UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-5867
Oppenheimer Multi-State Municipal Trust
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(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
Date of fiscal year end: JULY 31
Date of reporting period: 07/31/2007
ITEM 1. REPORTS TO STOCKHOLDERS.
OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Hospital/Health Care 14.4%
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Tobacco Master Settlement Agreement 14.0
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Water Utilities 8.2
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Higher Education 7.2
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Electric Utilities 6.8
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Single Family Housing 6.3
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Adult Living Facilities 5.6
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Marine/Aviation Facilities 4.9
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General Obligation 4.8
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Building Products 3.7
Portfolio holdings are subject to change. Percentages are as of July 31, 2007,
and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 26.4%
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AA 14.5
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A 5.2
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BBB 35.8
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BB or lower 18.1
Allocations are subject to change. Percentages are as of July 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 Standard & Poor's
rating category in the allocation above. The allocation above also includes
unrated securities whose ratings have been assigned by the Manager; these
unrated securities, currently 16.78% of the portfolio's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
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14 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JULY 31, 2007, FOLLOWED BY A
GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED
MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. We are pleased to report that
Oppenheimer Pennsylvania Municipal Fund distributed high levels of tax-free
income to its shareholders during this reporting period, outperforming many
fixed-income alternatives on an after-tax basis. As of July 31, 2007,
Oppenheimer Pennsylvania Municipal Fund's Class A shares provided a distribution
yield of 4.59% at net asset value. Lipper Inc.--an independent mutual fund
rating service--reported an average distribution yield of 3.83% among the 57
funds in its Pennsylvania Municipal Debt Funds category as of the same date. 1
Tax-free income generated nearly 97% of the Fund's total return for the
reporting period, providing significant benefit to our yield-oriented investors;
price appreciation contributed the balance. The Fund's Class A shares generated
a 1-year total return of 4.81% without sales charge. By comparison, the Lehman
Brothers Municipal Bond Index produced a total return of 4.27% in the same
period. On July 31, 2007, the Fund led its Lipper category in total return for
periods of 1, 3, 5 and 10 years. 2 These results clearly demonstrate how the
Fund's income-oriented approach continued to provide significant benefit to our
investors in the past 12 months.
Early in this reporting period, a marked shift in the risk-return levels
of bonds for sale made lower-grade offerings less attractive than usual. As a
result, the Fund's newer purchases included many high-grade investments, which
generally offer lower yields than their low-grade counterparts. This development
forced the Fund to lower its dividend to 4.9 cents per Class A share, from 5.2
cents per share, beginning with the September distribution. Distributions for
other share classes were adjusted accordingly. The monthly distribution was
unchanged for the remainder of the reporting period during which the Fund
distributed 59.1 cents per Class A share, including a small amount of taxable
income.
The Fund's holdings in tobacco Master Settlement Agreement (MSA) bonds
continued to provide significant benefit this reporting period. These so-called
tobacco bonds are backed by state and/or U.S. territory proceeds from a national
litigation settlement
1. Lipper Inc. Lipper calculations do not include sales charges which, if
included, would reduce results.
2. Lipper Inc. As of July 31, 2007, Lipper Inc. ranked Oppenheimer Pennsylvania
Municipal Fund 1st among 52 funds for the past year,1st among 51 funds for the
past 3 years,1st among 51 funds for the past 5 years and 1st among 47 funds for
the past 10 years in its Pennsylvania Municipal Debt Funds category. Lipper
rankings are based on total returns, but do not consider sales charges. Lipper
rankings are for the A share class only; other classes may have different
performance characteristics. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
15 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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with tobacco manufacturers. At the end of this reporting period, MSA-backed
tobacco bonds accounted for 14% of Fund investments.
This sector contributed strongly to the Fund's total return this reporting
period, which included two large pre-refundings that elevated bond prices.
Tobacco manufacturers continue to face litigation, but we believe the risks have
been overstated. In the history of MSA-backed tobacco bonds, interest payments
and scheduled payments of principal on the bonds held by our funds have never
been interrupted--and many bonds have repaid principal earlier than their
scheduled final maturity.
Some recent courtroom decisions, nonetheless, are worth noting. Tobacco
manufacturers received good news in August 2006 when a judge ruled that she
could not authorize financial remedies, despite a finding that federal
racketeering laws had been violated. In November 2006, the U.S. Supreme Court
declined to review a 2005 ruling by the Illinois Supreme Court that reversed a
$10.1 billion judgment against Philip Morris USA. Late in this reporting period,
a federal judge in the Southern District of New York ruled that a smoker's claim
for punitive damages cannot be awarded because New York State, which had sued
the tobacco industry in 1997, ultimately agreed to participate in the MSA.
The Fund's current weighting in MSA-backed bonds reflects our belief that
these bonds can continue to help the Fund deliver high levels of tax-free
income.
Credit spreads were relatively stable this reporting period. AAA- and
AA-rated securities continued to represent a significant share of the Fund's
market value as of July 31, 2007, as Fund managers scoured the municipal markets
for securities that offered an attractive balance of risk and reward. At the end
of the reporting period, nearly 82% of the Fund's portfolio consisted of
investment-grade securities, and the Fund's average credit quality was
BBB-minus.
Including the effects of leverage, the Fund increased its position this
reporting period in municipal inverse-floating-rate securities, which are
tax-exempt securities whose interest payments move inversely to changes in
short-term interest rates. Most of the Fund's new investments in these bonds
were PLNs (percentage of LIBOR notes), which are designed to have minimal (if
any) reaction to interest rate fluctuations. Additionally, PLNs reset quarterly
and, to the benefit of the Fund, these "inverse floaters" offered yields that
were higher than market averages during this reporting period.
16 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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During this reporting period, the U.S. Supreme Court announced that it
would hear DEPARTMENT OF REVENUE (KENTUCKY) V. DAVIS this fall or early in 2008,
with a ruling to follow. The question posed in the case is whether Kentucky can
tax the income that state residents earn on out-of-state municipal securities if
the income that residents earn from in-state municipal securities is exempt from
taxation. While the Court's decision could have implications for other states,
exemption from federal taxes, which provides investors with the greatest
benefit, is not in question. We cannot confidently predict what the Court will
decide. However, we will continue to serve our shareholders by focusing on how
best to create tax-free yield advantages in any current and future market
scenario. We remain committed to helping fixed-income investors achieve their
financial goals for tax-free income and will continue to offer a full complement
of municipal bond funds to serve our shareholders' diverse needs.
Our approach to municipal bond investing is flexible and responsive to
market conditions; our strategies are intended to balance many different types
of risk to reduce overall portfolio risk. Shareholders should note that market
conditions during this reporting period did not affect the Fund's overall
investment strategies or cause it to pay any capital gain distributions. In
closing, we believe that the Fund's structure and composition as well as our
time-tested strategies will continue to benefit long-term investors through
interest rate and economic cycles.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until July 31, 2007. In the case of Class A, Class B and Class C
shares, performance is measured over a ten-year period. The Fund's performance
reflects the deduction of the maximum initial sales charge on Class A shares,
the applicable contingent deferred sales charge on Class B and Class C shares,
and reinvestments of all dividends and capital gains distributions. Past
performance cannot guarantee future results.
The Fund's performance is compared to the performance of the Lehman
Brothers Municipal Bond Index, an unmanaged index of a broad range of investment
grade municipal bonds that is widely regarded as a measure of the performance of
the general municipal bond market. Index performance reflects the reinvestment
of income but does not consider the effect of transaction costs, and none of the
data in the graphs shows the effect of taxes. The Fund's performance reflects
the effects of the Fund's business and operating expenses. While index
comparisons may be useful to provide a benchmark for the Fund's performance, it
must be noted that the Fund's investments are not limited to the investments in
the index.
