestown Hospital Authority (Doylestown Hospital) 5.000 07/01/2023 150,095
- ------------------------------------------------------------------------------------------------------------------
15,000 East Hempfield Township IDA (Homestead Village) 6.375 11/01/2023 15,003
- ------------------------------------------------------------------------------------------------------------------
140,000 Erie County IDA (International Paper Company) 5.000 11/01/2018 142,010
- ------------------------------------------------------------------------------------------------------------------
2,990,000 Erie-Western PA Port Authority 5.125 06/15/2016 3,070,431
- ------------------------------------------------------------------------------------------------------------------
80,000 Falls Township Hospital Authority (Delaware Valley
Medical Center) 7.000 08/01/2022 80,500
- ------------------------------------------------------------------------------------------------------------------
40,000 Ferndale Area School District GO 6.750 07/15/2009 40,090
- ------------------------------------------------------------------------------------------------------------------
365,000 Forest Hills GO 5.050 05/01/2019 368,723
- ------------------------------------------------------------------------------------------------------------------
35,000 Franklin County IDA (The Chambersburg Hospital) 5.000 07/01/2022 35,414
- ------------------------------------------------------------------------------------------------------------------
50,000 Geisinger Authority Health System
(Penn State Geisinger Health System Foundation) 5.000 08/15/2028 50,875
- ------------------------------------------------------------------------------------------------------------------
10,000 Gettysburg Municipal Authority (Gettysburg College) 5.000 08/15/2023 10,224
- ------------------------------------------------------------------------------------------------------------------
115,000 Hampton Township School District 5.000 09/01/2027 115,553
- ------------------------------------------------------------------------------------------------------------------
1,500,000 Harrisburg University Authority
(Harrisburg University of Science) 5.400 09/01/2016 1,510,530
- ------------------------------------------------------------------------------------------------------------------
25,000 Hazelton Area School District 5.000 03/01/2011 25,259
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Horsham Industrial & Commercial Devel. Authority
(GF/Pennsylvania Property) 8.375 09/01/2024 1,000,710
- ------------------------------------------------------------------------------------------------------------------
65,000 Indiana County IDA Pollution Control (PSEG Power LLC) 1 5.850 06/01/2027 68,709
- ------------------------------------------------------------------------------------------------------------------
385,000 Jeannette Health Services Authority
(Jeannette District Memorial Hospital) 6.000 11/01/2018 385,716
- ------------------------------------------------------------------------------------------------------------------
10,000 Lancaster County Hospital Authority
(Lancaster General Hospital) 5.500 03/15/2026 10,984
- ------------------------------------------------------------------------------------------------------------------
25,000 Lancaster County Hospital Authority
(Landis Homes Retirement Community) 5.700 09/01/2018 25,012
- ------------------------------------------------------------------------------------------------------------------
20,000 Lancaster County Hospital Authority
(Landis Homes Retirement Community) 5.750 09/01/2023 20,007
22 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 100,000 Lancaster County Hospital Authority
(Masonic Homes of Pennsylvania) 5.300% 11/15/2007 $ 100,110
- ------------------------------------------------------------------------------------------------------------------
25,000 Lancaster County Hospital Authority
(Saint Anne's Home for the Aged) 6.500 04/01/2015 25,027
- ------------------------------------------------------------------------------------------------------------------
40,000 Lancaster County IDA (Garden Spot Village) 7.600 05/01/2022 44,885
- ------------------------------------------------------------------------------------------------------------------
2,300,000 Lancaster County IDA (Garden Spot Village) 7.625 05/01/2031 2,582,601
- ------------------------------------------------------------------------------------------------------------------
25,000 Lancaster County Solid Waste Management Authority 5.000 12/15/2014 25,551
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Langhorne Manor Boro Higher Education Authority
(Lower Bucks Hospital) 1 7.350 07/01/2022 1,000,310
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Langhorne Manor Boro Higher Education Authority
(Philadelphia Biblical University) 5.200 04/01/2020 1,003,420
- ------------------------------------------------------------------------------------------------------------------
575,000 Langhorne Manor Boro Higher Education Authority
(Philadelphia Biblical University) 5.500 04/01/2025 582,688
- ------------------------------------------------------------------------------------------------------------------
35,000 Latrobe IDA (St. Vincent College) 5.700 05/01/2031 36,883
- ------------------------------------------------------------------------------------------------------------------
115,000 Lawrence County IDA (Shenango Presbyterian Center) 7.000 11/15/2016 115,101
- ------------------------------------------------------------------------------------------------------------------
5,190,000 Lawrence County IDA (Shenango Presbyterian Center) 7.500 11/15/2031 5,604,318
- ------------------------------------------------------------------------------------------------------------------
1,020,000 Lehigh County GPA (Bible Fellowship Church Home) 6.000 12/15/2023 1,035,198
- ------------------------------------------------------------------------------------------------------------------
1,060,000 Lehigh County GPA (Bible Fellowship Church Home) 7.625 11/01/2021 1,172,530
- ------------------------------------------------------------------------------------------------------------------
750,000 Lehigh County GPA (Bible Fellowship Church Home) 7.750 11/01/2033 829,740
- ------------------------------------------------------------------------------------------------------------------
1,485,000 Lehigh County GPA (Kidspeace Obligated Group) 5.800 11/01/2012 1,474,130
- ------------------------------------------------------------------------------------------------------------------
1,265,000 Lehigh County GPA (Kidspeace Obligated Group) 1 5.800 11/01/2012 1,325,492
- ------------------------------------------------------------------------------------------------------------------
8,190,000 Lehigh County GPA (Kidspeace Obligated Group) 6.000 11/01/2018 8,155,029
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Lehigh County GPA (Kidspeace Obligated Group) 1 6.000 11/01/2018 2,101,520
- ------------------------------------------------------------------------------------------------------------------
1,100,000 Lehigh County GPA (Kidspeace Obligated Group) 6.000 11/01/2023 1,082,774
- ------------------------------------------------------------------------------------------------------------------
2,940,000 Lehigh County GPA (Kidspeace Obligated Group) 6.000 11/01/2023 3,088,735
- ------------------------------------------------------------------------------------------------------------------
60,000 Lehigh County GPA (Lehigh Valley Health Network) 5.000 07/01/2028 61,159
- ------------------------------------------------------------------------------------------------------------------
20,000 Lehigh County GPA (Lehigh Valley Hospital) 5.625 07/01/2015 20,423
- ------------------------------------------------------------------------------------------------------------------
10,000 Lehigh County GPA (Lehigh Valley
Hospital/Muhlenberg Hospital
Center/MCCC Obligated Group) 5.000 07/01/2028 10,193
- ------------------------------------------------------------------------------------------------------------------
5,000 Lehigh County GPA (Lehigh Valley
Hospital/Muhlenberg Hospital
Center/MCCC Obligated Group) 5.000 07/01/2028 5,097
- ------------------------------------------------------------------------------------------------------------------
5,000 Lehigh County GPA (St. Lukes Hospital Bethlehem) 5.375 08/15/2033 5,231
- ------------------------------------------------------------------------------------------------------------------
190,000 Lehigh County IDA (Lifepath) 5.850 06/01/2008 189,793
- ------------------------------------------------------------------------------------------------------------------
23,340,000 Lehigh County IDA Pollution Control (Pennsylvania Power
& Light Electric Utilities Corp.) 5 4.750 02/15/2027 23,800,615
- ------------------------------------------------------------------------------------------------------------------
650,000 Lehigh Northampton Airport Authority
(Lehigh Valley International Airport) 5.000 01/01/2021 674,928
- ------------------------------------------------------------------------------------------------------------------
750,000 Lehigh Northampton Airport Authority
(Lehigh Valley International Airport) 5.000 01/01/2023 775,725
23 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 15,000 Lewistown Boro Municipal Water Authority 5.250% 01/01/2028 $ 15,167
- ------------------------------------------------------------------------------------------------------------------
12,640,000 Luzerne County IDA Water Facilities (American Water
Company) 5 4.950 09/01/2034 13,125,818
- ------------------------------------------------------------------------------------------------------------------
50,000 Lycoming County Hospital Authority
(MVH/DPH Obligated Group) 5.250 11/15/2015 50,487
- ------------------------------------------------------------------------------------------------------------------
10,000 Lycoming County Hospital Authority
(MVH/DPH Obligated Group) 5.500 11/15/2022 10,112
- ------------------------------------------------------------------------------------------------------------------
30,000 Lycoming County Hospital Authority
(WH/NCPHS Obligated Group) 5.250 11/15/2015 30,292
- ------------------------------------------------------------------------------------------------------------------
60,000 Lycoming County Hospital Authority
(WH/NCPHS Obligated Group) 5.375 11/15/2010 60,666
- ------------------------------------------------------------------------------------------------------------------
345,000 McKean County GO 5.000 11/01/2022 347,832
- ------------------------------------------------------------------------------------------------------------------
2,730,000 McKean County Hospital Authority (Bradford Hospital) 1 5.000 10/01/2020 2,845,807
- ------------------------------------------------------------------------------------------------------------------
3,000,000 McKean County Hospital Authority (Bradford Hospital) 1 5.250 10/01/2030 3,163,110
- ------------------------------------------------------------------------------------------------------------------
100,000 Mifflin County Hospital Authority (Lewiston Hospital) 6.200 07/01/2030 108,357
- ------------------------------------------------------------------------------------------------------------------
10,000 Montgomery County HEHA
(Abington Memorial Hospital) 5.000 06/01/2028 10,188
- ------------------------------------------------------------------------------------------------------------------
8,740,000 Montgomery County HEHA (Arcadia University) 1 5.000 04/01/2036 9,114,771
- ------------------------------------------------------------------------------------------------------------------
5,750,000 Montgomery County HEHA (Dickinson College) 5.000 05/01/2031 6,065,388
- ------------------------------------------------------------------------------------------------------------------
60,000 Montgomery County HEHA
(Holy Redeemer Health System) 5.250 10/01/2023 61,014
- ------------------------------------------------------------------------------------------------------------------
30,000 Montgomery County HEHA
(Holy Redeemer Health System) 5.250 10/01/2027 30,515
- ------------------------------------------------------------------------------------------------------------------
80,000 Montgomery County HEHA
(Holy Redeemer Physician & Ambulatory Services) 5.250 10/01/2023 81,352
- ------------------------------------------------------------------------------------------------------------------
485,000 Montgomery County IDA
(ACTS Retirement Life Community) 5.250 11/15/2028 495,588
- ------------------------------------------------------------------------------------------------------------------
1,750,000 Montgomery County IDA (Meadowood Corp.) 6.250 12/01/2017 1,801,223
- ------------------------------------------------------------------------------------------------------------------
70,000 Montgomery County IDA
(Pennsylvania-American Water Company) 5.050 06/01/2029 70,595
- ------------------------------------------------------------------------------------------------------------------
2,500,000 Montgomery County IDA (Whitemarsh Continued Care) 6.250 02/01/2035 2,644,900
- ------------------------------------------------------------------------------------------------------------------
3,840,000 Montgomery County IDA (Wordsworth Academy) 8.000 09/01/2024 3,846,259
- ------------------------------------------------------------------------------------------------------------------
2,905,000 New Morgan IDA (Browning-Ferris Industries) 1 6.500 04/01/2019 2,904,710
- ------------------------------------------------------------------------------------------------------------------
40,000 New Wilmington Municipal Authority
(Westminster College) 5.300 03/01/2018 40,400
- ------------------------------------------------------------------------------------------------------------------
55,000 New Wilmington Municipal Authority
(Westminster College) 5.350 03/01/2028 55,414
- ------------------------------------------------------------------------------------------------------------------
5,000 North Wales Water Authority 5.000 11/01/2022 5,036
- ------------------------------------------------------------------------------------------------------------------
135,000 Northampton County Higher Education Authority
(Lafayette College) 5.000 11/01/2027 136,376
- ------------------------------------------------------------------------------------------------------------------
50,000 Northampton County IDA (Kirkland Village) 5.625 12/15/2019 50,491
- ------------------------------------------------------------------------------------------------------------------
170,000 Northampton County IDA (Moravian Hall Square) 5.350 07/01/2010 170,184
24 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 40,000 Northampton County IDA (Moravian Hall Square) 5.700% 07/01/2020 $ 40,049
- ------------------------------------------------------------------------------------------------------------------
470,000 Northeastern PA Hospital & Education Authority
(Wilkes University) 5.625 10/01/2018 470,526
- ------------------------------------------------------------------------------------------------------------------
20,000 Northeastern PA Hospital & Education Authority
(Wilkes University) 5.625 10/01/2018 20,028
- ------------------------------------------------------------------------------------------------------------------
360,000 Northeastern PA Hospital & Education Authority (WVHCS) 5.250 01/01/2026 367,477
- ------------------------------------------------------------------------------------------------------------------
830,000 Northumberland County IDA (Aqua Pennsylvania) 5.050 10/01/2039 862,163
- ------------------------------------------------------------------------------------------------------------------
665,000 Northumberland County IDA (NHS Youth Services) 5.500 02/15/2033 708,737
- ------------------------------------------------------------------------------------------------------------------
1,845,000 Northumberland County IDA (NHS Youth Services) 7.500 02/15/2029 1,925,866
- ------------------------------------------------------------------------------------------------------------------
3,905,000 Northumberland County IDA (NHS Youth Services) 7.750 02/15/2029 4,124,266
- ------------------------------------------------------------------------------------------------------------------
10,000,000 PA EDFA (30th Street Garage) 5.875 06/01/2033 10,844,800
- ------------------------------------------------------------------------------------------------------------------
50,000 PA EDFA (Amtrak) 1 6.000 11/01/2011 52,248
- ------------------------------------------------------------------------------------------------------------------
250,000 PA EDFA (Amtrak) 1 6.125 11/01/2021 267,055
- ------------------------------------------------------------------------------------------------------------------
5,005,000 PA EDFA (Amtrak) 6.250 11/01/2031 5,350,345
- ------------------------------------------------------------------------------------------------------------------
945,000 PA EDFA (Amtrak) 6.375 11/01/2041 1,009,997
- ------------------------------------------------------------------------------------------------------------------
10,000,000 PA EDFA (Colver) 5 4.625 12/01/2018 10,161,950
- ------------------------------------------------------------------------------------------------------------------
14,700,000 PA EDFA (National Gypsum Company) 6.125 11/02/2027 15,352,533
- ------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (National Gypsum Company) 6.250 11/01/2027 5,262,250
- ------------------------------------------------------------------------------------------------------------------
4,900,000 PA EDFA (Northampton Generating) 6.400 01/01/2009 4,900,245
- ------------------------------------------------------------------------------------------------------------------
8,515,000 PA EDFA (Northampton Generating) 6.500 01/01/2013 8,654,646
- ------------------------------------------------------------------------------------------------------------------
8,500,000 PA EDFA (Northampton Generating) 6.600 01/01/2019 8,591,460
- ------------------------------------------------------------------------------------------------------------------
1,300,000 PA EDFA (Northampton Generating) 6.875 01/01/2011 1,299,987
- ------------------------------------------------------------------------------------------------------------------
12,000,000 PA EDFA (Northampton Generating) 6.950 01/01/2021 12,000,000
- ------------------------------------------------------------------------------------------------------------------
4,310,000 PA EDFA (Northwestern Human Services) 5.250 06/01/2014 4,313,534
- ------------------------------------------------------------------------------------------------------------------
3,000,000 PA EDFA (Northwestern Human Services) 5.250 06/01/2028 2,913,600
- ------------------------------------------------------------------------------------------------------------------
12,500,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 13,797,125
- ------------------------------------------------------------------------------------------------------------------
8,000,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 8,830,160
- ------------------------------------------------------------------------------------------------------------------
6,000,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 6,622,620
- ------------------------------------------------------------------------------------------------------------------
10,000,000 PA EDFA (Reliant Energy) 5 6.750 12/01/2036 11,037,700
- ------------------------------------------------------------------------------------------------------------------
7,000,000 PA EDFA (Reliant Energy/Reliant Seward Obligated Group) 6.750 12/01/2036 7,726,390
- ------------------------------------------------------------------------------------------------------------------
40,805,000 PA EDFA (USG Corp.) 6.000 06/01/2031 42,832,600
- ------------------------------------------------------------------------------------------------------------------
4,500,000 PA EDFA (Waste Management) 1 5.100 10/01/2027 4,670,370
- ------------------------------------------------------------------------------------------------------------------
95,000 PA HEFA (Allegheny Delaware Valley Obligated Group) 5.875 11/15/2021 97,039
- ------------------------------------------------------------------------------------------------------------------
60,000 PA HEFA (Allegheny General Hospital) 7.125 09/01/2007 60,096
- ------------------------------------------------------------------------------------------------------------------
55,000 PA HEFA (Allegheny General Hospital) 7.250 09/01/2017 55,094
- ------------------------------------------------------------------------------------------------------------------
230,000 PA HEFA (Bryn Mawr College) 5.625 12/01/2027 235,796
- ------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (CA University of PA Student Assoc.) 5.000 07/01/2028 103,534
- ------------------------------------------------------------------------------------------------------------------
1,500,000 PA HEFA (CA University of PA Student Assoc.) 6.750 09/01/2020 1,637,880
- ------------------------------------------------------------------------------------------------------------------
110,000 PA HEFA (CA University of PA Student Assoc.) 6.750 09/01/2032 119,538
25 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 50,000 PA HEFA (CA University of PA Student Assoc.) 6.800% 09/01/2025 $ 54,608
- ------------------------------------------------------------------------------------------------------------------
1,475,000 PA HEFA (College of Science & Agriculture) 5.350 04/15/2028 1,485,738
- ------------------------------------------------------------------------------------------------------------------
1,460,000 PA HEFA
(Delaware Valley College of Science & Agriculture) 5.650 04/15/2025 1,544,286
- ------------------------------------------------------------------------------------------------------------------
815,000 PA HEFA
(Delaware Valley College of Science & Agriculture) 5.750 04/15/2029 867,282
- ------------------------------------------------------------------------------------------------------------------
220,000 PA HEFA
(Delaware Valley College of Science & Agriculture) 5.750 04/15/2034 233,240
- ------------------------------------------------------------------------------------------------------------------
3,210,000 PA HEFA
(Delaware Valley College of Science & Agriculture) 5.800 04/15/2030 3,410,368
- ------------------------------------------------------------------------------------------------------------------
3,385,000 PA HEFA
(Delaware Valley College of Science & Agriculture) 5.800 04/15/2033 3,589,928
- ------------------------------------------------------------------------------------------------------------------
1,830,000 PA HEFA (Elizabethtown College) 5.000 12/15/2021 1,919,945
- ------------------------------------------------------------------------------------------------------------------
3,070,000 PA HEFA (Elizabethtown College) 5.000 12/15/2024 3,204,067
- ------------------------------------------------------------------------------------------------------------------
4,000,000 PA HEFA (Elizabethtown College) 5.000 12/15/2027 4,168,440
- ------------------------------------------------------------------------------------------------------------------
1,820,000 PA HEFA (Geneva College) 5.375 04/01/2023 1,864,499
- ------------------------------------------------------------------------------------------------------------------
860,000 PA HEFA (Geneva College) 5.450 04/01/2018 883,426
- ------------------------------------------------------------------------------------------------------------------
1,035,000 PA HEFA (Geneva College) 6.125 04/01/2022 1,107,999
- ------------------------------------------------------------------------------------------------------------------
40,000 PA HEFA (Higher Education System) 5.000 06/15/2019 40,632
- ------------------------------------------------------------------------------------------------------------------
50,000 PA HEFA (La Salle University) 5.500 05/01/2034 52,569
- ------------------------------------------------------------------------------------------------------------------
150,000 PA HEFA (La Salle University) 5.625 05/01/2017 151,715
- ------------------------------------------------------------------------------------------------------------------
10,000 PA HEFA (La Salle University) 5.700 05/01/2014 10,015
- ------------------------------------------------------------------------------------------------------------------
735,000 PA HEFA (Lycoming College) 5.250 11/01/2027 778,321
- ------------------------------------------------------------------------------------------------------------------
1,490,000 PA HEFA (Marywood University) 5.125 06/01/2029 1,568,821
- ------------------------------------------------------------------------------------------------------------------
5,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 5.875 11/15/2016 5,107
- ------------------------------------------------------------------------------------------------------------------
50,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 5.875 11/15/2016 51,077
- ------------------------------------------------------------------------------------------------------------------
3,040,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 5.875 11/15/2021 3,105,482
- ------------------------------------------------------------------------------------------------------------------
250,000 PA HEFA (Philadelphia University) 5.000 06/01/2035 256,835
- ------------------------------------------------------------------------------------------------------------------
3,000,000 PA HEFA (Philadelphia University) 5.125 06/01/2025 3,096,900
- ------------------------------------------------------------------------------------------------------------------
2,200,000 PA HEFA (Philadelphia University) 5.250 06/01/2032 2,272,116
- ------------------------------------------------------------------------------------------------------------------
250,000 PA HEFA (Philadelphia University) 6.000 06/01/2029 264,283
- ------------------------------------------------------------------------------------------------------------------
35,000 PA HEFA (Philadelphia University) 6.100 06/01/2030 37,108
- ------------------------------------------------------------------------------------------------------------------
105,000 PA HEFA (St. Francis University) 5.750 11/01/2023 111,712
- ------------------------------------------------------------------------------------------------------------------
3,925,000 PA HEFA (St. Francis University) 6.250 11/01/2018 4,276,602
- ------------------------------------------------------------------------------------------------------------------
1,215,000 PA HEFA (University of the Arts) 5.000 09/15/2033 1,268,229
- ------------------------------------------------------------------------------------------------------------------
25,000 PA HEFA (University of the Arts) 5.750 03/15/2030 26,192
- ------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (UPMC Health System) 5.000 08/01/2029 102,769
- ------------------------------------------------------------------------------------------------------------------
30,000 PA HEFA (UPMC Health System) 6.000 01/15/2031 32,385
- ------------------------------------------------------------------------------------------------------------------
1,650,000 PA HEFA (Ursinus College) 5.000 01/01/2036 1,719,218
- ------------------------------------------------------------------------------------------------------------------
750,000 PA HEFA (Widener University) 5.000 07/15/2026 780,128
- ------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (Widener University) 5.250 07/15/2024 105,102
26 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 70,000 PA HEFA (Widener University) 5.400% 07/15/2036 $ 73,907
- ------------------------------------------------------------------------------------------------------------------
105,000 PA HFA (Single Family Mtg.) 5.450 10/01/2032 108,405
- ------------------------------------------------------------------------------------------------------------------
10,000,000 PA HFA (Single Family Mtg.), Series B 5 5.100 10/01/2020 10,289,000
- ------------------------------------------------------------------------------------------------------------------
9,180,000 PA HFA (Single Family Mtg.), Series 61A 5.450 10/01/2021 9,244,627
- ------------------------------------------------------------------------------------------------------------------
4,235,000 PA HFA (Single Family Mtg.), Series 61A 1 5.500 04/01/2029 4,282,305
- ------------------------------------------------------------------------------------------------------------------
100,000 PA HFA (Single Family Mtg.), Series 61A 5.500 04/01/2029 101,117
- ------------------------------------------------------------------------------------------------------------------
25,000 PA HFA (Single Family Mtg.), Series 62A 5.200 10/01/2011 25,662
- ------------------------------------------------------------------------------------------------------------------
195,000 PA HFA (Single Family Mtg.), Series 63A 5.433 6 04/01/2030 55,768
- ------------------------------------------------------------------------------------------------------------------
50,000 PA HFA (Single Family Mtg.), Series 64 5.000 10/01/2017 50,751
- ------------------------------------------------------------------------------------------------------------------
5,000 PA HFA (Single Family Mtg.), Series 66A 5.650 04/01/2029 5,040
- ------------------------------------------------------------------------------------------------------------------
3,755,000 PA HFA (Single Family Mtg.), Series 67A 5.400 10/01/2024 3,795,817
- ------------------------------------------------------------------------------------------------------------------
4,740,000 PA HFA (Single Family Mtg.), Series 70A 1 5.800 04/01/2027 4,903,862
- ------------------------------------------------------------------------------------------------------------------
8,000,000 PA HFA (Single Family Mtg.), Series 72A 5 5.250 04/01/2021 8,287,400
- ------------------------------------------------------------------------------------------------------------------
11,400,000 PA HFA (Single Family Mtg.), Series 73A 5 5.350 10/01/2022 11,767,764
- ------------------------------------------------------------------------------------------------------------------
10,000,000 PA HFA (Single Family Mtg.), Series 74B 5 5.150 10/01/2022 10,269,150
- ------------------------------------------------------------------------------------------------------------------
3,105,000 PA HFA (Single Family Mtg.), Series 74B 1 5.250 04/01/2032 3,191,630
- ------------------------------------------------------------------------------------------------------------------
3,000,000 PA HFA (Single Family Mtg.), Series 95A 4.875 10/01/2031 3,033,630
- ------------------------------------------------------------------------------------------------------------------
12,535,000 PA HFA (Single Family Mtg.), Series 96A 4.700 10/01/2037 12,443,620
- ------------------------------------------------------------------------------------------------------------------
55,000 PA Intergovernmental Cooperative Authority 1 5.000 06/15/2021 56,412
- ------------------------------------------------------------------------------------------------------------------
145,000 PA State University, Series A 5.000 08/15/2027 148,896
- ------------------------------------------------------------------------------------------------------------------
15,000 PA Turnpike Commission 5.000 12/01/2023 15,494
- ------------------------------------------------------------------------------------------------------------------
5,000 PA Turnpike Commission 5.000 12/01/2023 5,131
- ------------------------------------------------------------------------------------------------------------------
20,000 Patterson Township Municipal Authority 5.250 04/15/2007 20,019
- ------------------------------------------------------------------------------------------------------------------
10,000 Patterson Township Municipal Authority 5.500 04/15/2011 10,010
- ------------------------------------------------------------------------------------------------------------------
25,000 Penn Hills GO 5.850 12/01/2014 25,420
- ------------------------------------------------------------------------------------------------------------------
220,000 Philadelphia Airport 5.375 06/15/2015 228,021
- ------------------------------------------------------------------------------------------------------------------
1,310,000 Philadelphia Airport, Series A 1 5.000 06/15/2023 1,362,623
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Philadelphia Airport, Series A 1 5.000 06/15/2024 2,080,340
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Philadelphia Airport, Series A 1 5.000 06/15/2025 2,080,340
- ------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia Airport, Series B 5.250 06/15/2011 25,601
- ------------------------------------------------------------------------------------------------------------------
15,000 Philadelphia Airport, Series B 5.250 06/15/2012 15,361
- ------------------------------------------------------------------------------------------------------------------
15,000 Philadelphia Airport, Series B 5.250 06/15/2031 15,633
- ------------------------------------------------------------------------------------------------------------------
225,000 Philadelphia Airport, Series B 5.400 06/15/2027 230,306
- ------------------------------------------------------------------------------------------------------------------
5,000 Philadelphia Authority for Industrial Devel. 5.250 10/01/2030 5,269
- ------------------------------------------------------------------------------------------------------------------
6,720,000 Philadelphia Authority for Industrial Devel.
(Aero Philadelphia) 5.500 01/01/2024 6,809,040
- ------------------------------------------------------------------------------------------------------------------
3,870,000 Philadelphia Authority for Industrial Devel. (Air Cargo) 7.500 01/01/2025 4,240,243
- ------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia Authority for Industrial Devel.
(American College of Physicians) 6.000 06/15/2030 26,493
27 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,150,000 Philadelphia Authority for Industrial Devel.
(Baptist Home of Philadelphia) 5.500% 11/15/2018 $ 1,150,920
- ------------------------------------------------------------------------------------------------------------------
776,000 Philadelphia Authority for Industrial Devel.
(Baptist Home of Philadelphia) 5.600 11/15/2028 771,197
- ------------------------------------------------------------------------------------------------------------------
35,000 Philadelphia Authority for Industrial Devel.
(Cathedral Village in Philadelphia) 5.700 04/01/2015 35,341
- ------------------------------------------------------------------------------------------------------------------
20,000 Philadelphia Authority for Industrial Devel.
(Cathedral Village) 5.600 04/01/2012 20,014
- ------------------------------------------------------------------------------------------------------------------
450,000 Philadelphia Authority for Industrial Devel.
(Cathedral Village) 6.750 04/01/2023 499,302
- ------------------------------------------------------------------------------------------------------------------
1,100,000 Philadelphia Authority for Industrial Devel.
(Cathedral Village) 6.875 04/01/2034 1,222,177
- ------------------------------------------------------------------------------------------------------------------
2,585,000 Philadelphia Authority for Industrial Devel.
(City of Philadelphia) 1 5.375 02/15/2027 2,639,311
- ------------------------------------------------------------------------------------------------------------------
2,750,000 Philadelphia Authority for Industrial Devel.
(First Mtg.-CPAP) 6.125 04/01/2019 2,062,720
- ------------------------------------------------------------------------------------------------------------------
1,790,000 Philadelphia Authority for Industrial Devel.
(Franklin Towne Charter High School) 5.250 01/01/2027 1,840,800
- ------------------------------------------------------------------------------------------------------------------
1,085,000 Philadelphia Authority for Industrial Devel.
(Franklin Towne Charter High School) 5.375 01/01/2032 1,119,460
- ------------------------------------------------------------------------------------------------------------------
780,000 Philadelphia Authority for Industrial Devel.
(Germantown Interfaith Hsg./Philadelphia
Presbytery Apartments Obligated Group) 5.125 07/01/2016 792,488
- ------------------------------------------------------------------------------------------------------------------
1,330,000 Philadelphia Authority for Industrial Devel.
(International Educational & Community Project) 5.875 06/01/2022 1,432,477
- ------------------------------------------------------------------------------------------------------------------
35,000 Philadelphia Authority for Industrial Devel.
(PGH Devel. Corp.) 5.250 07/01/2017 35,040
- ------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia Authority for Industrial Devel.
(Philadelphia Airport) 5.000 07/01/2019 25,469
- ------------------------------------------------------------------------------------------------------------------
19,530,000 Philadelphia Authority for Industrial Devel.
(Philadelphia Airport) 5.000 07/01/2023 19,877,439
- ------------------------------------------------------------------------------------------------------------------
1,325,000 Philadelphia Authority for Industrial Devel.
(Philadelphia Airport) 1 5.125 07/01/2028 1,350,255
- ------------------------------------------------------------------------------------------------------------------
55,000 Philadelphia Authority for Industrial Devel.
(Philadelphia Airport) 5.250 07/01/2028 57,491
- ------------------------------------------------------------------------------------------------------------------
400,000 Philadelphia Authority for Industrial Devel.
(Philadelphia Airport) 5.300 07/01/2017 409,776
- ------------------------------------------------------------------------------------------------------------------
8,000,000 Philadelphia Authority for Industrial Devel.
(Philadelphia Airport System) 5 5.400 07/01/2022 8,442,640
- ------------------------------------------------------------------------------------------------------------------
1,640,000 Philadelphia Authority for Industrial Devel.
(Richard Allen Prep Charter School) 6.250 05/01/2033 1,654,120
- ------------------------------------------------------------------------------------------------------------------
1,370,000 Philadelphia Authority for Industrial Devel.
(Stapeley Germantown) 5.000 01/01/2015 1,378,850
28 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,580,000 Philadelphia Authority for Industrial Devel.
(Stapeley Germantown) 5.125% 01/01/2021 $ 1,576,666
- ------------------------------------------------------------------------------------------------------------------
1,400,000 Philadelphia Authority for Industrial Devel.
Senior Living (Arbor House) 6.100 07/01/2033 1,481,312
- ------------------------------------------------------------------------------------------------------------------
1,240,000 Philadelphia Authority for Industrial Devel.
Senior Living (Miriam and Robert M. Rieder House) 6.100 07/01/2033 1,312,019
- ------------------------------------------------------------------------------------------------------------------
3,000,000 Philadelphia Authority for Industrial Devel.
Senior Living (Presbyterian Homes Germantown) 5.625 07/01/2035 3,117,570
- ------------------------------------------------------------------------------------------------------------------
1,160,000 Philadelphia Authority for Industrial Devel.