17 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Pennsylvania Municipal Fund (Class A)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Pennsylvania Lehman Brothers
Municipal Fund (Class A) Municipal Bond Index
07/31/1997 $ 9,525 $10,000
10/31/1997 $ 9,621 $10,088
01/31/1998 $ 9,913 $10,402
04/30/1998 $ 9,851 $10,367
07/31/1998 $10,000 $10,599
10/31/1998 $10,207 $10,897
01/31/1999 $10,351 $11,093
04/30/1999 $10,392 $11,087
07/31/1999 $10,201 $10,904
10/31/1999 $ 9,777 $10,704
01/31/2000 $ 9,512 $10,691
04/30/2000 $ 9,796 $10,986
07/31/2000 $10,099 $11,374
10/31/2000 $10,246 $11,615
01/31/2001 $10,350 $12,111
04/30/2001 $10,346 $12,125
07/31/2001 $10,917 $12,521
10/31/2001 $11,153 $12,835
01/31/2002 $11,153 $12,825
04/30/2002 $11,322 $12,974
07/31/2002 $11,720 $13,361
10/31/2002 $11,947 $13,588
01/31/2003 $12,078 $13,782
04/30/2003 $12,317 $14,076
07/31/2003 $12,348 $13,842
10/31/2003 $12,932 $14,283
01/31/2004 $13,549 $14,635
04/30/2004 $13,562 $14,453
07/31/2004 $13,401 $14,643
10/31/2004 $14,023 $15,145
01/31/2005 $14,600 $15,346
04/30/2005 $15,026 $15,438
07/31/2005 $15,469 $15,573
10/31/2005 $15,442 $15,529
01/31/2006 $15,684 $15,780
04/30/2006 $15,871 $15,771
07/31/2006 $16,120 $15,970
10/31/2006 $16,655 $16,422
01/31/2007 $16,807 $16,458
04/30/2007 $17,071 $16,683
07/31/2007 $16,895 $16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year -0.17% 5-Year 6.55% 10-Year 5.38%
18 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Pennsylvania Municipal Fund (Class B)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Pennsylvania Lehman Brothers
Municipal Fund (Class B) Municipal Bond Index
07/31/1997 $10,000 $10,000
10/31/1997 $10,082 $10,088
01/31/1998 $10,360 $10,402
04/30/1998 $10,284 $10,367
07/31/1998 $10,420 $10,599
10/31/1998 $10,616 $10,897
01/31/1999 $10,745 $11,093
04/30/1999 $10,759 $11,087
07/31/1999 $10,541 $10,904
10/31/1999 $10,092 $10,704
01/31/2000 $ 9,800 $10,691
04/30/2000 $10,074 $10,986
07/31/2000 $10,357 $11,374
10/31/2000 $10,497 $11,615
01/31/2001 $10,576 $12,111
04/30/2001 $10,552 $12,125
07/31/2001 $11,123 $12,521
10/31/2001 $11,342 $12,835
01/31/2002 $11,320 $12,825
04/30/2002 $11,471 $12,974
07/31/2002 $11,851 $13,361
10/31/2002 $12,048 $13,588
01/31/2003 $12,166 $13,782
04/30/2003 $12,385 $14,076
07/31/2003 $12,399 $13,842
10/31/2003 $12,986 $14,283
01/31/2004 $13,606 $14,635
04/30/2004 $13,618 $14,453
07/31/2004 $13,457 $14,643
10/31/2004 $14,082 $15,145
01/31/2005 $14,661 $15,346
04/30/2005 $15,089 $15,438
07/31/2005 $15,534 $15,573
10/31/2005 $15,506 $15,529
01/31/2006 $15,749 $15,780
04/30/2006 $15,938 $15,771
07/31/2006 $16,187 $15,970
10/31/2006 $16,724 $16,422
01/31/2007 $16,877 $16,458
04/30/2007 $17,142 $16,683
07/31/2007 $16,967 $16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year -1.07% 5-Year 6.44% 10-Year 5.43%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, AND THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE 10-YEAR
RETURN FOR CLASS B USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 21 FOR FURTHER INFORMATION.
19 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
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CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Pennsylvania Municipal Fund (Class C)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Pennsylvania Lehman Brothers
Municipal Fund (Class C) Municipal Bond Index
07/31/1997 $10,000 $10,000
10/31/1997 $10,082 $10,088
01/31/1998 $10,368 $10,402
04/30/1998 $10,284 $10,367
07/31/1998 $10,420 $10,599
10/31/1998 $10,616 $10,897
01/31/1999 $10,754 $11,093
04/30/1999 $10,768 $11,087
07/31/1999 $10,550 $10,904
10/31/1999 $10,092 $10,704
01/31/2000 $ 9,808 $10,691
04/30/2000 $10,074 $10,986
07/31/2000 $10,366 $11,374
10/31/2000 $10,497 $11,615
01/31/2001 $10,583 $12,111
04/30/2001 $10,560 $12,125
07/31/2001 $11,121 $12,521
10/31/2001 $11,341 $12,835
01/31/2002 $11,318 $12,825
04/30/2002 $11,470 $12,974
07/31/2002 $11,850 $13,361
10/31/2002 $12,047 $13,588
01/31/2003 $12,165 $13,782
04/30/2003 $12,384 $14,076
07/31/2003 $12,391 $13,842
10/31/2003 $12,952 $14,283
01/31/2004 $13,545 $14,635
04/30/2004 $13,521 $14,453
07/31/2004 $13,347 $14,643
10/31/2004 $13,929 $15,145
01/31/2005 $14,474 $15,346
04/30/2005 $14,881 $15,438
07/31/2005 $15,278 $15,573
10/31/2005 $15,221 $15,529
01/31/2006 $15,431 $15,780
04/30/2006 $15,586 $15,771
07/31/2006 $15,800 $15,970
10/31/2006 $16,294 $16,422
01/31/2007 $16,412 $16,458
04/30/2007 $16,639 $16,683
07/31/2007 $16,435 $16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year 3.02% 5-Year 6.76% 10-Year 5.10%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, AND THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE 10-YEAR
RETURN FOR CLASS B USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 21 FOR FURTHER INFORMATION.
20 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES
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Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. Cumulative total returns are not
annualized. The Fund's total returns shown do not reflect the deduction of
income taxes on an individual's investment. Taxes may reduce your actual
investment returns on income or gains paid by the Fund or any gains you may
realize if you sell your shares. This annual report must be preceded or
accompanied by the current prospectus of the Oppenheimer Pennsylvania Municipal
Fund. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD
CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES.
FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS. FOR MORE
INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR
WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE
INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 9/18/89. The
average annual total returns are shown net of the applicable 4.75% maximum
initial sales charge.
CLASS B shares of the Fund were first publicly offered on 5/3/93. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A
shares 72 months after purchase, the 10-year return for Class B uses Class A
performance for the period after conversion. Class B shares are subject to an
annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 8/29/95. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the 1-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
21 | OPPENHEIMER PENNSYLVANIA 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 July 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 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.
22 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(2/1/07) (7/31/07) JULY 31, 2007
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Class A Actual $1,000.00 $1,005.30 $ 6.68
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Class A Hypothetical 1,000.00 1,018.15 6.73
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Class B Actual 1,000.00 1,001.40 10.58
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Class B Hypothetical 1,000.00 1,014.28 10.64
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Class C Actual 1,000.00 1,001.50 10.53
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Class C Hypothetical 1,000.00 1,014.33 10.59
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 181/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended July 31, 2007 are as follows:
CLASS EXPENSE RATIOS
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Class A 1.34%
- --------------------------------
Class B 2.12
- --------------------------------
Class C 2.11
The expense ratios reflect reduction to custodian expenses. The "Financial
Highlights" tables in the Fund's financial statements, included in this report,
also show the gross expense ratios, without such waivers or reimbursements and
reduction to custodian expenses, if applicable.
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23 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS July 31, 2007
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--122.9%
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PENNSYLVANIA--88.5%
$ 15,000 Albert Gallatin Area School District 5.375% 09/01/2024 $ 15,017
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7,375,000 Allegheny County Airport (Pittsburgh International Airport) 1 5.000 01/01/2019 7,467,704
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 Allegheny County Airport (Pittsburgh International Airport) 5.250 01/01/2016 450,763
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Allegheny County COP 5.000 12/01/2028 10,215
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6,975,000 Allegheny County GO 2 4.139 3 11/01/2026 6,933,150
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17,775,000 Allegheny County GO 4.139 3 11/01/2026 17,668,350
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130,000 Allegheny County HDA (Catholic Health East) 5.375 11/15/2022 133,843
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Allegheny County HDA (Catholic Health East) 5.500 11/15/2032 41,234
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80,000 Allegheny County HDA (Jefferson Regional Medical Center) 5.125 05/01/2025 80,011
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County HDA (Jefferson Regional Medical Center) 5.125 05/01/2029 24,675
- -----------------------------------------------------------------------------------------------------------------------------------
3,150,000 Allegheny County HDA (Ohio Valley General Hospital) 5.125 04/01/2035 3,117,587
- -----------------------------------------------------------------------------------------------------------------------------------
3,600,000 Allegheny County HDA (Ohio Valley General Hospital) 5.450 01/01/2028 3,674,448
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Allegheny County HDA (Pittsburgh Mercy Health System) 5.625 08/15/2026 58,667
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County HDA (The Covenant at South Hills) 4,5,6 7.700 02/01/2008 13,000
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County HDA (The Covenant at South Hills) 4,6 7.800 02/01/2009 13,758
- -----------------------------------------------------------------------------------------------------------------------------------
1,535,000 Allegheny County HDA (The Covenant at South Hills) 4,6 8.625 02/01/2021 796,987
- -----------------------------------------------------------------------------------------------------------------------------------
31,095,000 Allegheny County HDA (UPMC Health System) 4.410 02/01/2037 30,784,050
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Allegheny County HDA (UPMC Health System) 5.000 11/01/2016 5,111
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Allegheny County HDA (UPMC Health System) 5.000 12/15/2018 10,202
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Allegheny County HDA (UPMC Health System) 5.000 11/01/2023 20,374
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Allegheny County HDA
(West Penn Allegheny Health System) 5.375 11/15/2040 9,828,700
- -----------------------------------------------------------------------------------------------------------------------------------
9,000,000 Allegheny County HDA
(West Penn Allegheny Health System) 6.500 11/15/2030 9,904,500
- -----------------------------------------------------------------------------------------------------------------------------------
3,460,000 Allegheny County HDA
(West Penn Allegheny Health System) 1 9.250 11/15/2015 4,001,490
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Allegheny County HEBA (Chatham College) 5.250 11/15/2019 50,057
- -----------------------------------------------------------------------------------------------------------------------------------
2,020,000 Allegheny County HEBA (Chatham College) 5.750 11/15/2028 2,107,587
- -----------------------------------------------------------------------------------------------------------------------------------
7,980,000 Allegheny County HEBA (Chatham College) 5.750 11/15/2035 8,295,769
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County HEBA (Chatham College) 5.850 03/01/2022 1,041,230
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County HEBA (Chatham College) 5.950 03/01/2032 1,040,300
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Allegheny County HEBA (Robert Morris University) 6.000 05/01/2028 16,816
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Allegheny County HEBA (Thiel College) 5.375 11/15/2019 15,305
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Allegheny County HEBA (Thiel College) 5.375 11/15/2029 111,779
- -----------------------------------------------------------------------------------------------------------------------------------
3,245,000 Allegheny County HEBA (Waynesburg College) 4.800 05/01/2036 3,080,479
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Allegheny County IDA (ARC Allegheny Foundation) 5.000 12/01/2028 10,014
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Allegheny County IDA (Coltec Industries) 7.250 06/01/2008 4,980
- -----------------------------------------------------------------------------------------------------------------------------------
1,145,000 Allegheny County IDA (Residential Resources) 5.700 09/01/2012 1,188,373
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County IDA (RR/RRSW/RRDC Obligated Group) 5.000 09/01/2021 1,005,400
24 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,250,000 Allegheny County IDA (RR/RRSW/RRDC Obligated Group) 5.100% 09/01/2026 $ 1,257,625
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Allegheny County IDA (RR/RRSW/RRDC Obligated Group) 5.125 09/01/2031 1,254,450
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 Allegheny County IDA (USX Corp.) 5.500 12/01/2029 91,986
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 Allegheny County IDA (USX Corp.) 5.600 09/01/2030 409,232
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County IDA (USX Corp.) 6.000 01/15/2014 25,528
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 Allegheny County IDA (USX Corp.) 6.100 01/15/2018 275,751
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Allegheny County IDA (USX Corp.) 6.100 07/15/2020 20,426
- -----------------------------------------------------------------------------------------------------------------------------------
2,390,000 Allegheny County Redevel. Authority (Pittsburgh Mills) 5.100 07/01/2014 2,425,922
- -----------------------------------------------------------------------------------------------------------------------------------
18,125,000 Allegheny County Redevel. Authority (Pittsburgh Mills) 5.600 07/01/2023 18,747,231
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Allegheny County Redevel. Authority (Robinson Mall) 6.875 11/01/2017 128,686
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Allegheny County Redevel. Authority (Robinson Mall) 7.000 11/01/2017 8,608,960
- -----------------------------------------------------------------------------------------------------------------------------------
5,210,000 Allegheny County Residential Finance Authority
(Cambridge Square Apartments) 1 4.600 01/15/2037 4,983,730
- -----------------------------------------------------------------------------------------------------------------------------------
950,000 Allegheny County Residential Finance Authority
(Single Family Mtg.) 4.850 11/01/2028 928,122
- -----------------------------------------------------------------------------------------------------------------------------------
1,295,000 Allegheny County Residential Finance Authority
(Single Family Mtg.) 4.900 11/01/2027 1,285,857
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Allegheny County Residential Finance Authority
(Single Family Mtg.) 4.950 11/01/2037 1,967,480
- -----------------------------------------------------------------------------------------------------------------------------------
1,255,000 Allegheny County Residential Finance Authority
(Single Family Mtg.) 5.000 05/01/2035 1,246,516
- -----------------------------------------------------------------------------------------------------------------------------------
450,000 Allegheny County Residential Finance Authority
(Single Family Mtg.) 5.150 11/01/2016 458,604
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County Sanitation Authority 1 5.000 12/01/2030 1,041,070
- -----------------------------------------------------------------------------------------------------------------------------------
305,000 Allegheny County HDA (The Covenant at South Hills) 4,6 8.750 02/01/2031 157,987
- -----------------------------------------------------------------------------------------------------------------------------------
1,650,000 Allegheny County HDA
(West Penn Allegheny Health System) 9.250 11/15/2022 1,950,036
- -----------------------------------------------------------------------------------------------------------------------------------
12,725,000 Allegheny County HDA
(West Penn Allegheny Health System) 9.250 11/15/2030 15,038,914
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Altoona City Water Authority 5.000 11/01/2019 15,023
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Armstrong County IDA (Kittanning Care Center) 5.375 08/20/2012 10,334
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Bald Eagle Township Sewer Authority 5.100 09/15/2021 100,286
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Beaver County GO 5.150 10/01/2017 100,214
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Beaver County GO 5.300 10/01/2026 5,013
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Beaver County GO 5.300 10/01/2026 60,121
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Beaver County Hospital Authority (Valley Health System) 5.000 05/15/2028 5,076