Senior Living (Robert Saligman House) 6.100 07/01/2033 1,227,373
- ------------------------------------------------------------------------------------------------------------------
13,700,000 Philadelphia Authority for Industrial Devel., Series B 5 5.125 10/01/2026 14,346,435
- ------------------------------------------------------------------------------------------------------------------
7,125,000 Philadelphia Gas Works 5 5.125 08/01/2031 7,510,370
- ------------------------------------------------------------------------------------------------------------------
8,000,000 Philadelphia Gas Works 5 5.250 08/01/2021 8,473,960
- ------------------------------------------------------------------------------------------------------------------
170,000 Philadelphia Gas Works 5.250 08/01/2024 170,173
- ------------------------------------------------------------------------------------------------------------------
8,025,000 Philadelphia GO 5.000 05/15/2020 8,144,091
- ------------------------------------------------------------------------------------------------------------------
215,000 Philadelphia GO 5.000 05/15/2025 217,217
- ------------------------------------------------------------------------------------------------------------------
325,000 Philadelphia GO 5.000 03/15/2028 332,888
- ------------------------------------------------------------------------------------------------------------------
1,210,000 Philadelphia H&HEFA
(Centralized Comprehensive Human Services) 7.250 01/01/2021 1,287,525
- ------------------------------------------------------------------------------------------------------------------
1,475,000 Philadelphia H&HEFA (Jeanes Health System) 6.600 07/01/2010 1,551,228
- ------------------------------------------------------------------------------------------------------------------
80,000 Philadelphia H&HEFA (Jefferson Health System) 5.000 05/15/2018 82,202
- ------------------------------------------------------------------------------------------------------------------
1,675,000 Philadelphia H&HEFA (North Philadelphia Health System) 5.300 01/01/2018 1,724,982
- ------------------------------------------------------------------------------------------------------------------
2,380,000 Philadelphia H&HEFA (Philadelphia Protestant Home) 6.500 07/01/2027 2,388,830
- ------------------------------------------------------------------------------------------------------------------
10,000 Philadelphia H&HEFA
(Temple University Children's Medical Center) 5.625 06/15/2019 10,315
- ------------------------------------------------------------------------------------------------------------------
15,000 Philadelphia H&HEFA
(Temple University Children's Medical Center) 5.750 06/15/2029 15,623
- ------------------------------------------------------------------------------------------------------------------
10,000 Philadelphia H&HEFA (Temple University Hospital) 5.500 11/15/2027 10,206
- ------------------------------------------------------------------------------------------------------------------
205,000 Philadelphia H&HEFA (Temple University Hospital) 5.500 11/15/2027 207,679
- ------------------------------------------------------------------------------------------------------------------
35,000 Philadelphia H&HEFA (Temple University Hospital) 5.875 11/15/2023 35,682
- ------------------------------------------------------------------------------------------------------------------
15,000 Philadelphia H&HEFA (Temple University Hospital) 6.500 11/15/2008 15,412
- ------------------------------------------------------------------------------------------------------------------
17,035,000 Philadelphia H&HEFA (Temple University Hospital) 6.625 11/15/2023 17,078,099
- ------------------------------------------------------------------------------------------------------------------
5,000 Philadelphia New Public Housing Authority 5.000 04/01/2012 5,184
- ------------------------------------------------------------------------------------------------------------------
50,000 Philadelphia Parking Authority 5.000 02/01/2027 51,206
- ------------------------------------------------------------------------------------------------------------------
20,000 Philadelphia Parking Authority, Series A 5.250 02/15/2029 20,641
- ------------------------------------------------------------------------------------------------------------------
185,000 Philadelphia Redevel. Authority (Multifamily Hsg.) 5.450 02/01/2023 187,573
- ------------------------------------------------------------------------------------------------------------------
9,000,000 Philadelphia Redevel. Authority (Neighborhood
Transformation) 5 5.000 04/15/2028 9,466,110
- ------------------------------------------------------------------------------------------------------------------
2,580,000 Philadelphia Redevel. Authority (Pavilion Apartments) 6.000 10/01/2023 2,711,864
- ------------------------------------------------------------------------------------------------------------------
4,100,000 Philadelphia Redevel. Authority (Pavilion Apartments) 6.250 10/01/2032 4,336,037
- ------------------------------------------------------------------------------------------------------------------
8,000,000 Philadelphia School District 5 5.625 08/01/2022 8,733,040
29 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 45,000 Philadelphia Water & Wastewater, Series A 5.000% 08/01/2022 $ 45,996
- ------------------------------------------------------------------------------------------------------------------
7,000,000 Philadelphia Water & Wastewater, Series A 5.000 11/01/2031 7,268,520
- ------------------------------------------------------------------------------------------------------------------
28,000,000 Philadelphia Water & Wastewater, Series A 5 5.000 11/01/2031 29,073,940
- ------------------------------------------------------------------------------------------------------------------
155,000 Philadelphia Water & Wastewater, Series A 5.125 08/01/2027 158,839
- ------------------------------------------------------------------------------------------------------------------
35,000 Philadelphia Water & Wastewater, Series A 5.125 08/01/2027 35,867
- ------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh & Allegheny County Public
Auditorium Authority 5.000 02/01/2024 10,291
- ------------------------------------------------------------------------------------------------------------------
50,000 Pittsburgh & Allegheny County Public
Auditorium Authority 1 5.000 02/01/2029 51,355
- ------------------------------------------------------------------------------------------------------------------
40,000 Pittsburgh & Allegheny County Public
Auditorium Authority 1 5.250 02/01/2031 41,531
- ------------------------------------------------------------------------------------------------------------------
20,000 Pittsburgh Urban Redevel. Authority
(Home Improvement Loans), Series A 5.650 08/01/2015 20,008
- ------------------------------------------------------------------------------------------------------------------
1,290,000 Pittsburgh Urban Redevel. Authority (West Park Court) 4.900 11/20/2047 1,272,856
- ------------------------------------------------------------------------------------------------------------------
20,000 Pittsburgh Urban Redevel. Authority Mtg., Series A 7.250 02/01/2024 20,026
- ------------------------------------------------------------------------------------------------------------------
60,000 Pittsburgh Urban Redevel. Authority Mtg., Series C 5.600 04/01/2020 61,063
- ------------------------------------------------------------------------------------------------------------------
25,000 Pittsburgh Urban Redevel. Authority Mtg., Series C 5.700 04/01/2030 25,425
- ------------------------------------------------------------------------------------------------------------------
605,000 Pittsburgh Urban Redevel. Authority Mtg., Series C 5.950 10/01/2029 620,899
- ------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh Urban Redevel. Authority Mtg., Series C 7.125 08/01/2013 10,012
- ------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh Water & Sewer Authority, Series A 5.050 09/01/2025 10,098
- ------------------------------------------------------------------------------------------------------------------
120,000 Potter County Hospital Authority
(Charles Cole Memorial Hospital) 6.050 08/01/2024 121,982
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Pottsville Hospital Authority
(Pottsville Hospital & Warne Clinic) 5.500 07/01/2018 1,002,380
- ------------------------------------------------------------------------------------------------------------------
4,170,000 Pottsville Hospital Authority
(Pottsville Hospital & Warne Clinic) 5.625 07/01/2024 4,180,717
- ------------------------------------------------------------------------------------------------------------------
25,000 Pottsville Hospital Authority
(Pottsville Hospital & Warne Clinic) 5.625 07/01/2024 25,372
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Saxonburg Area Authority (Sewer & Water) 1 5.000 03/01/2030 1,054,840
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Sayre Health Care Facilities (Guthrie Healthcare System) 7.125 12/01/2031 2,369,620
- ------------------------------------------------------------------------------------------------------------------
10,000 Schuylkill County IDA
(DOCNHS/BSVHS/WMHS Obligated Group) 5.000 11/01/2028 10,216
- ------------------------------------------------------------------------------------------------------------------
145,000 Scranton School District 5.000 04/01/2022 148,576
- ------------------------------------------------------------------------------------------------------------------
220,000 Scranton School District 5.000 04/01/2025 224,836
- ------------------------------------------------------------------------------------------------------------------
440,000 Scranton School District 5.000 04/01/2031 449,337
- ------------------------------------------------------------------------------------------------------------------
5,000 Sharon Regional Health System Authority
(SRPS/SRHS Obligated Group) 5.000 12/01/2028 5,126
- ------------------------------------------------------------------------------------------------------------------
30,000 Somerset County Hospital Authority
(Somerset Community Hospital) 5.375 03/01/2017 30,624
- ------------------------------------------------------------------------------------------------------------------
450,000 South Fork Municipal Authority
(Conemaugh Valley Memorial Hospital) 5.000 07/01/2028 458,694
30 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 305,000 South Fork Municipal Authority
(Good Samaritan Medial Center of Johnstown) 5.250% 07/01/2026 $ 309,770
- ------------------------------------------------------------------------------------------------------------------
25,000 South Fork Municipal Authority
(Good Samaritan Medial Center of Johnstown) 5.375 07/01/2016 25,496
- ------------------------------------------------------------------------------------------------------------------
470,000 Southcentral General Authority (Hanover Hospital) 5.000 12/01/2030 489,905
- ------------------------------------------------------------------------------------------------------------------
1,400,000 Southcentral General Authority (Hanover Hospital) 5 5.000 12/01/2023 1,455,132
- ------------------------------------------------------------------------------------------------------------------
2,245,000 Southcentral General Authority (Hanover Hospital) 5 5.000 12/01/2025 2,328,982
- ------------------------------------------------------------------------------------------------------------------
3,265,000 Southcentral General Authority (Hanover Hospital) 5 5.000 12/01/2026 3,384,474
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Southcentral General Authority (Hanover Hospital) 5 5.000 12/01/2027 2,080,240
- ------------------------------------------------------------------------------------------------------------------
2,510,000 Southcentral General Authority (Hanover Hospital) 5 5.000 12/01/2028 2,612,980
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Southcentral General Authority (Hanover Hospital) 5 5.000 12/01/2030 1,042,345
- ------------------------------------------------------------------------------------------------------------------
5,310,000 Southeastern PA Transportation Authority 5.375 03/01/2022 5,421,988
- ------------------------------------------------------------------------------------------------------------------
3,250,000 St. Mary Hospital Authority (Catholic Health East) 5.375 11/15/2034 3,460,145
- ------------------------------------------------------------------------------------------------------------------
95,000 St. Mary Hospital Authority (Catholic Health Initiatives) 5.000 12/01/2028 97,118
- ------------------------------------------------------------------------------------------------------------------
50,000 St. Mary Hospital Authority (Franciscan Health) 7.000 06/15/2015 50,409
- ------------------------------------------------------------------------------------------------------------------
5,000 State Public School Building Authority
(Chester Upland School District) 5.150 11/15/2026 5,221
- ------------------------------------------------------------------------------------------------------------------
2,060,000 State Public School Building Authority
(Haverford Township School District) 5.000 03/15/2029 2,174,927
- ------------------------------------------------------------------------------------------------------------------
35,000 State Public School Building Authority
(Lehigh Carbon Community College) 5.000 11/01/2017 35,311
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Susquehanna Area Regional Airport Authority
(Aero Harrisburg) 5.500 01/01/2024 980,440
- ------------------------------------------------------------------------------------------------------------------
90,000 Susquehanna Regional Airport Authority 5.375 01/01/2018 92,444
- ------------------------------------------------------------------------------------------------------------------
15,000 Union County Hospital Authority
(United Methodist Continuing Care Services) 6.250 04/01/2012 15,012
- ------------------------------------------------------------------------------------------------------------------
45,000 University of Pittsburgh 5.000 06/01/2021 46,059
- ------------------------------------------------------------------------------------------------------------------
10,000 University of Pittsburgh 5.125 06/01/2022 10,234
- ------------------------------------------------------------------------------------------------------------------
30,000 University of Pittsburgh 5.125 06/01/2027 30,693
- ------------------------------------------------------------------------------------------------------------------
5,000 Venango IDA (Boise Cascade Corp.) 5.900 09/01/2007 5,004
- ------------------------------------------------------------------------------------------------------------------
5,450,000 Washington County Authority
(Capital Projects & Equipment Program) 6.150 12/01/2029 5,877,989
- ------------------------------------------------------------------------------------------------------------------
35,000 Washington County Hospital Authority
(Washington Hospital) 5.125 07/01/2028 35,779
- ------------------------------------------------------------------------------------------------------------------
5,250,000 Washington County Redevel. Authority (Victory Centre) 5.450 07/01/2035 5,356,418
- ------------------------------------------------------------------------------------------------------------------
750,000 Washington Township Municipal Authority 5.875 12/15/2023 784,778
- ------------------------------------------------------------------------------------------------------------------
2,500,000 Washington Township Municipal Authority 6.000 12/15/2033 2,611,750
- ------------------------------------------------------------------------------------------------------------------
300,000 West Shore Area Hospital Authority (Holy Spirit Hospital) 6.250 01/01/2032 319,986
- ------------------------------------------------------------------------------------------------------------------
1,550,000 Westmoreland County IDA
(Redstone Retirement Community) 5.750 01/01/2026 1,631,592
- ------------------------------------------------------------------------------------------------------------------
1,085,000 Westmoreland County IDA
(Redstone Retirement Community) 5.875 01/01/2032 1,146,975
31 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 20,000 York County Hospital Authority (York Hospital) 5.500% 07/01/2008 $ 20,025
- ------------------------------------------------------------------------------------------------------------------
10,000 York County IDA (PSEG Power) 5.500 09/01/2020 10,561
- ------------------------------------------------------------------------------------------------------------------
20,000 York Hsg. Corp. Mtg., Series A 6.875 11/01/2009 20,019
--------------
978,784,165
- ------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--37.0%
1,485,000 Guam EDA (TASC) 5.400 05/15/2031 1,530,946
- ------------------------------------------------------------------------------------------------------------------
3,900,000 Guam EDA (TASC) 5.500 05/15/2041 4,038,606
- ------------------------------------------------------------------------------------------------------------------
3,000,000 Guam Education Financing Foundation COP 1 5.000 10/01/2023 3,160,860
- ------------------------------------------------------------------------------------------------------------------
115,000 Guam GO, Series A 5.375 11/15/2013 115,101
- ------------------------------------------------------------------------------------------------------------------
3,650,000 Guam GO, Series A 5.400 11/15/2018 3,652,446
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Guam Government Waterworks
Authority & Wastewater System 1 5.875 07/01/2035 2,140,900
- ------------------------------------------------------------------------------------------------------------------
500,000 Guam Government Waterworks
Authority & Wastewater System 6.000 07/01/2025 546,005
- ------------------------------------------------------------------------------------------------------------------
700,000 Guam Hsg. Corp. (Single Family Mtg.) 5.750 09/01/2031 754,978
- ------------------------------------------------------------------------------------------------------------------
175,000 Guam Power Authority, Series A 5.250 10/01/2013 175,077
- ------------------------------------------------------------------------------------------------------------------
710,000 Guam Power Authority, Series A 5.250 10/01/2023 714,430
- ------------------------------------------------------------------------------------------------------------------
2,725,000 Northern Mariana Islands Ports Authority, Series A 5.500 03/15/2031 2,749,035
- ------------------------------------------------------------------------------------------------------------------
60,000 Northern Mariana Islands Ports Authority, Series A 6.000 06/01/2014 63,279
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 2,097,720
- ------------------------------------------------------------------------------------------------------------------
1,380,000 Northern Mariana Islands Ports Authority, Series A 6.600 03/15/2028 1,541,308
- ------------------------------------------------------------------------------------------------------------------
10,100,000 Northern Mariana Islands Ports Authority, Series A 6.750 10/01/2033 11,269,378
- ------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 50,853
- ------------------------------------------------------------------------------------------------------------------
29,695,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 31,038,699
- ------------------------------------------------------------------------------------------------------------------
88,630,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 92,690,140
- ------------------------------------------------------------------------------------------------------------------
75,625,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 79,420,619
- ------------------------------------------------------------------------------------------------------------------
355,000,000 Puerto Rico Children's Trust Fund (TASC) 6.364 6 05/15/2050 24,384,950
- ------------------------------------------------------------------------------------------------------------------
97,000,000 Puerto Rico Children's Trust Fund (TASC) 7.013 6 05/15/2055 3,502,670
- ------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 1,073,290
- ------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 2,143,380
- ------------------------------------------------------------------------------------------------------------------
290,000 Puerto Rico Electric Power Authority, Series AA 5.375 07/01/2027 296,026
- ------------------------------------------------------------------------------------------------------------------
20,000 Puerto Rico Electric Power Authority, Series DD 5.000 07/01/2028 20,411
- ------------------------------------------------------------------------------------------------------------------
900,000 Puerto Rico HFC, Series B 5.300 12/01/2028 930,618
- ------------------------------------------------------------------------------------------------------------------
1,450,000 Puerto Rico Highway & Transportation Authority 5.500 07/01/2036 1,593,536
- ------------------------------------------------------------------------------------------------------------------
565,000 Puerto Rico Highway & Transportation Authority, Series A 5.000 07/01/2038 574,628
- ------------------------------------------------------------------------------------------------------------------
445,000 Puerto Rico Highway & Transportation Authority, Series AA 5.000 07/01/2035 459,391
- ------------------------------------------------------------------------------------------------------------------
3,145,000 Puerto Rico Highway & Transportation Authority, Series G 1 5.000 07/01/2033 3,244,948
- ------------------------------------------------------------------------------------------------------------------
4,740,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 4,885,281
- ------------------------------------------------------------------------------------------------------------------
945,000 Puerto Rico Highway & Transportation Authority, Series H 5.000 07/01/2028 976,100
32 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 12,000,000 Puerto Rico Highway & Transportation Authority, Series J 5.125% 07/01/2039 $ 12,518,040
- ------------------------------------------------------------------------------------------------------------------
7,725,000 Puerto Rico Highway & Transportation Authority, Series J 5.125 07/01/2043 8,057,484
- ------------------------------------------------------------------------------------------------------------------
8,855,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2030 9,221,863
- ------------------------------------------------------------------------------------------------------------------
2,925,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2035 3,044,106
- ------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2040 5,192,900
- ------------------------------------------------------------------------------------------------------------------
8,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2045 8,302,960
- ------------------------------------------------------------------------------------------------------------------
2,105,000 Puerto Rico IMEPCF (American Airlines) 1 6.450 12/01/2025 2,148,742
- ------------------------------------------------------------------------------------------------------------------
3,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 3,131,550
- ------------------------------------------------------------------------------------------------------------------
20,900,000 Puerto Rico Infrastructure 5.000 07/01/2041 21,706,322
- ------------------------------------------------------------------------------------------------------------------
14,150,000 Puerto Rico Infrastructure 5.000 07/01/2046 14,737,367
- ------------------------------------------------------------------------------------------------------------------
235,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 241,604
- ------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 512,225
- ------------------------------------------------------------------------------------------------------------------
2,750,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 2,933,370
- ------------------------------------------------------------------------------------------------------------------
24,915,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 25,231,171
- ------------------------------------------------------------------------------------------------------------------
1,170,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 1,170,889
- ------------------------------------------------------------------------------------------------------------------
105,000 Puerto Rico Port Authority, Series D 7.000 07/01/2014 105,572
- ------------------------------------------------------------------------------------------------------------------
9,540,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 10,119,269
- ------------------------------------------------------------------------------------------------------------------
100,000 University of Puerto Rico 5.400 06/01/2009 100,562
- ------------------------------------------------------------------------------------------------------------------
6,645,000 V.I. Government Refinery Facilities (Hovensa Coker) 6.500 07/01/2021 7,488,051
- ------------------------------------------------------------------------------------------------------------------
12,980,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5 5.000 10/01/2024 13,615,830
- ------------------------------------------------------------------------------------------------------------------
25,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2031 25,892
- ------------------------------------------------------------------------------------------------------------------
4,000,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 4,507,480
- ------------------------------------------------------------------------------------------------------------------
5,000,000 V.I. Public Finance Authority (Hovensa Refinery) 6.125 07/01/2022 5,531,300
- ------------------------------------------------------------------------------------------------------------------
17,450,000 V.I. Tobacco Settlement Financing Corp. 6.250 6 05/15/2035 3,216,733
- ------------------------------------------------------------------------------------------------------------------
2,195,000 V.I. Tobacco Settlement Financing Corp. 6.500 6 05/15/2035 381,228
- ------------------------------------------------------------------------------------------------------------------
4,150,000 V.I. Tobacco Settlement Financing Corp. 6.875 6 05/15/2035 636,610
- ------------------------------------------------------------------------------------------------------------------
7,000,000 V.I. Tobacco Settlement Financing Corp. 1 7.625 6 05/15/2035 894,460
- ------------------------------------------------------------------------------------------------------------------
40,000 V.I. Tobacco Settlement Financing Corp. (TASC) 5.000 05/15/2021 40,608
- ------------------------------------------------------------------------------------------------------------------
2,235,000 V.I. Tobacco Settlement Financing Corp. (TASC) 1 5.000 05/15/2031 2,269,710
--------------
448,919,507
- ------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,357,997,322)-117.6% 1,427,703,672
- ------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS-(17.6) (214,069,055)
--------------
NET ASSETS-100.0% $1,213,634,617
==============
33 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
2. Issue is in default. See Note 1 of accompanying Notes.
3. Illiquid security. The aggregate value of illiquid securities as of January
31, 2007 was $15,955, which represents less than 0.01% of the Fund's net assets.
See Note 5 of accompanying Notes.
4. Non-income producing security.
5. Security represents the underlying municipal bond on an inverse floating rate
security. The bond was purchased by the Fund and subsequently segregated and
transferred to a trust. See Note 1 of accompanying Notes.
6. Zero coupon bond reflects effective yield on the date of purchase.
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACTS Adult Communities Total Services
ARC Assoc. of Retarded Citizens
AUS Allegheny United Hospital
BSVHS Baptist/St. Vincent's Health System
CCMC Crozer-Chester Medical Center
CKHS Crozer-Keystone Health System
COP Certificates of Participation
CPAP Crime Prevention Assoc. of Philadelphia
DCMH Delaware County Memorial Hospital
DOCNHS Daughters of Charity National Health Systems
DPH Divine Providence Hospital
EDA Economic Devel. Authority
EDFA Economic Devel. Finance Authority
GO General Obligation
GPA General Purpose Authority
H&EFA Health and Educational Facilities Authority
H&HEFA Hospitals and Higher Education Facilities Authority
HDA Hospital Devel. Authority
HEBA Higher Education Building Authority
HEFA Higher Education Facilities Authority
HEHA Higher Education and Health Authority
HFA Housing Finance Agency
HFC Housing Finance Corp.
HUHS Hehnemann Unversity Hospital System
HW Highlands at Wyomissing
IDA Industrial Devel. Agency
IMEPCF Industrial, Medical and Environmental Pollution Control Facilities
ITEMECF Industrial, Tourist, Educational, Medical and Environmental
Community Facilities
MAS Mercy Adult Services
MCCC Muhlenberg Continuing Care Center Corp.
MCMCSPA Mercy Catholic Medical Center of Southeastern Pennsylvania
MCP Medical College of Pennsylvania
MHH Mercy Haverford Hospital
MHP Mercy Health Plan
MHSSPA Mercy Health System of Southeastern Pennsylvania
MVH Muncy Valley Hospital
NCPHS North Central Pennsylvania Helath System
PA/NJ Pennsylvania/New Jersey
PSEG Public Service Enterprise Group
RHMC Reading Hospital & Medical Center
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
RR Residential Resources
RRDC Residential Resources Devel. Corp.
RRSW Residential Resources Southwest
SRHS Sharon Regional Health System
SRPS Sharon Regional Physicians Services
TASC Tobacco Settlement Asset-Backed Bonds
UPMC University of Pittsburgh Medical Center
V.I. United States Virgin Islands
WH Williamsport Hospital
WMHS Western Maryland Health Systems
WVHCS Wyoming Valley Health Care System
34 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY MARKET VALUE PERCENT
- -------------------------------------------------------------------------------
Tobacco Settlement Payments $ 244,045,979 17.1%
Water Utilities 135,519,646 9.5
Higher Education 100,482,422 7.0
Hospital/Health Care 97,598,575 6.8
Single Family Housing 87,144,037 6.1
Adult Living Facilities 82,135,117 5.8
Marine/Aviation Facilities 79,453,555 5.6
Electric Utilities 73,180,805 5.1
Highways/Railways 70,193,495 4.9
Manufacturing, Durable Goods 63,764,864 4.5
Special Tax 63,178,259 4.4
Resource Recovery 55,829,143 3.9
Not-for-Profit Organization 51,019,664 3.6
General Obligation 46,123,584 3.2
Municipal Leases 30,281,417 2.1
Airlines 28,550,802 2.0
Special Assessment 20,470,642 1.4
Pollution Control 18,376,830 1.3
Gas Utilities 16,154,503 1.1
Education 14,304,619 1.0
Sales Tax Revenue 13,719,007 1.0
Parking Fee Revenue 10,916,647 0.8
Sewer Utilities 10,407,027 0.7
Multifamily Housing 10,035,630 0.7
Paper, Containers & Packaging 4,687,055 0.3
Hotels, Restaurants & Leisure 130,348 0.1
-------------------------
Total $1,427,703,672 100.0%
=========================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2007
- -------------------------------------------------------------------------------------
ASSETS
- -------------------------------------------------------------------------------------
Investments, at value (cost $1,357,997,322)--see accompanying
statement of investments $ 1,427,703,672
- -------------------------------------------------------------------------------------
Cash 367,998
- -------------------------------------------------------------------------------------
Receivables and other assets:
Interest 13,905,063
Shares of beneficial interest sold 5,532,068
Investments sold 145,000
Other 42,491
----------------
Total assets 1,447,696,292
- -------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 184,440,000
Payable on borrowings (See Note 6) 39,900,000
Investments purchased 5,990,314
Shares of beneficial interest redeemed 1,996,097
Dividends 1,221,210
Distribution and service plan fees 149,728
Trustees' compensation 139,084
Interest expense on borrowings 109,750
Transfer and shareholder servicing agent fees 41,400
Shareholder communications 40,164
Other 33,928
----------------
Total liabilities 234,061,675
- -------------------------------------------------------------------------------------
NET ASSETS $ 1,213,634,617
================
- -------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------
Paid-in capital $ 1,147,594,203
- -------------------------------------------------------------------------------------
Accumulated net investment income 132,385
- -------------------------------------------------------------------------------------
Accumulated net realized loss on investments (3,798,321)
- -------------------------------------------------------------------------------------
Net unrealized appreciation on investments 69,706,350
----------------
NET ASSETS $ 1,213,634,617
================
36 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
- -------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets
of $744,154,963 and 57,297,049 shares of beneficial interest outstanding) $12.99
Maximum offering price per share (net asset value plus sales charge
of 4.75% of offering price) $13.64
- -------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $195,142,807 and
15,030,321 shares of beneficial interest outstanding) $12.98
- -------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $274,336,847 and 21,152,074 shares
of beneficial interest outstanding) $12.97
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2007
- -----------------------------------------------------------------------------------------------
INVESTMENT INCOME
- -----------------------------------------------------------------------------------------------
Interest $ 33,699,412
- -----------------------------------------------------------------------------------------------
Other income 581
-------------
Total investment income 33,699,993
- -----------------------------------------------------------------------------------------------
EXPENSES
- -----------------------------------------------------------------------------------------------
Management fees 2,671,484
- -----------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 500,534
Class B 895,403
Class C 1,124,611
- -----------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 127,499
Class B 58,459
Class C 63,306
- -----------------------------------------------------------------------------------------------
Shareholder communications:
Class A 20,389
Class B 8,469
Class C 8,870
- -----------------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued (See Note 1) 3,443,033
- -----------------------------------------------------------------------------------------------
Interest expense on borrowings 319,191
- -----------------------------------------------------------------------------------------------
Trustees' compensation 54,300
- -----------------------------------------------------------------------------------------------
Custodian fees and expenses 1,914
- -----------------------------------------------------------------------------------------------
Other 92,013
-------------
Total expenses 9,389,475
Less reduction to custodian expenses (1,914)
-------------
Net expenses 9,387,561
- -----------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 24,312,432
- -----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
- -----------------------------------------------------------------------------------------------
Net realized gain on investments 34,629
- -----------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments 19,068,508
- -----------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 43,415,569
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
(UNAUDITED) 2006
- --------------------------------------------------------------------------------------------------------
OPERATIONS
- --------------------------------------------------------------------------------------------------------
Net investment income $ 24,312,432 $ 38,755,680
- --------------------------------------------------------------------------------------------------------
Net realized gain 34,629 217,417
- --------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation 19,068,508 (5,353,422)
-----------------------------------
Net increase in net assets resulting from operations 43,415,569 33,619,675
- --------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- --------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (15,564,704) (23,712,877)
Class B (3,789,278) (7,996,967)
Class C (4,772,513) (7,208,027)
-----------------------------------
(24,126,495) (38,917,871)
- --------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (40,514) --
Class B (11,054) --
Class C (14,918) --
-----------------------------------
(66,486) --
- --------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 132,030,305 218,682,144
Class B (5,221,879) 8,520,749
Class C 49,927,324 87,696,234
-----------------------------------
176,735,750 314,899,127
- --------------------------------------------------------------------------------------------------------
NET ASSETS
- --------------------------------------------------------------------------------------------------------
Total increase 195,958,338 309,600,931
- --------------------------------------------------------------------------------------------------------
Beginning of period 1,017,676,279 708,075,348
-----------------------------------
End of period (including accumulated net investment income (loss)
of $132,385 and $(53,552), respectively) $ 1,213,634,617 $ 1,017,676,279
===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF CASH FLOWS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2007
- ------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- ------------------------------------------------------------------------------------
Net increase in net assets from operations $ 43,415,569
- ------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (222,571,673)
Proceeds from disposition of investment securities 7,240,792
Short-term investment securities, net (5,541,910)
Premium amortization 1,907,409
Discount accretion (1,021,866)
Net realized gain on investments (34,629)
Net change in unrealized appreciation on investments (19,068,508)
Increase in interest receivable (1,703,755)
Decrease in receivable for securities sold 19,052,109
Increase in other assets (21,774)
Decrease in payable for securities purchased (898,487)
Increase in payable for accrued expenses 93,926
--------------
Net cash used in operating activities (179,152,797)
- ------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ------------------------------------------------------------------------------------
Proceeds from bank borrowing 134,400,000
Payments on bank borrowing (130,600,000)
Proceeds from short-term floating rate notes issued 21,000,000
Proceeds from shares sold 231,581,949
Payment on shares redeemed (68,261,928)
Cash distributions paid (9,167,920)
--------------
Net cash provided by financing activities 178,952,101
- ------------------------------------------------------------------------------------
Net decrease in cash (200,696)
- ------------------------------------------------------------------------------------
Cash, beginning balance 568,694
--------------
Cash, ending balance $ 367,998
==============
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $14,635,467.
Cash paid for interest on bank borrowings--$290,066.
Cash paid for interest on short-term floating rate notes issued--$3,443,033.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
CLASS A (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.75 $ 12.85 $ 11.76 $ 11.48 $ 11.57 $ 11.46
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .30 1 .62 1 .67 1 .73 .75 .70
Net realized and unrealized gain (loss) .24 (.10) 1.10 .25 (.11) .11
---------------------------------------------------------------------------
Total from investment operations .54 .52 1.77 .98 .64 .81
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.30) (.62) (.68) (.70) (.73) (.70)
Distributions from net realized gain -- 2 -- -- -- -- --
---------------------------------------------------------------------------
Total dividends and/or distributions to
shareholders (.30) (.62) (.68) (.70) (.73) (.70)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.99 $ 12.75 $ 12.85 $ 11.76 $ 11.48 $ 11.57
===========================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 4.26% 4.21% 15.43% 8.53% 5.36% 7.36%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 744,155 $ 600,716 $ 384,863 $ 229,450 $ 184,638 $ 144,592
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 676,641 $ 484,153 $ 295,002 $ 211,061 $ 172,228 $ 120,251
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 4.60% 4.88% 5.35% 6.01% 6.11% 6.03%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.75% 0.82% 0.81% 0.86% 0.86% 0.85%
Interest and fees on short-term floating rate
notes issued 5 0.61% 0.59% 0.40% 0.26% 0.28% 0.28%
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses 1.36% 1.41% 1.21% 1.12% 1.14% 1.13%
Expenses after payments and waivers and
reduction to custodian expenses 1.35% 1.41% 1.21% 1.12% 1.14% 1.10% 6
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 1% 19% 14% 25% 20% 23%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. 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.
4. Annualized for periods of less than one full year.
5. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
6. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
CLASS B (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.75 $ 12.85 $ 11.76 $ 11.48 $ 11.57 $ 11.46
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .25 1 .53 1 .57 1 .63 .65 .62
Net realized and unrealized gain (loss) .23 (.10) 1.11 .25 (.11) .11
---------------------------------------------------------------------------
Total from investment operations .48 .43 1.68 .88 .54 .73
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.25) (.53) (.59) (.60) (.63) (.62)
Distributions from net realized gain -- 2 -- -- -- -- --
---------------------------------------------------------------------------
Total dividends and/or distributions to
shareholders (.25) (.53) (.59) (.60) (.63) (.62)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.98 $ 12.75 $ 12.85 $ 11.76 $ 11.48 $ 11.57
===========================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 3.78% 3.41% 14.56% 7.71% 4.56% 6.55%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 195,143 $ 196,704 $ 189,643 $ 157,338 $ 146,369 $ 101,126
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 197,430 $ 193,225 $ 173,663 $ 156,689 $ 127,280 $ 75,772
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 3.84% 4.14% 4.62% 5.26% 5.34% 5.26%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.52% 1.59% 1.59% 1.62% 1.63% 1.61%
Interest and fees on short-term floating rate
notes issued 5 0.61% 0.59% 0.40% 0.26% 0.28% 0.28%
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses 2.13% 2.18% 1.99% 1.88% 1.91% 1.89%
Expenses after payments and waivers and
reduction to custodian expenses 2.13% 2.18% 1.99% 1.88% 1.91% 1.86% 6
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 1% 19% 14% 25% 20% 23%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. 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.
4. Annualized for periods of less than one full year.
5. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
6. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
CLASS C (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.73 $ 12.83 $ 11.75 $ 11.47 $ 11.56 $ 11.45
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .25 1 .52 1 .57 1 .63 .65 .61
Net realized and unrealized gain (loss) .24 (.09) 1.10 .25 (.11) .12
---------------------------------------------------------------------------
Total from investment operations .49 .43 1.67 .88 .54 .73
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.25) (.53) (.59) (.60) (.63) (.62)
Distributions from net realized gain -- 2 -- -- -- -- --
---------------------------------------------------------------------------
Total dividends and/or distributions to
shareholders (.25) (.53) (.59) (.60) (.63) (.62)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.97 $ 12.73 $ 12.83 $ 11.75 $ 11.47 $ 11.56
===========================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 3.87% 3.41% 14.48% 7.71% 4.57% 6.55%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 274,337 $ 220,256 $ 133,569 $ 76,489 $ 69,916 $ 47,163
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 248,257 $ 174,354 $ 96,508 $ 74,956 $ 60,202 $ 33,327
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 3.83% 4.10% 4.56% 5.25% 5.34% 5.26%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.51% 1.58% 1.59% 1.63% 1.63% 1.61%
Interest and fees on short-term floating rate
notes issued 5 0.61% 0.59% 0.40% 0.26% 0.28% 0.28%
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses 2.12% 2.17% 1.99% 1.89% 1.91% 1.89%
Expenses after payments and waivers and
reduction to custodian expenses 2.12% 2.17% 1.99% 1.89% 1.91% 1.86% 6
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 1% 19% 14% 25% 20% 23%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. 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.
4. Annualized for periods of less than one full year.
5. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
6. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43 | 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(R) 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. Options are
valued daily based upon the last sale price on the principal exchange on which
the option is traded. Securities (including restricted securities) for which
44 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
market quotations are not 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. Investments in
open-end registered investment companies (including affiliated funds) are valued
at that fund's net asset value. 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 $75,497,910 as of January 31, 2007, which represents
5.22% of the Fund's total assets.
Certain inverse floating rate securities are created when the Fund
purchases and subsequently transfers a municipal bond security (the "municipal
bond") to a broker dealer. The municipal bond is typically a fixed rate
security. The broker dealer (the "sponsor") creates a trust (the "Trust") and
deposits the municipal bond. The Trust issues short-term floating rate notes
available to third parties and a residual interest in the municipal bond
(referred to as an "inverse floating rate security") to the Fund. The terms of
these inverse floating rate securities grant the Fund the right to require that
the Trust issuing the inverse floating rate security compel a tender of the
short-term floating rate notes to facilitate the Fund's repurchase of the
underlying municipal bond. Following such a request, the Fund pays the sponsor
the principal amount due to the holders of the short-term floating rate notes
issued by the Trust and exchanges the inverse floating rate security for the
underlying municipal bond. These transactions are considered secured borrowings
for financial reporting purposes. As a result of such accounting treatments, the
Fund includes the municipal bond position on its Statement of Investments (but
does not separately include the inverse floating rate securities received). The
Fund also includes the value of the municipal bond and a payable amount equal to
the short-term floating rate notes issued by the Trust on its Statement of
Assets and Liabilities. The interest rates on these short-term floating rate
notes reset periodically, usually weekly. The holders of these short-term
floating rate notes have the option to tender their investment, to the sponsor
or the Trust's liquidity provider, for redemption at par at each reset date.
Income from the municipal bond position and the interest expense on the payable
for the short-term floating rate notes issued by the Trust are recorded on the
Fund's Statement of Operations. At January 31, 2007 municipal bond holdings with
a value of $259,937,910 shown on the Fund's Statement of Investments are held by
such Trusts and serve as collateral for the $184,440,000 in short-term floating
rate notes issued and outstanding at that date.
45 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
At January 31, 2007 the Fund's investment in these types of inverse floating
rate securities were as follows:
PRINCIPAL COUPON MATURITY VALUE AS OF
AMOUNT INVERSE FLOATER 1 RATE 2 DATE JANUARY 31, 2007
- ------------------------------------------------------------------------------------------------------------
$ 350,000 Allegheny County HDA RITES 12.571% 11/15/30 $ 496,699
1,900,000 Allegheny County HDA RITES 12.571 11/15/30 2,696,366
2,000,000 Bucks County IDA RITES 8.690 9/1/32 2,465,040
2,750,000 Delaware County IDA (Aqua Pennsylvania) RITES 5.730 11/1/37 3,224,320
2,250,000 Delaware County IDA (Aqua Pennsylvania) RITES 5.730 11/1/38 2,624,805
2,250,000 Delaware County IDA Water Facilities
(Aqua Pennsylvania) RITES 5.730 11/1/38 2,624,805
1,000,000 Lehigh County IDA (Pennsylvania Power &
Light Company) RITES 3 5.480 2/15/27 1,118,410
4,335,000 Lehigh County IDA Pollution Control RITES 4.930 2/15/27 4,677,205
3,160,000 Luzerne County IDA ROLs 8.465 9/1/34 3,645,818
5,000,000 PA EDFA (Reliant Energy) RITES 3 7.540 12/1/36 6,037,700
2,500,000 PA EDFA ROLs 7.087 12/1/18 2,661,950
2,500,000 PA HFA (Single Family Mtg.) RITES 6.901 10/1/20 2,789,000
2,500,000 PA HFA (Single Family Mtg.) RITES 7.101 10/1/22 2,769,150
2,000,000 PA HFA (Single Family Mtg.) RITES 7.594 4/1/21 2,287,400
2,850,000 PA HFA (Single Family Mtg.) RITES 7.901 10/1/22 3,217,764
2,000,000 Philadelphia Authority for Industrial Devel.
Airport RITES 7.928 7/1/22 2,442,640
3,425,000 Philadelphia Authority for Industrial Devel. RITES 7.070 10/1/26 4,071,435
1,780,000 Philadelphia Gas Works RITES 7.060 8/1/31 2,165,370
2,000,000 Philadelphia Gas Works RITES 7.629 8/1/21 2,473,960
2,250,000 Philadelphia Redevel. Authority ROLs 8.668 4/15/28 2,716,110
2,000,000 Philadelphia School District GO RITES 9.073 8/1/22 2,733,040
7,000,000 Reset Optional Certificates Trust II ROLs
(Various States) 9.328 11/1/31 8,073,940
565,000 Southcentral General Authority ROLs 8.626 12/1/25 648,982
820,000 Southcentral General Authority ROLs 8.636 12/1/26 939,474
630,000 Southcentral General Authority ROLs 8.637 12/1/28 732,980
350,000 Southcentral General Authority ROLs 8.658 12/1/23 405,132
500,000 Southcentral General Authority ROLs 8.658 12/1/27 580,240
250,000 Southcentral General Authority ROLs 8.658 12/1/30 292,345
3,250,000 V.I. Public Finance Authority ROLs 8.571 10/1/24 3,885,830
----------------
$ 75,497,910
================
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 34 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond known as an
"inverse floater."
3. Security is subject to a shortfall and forbearance agreement.
46 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
The Fund enters into shortfall and forbearance agreements with the
sponsors of certain inverse floaters held by the Fund. These agreements commit
the Fund to reimburse the sponsor of the inverse floater, in certain
circumstances, for the amount of the difference between the liquidation value of
the underlying security (which is the basis of the inverse floater) and the
principal amount due to the holders of the floating rate notes issued by the
Trust in conjunction with the inverse floating rate security. Under the standard
terms of an inverse floating rate security, absent such a shortfall and
forbearance agreement, the Fund would not be required to make such a
reimbursement. The Manager monitors the Fund's potential exposure with respect
to these agreements on a daily basis and intends to take action to terminate the
Fund's investment in such inverse floating rate securities, if it deems it
appropriate to do so. As of January 31, 2007, in addition to the exposure
detailed in the preceding table, the Fund's maximum exposure under such
agreements is estimated at approximately $10,000,000.
- --------------------------------------------------------------------------------
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-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, 2007, securities with an
aggregate market value of $949,710, representing 0.08% 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.
47 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
As of January 31, 2007, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $3,561,656 expiring by 2015.
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, 2007, it is estimated that the Fund will not utilize any capital
loss carryforward to offset realized capital gains. During the year ended July
31, 2006, the Fund utilized $526,030 of capital loss carryforward to offset
capital gains realized in that fiscal year.
As of July 31, 2006, the Fund had available for federal income tax purposes
post-October losses of $866,748 and unused capital loss carryforwards as
follows:
EXPIRING
--------------------------
2010 $ 1,035,477
2013 1,659,360
-----------
Total $ 2,694,837
===========
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the six months ended January 31, 2007, the
Fund's projected benefit obligations were increased by $43,268 and payments of
$4,495 were made to retired trustees, resulting in an accumulated liability of
$102,112 as of January 31, 2007.
The Board of Trustees has adopted a compensation deferral plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee in
amounts equal to his or her deemed investment, resulting in a Fund asset equal
to the deferred compensation liability. Such assets are included as a component
of "Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund's assets, liabilities or net
investment income per share. Amounts will be deferred until distributed in
accordance to the deferral compensation plan.
48 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
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
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, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------
CLASS A
Sold 12,300,977 $ 159,535,502 20,449,939 $ 260,522,610
Dividends and/or
distributions reinvested 735,380 9,539,822 1,082,853 13,793,427
Redeemed (2,854,423) (37,045,019) (4,370,506) (55,633,893)
------------------------------------------------------------
Net increase 10,181,934 $ 132,030,305 17,162,286 $ 218,682,144
============================================================
49 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST Continued
SIX MONTHS ENDED JANUARY 31, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------
CLASS B
Sold 795,158 $ 10,306,300 2,237,664 $ 28,510,720
Dividends and/or
distributions reinvested 162,002 2,100,392 317,279 4,041,219
Redeemed (1,359,143) (17,628,571) (1,886,359) (24,031,190)
------------------------------------------------------------
Net increase (decrease) (401,983) $ (5,221,879) 668,584 $ 8,520,749
============================================================
- ---------------------------------------------------------------------------------------------
CLASS C
Sold 4,753,293 $ 61,552,867 8,181,321 $104,120,434
Dividends and/or
distributions reinvested 231,240 2,995,253 349,259 4,443,647
Redeemed (1,129,550) (14,620,796) (1,641,297) (20,867,847)
------------------------------------------------------------
Net increase 3,854,983 $ 49,927,324 6,889,283 $ 87,696,234
============================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations and money market funds, for the six months ended
January 31, 2007, were as follows:
PURCHASES SALES
----------------------------------------------------
Investment securities $222,571,673 $7,240,792
- --------------------------------------------------------------------------------
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 average net assets as shown in the following table:
FEE SCHEDULE
-----------------------------------------
Up to $200 million 0.60%
Next $100 million 0.55
Next $200 million 0.50
Next $250 million 0.45
Next $250 million 0.40
Over $1 billion 0.35
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS or the Transfer Agent), 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, 2007, the Fund paid $248,538 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.
50 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
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
periods. Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans for Class B and Class C shares to
compensate the Distributor for its services in connection with the distribution
of those shares and servicing accounts. Under the plans, the Fund pays the
Distributor an annual asset-based sales charge of 0.75% on Class B and Class C
shares. The Distributor also receives a service fee of 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
determines its uncompensated expenses under the plan at calendar quarter ends.
The Distributor's aggregate uncompensated expenses under the plan at December
31, 2006 for Class B and Class C shares were $4,843,043 and $3,106,131,
respectively. Fees incurred by the Fund under the plans are detailed in the
Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
January 31, 2007 $449,148 $3,433 $155,276 $33,874
- --------------------------------------------------------------------------------
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.
51 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of January 31, 2007, 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 $900 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 (5.2817% as of January 31, 2007). 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 $900
million facility size.
For the six months ended January 31, 2007, the average daily loan balance
was $11,819,022 at an average daily interest rate of 5.3009%. The Fund had
borrowings outstanding of $39,900,000 at January 31, 2007 at an interest rate of
5.2817%. The Fund had gross borrowings and gross loan repayments of $134,400,000
and $130,600,000, respectively, during the six months ended January 31, 2007.
The maximum amount of borrowings outstanding at any month-end during the six
months ended January 31, 2007 was $39,900,000. The Fund paid $31,544 in fees and
$290,066 in interest during the six months ended January 31, 2007.
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENTS
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an
enterprise's financial statements in accordance with FASB Statement No. 109,
ACCOUNTING FOR INCOME TAXES. FIN 48 requires the evaluation of tax positions
taken in the course of preparing the Fund's tax returns to determine whether it
is "more-likely-than-not" that tax positions taken in the Fund's tax return will
be ultimately sustained. A tax liability and expense must be recorded in respect
of any tax position that, in Management's judgment, will not be fully realized.
FIN 48 is effective for fiscal years beginning after December 15, 2006. As of
January 31,
52 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
2007, the Manager has evaluated the implications of FIN 48 and does not
currently anticipate a material impact to the Fund's financial statements. The
Manager will continue to monitor the Fund's tax positions prospectively for
potential future impacts.
In September 2006, the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of January 31, 2007, the Manager does not believe the
adoption of SFAS No. 157 will materially impact the financial statement amounts;
however, additional disclosures may be required about the inputs used to develop
the measurements and the effect of certain of the measurements on changes in net
assets for the period.
- --------------------------------------------------------------------------------
8. LITIGATION
A consolidated amended complaint was filed as a putative class action against
the Manager and the Transfer Agent and other defendants (including 51 of the
Oppenheimer funds including the Fund) in the U.S. District Court for the
Southern District of New York on January 10, 2005 and was amended on March 4,
2005. The complaint alleged, among other things, that the Manager charged
excessive fees for distribution and other costs, and that by permitting and/or
participating in those actions, the Directors/Trustees and the Officers of the
funds breached their fiduciary duties to fund shareholders under the Investment
Company Act of 1940 and at common law. The plaintiffs sought unspecified
damages, an accounting of all fees paid, and an award of attorneys' fees and
litigation expenses.