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 Beaver County IDA (J. Ray McDermott & Company) 6.800 02/01/2009 278,031
- -----------------------------------------------------------------------------------------------------------------------------------
245,000 Beaver County IDA (Pennsylvania Power & Light Company) 5.375 06/01/2028 251,184
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Bedford County IDA (Brown Group) 7.125 02/01/2009 25,031
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Berks County Municipal Authority
(RHMC/HW Obligated Group) 5.000 03/01/2028 305,181
25 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 65,000 Bethlehem Area School District 5.000% 09/01/2015 $ 65,061
- -----------------------------------------------------------------------------------------------------------------------------------
2,460,000 Blair County IDA (The Village at Penn State
Retirement Community) 6.050 01/01/2034 2,454,563
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Blair County IDA (The Village at Penn State
Retirement Community) 6.400 01/01/2012 66,105
- -----------------------------------------------------------------------------------------------------------------------------------
4,140,000 Blair County IDA (The Village at Penn State
Retirement Community) 6.900 01/01/2022 4,303,696
- -----------------------------------------------------------------------------------------------------------------------------------
7,135,000 Blair County IDA (The Village at Penn State
Retirement Community) 7.000 01/01/2034 7,417,189
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Blair County IDA (The Village at Penn State
Retirement Community) 4,5,6 10.000 01/01/2012 3,500
- -----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Bradford County IDA (International Paper Company) 5.200 12/01/2019 4,533,885
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Brighton Township Municipal Authority 1 5.100 07/15/2022 503,210
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Bucks County IDA (Ann's Choice) 6.125 01/01/2025 3,134,640
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Bucks County IDA (Ann's Choice) 6.250 01/01/2035 3,130,800
- -----------------------------------------------------------------------------------------------------------------------------------
525,000 Bucks County IDA (Chandler Hall Health Care Facility) 5.700 05/01/2009 522,496
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Bucks County IDA (Chandler Hall Health Care Facility) 6.200 05/01/2019 986,290
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Bucks County IDA (Chandler Hall Health Care Facility) 6.300 05/01/2029 9,797
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Bucks County IDA (Pennswood Village) 5.800 10/01/2020 16,080
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Bucks County IDA (Pennswood Village) 6.000 10/01/2027 1,101,350
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Bucks County IDA (Pennsylvania Suburban
Water Company) 2 5.550 09/01/2032 8,352,480
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 Bucks County IDA (Pennsylvania Suburban
Water Company) 1 5.550 09/01/2032 250,574
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Bucks County IDA (USX Corp.) 5.600 03/01/2033 81,846
- -----------------------------------------------------------------------------------------------------------------------------------
15,860,000 Butler County General Authority
(Butler Area School District) 4.670 3 10/01/2034 15,843,347
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Butler County Hospital Authority
(Butler Memorial Hospital) 5.250 07/01/2012 10,010
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 Butler County Hospital Authority
(Butler Memorial Hospital) 5.250 07/01/2016 105,108
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 Butler County Hospital Authority
(Butler Memorial Hospital) 5.250 07/01/2016 85,088
- -----------------------------------------------------------------------------------------------------------------------------------
480,000 Butler County IDA (Greenview Gardens Apartments) 6.000 07/01/2023 504,158
- -----------------------------------------------------------------------------------------------------------------------------------
880,000 Butler County IDA (Greenview Gardens Apartments) 6.250 07/01/2033 930,811
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Cambria County GO 5.000 08/15/2023 66,132
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Cambridge Area Joint Authority 5.250 12/01/2021 200,686
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Chartiers Valley Industrial & Commercial Devel. Authority
(Asbury Health Center) 5.750 12/01/2022 920,466
- -----------------------------------------------------------------------------------------------------------------------------------
7,870,000 Chester County H&EFA (Chester County Hospital) 1 5.875 07/01/2016 7,921,391
- -----------------------------------------------------------------------------------------------------------------------------------
700,000 Chester County H&EFA (Chester County Hospital) 6.750 07/01/2031 751,527
- -----------------------------------------------------------------------------------------------------------------------------------
2,250,000 Chester County H&EFA (Devereaux Foundation) 1 5.000 11/01/2031 2,255,288
26 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 150,000 Chester County H&EFA (Devereaux Foundation) 5.500% 05/01/2027 $ 151,680
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Chester County H&EFA (Devereaux Foundation) 6.000 11/01/2019 100,280
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Chester County H&EFA (Immaculata College) 5.300 10/15/2011 24,919
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Chester County H&EFA (Immaculata College) 5.400 10/15/2012 29,998
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Chester County H&EFA (Immaculata College) 5.600 10/15/2018 50,616
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Chester County H&EFA (Immaculata College) 5.625 10/15/2027 25,209
- -----------------------------------------------------------------------------------------------------------------------------------
330,000 Chester County H&EFA (Jefferson Health System) 5.375 05/15/2027 335,570
- -----------------------------------------------------------------------------------------------------------------------------------
7,500,000 Chester County H&EFA (Jenners Pond) 7.625 07/01/2034 8,814,675
- -----------------------------------------------------------------------------------------------------------------------------------
2,040,000 Chester County IDA (Collegium Charter School) 5.500 04/15/2031 2,127,394
- -----------------------------------------------------------------------------------------------------------------------------------
1,575,000 Chester County IDA (Renaissance Academy-Edison
Charter School) 5.250 10/01/2010 1,578,749
- -----------------------------------------------------------------------------------------------------------------------------------
1,870,000 Chester County IDA (Renaissance Academy-Edison
Charter School) 5.625 10/01/2015 1,880,322
- -----------------------------------------------------------------------------------------------------------------------------------
17,915,000 Chester County IDA Water Facilities Authority
(Aqua Pennsylvania) 5.000 02/01/2040 18,213,106
- -----------------------------------------------------------------------------------------------------------------------------------
17,915,000 Chester County IDA Water Facilities Authority
(Aqua Pennsylvania) 5.000 02/01/2041 18,206,298
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Chester Upland School Authority 5.250 09/01/2017 100,114
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Clarion County Hospital Authority (Clarion Hospital) 5.750 07/01/2012 1,020,180
- -----------------------------------------------------------------------------------------------------------------------------------
800,000 Crawford County Hospital Authority
(Wesbury United Methodist Community) 6.125 08/15/2019 818,568
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Cumberland County Municipal Authority
(Diakon Lutheran Ministries) 5.000 01/01/2027 1,000,330
- -----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Cumberland County Municipal Authority
(Diakon Lutheran Ministries) 5.000 01/01/2036 4,402,935
- -----------------------------------------------------------------------------------------------------------------------------------
2,100,000 Cumberland County Municipal Authority
(Presbyterian Homes) 5.000 12/01/2020 2,143,617
- -----------------------------------------------------------------------------------------------------------------------------------
1,950,000 Cumberland County Municipal Authority
(Presbyterian Homes) 5.000 12/01/2021 1,986,465
- -----------------------------------------------------------------------------------------------------------------------------------
1,685,000 Cumberland County Municipal Authority
(Wesley Affiliated Services) 7.250 01/01/2035 1,964,188
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Dauphin County General Authority (Pinnacle Health) 5.500 05/15/2027 35,388
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Delaware County Authority (CCMC) 5.300 12/01/2027 60,518
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Delaware County Authority (CCMC/CKHS/DCMH
Obligated Group) 5.375 12/01/2018 15,336
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Delaware County Authority (CCMC/CKHS/DCMH
Obligated Group) 6.250 12/15/2022 27,692
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Delaware County Authority (CCMC/CKHS/DCMH
Obligated Group) 6.250 12/15/2031 27,692
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Delaware County Authority
(MAS/MCMCSPA/MHH/MHP/MHSSPA Obligated Group) 5.375 11/15/2023 123,971
- -----------------------------------------------------------------------------------------------------------------------------------
2,530,000 Delaware County Authority (Neumann College) 6.000 10/01/2031 2,629,201
27 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 10,000 Delaware County Authority (Riddle Memorial Hospital) 5.000% 01/01/2028 $ 10,128
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Delaware County Authority (Riddle Memorial Hospital) 5.250 01/01/2016 177,650
- -----------------------------------------------------------------------------------------------------------------------------------
7,010,000 Delaware County IDA (American Ref-Fuel Company) 6.100 07/01/2013 7,188,755
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Delaware County IDA (American Ref-Fuel Company) 6.200 07/01/2019 25,639
- -----------------------------------------------------------------------------------------------------------------------------------
5,670,000 Delaware County IDA (Aqua Pennsylvania) 1 5.000 02/01/2035 5,772,911
- -----------------------------------------------------------------------------------------------------------------------------------
4,630,000 Delaware County IDA (Naamans Creek) 7.000 12/01/2036 4,561,661
- -----------------------------------------------------------------------------------------------------------------------------------
5,370,000 Delaware County IDA (Pennsylvania Suburban
Water Company) 1 5.150 09/01/2032 5,509,190
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Delaware County IDA (Philadelphia Suburban
Water Company) 1 5.350 10/01/2031 46,644
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Delaware County IDA (Philadelphia Suburban
Water Company) 6.000 06/01/2029 26,032
- -----------------------------------------------------------------------------------------------------------------------------------
11,000,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 2 5.000 11/01/2037 11,207,680
- -----------------------------------------------------------------------------------------------------------------------------------
18,000,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 2 5.000 11/01/2038 18,315,180
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 5.000 11/01/2036 5,095,100
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 5.000 11/01/2037 56,038
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) 5.000 11/01/2038 915,759
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Delaware River Port Authority PA/NJ 5.000 01/01/2026 50,564
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Delaware River Port Authority PA/NJ 5.400 01/01/2014 70,454
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Delaware River Port Authority PA/NJ 5.400 01/01/2015 201,298
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Delaware River Port Authority PA/NJ 1 5.400 01/01/2016 2,013,000
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Delaware River Port Authority PA/NJ 5.450 01/01/2012 10,067
- -----------------------------------------------------------------------------------------------------------------------------------
9,780,000 Delaware River Port Authority PA/NJ 5.500 01/01/2026 9,850,514
- -----------------------------------------------------------------------------------------------------------------------------------
405,000 Delaware River Port Authority PA/NJ 5.500 01/01/2026 407,511
- -----------------------------------------------------------------------------------------------------------------------------------
25,000,000 Delaware Valley Regional Financial Authority 2 4.341 3 06/01/2037 24,937,500
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Doylestown Hospital Authority (Doylestown Hospital) 5.000 07/01/2014 10,008
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Doylestown Hospital Authority (Doylestown Hospital) 5.000 07/01/2023 200,130
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 Doylestown Hospital Authority (Doylestown Hospital) 5.000 07/01/2023 375,244
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 East Hempfield Township IDA (Homestead Village) 6.375 11/01/2023 15,001
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 Erie County IDA (International Paper Company) 5.000 11/01/2018 139,572
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Erie County IDA (International Paper Company) 5.850 12/01/2020 10,157
- -----------------------------------------------------------------------------------------------------------------------------------
2,965,000 Erie Higher Education Building Authority
(Gannon University) 5.000 05/01/2027 2,990,973
- -----------------------------------------------------------------------------------------------------------------------------------
2,505,000 Erie Higher Education Building Authority
(Gannon University) 5.000 05/01/2032 2,505,777
- -----------------------------------------------------------------------------------------------------------------------------------
2,035,000 Erie Higher Education Building Authority
(Gannon University) 5.000 05/01/2035 2,030,299
- -----------------------------------------------------------------------------------------------------------------------------------
2,755,000 Erie-Western PA Port Authority 5.125 06/15/2016 2,813,929
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Falls Township Hospital Authority
(Delaware Valley Medical Center) 7.000 08/01/2022 70,390
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Ferndale Area School District GO 6.750 07/15/2009 30,067
28 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 365,000 Forest Hills GO 5.050% 05/01/2019 $ 366,026
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Franklin County IDA (The Chambersburg Hospital) 5.000 07/01/2022 45,329
- -----------------------------------------------------------------------------------------------------------------------------------
20,000,000 Geisinger Authority Health System
(Geisinger Health System) 2 4.358 3 05/01/2037 19,800,000
- -----------------------------------------------------------------------------------------------------------------------------------
1,050,000 Geisinger Authority Health System
(Penn State Geisinger Health System Foundation) 5.000 08/15/2028 1,064,889
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Gettysburg Municipal Authority (Gettysburg College) 5.000 08/15/2023 10,174
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Grove City Area Hospital Authority
(United Community Hospital) 5.250 07/01/2012 45,298
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 Hampton Township School District 1 5.000 09/01/2027 115,078
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Harrisburg University Authority
(Harrisburg University of Science) 5.400 09/01/2016 1,502,595
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Hazelton Area School District 5.000 03/01/2011 25,137
- -----------------------------------------------------------------------------------------------------------------------------------
7,265,000 Horsham Industrial & Commercial Devel. Authority
(Pennsylvania LTC) 6.000 12/01/2037 7,228,530
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Indiana County IDA Pollution Control
(Metropolitan Edison Company) 5.950 05/01/2027 25,533
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 Indiana County IDA Pollution Control (PSEG Power LLC) 1 5.850 06/01/2027 119,191
- -----------------------------------------------------------------------------------------------------------------------------------
405,000 Jeannette Health Services Authority
(Jeannette District Memorial Hospital) 6.000 11/01/2018 404,465
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Lancaster County Hospital Authority
(Lancaster General Hospital) 5.500 03/15/2026 10,866
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Lancaster County Hospital Authority
(Landis Homes Retirement Community) 5.700 09/01/2018 25,009
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Lancaster County Hospital Authority
(Landis Homes Retirement Community) 5.750 09/01/2023 20,004
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Lancaster County Hospital Authority
(Masonic Homes of Pennsylvania) 5.300 11/15/2007 100,104
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Lancaster County Hospital Authority
(St. Anne's Home for the Aged) 6.500 04/01/2015 25,022
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Lancaster County IDA (Garden Spot Village) 7.600 05/01/2022 44,238
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Lancaster County Solid Waste Management Authority 5.000 12/15/2014 25,459
- -----------------------------------------------------------------------------------------------------------------------------------
5,840,000 Langhorne Manor Boro Higher Education Authority
(Lower Bucks Hospital) 7.350 07/01/2022 5,923,512
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Langhorne Manor Boro Higher Education Authority
(Philadelphia Biblical University) 5.200 04/01/2020 1,004,510
- -----------------------------------------------------------------------------------------------------------------------------------
575,000 Langhorne Manor Boro Higher Education Authority
(Philadelphia Biblical University) 5.500 04/01/2025 585,201
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Latrobe IDA (St. Vincent College) 5.375 05/01/2013 10,408
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Latrobe IDA (St. Vincent College) 5.700 05/01/2031 36,230
- -----------------------------------------------------------------------------------------------------------------------------------
14,025,000 Lawrence County IDA (Shenango Presbyterian Center) 5.625 11/15/2037 14,155,152
- -----------------------------------------------------------------------------------------------------------------------------------
5,190,000 Lawrence County IDA (Shenango Presbyterian Center) 7.500 11/15/2031 5,938,865
29 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,020,000 Lehigh County GPA (Bible Fellowship Church Home) 6.000% 12/15/2023 $ 1,028,752
- -----------------------------------------------------------------------------------------------------------------------------------