In response to the defendants' motions to dismiss the suit, seven of the
eight counts in the complaint, including the claims against certain of the
Oppenheimer funds, 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, by court order dated March 10, 2006,
and the remaining count against the Manager and the Transfer Agent was dismissed
with prejudice by court order dated April 5, 2006. The plaintiffs filed an
appeal of those dismissals on May 11, 2006.
The Manager believes that the allegations contained in the complaint are
without merit and that there are substantial grounds to sustain the district
court's rulings. The Manager also believes that it is premature to render any
opinion as to the likelihood of an outcome unfavorable to it, the funds, the
Directors/Trustees or the Officers on the appeal of the decisions of the
district court, and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss.
53 | 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.
54 | 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 about the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel who 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
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The 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
55 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
account of the fact 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. The Board members also considered
their experiences with the Manager and its officers and other personnel through
their service on the boards 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 its members have become knowledgeable about 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 and from 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 investment 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 all other retail front-end load and
no-load 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 better than its peer group median.
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 the fees and services for 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 are lower than its peer group
median and its actual management fees are equal to its peer group median
although its total expenses are higher than its peer group median.
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, the extent to
which those economies of scale benefit the Fund's shareholders and the current
level of Fund assets in relation to the Fund's breakpoint schedule for its
management fees. The Board also noted
56 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
the Fund's breakpoints, which are intended to share economies of scale that may
exist as the Fund grows with its shareholders.
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. In addition to considering the profits
realized by the Manager, the Board 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 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 Agreement,
including the management fee, in light of all of the surrounding circumstances.
57 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
TOP HOLDINGS AND ALLOCATIONS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOP TEN CATEGORIES
- --------------------------------------------------------------------------------
Tobacco Settlement Payments 20.4%
- --------------------------------------------------------------------------------
Airlines 10.7
- --------------------------------------------------------------------------------
Special Assessment 7.8
- --------------------------------------------------------------------------------
Hospital/Health Care 6.7
- --------------------------------------------------------------------------------
Gas Utilities 6.3
- --------------------------------------------------------------------------------
Marine/Aviation Facilities 5.9
- --------------------------------------------------------------------------------
Single Family Housing 5.5
- --------------------------------------------------------------------------------
Multifamily Housing 5.1
- --------------------------------------------------------------------------------
Electric Utilities 5.0
- --------------------------------------------------------------------------------
General Obligation 3.5
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2007, and are based on the total market value of investments.
CREDIT ALLOCATION
- --------------------------------------------------------------------------------
AAA 20.4%
- --------------------------------------------------------------------------------
AA 11.9
- --------------------------------------------------------------------------------
A 4.8
- --------------------------------------------------------------------------------
BBB 23.0
- --------------------------------------------------------------------------------
BB 7.0
- --------------------------------------------------------------------------------
B 6.4
- --------------------------------------------------------------------------------
CCC 3.5
- --------------------------------------------------------------------------------
Not Rated 23.0
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2007, 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.
- --------------------------------------------------------------------------------
16 | 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 1.8000.525.7048, 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 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.
17 | 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, 2007.
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
18 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
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
(8/1/06) (1/31/07) JANUARY 31, 2007
- --------------------------------------------------------------------------------
Class A Actual $1,000.00 $1,056.60 $ 6.40
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,019.00 6.28
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 1,053.30 10.51
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,015.02 10.31
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 1,052.80 10.40
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,015.12 10.21
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, 2007 are as follows:
CLASS EXPENSE RATIOS
- ------------------------
Class A 1.23%
- ------------------------
Class B 2.02
- ------------------------
Class C 2.00
Interest and related expenses from inverse floaters represents 0.62% of the
expense ratios, but has not affected the Fund's total returns or net assets.
- --------------------------------------------------------------------------------
19 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS January 31, 2007 / Unaudited
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--119.5%
- --------------------------------------------------------------------------------------------------------------------
ALABAMA--1.0%
$ 10,000 AL HFA (Single Family) 5.350% 10/01/2026 $ 10,187
- --------------------------------------------------------------------------------------------------------------------
23,055,000 AL HFA (Single Family) 5.450 10/01/2032 23,557,368
- --------------------------------------------------------------------------------------------------------------------
15,740,000 AL IDA Solid Waste Disposal (Pine City Fiber
Company) 6.450 12/01/2023 16,060,466
- --------------------------------------------------------------------------------------------------------------------
7,430,000 AL IDA Solid Waste Disposal (Pine City Fiber
Company) 6.450 12/01/2023 7,584,767
- --------------------------------------------------------------------------------------------------------------------
10,585,000 AL Space Science Exhibit Finance Authority 6.000 10/01/2025 10,708,527
- --------------------------------------------------------------------------------------------------------------------
25,000 AL Water Pollution Control Authority 5.500 08/15/2020 25,226
- --------------------------------------------------------------------------------------------------------------------
1,810,000 Andalusia-Opp, AL Airport Authority 5.000 08/01/2026 1,863,667
- --------------------------------------------------------------------------------------------------------------------
100,000 Bay Minette, AL Industrial Devel. Board (B.F.
Goodrich) 6.500 02/15/2009 100,398
- --------------------------------------------------------------------------------------------------------------------
165,000 Courtland, AL Industrial Devel. Board
(Champion International Corp.) 5.750 11/01/2027 169,128
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Courtland, AL Industrial Devel. Board
(International Paper Company) 1 5.200 06/01/2025 10,239,000
- --------------------------------------------------------------------------------------------------------------------
25,000 Mobile, AL Industrial Devel. Board
(International Paper Company) 6.450 05/15/2019 26,493
- --------------------------------------------------------------------------------------------------------------------
10,000 Prichard, AL Hsg. Corp. (Wolf Ridge) 5.750 06/01/2023 10,010
- --------------------------------------------------------------------------------------------------------------------
2,200,000 Rainbow City, AL Special Health Care Facilities
Financing Authority (Regency Pointe) 8.250 2 01/01/2031 967,824
- --------------------------------------------------------------------------------------------------------------------
10,000 Selma, AL Industrial Devel. Board
(International Paper Company) 6.000 05/01/2025 10,563
- --------------------------------------------------------------------------------------------------------------------
20,000 South Marengo County, AL Water & Fire
Protection Authority 7.700 05/01/2008 20,149
---------------
71,353,773
- --------------------------------------------------------------------------------------------------------------------
ALASKA--0.6%
10,000,000 AK HFC 3 4.800 06/01/2038 9,956,000
- --------------------------------------------------------------------------------------------------------------------
7,250,000 AK HFC, Series C 1 5.200 12/01/2037 7,523,978
- --------------------------------------------------------------------------------------------------------------------
6,870,000 AK Industrial Devel. & Export Authority 1 5.750 04/01/2012 7,026,499
- --------------------------------------------------------------------------------------------------------------------
2,250,000 AK Industrial Devel. & Export Authority
(Anchorage Sportsplex/Grace Community Church
Obligated Group) 6.150 08/01/2031 2,283,008
- --------------------------------------------------------------------------------------------------------------------
7,780,000 AK Northern Tobacco Securitization Corp. (TASC) 5.000 06/01/2032 7,853,210
- --------------------------------------------------------------------------------------------------------------------
1,730,000 AK Northern Tobacco Securitization Corp. (TASC) 5.000 06/01/2046 1,738,840
- --------------------------------------------------------------------------------------------------------------------
260,000 AK Northern Tobacco Securitization Corp. (TASC) 5.375 06/01/2021 273,234
- --------------------------------------------------------------------------------------------------------------------
31,850,000 AK Northern Tobacco Securitization Corp. (TASC) 6.125 4 06/01/2046 3,049,638
- --------------------------------------------------------------------------------------------------------------------
20,860,000 AK Northern Tobacco Securitization Corp. (TASC) 6.375 4 06/01/2046 1,835,263
---------------
41,539,670
- --------------------------------------------------------------------------------------------------------------------
ARIZONA--1.4%
325,000 Apache County, AZ IDA (Tucson Electric Power
Company) 1 5.875 03/01/2033 325,202
- --------------------------------------------------------------------------------------------------------------------
6,700,000 AZ Health Facilities Authority (American Baptist
Estates) 7.750 11/15/2033 7,572,139
- --------------------------------------------------------------------------------------------------------------------
10,200,000 Yavapai County, AZ IDA Solid Waste Disposal
(Waste Management) 5 4.900 03/01/2028 10,369,881
20 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
ARIZONA Continued
$ 3,000,000 Buckeye, AZ Watson Road Community Facilities District 5.750% 07/01/2022 $ 3,156,840
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Buckeye, AZ Watson Road Community Facilities District 6.000 07/01/2030 5,288,850
- --------------------------------------------------------------------------------------------------------------------
810,000 Estrella, AZ Mountain Ranch Community Facilities
District 5.625 07/15/2025 836,366
- --------------------------------------------------------------------------------------------------------------------
400,000 Estrella, AZ Mountain Ranch Community Facilities
District 5.800 07/15/2030 417,212
- --------------------------------------------------------------------------------------------------------------------
500,000 Gladden Farms, AZ Community Facilities District 5.500 07/15/2031 509,020
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Goodyear, AZ IDA Water & Sewer
(Litchfield Park Service Company) 6.750 10/01/2031 1,084,010
- --------------------------------------------------------------------------------------------------------------------
4,910,000 Maricopa County, AZ IDA (Christian Care Apartments) 6.500 01/01/2036 5,196,597
- --------------------------------------------------------------------------------------------------------------------
1,885,000 Maricopa County, AZ IDA (Immanuel Campus Care) 8.500 04/20/2041 1,911,861
- --------------------------------------------------------------------------------------------------------------------
355,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 11/01/2018 367,603
- --------------------------------------------------------------------------------------------------------------------
500,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 05/01/2031 515,370
- --------------------------------------------------------------------------------------------------------------------
3,795,000 Maricopa County, AZ IDA (Sun King Apartments) 9.500 11/01/2031 3,774,279
- --------------------------------------------------------------------------------------------------------------------
675,000 Maricopa County, AZ School District No. 024 (Gila
Bend) 5.500 07/01/2021 692,422
- --------------------------------------------------------------------------------------------------------------------
460,000 Merrill Ranch, AZ Community Facilities District No. 1
Special Assessment Lien 5.250 07/01/2024 468,013
- --------------------------------------------------------------------------------------------------------------------
390,000 Merrill Ranch, AZ Community Facilities District No. 2
Special Assessment Lien 5.250 07/01/2024 396,794
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Merrill Ranch, AZ Community Facilities District No. 2
Special Assessment Lien 5.300 07/01/2030 1,015,140
- --------------------------------------------------------------------------------------------------------------------
195,000 Navajo County, AZ IDA (Stone Container Corp.) 7.200 06/01/2027 200,129
- --------------------------------------------------------------------------------------------------------------------
1,060,000 Navajo County, AZ IDA (Stone Container Corp.) 7.400 04/01/2026 1,085,970
- --------------------------------------------------------------------------------------------------------------------
1,125,000 Palm Valley, AZ Community Facility District No. 3 5.300 07/15/2031 1,140,930
- --------------------------------------------------------------------------------------------------------------------
420,000 Parkway, AZ Community Facilities District No. 1
(Prescott Valley) 5.300 07/15/2025 426,384
- --------------------------------------------------------------------------------------------------------------------
350,000 Parkway, AZ Community Facilities District No. 1
(Prescott Valley) 5.350 07/15/2031 355,047
- --------------------------------------------------------------------------------------------------------------------
3,275,000 Phoenix, AZ IDA (America West Airlines) 6.250 06/01/2019 3,362,213
- --------------------------------------------------------------------------------------------------------------------
7,500,000 Phoenix, AZ IDA (America West Airlines) 6.300 04/01/2023 7,658,400
- --------------------------------------------------------------------------------------------------------------------
50,000 Phoenix, AZ IDA (Crossroads Apartments) 5.200 12/15/2021 50,834
- --------------------------------------------------------------------------------------------------------------------
1,650,000 Phoenix, AZ IDA (Espiritu Community Devel. Corp.) 6.250 07/01/2036 1,714,532
- --------------------------------------------------------------------------------------------------------------------
1,605,000 Phoenix, AZ IDA (Royal Paper Converting) 7.000 03/01/2014 1,638,207
- --------------------------------------------------------------------------------------------------------------------
190,000 Pima County, AZ Devel. Authority
(Tucson Electric Power Company) 6.100 09/01/2025 190,150
- --------------------------------------------------------------------------------------------------------------------
2,200,000 Pima County, AZ IDA (Christian Senior Living) 5.050 01/01/2037 2,138,730
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Pima County, AZ IDA (Desert Tech Schools) 7.000 02/01/2024 1,021,300
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Pima County, AZ IDA (Facility Choice Education &
Devel. Corp.) 6.250 06/01/2026 1,288,613
- --------------------------------------------------------------------------------------------------------------------
2,350,000 Pima County, AZ IDA (Facility Choice Education &
Devel. Corp.) 6.375 06/01/2036 2,425,600
- --------------------------------------------------------------------------------------------------------------------
3,410,000 Pima County, AZ IDA (Global Water Resources) 5.450 12/01/2017 3,408,329
- --------------------------------------------------------------------------------------------------------------------
2,215,000 Pima County, AZ IDA (Global Water Resources) 5.600 12/01/2022 2,216,595
21 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
ARIZONA Continued
$ 11,100,000 Pima County, AZ IDA (Global Water Resources) 5.750% 12/01/2032 $ 11,107,881
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Pima County, AZ IDA (P.L.C. Charter Schools) 6.750 04/01/2036 1,595,130
- --------------------------------------------------------------------------------------------------------------------
250,000 Pima County, AZ IDA (Paradise Education Center) 5.875 06/01/2022 255,925
- --------------------------------------------------------------------------------------------------------------------
550,000 Pima County, AZ IDA (Paradise Education Center) 6.000 06/01/2036 561,165
- --------------------------------------------------------------------------------------------------------------------
220,000 Pima County, AZ IDA (Single Family Mtg.) 6.200 11/01/2030 231,486
- --------------------------------------------------------------------------------------------------------------------
1,600,000 Pima County, AZ IDA (Sonoran Science Academy) 5.670 12/01/2027 1,580,416
- --------------------------------------------------------------------------------------------------------------------
1,960,000 Pima County, AZ IDA (Sonoran Science Academy) 5.750 12/01/2037 1,927,856
- --------------------------------------------------------------------------------------------------------------------
1,650,000 Pinal County, AZ IDA (San Manuel Facility) 6.250 06/01/2026 1,813,713
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Quail Creek, AZ Community Facilities District 5.550 07/15/2030 1,540,020
- --------------------------------------------------------------------------------------------------------------------
1,000,000 San Luis, AZ Facility Devel. Corp.
(Regional Detention Center) 7.250 05/01/2027 1,017,040
- --------------------------------------------------------------------------------------------------------------------
600,000 Tucson & Pima Counties, AZ IDA (Single Family Mtg.) 6.000 07/01/2021 605,850
- --------------------------------------------------------------------------------------------------------------------
105,000 Tucson & Pima Counties, AZ IDA (Single Family Mtg.) 6.200 01/01/2034 107,020
- --------------------------------------------------------------------------------------------------------------------
840,000 Tucson & Pima Counties, AZ IDA (Single Family Mtg.) 6.350 01/01/2034 849,610
- --------------------------------------------------------------------------------------------------------------------
800,000 Tucson, AZ IDA (Joint Single Family Mtg.) 5.000 01/01/2039 799,208
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Verrado, AZ Community Facilities District No. 1 5.350 07/15/2031 4,057,680
- --------------------------------------------------------------------------------------------------------------------
55,000 Yavapai County, AZ IDA (Citizens Utilities Company) 5.450 06/01/2033 55,193
---------------
102,324,755
- --------------------------------------------------------------------------------------------------------------------
ARKANSAS--0.2%
100,000 Calhoun County, AR Solid Waste Disposal
(Georgia-Pacific Corp.) 6.375 11/01/2026 105,361
- --------------------------------------------------------------------------------------------------------------------
50,000 Grand Prairie, AR Water Users Board 5.900 07/01/2022 50,334
- --------------------------------------------------------------------------------------------------------------------
1,305,000 Little River County, AR (Georgia-Pacific Corp.) 5.600 10/01/2026 1,321,782
- --------------------------------------------------------------------------------------------------------------------
8,510,000 North Little Rock, AR Residential Hsg. Facilities
Board (Ridgeview Apartments) 5 5.600 08/20/2045 8,946,603
- --------------------------------------------------------------------------------------------------------------------
25,000 Pine Bluff, AR (International Paper Company) 5.550 08/15/2022 25,812
- --------------------------------------------------------------------------------------------------------------------
5,460,000 Sebastian County, AR Health Facilities Board
(Sparks Regional Medical Center) 5.625 11/01/2031 5,254,977
---------------
15,704,869
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA--10.4%
1,640,000 Azusa, CA Special Tax Community Facilities
District No. 05-1 3 5.000 09/01/2027 1,659,434
- --------------------------------------------------------------------------------------------------------------------
715,000 Azusa, CA Special Tax Community Facilities
District No. 05-1 3 5.000 09/01/2027 723,473
- --------------------------------------------------------------------------------------------------------------------
6,450,000 Azusa, CA Special Tax Community Facilities
District No. 05-1 3 5.000 09/01/2037 6,510,437
- --------------------------------------------------------------------------------------------------------------------
1,840,000 Azusa, CA Special Tax Community Facilities
District No. 05-1 3 5.000 09/01/2037 1,857,241
- --------------------------------------------------------------------------------------------------------------------
415,000 Bakersfield, CA Improvement Bond Act 1915 5.100 09/02/2021 425,051
- --------------------------------------------------------------------------------------------------------------------
1,325,000 Bakersfield, CA Improvement Bond Act 1915 5.125 09/02/2026 1,345,114
- --------------------------------------------------------------------------------------------------------------------
60,110,000 CA County Tobacco Securitization Agency 6.118 4 06/01/2046 6,497,290
22 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 75,000,000 CA County Tobacco Securitization Agency 6.300% 4 06/01/2055 $ 3,552,000
- --------------------------------------------------------------------------------------------------------------------
127,310,000 CA County Tobacco Securitization Agency 6.489 4 06/01/2046 11,061,966
- --------------------------------------------------------------------------------------------------------------------
107,400,000 CA County Tobacco Securitization Agency 6.619 4 06/01/2050 6,319,416
- --------------------------------------------------------------------------------------------------------------------
33,920,000 CA County Tobacco Securitization Agency 6.650 4 06/01/2046 2,783,475
- --------------------------------------------------------------------------------------------------------------------
215,100,000 CA County Tobacco Securitization Agency 7.000 4 06/01/2055 8,074,854
- --------------------------------------------------------------------------------------------------------------------
246,760,000 CA County Tobacco Securitization Agency 7.477 4 06/01/2055 7,318,902
- --------------------------------------------------------------------------------------------------------------------
36,000,000 CA County Tobacco Securitization Agency (TASC) 0.000 7 06/01/2041 31,055,040
- --------------------------------------------------------------------------------------------------------------------
56,530,000 CA County Tobacco Securitization Agency (TASC) 0.000 7 06/01/2046 48,917,670
- --------------------------------------------------------------------------------------------------------------------
255,000 CA County Tobacco Securitization Agency (TASC) 5.250 06/01/2045 261,467
- --------------------------------------------------------------------------------------------------------------------
19,000,000 CA County Tobacco Securitization Agency (TASC) 5.250 06/01/2046 19,273,980
- --------------------------------------------------------------------------------------------------------------------
2,500,000 CA County Tobacco Securitization Agency (TASC) 5.500 06/01/2033 2,605,775
- --------------------------------------------------------------------------------------------------------------------
680,000 CA County Tobacco Securitization Agency (TASC) 5.750 06/01/2029 716,727
- --------------------------------------------------------------------------------------------------------------------
235,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2027 249,069
- --------------------------------------------------------------------------------------------------------------------
2,610,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2035 2,763,729
- --------------------------------------------------------------------------------------------------------------------
7,285,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2043 7,714,087
- --------------------------------------------------------------------------------------------------------------------
2,930,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2042 3,123,263
- --------------------------------------------------------------------------------------------------------------------
155,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2043 165,224
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA County Tobacco Securitization Agency (TASC) 6.125 06/01/2038 5,359,050
- --------------------------------------------------------------------------------------------------------------------
318,250,000 CA County Tobacco Securitization Agency (TASC) 6.315 4 06/01/2050 23,314,995
- --------------------------------------------------------------------------------------------------------------------
57,000,000 CA County Tobacco Securitization Agency (TASC) 6.400 4 06/01/2046 5,448,630
- --------------------------------------------------------------------------------------------------------------------
9,010,000 CA GO 5 4.750 12/01/2018 9,168,175
- --------------------------------------------------------------------------------------------------------------------
21,000,000 CA GO 5 4.900 12/01/2025 21,382,620
- --------------------------------------------------------------------------------------------------------------------
57,500,000 CA GO 5 5.050 12/01/2036 59,106,263
- --------------------------------------------------------------------------------------------------------------------
3,655,000 CA Golden State Tobacco Securitization Corp. 6.250 06/01/2033 4,078,615
- --------------------------------------------------------------------------------------------------------------------
13,180,000 CA Golden State Tobacco Securitization Corp. 6.625 06/01/2040 14,964,572
- --------------------------------------------------------------------------------------------------------------------
30,195,000 CA Golden State Tobacco Securitization Corp. 6.750 06/01/2039 34,525,869
- --------------------------------------------------------------------------------------------------------------------
137,060,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.000 06/01/2045 141,625,469
- --------------------------------------------------------------------------------------------------------------------
1,510,000 CA Golden State Tobacco Securitization Corp. (TASC) 7.875 06/01/2042 1,842,049
- --------------------------------------------------------------------------------------------------------------------
6,250,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 6.750 09/01/2019 6,254,750
- --------------------------------------------------------------------------------------------------------------------
25,575,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 6.875 11/01/2027 25,728,962
- --------------------------------------------------------------------------------------------------------------------
2,980,000 CA Pollution Control Financing Authority
(General Motors Corp.) 5.500 04/01/2008 2,978,897
- --------------------------------------------------------------------------------------------------------------------
4,815,000 CA Statewide CDA (Aspire Public Schools) 7.250 08/01/2031 5,007,648
- --------------------------------------------------------------------------------------------------------------------
13,000,000 CA Statewide CDA (East Valley Tourist) 9.250 10/01/2020 14,256,320
- --------------------------------------------------------------------------------------------------------------------
14,400,000 CA Statewide CDA (Fairfield Apartments) 7.250 01/01/2035 11,733,408
- --------------------------------------------------------------------------------------------------------------------
555,300,000 CA Statewide Financing Authority Tobacco Settlement 7.001 4 06/01/2055 20,845,962
- --------------------------------------------------------------------------------------------------------------------
260,000,000 CA Statewide Financing Authority Tobacco Settlement 7.876 4 06/01/2055 6,697,600
- --------------------------------------------------------------------------------------------------------------------
4,500,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2037 4,792,680
23 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,405,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000% 05/01/2043 $ 1,496,381
- --------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2043 106,504
- --------------------------------------------------------------------------------------------------------------------
4,070,000 CA Valley Health System COP 6.875 05/15/2023 4,076,186
- --------------------------------------------------------------------------------------------------------------------
1,380,000 Lathrop, CA Special Tax Community Facilities
District No. 03-2 7.000 09/01/2033 1,439,947
- --------------------------------------------------------------------------------------------------------------------
13,000,000 Long Beach, CA Harbor 5 5.200 05/15/2027 13,700,505
- --------------------------------------------------------------------------------------------------------------------
5,700,000 Los Angeles, CA Regional Airports Improvement Corp.
(Air Canada) 8.750 10/01/2014 5,513,610
- --------------------------------------------------------------------------------------------------------------------
2,010,000 Los Angeles, CA Regional Airports Improvement Corp.
(American Airlines) 7.500 12/01/2024 2,319,138
- --------------------------------------------------------------------------------------------------------------------
1,685,000 Los Angeles, CA Regional Airports Improvement Corp.
(Continental Airlines) 5.650 08/01/2017 1,686,314
- --------------------------------------------------------------------------------------------------------------------
1,135,000 Los Angeles, CA Regional Airports Improvement Corp.
(Delta Airlines) 6.350 11/01/2025 1,125,534
- --------------------------------------------------------------------------------------------------------------------
9,660,000 Los Angeles, CA Regional Airports Improvement Corp.
(Delta-Continental Airlines) 9.250 08/01/2024 9,690,526
- --------------------------------------------------------------------------------------------------------------------
115,975,000 Northern CA Tobacco Securitization Authority (TASC) 6.375 4 06/01/2045 12,539,217
- --------------------------------------------------------------------------------------------------------------------
2,200,000 San Diego County, CA COP 5.700 02/01/2028 2,208,492
- --------------------------------------------------------------------------------------------------------------------
45,440,000 Southern CA Tobacco Securitization Authority 5.125 06/01/2046 46,130,234
- --------------------------------------------------------------------------------------------------------------------
175,550,000 Southern CA Tobacco Securitization Authority 6.250 4 06/01/2046 16,227,842
- --------------------------------------------------------------------------------------------------------------------
41,325,000 Southern CA Tobacco Securitization Authority 6.400 4 06/01/2046 3,607,259
- --------------------------------------------------------------------------------------------------------------------
143,080,000 Southern CA Tobacco Securitization Authority 7.100 4 06/01/2046 9,632,146
- --------------------------------------------------------------------------------------------------------------------
125,000 Southern CA Tobacco Securitization Authority (TASC) 5.000 06/01/2037 126,099
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Stockton, CA Public Financing Authority, Series A 5.250 09/01/2031 3,189,090
- --------------------------------------------------------------------------------------------------------------------
2,860,000 Stockton, CA Public Financing Authority, Series A 5.250 09/01/2034 3,037,978
- --------------------------------------------------------------------------------------------------------------------
5,425,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 5.450 09/01/2026 5,152,502
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 5.500 09/01/2036 3,763,840
- --------------------------------------------------------------------------------------------------------------------
2,680,000 Val Verde, CA Unified School District Special Tax 5.450 09/01/2036 2,792,614
---------------
743,649,176
- --------------------------------------------------------------------------------------------------------------------
COLORADO--3.4%
1,000,000 Andonea, CO Metropolitan District No. 2 6.125 12/01/2025 1,040,690
- --------------------------------------------------------------------------------------------------------------------
2,380,000 Andonea, CO Metropolitan District No. 3 6.250 12/01/2035 2,478,841
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Arista, CO Metropolitan District 6.750 12/01/2035 5,379,650
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Aurora, CO Single Tree Metropolitan District 5.500 11/15/2031 1,500,345
- --------------------------------------------------------------------------------------------------------------------
2,620,000 Beacon Point, CO Metropolitan District 6.125 12/01/2025 2,788,728
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Beacon Point, CO Metropolitan District 6.250 12/01/2035 2,136,100
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Castle Oaks, CO Metropolitan District 6.000 12/01/2025 1,034,880
24 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 1,500,000 Castle Oaks, CO Metropolitan District 6.125% 12/01/2035 $ 1,549,395
- --------------------------------------------------------------------------------------------------------------------
5,920,000 Central Marksheffel, CO Metropolitan District 7.250 12/01/2029 6,387,976
- --------------------------------------------------------------------------------------------------------------------
1,500,000 CO Educational & Cultural Facilities Authority
(Banning Lewis Ranch Academy) 6.125 12/15/2035 1,546,935
- --------------------------------------------------------------------------------------------------------------------
680,000 CO Educational & Cultural Facilities Authority
(Carbon Valley Academy Charter School) 5.625 12/01/2036 669,786
- --------------------------------------------------------------------------------------------------------------------
2,475,000 CO Educational & Cultural Facilities Authority
(Inn at Auraria) 5.375 07/01/2015 2,504,948
- --------------------------------------------------------------------------------------------------------------------
24,295,000 CO Educational & Cultural Facilities Authority
(Inn at Auraria) 6.000 07/01/2042 24,831,434
- --------------------------------------------------------------------------------------------------------------------
2,000,000 CO Health Facilities Authority
(Christian Living Communities) 5.750 01/01/2037 2,090,760
- --------------------------------------------------------------------------------------------------------------------
495,000 CO Hsg. & Finance Authority 1 6.400 11/01/2024 506,128
- --------------------------------------------------------------------------------------------------------------------
750,000 CO Hsg. & Finance Authority 1 6.450 04/01/2030 753,878
- --------------------------------------------------------------------------------------------------------------------
820,000 CO Hsg. & Finance Authority 1 7.000 02/01/2030 860,910
- --------------------------------------------------------------------------------------------------------------------
175,000 CO Hsg. & Finance Authority 7.050 04/01/2031 180,817
- --------------------------------------------------------------------------------------------------------------------
690,000 CO Hsg. & Finance Authority 7.050 04/01/2031 711,466
- --------------------------------------------------------------------------------------------------------------------
735,000 CO Hsg. & Finance Authority 1 7.250 10/01/2031 760,968
- --------------------------------------------------------------------------------------------------------------------
490,000 CO Hsg. & Finance Authority 1 8.400 10/01/2021 518,151
- --------------------------------------------------------------------------------------------------------------------
15,000 CO Hsg. & Finance Authority (Single Family) 1 6.500 11/01/2029 15,334
- --------------------------------------------------------------------------------------------------------------------
45,000 CO Hsg. & Finance Authority (Single Family) 6.800 04/01/2030 45,634
- --------------------------------------------------------------------------------------------------------------------
84,000 CO Hsg. & Finance Authority (Single Family) 7.250 05/01/2027 84,640
- --------------------------------------------------------------------------------------------------------------------
10,000 CO Hsg. & Finance Authority (Single Family) 7.375 06/01/2026 10,293
- --------------------------------------------------------------------------------------------------------------------
435,000 CO Hsg. & Finance Authority, Series C-2 1 6.600 08/01/2032 457,751
- --------------------------------------------------------------------------------------------------------------------
430,000 CO Hsg. & Finance Authority, Series C-2 1 6.875 11/01/2028 435,779
- --------------------------------------------------------------------------------------------------------------------
2,950,000 CO International Center Metropolitan District No.3 6.500 12/01/2035 3,076,968
- --------------------------------------------------------------------------------------------------------------------
215,000 Colorado Springs, CO Utilities 1 5.000 11/15/2043 222,678
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Copperleaf, CO Metropolitan District No. 2 5.850 12/01/2026 1,031,900
- --------------------------------------------------------------------------------------------------------------------
1,850,000 Copperleaf, CO Metropolitan District No. 2 5.950 12/01/2036 1,908,738
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Crystal Crossing, CO Metropolitan District 6.000 12/01/2036 1,136,520
- --------------------------------------------------------------------------------------------------------------------
120,000 Denver, CO City & County Airport 5.000 11/15/2025 122,203
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Denver, CO City & County Airport 5 5.000 11/15/2025 8,438,720
- --------------------------------------------------------------------------------------------------------------------
18,795,000 Denver, CO City & County Airport Special Facilities
(United Air Lines) 6.875 10/01/2032 19,462,223
- --------------------------------------------------------------------------------------------------------------------
40,000,000 Denver, CO Convention Center Hotel Authority 5 5.000 12/01/2035 41,964,600
- --------------------------------------------------------------------------------------------------------------------
1,355,000 Denver, CO Urban Renewal Authority 9.125 09/01/2017 1,373,171
- --------------------------------------------------------------------------------------------------------------------
475,000 Eagle County, CO Airport Terminal Corp. 5.250 05/01/2020 483,317
- --------------------------------------------------------------------------------------------------------------------
1,335,000 Elbert & Highway 86, CO Metropolitan District 5.750 12/01/2036 1,326,403
- --------------------------------------------------------------------------------------------------------------------
2,475,000 Elkhorn Ranch, CO Metropolitan District 6.375 12/01/2035 2,599,072
- --------------------------------------------------------------------------------------------------------------------
560,000 Fairplay, CO Sanitation District 5.250 12/15/2031 548,167
- --------------------------------------------------------------------------------------------------------------------
700,000 Fallbrook, CO Metropolitan District 5.625 12/01/2026 702,877
25 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 3,625,000 High Plains, CO Metropolitan District 6.125% 12/01/2025 $ 3,858,450
- --------------------------------------------------------------------------------------------------------------------
6,625,000 High Plains, CO Metropolitan District 6.250 12/01/2035 7,075,831
- --------------------------------------------------------------------------------------------------------------------
3,725,000 Highline Business Improvement District (Littleton,
CO) 8,9 5.250 12/15/2019 2,346,750
- --------------------------------------------------------------------------------------------------------------------
1,060,000 Horse Creek, CO Metropolitan District 5.750 12/01/2036 1,051,679
- --------------------------------------------------------------------------------------------------------------------
500,000 Huntington Trails, CO Metropolitan District 6.250 12/01/2036 522,540
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Lambertson Farms, CO Metropolitan District No. 1 6.100 12/01/2035 3,726,938
- --------------------------------------------------------------------------------------------------------------------
1,145,000 Liberty Ranch, CO Metropolitan District 6.250 12/01/2036 1,194,865
- --------------------------------------------------------------------------------------------------------------------
11,000,000 Lincoln Park, CO Metropolitan District 7.750 12/01/2026 11,978,230
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Murphy Creek, CO Metropolitan District No. 3 6.000 12/01/2026 3,132,360
- --------------------------------------------------------------------------------------------------------------------
9,060,000 Murphy Creek, CO Metropolitan District No. 3 6.125 12/01/2035 9,473,770
- --------------------------------------------------------------------------------------------------------------------
4,500,000 Northwest CO Metropolitan District No. 3 6.125 12/01/2025 4,776,705
- --------------------------------------------------------------------------------------------------------------------
5,625,000 Northwest CO Metropolitan District No. 3 6.250 12/01/2035 5,979,206
- --------------------------------------------------------------------------------------------------------------------
18,340,000 Park Valley, CO Water & Sanitation Metropolitan
District 6.000 4 12/15/2017 9,684,804
- --------------------------------------------------------------------------------------------------------------------
850,000 Prairie Center, CO Metropolitan District No. 3 5.250 12/15/2021 858,101
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Prairie Center, CO Metropolitan District No. 3 5.400 12/15/2031 1,263,350
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Prairie Center, CO Metropolitan District No. 3 5.400 12/15/2031 1,010,680
- --------------------------------------------------------------------------------------------------------------------
2,275,000 Regency, CO Metropolitan District 5.750 12/01/2036 2,292,813
- --------------------------------------------------------------------------------------------------------------------
1,320,000 Silver Peaks, CO Metropolitan District No. 2 5.750 12/01/2036 1,311,499
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Sorrell Ranch, CO Metropolitan District 5.750 12/01/2036 1,533,090
- --------------------------------------------------------------------------------------------------------------------
1,735,000 Sorrell Ranch, CO Metropolitan District 6.750 12/15/2036 1,746,607
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Southlands, CO Medical District 7.000 12/01/2024 1,105,370
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Southlands, CO Medical District 7.125 12/01/2034 2,213,100
- --------------------------------------------------------------------------------------------------------------------
655,000 Todd Creek Farms, CO Metropolitan District No. 1 6.125 12/01/2019 687,724
- --------------------------------------------------------------------------------------------------------------------
695,000 Traditions, CO Metropolitan District No. 2 5.750 12/01/2036 693,457
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Wheatlands, CO Metropolitan District 6.125 12/01/2035 2,065,860
- --------------------------------------------------------------------------------------------------------------------
750,000 Woodmen Heights, CO Metropolitan District No. 1 6.750 12/01/2020 794,063
- --------------------------------------------------------------------------------------------------------------------
12,250,000 Woodmen Heights, CO Metropolitan District No. 1 7.000 12/01/2030 13,178,183
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Wyndham Hill, CO Metropolitan District 6.250 12/01/2025 1,048,620
- --------------------------------------------------------------------------------------------------------------------
2,450,000 Wyndham Hill, CO Metropolitan District 6.375 12/01/2035 2,572,819
---------------
244,857,238
- --------------------------------------------------------------------------------------------------------------------
CONNECTICUT--0.6%
50,000 CT Devel. Authority (Aquarion Water Company
of Connecticut) 6.000 09/01/2036 51,068
- --------------------------------------------------------------------------------------------------------------------
76,556 CT Devel. Authority (East Hills Woods) 7.750 11/01/2017 76,544
- --------------------------------------------------------------------------------------------------------------------
1,500,000 CT Devel. Authority Airport Facility (Learjet) 1 7.950 04/01/2026 1,805,865
- --------------------------------------------------------------------------------------------------------------------
105,000 CT Devel. Authority Pollution Control
(Connecticut Light & Power Company) 5.850 09/01/2028 110,227
- --------------------------------------------------------------------------------------------------------------------
4,490,000 CT Devel. Authority Pollution Control
(Connecticut Light & Power Company) 1 5.950 09/01/2028 4,693,711
26 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
CONNECTICUT Continued
$ 15,590,000 CT Devel. Authority Pollution Control
(Western Massachusetts Electric Company) 5.850% 09/01/2028 $ 16,365,603
- --------------------------------------------------------------------------------------------------------------------
110,000 CT H&EFA (Bridgeport Hospital/Bridgeport Hospital
Foundation Obligated Group) 6.500 07/01/2012 112,376
- --------------------------------------------------------------------------------------------------------------------
135,000 CT H&EFA (Windham Community Memorial Hospital) 6.000 07/01/2020 137,210
- --------------------------------------------------------------------------------------------------------------------
80,000 CT HFA 6.300 11/15/2017 81,882
- --------------------------------------------------------------------------------------------------------------------
8,995,000 CT Resource Recovery Authority
(Browning-Ferris Industries) 1 6.450 11/15/2022 9,145,217
- --------------------------------------------------------------------------------------------------------------------
2,975,000 Georgetown, CT Special Taxing District 5.125 10/01/2036 2,943,465
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Mashantucket, CT Western Pequot Tribe, Series B 5.500 09/01/2036 3,951,075
- --------------------------------------------------------------------------------------------------------------------
1,305,000 New Britain, CT Senior Citizens Hsg.