1,060,000 Lehigh County GPA (Bible Fellowship Church Home) 7.625 11/01/2021 1,156,990
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Lehigh County GPA (Bible Fellowship Church Home) 7.750 11/01/2033 819,053
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Lehigh County GPA (Good Shepherd
Rehabilitation Hospital) 5.250 11/15/2027 46,019
- -----------------------------------------------------------------------------------------------------------------------------------
2,525,000 Lehigh County GPA (Kidspeace Obligated Group) 1 5.800 11/01/2012 2,533,105
- -----------------------------------------------------------------------------------------------------------------------------------
1,265,000 Lehigh County GPA (Kidspeace Obligated Group) 1 5.800 11/01/2012 1,308,402
- -----------------------------------------------------------------------------------------------------------------------------------
8,190,000 Lehigh County GPA (Kidspeace Obligated Group) 1 6.000 11/01/2018 8,214,242
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Lehigh County GPA (Kidspeace Obligated Group) 1 6.000 11/01/2018 2,074,480
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Lehigh County GPA (Kidspeace Obligated Group) 1 6.000 11/01/2023 1,092,553
- -----------------------------------------------------------------------------------------------------------------------------------
2,940,000 Lehigh County GPA (Kidspeace Obligated Group) 1 6.000 11/01/2023 3,049,133
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Lehigh County GPA (Lehigh Valley Health Network) 5.000 07/01/2028 60,946
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Lehigh County GPA (Lehigh Valley Hospital) 5.625 07/01/2015 101,117
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Lehigh County GPA (Lehigh Valley Hospital/Muhlenberg
Hospital Center/MCCC Obligated Group) 5.000 07/01/2028 10,158
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Lehigh County GPA (Lehigh Valley Hospital/Muhlenberg
Hospital Center/MCCC Obligated Group) 5.000 07/01/2028 5,079
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Lehigh County GPA (St. Lukes Hospital Bethlehem) 5.375 08/15/2033 32,190
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Lehigh County IDA (Lifepath) 5.850 06/01/2008 99,819
- -----------------------------------------------------------------------------------------------------------------------------------
23,340,000 Lehigh County IDA Pollution Control (Pennsylvania Power
& Light Electric Utilities Corp.) 2 4.750 02/15/2027 23,493,927
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Lehigh County Water Authority 5.000 11/01/2019 250,205
- -----------------------------------------------------------------------------------------------------------------------------------
650,000 Lehigh Northampton Airport Authority
(Lehigh Valley International Airport) 5.000 01/01/2021 668,213
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Lehigh Northampton Airport Authority
(Lehigh Valley International Airport) 5.000 01/01/2023 767,693
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Lewistown Boro Municipal Water Authority 5.250 01/01/2028 15,072
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Luzerne County Flood Protection Authority 5.000 01/15/2023 10,085
- -----------------------------------------------------------------------------------------------------------------------------------
12,640,000 Luzerne County IDA (Pennsylvania-American
Water Company) 2 4.950 09/01/2034 12,948,163
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 Lycoming County Hospital Authority
(MVH/DPH Obligated Group) 5.250 11/15/2015 115,351
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Lycoming County Hospital Authority
(MVH/DPH Obligated Group) 5.500 11/15/2022 20,085
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Lycoming County Hospital Authority
(WH/NCPHS Obligated Group) 5.250 11/15/2015 70,214
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Lycoming County Hospital Authority
(WH/NCPHS Obligated Group) 5.375 11/15/2010 60,235
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Mars Area School District 5.000 09/01/2027 30,263
- -----------------------------------------------------------------------------------------------------------------------------------
345,000 McKean County GO 5.000 11/01/2022 345,880
- -----------------------------------------------------------------------------------------------------------------------------------
2,730,000 McKean County Hospital Authority (Bradford Hospital) 5.000 10/01/2020 2,753,505
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 McKean County Hospital Authority (Bradford Hospital) 1 5.250 10/01/2030 3,053,580
30 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 100,000 Mifflin County Hospital Authority (Lewiston Hospital) 6.200% 07/01/2030 $ 108,380
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Monroe County Hospital Authority (Pocono Medical Center) 5.250 01/01/2043 2,997,450
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Montgomery County HEHA (Abington Memorial Hospital) 5.000 06/01/2028 10,155
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Montgomery County HEHA (Abington Memorial Hospital) 5.125 06/01/2027 20,255
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Montgomery County HEHA (Abington Memorial Hospital) 5.125 06/01/2032 20,154
- -----------------------------------------------------------------------------------------------------------------------------------
8,740,000 Montgomery County HEHA (Arcadia University) 5.000 04/01/2036 8,719,548
- -----------------------------------------------------------------------------------------------------------------------------------
5,750,000 Montgomery County HEHA (Dickinson College) 1 5.000 05/01/2031 5,970,398
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Montgomery County HEHA (Holy Redeemer Health System) 5.250 10/01/2023 60,702
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Montgomery County HEHA (Holy Redeemer Health System) 5.250 10/01/2027 50,584
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Montgomery County HEHA (Holy Redeemer Physician
& Ambulatory Services) 5.250 10/01/2023 80,936
- -----------------------------------------------------------------------------------------------------------------------------------
890,000 Montgomery County IDA (ACTS Retirement Life Community) 5.250 11/15/2028 896,470
- -----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Montgomery County IDA (Meadowood Corp.) 6.250 12/01/2017 1,791,440
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 Montgomery County IDA (Pennsylvania-American Water Company) 5.050 06/01/2029 265,835
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Montgomery County IDA (Whitemarsh Continued Care) 6.250 02/01/2035 2,616,300
- -----------------------------------------------------------------------------------------------------------------------------------
3,840,000 Montgomery County IDA (Wordsworth Academy) 8.000 09/01/2024 3,845,798
- -----------------------------------------------------------------------------------------------------------------------------------
2,915,000 New Morgan IDA (Browning-Ferris Industries) 1 6.500 04/01/2019 2,929,050
- -----------------------------------------------------------------------------------------------------------------------------------
1,045,000 New Wilmington Municipal Authority (Westminster College) 5.000 05/01/2027 1,054,154
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 New Wilmington Municipal Authority (Westminster College) 5.125 05/01/2033 1,009,860
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 New Wilmington Municipal Authority (Westminster College) 5.300 03/01/2018 40,344
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 New Wilmington Municipal Authority (Westminster College) 5.350 03/01/2028 55,489
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 North Wales Water Authority 5.000 11/01/2013 25,072
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 North Wales Water Authority 5.000 11/01/2022 5,012
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 Northampton County Higher Education Authority (Lafayette College) 5.000 11/01/2027 135,830
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Northampton County IDA (Kirkland Village) 5.625 12/15/2019 70,334
- -----------------------------------------------------------------------------------------------------------------------------------
170,000 Northampton County IDA (Moravian Hall Square) 5.350 07/01/2010 170,173
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Northampton County IDA (Moravian Hall Square) 5.550 07/01/2014 25,023
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Northampton County IDA (Moravian Hall Square) 5.700 07/01/2020 40,044
- -----------------------------------------------------------------------------------------------------------------------------------
3,245,000 Northeastern PA Hospital & Education Authority (Luzerne County
Community College) 1 5.150 08/15/2016 3,261,063
- -----------------------------------------------------------------------------------------------------------------------------------
385,000 Northeastern PA Hospital & Education Authority (WVHCS) 5.250 01/01/2026 390,544
- -----------------------------------------------------------------------------------------------------------------------------------
830,000 Northumberland County IDA (Aqua Pennsylvania) 5.050 10/01/2039 845,073
- -----------------------------------------------------------------------------------------------------------------------------------
860,000 Northumberland County IDA (NHS Youth Services) 5.500 02/15/2033 891,631
- -----------------------------------------------------------------------------------------------------------------------------------
1,820,000 Northumberland County IDA (NHS Youth Services) 7.500 02/15/2029 1,941,703
- -----------------------------------------------------------------------------------------------------------------------------------