(Nathan Hale Apartments) 6.875 07/01/2024 1,354,995
- --------------------------------------------------------------------------------------------------------------------
15,000 West Haven, CT Hsg. Authority
(Meadow Landing Apartments) 6.000 01/01/2028 15,480
---------------
40,844,718
- --------------------------------------------------------------------------------------------------------------------
DELAWARE--0.0%
1,810,000 DE EDA (General Motors Corp.) 5.600 04/01/2009 1,806,525
- --------------------------------------------------------------------------------------------------------------------
140,000 DE EDA (Peninsula United Methodist Homes) 6.300 05/01/2022 143,133
- --------------------------------------------------------------------------------------------------------------------
275,000 DE Hsg. Authority (Multifamily Mtg.) 7.000 05/01/2025 272,668
- --------------------------------------------------------------------------------------------------------------------
15,000 DE Hsg. Authority (Single Family Mtg.) 6.000 07/01/2018 15,254
- --------------------------------------------------------------------------------------------------------------------
200,000 New Castle County, DE Pollution Control
(General Motors Corp.) 7.000 10 10/01/2008 200,000
- --------------------------------------------------------------------------------------------------------------------
25,000 Wilmington, DE GO 6.200 10/01/2016 25,544
---------------
2,463,124
- --------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--4.1%
110,000 District of Columbia HFA (Benning Road Apartments) 6.300 01/01/2012 110,361
- --------------------------------------------------------------------------------------------------------------------
10,380,000 District of Columbia HFA (Shipley Park Apartments) 5 4.800 06/01/2038 10,483,073
- --------------------------------------------------------------------------------------------------------------------
130,000 District of Columbia Tobacco Settlement Financing
Corp. 6.250 05/15/2024 139,874
- --------------------------------------------------------------------------------------------------------------------
10,290,000 District of Columbia Tobacco Settlement Financing
Corp. 1 6.500 05/15/2033 12,291,199
- --------------------------------------------------------------------------------------------------------------------
32,680,000 District of Columbia Tobacco Settlement Financing
Corp. 6.750 05/15/2040 36,061,726
- --------------------------------------------------------------------------------------------------------------------
435,000,000 District of Columbia Tobacco Settlement Financing
Corp. (TASC) 6.250 4 06/15/2046 40,559,400
- --------------------------------------------------------------------------------------------------------------------
1,348,680,000 District of Columbia Tobacco Settlement Financing
Corp. (TASC) 6.873 4 06/15/2055 53,610,030
- --------------------------------------------------------------------------------------------------------------------
1,055,000,000 District of Columbia Tobacco Settlement Financing
Corp. (TASC) 7.250 4 06/15/2055 34,909,950
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Metropolitan Washington D.C. Airport Authority,
Series A 5 5.000 10/01/2035 5,213,925
- --------------------------------------------------------------------------------------------------------------------
16,400,000 Metropolitan Washington D.C. Airport Authority,
Series A 5 5.000 10/01/2035 17,167,110
- --------------------------------------------------------------------------------------------------------------------
8,220,000 Metropolitan Washington D.C. Airport Authority,
Series A 5 5.125 10/01/2029 8,574,570
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Metropolitan Washington D.C. Airport Authority,
Series A 5 5.250 10/01/2020 1,806,131
- --------------------------------------------------------------------------------------------------------------------
12,270,000 Metropolitan Washington D.C. Airport Authority,
Series A 5 5.250 10/01/2020 12,663,560
27 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA Continued
$ 12,300,000 Metropolitan Washington D.C. Airport Authority,
Series A 5 5.250% 10/01/2020 $ 12,694,523
- --------------------------------------------------------------------------------------------------------------------
42,300,000 Metropolitan Washington D.C. Airport Authority,
Series A 5 5.250 10/01/2032 43,331,264
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Metropolitan Washington D.C. Airport Authority,
Series B 5 5.000 10/01/2034 5,192,150
---------------
294,808,846
- --------------------------------------------------------------------------------------------------------------------
FLORIDA--12.1%
1,320,000 Aberdeen, FL Community Devel. District 5.250 11/01/2015 1,313,123
- --------------------------------------------------------------------------------------------------------------------
545,000 Aberdeen, FL Community Devel. District 5.500 11/01/2011 543,283
- --------------------------------------------------------------------------------------------------------------------
4,765,000 Aberdeen, FL Community Devel. District 5.500 05/01/2036 4,831,329
- --------------------------------------------------------------------------------------------------------------------
210,000 Alachua County, FL Health Facilities Authority
(Shands Teaching Hospital and Clinics) 1 5.800 12/01/2026 214,477
- --------------------------------------------------------------------------------------------------------------------
1,895,000 Amelia Walk, FL Community Devel. District
Special Assessment 5.500 05/01/2037 1,927,120
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Arborwood, FL Community Devel. District (Centex
Homes) 5.250 05/01/2016 4,050,840
- --------------------------------------------------------------------------------------------------------------------
4,255,000 Arlington Ridge, FL Community Devel. District 5.500 05/01/2036 4,320,825
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Ave Maria Stewardship, FL Community Devel. District 4.800 11/01/2012 2,009,440
- --------------------------------------------------------------------------------------------------------------------
2,250,000 Ave Maria Stewardship, FL Community Devel. District 5.125 05/01/2038 2,256,885
- --------------------------------------------------------------------------------------------------------------------
2,250,000 Avelar Creek, FL Community Devel. District 5.375 05/01/2036 2,249,798
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Bahia Lakes, FL Community Devel. District 5.450 05/01/2037 1,002,430
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Bartram Park, FL Community Devel. District 5.300 05/01/2035 2,010,720
- --------------------------------------------------------------------------------------------------------------------
885,000 Baywinds, FL Community Devel. District 5.250 05/01/2037 875,000
- --------------------------------------------------------------------------------------------------------------------
2,200,000 Beacon, FL Tradeport Community Devel. District 7.250 05/01/2033 2,382,424
- --------------------------------------------------------------------------------------------------------------------
11,000,000 Beacon, FL Tradeport Community Devel. District 5 5.625 05/01/2032 11,888,800
- --------------------------------------------------------------------------------------------------------------------
9,955,000 Bella Verde, FL Golf Community Devel. District 4.800 12/18/2007 9,930,312
- --------------------------------------------------------------------------------------------------------------------
7,625,000 Bonnet Creek, FL Resort Community Devel.
District Special Assessment 7.500 05/01/2034 8,388,796
- --------------------------------------------------------------------------------------------------------------------
75,000 Broward County, FL Educational Facilities Authority
(Pompano Oaks Apartments) 6.000 12/01/2027 76,769
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Broward County, FL Educational Facilities Authority
(Nova Southeastern University) 5 5.000 04/01/2036 10,421,200
- --------------------------------------------------------------------------------------------------------------------
25,000 Broward County, FL HFA (Cross Keys Apartments) 5.750 10/01/2028 25,523
- --------------------------------------------------------------------------------------------------------------------
12,475,000 Broward County, FL HFA (Pembroke Village
Apartments) 7.000 06/01/2046 12,472,630
- --------------------------------------------------------------------------------------------------------------------
15,000 Broward County, FL HFA (Stirling Apartments) 5.600 10/01/2018 15,310
- --------------------------------------------------------------------------------------------------------------------
125,000 Broward County, FL HFA (Stirling Apartments) 5.750 04/01/2038 128,749
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Chapel Creek, FL Community Devel. District
Special Assessment 5.200 05/01/2011 2,519,025
- --------------------------------------------------------------------------------------------------------------------
3,665,000 Chapel Creek, FL Community Devel. District
Special Assessment 5.250 05/01/2015 3,697,655
- --------------------------------------------------------------------------------------------------------------------
12,595,000 Chapel Creek, FL Community Devel. District
Special Assessment 5.500 05/01/2038 12,808,485
28 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 19,840,000 Clearwater Cay, FL Community Devel. District 5.500% 05/01/2037 $ 20,183,430
- --------------------------------------------------------------------------------------------------------------------
55,000 Collier County, FL IDA (Allete) 6.500 10/01/2025 55,650
- --------------------------------------------------------------------------------------------------------------------
2,580,000 Connerton West, FL Community Devel. District 3 5.125 05/01/2016 2,591,120
- --------------------------------------------------------------------------------------------------------------------
4,370,000 Connerton West, FL Community Devel. District 5.400 05/01/2038 4,420,342
- --------------------------------------------------------------------------------------------------------------------
7,520,000 Cordoba Ranch, FL Community Devel. District
Special Assessment 5.550 05/01/2037 7,707,925
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Creekside, FL Community Devel. District 5.200 05/01/2038 1,009,020
- --------------------------------------------------------------------------------------------------------------------
1,130,000 Crestview II, FL Community Devel. District
Special Assessment 5.600 05/01/2037 1,162,341
- --------------------------------------------------------------------------------------------------------------------
9,685,000 Cypress Creek of Hillsborough County, FL
Community Devel. District 5.350 05/01/2037 9,725,774
- --------------------------------------------------------------------------------------------------------------------
735,000 Dade County, FL Aviation (Miami International Airport) 1 5.750 10/01/2026 750,604
- --------------------------------------------------------------------------------------------------------------------
20,000 Dade County, FL Aviation, Series A 5.750 10/01/2011 20,425
- --------------------------------------------------------------------------------------------------------------------
305,000 Dade County, FL Aviation, Series A 1 5.750 10/01/2018 311,475
- --------------------------------------------------------------------------------------------------------------------
45,000 Dade County, FL HFA (Golden Lakes Apartments) 6.050 11/01/2039 45,643
- --------------------------------------------------------------------------------------------------------------------
25,000 Dade County, FL HFA (Siesta Pointe Apartments) 5.750 09/01/2029 25,382
- --------------------------------------------------------------------------------------------------------------------
25,000 Dade County, FL IDA (Florida Club Care) 6.600 01/20/2018 25,053
- --------------------------------------------------------------------------------------------------------------------
1,915,000 Dade County, FL IDA (Miami Cerebral Palsy Residence) 8.000 06/01/2022 1,939,206
- --------------------------------------------------------------------------------------------------------------------
50,000 Dade County, FL Res Rec 5.500 10/01/2013 50,960
- --------------------------------------------------------------------------------------------------------------------
3,295,000 Durbin Crossing, FL Community Devel. District
Special Assessment 5.250 11/01/2015 3,282,150
- --------------------------------------------------------------------------------------------------------------------
4,200,000 Escambia County, FL Environmental Improvement
(International Paper Company) 5.000 08/01/2026 4,237,842
- --------------------------------------------------------------------------------------------------------------------
8,720,000 Fiddlers Creek, FL Community Devel. District
No. 2 Special Assessment 6.000 05/01/2038 9,278,778
- --------------------------------------------------------------------------------------------------------------------
1,250,000 FL Capital Projects Finance Authority
(Waste Corp. of America) 9.000 09/01/2020 1,250,675
- --------------------------------------------------------------------------------------------------------------------
50,000 FL Capital Projects Finance Authority CCRC
(Glenridge on Palmer Ranch) 7.625 06/01/2032 53,802
- --------------------------------------------------------------------------------------------------------------------
8,485,000 FL Capital Projects Finance Authority CCRC
(Glenridge on Palmer Ranch) 8.000 06/01/2032 10,074,665
- --------------------------------------------------------------------------------------------------------------------
26,200,000 FL Capital Trust Agency (AHF Florida LLC) 8.125 10/01/2038 27,492,970
- --------------------------------------------------------------------------------------------------------------------
3,085,000 FL Capital Trust Agency (American Opportunity) 1 5.750 06/01/2023 3,149,168
- --------------------------------------------------------------------------------------------------------------------
2,000,000 FL Capital Trust Agency (American Opportunity) 1 5.875 06/01/2038 2,046,740
- --------------------------------------------------------------------------------------------------------------------
980,000 FL Capital Trust Agency (American Opportunity) 7.250 06/01/2038 1,021,797
- --------------------------------------------------------------------------------------------------------------------
710,000 FL Capital Trust Agency (American Opportunity) 8.250 12/01/2038 732,912
- --------------------------------------------------------------------------------------------------------------------
7,135,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 6.000 07/01/2040 7,184,374
- --------------------------------------------------------------------------------------------------------------------
13,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 8.000 07/01/2040 12,976,080
- --------------------------------------------------------------------------------------------------------------------
24,600,000 FL Capital Trust Agency (Seminole Tribe Convention) 8.950 10/01/2033 30,108,678
- --------------------------------------------------------------------------------------------------------------------
2,000,000 FL City Center Community Devel. District 6.125 05/01/2036 2,056,620
- --------------------------------------------------------------------------------------------------------------------
25,000 FL HFA (Crossings Indian Run Apartments) 6.200 12/01/2036 25,521
29 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 10,000 FL HFA (Hsg. Partners of Panama City) 5.700% 05/01/2037 $ 10,197
- --------------------------------------------------------------------------------------------------------------------
35,000 FL HFA (Landings Boot Ranch) 6.100 11/01/2035 35,796
- --------------------------------------------------------------------------------------------------------------------
5,000 FL HFA (Mariner Club Apartments), Series K-1 6.375 09/01/2036 5,108
- --------------------------------------------------------------------------------------------------------------------
4,905,000 FL HFA (St. Cloud Village Associates) 1 5.950 02/01/2030 5,009,575
- --------------------------------------------------------------------------------------------------------------------
50,000 FL HFA (Stoddert Arms Apartments) 6.250 09/01/2026 51,050
- --------------------------------------------------------------------------------------------------------------------
25,000 FL HFA (Turtle Creek Apartments) 6.150 05/01/2026 25,392
- --------------------------------------------------------------------------------------------------------------------
25,000 FL HFA (Vizcaya Villas) 6.125 12/01/2021 25,479
- --------------------------------------------------------------------------------------------------------------------
60,000 FL HFA (Vizcaya Villas) 6.200 12/01/2028 61,145
- --------------------------------------------------------------------------------------------------------------------
15,000 FL HFA (Wentworth Apartments) 5.450 10/01/2037 15,280
- --------------------------------------------------------------------------------------------------------------------
100,000 FL HFC (Ashton Point Apartments) 5.750 07/01/2036 103,513
- --------------------------------------------------------------------------------------------------------------------
110,000 FL HFC (Crossing at University Apartments) 5.250 12/01/2038 112,189
- --------------------------------------------------------------------------------------------------------------------
100,000 FL HFC (Heron Cove Apartments) 5.150 11/01/2029 102,602
- --------------------------------------------------------------------------------------------------------------------
10,000,000 FL HFC (Homeowner Mtg.) 1 5.050 07/01/2026 10,329,400
- --------------------------------------------------------------------------------------------------------------------
24,660,000 FL HFC (Homeowner Mtg.) 1 5.150 07/01/2037 25,463,423
- --------------------------------------------------------------------------------------------------------------------
50,000 FL HFC (Reserve at Kanapaha) 5.700 07/01/2037 51,058
- --------------------------------------------------------------------------------------------------------------------
15,000 FL HFC (Sable Chase Associates) 5.875 11/01/2036 15,789
- --------------------------------------------------------------------------------------------------------------------
10,000 FL HFC (Stonebridge Landings Apartments) 5.200 08/01/2031 10,199
- --------------------------------------------------------------------------------------------------------------------
10,000 FL HFC (Sundance Pointe Associates) 5.850 02/01/2037 10,366
- --------------------------------------------------------------------------------------------------------------------
2,595,000 FL HFC (Tallahassee Augustine Club Apartments) 8.250 10/01/2030 2,672,253
- --------------------------------------------------------------------------------------------------------------------
5,150,000 FL HFC (Westchase Apartments) 6.610 07/01/2038 5,284,518
- --------------------------------------------------------------------------------------------------------------------
835,000 FL Ports Financing Commission 5.375 06/01/2027 846,623
- --------------------------------------------------------------------------------------------------------------------
12,425,000 Forest Creek, FL Community Devel. District 5.450 05/01/2036 12,559,563
- --------------------------------------------------------------------------------------------------------------------
18,340,000 Glades, FL Correctional Devel. Corp.
(Glades County Detention) 7.375 03/01/2030 19,340,447
- --------------------------------------------------------------------------------------------------------------------
665,000 Grand Haven, FL Community Devel.
District Special Assessment, Series B 6.900 05/01/2019 666,037
- --------------------------------------------------------------------------------------------------------------------
5,995,000 Greater Lakes/Sawgrass Bay, FL Community Devel. District 5.500 05/01/2038 6,107,826
- --------------------------------------------------------------------------------------------------------------------
150,000 Greater Orlando, FL Aviation Authority 5.125 10/01/2015 152,418
- --------------------------------------------------------------------------------------------------------------------
6,445,000 Greater Orlando, FL Aviation Authority
(JetBlue Airways Corp.) 6.375 11/15/2026 6,931,211
- --------------------------------------------------------------------------------------------------------------------
14,865,000 Greater Orlando, FL Aviation Authority
(JetBlue Airways Corp.) 6.500 11/15/2036 16,032,051
- --------------------------------------------------------------------------------------------------------------------
150,000 Gulf Breeze, FL GO 1 5.900 12/01/2015 151,749
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Heritage Plantation, FL Community Devel. District 5.100 11/01/2013 2,013,000
- --------------------------------------------------------------------------------------------------------------------
3,580,000 Heritage Plantation, FL Community Devel. District 5.400 05/01/2037 3,612,113
- --------------------------------------------------------------------------------------------------------------------
975,000 Highland Meadows, FL Community Devel. District
Special Assessment, Series A 5.500 05/01/2036 991,526
- --------------------------------------------------------------------------------------------------------------------
4,185,000 Highlands, FL Community Devel. District 5.550 05/01/2036 4,288,914
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Hillsborough County, FL IDA (National Gypsum Company) 7.125 04/01/2030 2,191,520
- --------------------------------------------------------------------------------------------------------------------
9,250,000 Hillsborough County, FL IDA (Senior Care Group) 6.700 07/01/2021 9,511,775
- --------------------------------------------------------------------------------------------------------------------
6,100,000 Hillsborough County, FL IDA (Senior Care Group) 6.750 07/01/2029 6,257,014
30 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 3,000,000 Jacksonville, FL EDC (Met Packaging Solutions) 5.500% 10/01/2030 $ 3,229,860
- --------------------------------------------------------------------------------------------------------------------
18,000,000 Jacksonville, FL Health Facilities Authority
(Ascension Health) 5 5.250 11/15/2032 18,829,170
- --------------------------------------------------------------------------------------------------------------------
275,000 Jacksonville, FL Water & Sewage (United Waterworks) 6.350 08/01/2025 278,275
- --------------------------------------------------------------------------------------------------------------------
750,000 K-Bar Ranch, FL Community Devel. District
Special Assessment 5.450 05/01/2036 756,713
- --------------------------------------------------------------------------------------------------------------------
1,210,000 Keys Cove, FL Community Devel. District 5.875 05/01/2035 1,277,905
- --------------------------------------------------------------------------------------------------------------------
3,410,000 Lakeland, FL Hospital System
(Lakeland Regional Health System) 5.000 11/15/2026 3,533,988
- --------------------------------------------------------------------------------------------------------------------
6,500,000 Landmark at Doral, FL Community Devel.
District Special Assessment 5.200 05/01/2015 6,575,530
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Landmark at Doral, FL Community Devel.
District Special Assessment 5.500 05/01/2038 3,055,230
- --------------------------------------------------------------------------------------------------------------------
485,000 Largo, FL Sun Coast Health System (Sun Coast Hospital) 6.200 03/01/2013 464,853
- --------------------------------------------------------------------------------------------------------------------
85,000 Lee County, FL HFA (Single Family Mtg.) 7.200 03/01/2033 86,328
- --------------------------------------------------------------------------------------------------------------------
175,000 Lee County, FL Passenger Facility 5.000 10/01/2018 175,821
- --------------------------------------------------------------------------------------------------------------------
100,000 Leon County, FL Educational Facilities Authority
(Southgate Residence Hall) 6.750 09/01/2028 103,268
- --------------------------------------------------------------------------------------------------------------------
1,740,000 Madison County, FL Mtg. (Twin Oaks) 6.000 07/01/2025 1,799,908
- --------------------------------------------------------------------------------------------------------------------
2,940,000 Magnolia West, FL Community Devel. District
Special Assessment 5.350 05/01/2037 2,945,057
- --------------------------------------------------------------------------------------------------------------------
190,000 Manatee County, FL HFA (Single Family Mtg.) 7.000 11/01/2027 194,372
- --------------------------------------------------------------------------------------------------------------------
14,190,000 Martin County, FL IDA (Indiantown Cogeneration) 7.875 12/15/2025 14,338,995
- --------------------------------------------------------------------------------------------------------------------
720,000 Martin County, FL IDA (Indiantown Cogeneration) 8.050 12/15/2025 728,662
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Mediterranea, FL Community Devel. District
Special Assessment 5.600 05/01/2037 1,028,620
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Miami Beach, FL Health Facilities Authority
(Mt. Sinai Medical Center) 6.700 11/15/2019 1,094,180
- --------------------------------------------------------------------------------------------------------------------
500,000 Miami Beach, FL Health Facilities Authority
(Mt. Sinai Medical Center) 6.800 11/15/2031 553,385
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Miami, FL Health Facilities Authority 6.625 6 08/15/2015 2,002,380
(Mercy Hospital) IRS
- --------------------------------------------------------------------------------------------------------------------
175,000 Miami-Dade County, FL Aviation 5.000 10/01/2028 178,287
- --------------------------------------------------------------------------------------------------------------------
10,195,000 Miami-Dade County, FL Aviation 5.000 10/01/2033 10,487,902
- --------------------------------------------------------------------------------------------------------------------
235,000 Miami-Dade County, FL Aviation 5.050 10/01/2036 242,551
- --------------------------------------------------------------------------------------------------------------------
30,000 Miami-Dade County, FL Aviation
(Miami International Airport) 5.000 10/01/2033 30,994
- --------------------------------------------------------------------------------------------------------------------
7,300,000 Miami-Dade County, FL Aviation
(Miami International Airport) 5 5.000 10/01/2030 7,602,512
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Miami-Dade County, FL Aviation
(Miami International Airport) 5 5.000 10/01/2030 10,414,400
- --------------------------------------------------------------------------------------------------------------------
70,160,000 Miami-Dade County, FL Aviation
(Miami International Airport) 5 5.000 10/01/2037 73,109,738
- --------------------------------------------------------------------------------------------------------------------
35,590,000 Miami-Dade County, FL Aviation
(Miami International Airport) 5 5.000 10/01/2038 37,034,370
- --------------------------------------------------------------------------------------------------------------------
700,000 Mira Lago West, FL Community Devel. District 5.375 05/01/2036 702,471
- --------------------------------------------------------------------------------------------------------------------
7,075,000 Miromar Lakes, FL Community Devel. District 6.875 05/01/2035 7,989,373
- --------------------------------------------------------------------------------------------------------------------
15,450,000 Montecito, FL Community Devel. District 5.100 05/01/2013 15,465,141
31 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 3,790,000 Montecito, FL Community Devel. District 5.500% 05/01/2037 $ 3,848,631
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Monterra, FL Community Devel. District Special Assessment 5.500 05/01/2036 3,046,410
- --------------------------------------------------------------------------------------------------------------------
4,250,000 Myrtle Creek, FL Improvement District Special Assessment 5.200 05/01/2037 4,254,293
- --------------------------------------------------------------------------------------------------------------------
1,555,000 New Port Tampa Bay, FL Community Devel. District 5.300 11/01/2012 1,573,676
- --------------------------------------------------------------------------------------------------------------------
24,700,000 New Port Tampa Bay, FL Community Devel. District 5.875 05/01/2038 25,533,872
- --------------------------------------------------------------------------------------------------------------------
3,480,000 New River, FL Community Devel. District 5.000 05/01/2013 3,455,257
- --------------------------------------------------------------------------------------------------------------------
365,000 New River, FL Community Devel. District 5.350 05/01/2038 361,412
- --------------------------------------------------------------------------------------------------------------------
10,000 North Broward, FL Hospital District 5.375 01/15/2024 10,110
- --------------------------------------------------------------------------------------------------------------------
1,000,000 North Miami, FL Health Facilities Authority
(CHS/SJRNC Obligated Group) 6.000 08/15/2016 1,027,120
- --------------------------------------------------------------------------------------------------------------------
1,445,000 Oak Creek, FL Community Devel. District
Special Assessment 5.800 05/01/2035 1,505,199
- --------------------------------------------------------------------------------------------------------------------
1,535,000 Orange County, FL Health Facilities Authority
(GF Orlando/CFGH Obligated Group) 8.875 07/01/2021 1,706,782
- --------------------------------------------------------------------------------------------------------------------
3,200,000 Orange County, FL Health Facilities Authority
(GF Orlando/CFGH Obligated Group) 9.000 07/01/2031 3,566,496
- --------------------------------------------------------------------------------------------------------------------
2,625,000 Orange County, FL HFA 5.150 03/01/2037 2,717,689
- --------------------------------------------------------------------------------------------------------------------
6,020,000 Orange County, FL HFA (Dunwoodie Apartments) 6.500 07/01/2035 6,166,467
- --------------------------------------------------------------------------------------------------------------------
1,755,000 Orange County, FL HFA (Seminole Pointe) 5.800 06/01/2032 1,827,166
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Palm Bay, FL Educational Facilities
(Patriot Charter School) 7.000 07/01/2036 4,117,950
- --------------------------------------------------------------------------------------------------------------------
45,000 Palm Beach County, FL HFA (Chelsea Commons) 5.900 06/01/2029 45,261
- --------------------------------------------------------------------------------------------------------------------
45,000 Palm Beach County, FL HFA (Golden Lake Hsg. Assoc.) 6.100 08/01/2029 45,275
- --------------------------------------------------------------------------------------------------------------------
685,000 Palm Beach County, FL Multifamily
(Boynton Apartments) 8,11 8.000 01/01/2014 433,283
- --------------------------------------------------------------------------------------------------------------------
4,375,000 Palm Coast Park, FL Community Devel.
District Special Assessment 5.700 05/01/2037 4,477,113
- --------------------------------------------------------------------------------------------------------------------
975,000 Palm Glades, FL Community Devel. District 5.300 05/01/2036 979,514
- --------------------------------------------------------------------------------------------------------------------
1,850,000 Palm River, FL Community Devel. District 3 5.150 05/01/2013 1,854,255
- --------------------------------------------------------------------------------------------------------------------
1,050,000 Palm River, FL Community Devel. District 3 5.375 05/01/2036 1,053,602
- --------------------------------------------------------------------------------------------------------------------
75,000 Panther Trace, FL Community Devel. District 7.250 05/01/2033 83,114
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Parkway Center, FL Community Devel. District, Series A 6.300 05/01/2034 1,610,205
- --------------------------------------------------------------------------------------------------------------------
3,425,000 Paseo, FL Community Devel. District 5.000 02/01/2011 3,416,061
- --------------------------------------------------------------------------------------------------------------------
2,750,000 Pine Ridge Plantation, FL Community Devel. District 5.400 05/01/2037 2,739,578
- --------------------------------------------------------------------------------------------------------------------
2,325,000 Pinellas County, FL HFA (Single Family Hsg.) 5.000 03/01/2038 2,357,620
- --------------------------------------------------------------------------------------------------------------------
1,105,000 Pinellas County, FL HFA (Single Family Hsg.) 5.000 03/01/2048 1,115,089
- --------------------------------------------------------------------------------------------------------------------
800,000 Pinellas County, FL HFA (Single Family Hsg.) 5.250 03/01/2038 804,448
- --------------------------------------------------------------------------------------------------------------------
560,000 Pinellas County, FL HFA (Single Family Hsg.) 5.300 09/01/2021 578,822
- --------------------------------------------------------------------------------------------------------------------
145,000 Polk County, FL IDA Solid Waste Disposal
(Tampa Electric Company) 5.850 12/01/2030 148,086
- --------------------------------------------------------------------------------------------------------------------
100,000 Polk County, FL IDA Solid Waste Disposal
(Tampa Electric Company) 5.850 12/01/2030 102,135
32 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 6,250,000 Portico, FL Community Devel. District 5.450% 05/01/2037 $ 6,342,438
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Portofino Isles, FL Community Devel. District
(Portofino Court) 5.600 05/01/2036 3,078,390
- --------------------------------------------------------------------------------------------------------------------
2,585,000 Portofino Vista, FL Community Devel. District 5.000 05/01/2013 2,574,660
- --------------------------------------------------------------------------------------------------------------------
500,000 Renaissance Commons, FL Community Devel.
District, Series A 5.600 05/01/2036 513,065
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Reunion East, FL Community Devel. District 5.800 05/01/2036 1,823,745
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Reunion East, FL Community Devel. District, Series A 7.375 05/01/2033 11,119,300
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Reunion West, FL Community Devel. District
Special Assessment 6.250 05/01/2036 2,120,400
- --------------------------------------------------------------------------------------------------------------------
7,890,000 River Glen, FL Community Devel. District
Special Assessment 5.450 05/01/2038 7,977,816
- --------------------------------------------------------------------------------------------------------------------
2,795,000 Riverwood Estates, FL Community Devel.
District Special Assessment 5.350 05/01/2037 2,744,997
- --------------------------------------------------------------------------------------------------------------------
2,580,000 Rolling Hills, FL Community Devel. District 5.125 11/01/2013 2,585,624
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Rolling Hills, FL Community Devel. District 5.450 05/01/2037 6,093,120
- --------------------------------------------------------------------------------------------------------------------
1,105,000 Sanford, FL Airport Facilities Authority
(Central Florida Terminals) 7.500 05/01/2021 1,129,244
- --------------------------------------------------------------------------------------------------------------------
2,145,000 Sarasota, FL Health Facility Authority
(SPS/SHS/SR Obligated Group) 6.000 05/15/2010 2,179,470
- --------------------------------------------------------------------------------------------------------------------
4,475,000 Seminole County, FL IDA (Progressive Health) 7.500 03/01/2035 4,660,802
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Shingle Creek, FL Community Devel. District 6.100 05/01/2025 6,369,360
- --------------------------------------------------------------------------------------------------------------------
7,250,000 Shingle Creek, FL Community Devel. District 6.125 05/01/2037 7,655,058
- --------------------------------------------------------------------------------------------------------------------
965,000 South Bay, FL Community Devel. District 5.125 11/01/2009 968,107
- --------------------------------------------------------------------------------------------------------------------
3,100,000 St. Johns County, FL IDA (Glenmoor Health Care) 5.375 01/01/2040 3,154,095
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Stonebrier, FL Community Devel. District 5.500 05/01/2037 2,033,900
- --------------------------------------------------------------------------------------------------------------------
14,780,000 Tern Bay, FL Community Devel. District 5.375 05/01/2037 14,822,714
- --------------------------------------------------------------------------------------------------------------------
2,965,000 Town Center, FL at Palm Coast Community Devel. District 6.000 05/01/2036 3,091,013
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Verandah East, FL Community Devel. District 5.400 05/01/2037 1,530,075
- --------------------------------------------------------------------------------------------------------------------
1,790,000 Villa Portofino West, FL Community Devel. District 5.350 05/01/2036 1,798,270
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Villages of Westport, FL Community Devel. District 5.700 05/01/2035 2,044,580
- --------------------------------------------------------------------------------------------------------------------
1,395,000 Waterford Estates, FL Community Devel.
District Special Assessment 5.125 05/01/2013 1,407,499
- --------------------------------------------------------------------------------------------------------------------
3,400,000 Waterford Estates, FL Community Devel.
District Special Assessment 5.500 05/01/2037 3,438,998
- --------------------------------------------------------------------------------------------------------------------
7,160,000 Waters Edge, FL Community Devel. District 5.350 05/01/2039 7,234,822
- --------------------------------------------------------------------------------------------------------------------
3,025,000 Waters Edge, FL Community Devel. District 5.400 05/01/2039 3,056,551
- --------------------------------------------------------------------------------------------------------------------
10,620,000 Wentworth Estates, FL Community Devel. District 5.625 05/01/2037 10,921,608
- --------------------------------------------------------------------------------------------------------------------
1,000,000 West Villages, FL Improvement District 5.500 05/01/2037 1,006,830
- --------------------------------------------------------------------------------------------------------------------
5,000,000 West Villages, FL Improvement District 5.800 05/01/2036 5,212,050
- --------------------------------------------------------------------------------------------------------------------
6,525,000 Westside FL Community Devel. District 5.650 05/01/2037 6,695,172
33 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 1,500,000 Winter Garden Village at Fowler Groves, FL
Community Devel. District Special Tax 5.650% 05/01/2037 $ 1,574,100
- --------------------------------------------------------------------------------------------------------------------
2,085,000 World Commerce, FL Community Devel.
District Special Assessment 3 5.500 05/01/2038 2,092,110
- --------------------------------------------------------------------------------------------------------------------
1,000,000 World Commerce, FL Community Devel.
District Special Assessment 6.500 05/01/2036 1,071,650
- --------------------------------------------------------------------------------------------------------------------
2,270,000 Zephyr Ridge, FL Community Devel. District 5.250 05/01/2013 2,305,435
- --------------------------------------------------------------------------------------------------------------------
2,705,000 Zephyr Ridge, FL Community Devel. District 5.625 05/01/2037 2,760,182
---------------
868,465,669
- --------------------------------------------------------------------------------------------------------------------
GEORGIA--1.2%
10,000,000 Atlanta, GA Airport Passenger Facility 5 5.000 01/01/2034 10,434,450
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 6.250 07/01/2036 3,418,980
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Atlanta, GA Tax Allocation (Eastside) 5.600 01/01/2030 1,547,310
- --------------------------------------------------------------------------------------------------------------------
140,000 Atlanta, GA Urban Residential Finance Authority
(Spring Branch Apartments) 8.500 04/01/2026 125,103
- --------------------------------------------------------------------------------------------------------------------
580,000 Brunswick & Glynn County, GA Devel. Authority
(Coastal Community Retirement Corp.) 7.125 01/01/2025 563,139
- --------------------------------------------------------------------------------------------------------------------
7,195,000 Brunswick & Glynn County, GA Devel. Authority
(Coastal Community Retirement Corp.) 7.250 01/01/2035 7,009,801
- --------------------------------------------------------------------------------------------------------------------
150,000 Brunswick & Glynn County, GA Devel. Authority
(Georgia-Pacific Corp.) 5.550 03/01/2026 150,729
- --------------------------------------------------------------------------------------------------------------------
165,000 Burke County, GA Devel. Authority
(Georgia Power Company) 1 5.450 05/01/2034 165,104
- --------------------------------------------------------------------------------------------------------------------
255,000 Burke County, GA Devel. Authority
(Georgia Power Company) 5.450 05/01/2034 255,255
- --------------------------------------------------------------------------------------------------------------------
160,000 Charlton County, GA Solid Waste Management Authority
(Chesser Island Road Landfill) 7.375 04/01/2018 160,326
- --------------------------------------------------------------------------------------------------------------------
45,000 Cherokee County, GA Hospital Authority
(RT Jones Memorial Hospital) 1 7.300 12/01/2013 45,487
- --------------------------------------------------------------------------------------------------------------------
1,500,000 De Kalb County, GA Devel. Authority
(General Motors Corp.) 1 6.000 03/15/2021 1,532,520
- --------------------------------------------------------------------------------------------------------------------
1,045,000 Effingham County, GA Devel. Authority
(Fort James Corp.) 1 5.625 07/01/2018 1,059,996
- --------------------------------------------------------------------------------------------------------------------
55,000 Effingham County, GA IDA Pollution Control
(Georgia-Pacific Corp.) 6.500 06/01/2031 58,331
- --------------------------------------------------------------------------------------------------------------------
125,000 Fulton County, GA Devel. Authority (Delta 5.300 05/01/2013 76,673
Airlines) 8,11
- --------------------------------------------------------------------------------------------------------------------
250,000 Fulton County, GA Devel. Authority (Delta 5.450 05/01/2023 153,533
Airlines) 8,11
- --------------------------------------------------------------------------------------------------------------------
25,000 Fulton County, GA Devel. Authority (Delta 5.500 05/01/2033 15,362
Airlines) 8,11
- --------------------------------------------------------------------------------------------------------------------
80,000 Fulton County, GA Devel. Authority (Delta 6.950 11/01/2012 49,062
Airlines) 8,11
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Fulton County, GA Residential Care Facilities
(Lenbrook Square Foundation) 5.000 07/01/2027 3,899,920
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Fulton County, GA Residential Care Facilities
(Lenbrook Square Foundation) 5.125 07/01/2042 973,670
34 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
GEORGIA Continued
$ 24,740,000 George L. Smith II, GA World Congress Center Authority
(Domed Stadium) 1 5.500% 07/01/2020 $ 26,036,129
- --------------------------------------------------------------------------------------------------------------------
100,000 McDuffie County, GA County Devel. Authority
(Temple-Inland) 6.950 12/01/2023 106,640
- --------------------------------------------------------------------------------------------------------------------
10,000 Peach County, GA Devel. Authority Healthcare Facility 8.500 03/01/2034 10,053
- --------------------------------------------------------------------------------------------------------------------
155,000 Private Colleges & University Authority, GA
(Spelman College) 6.200 06/01/2014 156,676
- --------------------------------------------------------------------------------------------------------------------
7,000,000 Richmond County, GA Devel. Authority
(International Paper Company) 5.000 08/01/2030 7,029,400
- --------------------------------------------------------------------------------------------------------------------
3,125,000 Rockdale County, GA Devel. Authority (Visy Paper) 7.400 01/01/2016 3,150,625
- --------------------------------------------------------------------------------------------------------------------
14,500,000 Rockdale County, GA Devel. Authority (Visy Paper) 7.500 01/01/2026 14,618,900
- --------------------------------------------------------------------------------------------------------------------
430,000 Savannah, GA EDA (Skidway Health & Living Services) 6.850 01/01/2019 460,754
- --------------------------------------------------------------------------------------------------------------------
1,005,000 Savannah, GA EDA (Skidway Health & Living Services) 7.400 01/01/2024 1,107,801
- --------------------------------------------------------------------------------------------------------------------
2,885,000 Savannah, GA EDA (Skidway Health & Living Services) 7.400 01/01/2034 3,170,240
---------------
87,541,969
- --------------------------------------------------------------------------------------------------------------------
HAWAII--0.7%
10,000,000 HI Dept. of Budget & Finance Special Purpose
(Hawaiian Electric Company) 5 5.000 12/01/2022 10,325,850
- --------------------------------------------------------------------------------------------------------------------
8,500,000 HI Dept. of Budget & Finance Special Purpose
(Hawaiian Electric Company) 5 5.100 09/01/2032 8,785,005
- --------------------------------------------------------------------------------------------------------------------
880,000 HI Dept. of Budget & Finance Special Purpose
(Hawaiian Electric Company) 5.450 11/01/2023 884,444
- --------------------------------------------------------------------------------------------------------------------
9,750,000 HI Dept. of Budget & Finance Special Purpose
(Hawaiian Electric Company) 5 5.650 10/01/2027 10,538,706
- --------------------------------------------------------------------------------------------------------------------
50,000 HI Dept. of Budget & Finance Special Purpose
(Hawaiian Electric Company) 6.200 05/01/2026 50,271
- --------------------------------------------------------------------------------------------------------------------
10,600,000 HI Dept. of Budget & Finance Special Purpose
(Kahala Nui) 8.000 11/15/2033 12,265,260
- --------------------------------------------------------------------------------------------------------------------
2,700,000 HI Dept. of Budget & Finance Special Purpose
(Kahala Senior Living Community) 7.875 11/15/2023 3,120,579
- --------------------------------------------------------------------------------------------------------------------
45,000 HI Dept. of Transportation (Continental Airlines) 5.625 11/15/2027 45,618
- --------------------------------------------------------------------------------------------------------------------
5,765,000 HI Dept. of Transportation (Continental Airlines) 1 7.000 06/01/2020 6,159,845
---------------
52,175,578
- --------------------------------------------------------------------------------------------------------------------
IDAHO--0.2%
3,000,000 ID Health Facilities Authority (Valley Vista Care Corp.) 7.875 11/15/2022 3,147,930
- --------------------------------------------------------------------------------------------------------------------
3,595,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 1 4.750 01/01/2038 3,586,192
- --------------------------------------------------------------------------------------------------------------------
1,345,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 4.800 01/01/2028 1,345,215
- --------------------------------------------------------------------------------------------------------------------
505,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 4.800 01/01/2037 505,737
- --------------------------------------------------------------------------------------------------------------------
2,900,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 1 5.000 01/01/2038 2,950,141
- --------------------------------------------------------------------------------------------------------------------
100,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 5.950 01/01/2014 101,103
- --------------------------------------------------------------------------------------------------------------------
105,000 ID Hsg. Agency (Single Family Mtg.) 6.200 07/01/2025 107,280
- --------------------------------------------------------------------------------------------------------------------
560,000 ID Hsg. Agency (Single Family Mtg.) 6.550 07/01/2025 572,219
---------------
12,315,817
35 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
ILLINOIS--4.0%
$ 4,262,500 Bolingbrook, IL Will & Du Page Counties Wastewater
Facilities (Crossroads Treatment) 6.600% 01/01/2035 $ 4,347,878
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Caseyville, IL Tax (Forest Lakes) 7.000 12/30/2022 8,418,080
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Centerpoint, IL Intermodal Center Program 8.000 06/15/2023 8,251,760
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Chicago, IL Midway Airport 1 5.500 01/01/2029 10,113,300
- --------------------------------------------------------------------------------------------------------------------
2,700,000 Chicago, IL Multifamily Hsg.
(Paul G. Stewart Phases I & II) 5.000 03/20/2049 2,739,042
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Chicago, IL O'Hare International Airport
(American Airlines) 8.200 12/01/2024 5,151,000
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Chicago, IL O'Hare International Airport 5 5.000 01/01/2034 8,192,200
- --------------------------------------------------------------------------------------------------------------------
32,205,000 Chicago, IL O'Hare International Airport 5 6.000 01/01/2029 35,917,499
- --------------------------------------------------------------------------------------------------------------------
90,000 Cook County, IL Multifamily Hsg.
(Morton Grove Senior Hsg.) 5.650 09/20/2033 95,045
- --------------------------------------------------------------------------------------------------------------------
5,375,000 Cortland, IL Special Tax (Sheaffer System) 5.500 03/01/2017 5,424,826
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Deerfield, IL Educational Facilities
(Chicagoland Jewish High School) 6.000 05/01/2041 1,530,225
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Du Page County, IL Special Service Area No. 31 Special
Tax (Monarch Landing) 5.625 03/01/2036 1,043,280
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Gilberts, IL Special Service Area No. 19 Special Tax
(Conservancy) 5.375 03/01/2016 3,698,475
- --------------------------------------------------------------------------------------------------------------------
1,375,000 Godfrey, IL (United Methodist Village) 5.875 11/15/2029 1,150,820
- --------------------------------------------------------------------------------------------------------------------
100,000 IL COP (Dept. of Central Management Services) 5.650 07/01/2017 102,142
- --------------------------------------------------------------------------------------------------------------------
26,961 IL Devel. Finance Authority (Community Rehab Providers) 8.250 08/01/2012 23,083
- --------------------------------------------------------------------------------------------------------------------
23,540,000 IL Devel. Finance Authority Environmental Facilities
(Citgo Petroleum Corp.) 1 8.000 06/01/2032 26,439,422
- --------------------------------------------------------------------------------------------------------------------
4,350,000 IL Educational Facilities Authority
(Plum Creek Rolling Meadows) 6.500 12/01/2037 4,411,901
- --------------------------------------------------------------------------------------------------------------------
3,195,000 IL Finance Authority (Bethel Terrace Apartments) 5.375 09/01/2035 3,201,358
- --------------------------------------------------------------------------------------------------------------------
4,250,000 IL Finance Authority (Clare Oaks) 6.000 11/15/2039 4,441,505
- --------------------------------------------------------------------------------------------------------------------
8,000,000 IL Finance Authority (Covered Bridges Apartments) 1 4.875 06/01/2039 8,124,720
- --------------------------------------------------------------------------------------------------------------------
15,000,000 IL Finance Authority (Educational Advancement Fund) 5.000 05/01/2025 15,370,500
- --------------------------------------------------------------------------------------------------------------------
2,250,000 IL Finance Authority (Franciscan Communities) 3 5.500 05/15/2027 2,297,678
- --------------------------------------------------------------------------------------------------------------------
2,750,000 IL Finance Authority (Franciscan Communities) 3 5.500 05/15/2037 2,786,410
- --------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.375 02/15/2025 2,035,860
- --------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.625 02/15/2037 2,060,520
- --------------------------------------------------------------------------------------------------------------------
850,000 IL Finance Authority (Luther Oaks) 6.000 08/15/2026 897,337
- --------------------------------------------------------------------------------------------------------------------
1,500,000 IL Finance Authority (Luther Oaks) 6.000 08/15/2039 1,577,790
- --------------------------------------------------------------------------------------------------------------------
3,640,000 IL Finance Authority (Lutheran Social Services
of Illinois/Vesper Management Corp. Obligated Group) 5.125 08/15/2028 3,647,826
- --------------------------------------------------------------------------------------------------------------------
3,265,000 IL Finance Authority (Lutheran Social Services) 5.000 08/15/2024 3,246,096
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Il Finance Authority (Montgomery Place) 5.500 05/15/2026 1,278,488
- --------------------------------------------------------------------------------------------------------------------
2,250,000 Il Finance Authority (Montgomery Place) 5.750 05/15/2038 2,339,258
- --------------------------------------------------------------------------------------------------------------------
3,500,000 IL Finance Authority (Three Crowns Park Plaza) 5.875 02/15/2038 3,673,705
36 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 1,500,000 IL Health Facilities Authority 6.900% 11/15/2033 $ 1,658,355
- --------------------------------------------------------------------------------------------------------------------
1,735,000 IL Health Facilities Authority (Edward Hospital) 1 6.000 02/15/2019 1,755,213
- --------------------------------------------------------------------------------------------------------------------
60,000 IL Health Facilities Authority
(LUHS/LUMC Obligated Group) 6.125 07/01/2031 65,264
- --------------------------------------------------------------------------------------------------------------------
8,500,000 IL Health Facilities Authority (Edward Hospital) 5 5.125 02/15/2025 8,816,455
- --------------------------------------------------------------------------------------------------------------------
1,555,000 IL Hsg. Devel. Authority (65th Street Devel.
Partnership) 1 4.900 07/01/2036 1,567,347
- --------------------------------------------------------------------------------------------------------------------
30,000 IL Hsg. Devel. Authority (Garden House River Oak) 6.875 01/01/2020 30,236
- --------------------------------------------------------------------------------------------------------------------
1,525,000 IL Hsg. Devel. Authority (Pineview of Rockford) 1 5.000 07/01/2031 1,559,633
- --------------------------------------------------------------------------------------------------------------------
3,080,000 IL Hsg. Devel. Authority (Pineview of Rockford) 1 5.050 07/01/2038 3,150,902
- --------------------------------------------------------------------------------------------------------------------
890,000 IL Hsg. Devel. Authority (Prairie View Apartments) 1 4.900 07/01/2036 900,929
- --------------------------------------------------------------------------------------------------------------------
3,955,000 Lombard, IL Public Facilties Corp.
(Conference Center & Hotel) 5 5.250 01/01/2030 4,186,239
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Lombard, IL Public Facilties Corp.
(Conference Center & Hotel) 5 5.250 01/01/2036 5,285,900
- --------------------------------------------------------------------------------------------------------------------
2,600,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 5.250 01/01/2036 2,748,668
- --------------------------------------------------------------------------------------------------------------------
13,635,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 7.125 01/01/2036 14,650,262
- --------------------------------------------------------------------------------------------------------------------
5,105,000 Otter Creek, IL Water Reclamation District 5.000 01/01/2039 5,350,908
- --------------------------------------------------------------------------------------------------------------------
490,000 Peoria, IL Hsg. (Peoria Oak Woods Apartments) 7.750 10/15/2033 490,289
- --------------------------------------------------------------------------------------------------------------------
3,500,000 Plano, IL Special Service Area No. 5 6.000 03/01/2036 3,665,095
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Quad Cities, IL Regional EDA (Heritage Woods Moline) 6.000 12/01/2041 3,760,650
- --------------------------------------------------------------------------------------------------------------------
6,375,000 Quad Cities, IL Regional EDA (Pheasant Ridge
Apartments) 6.375 08/01/2040 6,144,990
- --------------------------------------------------------------------------------------------------------------------
19,026,158 Robbins, IL Res Rec (Robbins Res Rec Partners) 7.250 10/15/2024 19,789,297
- --------------------------------------------------------------------------------------------------------------------
10,000 Rockford, IL Mtg. (Faust Landmark Partnership) 6.200 01/01/2028 10,346
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Southwestern, IL Devel. Authority (Eden Retirement
Center) 5.850 12/01/2036 1,534,995
- --------------------------------------------------------------------------------------------------------------------
3,650,000 Southwestern, IL Devel. Authority (Village of
Sauget) 5.625 11/01/2026 3,694,713
- --------------------------------------------------------------------------------------------------------------------
950,000 University of IL Health Services Facilities 5.800 10/01/2018 980,771
- --------------------------------------------------------------------------------------------------------------------
3,200,000 Volo Village, IL Special Service Area (Lancaster
Falls) 5.750 03/01/2036 3,219,616
- --------------------------------------------------------------------------------------------------------------------
5,608,000 Volo Village, IL Special Service Area (Remington
Pointe) 6.450 03/01/2034 6,036,003
- --------------------------------------------------------------------------------------------------------------------
5,175,000 Yorkville, IL United City Special Services Area
Special Tax (Bristol Bay) 5.875 03/01/2036 5,332,010
---------------
290,414,115
- --------------------------------------------------------------------------------------------------------------------
INDIANA--0.8%
4,200,000 East Chicago, IN Solid Waste Disposal (USG Corp.) 1 6.375 08/01/2029 4,454,268
- --------------------------------------------------------------------------------------------------------------------
25,000 Fort Wayne, IN Pollution Control (General Motors
Corp.) 6.200 10/15/2025 25,740
- --------------------------------------------------------------------------------------------------------------------
25,000 IN Bond Bank (Southwestern Bartholomew Water Corp.) 6.625 06/01/2012 25,038
- --------------------------------------------------------------------------------------------------------------------
1,000,000 IN Health & Educational Facilities Financing
Authority (AH/SVH/SHCNA/SHCSA Obligated Group) 1 5.000 11/15/2039 1,034,760
- --------------------------------------------------------------------------------------------------------------------
1,520,000 IN Health Facility Financing Authority
(Methodist Hospitals) 5.500 09/15/2031 1,524,803
37 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
INDIANA Continued
$ 16,750,000 IN Health Facility Financing Authority
(Sisters of St. Francis Health) 5 5.500% 11/01/2031 $ 18,097,755
- --------------------------------------------------------------------------------------------------------------------
20,000 IN HFA (Single Family Mtg.) 5.550 01/01/2025 20,135
- --------------------------------------------------------------------------------------------------------------------
550,000 IN Pollution Control (General Motors Corp.) 5.625 04/01/2011 545,155
- --------------------------------------------------------------------------------------------------------------------
4,360,000 Indianapolis, IN Hsg. (Cambridge Station Apartments) 5.250 01/01/2039 4,502,398
- --------------------------------------------------------------------------------------------------------------------
25,000 Jasper County, IN Economic Devel. (Georgia-Pacific
Corp.) 5.600 04/01/2029 25,294
- --------------------------------------------------------------------------------------------------------------------
85,000 Jasper County, IN Economic Devel. (Georgia-Pacific
Corp.) 5.625 12/01/2027 85,677
- --------------------------------------------------------------------------------------------------------------------
17,505,000 North Manchester, IN (Estelle Peabody Memorial Home) 7.250 07/01/2033 18,307,604
- --------------------------------------------------------------------------------------------------------------------
230,000 St. Joseph County, IN Economic Devel.
(Holy Cross Village Notre Dame) 5.550 05/15/2019 233,296
- --------------------------------------------------------------------------------------------------------------------
265,000 St. Joseph County, IN Economic Devel.
(Holy Cross Village Notre Dame) 5.700 05/15/2028 269,757
- --------------------------------------------------------------------------------------------------------------------
500,000 St. Joseph County, IN Economic Devel.
(Holy Cross Village Notre Dame) 6.000 05/15/2038 528,750
- --------------------------------------------------------------------------------------------------------------------
6,695,000 Vincennes, IN Economic Devel.
(Southwest Indiana Regional Youth Village) 6.250 01/01/2024 6,751,974
---------------
56,432,404
- --------------------------------------------------------------------------------------------------------------------
IOWA--3.3%
4,565,000 Cedar Rapids, IA (Cottage Grove Place) 6.000 07/01/2014 4,148,809
- --------------------------------------------------------------------------------------------------------------------
750,000 Coralville, IA Urban Renewal 5.750 06/01/2028 771,225
- --------------------------------------------------------------------------------------------------------------------
750,000 Coralville, IA Urban Renewal 6.000 06/01/2036 778,808
- --------------------------------------------------------------------------------------------------------------------
30,000 Des Moines, IA Aviation System 5.125 07/01/2028 30,269
- --------------------------------------------------------------------------------------------------------------------
5,475,000 Dickinson County, IA Hsg. (Spirit Lake) 5.875 12/01/2036 5,434,868
- --------------------------------------------------------------------------------------------------------------------
520,000 IA Finance Authority (Amity Fellowserve) 5.900 10/01/2016 532,334
- --------------------------------------------------------------------------------------------------------------------
860,000 IA Finance Authority (Amity Fellowserve) 6.000 10/01/2028 853,739
- --------------------------------------------------------------------------------------------------------------------
940,000 IA Finance Authority (Amity Fellowserve) 6.375 10/01/2026 969,619
- --------------------------------------------------------------------------------------------------------------------
2,190,000 IA Finance Authority (Amity Fellowserve) 6.500 10/01/2036 2,255,634
- --------------------------------------------------------------------------------------------------------------------
1,000,000 IA Finance Authority (Bethany Manor) 5.550 11/01/2041 1,003,150
- --------------------------------------------------------------------------------------------------------------------
3,000,000 IA Finance Authority Health Facilities (Care
Initiatives) 5.500 07/01/2025 3,142,410
- --------------------------------------------------------------------------------------------------------------------
900,000 IA Finance Authority Retirement Community
(Friendship Haven) 6.125 11/15/2032 928,269
- --------------------------------------------------------------------------------------------------------------------
10,000,000 IA Higher Education Loan Authority (Wartburg College) 5.300 10/01/2037 10,284,600
- --------------------------------------------------------------------------------------------------------------------
34,825,000 IA Tobacco Settlement Authority 5.375 06/01/2038 36,269,541
- --------------------------------------------------------------------------------------------------------------------
56,000,000 IA Tobacco Settlement Authority 5.500 06/01/2042 58,642,640
- --------------------------------------------------------------------------------------------------------------------
5,000,000 IA Tobacco Settlement Authority 5.625 06/01/2046 5,271,450
- --------------------------------------------------------------------------------------------------------------------
190,800,000 IA Tobacco Settlement Authority 6.250 4 06/01/2046 17,519,256
- --------------------------------------------------------------------------------------------------------------------
360,990,000 IA Tobacco Settlement Authority 7.125 4 06/01/2046 23,395,762
- --------------------------------------------------------------------------------------------------------------------
60,000,000 IA Tobacco Settlement Authority (TASC) 5 5.625 06/01/2046 63,257,400
---------------
235,489,783
38 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
KANSAS--0.5%
$ 1,075,000 KS Devel. Finance Authority (Oak Ridge Park Associates) 6.500% 02/01/2018 $ 1,093,899
- --------------------------------------------------------------------------------------------------------------------
1,000,000 KS Devel. Finance Authority (Oak Ridge Park Associates) 6.625 08/01/2029 1,018,360
- --------------------------------------------------------------------------------------------------------------------
55,000 KS Devel. Finance Authority (VS/VSCF/JGCCF
Obligated Group) 5.500 11/15/2015 55,017
- --------------------------------------------------------------------------------------------------------------------
1,800,000 KS Independent College Finance Authority
(Newman University) 5.000 10/01/2028 1,782,252
- --------------------------------------------------------------------------------------------------------------------
1,290,000 Lenexa, KS Multifamily Hsg. (Meadows Apartments) 7.950 10/15/2035 1,343,316
- --------------------------------------------------------------------------------------------------------------------
4,500,000 Olathe, KS Tax Increment (Gateway) 5.000 03/01/2026 4,431,825
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Olathe, KS Transportation Devel. District (Gateway) 5.000 12/01/2028 2,443,000
- --------------------------------------------------------------------------------------------------------------------
785,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family
Mtg.) 5.900 06/01/2028 792,677
- --------------------------------------------------------------------------------------------------------------------
2,995,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family
Mtg.) 5.900 12/01/2035 3,194,976
- --------------------------------------------------------------------------------------------------------------------
5,485,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family
Mtg.) 5.950 06/01/2036 5,872,625
- --------------------------------------------------------------------------------------------------------------------
2,360,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family
Mtg.) 6.450 12/01/2033 2,512,338
- --------------------------------------------------------------------------------------------------------------------
1,370,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family
Mtg.) 6.450 12/01/2033 1,458,434
- --------------------------------------------------------------------------------------------------------------------
575,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family
Mtg.) 6.875 12/01/2026 583,108
- --------------------------------------------------------------------------------------------------------------------
245,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family
Mtg.) 7.600 12/01/2031 249,128
- --------------------------------------------------------------------------------------------------------------------
615,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family
Mtg.) 7.600 12/01/2031 625,363
- --------------------------------------------------------------------------------------------------------------------
1,650,000 Wichita, KS Hsg. (Innes Station Apartments) 6.250 03/01/2028 1,668,002
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Wyandotte County/Kansas City, KS Unified
Government Industrial Devel. (Crestwood Apartments) 6.950 06/01/2037 2,524,475
- --------------------------------------------------------------------------------------------------------------------
1,400,000 Wyandotte County/Kansas City, KS Unified
Government Pollution Control (General Motors) 6.000 06/01/2025 1,425,648
---------------
33,074,443
- --------------------------------------------------------------------------------------------------------------------
KENTUCKY--1.9%
15,000 Elizabethtown, KY Industrial Building
(Elizabethtown Medical Rehabilitation) 10.250 12/01/2016 15,300
- --------------------------------------------------------------------------------------------------------------------
27,170,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 8,9 6.125 02/01/2022 20,022,388
- --------------------------------------------------------------------------------------------------------------------
45,760,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 8,9 7.125 02/01/2021 33,712,765
- --------------------------------------------------------------------------------------------------------------------
150,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 8,9 7.250 02/01/2022 110,511
- --------------------------------------------------------------------------------------------------------------------
28,805,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 8,9 7.500 02/01/2012 21,195,871
- --------------------------------------------------------------------------------------------------------------------
31,200,000 Kenton County, KY Airport Special Facilities
(Delta Airlines) 8,9 7.500 02/01/2020 22,982,856
- --------------------------------------------------------------------------------------------------------------------
4,930,000 Kenton County, KY Airport Special Facilities
(Mesaba Aviation) 6.625 07/01/2019 4,847,521
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Kenton County, KY Airport Special Facilities
(Mesaba Aviation) 6.700 07/01/2029 5,130,800
- --------------------------------------------------------------------------------------------------------------------
2,685,000 Kuttawa, KY (1st Mortgage-GF/Kentucky) 6.750 03/01/2029 2,685,698
- --------------------------------------------------------------------------------------------------------------------
9,240,000 KY Hsg. Corp. 3 4.800 07/01/2037 9,248,686
39 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
KENTUCKY Continued
$ 3,500,000 KY Hsg. Corp. 4.900% 07/01/2037 $ 3,529,015
- --------------------------------------------------------------------------------------------------------------------
2,900,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 6.000 05/01/2023 2,908,062
- --------------------------------------------------------------------------------------------------------------------
1,200,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 7.450 05/01/2022 1,227,360
- --------------------------------------------------------------------------------------------------------------------
5,740,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 7.650 05/01/2016 5,854,685
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Perry County, KY Solid Waste Disposal
(Weyerhaeuser Company) 6.550 04/15/2027 2,049,720
---------------
135,521,238
- --------------------------------------------------------------------------------------------------------------------
LOUISIANA--3.0%
5,565,000 Calcasieu Parish, LA Industrial Devel. Board Pollution
Control (Gulf States Utilities Company) 6.750 10/01/2012 5,622,653
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Claiborne Parish, LA Law Enforcement District
(Claiborne Correctional Facilities) 9 6.250 03/01/2019 3,135,030
- --------------------------------------------------------------------------------------------------------------------
1,400,000 Epps, LA COP 9 8.000 06/01/2018 1,449,658
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Juban Park, LA Community Devel. District
Special Assessment 5.150 10/01/2014 2,498,400
- --------------------------------------------------------------------------------------------------------------------
3,775,000 LA CDA (Eunice Student Hsg. Foundation) 7.375 09/01/2033 3,426,530
- --------------------------------------------------------------------------------------------------------------------
125,000 LA HFA (Single Family Mtg.) 6.300 06/01/2020 126,271
- --------------------------------------------------------------------------------------------------------------------
1,120,000 LA Local Government EF&CD Authority
(Cypress Apartments) 8.000 04/20/2028 1,119,888
- --------------------------------------------------------------------------------------------------------------------
510,000 LA Local Government EF&CD Authority
(Oakleigh Apartments) 8.500 06/01/2038 531,012
- --------------------------------------------------------------------------------------------------------------------
4,100,000 LA Local Government EF&CD Authority
(Oakleigh Apartments) Series A 6.375 06/01/2038 4,356,578
- --------------------------------------------------------------------------------------------------------------------
505,000 LA Local Government EF&CD Authority
(Sharlo Apartments) 8.000 06/20/2028 505,035
- --------------------------------------------------------------------------------------------------------------------
8,000,000 LA Local Government EF&CD Authority
(St. James Place) 7.000 11/01/2029 8,322,720
- --------------------------------------------------------------------------------------------------------------------
7,460,000 LA Public Facilities Authority (Lake Charles
Memorial Hospital) 8.625 12/01/2030 8,016,516
- --------------------------------------------------------------------------------------------------------------------
5,350,000 LA Public Facilities Authority (Progressive Healthcare) 6.375 10/01/2028 5,441,325
- --------------------------------------------------------------------------------------------------------------------
7,500,000 LA Public Facilities Authority (Ochsner Clinic
Foundation) 5 5.000 05/15/2022 7,659,675
- --------------------------------------------------------------------------------------------------------------------
119,935,000 LA Tobacco Settlement Financing Corp. (TASC) 5.875 05/15/2039 128,392,816
- --------------------------------------------------------------------------------------------------------------------
9,630,000 LA Tobacco Settlement Financing Corp. (TASC), Series B 5.500 05/15/2030 10,080,395
- --------------------------------------------------------------------------------------------------------------------
45,000 Lake Charles, LA Non-Profit HDC Section 8 (Chateau) 7.875 02/15/2025 45,261
- --------------------------------------------------------------------------------------------------------------------
50,000 Live Oak, LA Multi-Faith Trust (Multi-Family
Retirement Services) 6.000 05/01/2008 50,014
- --------------------------------------------------------------------------------------------------------------------
23,400,000 New Orleans, LA Exhibit Hall Special Tax (Ernest N.
Morial) 5 5.250 07/15/2028 24,850,917
- --------------------------------------------------------------------------------------------------------------------
335,000 New Orleans, LA Finance Authority (Single Family Mtg.) 6.218 4 12/01/2032 68,062
- --------------------------------------------------------------------------------------------------------------------
1,525,000 New Orleans, LA Finance Authority (Single Family Mtg.) 6.372 4 06/01/2032 306,586
- --------------------------------------------------------------------------------------------------------------------
335,000 New Orleans, LA HDC (Southwood Patio) 7.700 02/01/2022 337,620
- --------------------------------------------------------------------------------------------------------------------
20,000 St. James Parish, LA Solid Waste (IMC Phosphates
Company) 7.700 10/01/2022 20,493
40 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
LOUISIANA Continued
$ 50,000 Tensas Parish, LA Law Enforcement District COP 9 8.000% 10/01/2010 $ 51,165
- --------------------------------------------------------------------------------------------------------------------
140,000 West Feliciana Parish, LA Pollution Control
(Entergy Gulf States) 5.800 12/01/2015 140,837
- --------------------------------------------------------------------------------------------------------------------
290,000 West Feliciana Parish, LA Pollution Control
(Entergy Gulf States) 5.800 04/01/2016 290,908
---------------
216,846,365
- --------------------------------------------------------------------------------------------------------------------
MAINE--0.7%
35,020,000 ME Finance Authority Solid Waste Recycling
Facilities (Great Northern Paper) 7.750 10/01/2022 35,287,903
- --------------------------------------------------------------------------------------------------------------------
15,000 ME Hsg. Authority 5.650 11/15/2014 15,424
- --------------------------------------------------------------------------------------------------------------------
90,000 ME Municipal Bond Bank, Series D 6.300 11/01/2014 90,182
- --------------------------------------------------------------------------------------------------------------------
4,960,000 ME State Hsg. Authority Mtg., Series F-2 5 5.150 11/15/2022 5,058,343
- --------------------------------------------------------------------------------------------------------------------
20,000 North Berwick, ME (Hussey Seating Company) 7.000 12/01/2013 20,221
- --------------------------------------------------------------------------------------------------------------------
4,800,000 Rumford, ME Pollution Control (Boise Cascade Corp.) 6.625 07/01/2020 4,861,536
- --------------------------------------------------------------------------------------------------------------------
6,200,000 Rumford, ME Solid Waste Disposal (Boise Cascade Corp.) 6.875 10/01/2026 6,749,630
---------------
52,083,239
- --------------------------------------------------------------------------------------------------------------------
MARYLAND--0.5%
3,000,000 Baltimore, MD Convention Center 5.875 09/01/2039 3,179,970
- --------------------------------------------------------------------------------------------------------------------
6,810,000 Brunswick, MD Special Obligation (Brunswick Crossing) 5.500 07/01/2036 6,937,415
- --------------------------------------------------------------------------------------------------------------------
3,090,000 MD Community Devel. Administration
(Dept. of Hsg. & Community Devel.) 5.050 07/01/2047 3,153,685
- --------------------------------------------------------------------------------------------------------------------
8,000,000 MD EDC (Chesapeake Bay) 5.000 12/01/2031 8,027,200
- --------------------------------------------------------------------------------------------------------------------
400,000 MD EDC Student Hsg. (University of Maryland) 5.625 10/01/2023 399,536
- --------------------------------------------------------------------------------------------------------------------
5,000,000 MD EDC Student Hsg. (University of Maryland) 5.750 10/01/2033 5,000,900
- --------------------------------------------------------------------------------------------------------------------
750,000 MD H&HEFA (Edenwald) 5.400 01/01/2031 779,648
- --------------------------------------------------------------------------------------------------------------------
600,000 MD H&HEFA (Edenwald) 5.400 01/01/2037 621,150
- --------------------------------------------------------------------------------------------------------------------
710,000 MD H&HEFA (King Farm Presbyterian Community) 5.250 01/01/2027 720,941
- --------------------------------------------------------------------------------------------------------------------
600,000 MD H&HEFA (King Farm Presbyterian Community) 5.300 01/01/2037 609,690
- --------------------------------------------------------------------------------------------------------------------
925,000 MD H&HEFA (Washington Christian Academy) 5.500 07/01/2038 945,887
- --------------------------------------------------------------------------------------------------------------------
320,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 5.500 05/01/2020 336,310
- --------------------------------------------------------------------------------------------------------------------
800,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 6.000 05/01/2035 855,424
- --------------------------------------------------------------------------------------------------------------------
3,950,000 Prince Georges County, MD Special Obligation
(National Harbor) 5.200 07/01/2034 4,021,219
---------------
35,588,975
- --------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--1.6%
40,000 MA Devel. Finance Agency (Alliance Health of
Brockton/Alliance Health of Quincy Obligated Group) 7.100 07/01/2032 41,752
- --------------------------------------------------------------------------------------------------------------------
1,000,000 MA Devel. Finance Agency (Curry College) 1 5.000 03/01/2036 1,035,020
41 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS Continued
$ 800,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625% 04/01/2019 $ 819,896
- --------------------------------------------------------------------------------------------------------------------
2,000,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2029 2,041,820
- --------------------------------------------------------------------------------------------------------------------
300,000 MA Devel. Finance Authority (Regis College) 5.250 10/01/2018 295,737
- --------------------------------------------------------------------------------------------------------------------
8,000,000 MA GO 5 5.000 08/01/2027 8,474,520
- --------------------------------------------------------------------------------------------------------------------
85,000 MA H&EFA (Holyoke Hospital) 6.500 07/01/2015 85,026
- --------------------------------------------------------------------------------------------------------------------
10,000 MA H&EFA (Medical Academic and Scientific
Community Organization) 6.625 01/01/2015 10,111
- --------------------------------------------------------------------------------------------------------------------
10,000,000 MA H&EFA (Emerson Hospital) 5 5.000 08/15/2035 10,297,450
- --------------------------------------------------------------------------------------------------------------------
4,500,000 MA HFA (Single Family) 5.000 12/01/2031 4,607,820
- --------------------------------------------------------------------------------------------------------------------
52,085,000 MA HFA, Series A 5 5.250 07/01/2025 53,639,328
- --------------------------------------------------------------------------------------------------------------------
22,575,000 MA HFA, Series F 5 5.000 07/01/2022 22,953,782
- --------------------------------------------------------------------------------------------------------------------
2,185,000 MA HFA, Series A 5.200 06/01/2036 2,257,171
- --------------------------------------------------------------------------------------------------------------------
1,280,000 MA HFA, Series A 5.700 07/01/2020 1,337,856
- --------------------------------------------------------------------------------------------------------------------
1,355,000 MA HFA, Series A 5.800 07/01/2030 1,418,102
- --------------------------------------------------------------------------------------------------------------------
2,000,000 MA HFA, Series D 3 4.850 06/01/2040 1,997,400
---------------
111,312,791
- --------------------------------------------------------------------------------------------------------------------
MICHIGAN--2.6%
21,000,000 Detroit, MI Sewer Disposal System 5 4.191 07/01/2032 21,010,500
- --------------------------------------------------------------------------------------------------------------------
2,625,000 Kent, MI Hospital Finance Authority 6.250 07/01/2040 2,913,698
- --------------------------------------------------------------------------------------------------------------------
9,900,000 MI Higher Education Student Loan Authority 5 5.450 09/01/2026 10,374,359
- --------------------------------------------------------------------------------------------------------------------
65,000 MI Hospital Finance Authority (Detroit Medical Center) 6.500 08/15/2018 65,046
- --------------------------------------------------------------------------------------------------------------------
20,000,000 MI Hospital Finance Authority (Henry Ford Health
System) 5.250 11/15/2046 21,015,600
- --------------------------------------------------------------------------------------------------------------------
1,200,000 MI Hsg. Devel. Authority (Deaconess Tower) 5.200 08/20/2038 1,240,044
- --------------------------------------------------------------------------------------------------------------------
500,000 MI Hsg. Devel. Authority, Series D 5.200 10/01/2042 516,420
- --------------------------------------------------------------------------------------------------------------------
2,185,000 MI Job Devel. Authority Pollution Control
(General Motors Corp.) 5.550 04/01/2009 2,190,397
- --------------------------------------------------------------------------------------------------------------------
450,000 MI Public Educational Facilities Authority
(Black River School) 5.800 09/01/2030 460,094
- --------------------------------------------------------------------------------------------------------------------
2,000,000 MI Public Educational Facilities Authority
(Old Redford Academy) 6.000 12/01/2035 2,091,100
- --------------------------------------------------------------------------------------------------------------------
4,800,000 MI Strategic Fund (Genesee Power Station) 7.500 01/01/2021 4,799,808
- --------------------------------------------------------------------------------------------------------------------
360,000 MI Strategic Fund Limited Obligation
(Clark Retirement Community/Clark Retirement
Community Foundation Obligated Group) 5.650 09/01/2029 380,452
- --------------------------------------------------------------------------------------------------------------------
8,000,000 MI Strategic Fund Limited Obligation
(Detroit Edison Company) 5 5.500 06/01/2030 8,587,160
- --------------------------------------------------------------------------------------------------------------------
5,505,000 MI Strategic Fund Limited Obligation
(Ford Motor Company), Series A 6.550 10/01/2022 5,571,060
- --------------------------------------------------------------------------------------------------------------------
50,000 MI Strategic Fund Pollution Control (General Motors
Corp.) 6.200 09/01/2020 50,630
- --------------------------------------------------------------------------------------------------------------------
15,375,000 MI Strategic Fund Pollution Control (General Motors
Corp.) 7.000 10 04/01/2008 15,375,000
42 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
MICHIGAN Continued
$ 27,895,000 MI Strategic Fund Pollution Control
(General Motors Corp.) 7.000% 10 12/01/2008 $ 27,895,000
- --------------------------------------------------------------------------------------------------------------------
25,250,000 Midland County, MI EDC (Midland Cogeneration Venture) 6.875 07/23/2009 25,921,398
- --------------------------------------------------------------------------------------------------------------------
800,000 Pontiac, MI Tax Increment Finance Authority 6.375 06/01/2031 854,696
- --------------------------------------------------------------------------------------------------------------------
3,765,000 Wayne Charter County, MI Airport Facilities
(Northwest Airlines) 8,11 6.000 12/01/2029 2,965,163
- --------------------------------------------------------------------------------------------------------------------
31,195,000 Wayne County, MI Airport Authority
(Detroit Metropolitan Wayne County Airport) 5 5.000 12/01/2029 32,457,634
---------------
186,735,259
- --------------------------------------------------------------------------------------------------------------------
MINNESOTA--2.4%
1,375,000 Aitkin, MN Health Care Facilities
(Riverwood Healthcare Center) 5.600 02/01/2032 1,414,435
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Buffalo, MN Health Care (Central Minnesota Senior Hsg.) 5.500 09/01/2033 1,760,920
- --------------------------------------------------------------------------------------------------------------------
1,430,000 Burnsville, MN Commercial Devel. (Holiday Inn) 5.900 04/01/2008 1,428,298
- --------------------------------------------------------------------------------------------------------------------
240,000 Cambridge, MN EDA 5.000 02/01/2019 247,145
- --------------------------------------------------------------------------------------------------------------------
90,000 Cloguet, MN Pollution Control (Potlach Corp.) 5.900 10/01/2026 92,376
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Cokato, MN Senior Hsg. (Cokato Charitable Trust) 5.400 12/01/2036 1,007,160
- --------------------------------------------------------------------------------------------------------------------
2,700,000 Coon Rapids, MN Multifamily Hsg.
(Coon Rapids Leased Hsg. Associates II) 1 4.950 10/20/2041 2,715,822
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Cottage Grove, MN Senior Hsg. 5.250 12/01/2046 6,076,440
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Cottage Grove, MN Senior Hsg. 6.000 12/01/2046 1,758,505
- --------------------------------------------------------------------------------------------------------------------
475,000 Cuyuna Range, MN Hospital District Health Facilities 5.200 06/01/2025 484,619
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Cuyuna Range, MN Hospital District Health Facilities 5.500 06/01/2035 1,037,680
- --------------------------------------------------------------------------------------------------------------------
200,000 Eden Prairie, MN Multifamily Hsg. (Sterling Ponds) 6.250 12/01/2029 201,178
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Eveleth, MN (Manor House Woodland) 5.500 10/01/2025 1,000,660
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Eveleth, MN Multifamily (Manor House) 5.700 10/01/2036 2,017,580
- --------------------------------------------------------------------------------------------------------------------
130,000 Grand Rapids, MN Hsg. & Redevel. Authority (Lakeshore) 5.700 10/01/2029 134,380
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Inner Grove Heights, MN Nursing Home
(Presbyterian Homes) 5.500 10/01/2041 1,007,690
- --------------------------------------------------------------------------------------------------------------------
525,000 International Falls, MN Pollution Control
(Boise Cascade Corp.) 1 5.500 04/01/2023 536,939
- --------------------------------------------------------------------------------------------------------------------
3,250,000 International Falls, MN Pollution Control
(Boise Cascade Corp.) 1 5.650 12/01/2022 3,319,875
- --------------------------------------------------------------------------------------------------------------------
6,325,000 International Falls, MN Solid Waste Disposal
(Boise Cascade Corp.) 6.850 12/01/2029 6,816,010
- --------------------------------------------------------------------------------------------------------------------
530,000 Lake Crystal, MN Hsg. (Ecumen-Second Century) 5.550 09/01/2026 539,614
- --------------------------------------------------------------------------------------------------------------------
1,135,000 Lake Crystal, MN Hsg. (Ecumen-Second Century) 5.700 09/01/2036 1,154,488
- --------------------------------------------------------------------------------------------------------------------
1,225,000 Mahtomedi, MN Multifamily (Briarcliff) 7.350 06/01/2036 1,251,338
- --------------------------------------------------------------------------------------------------------------------
9,800,000 Mankato, MN Industrial Devel.