3,855,000 Northumberland County IDA (NHS Youth Services) 7.750 02/15/2029 4,157,155
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 PA EDFA (30th Street Garage) 5.875 06/01/2033 10,595,300
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 PA EDFA (Amtrak) 6.000 11/01/2011 52,327
31 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 250,000 PA EDFA (Amtrak) 6.125% 11/01/2021 $ 261,608
- -----------------------------------------------------------------------------------------------------------------------------------
5,005,000 PA EDFA (Amtrak) 6.250 11/01/2031 5,196,541
- -----------------------------------------------------------------------------------------------------------------------------------
945,000 PA EDFA (Amtrak) 6.375 11/01/2041 990,095
- -----------------------------------------------------------------------------------------------------------------------------------
14,700,000 PA EDFA (National Gypsum Company) 6.125 11/02/2027 15,187,011
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (National Gypsum Company) 6.250 11/01/2027 5,196,550
- -----------------------------------------------------------------------------------------------------------------------------------
4,900,000 PA EDFA (Northampton Generating) 6.400 01/01/2009 4,903,381
- -----------------------------------------------------------------------------------------------------------------------------------
8,515,000 PA EDFA (Northampton Generating) 6.500 01/01/2013 8,640,937
- -----------------------------------------------------------------------------------------------------------------------------------
16,800,000 PA EDFA (Northampton Generating) 6.600 01/01/2019 16,964,472
- -----------------------------------------------------------------------------------------------------------------------------------
1,300,000 PA EDFA (Northampton Generating) 6.875 01/01/2011 1,297,829
- -----------------------------------------------------------------------------------------------------------------------------------
12,000,000 PA EDFA (Northampton Generating) 6.950 01/01/2021 11,960,760
- -----------------------------------------------------------------------------------------------------------------------------------
4,310,000 PA EDFA (Northwestern Human Services) 5.250 06/01/2014 4,293,794
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 PA EDFA (Northwestern Human Services) 5.250 06/01/2028 2,866,260
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 PA EDFA (Reliant Energy) 2 6.750 12/01/2036 10,952,450
- -----------------------------------------------------------------------------------------------------------------------------------
12,500,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 13,690,500
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 8,761,920
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 6,571,440
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 PA EDFA (Reliant Energy/Reliant Seward Obligated Group) 6.750 12/01/2036 7,666,680
- -----------------------------------------------------------------------------------------------------------------------------------
40,825,000 PA EDFA (USG Corp.) 6.000 06/01/2031 42,129,359
- -----------------------------------------------------------------------------------------------------------------------------------
4,870,000 PA EDFA (Waste Management) 5.100 10/01/2027 4,782,389
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 PA HEFA (Allegheny College) 5.000 11/01/2026 50,034
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 PA HEFA (Allegheny Delaware Valley Obligated Group) 5.875 11/15/2021 97,026
- -----------------------------------------------------------------------------------------------------------------------------------
1,025,000 PA HEFA (Association of Independent Colleges & Universities) 5.125 05/01/2032 1,035,107
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (California University of Pennsylvania Student Assoc.) 5.000 07/01/2028 100,199
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 PA HEFA (California University of Pennsylvania Student Assoc.) 6.750 09/01/2020 1,615,695
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 PA HEFA (California University of Pennsylvania Student Assoc.) 6.750 09/01/2032 117,860
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 PA HEFA (California University of Pennsylvania Student Assoc.) 6.800 09/01/2025 53,733
- -----------------------------------------------------------------------------------------------------------------------------------
1,475,000 PA HEFA (College of Science & Agriculture) 5.350 04/15/2028 1,479,174
- -----------------------------------------------------------------------------------------------------------------------------------
1,460,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.650 04/15/2025 1,520,546
- -----------------------------------------------------------------------------------------------------------------------------------
815,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.750 04/15/2029 853,289
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.750 04/15/2034 229,524
- -----------------------------------------------------------------------------------------------------------------------------------
3,210,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.800 04/15/2030 3,357,307
- -----------------------------------------------------------------------------------------------------------------------------------
3,385,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.800 04/15/2033 3,534,448
- -----------------------------------------------------------------------------------------------------------------------------------
1,830,000 PA HEFA (Elizabethtown College) 5.000 12/15/2021 1,866,033
- -----------------------------------------------------------------------------------------------------------------------------------
3,070,000 PA HEFA (Elizabethtown College) 1 5.000 12/15/2024 3,112,673
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 PA HEFA (Elizabethtown College) 5.000 12/15/2027 4,032,560
32 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,820,000 PA HEFA (Geneva College) 5.375% 04/01/2023 $ 1,842,823
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 PA HEFA (Geneva College) 5.375 04/01/2023 65,904
- -----------------------------------------------------------------------------------------------------------------------------------
860,000 PA HEFA (Geneva College) 5.450 04/01/2018 876,469
- -----------------------------------------------------------------------------------------------------------------------------------
1,035,000 PA HEFA (Geneva College) 6.125 04/01/2022 1,090,983
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 PA HEFA (Higher Education System) 5.000 06/15/2019 40,348
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 PA HEFA (La Salle University) 5.500 05/01/2034 51,408
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 PA HEFA (La Salle University) 1 5.625 05/01/2017 150,968
- -----------------------------------------------------------------------------------------------------------------------------------
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 755,220
- -----------------------------------------------------------------------------------------------------------------------------------
1,490,000 PA HEFA (Marywood University) 5.125 06/01/2029 1,509,042
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 5.875 11/15/2016 5,107
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 5.875 11/15/2016 61,285
- -----------------------------------------------------------------------------------------------------------------------------------
3,040,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 1 5.875 11/15/2021 3,105,086
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 PA HEFA (Philadelphia University) 5.000 06/01/2035 245,740
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 PA HEFA (Philadelphia University) 5.125 06/01/2025 3,031,650
- -----------------------------------------------------------------------------------------------------------------------------------
2,200,000 PA HEFA (Philadelphia University) 5.250 06/01/2032 2,228,798
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 PA HEFA (Philadelphia University) 6.000 06/01/2029 264,750
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 PA HEFA (St. Francis University) 5.750 11/01/2023 109,948
- -----------------------------------------------------------------------------------------------------------------------------------
3,925,000 PA HEFA (St. Francis University) 6.250 11/01/2018 4,251,953
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 PA HEFA (State System Higher Education) 5.125 06/15/2012 30,031
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (State System Higher Education) 5.125 06/15/2013 100,104
- -----------------------------------------------------------------------------------------------------------------------------------
1,215,000 PA HEFA (University of the Arts) 5.000 09/15/2033 1,215,377
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 PA HEFA (University of the Arts) 5.750 03/15/2030 25,917
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (UPMC Health System) 5.000 08/01/2029 102,190
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 PA HEFA (UPMC Health System) 6.000 01/15/2031 32,049
- -----------------------------------------------------------------------------------------------------------------------------------
1,650,000 PA HEFA (Ursinus College) 5.000 01/01/2036 1,646,205
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 PA HEFA (Widener University) 5.000 07/15/2026 765,773
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (Widener University) 5.250 07/15/2024 102,826
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 PA HEFA (Widener University) 5.400 07/15/2036 71,969