(Environ Biocomposites Holdings) 7.250 12/01/2025 9,545,788
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Minneapolis & St. Paul, MN Hsg. Finance Board
(Single Family Mtg.) 5.000 11/01/2038 8,173,120
43 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
MINNESOTA Continued
$ 4,789,253 Minneapolis & St. Paul, MN Hsg. Finance Board
(Single Family Mtg.) 5.000% 12/01/2038 $ 4,895,479
- --------------------------------------------------------------------------------------------------------------------
46,915,000 Minneapolis & St. Paul, MN Metropolitan Airports
Commission (Northwest Airlines) 8,11 7.000 04/01/2025 42,645,266
- --------------------------------------------------------------------------------------------------------------------
16,400,000 Minneapolis & St. Paul, MN Metropolitan Airports
Commission (Northwest Airlines) 8,11 7.375 04/01/2025 14,905,632
- --------------------------------------------------------------------------------------------------------------------
100,000 Minneapolis, MN (Belmont Apartments) 7.625 11/01/2027 102,024
- --------------------------------------------------------------------------------------------------------------------
35,000 Minneapolis, MN (Walker Methodist Senior Services) 5.875 11/15/2018 35,345
- --------------------------------------------------------------------------------------------------------------------
145,000 Minneapolis, MN (Walker Methodist Senior Services) 6.000 11/15/2028 147,237
- --------------------------------------------------------------------------------------------------------------------
15,000 Minneapolis, MN (Walker Methodist Senior Services) 6.000 11/15/2028 15,155
- --------------------------------------------------------------------------------------------------------------------
250,000 Minneapolis, MN Tax Increment (Grant Park) 5.350 02/01/2030 250,795
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Minneapolis, MN Tax Increment (Ivy Tower) 5.700 02/01/2029 1,020,150
- --------------------------------------------------------------------------------------------------------------------
4,585,000 MN HFA (Residential Hsg.) 4.875 07/01/2037 4,627,732
- --------------------------------------------------------------------------------------------------------------------
25,000 MN HFA (Single Family Mtg.) 5.900 07/01/2025 25,369
- --------------------------------------------------------------------------------------------------------------------
375,000 Moorhead, MN EDA (Eventide) 5.150 06/01/2029 375,653
- --------------------------------------------------------------------------------------------------------------------
900,000 New Hope, MN Hsg. & Health Care Facilities
(MN Masonic Home North Ridge) 5.900 03/01/2019 931,320
- --------------------------------------------------------------------------------------------------------------------
80,000 New Hope, MN Multifamily (Chardon Court) 7.250 06/01/2026 79,991
- --------------------------------------------------------------------------------------------------------------------
500,000 Northfield, MN Hospital 5.375 11/01/2031 527,520
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Northfield, MN Hsg. & Redevel. Authority
(Northfield Retirement) 5.375 12/01/2036 983,140
- --------------------------------------------------------------------------------------------------------------------
25,000 Northfield, MN Lease (Village School of
Northfield) 8,9 6.500 12/01/2014 12,540
- --------------------------------------------------------------------------------------------------------------------
330,000 Northfield, MN Lease (Village School of
Northfield) 8,9,11 7.500 12/01/2024 164,944
- --------------------------------------------------------------------------------------------------------------------
2,100,000 Northwest MN Multi-County Hsg. & Redevel. Authority 5.450 07/01/2041 2,050,482
- --------------------------------------------------------------------------------------------------------------------
400,000 Owatonna, MN Senior Hsg. (Owatonna Senior Living) 5.800 10/01/2029 406,932
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Owatonna, MN Senior Hsg. (Owatonna Senior Living) 6.000 04/01/2041 1,284,275
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Pine City, MN (Lakes International Language Academy) 6.250 05/01/2035 1,014,950
- --------------------------------------------------------------------------------------------------------------------
820,000 Pine City, MN Health Care & Hsg. (North Branch) 6.000 10/20/2036 831,792
- --------------------------------------------------------------------------------------------------------------------
1,715,000 Pine City, MN Health Care & Hsg. (North Branch) 6.125 10/20/2047 1,742,269
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Prior Lake, MN EDA (Shepherds Path Senior Hsg.) 5.625 08/01/2026 1,545,045
- --------------------------------------------------------------------------------------------------------------------
1,875,000 Prior Lake, MN Senior Hsg. (Shepherds Path Senior Hsg.) 5.750 08/01/2041 1,906,275
- --------------------------------------------------------------------------------------------------------------------
6,200,000 Richfield, MN Senior Hsg. (Richfield Senior Hsg.) 6.625 12/01/2039 6,368,640
- --------------------------------------------------------------------------------------------------------------------
680,000 Rochester, MN Multifamily Hsg. (Eastridge Estates) 7.750 12/15/2034 680,401
- --------------------------------------------------------------------------------------------------------------------
4,300,000 Sartell, MN Health Care & Hsg. Facilities
(The Foundation for Health Care Continuums) 6.625 09/01/2029 4,469,248
- --------------------------------------------------------------------------------------------------------------------
935,000 Seaway Port Authority of Duluth, MN
(Northstar Aerospace) 5.000 04/01/2017 927,221
- --------------------------------------------------------------------------------------------------------------------
210,000 Seaway Port Authority of Duluth, MN
(Northstar Aerospace) 5.200 04/01/2027 210,420
- --------------------------------------------------------------------------------------------------------------------
830,000 St. Anthony, MN Hsg. & Redevel. Authority
(Silver Lake Village) 5.375 08/01/2021 844,816
44 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
MINNESOTA Continued
$ 790,000 St. Anthony, MN Hsg. & Redevel. Authority
(Silver Lake Village) 5.625% 02/01/2031 $ 805,926
- --------------------------------------------------------------------------------------------------------------------
100,000 St. Cloud, MN Hsg. & Redevel. Authority (Germain 5.900 09/01/2020 98,210
Towers)
- --------------------------------------------------------------------------------------------------------------------
1,000,000 St. Louis Park, MN (Roitenberg Family) 5.700 08/15/2041 1,019,900
- --------------------------------------------------------------------------------------------------------------------
1,300,000 St. Paul, MN Hsg. & Redevel. Authority
(Brigecreek Senior Place) 7.000 09/15/2037 1,300,182
- --------------------------------------------------------------------------------------------------------------------
2,000,000 St. Paul, MN Hsg. & Redevel. Authority
(Community of Peace Building Company) 7.875 12/01/2030 2,310,600
- --------------------------------------------------------------------------------------------------------------------
2,000,000 St. Paul, MN Hsg. & Redevel. Authority
(Episcopal Nursing Home) 5.630 10/01/2033 2,056,100
- --------------------------------------------------------------------------------------------------------------------
3,000,000 St. Paul, MN Hsg. & Redevel. Authority
(Great Northern Lofts) 6.250 03/01/2029 3,206,010
- --------------------------------------------------------------------------------------------------------------------
400,000 St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy) 5.750 09/01/2026 401,292
- --------------------------------------------------------------------------------------------------------------------
650,000 St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy) 6.000 09/01/2036 653,959
- --------------------------------------------------------------------------------------------------------------------
2,000,000 St. Paul, MN Hsg. & Redevel. Authority (Upper Landing) 6.800 03/01/2029 2,140,760
- --------------------------------------------------------------------------------------------------------------------
2,130,000 St. Paul, MN Hsg. & Redevel. Authority (Upper Landing) 7.000 03/01/2029 2,300,251
- --------------------------------------------------------------------------------------------------------------------
1,770,000 St. Paul, MN Port Authority (Great Northern) 6.000 03/01/2030 1,856,376
- --------------------------------------------------------------------------------------------------------------------
3,400,000 St. Paul, MN Port Authority (Healtheast Midway Campus) 6.000 05/01/2030 3,515,736
- --------------------------------------------------------------------------------------------------------------------
1,760,000 Wadena, MN Hsg. & Redevel. Authority
(Humphrey Manor East) 6.000 02/01/2019 1,776,086
---------------
173,191,506
- --------------------------------------------------------------------------------------------------------------------
MISSISSIPPI--0.8%
125,000 Claiborne County, MS Pollution Control
(System Energy Resources) 6.200 02/01/2026 125,504
- --------------------------------------------------------------------------------------------------------------------
50,000 Gulfport, MS Hospital Facility
(Gulfport Memorial Hospital) 6.125 07/01/2015 50,082
- --------------------------------------------------------------------------------------------------------------------
10,000 Jackson, MS Hsg. Authority (Elton Park Apartments) 5.400 04/01/2039 10,250
- --------------------------------------------------------------------------------------------------------------------
12,500,000 MS Business Finance Corp. (System Energy Resources) 5.875 04/01/2022 12,634,250
- --------------------------------------------------------------------------------------------------------------------
6,430,000 MS Business Finance Corp. (System Energy Resources) 5.900 05/01/2022 6,498,029
- --------------------------------------------------------------------------------------------------------------------
22,400,000 MS Devel. Bank Special Obligation 3,5 5.000 03/01/2041 23,302,944
- --------------------------------------------------------------------------------------------------------------------
17,500,000 MS Hospital Equipment & Facilities Authority
(Baptist Memorial Health Care) 5 5.000 09/01/2024 17,960,075
---------------
60,581,134
- --------------------------------------------------------------------------------------------------------------------
MISSOURI--1.2%
250,000 Belton, MO Tax Increment (Belton Town Center) 5.500 03/01/2020 252,748
- --------------------------------------------------------------------------------------------------------------------
400,000 Belton, MO Tax Increment (Belton Town Center) 5.625 03/01/2025 405,084
- --------------------------------------------------------------------------------------------------------------------
13,000,000 Branson, MO IDA (Branson Hills) 7.050 05/01/2027 14,046,630
- --------------------------------------------------------------------------------------------------------------------
2,075,000 Branson, MO IDA (Branson Landing) 5.250 06/01/2021 2,099,278
- --------------------------------------------------------------------------------------------------------------------
2,470,000 Branson, MO IDA (Branson Landing) 5.500 06/01/2029 2,515,226
- --------------------------------------------------------------------------------------------------------------------
24,545,000 Branson, MO IDA (Branson Shoppe Redevel.) 5.950 11/01/2029 24,345,940
45 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
MISSOURI Continued
$ 570,000 Broadway-Fairview, MO Transportation Devel. District
(Columbia) 6.125% 12/01/2036 $ 581,326
- --------------------------------------------------------------------------------------------------------------------
1,215,000 Chillicothe, MO Tax Increment (South U.S. 65) 5.500 04/01/2021 1,243,443
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Chillicothe, MO Tax Increment (South U.S. 65) 5.625 04/01/2027 1,123,606
- --------------------------------------------------------------------------------------------------------------------
2,530,000 Clay County, MO IDA (Oak Creek) 1 6.300 01/20/2038 2,757,827
- --------------------------------------------------------------------------------------------------------------------
450,000 Cottleville, MO COP 9 5.250 08/01/2031 457,106
- --------------------------------------------------------------------------------------------------------------------
3,325,000 Dardenne Town Square, MO Transportation Devel. District 5.000 05/01/2026 3,274,261
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Dardenne Town Square, MO Transportation Devel. District 5.000 05/01/2036 3,912,480
- --------------------------------------------------------------------------------------------------------------------
2,815,000 Enright Arlington, MO Community Improvement District 5.400 03/01/2026 2,809,877
- --------------------------------------------------------------------------------------------------------------------
250,000 Grindstone Plaza, MO Transportation Devel. District 5.250 10/01/2021 251,393
- --------------------------------------------------------------------------------------------------------------------
400,000 Grindstone Plaza, MO Transportation Devel. District 5.400 10/01/2026 404,020
- --------------------------------------------------------------------------------------------------------------------
600,000 Grindstone Plaza, MO Transportation Devel. District 5.550 10/01/2036 604,908
- --------------------------------------------------------------------------------------------------------------------
200,000 Jackson County, MO IDA (Avila College) 6.500 12/02/2025 207,122
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Jennings, MO Tax Increment & Community Improvement
(Northland Redevel. Area) 5.000 11/01/2023 1,236,625
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Kansas City, MO IDA (Plaza Library) 5.900 03/01/2024 1,007,760
- --------------------------------------------------------------------------------------------------------------------
1,393,000 Kansas City, MO IDA (West Paseo) 6.750 07/01/2036 1,409,437
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Kansas City, MO Tax Increment (Briarcliff West) 1 5.400 06/01/2024 3,828,263
- --------------------------------------------------------------------------------------------------------------------
110,000 MO Environmental Improvement & Energy Resources
Authority (St. Louis Water Company) 5.000 03/01/2029 110,675
- --------------------------------------------------------------------------------------------------------------------
3,915,000 MO Hsg. Devel. Commission (Mansion Apartments Phase II) 6.170 04/01/2032 3,959,240
- --------------------------------------------------------------------------------------------------------------------
3,315,000 MO Hsg. Devel. Commission (Single Family Mtg.) 5.550 09/01/2034 3,359,852
- --------------------------------------------------------------------------------------------------------------------
495,000 MO Hsg. Devel. Commission (Single Family Mtg.) 6.350 09/01/2034 515,508
- --------------------------------------------------------------------------------------------------------------------
790,000 Northwoods, MO Transportation Devel. District 5.850 02/01/2031 794,290
- --------------------------------------------------------------------------------------------------------------------
2,500,000 St. Joseph, MO IDA (Living Community of St. Joseph) 7.000 08/15/2032 2,550,825
- --------------------------------------------------------------------------------------------------------------------
750,000 St. Joseph, MO IDA (Shoppes at North Village) 5.375 11/01/2024 757,508
- --------------------------------------------------------------------------------------------------------------------
2,500,000 St. Joseph, MO IDA (Shoppes at North Village) 5.500 11/01/2027 2,541,550
- --------------------------------------------------------------------------------------------------------------------
25,000 St. Louis, MO Airport (Lambert Field Fueling Facilities
Corp.) 5.250 07/01/2016 25,358
- --------------------------------------------------------------------------------------------------------------------
25,000 St. Louis, MO Airport (Lambert Field Fueling Facilities
Corp.) 5.250 07/01/2022 25,349
- --------------------------------------------------------------------------------------------------------------------
185,000 St. Louis, MO IDA (Anheuser-Busch Companies) 5.875 11/01/2026 187,094
- --------------------------------------------------------------------------------------------------------------------
2,500,000 St. Louis, MO Tax Increment (1601 Washington Redevel.) 6.000 08/21/2026 2,481,700
- --------------------------------------------------------------------------------------------------------------------
1,660,000 St. Louis, MO Tax Increment (Printers Lofts) 6.000 08/21/2026 1,786,641
---------------
87,869,950
- --------------------------------------------------------------------------------------------------------------------
MONTANA--0.2%
4,360,000 Hardin, MT Tax Increment Industrial Infrastructure Devel.
(Rocky Mountain Power) 0.000 7 09/01/2031 2,835,090
- --------------------------------------------------------------------------------------------------------------------
6,800,000 MT Board of Investment Exempt Facilities
(Stillwater Mining Company) 8.000 07/01/2020 7,052,416
- --------------------------------------------------------------------------------------------------------------------
1,125,000 MT Facilities Finance Authority (St. John's Lutheran) 6.000 05/15/2025 1,162,901
- --------------------------------------------------------------------------------------------------------------------
1,650,000 MT Facilities Finance Authority (St. John's Lutheran) 6.125 05/15/2036 1,723,937
46 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
MONTANA Continued
$ 1,910,000 MT Health Facilities Authority (CoMC) 6.375% 06/01/2018 $ 1,935,556
- --------------------------------------------------------------------------------------------------------------------
165,000 MT Higher Education Student Assistance Corp. 5.500 12/01/2031 168,739
- --------------------------------------------------------------------------------------------------------------------
105,000 MT Higher Education Student Assistance Corp. 6.400 12/01/2032 110,367
---------------
14,989,006
- --------------------------------------------------------------------------------------------------------------------
MULTI STATES--0.4%
7,000,000 GMAC Municipal Mortgage Trust 5.500 10/31/2040 7,209,090
- --------------------------------------------------------------------------------------------------------------------
13,000,000 GMAC Municipal Mortgage Trust 1 5.700 10/31/2040 13,455,910
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Munimae TE Bond Subsidiary 5.900 11/29/2049 8,482,960
---------------
29,147,960
- --------------------------------------------------------------------------------------------------------------------
NEBRASKA--0.7%
50,000 Dawson County, NE Sanitation & Improvement District 5.650 02/01/2022 49,775
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Mead Village, NE Tax Increment (Biofuels-Mead) 5.750 01/01/2022 1,261,563
- --------------------------------------------------------------------------------------------------------------------
65,000 NE Student Loan (Nebhelp) 6.000 06/01/2028 65,499
- --------------------------------------------------------------------------------------------------------------------
15,000 NE Student Loan (Nebhelp) 6.250 06/01/2018 16,022
- --------------------------------------------------------------------------------------------------------------------
250,000 NE Student Loan (Nebhelp) 6.659 4 12/15/2015 134,103
- --------------------------------------------------------------------------------------------------------------------
105,000 Sarpy County, NE Sanitation & Improvement
Districts No. 179 (Eagle Crest) 5.700 10/01/2021 105,082
- --------------------------------------------------------------------------------------------------------------------
45,745,000 Saunders County, NE Individual Devel. (Mead Biofuels) 7.000 12/01/2026 45,758,266
---------------
47,390,310
- --------------------------------------------------------------------------------------------------------------------
NEVADA--1.4%
27,305,000 Clark County, NV Industrial Devel.
(Nevada Power Company) 1 5.900 10/01/2030 27,305,000
- --------------------------------------------------------------------------------------------------------------------
7,035,000 Clark County, NV Industrial Devel.
(Nevada Power Company), Series A 5.900 11/01/2032 7,037,884
- --------------------------------------------------------------------------------------------------------------------
19,210,000 Clark County, NV Industrial Devel. (Southwest Gas
Corp.) 5 5.000 12/01/2033 19,888,048
- --------------------------------------------------------------------------------------------------------------------
10,570,000 Clark County, NV Industrial Devel. (Southwest Gas
Corp.) 5 5.250 07/01/2034 11,136,341
- --------------------------------------------------------------------------------------------------------------------
12,000,000 Clark County, NV Industrial Devel. (Southwest Gas
Corp.) 5 5.250 03/01/2038 12,713,340
- --------------------------------------------------------------------------------------------------------------------
8,270,000 Clark County, NV Industrial Devel. Revenue
(Southwest Gas Corp.) 5 5.550 12/01/2038 8,836,966
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Director of the State of NV Dept. of Business & Industry
(Las Ventanas Retirement) 7.000 11/15/2034 10,200,200
- --------------------------------------------------------------------------------------------------------------------
135,000 Mesquite, NV Special Improvement District (Canyon Creek) 5.400 08/01/2020 139,320
- --------------------------------------------------------------------------------------------------------------------
500,000 Mesquite, NV Special Improvement District (Canyon Creek) 5.500 08/01/2025 515,865
- --------------------------------------------------------------------------------------------------------------------
3,360,000 NV Hsg. Division (Riverwood I & II) 4.750 04/01/2039 3,363,293
- --------------------------------------------------------------------------------------------------------------------
100,000 Reno, NV Redevel. Agency Tax Allocation, Series A 6.200 06/01/2018 99,260
---------------
101,235,517
- --------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE--0.1%
2,215,000 NH Business Finance Authority (Air Cargo at Pease) 6.750 04/01/2024 2,284,662
- --------------------------------------------------------------------------------------------------------------------
70,000 NH Business Finance Authority (CT Light & Power) 5.850 12/01/2022 72,733
47 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE Continued
$ 200,000 NH Business Finance Authority (Pennichuck Water Works) 6.300% 05/01/2022 $ 205,100
- --------------------------------------------------------------------------------------------------------------------
4,000,000 NH H&EFA (Franklin Pierce College) 6.050 10/01/2034 4,336,720
- --------------------------------------------------------------------------------------------------------------------
775,000 NH HE&HFA (New England College) 5.750 03/01/2009 781,371
---------------
7,680,586
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY--9.9%
100,000 NJ EDA (Cascade Corp.) 8.250 02/01/2026 100,017
- --------------------------------------------------------------------------------------------------------------------
24,000,000 NJ EDA (Cigarette Tax) 5.500 06/15/2024 25,176,960
- --------------------------------------------------------------------------------------------------------------------
5,205,000 NJ EDA (Cigarette Tax) 5.500 06/15/2031 5,484,144
- --------------------------------------------------------------------------------------------------------------------
19,205,000 NJ EDA (Cigarette Tax) 5.750 06/15/2029 20,655,938
- --------------------------------------------------------------------------------------------------------------------
3,000,000 NJ EDA (Cigarette Tax) 1 5.750 06/15/2034 3,207,270
- --------------------------------------------------------------------------------------------------------------------
965,000 NJ EDA (Continental Airlines) 5.500 04/01/2028 965,618
- --------------------------------------------------------------------------------------------------------------------
5,285,000 NJ EDA (Continental Airlines) 6.250 09/15/2019 5,498,303
- --------------------------------------------------------------------------------------------------------------------
39,300,000 NJ EDA (Continental Airlines) 6.250 09/15/2029 40,998,153
- --------------------------------------------------------------------------------------------------------------------
16,090,000 NJ EDA (Continental Airlines) 6.400 09/15/2023 16,872,457
- --------------------------------------------------------------------------------------------------------------------
935,000 NJ EDA (Continental Airlines) 6.625 09/15/2012 1,016,280
- --------------------------------------------------------------------------------------------------------------------
20,725,000 NJ EDA (Continental Airlines) 7.000 11/15/2030 22,529,940
- --------------------------------------------------------------------------------------------------------------------
16,910,000 NJ EDA (Continental Airlines) 7.200 11/15/2030 18,461,831
- --------------------------------------------------------------------------------------------------------------------
100,000 NJ EDA (Continental Airlines) 9.000 06/01/2033 124,470
- --------------------------------------------------------------------------------------------------------------------
1,510,000 NJ EDA (Empowerment Zone-Cumberland) 7.750 08/01/2021 1,474,560
- --------------------------------------------------------------------------------------------------------------------
29,565,000 NJ EDA (School Facilities Construction) 5.250 12/15/2015 32,593,639
- --------------------------------------------------------------------------------------------------------------------
3,250,000 NJ EDA Retirement Community (Cedar Crest Village) 7.250 11/15/2031 3,706,105
- --------------------------------------------------------------------------------------------------------------------
9,000,000 NJ EDA, Series B 6.875 01/01/2037 9,509,760
- --------------------------------------------------------------------------------------------------------------------
2,545,000 NJ Health Care Facilities Financing Authority
(Columbus Hospital) 7.500 07/01/2021 2,585,262
- --------------------------------------------------------------------------------------------------------------------
5,100,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 7.250 07/01/2027 5,218,728
- --------------------------------------------------------------------------------------------------------------------
10,000,000 NJ Tobacco Settlement Financing Corp. 4.750 06/01/2034 9,593,000
- --------------------------------------------------------------------------------------------------------------------
122,870,000 NJ Tobacco Settlement Financing Corp. 3 5.000 06/01/2029 123,314,789
- --------------------------------------------------------------------------------------------------------------------
151,750,000 NJ Tobacco Settlement Financing Corp. 5.000 06/01/2041 149,850,090
- --------------------------------------------------------------------------------------------------------------------
1,500,000 NJ Tobacco Settlement Financing Corp. 5.650 4 06/01/2041 221,565
- --------------------------------------------------------------------------------------------------------------------
64,620,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.000 06/01/2037 71,273,275
- --------------------------------------------------------------------------------------------------------------------
58,750,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.125 06/01/2042 65,134,950
- --------------------------------------------------------------------------------------------------------------------
46,215,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2043 52,379,619
- --------------------------------------------------------------------------------------------------------------------
16,165,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.375 06/01/2032 18,365,703
- --------------------------------------------------------------------------------------------------------------------
4,055,000 NJ Tobacco Settlement Financing Corp. (TASC) 7.000 06/01/2041 4,765,314
---------------
711,077,740
- --------------------------------------------------------------------------------------------------------------------
NEW MEXICO--0.2%
5,800,000 Eldorado, NM Area Water & Sanitation District 6.000 02/01/2025 5,823,722
- --------------------------------------------------------------------------------------------------------------------
25,000 Farmington, NM Pollution Control
(Public Service Company of New Mexico) 6.600 10/01/2029 26,790
48 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW MEXICO Continued
$ 1,100,000 Mariposa East, NM Public Improvement District 5.500% 09/01/2016 $ 1,128,358
- --------------------------------------------------------------------------------------------------------------------
500,000 Mariposa East, NM Public Improvement District 5.750 09/01/2021 517,660
- --------------------------------------------------------------------------------------------------------------------
500,000 Mariposa East, NM Public Improvement District 6.000 09/01/2032 518,965
- --------------------------------------------------------------------------------------------------------------------
7,440,000 NM Mtg. Finance Authority (Single Family Mtg.) 5.000 01/01/2038 7,576,747
- --------------------------------------------------------------------------------------------------------------------
15,000 NM Mtg. Finance Authority, Series C 6.500 07/01/2025 15,369
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Ventana West, NM Public Improvement
District Special Levy 6.875 08/01/2033 1,078,800
---------------
16,686,411
- --------------------------------------------------------------------------------------------------------------------
NEW YORK--2.3%
3,000,000 Albany, NY IDA (New Covenant Charter School) 7.000 05/01/2035 2,957,790
- --------------------------------------------------------------------------------------------------------------------
23,000,000 Erie County, NY IDA (Great Lakes) 7.500 2 12/01/2025 10,779,410
- --------------------------------------------------------------------------------------------------------------------
13,000,000 Erie County, NY Tobacco Asset Securitization Corp. 5.808 4 06/01/2047 1,272,830
- --------------------------------------------------------------------------------------------------------------------
56,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.280 4 06/01/2050 3,810,800
- --------------------------------------------------------------------------------------------------------------------
62,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.656 4 06/01/2055 2,490,540
- --------------------------------------------------------------------------------------------------------------------
5,615,000 Nassau County, NY Tobacco Settlement Corp. (TASC) 5.000 06/01/2035 5,708,883
- --------------------------------------------------------------------------------------------------------------------
765,000 NY Counties Tobacco Trust IV (TASC) 5.000 06/01/2045 773,002
- --------------------------------------------------------------------------------------------------------------------
132,765,000 NY Counties Tobacco Trust V 5.904 4 06/01/2038 21,473,411
- --------------------------------------------------------------------------------------------------------------------
107,910,000 NY Counties Tobacco Trust V 6.074 4 06/01/2050 8,190,369
- --------------------------------------------------------------------------------------------------------------------
412,100,000 NY Counties Tobacco Trust V 7.151 4 06/01/2060 10,014,030
- --------------------------------------------------------------------------------------------------------------------
500,000,000 NY Counties Tobacco Trust V 7.836 4 06/01/2060 9,050,000
- --------------------------------------------------------------------------------------------------------------------
2,815,000 NYC IDA (American Airlines) 5.400 07/01/2020 2,813,790
- --------------------------------------------------------------------------------------------------------------------
11,055,000 NYC IDA (American Airlines) 6.900 08/01/2024 11,167,761
- --------------------------------------------------------------------------------------------------------------------
4,750,000 NYC IDA (American Airlines) 7.625 08/01/2025 5,808,680
- --------------------------------------------------------------------------------------------------------------------
46,000,000 NYC IDA (American Airlines) 7.750 08/01/2031 56,536,760
- --------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 1,012,910
- --------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA Special Facilities (JFK International Airport) 8.000 08/01/2012 574,850
- --------------------------------------------------------------------------------------------------------------------
1,330,000 NYS IDA (Mt. Sinai Health) 6.625 07/01/2019 1,430,162
- --------------------------------------------------------------------------------------------------------------------
1,350,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2013 1,418,850
- --------------------------------------------------------------------------------------------------------------------
1,435,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2014 1,503,335
- --------------------------------------------------------------------------------------------------------------------
1,520,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2015 1,589,449
- --------------------------------------------------------------------------------------------------------------------
1,610,000 Otsego County, NY IDA (Hartwick College) 6.000 07/01/2016 1,678,908
---------------
162,056,520
- --------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA--1.0%
34,160,000 Charlotte, NC Douglas International Airport Special
Facilities (US Airways) 5.600 07/01/2027 34,557,622
- --------------------------------------------------------------------------------------------------------------------
2,755,000 Charlotte, NC Douglas International Airport Special
Facilities (US Airways) 7.750 02/01/2028 2,960,743
- --------------------------------------------------------------------------------------------------------------------
24,815,000 Gaston, NC IF&PCFA (National Gypsum) 5.750 08/01/2035 26,574,632
- --------------------------------------------------------------------------------------------------------------------
1,900,000 NC Medical Care Commission (Glenaire/The Presbyterian
Homes Obligated Group) 5.500 10/01/2031 1,974,936
49 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA--1.0%
$ 1,100,000 NC Medical Care Commission (Glenaire/The Presbyterian
Homes Obligated Group) 5.600% 10/01/2036 $ 1,150,028
- --------------------------------------------------------------------------------------------------------------------
1,400,000 NC Medical Care Commission (United Methodist) 5.500 10/01/2032 1,450,330
---------------
68,668,291
- --------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA-- 0.1%
1,000,000 Cando, ND Nursing Facility (Towner County
Medical Center) 7.125 08/01/2022 1,000,690
- --------------------------------------------------------------------------------------------------------------------
100,000 Cass County, ND Industrial Devel. Revenue (Fraser Ltd.) 7.000 11/01/2015 100,125
- --------------------------------------------------------------------------------------------------------------------
2,865,000 Richland County, ND Hsg. (Birchwood Properties) 6.750 05/01/2029 2,896,171
---------------
3,996,986
- --------------------------------------------------------------------------------------------------------------------
OHIO--2.7%
1,470,000 Butler County, OH Hsg. (Anthony Wayne Apartments) 6.500 09/01/2030 1,353,135
- --------------------------------------------------------------------------------------------------------------------
18,885,000 Cleveland, OH Airport (Continental Airlines) 1 5.375 09/15/2027 19,048,733
- --------------------------------------------------------------------------------------------------------------------
90,000 Cleveland, OH Airport (Continental Airlines) 5.500 12/01/2008 90,702
- --------------------------------------------------------------------------------------------------------------------
17,200,000 Cleveland, OH Airport (Continental Airlines) 1 5.700 12/01/2019 17,701,724
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Cleveland-Cuyahoga County, OH Port Authority
(St. Clarence) 6.250 05/01/2038 1,030,090
- --------------------------------------------------------------------------------------------------------------------
3,265,000 Dublin, OH Industrial Devel. (Dublin Health Care Corp.) 7.500 12/01/2016 3,357,857
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Erie County, OH Hospital Facilities (Firelands Regional
Medical Center) 1 5.250 08/15/2046 5,237,550
- --------------------------------------------------------------------------------------------------------------------
7,500,000 Grove City, OH Tax Increment Financing 5.375 12/01/2031 7,433,400
- --------------------------------------------------------------------------------------------------------------------
870,000 Lorain County, OH Port Authority (Alumalloy LLC) 6.000 11/15/2025 890,358
- --------------------------------------------------------------------------------------------------------------------
23,775,000 Mahoning County, OH Hospital Facilities (Forum Health) 6.000 11/15/2032 23,886,743
- --------------------------------------------------------------------------------------------------------------------
2,050,000 Miami County, OH Hospital Facilities
(Upper Valley Medical Center) 5.250 05/15/2026 2,155,985
- --------------------------------------------------------------------------------------------------------------------
960,000 Moraine, OH Solid Waste Disposal (General Motors Corp.) 5.650 07/01/2024 961,008
- --------------------------------------------------------------------------------------------------------------------
225,000 Moraine, OH Solid Waste Disposal (General Motors Corp.) 6.750 07/01/2014 237,445
- --------------------------------------------------------------------------------------------------------------------
2,375,000 OH Air Quality Devel. Authority (Toledo Edison Company) 6.100 08/01/2027 2,445,466
- --------------------------------------------------------------------------------------------------------------------
475,000 OH Environmental Facilities (Ford Motor Company) 5.950 09/01/2029 483,721
- --------------------------------------------------------------------------------------------------------------------
100,000 OH Environmental Facilities (Ford Motor Company) 6.150 06/01/2030 102,811
- --------------------------------------------------------------------------------------------------------------------
2,630,000 OH HFA (GNMA Collateral Mtg.) 5.000 11/20/2047 2,653,407
- --------------------------------------------------------------------------------------------------------------------
5,170,000 OH HFA (Uptown Towers Apartments) 5.250 04/20/2048 5,360,515
- --------------------------------------------------------------------------------------------------------------------
15,000,000 OH Higher Educational Facility Commission
(University Hospital Health System) 3 4.750 01/15/2046 14,738,250
- --------------------------------------------------------------------------------------------------------------------
12,500,000 OH Higher Educational Facility Commission
(University Hospital Health System) 3 5.250 01/15/2046 13,117,375
- --------------------------------------------------------------------------------------------------------------------
12,580,000 OH Higher Educational Facility 5 5.000 12/01/2044 13,212,460
- --------------------------------------------------------------------------------------------------------------------
550,000 OH Pollution Control (General Motors Corp.) 5.625 03/01/2015 552,701
- --------------------------------------------------------------------------------------------------------------------
2,050,000 OH Port Authority of Columbiana Solid Waste
(A&L Salvage) 14.500 07/01/2028 2,455,019
50 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
OHIO Continued
$ 16,320,000 OH Port Authority of Columbiana Solid Waste
(Apex Environmental) 7.250% 08/01/2034 $ 16,723,594
- --------------------------------------------------------------------------------------------------------------------
13,925,000 OH Solid Waste (General Motors Corp.) 6.300 12/01/2032 14,260,593
- --------------------------------------------------------------------------------------------------------------------
5,253,000 OH Solid Waste Disposal (USG Corp.) 5.600 08/01/2032 5,462,805
- --------------------------------------------------------------------------------------------------------------------
17,595,000 OH Solid Waste Disposal (USG Corp.) 5.650 03/01/2033 18,152,058
- --------------------------------------------------------------------------------------------------------------------
2,450,000 OH Solid Waste Disposal (USG Corp.) 6.050 08/01/2034 2,575,073
- --------------------------------------------------------------------------------------------------------------------
430,000 OH Water Devel. Authority (Cincinnati Gas & Electric) 5.450 01/01/2024 432,421
- --------------------------------------------------------------------------------------------------------------------
572,000 OH Water Devel. Authority (General Motors Corp.) 5.900 06/15/2008 572,029
- --------------------------------------------------------------------------------------------------------------------
70,000 Pike County, OH Hospital Facilities
(Pike Health Services) 7.000 07/01/2022 70,928
- --------------------------------------------------------------------------------------------------------------------
125,000 Toledo-Lucas County, OH Port Authority (Northwest Ohio) 5.125 11/15/2025 126,624
---------------
196,882,580
- --------------------------------------------------------------------------------------------------------------------
OKLAHOMA--1.6%
1,700,000 Ardmore, OK Devel. Authority
(Airpark Increment District) 5.750 11/01/2022 1,723,732
- --------------------------------------------------------------------------------------------------------------------
2,325,000 Cleveland County, OK IDA (Vaughn Foods) 6.750 12/01/2012 2,349,087
- --------------------------------------------------------------------------------------------------------------------
2,365,000 Cleveland County, OK IDA (Vaughn Foods) 7.100 12/01/2024 2,390,164
- --------------------------------------------------------------------------------------------------------------------
2,080,000 Ellis County, OK Industrial Authority
(W.B. Johnston Grain of Shattuck) 7.100 08/01/2023 2,174,390
- --------------------------------------------------------------------------------------------------------------------
2,760,000 Ellis County, OK Industrial Authority
(W.B. Johnston Grain of Shattuck) 7.500 08/01/2023 2,899,739
- --------------------------------------------------------------------------------------------------------------------
500,000 Grady County, OK Industrial Authority
(Correctional Facilities) 9 7.000 11/01/2011 350,000
- --------------------------------------------------------------------------------------------------------------------
3,555,000 Jackson County, OK Memorial Hospital Authority
(Jackson County Memorial) 7.300 08/01/2015 3,573,877
- --------------------------------------------------------------------------------------------------------------------
7,350,000 OK County Home Finance Authority (Single Family Mtg.) 5.400 10/01/2038 7,751,678
- --------------------------------------------------------------------------------------------------------------------
9,000,000 OK Devel. Finance Authority (Doane Products Company) 6.250 07/15/2023 9,148,230
- --------------------------------------------------------------------------------------------------------------------
4,000,000 OK HFA (Single Family Homeownership Loan Program) 5.050 09/01/2031 4,100,640
- --------------------------------------------------------------------------------------------------------------------
100,000 OK Ordnance Works Authority Sewer & Solid Waste
Disposal Facilities (Ralston Purina Group) 6.500 09/01/2026 102,156
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Oklahoma City, OK Industrial & Cultural Facilities
(Aero Obligated Group) 6.750 01/01/2023 1,611,960
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Ottawa, OK Finance Authority (Doane Products Company) 7.250 06/01/2017 3,038,370
- --------------------------------------------------------------------------------------------------------------------
24,500,000 Tulsa County, OK Home Finance Authority
(Single Family Mtg.) 5.250 12/01/2038 25,950,890
- --------------------------------------------------------------------------------------------------------------------
20,710,000 Tulsa County, OK Industrial Authority
(St. Francis Health System) 5.000 12/15/2036 21,385,146
- --------------------------------------------------------------------------------------------------------------------
6,425,000 Tulsa, OK Municipal Airport Trust
(American Airlines) 1 5.650 12/01/2035 6,541,421
- --------------------------------------------------------------------------------------------------------------------
100,000 Tulsa, OK Municipal Airport Trust (American Airlines) 6.250 06/01/2020 100,373
- --------------------------------------------------------------------------------------------------------------------
15,500,000 Tulsa, OK Municipal Airport Trust (American Airlines) 7.750 06/01/2035 18,516,300
---------------
113,708,153
51 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
OREGON--0.5%
$ 3,500,000 Clackamas County, OR Hsg. Authority (Easton Ridge) 5.900% 12/01/2026 $ 3,499,720
- --------------------------------------------------------------------------------------------------------------------
3,745,000 Cow Creek Band, OR (Umpqua Tribe of Indians) 5.625 10/01/2026 3,812,597
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Klamath Falls, OR Electric (Klamath Cogeneration) 5.750 01/01/2013 10,242,600
- --------------------------------------------------------------------------------------------------------------------
2,250,000 Klamath Falls, OR Electric (Klamath Cogeneration) 5.875 01/01/2016 2,312,933
- --------------------------------------------------------------------------------------------------------------------
85,000 OR (Elderly & Disabled Hsg.) 5.800 08/01/2027 86,303
- --------------------------------------------------------------------------------------------------------------------
320,000 OR Economic Devel. (Georgia-Pacific Corp.) 5.700 12/01/2025 322,797
- --------------------------------------------------------------------------------------------------------------------
695,000 OR Economic Devel. (Georgia-Pacific Corp.) 6.350 08/01/2025 695,549
- --------------------------------------------------------------------------------------------------------------------
40,000 OR Hsg. & Community Services Dept. (Multifamily Hsg.) 6.000 07/01/2031 40,966
- --------------------------------------------------------------------------------------------------------------------
8,270,000 OR Solid Waste Disposal (USG Corp.) 6.400 12/01/2029 8,768,681
- --------------------------------------------------------------------------------------------------------------------
50,000 Port Astoria, OR Pollution Control (James River) 6.550 02/01/2015 50,048
- --------------------------------------------------------------------------------------------------------------------
3,300,000 Port of St. Helen's, OR Pollution Control
(Boise Cascade Corp.) 5.650 12/01/2027 3,374,217
- --------------------------------------------------------------------------------------------------------------------
10,000 Portland, OR Hsg. Authority (Yards at Union Station) 6.750 05/01/2029 10,022
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Western Generation, OR Agency Cogeneration
(Wauna Cogeneration) 5.000 01/01/2016 1,024,170
- --------------------------------------------------------------------------------------------------------------------
1,735,000 Western Generation, OR Agency Cogeneration
(Wauna Cogeneration) 5.000 01/01/2021 1,737,516
---------------
35,978,119
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--4.1%
1,250,000 Allegheny County, PA HDA
(The Covenant at South Hills) 8,11 8.750 02/01/2031 625,338
- --------------------------------------------------------------------------------------------------------------------
4,210,000 Allegheny County, PA HDA
(West Penn Allegheny Health System) 1 9.250 11/15/2015 5,002,659
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Allegheny County, PA HDA
(West Penn Allegheny Health System) 9.250 11/15/2022 7,118,040
- --------------------------------------------------------------------------------------------------------------------
36,010,000 Allegheny County, PA HDA
(West Penn Allegheny Health System) 9.250 11/15/2030 42,650,604
- --------------------------------------------------------------------------------------------------------------------
70,000 Beaver County, PA IDA (J. Ray McDermott & Company) 6.800 02/01/2009 70,623
- --------------------------------------------------------------------------------------------------------------------
235,000 Horsham, PA Industrial & Commercial Devel. Authority
(GF/Pennsylvania Property) 7.375 09/01/2008 234,673
- --------------------------------------------------------------------------------------------------------------------
5,040,000 Horsham, PA Industrial & Commercial Devel. Authority
(GF/Pennsylvania Property) 8.375 09/01/2024 5,043,578
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Lawrence County, PA IDA (Shenango Presbyterian Center) 7.500 11/15/2031 1,079,830
- --------------------------------------------------------------------------------------------------------------------
515,000 New Morgan, PA IDA (Browning-Ferris Industries) 6.500 04/01/2019 514,949
- --------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (National Gypsum Company) 6.250 11/01/2027 5,262,250
- --------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (Northampton Generating) 6.500 01/01/2013 5,082,000
- --------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (Northampton Generating) 6.600 01/01/2019 5,053,800
- --------------------------------------------------------------------------------------------------------------------
79,425,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 87,666,932
- --------------------------------------------------------------------------------------------------------------------
28,500,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 31,457,445
- --------------------------------------------------------------------------------------------------------------------
29,675,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 32,754,375
- --------------------------------------------------------------------------------------------------------------------
17,500,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 19,315,975
- --------------------------------------------------------------------------------------------------------------------
14,500,000 PA EDFA (Reliant Energy/Reliant Seward Obligated Group) 6.750 12/01/2036 16,004,665
52 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 26,235,000 PA EDFA (USG Corp.) 3 6.000% 06/01/2031 $ 27,538,617
- --------------------------------------------------------------------------------------------------------------------
330,000 Philadelphia, PA H&HEFA (Temple University Hospital) 6.625 11/15/2023 330,835
---------------
292,807,188
- --------------------------------------------------------------------------------------------------------------------
RHODE ISLAND--2.3%
45,000,000 Central Falls, RI Detention Facility 7.250 07/15/2035 50,514,750
- --------------------------------------------------------------------------------------------------------------------
50,000 RI Health & Educational Building Corp.
(Roger Williams General Hospital) 5.500 07/01/2018 50,160
- --------------------------------------------------------------------------------------------------------------------
3,940,000 RI Hsg. & Mtg. Finance Corp.
(Homeownership Opportunity) 4.875 10/01/2031 3,986,216
- --------------------------------------------------------------------------------------------------------------------
7,810,000 RI Hsg. & Mtg. Finance Corp.
(Homeownership Opportunity) 4.950 10/01/2036 7,874,198
- --------------------------------------------------------------------------------------------------------------------
50,000 RI Hsg. & Mtg. Finance Corp.
(Homeownership Opportunity) 5.100 10/01/2029 50,645
- --------------------------------------------------------------------------------------------------------------------
11,575,000 RI Hsg. & Mtg. Finance Corp. (Homeownership) 4.750 10/01/2031 11,605,442
- --------------------------------------------------------------------------------------------------------------------
10,560,000 RI Hsg. & Mtg. Finance Corp. (Homeownership) 4.850 10/01/2041 10,595,693
- --------------------------------------------------------------------------------------------------------------------
4,185,000 RI Hsg. & Mtg. Finance Corp. (Homeownership) 5.000 10/01/2046 4,253,341
- --------------------------------------------------------------------------------------------------------------------
8,000,000 RI Hsg. & Mtg. Finance Corp. (Rental Hsg. Program) 5 5.150 10/01/2022 8,156,320
- --------------------------------------------------------------------------------------------------------------------
80,000 RI Industrial Finance Corp.
(Ultrafine Powder Technology) 8.000 06/01/2015 81,596
- --------------------------------------------------------------------------------------------------------------------
51,715,000 RI Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2042 55,972,696
- --------------------------------------------------------------------------------------------------------------------
18,125,000 RI Tobacco Settlement Financing Corp. (TASC), Series A 6.125 06/01/2032 19,377,981
---------------
172,519,038
- --------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--1.7%
15,000,000 Columbia, SC Parking Facilities 5 5.000 02/01/2037 15,658,050
- --------------------------------------------------------------------------------------------------------------------
585,000 Darlington County, SC Industrial Devel.
(Sonoco Products Company) 1 6.000 04/01/2026 593,991
- --------------------------------------------------------------------------------------------------------------------
1,510,000 Florence County, SC Industrial Devel.
(Stone Container Corp.) 7.375 02/01/2007 1,510,000
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Georgetown County, SC Environmental Improvement
(International Paper Company) 5.550 12/01/2029 2,096,700
- --------------------------------------------------------------------------------------------------------------------
15,000 Horry County, SC Airport 5.600 07/01/2017 15,384
- --------------------------------------------------------------------------------------------------------------------
4,815,000 Lancaster County, SC (Edenmoor Improvement District) 5.750 12/01/2037 5,009,574
- --------------------------------------------------------------------------------------------------------------------
1,795,000 McCormick County, SC Hospital Facilities
(Health Care Center) 8.000 03/01/2021 2,095,429
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Myrtle Beach, SC Tax Increment
(Myrtle Beach Air Force Base) 5.250 11/01/2026 1,017,870
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Myrtle Beach, SC Tax Increment
(Myrtle Beach Air Force Base) 5.300 11/01/2035 2,038,740
- --------------------------------------------------------------------------------------------------------------------
6,620,000 SC Connector 2000 Assoc. Toll Road, Series B 6.496 4 01/01/2020 3,245,852
- --------------------------------------------------------------------------------------------------------------------
8,500,000 SC Connector 2000 Assoc. Toll Road, Series B 6.621 4 01/01/2024 3,299,785
- --------------------------------------------------------------------------------------------------------------------
9,335,000 SC GO 5 4.250 08/01/2017 9,647,282
- --------------------------------------------------------------------------------------------------------------------
9,750,000 SC GO 5 4.375 08/01/2018 10,076,165
53 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA Continued
$ 10,190,000 SC GO 5 4.500% 08/01/2019 $ 10,530,885
- --------------------------------------------------------------------------------------------------------------------
6,660,000 SC Hsg. Finance & Devel. Authority, Series A 5 4.850 01/01/2023 6,757,169
- --------------------------------------------------------------------------------------------------------------------
11,060,000 SC Hsg. Finance & Devel. Authority, Series A-2 5 5.200 07/01/2034 11,436,095
- --------------------------------------------------------------------------------------------------------------------
3,800,000 SC Hsg. Finance & Devel. Authority, Series A-2 5.150 07/01/2037 3,926,122
- --------------------------------------------------------------------------------------------------------------------
285,000 SC Jobs-EDA (JDAM/LH/Franke Home/LS Obligated Group) 5.700 05/01/2026 284,972
- --------------------------------------------------------------------------------------------------------------------
5,000 SC Resource Authority Local Government Program 7.250 06/01/2020 5,014
- --------------------------------------------------------------------------------------------------------------------
18,840,000 SC Tobacco Settlement Management Authority, Series B 6.375 05/15/2028 20,413,894
- --------------------------------------------------------------------------------------------------------------------
6,485,000 SC Tobacco Settlement Management Authority, Series B 6.375 05/15/2030 7,562,677
- --------------------------------------------------------------------------------------------------------------------
3,680,000 York County, SC (Hoechst Celanese Corp.) 5.700 01/01/2024 3,680,368
- --------------------------------------------------------------------------------------------------------------------
280,000 York County, SC Pollution Control (Bowater) 7.400 01/01/2010 282,537
---------------
121,184,555
- --------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA--0.8%
7,200,000 Lower Brule, SD Sioux Tribe (Farm Road Reconstruction) 6.500 02/01/2016 7,220,160
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Lower Brule, SD Sioux Tribe, Series B 5.500 05/01/2019 993,750
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Lower Brule, SD Sioux Tribe, Series B 5.600 05/01/2020 996,390
- --------------------------------------------------------------------------------------------------------------------
37,065,000 SD Educational Enhancement Funding Corp.
Tobacco Settlement 6.500 06/01/2032 40,936,810
- --------------------------------------------------------------------------------------------------------------------
5,786,854 Sioux Falls, SD Economic Devel. (City Centre Hotel) 7.000 10 11/01/2016 5,791,773
- --------------------------------------------------------------------------------------------------------------------
1,425,000 Turner County, SD Tax Increment 3 5.000 12/15/2026 1,428,463
---------------
57,367,346
- --------------------------------------------------------------------------------------------------------------------
TENNESSEE--0.9%
940,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 5.500 10/01/2020 966,809
- --------------------------------------------------------------------------------------------------------------------
1,800,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 6.000 10/01/2035 1,894,806
- --------------------------------------------------------------------------------------------------------------------
17,000,000 Johnson City, TN Health & Educational Facilities Board
(Mountain States Health Alliance) 5.500 07/01/2036 18,077,800
- --------------------------------------------------------------------------------------------------------------------
12,000,000 Johnson City, TN Health & Educational Facilities Board
(Mountain States Health Alliance) 5 5.500 07/01/2036 12,760,800
- --------------------------------------------------------------------------------------------------------------------
100,000 Knox County, TN HE&HF (Baptist Health System
of East Tennessee/Baptist Hospital of East Tennessee
Obligated Group) 6.375 04/15/2022 107,497
- --------------------------------------------------------------------------------------------------------------------
25,000 Knox County, TN Industrial Devel. Board
(Waterford Apartments) 5.850 03/01/2015 25,230
- --------------------------------------------------------------------------------------------------------------------
1,065,000 Maury County, TN Industrial Devel. Board
(General Motors Corp.) 6.500 09/01/2024 1,085,448
- --------------------------------------------------------------------------------------------------------------------
7,400,000 Maury County, TN Industrial Devel. Board
(General Motors Corp.) 7.000 10 06/01/2027 7,400,000
- --------------------------------------------------------------------------------------------------------------------
7,000,000 Maury County, TN Industrial Devel. Board
(General Motors Corp.) 8.000 10 09/01/2027 7,000,000
- --------------------------------------------------------------------------------------------------------------------
4,405,000 McMinn County, TN Industrial Devel. Board Pollution
Control (Calhoun Newsprint) 7.625 03/01/2016 4,427,289
54 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
TENNESSEE Continued
$ 1,610,000 McMinn County, TN Industrial Devel. Board Solid Waste
(Calhoun Newsprint) 1 7.400% 12/01/2022 $ 1,632,218
- --------------------------------------------------------------------------------------------------------------------
45,000 Memphis, TN HE&HFB (Graceland Gardens Apartments) 8.000 03/01/2019 45,591
- --------------------------------------------------------------------------------------------------------------------
215,000 Memphis-Shelby County, TN Airport Authority
(Express Airlines) 6.125 12/01/2016 198,658
- --------------------------------------------------------------------------------------------------------------------
8,500,000 Metropolitan Knoxville, TN Airport Authority
(Northwest Airlines) 8 8.000 04/01/2032 4,759,235
- --------------------------------------------------------------------------------------------------------------------
305,000 Shelby County, TN HE&HF (Lapaloma Apartments) 7.750 12/01/2029 303,240
- --------------------------------------------------------------------------------------------------------------------
3,500,000 TN Hsg. Devel. Agency (Homeownership Program) 5.150 01/01/2037 3,624,355
---------------
64,308,976
- --------------------------------------------------------------------------------------------------------------------
TEXAS--19.8%
20,000 Abilene, TX Health Facilities Devel. Corp.
(Hendrick Medical Center) 6.000 09/01/2013 20,232
- --------------------------------------------------------------------------------------------------------------------
135,000 Alliance Airport Authority, TX (American Airlines) 7.000 12/01/2011 143,744
- --------------------------------------------------------------------------------------------------------------------
130,540,000 Alliance Airport Authority, TX (American Airlines) 7.500 12/01/2029 133,176,908
- --------------------------------------------------------------------------------------------------------------------
20,000 Angelina & Neches River Authority, TX Solid Waste
(Champion International Corp.) 6.300 04/01/2018 20,239
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Austin, TX Convention Enterprises (Convention Center) 5.750 01/01/2034 4,274,080
- --------------------------------------------------------------------------------------------------------------------
520,000 Austin, TX Convention Enterprises (Convention Center) 6.700 01/01/2028 573,524
- --------------------------------------------------------------------------------------------------------------------
230,000 Beaumont, TX Multifamily HDC
(Madison on the Lake Apartments) 7.750 12/01/2028 230,750
- --------------------------------------------------------------------------------------------------------------------
50,000 Bell County, TX Health Facility Devel. Corp.
(Buckner Retirement Services) 5.250 11/15/2028 50,988
- --------------------------------------------------------------------------------------------------------------------
430,000 Bexar County, TX HFC (American Opportunity Hsg.) 7.500 01/01/2013 437,018
- --------------------------------------------------------------------------------------------------------------------
980,000 Bexar County, TX HFC (American Opportunity Hsg.) 8.000 01/01/2031 986,517
- --------------------------------------------------------------------------------------------------------------------
1,195,000 Bexar County, TX HFC (American Opportunity Hsg.) 1 8.250 12/01/2037 1,252,575
- --------------------------------------------------------------------------------------------------------------------
970,000 Bexar County, TX HFC (American Opportunity Hsg.) 9.250 12/01/2037 997,150
- --------------------------------------------------------------------------------------------------------------------
1,145,000 Bexar County, TX HFC
(American Opportunity Hsg.-Nob Hill Apartments) 1 8.500 06/01/2031 1,160,091
- --------------------------------------------------------------------------------------------------------------------
1,020,000 Bexar County, TX HFC (Doral Club) 1 8.750 10/01/2036 1,026,875
- --------------------------------------------------------------------------------------------------------------------
215,000 Bexar County, TX HFC (Honey Creek LLC) 8.000 04/01/2030 216,176
- --------------------------------------------------------------------------------------------------------------------
50,000 Bexar County, TX HFC (Honey Creek LLC) 9.000 04/01/2030 48,920
- --------------------------------------------------------------------------------------------------------------------
1,460,000 Bexar County, TX HFC (Perrin Square) 9.750 11/20/2031 1,545,074
- --------------------------------------------------------------------------------------------------------------------
1,235,000 Bexar County, TX HFC (Sagewood Apartments) 1 5.375 10/20/2040 1,284,301
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Bexar County, TX Hsg. Finance Corp. 1 4.950 10 10/01/2039 5,229,750
- --------------------------------------------------------------------------------------------------------------------
3,150,000 Brazos River Authority, TX (TXU Energy Company) 6.750 10/01/2038 3,532,032
- --------------------------------------------------------------------------------------------------------------------
8,100,000 Brazos River Authority, TX (TXU Energy Company) 7.700 04/01/2033 9,485,343
- --------------------------------------------------------------------------------------------------------------------
60,625,000 Brazos River Authority, TX (TXU Energy Company) 5 5.000 03/01/2041 60,815,284
- --------------------------------------------------------------------------------------------------------------------
13,500,000 Brazos River Authority, TX (TXU Energy Company) 5 5.400 05/01/2029 13,979,520
- --------------------------------------------------------------------------------------------------------------------
17,365,000 Cambridge, TX Student Hsg.
(Cambridge Student Hsg. Devel.) 1 7.000 11/01/2039 17,934,919
55 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 3,700,000 Comal County, TX Health Facilities Devel. Corp.
(MMH/MHS/MHM Obligated Group) 1 6.250% 02/01/2032 $ 4,009,875
- --------------------------------------------------------------------------------------------------------------------
75,000 Dallas-Fort Worth, TX International Airport 5.000 11/01/2035 75,607
- --------------------------------------------------------------------------------------------------------------------
925,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 6.150 05/01/2029 935,101
- --------------------------------------------------------------------------------------------------------------------
3,755,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 6.375 05/01/2035 3,880,417
- --------------------------------------------------------------------------------------------------------------------
5,490,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 7.250 11/01/2030 5,571,801
- --------------------------------------------------------------------------------------------------------------------
185,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 8.250 11/01/2036 215,566
- --------------------------------------------------------------------------------------------------------------------
22,000,000 Dallas-Fort Worth, TX International Airport Facility
Improvement Corp. 9.000 05/01/2029 27,421,680
- --------------------------------------------------------------------------------------------------------------------
45,945,000 Dallas-Fort Worth, TX International Airport Facility
Improvement Corp. 9.125 05/01/2029 57,946,753
- --------------------------------------------------------------------------------------------------------------------
12,145,000 Dallas-Fort Worth, TX International Airport Facility
Improvement Corp. (Learjet) 6.150 01/01/2016 12,224,307
- --------------------------------------------------------------------------------------------------------------------
24,000,000 Dallas-Fort Worth, TX International Airport Facilities 5 5.000 11/01/2027 24,311,640
- --------------------------------------------------------------------------------------------------------------------
32,500,000 Dallas-Fort Worth, TX International Airport Facilities 5 5.500 11/01/2033 34,840,325
- --------------------------------------------------------------------------------------------------------------------
20,000 Dallas-Fort Worth, TX Regional Airport
(Dallas-Fort Worth International Airport) 5.500 11/01/2015 20,203
- --------------------------------------------------------------------------------------------------------------------
50,000 Dallas-Fort Worth, TX Regional Airport
(Dallas-Fort Worth International Airport) 5.500 11/01/2023 50,489
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Danbury, TX Higher Education Authority
(AW Brown Fellowship Charter) 5.125 08/15/2036 1,024,240
- --------------------------------------------------------------------------------------------------------------------
2,115,000 Danbury, TX Higher Education Finance Corp.
(Island Foundation) 6.250 02/15/2036 2,129,868
- --------------------------------------------------------------------------------------------------------------------
450,000 Decatur, TX Hospital Authority
(Wise Regional Health System) 5.625 09/01/2013 458,694
- --------------------------------------------------------------------------------------------------------------------
5,176,469 El Paso, TX HFC (Single Family) 1 6.180 04/01/2033 5,472,822
- --------------------------------------------------------------------------------------------------------------------
7,240,000 El Paso, TX HFDC (Bienvivir Senior Health Services) 7.750 08/15/2031 7,978,552
- --------------------------------------------------------------------------------------------------------------------
45,000 Gainesville, TX Hsg. Authority 6.800 12/01/2020 45,959
- --------------------------------------------------------------------------------------------------------------------
25,000 Galveston County, TX HFC (Friendswood) 6.200 10/01/2021 25,229
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Galveston County, TX HFC (Single Family) 1 6.300 09/15/2031 1,764,420
- --------------------------------------------------------------------------------------------------------------------
5,000 Galveston, TX Special Contract
(Farmers Export Company) 6.750 05/01/2007 5,013
- --------------------------------------------------------------------------------------------------------------------
6,935,000 Garza County, TX Public Facility Corp. 5.750 10/01/2025 7,395,068
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Grapevine, TX IDC (Air Cargo) 6.500 01/01/2024 1,077,670
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Guadalupe-Blanco, TX River Authority
(E.I. Dupont De Nemours) 6.400 04/01/2026 4,085,960
- --------------------------------------------------------------------------------------------------------------------
4,660,000 Gulf Coast, TX IDA (Citgo Petroleum Corp.) 7.500 05/01/2025 5,236,349
- --------------------------------------------------------------------------------------------------------------------
31,000,000 Gulf Coast, TX IDA (Microgy Holdings) 7.000 12/01/2036 32,659,740
- --------------------------------------------------------------------------------------------------------------------
75,000 Gulf Coast, TX Waste Disposal Authority (FMC Corp.) 7.050 10/01/2009 76,484
56 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 5,725,000 Gulf Coast, TX Waste Disposal Authority
(International Paper Company) 1 6.100% 08/01/2024 $ 6,151,055
- --------------------------------------------------------------------------------------------------------------------
25,000 Gulf Coast, TX Waste Disposal Authority
(Valero Energy Corp.) 5.700 04/01/2032 25,761
- --------------------------------------------------------------------------------------------------------------------
5,950,000 Harris County, TX IDC (Continental Airlines) 5.375 07/01/2019 5,844,090
- --------------------------------------------------------------------------------------------------------------------
1,750,000 HFDC of Central TX
(Legacy at Willow Bend Retirement Community) 5.625 11/01/2026 1,799,420
- --------------------------------------------------------------------------------------------------------------------
2,750,000 HFDC of Central TX
(Legacy at Willow Bend Retirement Community) 5.750 11/01/2036 2,819,850
- --------------------------------------------------------------------------------------------------------------------
2,000,000 HFDC of Central TX
(Lutheran Social Services of the South) 6.875 02/15/2032 2,119,200
- --------------------------------------------------------------------------------------------------------------------
4,000,000 HFDC of Central TX (Villa De San Antonio) 6.250 05/15/2036 4,092,520
- --------------------------------------------------------------------------------------------------------------------
7,885,000 Houston, TX Airport Special Facilities
(Continental Airlines) 1 5.700 07/15/2029 8,051,925
- --------------------------------------------------------------------------------------------------------------------
7,290,000 Houston, TX Airport Special Facilities
(Continental Airlines) 1 5.700 07/15/2029 7,444,329
- --------------------------------------------------------------------------------------------------------------------
20,860,000 Houston, TX Airport Special Facilities
(Continental Airlines) 1 6.125 07/15/2017 20,971,184
- --------------------------------------------------------------------------------------------------------------------
14,130,000 Houston, TX Airport Special Facilities
(Continental Airlines) 1 6.125 07/15/2027 14,198,389
- --------------------------------------------------------------------------------------------------------------------
18,020,000 Houston, TX Airport Special Facilities
(Continental Airlines) 1 6.125 07/15/2027 18,107,217
- --------------------------------------------------------------------------------------------------------------------
17,750,000 Houston, TX Airport Special Facilities
(Continental Airlines) 1 6.750 07/01/2021 19,281,648
- --------------------------------------------------------------------------------------------------------------------
46,095,000 Houston, TX Airport Special Facilities
(Continental Airlines) 6.750 07/01/2029 50,072,538
- --------------------------------------------------------------------------------------------------------------------
100,000 Houston, TX Airport Special Facilities
(Continental Airlines) 7.000 07/01/2029 109,614
- --------------------------------------------------------------------------------------------------------------------
1,260,000 Houston, TX Airport Special Facilities
(Continental Airlines) 1 7.375 07/01/2022 1,399,759
- --------------------------------------------------------------------------------------------------------------------
180,000 Houston, TX Airport System 5.000 07/01/2025 181,215
- --------------------------------------------------------------------------------------------------------------------
60,000 Houston, TX Airport System 5.000 07/01/2027 60,957
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Houston, TX HFDC (Buckingham Senior Living Community) 7.000 02/15/2026 1,671,615
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Houston, TX HFDC (Buckingham Senior Living Community) 7.125 02/15/2034 5,582,550
- --------------------------------------------------------------------------------------------------------------------
250,000 Houston, TX IDC (Air Cargo) 6.375 01/01/2023 267,863
- --------------------------------------------------------------------------------------------------------------------
16,800,000 Hutto, TX Independent School District 5 5.000 08/01/2037 17,587,332
- --------------------------------------------------------------------------------------------------------------------
1,000,000 IAH TX Public Facility Corp. 6.000 05/01/2016 997,510
- --------------------------------------------------------------------------------------------------------------------
1,500,000 IAH TX Public Facility Corp. 6.125 05/01/2026 1,455,015
- --------------------------------------------------------------------------------------------------------------------
2,200,000 IAH TX Public Facility Corp. 7.750 05/01/2026 2,259,950
- --------------------------------------------------------------------------------------------------------------------
4,750,000 Kerryville, TX Health Facilities Devel. Corp.
(Sid Peterson Memorial Hospital) 5.450 08/15/2035 4,794,935
- --------------------------------------------------------------------------------------------------------------------
12,050,000 Lancaster, TX Independent School District 5 5.000 02/15/2034 12,643,764
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Lancaster, TX Independent School District 5 5.750 02/15/2034 11,177,900
- --------------------------------------------------------------------------------------------------------------------
770,000 Laredo, TX HFC 6.950 10/01/2027 773,488
- --------------------------------------------------------------------------------------------------------------------
9,225,000 Leander, TX Independent School District 5.433 4 08/15/2032 2,420,732
- --------------------------------------------------------------------------------------------------------------------
31,820,000 Leander, TX Independent School District 5.497 4 08/15/2037 6,265,994
- --------------------------------------------------------------------------------------------------------------------
9,000,000 Lewisville, TX GO 6.125 09/01/2029 10,099,350
- --------------------------------------------------------------------------------------------------------------------
1,790,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 6.000 07/01/2032 1,823,366
- --------------------------------------------------------------------------------------------------------------------
335,000 Matagorda County, TX Navigation District
(Central Power & Light Company) 6.125 05/01/2030 342,253
- --------------------------------------------------------------------------------------------------------------------
410,000 Matagorda County, TX Navigation District (Reliant Energy) 5.950 05/01/2030 421,886
57 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 1,380,000 Newton County, TX Public Facility Corp. 9 8.000% 03/01/2019 $ 1,420,448
- --------------------------------------------------------------------------------------------------------------------
2,250,000 North Central, TX HFDC (Northwest Senior Hsg. Corp.) 7.500 11/15/2029 2,503,260
- --------------------------------------------------------------------------------------------------------------------
1,860,000 Nueces County, TX HFC (Dolphins Landing Apartments) 6.875 07/01/2030 1,978,147
- --------------------------------------------------------------------------------------------------------------------
7,980,000 Nueces County, TX HFC (Gulfway Manor Apartments) 3 4.900 06/20/2043 7,981,756
- --------------------------------------------------------------------------------------------------------------------
5,950,000 Port of Bay City, TX (Hoechst Celanese Corp.) 6.500 05/01/2026 6,076,854
- --------------------------------------------------------------------------------------------------------------------
15,000,000 Port of Corpus Christi, TX Authority (CNA Holdings) 6.700 11/01/2030 16,384,200
- --------------------------------------------------------------------------------------------------------------------
75,000 Port of Corpus Christi, TX IDC (Citgo Petroleum Corp.) 8.250 11/01/2031 77,045
- --------------------------------------------------------------------------------------------------------------------
12,207,000 Sabine Neches, TX Hsg. Finance Corp.
(Single Family Mtg.) 4.875 10 12/01/2039 12,783,659
- --------------------------------------------------------------------------------------------------------------------
110,000 Sabine, TX River Authority Pollution Control
(TXU Electric Company) 6.450 06/01/2021 117,970
- --------------------------------------------------------------------------------------------------------------------
57,640,000 San Antonio, TX Convention Center Hotel Finance Corp.
(Empowerment Zone) 5.000 07/15/2034 59,504,078
- --------------------------------------------------------------------------------------------------------------------
42,260,000 San Antonio, TX Convention Center Hotel Finance Corp.
(Empowerment Zone) 5.000 07/15/2039 43,548,507
- --------------------------------------------------------------------------------------------------------------------
7,000,000 San Antonio, TX HFC (Midcrowne Senior Apartments) 5.150 06/20/2047 7,194,740
- --------------------------------------------------------------------------------------------------------------------
5,000,000 San Antonio, TX Hsg. Trust Finance Corp.
(Single Family Mtg.) 4.950 10 10/01/2039 5,233,750
- --------------------------------------------------------------------------------------------------------------------
45,000 Southeast TX HFC (Forest View Apartments) 8,11 8.750 11/01/2023 36,041
- --------------------------------------------------------------------------------------------------------------------
6,030,000 Springhill, TX Courtland Heights Public Facility Corp. 5.850 12/01/2028 6,170,559
- --------------------------------------------------------------------------------------------------------------------
10,755,000 Tarrant County, TX HFC (Lindberg Park) 5.150 10/20/2047 11,059,044
- --------------------------------------------------------------------------------------------------------------------
14,935,000 Tarrant County, TX HFC (Village Creek Apartments) 5.000 04/20/2048 14,956,656
- --------------------------------------------------------------------------------------------------------------------
1,600,000 Travis County, TX HFDC (Querencia Barton Creek) 5.650 11/15/2035 1,643,328
- --------------------------------------------------------------------------------------------------------------------
8,400,000 Trinity, TX River Authority (General Motors Corp.) 7.000 10 04/01/2009 8,400,000
- --------------------------------------------------------------------------------------------------------------------
2,320,000 TX Affordable Hsg. Corp.
(American Hsg. Foundation) 8,9,11 8.000 03/01/2032 464,023
- --------------------------------------------------------------------------------------------------------------------
2,965,000 TX Affordable Hsg. Corp.
(Ashton Place & Woodstock Apartments) 6.300 08/01/2033 2,419,825
- --------------------------------------------------------------------------------------------------------------------
6,335,000 TX Affordable Hsg. Corp.
(South Texas Affordable Properties Corp.) 8.000 03/01/2032 6,392,142
- --------------------------------------------------------------------------------------------------------------------
15,000 TX Dept. of Hsg. & Community Affairs 5.350 07/01/2033 15,412
- --------------------------------------------------------------------------------------------------------------------
50,000 TX Dept. of Hsg. & Community Affairs
(Pebble Brook Apartments) 5.600 12/01/2030 51,483
- --------------------------------------------------------------------------------------------------------------------
40,075,000 TX Dept. of Hsg. & Community Affairs 5 5.000 07/01/2034 40,697,400
- --------------------------------------------------------------------------------------------------------------------
10,000 TX GO 5.750 08/01/2020 10,014
- --------------------------------------------------------------------------------------------------------------------
15,000,000 TX Municipal Gas Acquisition & Supply Corp. 5 5.048 12/15/2026 15,000,000
- --------------------------------------------------------------------------------------------------------------------
269,000,000 TX Municipal Gas Acquisition & Supply Corp. 5 0.000 12/15/2026 268,731,000
- --------------------------------------------------------------------------------------------------------------------
87,000,000 TX Municipal Gas Acquisition & Supply Corp. 9 4.298 10 12/15/2026 86,913,000
- --------------------------------------------------------------------------------------------------------------------
1,840,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 6.625 03/01/2020 1,090,126
- --------------------------------------------------------------------------------------------------------------------
2,545,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 6.750 03/01/2031 1,502,186
- --------------------------------------------------------------------------------------------------------------------
1,600,000 TX Public Finance Authority Charter School Finance
Corp. (Ed-Burnham Wood) 6.250 09/01/2036 1,638,992
- --------------------------------------------------------------------------------------------------------------------
50,000 TX Student Hsg. Corp. (Midwestern State University) 6.500 09/01/2022 54,206
58 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 50,000 TX Student Hsg. Corp. (University of North Texas) 6.000% 07/01/2011 $ 49,266
- --------------------------------------------------------------------------------------------------------------------
235,000 TX Student Hsg. Corp. (University of North Texas) 6.750 07/01/2021 233,592
- --------------------------------------------------------------------------------------------------------------------
200,000 TX Student Hsg. Corp. (University of North Texas) 6.850 07/01/2031 198,462
- --------------------------------------------------------------------------------------------------------------------
16,000,000 TX Turnpike Authority 5 5.000 08/15/2042 16,558,560
- --------------------------------------------------------------------------------------------------------------------
12,000,000 TX Veterans Hsg. Assistance GO 5 5.750 06/01/2029 12,303,900
- --------------------------------------------------------------------------------------------------------------------
10,000,000 TX Veterans Hsg. Assistance GO 5 6.150 12/01/2028 10,402,100
- --------------------------------------------------------------------------------------------------------------------
4,000,000 TX Water Devel. 5.250 08/01/2028 4,053,000
- --------------------------------------------------------------------------------------------------------------------
550,000 TX Water Devel. Board 5.700 07/15/2014 554,774
- --------------------------------------------------------------------------------------------------------------------
15,000 Tyler, TX Health Facilities Devel. Corp.
(East Texas Medical Center) 6.750 11/01/2025 15,138
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Willacy County, TX Local Government Corp. 6.000 03/01/2009 4,052,360
---------------
1,423,149,019
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--1.8%
150,000 Guam GO, Series A 5.400 11/15/2018 150,101
- --------------------------------------------------------------------------------------------------------------------
2,540,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 2,664,104
- --------------------------------------------------------------------------------------------------------------------
9,500,000 Northern Mariana Islands Ports Authority, Series A 6.750 10/01/2033 10,599,910
- --------------------------------------------------------------------------------------------------------------------
383,500,000 Puerto Rico Children's Trust Fund (TASC) 6.309 4 05/15/2050 26,342,615
- --------------------------------------------------------------------------------------------------------------------
745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.009 4 05/15/2055 26,901,950
- --------------------------------------------------------------------------------------------------------------------
7,500,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 8,049,675
- --------------------------------------------------------------------------------------------------------------------
7,500,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 8,037,675
- --------------------------------------------------------------------------------------------------------------------
75,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2040 77,894
- --------------------------------------------------------------------------------------------------------------------
13,800,000 Puerto Rico Infrastructure 5.000 07/01/2046 14,372,838
- --------------------------------------------------------------------------------------------------------------------
30,000,000 Puerto Rico Public Finance Corp. 5.750 08/01/2027 32,140,500
---------------
129,337,262
- --------------------------------------------------------------------------------------------------------------------
UTAH--0.1%
650,000 Carbon County, UT Solid Waste Disposal
(Allied Waste Industries) 7.450 07/01/2017 669,923
- --------------------------------------------------------------------------------------------------------------------
2,085,000 Carbon County, UT Solid Waste Disposal
(Allied Waste Industries) 1 7.500 02/01/2010 2,100,471
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Carbon County, UT Solid Waste Disposal
(Sunnyside Cogeneration) 7.100 08/15/2023 3,312,630
- --------------------------------------------------------------------------------------------------------------------
1,935,000 UT HFA (RHA Community Service of Utah) 6.875 07/01/2027 1,976,448
- --------------------------------------------------------------------------------------------------------------------
1,250,000 UT Hsg. Corp. (Single Family Mtg.) 4.800 07/01/2032 1,248,675
- --------------------------------------------------------------------------------------------------------------------
1,650,000 UT Hsg. Corp. (Single Family Mtg.) 5.000 01/01/2032 1,683,990
---------------
10,992,137
- --------------------------------------------------------------------------------------------------------------------
VERMONT--0.0%
2,000,000 VT EDA (Wake Robin Corp.) 5.375 05/01/2036 2,040,000
- --------------------------------------------------------------------------------------------------------------------
60,000 VT HFA (Single Family), Series 9 5.400 05/01/2037 60,183
---------------
2,100,183
59 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
VIRGINIA--1.8%
$ 100,000 Bedford County, VA IDA (Georgia-Pacific Corp.) 5.600% 12/01/2025 $ 100,919
- --------------------------------------------------------------------------------------------------------------------
2,275,000 Bedford County, VA IDA (Georgia-Pacific Corp.) 6.550 12/01/2025 2,363,316
- --------------------------------------------------------------------------------------------------------------------
6,300,000 Celebrate, VA South Community Devel. Authority
Special Assessment 6.250 03/01/2037 6,499,836
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Fairfax County, VA Redevel. & Hsg. Authority
(Burke Shire Commons) 7.600 10/01/2036 3,126,840
- --------------------------------------------------------------------------------------------------------------------
12,250,000 Farms New Kent, VA Community Devel. Authority
Special Assessment 5.125 03/01/2036 12,323,255
- --------------------------------------------------------------------------------------------------------------------
7,000,000 Farms New Kent, VA Community Devel. Authority
Special Assessment 5.450 03/01/2036 7,028,140
- --------------------------------------------------------------------------------------------------------------------
2,206,000 Farms New Kent, VA Community Devel. Authority
Special Assessment 5.800 03/01/2036 2,211,493
- --------------------------------------------------------------------------------------------------------------------
120,000 Giles County, VA IDA (Hoechst Celanese Corp.) 5.950 12/01/2025 120,107
- --------------------------------------------------------------------------------------------------------------------
9,950,000 Giles County, VA IDA (Hoechst Celanese Corp.) 1 6.450 05/01/2026 10,083,529
- --------------------------------------------------------------------------------------------------------------------
7,720,000 Giles County, VA IDA (Hoechst Celanese Corp.) 1 6.625 12/01/2022 7,744,241
- --------------------------------------------------------------------------------------------------------------------
7,000,000 Halifax County, VA IDA
(Old Dominion Electric Cooperative) 5 5.625 06/01/2028 7,626,675
- --------------------------------------------------------------------------------------------------------------------
3,535,000 Hampton, VA Redevel. & Hsg. Authority (Olde Hampton) 6.500 07/01/2016 3,535,707
- --------------------------------------------------------------------------------------------------------------------
25,000 Hopewell, VA IDA (Continental Group) 5.900 06/01/2007 24,923
- --------------------------------------------------------------------------------------------------------------------
1,300,000 Loudoun County, VA IDA (George Washington University) 6.250 05/15/2022 1,327,508
- --------------------------------------------------------------------------------------------------------------------
350,000 Lynchburg, VA IDA (Westminster-Canterbury
Residential Care Facility) 3 5.000 07/01/2031 349,986
- --------------------------------------------------------------------------------------------------------------------
3,000,000 New Port, VA CDA 5.600 09/01/2036 3,138,120
- --------------------------------------------------------------------------------------------------------------------
2,050,000 Norfolk, VA EDA, Series A 6.000 11/01/2036 2,110,229
- --------------------------------------------------------------------------------------------------------------------
1,085,000 Norfolk, VA Redevel. & Hsg. Authority
(First Mtg.-Retirement Community) 6.125 01/01/2035 1,142,624
- --------------------------------------------------------------------------------------------------------------------
300,000 Pittsylvania County, VA IDA
(Multitrade of Pittsylvania) 7.450 01/01/2009 300,807
- --------------------------------------------------------------------------------------------------------------------
10,350,000 Pittsylvania County, VA IDA
(Multitrade of Pittsylvania) 7.500 01/01/2014 10,378,152
- --------------------------------------------------------------------------------------------------------------------
7,050,000 Pittsylvania County, VA IDA
(Multitrade of Pittsylvania) 7.550 01/01/2019 7,069,388
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 5.250 08/15/2008 3,071,820
- --------------------------------------------------------------------------------------------------------------------
2,250,000 Pocahontas Parkway Assoc., VA
(Route 895 Connector Toll Road) 7.000 4 08/15/2007 2,206,440
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Prince William County, VA IDA
(Westminster Presbyterian Retirement Community) 5.125 01/01/2026 2,530,925
- --------------------------------------------------------------------------------------------------------------------
7,545,000 VA College Building Authority Educational Facilities
(Regent University) 5.000 06/01/2036 7,803,265
- --------------------------------------------------------------------------------------------------------------------
20,000,000 VA Tobacco Settlement Authority (TASC) 5.625 06/01/2037 21,391,600
- --------------------------------------------------------------------------------------------------------------------
2,500,000 West Point, VA IDA Solid Waste (Chesapeake Corp.) 6.375 03/01/2019 2,521,975
---------------
128,131,820
60 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
WASHINGTON--1.3%
$ 12,000,000 Chelan County, WA Public Utility District No. 001
(Chelan Hydropower) 5 5.600% 01/01/2036 $ 12,783,720
- --------------------------------------------------------------------------------------------------------------------
15,000 King County, WA Hsg. Authority (Kona Village) 6.700 01/01/2020 15,473
- --------------------------------------------------------------------------------------------------------------------
125,000 King County, WA Hsg. Authority
(Southwood Square Apartments) 6.100 10/01/2021 128,250
- --------------------------------------------------------------------------------------------------------------------
725,000 King County, WA Hsg. Authority
(Southwood Square Apartments) 6.200 10/01/2031 743,807
- --------------------------------------------------------------------------------------------------------------------
25,000 Pierce County, WA Fire Protection District No. 16 6.000 12/01/2016 25,035
- --------------------------------------------------------------------------------------------------------------------
2,455,000 Port Camas, WA Public Industrial Corp.
(James River Corp. of Virginia) 6.700 04/01/2023 2,457,529
- --------------------------------------------------------------------------------------------------------------------
1,600,000 Port of Seattle, WA Special Facility
(Northwest Airlines) 8,11 7.125 04/01/2020 1,593,968
- --------------------------------------------------------------------------------------------------------------------
100,000 Snohomish County, WA Hsg. Authority
(Hasco-Cedar Street) 6.625 05/01/2017 100,178
- --------------------------------------------------------------------------------------------------------------------
100,000 Snohomish County, WA Hsg. Authority
(Whispering Pines Apartments) 5.100 09/01/2015 100,333
- --------------------------------------------------------------------------------------------------------------------
1,675,000 Snohomish County, WA Hsg. Authority
(Whispering Pines Apartments) 5.600 09/01/2025 1,744,965
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Snohomish County, WA Hsg. Authority
(Whispering Pines Apartments) 5.750 09/01/2030 1,313,388
- --------------------------------------------------------------------------------------------------------------------
28,420,000 Tacoma, WA Port Authority 5 5.000 12/01/2030 29,465,714
- --------------------------------------------------------------------------------------------------------------------
20,000 Vancouver, WA Hsg. Authority 5.625 03/01/2028 20,087
- --------------------------------------------------------------------------------------------------------------------
125,000 WA Health Care Facilities Authority
(Northwest Hospital) 5.450 11/15/2013 125,150
- --------------------------------------------------------------------------------------------------------------------
5,000,000 WA HFC (Single Family Programs) 5.100 12/01/2031 5,181,300
- --------------------------------------------------------------------------------------------------------------------
13,160,000 WA HFC (Single Family Programs) 5.150 06/01/2037 13,614,020
- --------------------------------------------------------------------------------------------------------------------
4,595,000 WA Tobacco Settlement Authority (TASC) 6.500 06/01/2026 5,044,483
- --------------------------------------------------------------------------------------------------------------------
14,285,000 WA Tobacco Settlement Authority (TASC) 6.625 06/01/2032 15,966,487
---------------
90,423,887
- --------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA--0.8%
14,030,000 Braxton County, WV Solid Waste Disposal
(Weyerhaeuser Company) 1 5.800 06/01/2027 14,357,881
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Braxton County, WV Solid Waste Disposal
(Weyerhaeuser Company) 1 6.125 04/01/2026 2,070,800
- --------------------------------------------------------------------------------------------------------------------
21,700,000 Braxton County, WV Solid Waste Disposal
(Weyerhaeuser Company) 5 5.400 05/01/2025 21,845,065
- --------------------------------------------------------------------------------------------------------------------
600,000 Ohio County, WV Commission Special District Excise Tax
(Fort Henry Centre) 5.625 03/01/2036 619,998
- --------------------------------------------------------------------------------------------------------------------
15,000 WV Hospital Finance Authority
(Charleston Area Medical Center) 7.250 10/01/2014 15,038
- --------------------------------------------------------------------------------------------------------------------
19,150,000 WV State Hsg. Devel. Fund 5 5.350 11/01/2032 19,370,730
---------------
58,279,512
61 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
WISCONSIN--3.8%
$ 20,000 Badger, WI Tobacco Asset Securitization Corp. 6.125% 06/01/2027 $ 21,399
- --------------------------------------------------------------------------------------------------------------------
40,935,000 Badger, WI Tobacco Asset Securitization Corp. 6.375 06/01/2032 44,596,226
- --------------------------------------------------------------------------------------------------------------------
4,450,000 Janesville, WI Pollution Control
(General Motors Corp.) 1 5.550 04/01/2009 4,456,898
- --------------------------------------------------------------------------------------------------------------------
6,510,000 Kaukauna, WI Environmental Improvement
(International Paper Company) 5.250 06/01/2029 6,630,435
- --------------------------------------------------------------------------------------------------------------------
665,000 Milwaukee, WI (Aero Milwaukee) 6.500 01/01/2025 716,651
- --------------------------------------------------------------------------------------------------------------------
1,255,000 Milwaukee, WI (Air Cargo) 7.500 01/01/2025 1,381,040
- --------------------------------------------------------------------------------------------------------------------
4,045,000 Necedah, WI Community Devel. Authority
Exempt Facility (Castle Rock Renewable Fuels) 7.500 03/01/2018 4,069,917
- --------------------------------------------------------------------------------------------------------------------
165,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 6.800 11/01/2012 168,350
- --------------------------------------------------------------------------------------------------------------------
160,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 6.850 05/01/2013 163,248
- --------------------------------------------------------------------------------------------------------------------
1,595,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 7.125 05/01/2024 1,623,391
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Onalaska, WI Community Devel. Authority
(Bethany Lutheran Homes) 5.250 01/01/2042 2,003,760
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Sokaogon, WI Chippewa Community (Gaming) 7.000 01/01/2026 1,753,815
- --------------------------------------------------------------------------------------------------------------------
1,900,000 Sokaogon, WI Chippewa Community (Gaming) 8.250 01/01/2017 1,900,475
- --------------------------------------------------------------------------------------------------------------------
4,000,000 WI GO 5.000 05/01/2037 4,113,080
- --------------------------------------------------------------------------------------------------------------------
110,000 WI H&EFA (American Baptist Homes of the Midwest) 6.750 09/01/2016 109,685
- --------------------------------------------------------------------------------------------------------------------
320,000 WI H&EFA (Aurora Health Care) 5.600 02/15/2029 331,302
- --------------------------------------------------------------------------------------------------------------------
1,000,000 WI H&EFA (Eastcastle Place) 6.125 12/01/2034 1,028,250
- --------------------------------------------------------------------------------------------------------------------
4,090,000 WI H&EFA (Hess Memorial Hospital Assoc.) 7.750 11/01/2015 4,135,931
- --------------------------------------------------------------------------------------------------------------------
1,650,000 WI H&EFA (St. Clare Terrance) 5.750 12/01/2036 1,642,856
- --------------------------------------------------------------------------------------------------------------------
24,130,000 WI H&EFA (WFS/WFMG Obligated Group) 5.250 08/15/2031 25,177,966
- --------------------------------------------------------------------------------------------------------------------
64,540,000 WI H&EFA (WFS/WFMG Obligated Group) 5.250 08/15/2034 67,393,959
- --------------------------------------------------------------------------------------------------------------------
51,010,000 WI H&EFA (Wheaton Franciscan Services) 5.125 08/15/2030 52,739,239
- --------------------------------------------------------------------------------------------------------------------
1,300,000 WI H&EFA (Wisconsin Illinois Senior Hsg.) 5.650 08/01/2021 1,329,640
- --------------------------------------------------------------------------------------------------------------------
2,385,000 WI H&EFA (Wisconsin Illinois Senior Hsg.) 5.800 08/01/2029 2,447,034
- --------------------------------------------------------------------------------------------------------------------
8,000,000 WI H&EFA (Ministry Health Care) 5 5.250 02/15/2032 8,402,440
- --------------------------------------------------------------------------------------------------------------------
50,000 WI Health & Educational Facilities Authority
(Aurora Health Care) 5.625 02/15/2029 51,812
- --------------------------------------------------------------------------------------------------------------------
20,000 WI Health & Educational Facilities Authority
(Marshfield Clinic) 5.750 02/15/2027 20,427
- --------------------------------------------------------------------------------------------------------------------
50,000 WI Health & Educational Facilities Authority
(Marshfield Clinic) 6.250 02/15/2029 53,417
- --------------------------------------------------------------------------------------------------------------------
12,560,000 WI Hsg. & Economic Devel. Authority 5 4.950 03/01/2024 12,702,933
- --------------------------------------------------------------------------------------------------------------------
18,000,000 WI Hsg. & Economic Devel. Authority 5 5.100 09/01/2024 18,326,430
- --------------------------------------------------------------------------------------------------------------------
250,000 WI Lac Courte Oreilles Band of Lake Superior
Chippewa Indians 8.000 12/01/2018 318,435
---------------
269,810,441
62 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
WYOMING--0.0%
$ 515,000 Jackson, WY National Rural Utilities Cooperative
(Lower Valley Power & Light Company) 5.875% 05/01/2026 $ 521,942
- --------------------------------------------------------------------------------------------------------------------
270,000 Lincoln County, WY Pollution Control (PacifiCorp) 5.625 11/01/2021 270,246
---------------
792,188
- --------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $8,205,326,582)-119.5% 8,583,888,135
- --------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS-(19.5) (1,398,841,282)
---------------
NET ASSETS-100.0% $ 7,185,046,853
===============
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
2. Subject to a deferred-interest forebearance agreement. Rate shown is current
rate.
3. When-issued security or forward commitment to be delivered and settled after
January 31, 2007. See Note 1 of accompanying Notes.
4. Zero coupon bond reflects effective yield on the date of purchase.
5. Security represents the underlying municipal bond on an inverse floating rate
security. The bond was purchased by the Fund and subsequently segregated and
transferred to a trust. See Note 1 of accompanying Notes.
6. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of accompanying Notes.
7. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
8. Issue is in default. See Note 1 of accompanying Notes.
9. Illiquid security. The aggregate value of illiquid securities as of January
31, 2007 was $194,789,055, which represents 2.71% of the Fund's net assets. See
Note 5 of accompanying Notes.
10. Represents the current interest rate for a variable or increasing rate
security.
11. Non-income producing security.
63 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ADA Atlanta Devel. Authority
AH Ascension Health
AHF American Housing Foundation
CAU Clark Atlanta University
CCRC Continuing Care Retirement Community
CDA Communities Devel. Authority
CFGH Central Florida Group Homes
CHS Catholic Health Service
COP Certificates of Participation
CoMC Community Medical Center
DRIVERS Derivative Inverse Tax Exempt Receipts
EDA Economic Devel. Authority
EDC Economic Devel. Corp.
EDFA Economic Devel. Finance Authority
EF&CD Environmental Facilities and Community Devel.
GNMA Government National Mortgage Assoc.
GO General Obligation
H&EFA Health and Educational Facilities Authority
H&HEFA Hospitals and Higher Education Facilities Authority
HDA Hospital Devel. Authority
HDC Housing Devel. Corp.
HE&HF Higher Educational and Housing Facilities
HE&HFA Higher Education and Health Facilities Authority
HE&HFB Health Educational and Housing Facility Board
HFA Housing Finance Agency
HFC Housing Finance Corp.
HFDC Health Facilities Devel. Corp.
IDA Industrial Devel. Agency
IDC Industrial Devel. Corp.
IF&PCFA Industrial Facilities & Pollution Control Financing Authority
IRS Inverse Rate Security
JDAM Julia Dyckman Andrus Memorial
JFK John Fitzgerald Kennedy
JGCCF Jewish Geriatric & Convalescent Center Foundation
LH Lowman Home
LS Lutheran Services
LUHS Loyola University Health Systems
LUMC Loyola University Medical Center
MHM McKenna Health Management
MHS McKenna Health System
MMH McKenna Memorial Hospital
NYC New York City
NYS New York State
RHA Resource Healthcare of America
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
Res Rec Resource Recovery Facility
SHCNA Seton Health Corp. of North Alabama
SHCSA Seton Health Corp. of South Alabama
SHS Sunnyside Health Services
SJRNC St. Johns Rehabilitation and Nursing Center
SPS Sunnyside Properties Sarasota
SR Sunnyside Retirement
SVH Saint Vincent's Hospital
TASC Tobacco Settlement Asset-Backed Bonds
VS Village Shalom
VSCF Village Shalom Charitable Foundation
WFMG Wheaton Franciscan Medical Group
WFS Wheaton Franciscan Services
64 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Settlement Payments $ 1,751,552,250 20.4%
Airlines 918,162,121 10.7
Special Assessment 670,702,060 7.8
Hospital/Health Care 576,907,104 6.7
Gas Utilities 537,981,376 6.3
Marine/Aviation Facilities 504,901,973 5.9
Single Family Housing 476,177,097 5.5
Multifamily Housing 437,408,823 5.1
Electric Utilities 425,135,171 5.0
General Obligation 299,692,799 3.5
Hotels, Restaurants & Leisure 261,581,897 3.0
Special Tax 257,132,226 3.0
Adult Living Facilities 216,414,643 2.5
Manufacturing, Durable Goods 202,386,445 2.4
Resource Recovery 171,962,740 2.0
Paper, Containers & Packaging 150,282,389 1.8
Higher Education 126,921,466 1.5
Pollution Control 103,929,775 1.2
Not-for-Profit Organization 90,324,849 1.1
Manufacturing, Non-Durable Goods 81,325,495 0.9
Sales Tax Revenue 65,532,238 0.8
Municipal Leases 49,134,238 0.6
Water Utilities 45,644,618 0.5
Education 42,756,009 0.5
Highways/Railways 35,680,511 0.4
Sewer Utilities 33,765,411 0.4
Sports Facility Revenue 28,319,137 0.3
Parking Fee Revenue 18,887,910 0.2
Student Loans 3,285,364 0.0
-----------------------------------
Total $ 8,583,888,135 100.0%
===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
65 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2007
- ---------------------------------------------------------------------------------------------------------------
ASSETS
- ---------------------------------------------------------------------------------------------------------------
Investments, at value (cost $8,205,326,582)--see accompanying statement of investments $ 8,583,888,135
- ---------------------------------------------------------------------------------------------------------------
Cash 822,699
- ---------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 83,300,987
Investments sold 70,052,548
Shares of beneficial interest sold 69,642,563
Other 153,710
----------------
Total assets 8,807,860,642
- ---------------------------------------------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 1,197,010,000
Investments purchased (including $223,329,383 purchased on a when-issued basis
or forward commitment) 263,032,144
Payable on borrowings (See Note 6) 136,800,000
Shares of beneficial interest redeemed 15,212,333
Dividends 8,615,146
Distribution and service plan fees 883,431
Trustees' compensation 615,317
Transfer and shareholder servicing agent fees 224,255
Interest expense on borrowings 201,858
Shareholder communications 115,467
Other 103,838
----------------
Total liabilities 1,622,813,789
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS $ 7,185,046,853
================
- ---------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ---------------------------------------------------------------------------------------------------------------
Paid-in capital $ 6,815,308,596
- ---------------------------------------------------------------------------------------------------------------
Accumulated net investment income 5,264,763
- ---------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (14,088,059)
- ---------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 378,561,553
----------------
NET ASSETS $ 7,185,046,853
================
66 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $4,832,310,021
and 376,818,734 shares of beneficial interest outstanding) $12.82
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $13.46
- --------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $591,805,154 and 46,034,764 shares
of beneficial interest outstanding) $12.86
- --------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $1,760,931,678 and 137,560,609 shares
of beneficial interest outstanding) $12.80
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
67 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2007
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $ 205,855,310
- ---------------------------------------------------------------------------------
Other income 967
---------------------
Total investment income 205,856,277
- ---------------------------------------------------------------------------------
EXPENSES
- ---------------------------------------------------------------------------------
Management fees 11,652,580
- ---------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 3,094,604
Class B 2,620,539
Class C 6,898,749
- ---------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 750,886
Class B 195,626
Class C 377,461
- ---------------------------------------------------------------------------------
Shareholder communications:
Class A 62,175
Class B 15,888
Class C 29,395
- ---------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate
notes issued (See Note 1) 19,378,903
- ---------------------------------------------------------------------------------
Interest expense on borrowings 918,665
- ---------------------------------------------------------------------------------
Trustees' compensation 285,063
- ---------------------------------------------------------------------------------
Custodian fees and expenses 10,204
- ---------------------------------------------------------------------------------
Other 437,621
---------------------
Total expenses 46,728,359
Less reduction to custodian expenses (10,204)
---------------------
Net expenses 46,718,155
- ---------------------------------------------------------------------------------
NET INVESTMENT INCOME 159,138,122
- ---------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ---------------------------------------------------------------------------------
Net realized loss on investments (2,601,522)
- ---------------------------------------------------------------------------------
Net change in unrealized appreciation on
investments 165,978,648
- ---------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 322,515,248
=====================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
68 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
(UNAUDITED) 2006
- -----------------------------------------------------------------------------------------
OPERATIONS
- -----------------------------------------------------------------------------------------
Net investment income $ 159,138,122 $ 228,925,579
- -----------------------------------------------------------------------------------------
Net realized loss (2,601,522) (1,735,179)
- -----------------------------------------------------------------------------------------
Net change in unrealized appreciation 165,978,648 (64,213,301)
----------------------------------
Net increase in net assets resulting from operations 322,515,248 162,977,099
- -----------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -----------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (111,157,412) (148,596,538)
Class B (13,374,330) (24,985,161)
Class C (35,441,235) (49,377,636)
----------------------------------
(159,972,977) (222,959,335)
- -----------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (1,953,500) --
Class B (252,342) --
Class C (716,341) --
----------------------------------
(2,922,183) --
- -----------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -----------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial
interest transactions:
Class A 1,288,435,554 1,166,918,418
Class B 17,461,271 39,436,284
Class C 422,013,487 444,988,006
----------------------------------
1,727,910,312 1,651,342,708
- -----------------------------------------------------------------------------------------
NET ASSETS
- -----------------------------------------------------------------------------------------
Total increase 1,887,530,400 1,591,360,472
- -----------------------------------------------------------------------------------------
Beginning of period 5,297,516,453 3,706,155,981
----------------------------------
End of period (including accumulated net investment
income of $5,264,763 and $6,099,618, respectively) $ 7,185,046,853 $5,297,516,453
==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
69 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF CASH FLOWS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2007
- --------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- --------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 322,515,248
- --------------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (2,304,449,120)
Proceeds from disposition of investment securities 359,675,490
Short-term investment securities, net (224,081,806)
Premium amortization 6,398,765
Discount accretion (16,697,821)
Net realized loss on investments 2,601,522
Net change in unrealized appreciation on investments (165,978,648)
Increase in interest receivable (20,603,151)
Increase in receivable for securities sold (60,686,791)
Increase in other assets (99,099)
Increase in payable for securities purchased 145,281,390
Increase in payable for accrued expenses 711,371
------------------
Net cash used in operating activities (1,995,412,650)
- --------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- --------------------------------------------------------------------------------------------
Proceeds from bank borrowing 781,000,000
Payments on bank borrowing (644,200,000)
Proceeds from short-term floating rate notes issued 205,860,000
Proceeds from shares sold 2,033,416,204
Payment on shares redeemed (417,436,812)
Cash distributions paid (71,105,454)
------------------
Net cash provided by financing activities 1,887,533,938
- --------------------------------------------------------------------------------------------
Net decrease in cash (67,878,712)
- --------------------------------------------------------------------------------------------
Cash, beginning balance 68,701,411
------------------
Cash, ending balance $ 822,699
==================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $88,088,477.
Cash paid for interest on bank borrowings--$753,807.
Cash paid for interest on short-term floating rate notes issued--$19,378,903.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
70 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
CLASS A (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.47 $ 12.69 $ 11.13 $ 10.64 $ 11.28 $ 11.25
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .34 1 .69 1 .78 1 .85 .92 .71
Net realized and unrealized gain (loss) .36 (.24) 1.59 .50 (.67) .03
-----------------------------------------------------------------------------------------
Total from investment operations .70 .45 2.37 1.35 .25 .74
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.34) (.67) (.81) (.86) (.89) (.71)
Distributions from net realized gain (.01) -- -- -- -- --
-----------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.35) (.67) (.81) (.86) (.89) (.71)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.82 $ 12.47 $ 12.69 $ 11.13 $ 10.64 $ 11.28
=========================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 5.66% 3.79% 21.97% 12.78% 2.36% 6.89%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 4,832,310 $ 3,439,135 $2,309,856 $ 731,565 $ 306,857 $ 193,452
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 4,120,769 $ 2,721,861 $1,366,113 $ 506,440 $ 252,496 $ 73,877
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.33% 5.60% 6.46% 7.54% 8.44% 6.61%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.61% 0.67% 0.69% 0.80% 1.04% 1.06%
Interest and fees on short-term floating
rate notes issued 4 0.62% 0.81% 0.39% 0.37% 0.51% 0.42%
-----------------------------------------------------------------------------------------
Total expenses 1.23% 1.48% 1.08% 1.17% 1.55% 1.48%
Expenses after payments and waivers and
reduction to custodian expenses 1.23% 1.48% 1.08% 1.17% 1.55% 1.31% 5
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 5% 24% 6% 14% 25% 54%
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. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
71 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
CLASS B (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.50 $ 12.72 $ 11.15 $ 10.66 $ 11.30 $ 11.27
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .30 1 .60 1 .70 1 .77 .83 .63
Net realized and unrealized gain (loss) .36 (.24) 1.59 .49 (.66) .02
-----------------------------------------------------------------------------------------
Total from investment operations .66 .36 2.29 1.26 .17 .65
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.29) (.58) (.72) (.77) (.81) (.62)
Distributions from net realized gain (.01) -- -- -- -- --
-----------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.30) (.58) (.72) (.77) (.81) (.62)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.86 $ 12.50 $ 12.72 $ 11.15 $ 10.66 $ 11.30
=========================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 5.33% 2.97% 21.09% 11.89% 1.57% 6.07%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 591,805 $ 558,386 $ 528,192 $ 308,778 $ 188,645 $ 90,547
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 577,927 $ 533,869 $ 410,031 $ 256,425 $ 141,819 $ 36,100
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.60% 4.84% 5.80% 6.80% 7.67% 5.85%
Expenses excluding interest and fees
on short-term floating rate notes issued 1.40% 1.46% 1.48% 1.56% 1.81% 1.80%
Interest and fees on short-term floating
rate notes issued 4 0.62% 0.81% 0.39% 0.37% 0.51% 0.42%
-----------------------------------------------------------------------------------------
Total expenses 2.02% 2.27% 1.87% 1.93% 2.32% 2.22%
Expenses after payments and waivers and
reduction to custodian expenses 2.02% 2.27% 1.87% 1.93% 2.32% 2.05% 5
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 5% 24% 6% 14% 25% 54%
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. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
72 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2007 JULY 31,
CLASS C (UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.45 $ 12.67 $ 11.11 $ 10.63 $ 11.27 $ 11.24
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .29 1 .60 1 .68 1 .76 .83 .61
Net realized and unrealized gain (loss) .36 (.24) 1.60 .49 (.66) .04
-----------------------------------------------------------------------------------------
Total from investment operations .65 .36 2.28 1.25 .17 .65
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.29) (.58) (.72) (.77) (.81) (.62)
Distributions from net realized gain (.01) -- -- -- -- --
-----------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.30) (.58) (.72) (.77) (.81) (.62)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.80 $ 12.45 $ 12.67 $ 11.11 $ 10.63 $ 11.27
=========================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 5.28% 3.01% 21.08% 11.83% 1.59% 6.09%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 1,760,932 $ 1,299,995 $ 868,108 $ 265,340 $ 111,710 $ 49,248
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 1,523,022 $ 1,050,344 $ 488,562 $ 193,845 $ 85,483 $ 13,453
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.57% 4.83% 5.68% 6.76% 7.68% 5.88%
Expenses excluding interest and fees
on short-term floating rate notes issued 1.38% 1.44% 1.46% 1.56% 1.80% 1.80%
Interest and fees on short-term floating
rate notes issued 4 0.62% 0.81% 0.39% 0.37% 0.51% 0.42%
-----------------------------------------------------------------------------------------
Total expenses 2.00% 2.25% 1.85% 1.93% 2.31% 2.22%
Expenses after payments and waivers and
reduction to custodian expenses 2.00% 2.25% 1.85% 1.93% 2.31% 2.05% 5
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 5% 24% 6% 14% 25% 54%
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. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Excludes interest expense.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
73 | 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(R) 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. Options are
valued daily based upon the last sale price on the principal exchange on which
the option is traded. Securities (including restricted securities) for which
market quotations are not readily available are valued at their fair value.
Foreign
74 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
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. Investments in open-end
registered investment companies (including affiliated funds) are valued at that
fund's net asset value. 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 take place generally at least 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, 2007, the Fund had purchased
$223,329,383 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 $515,342,742 as of January 31, 2007, which represents
5.85% of the Fund's total assets.
Certain inverse floating rate securities are created when the Fund
purchases and subsequently transfers a municipal bond security (the "municipal
bond") to a broker dealer. The municipal bond is typically a fixed rate
security. The broker dealer (the "sponsor") creates a trust (the "Trust") and
deposits the municipal bond. The Trust issues short-term floating rate notes
available to third parties and a residual interest in the municipal bond
(referred to as an "inverse floating rate security") to the Fund. The terms of
these inverse floating rate securities grant the Fund the right to require that
the Trust issuing the inverse floating rate security compel a tender of the
short-term floating rate notes to facilitate the Fund's repurchase of the
underlying municipal bond. Following such a request, the Fund pays the sponsor
the principal amount due to the holders of the short-term floating rate notes
75 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
issued by the Trust and exchanges the inverse floating rate security for the
underlying municipal bond. These transactions are considered secured borrowings
for financial reporting purposes. As a result of such accounting treatments, the
Fund includes the municipal bond position on its Statement of Investments (but
does not separately include the inverse floating rate securities received). The
Fund also includes the value of the municipal bond and a payable amount equal to
the short-term floating rate notes issued by the Trust on its Statement of
Assets and Liabilities. The interest rates on these short-term floating rate
notes reset periodically, usually weekly. The holders of these short-term
floating rate notes have the option to tender their investment, to the sponsor
or the Trust's liquidity provider, for redemption at par at each reset date.
Income from the municipal bond position and the interest expense on the payable
for the short-term floating rate notes issued by the Trust are recorded on the
Fund's Statement of Operations. At January 31, 2007 municipal bond holdings with
a value of $1,710,350,362 shown on the Fund's Statement of Investments are held
by such Trusts and serve as collateral for the $1,197,010,000 in short-term
floating rate notes issued and outstanding at that date.
At January 31, 2007, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL COUPON MATURITY VALUE AS OF JANUARY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE 31, 2007
- ------------------------------------------------------------------------------------------------
$ 5,000,000 Atlanta, GA Airport Passenger
Facility ROLs 6.130% 1/1/34 $ 5,434,450
2,550,000 AZ Reset Optional Certificates
Trust II ROLs 3 7.888 3/1/28 2,719,881
2,750,000 Beacon, FL Tradeport Community
Devel. District RITES 8.966 5/1/32 3,638,800
5,425,000 Braxton County, WV Solid Waste
Disposal ROLs 3 9.977 5/1/25 5,570,065
30,300,000 Brazos River Authority, TX
Pollution Control ROLs 6.056 3/1/41 30,490,284
3,375,000 Brazos River Authority, TX ROLs 9.825 5/1/29 3,854,520
2,500,000 Broward County, FL Educational
Facilities Authority ROLs 8.410 4/1/36 2,921,200
2,250,000 CA GO ROLs 3 7.733 12/1/18 2,408,175
5,250,000 CA GO ROLs 3 8.341 12/1/25 5,632,620
14,375,000 CA GO ROLs 3 8.950 12/1/36 15,981,263
3,000,000 Chelan County, WA Public Utility
District RITES 8.835 1/1/36 3,783,720
8,050,000 Chicago, IL O'Hare International
Airport RITES 10.421 1/1/29 11,762,499
2,000,000 Chicago, IL O'Hare International
Airport ROLs 8.578 1/1/34 2,192,200
76 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL COUPON MATURITY VALUE AS OF JANUARY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE 31, 2007
- ------------------------------------------------------------------------------------------------
$ 2,065,000 Clark County, NV Industrial Devel.
RITES 8.632% 12/1/38 $ 2,631,966
5,285,000 Clark County, NV Industrial Devel.
ROLs 6.600 7/1/34 5,851,341
6,000,000 Clark County, NV Industrial Devel.
ROLs 6.600 3/1/38 6,713,340
4,800,000 Clark County, NV Industrial Devel.
ROLs 8.320 12/1/33 5,478,048
7,500,000 Columbia, SC Parking Facility ROLs 6.130 2/1/37 8,158,050
6,000,000 Dallas-Fort Worth, TX International
Airport RITES 6.560 11/1/27 6,311,640
8,125,000 Dallas-Fort Worth, TX International
Airport ROLs 10.606 11/1/33 10,465,325
2,000,000 Denver, CO City & County Airport
DRIVERS 8.187 5/15/13 2,438,720
10,000,000 Denver, CO Convention Center
Hotel Authority ROLs 0.000 12/1/35 11,964,600
5,250,000 Detroit, MI Sewer Disposal System 5.363 1/1/27 5,260,500
2,595,000 District of Columbia HFA RITES 7.769 12/1/21 2,698,073
1,750,000 Halifax County, VA IDA RITES 8.966 6/1/28 2,376,675
2,125,000 HI Dept. of Budget & Finance RITES 6.832 9/1/32 2,410,005
2,500,000 HI Dept. of Budget & Finance RITES 5.560 12/1/22 2,825,850
2,440,000 HI Reset Optional Certificates
Trust II ROLs 11.865 10/1/27 3,228,706
4,200,000 Hutto, TX Independent School
District ROLs 8.688 8/1/37 4,987,332
20,000,000 IA Tobacco Settlement Authority
ROLs 3 9.155 6/1/46 23,257,400
2,125,000 IL Health Facilities Authority RITES 7.025 2/15/25 2,441,455
2,500,000 IN Health Facility Financing
Authority RITES 8.501 11/1/31 3,304,150
1,690,000 IN Health Facility Financing
Authority RITES 8.495 11/1/31 2,233,605
4,500,000 Jacksonville, FL Health Facilities
Authority ROLs 9.682 11/15/32 5,329,170
6,000,000 Johnson City, TN Health &
Educational Facilities Board RITES 5.510 7/1/36 6,760,800
1,875,000 LA Public Facilities Authority ROLs 8.668 5/15/22 2,034,675
2,500,000 Lancaster, TX Independent School
District GO RITES 8.220 2/15/34 3,677,900
6,025,000 Lancaster, TX Independent School
District ROLs 6.130 2/15/34 6,618,764
77 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
PRINCIPAL COUPON MATURITY VALUE AS OF JANUARY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE 31, 2007
- ------------------------------------------------------------------------------------------------
$ 985,000 Lombard, IL Facilities Corp. ROLs 9.642% 1/1/30 $ 1,216,239
1,250,000 Lombard, IL Facilities Corp. ROLs 9.642 1/1/36 1,535,900
3,250,000 Long Beach, CA Harbor DRIVERS 9.137 5/15/27 3,950,505
2,000,000 MA GO ROLs 8.668 8/1/27 2,474,520
2,500,000 MA H&EFA RITES 5.760 8/15/35 2,797,450
13,020,000 MA HFA RITES 3 6.660 7/1/25 14,574,328
5,640,000 MA HFA ROLs 8.608 7/1/22 6,018,782
1,050,000 ME State Hsg. Authority Mtg. ROLs 9.110 11/15/22 1,148,343
2,055,000 Metropolitan Washington D.C.
Airport Authority DRIVERS 8.631 10/1/11 2,409,570
5,575,000 Metropolitan Washington D.C.
Airport Authority ROLs 9.592 10/1/32 6,606,264
1,250,000 Metropolitan Washington D.C.
Airport Authority ROLs 8.598 10/1/34 1,442,150
1,250,000 Metropolitan Washington D.C.
Airport Authority ROLs 8.578 10/1/35 1,463,925
8,200,000 Metropolitan Washington D.C.
Airport Authority ROLs 6.100 10/1/35 8,967,110
6,580,000 Metropolitan Washington D.C.
Airport Authority ROLs, Series A 7.564 10/1/20 7,424,214
2,475,000 MI Higher Education Student
Loan Authority RITES 8.266 9/1/26 2,949,359
2,000,000 MI Strategic Fund Limited Obligation
(Detroit Edison Company) ROLs 10.606 6/1/30 2,587,160
17,535,000 Miami-Dade County, FL Aviation
ROLs 8.598 10/1/37 20,484,738
8,650,000 Miami-Dade County, FL Aviation
ROLs 6.100 10/1/35 9,366,912
8,895,000 Miami-Dade County, FL Aviation
ROLs 8.320 10/1/38 10,339,370
5,600,000 MS Devel. Bank Special Obligation 0.000 3/1/41 6,502,944
4,375,000 MS Hospital Equipment & Facilities
Authority RITES 5.720 9/1/24 4,835,075
11,700,000 New Orleans, LA Exhibit Hall
Special Tax (Ernest N. Morial) ROLs 6.630 7/15/28 13,150,917
2,125,000 North Little Rock, AR Residential
Hsg. Facilities Board RITES 7.630 2/20/17 2,561,603
3,145,000 OH Higher Educational Facility 0.000 12/1/44 3,777,460
2,000,000 RI Hsg. & Mtg. Finance Corp. RITES 7.101 10/1/22 2,156,320
78 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL COUPON MATURITY VALUE AS OF JANUARY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE 31, 2007
- ------------------------------------------------------------------------------------------------
$ 7,315,000 SC GO ROLs 5.626% 8/1/19 $ 8,294,332
1,665,000 SC Hsg. Finance & Devel. Authority
RITES 5.804 1/1/23 1,762,169
2,765,000 SC Hsg. Finance & Devel. Authority
ROLs 9.386 7/1/34 3,141,095
7,105,000 Tacoma, WA Port Authority ROLs 8.320 12/1/30 8,150,714
10,000,000 TX Dept. of Hsg. & Community
Affairs RITES 5.680 7/1/34 10,622,400
2,500,000 TX GO RITES 11.032 12/1/28 2,902,100
5,000,000 TX Municipal Gas Acquisition &
Supply Corp. RITES 4.990 12/15/26 5,000,000
67,250,000 TX Municipal Gas Acquisition &
Supply Corp. 3.240 12/15/26 66,981,000
4,000,000 TX Turnpike Authority ROLs 8.668 8/15/42 4,558,560
3,000,000 TX Veterans Hsg. Assistance RITES 9.432 6/1/29 3,303,900
7,795,000 Wayne County, MI Airport
Authority ROLs 8.598 12/1/29 9,057,634
2,000,000 WI H&EFA RITES 7.501 2/15/32 2,402,440
3,000,000 WI Hsg. & Economic Devel.
Authority RITES 7.050 9/1/24 3,326,430
3,140,000 WI Hsg. & Economic Devel.
Authority ROLs 8.389 3/1/24 3,282,933
3,745,000 WV Hsg. Devel. Fund RITES 6.940 11/1/32 3,965,730
------------
$513,340,362
============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 64 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond known as an
"inverse floater."
3. Security is subject to a shortfall and forbearance agreement.
The Fund enters into shortfall and forbearance agreements with the sponsors of
certain inverse floaters held by the Fund. These agreements commit the Fund to
reimburse the sponsor of the inverse floater, in certain circumstances, for the
amount of the difference between the liquidation value of the underlying
security (which is the basis of the inverse floater) and the principal amount
due to the holders of the floating rate notes issued by the Trust in conjunction
with the inverse floating rate security. Under the standard terms of an inverse
floating rate security, absent such a shortfall and forbearance agreement, the
Fund would not be required to make such a reimbursement. The Manager monitors
the Fund's potential exposure with respect to these agreements on a daily basis
and intends to take action to terminate the Fund's investment in such inverse
floating rate securities, if it deems it appropriate to do so. As of January 31,
2007, in addition to the exposure detailed in the preceding table, the Fund's
maximum exposure under such agreements is estimated at approximately
$178,735,000.
79 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited /Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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-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, 2007, securities with an
aggregate market value of $169,271,204, representing 2.36% 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, 2007, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $8,937,799 expiring by 2015.
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, 2007, it is estimated that the Fund will not utilize any capital
loss carryforward to offset realized capital gains. During the year ended July
31, 2006, the Fund did not utilize any capital loss carryforward to offset
capital gains realized in that fiscal year.
As of July 31, 2006, the Fund had available for federal income tax purposes an
unused capital loss carryforwards as follows:
EXPIRING
---------------------------------
2012 $ 3,586,519
2014 2,749,758
-----------
TOTAL $ 6,336,277
===========
80 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the six months ended January 31, 2007, the
Fund's projected benefit obligations were increased by $227,234 and payments of
$15,004 were made to retired trustees, resulting in an accumulated liability of
$472,708 as of January 31, 2007.
The Board of Trustees has adopted a compensation deferral plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee in
amounts equal to his or her deemed investment, resulting in a Fund asset equal
to the deferred compensation liability. Such assets are included as a component
of "Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund's assets, liabilities or net
investment income per share. Amounts will be deferred until distributed in
accordance to the compensation deferral plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
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.
81 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------------
CLASS A
Sold 118,544,222 $ 1,512,438,408 151,329,225 $ 1,872,703,060
Dividends and/or
distributions reinvested 4,994,688 63,799,257 6,344,165 78,337,015
Redeemed (22,549,084) (287,802,111) (63,845,028) (784,121,657)
----------------------------------------------------------------
Net increase 100,989,826 $ 1,288,435,554 93,828,362 $ 1,166,918,418
================================================================
- -------------------------------------------------------------------------------------------
CLASS B
Sold 4,050,495 $ 51,781,857 9,219,328 $ 114,329,770
Dividends and/or
distributions reinvested 505,797 6,472,912 897,736 11,108,543
Redeemed (3,195,762) (40,793,498) (6,964,743) (86,002,029)
----------------------------------------------------------------
Net increase 1,360,530 $ 17,461,271 3,152,321 $ 39,436,284
================================================================
- -------------------------------------------------------------------------------------------
CLASS C
Sold 39,146,042 $ 498,618,508 50,564,974 $ 624,690,798
Dividends and/or
distributions reinvested 1,397,340 17,816,308 1,881,037 23,186,853
Redeemed (7,417,674) (94,421,329) (16,519,059) (202,889,645)
----------------------------------------------------------------
Net increase 33,125,708 $ 422,013,487 35,926,952 $ 444,988,006
================================================================
82 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations and money market funds, for the six months ended
January 31, 2007, were as follows:
PURCHASES SALES
- --------------------------------------------------------------------------------
Investment securities $ 2,304,449,120 $ 359,675,490
- --------------------------------------------------------------------------------
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 average net assets as shown in the following table:
FEE SCHEDULE
----------------------------------------------
Up to $200 million 0.60%
Next $100 million 0.55
Next $200 million 0.50
Next $250 million 0.45
Next $250 million 0.40
Over $1 billion 0.35
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS or the Transfer Agent), 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, 2007, the Fund paid $1,305,949 to OFS for services to the Fund.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A
shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
periodically at an annual rate of up to 0.15% of the average annual net assets
of Class A shares of the Fund. The Board of Trustees can increase that fee to
0.25% of average net assets without shareholder approval. Shareholders will be
notified of any such change. The Distributor currently uses all of those fees to
pay dealers, brokers, banks and other financial institutions periodically for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
periods. Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans for Class B and Class C shares to
compensate the Distributor for its services in connection with the distribution
of those shares and servicing accounts. Under the plans, the Fund pays the
Distributor an annual asset-based sales charge of 0.75% on Class B and Class C
shares. The Distributor also receives a service fee
83 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
of up to 0.15% under each plan. However, the Board of Trustees can increase that
fee to 0.25% of average net assets without shareholder approval. Shareholders
will be notified of any such change. If either the Class B or Class C plan is
terminated by the Fund or by the shareholders of a class, the Board of Trustees
and its independent trustees must determine whether the Distributor shall be
entitled to payment from the Fund of all or a portion of the service fee and/or
asset-based sales charge in respect to shares sold prior to the effective date
of such termination. The Distributor determines its uncompensated expenses under
the plan at calendar quarter ends. The Distributor's aggregate uncompensated
expenses under the plan at December 31, 2006 for Class B and Class C shares were
$16,740,607 and $18,527,765, respectively. Fees incurred by the Fund under the
plans are detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
January 31, 2007 $ 2,481,421 $ 132,812 $ 652,323 $ 160,273
- --------------------------------------------------------------------------------
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, 2007, 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
84 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
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 $900 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 (5.2817% as of January 31, 2007). 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 $900
million facility size.
For the six months ended January 31, 2007, the average daily loan balance
was $33,940,761 at an average daily interest rate of 5.3069%. The Fund had
borrowings outstanding of $136,800,000 at January 31, 2007 at an interest rate
of 5.2817%. The Fund had gross borrowings and gross loan repayments of
$781,000,000 and $644,200,000, respectively, during the six months ended January
31, 2007. The maximum amount of borrowings outstanding at any month-end during
the six months ended January 31, 2007 was $136,800,000. The Fund paid $124,119
in fees and $753,807 in interest during the six months ended January 31, 2007.
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENTS
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an
enterprise's financial statements in accordance with FASB Statement No. 109,
ACCOUNTING FOR INCOME TAXES. FIN 48 requires the evaluation of tax positions
taken in the course of preparing the Fund's tax returns to determine whether it
is "more-likely-than-not" that tax positions taken in the Fund's tax return will
be ultimately sustained. A tax liability and expense must be recorded in respect
of any tax position that, in Management's judgment, will not be fully realized.
FIN 48 is effective for fiscal years beginning after December 15, 2006. As of
January 31, 2007, the Manager has evaluated the implications of FIN 48 and does
not currently anticipate a material impact to the Fund's financial statements.
The Manager will continue to monitor the Fund's tax positions prospectively for
potential future impacts.
In September 2006, the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of January 31, 2007, the Manager does not believe the
adoption of SFAS No. 157 will materially impact the financial statement amounts;
however,
85 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENTS Continued
additional disclosures may be required about the inputs used to develop the
measurements and the effect of certain of the measurements on changes in net
assets for the period.
- --------------------------------------------------------------------------------
8. LITIGATION
A consolidated amended complaint was filed as a putative class action against
the Manager and the Transfer Agent and other defendants (including 51 of the
Oppenheimer funds including the Fund) in the U.S. District Court for the
Southern District of New York on January 10, 2005 and was amended on March 4,
2005. The complaint alleged, among other things, that the Manager charged
excessive fees for distribution and other costs, and that by permitting and/or
participating in those actions, the Directors/Trustees and the Officers of the
funds breached their fiduciary duties to fund shareholders under the Investment
Company Act of 1940 and at common law. The plaintiffs sought unspecified
damages, an accounting of all fees paid, and an award of attorneys' fees and
litigation expenses.
In response to the defendants' motions to dismiss the suit, seven of the
eight counts in the complaint, including the claims against certain of the
Oppenheimer funds, 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, by court order dated March 10, 2006,
and the remaining count against the Manager and the Transfer Agent was dismissed
with prejudice by court order dated April 5, 2006. The plaintiffs filed an
appeal of those dismissals on May 11, 2006.
The Manager believes that the allegations contained in the complaint are
without merit and that there are substantial grounds to sustain the district
court's rulings. The Manager also believes that it is premature to render any
opinion as to the likelihood of an outcome unfavorable to it, the funds, the
Directors/Trustees or the Officers on the appeal of the decisions of the
district court, and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss.
86 | 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 web-site 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.
87 | 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 about the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel who 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
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The 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
88 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
account of the fact 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. The Board members also considered
their experiences with the Manager and its officers and other personnel through
their service on the boards 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 its members have become knowledgeable about 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 and from 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 investment 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 all other retail front-end load and
no-load high yield municipal debt funds advised by the Manager and by other
investment advisers. The Board noted that the Fund's three-year, five-year and
ten-year performance were better than its peer group median although its
one-year performance was below its peer group median.
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 the fees and services for 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
are lower than its peer group median.
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, the extent to
which those economies of scale benefit the Fund's shareholders and the current
level of Fund assets in relation to the Fund's breakpoint schedule for its
management fees. The Board also noted
89 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
the Fund's breakpoints, which are intended to share economies of scale that may
exist as the Fund grows with its shareholders.
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. In addition to considering the profits
realized by the Manager, the Board 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 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 Agreement,
including the management fee, in light of all of the surrounding circumstances.
90 | 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.
The registrant's principal executive officer and principal financial officer
have concluded, 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 February 8, 2007, which is a
date within 90 days of the filing date of this report on Form N-CSR, that, as of
said date, the design and operation of such controls and procedures are
effective 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 (i) 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 (ii) 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.
As discussed in registrant's Form N-CSR/A in connection with the registrant's
restated financial statements for the period ended July 31, 2006, during the
registrant's second fiscal quarter of the six-month period ended January 31,
2007 covered by this report and prior to the evaluation by registrant's officers
of the design and operation of the registrant's disclosure controls and
procedures in connection with the certifications in this report, the operation
of registrant's disclosure controls and procedures and its controls and
procedures over financial reporting was modified to enhance the review and
analysis of the relevant terms and conditions for transfers of securities in
connection with inverse floating rate obligations.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Multi-State Municipal Trust
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: March 13, 2007
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 13, 2007
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: March 13, 2007