- -----------------------------------------------------------------------------------------------------------------------------------
7,500,000 PA HFA (Single Family Mtg.) 4.700 10/01/2037 7,065,300
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 PA HFA (Single Family Mtg.) 5.050 10/01/2024 235,837
- -----------------------------------------------------------------------------------------------------------------------------------
2,115,000 PA HFA (Single Family Mtg.) 5.450 10/01/2032 2,183,928
- -----------------------------------------------------------------------------------------------------------------------------------
9,180,000 PA HFA (Single Family Mtg.), Series 61A 5.450 10/01/2021 9,277,675
- -----------------------------------------------------------------------------------------------------------------------------------
4,510,000 PA HFA (Single Family Mtg.), Series 61A 1 5.500 04/01/2029 4,529,889
- -----------------------------------------------------------------------------------------------------------------------------------
260,000 PA HFA (Single Family Mtg.), Series 61A 5.500 04/01/2029 261,147
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 PA HFA (Single Family Mtg.), Series 62A 5.200 10/01/2011 25,541
- -----------------------------------------------------------------------------------------------------------------------------------
570,000 PA HFA (Single Family Mtg.), Series 63A 5.448 7 04/01/2030 160,330
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 PA HFA (Single Family Mtg.), Series 64 5.000 10/01/2017 50,410
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 PA HFA (Single Family Mtg.), Series 66A 5.650 04/01/2029 5,067
33 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 3,355,000 PA HFA (Single Family Mtg.), Series 67A 5.400% 10/01/2024 $ 3,388,080
- -----------------------------------------------------------------------------------------------------------------------------------
4,740,000 PA HFA (Single Family Mtg.), Series 70A 1 5.800 04/01/2027 4,837,028
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 PA HFA (Single Family Mtg.), Series 72A 2 5.250 04/01/2021 8,261,760
- -----------------------------------------------------------------------------------------------------------------------------------
11,400,000 PA HFA (Single Family Mtg.), Series 73A 2 5.350 10/01/2022 11,598,987
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 PA HFA (Single Family Mtg.), Series 74B 2 5.150 10/01/2022 10,119,100
- -----------------------------------------------------------------------------------------------------------------------------------
1,020,000 PA HFA (Single Family Mtg.), Series 74B 5.150 10/01/2022 1,032,148
- -----------------------------------------------------------------------------------------------------------------------------------
3,060,000 PA HFA (Single Family Mtg.), Series 74B 5.250 04/01/2032 3,091,916
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 PA HFA (Single Family Mtg.), Series 95A 4.875 10/01/2031 2,937,240
- -----------------------------------------------------------------------------------------------------------------------------------
12,525,000 PA HFA (Single Family Mtg.), Series 96A 4.700 10/01/2037 11,799,051
- -----------------------------------------------------------------------------------------------------------------------------------
7,500,000 PA HFA (Single Family Mtg.), Series 98A 4.850 10/01/2031 7,314,975
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 PA HFA (Single Family Mtg.), Series B 2 5.100 10/01/2020 10,106,450
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 PA Intergovernmental Cooperative Authority 5.000 06/15/2021 56,025
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 PA State University, Series A 5.000 08/15/2027 147,964
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 PA Turnpike Commission 5.000 12/01/2023 15,388
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 PA Turnpike Commission 5.000 12/01/2023 5,105
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Patterson Township Municipal Authority 5.500 04/15/2011 10,010
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Penn Hills GO 5.850 12/01/2014 25,167
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 Philadelphia Airport 5.375 06/15/2015 241,810
- -----------------------------------------------------------------------------------------------------------------------------------
1,310,000 Philadelphia Airport, Series A 5.000 06/15/2023 1,345,946
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Philadelphia Airport, Series A 5.000 06/15/2024 2,052,220
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Philadelphia Airport, Series A 5.000 06/15/2025 2,049,580
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia Airport, Series B 5.250 06/15/2011 25,503
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Philadelphia Airport, Series B 5.250 06/15/2012 15,302
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Philadelphia Airport, Series B 5.250 06/15/2031 15,427
- -----------------------------------------------------------------------------------------------------------------------------------
545,000 Philadelphia Airport, Series B 5.400 06/15/2027 553,802
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Philadelphia Airport, Series B 5.500 06/15/2017 51,042
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Philadelphia Authority for Industrial Devel. 5.250 10/01/2030 5,200
- -----------------------------------------------------------------------------------------------------------------------------------
6,720,000 Philadelphia Authority for Industrial Devel. (Aero Philadelphia) 5.500 01/01/2024 6,498,374
- -----------------------------------------------------------------------------------------------------------------------------------
3,870,000 Philadelphia Authority for Industrial Devel. (Air Cargo) 7.500 01/01/2025 4,174,840
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia Authority for Industrial Devel.
(American College of Physicians) 6.000 06/15/2030 26,180
- -----------------------------------------------------------------------------------------------------------------------------------
1,150,000 Philadelphia Authority for Industrial Devel.
(Baptist Home of Philadelphia) 5.500 11/15/2018 1,139,892
- -----------------------------------------------------------------------------------------------------------------------------------
786,000 Philadelphia Authority for Industrial Devel.
(Baptist Home of Philadelphia) 5.600 11/15/2028 764,597
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Philadelphia Authority for Industrial Devel. (Cathedral Village) 5.600 04/01/2012 20,011
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Philadelphia Authority for Industrial Devel. (Cathedral Village) 5.700 04/01/2015 35,206
34 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 450,000 Philadelphia Authority for Industrial Devel. (Cathedral Village) 6.750% 04/01/2023 $ 490,527
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Philadelphia Authority for Industrial Devel. (Cathedral Village) 6.875 04/01/2034 1,208,042
- -----------------------------------------------------------------------------------------------------------------------------------
2,585,000 Philadelphia Authority for Industrial Devel.
(City of Philadelphia) 1 5.375 02/15/2027 2,634,012
- -----------------------------------------------------------------------------------------------------------------------------------
2,750,000 Philadelphia Authority for Industrial Devel. (First Mtg.-CPAP) 6.125 04/01/2019 2,033,048
- -----------------------------------------------------------------------------------------------------------------------------------
1,790,000 Philadelphia Authority for Industrial Devel.
(Franklin Towne Charter High School) 5.250 01/01/2027 1,810,460
- -----------------------------------------------------------------------------------------------------------------------------------
1,085,000 Philadelphia Authority for Industrial Devel.
(Franklin Towne Charter High School) 5.375 01/01/2032 1,100,157
- -----------------------------------------------------------------------------------------------------------------------------------
1,330,000 Philadelphia Authority for Industrial Devel.
(International Educational & Community Project) 5.875 06/01/2022 1,406,808
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Philadelphia Authority for Industrial Devel.
(Philadelphia Airport System), Series A 2 5.400 07/01/2022 8,340,960
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Philadelphia Authority for Industrial Devel. (Philadelphia Airport) 5.000 07/01/2019 30,436
- -----------------------------------------------------------------------------------------------------------------------------------
19,710,000 Philadelphia Authority for Industrial Devel. (Philadelphia Airport) 5.000 07/01/2023 19,932,920
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Philadelphia Authority for Industrial Devel. (Philadelphia Airport) 5.125 07/01/2020 10,281
- -----------------------------------------------------------------------------------------------------------------------------------
3,880,000 Philadelphia Authority for Industrial Devel. (Philadelphia Airport) 5.125 07/01/2028 3,931,565
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Philadelphia Authority for Industrial Devel. (Philadelphia Airport) 5.250 07/01/2028 97,623
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 Philadelphia Authority for Industrial Devel. (Philadelphia Airport) 5.300 07/01/2017 407,156
- -----------------------------------------------------------------------------------------------------------------------------------
1,640,000 Philadelphia Authority for Industrial Devel. (Richard Allen Prep
Charter School) 6.250 05/01/2033 1,640,344
- -----------------------------------------------------------------------------------------------------------------------------------
1,370,000 Philadelphia Authority for Industrial Devel. (Stapeley Germantown) 5.000 01/01/2015 1,309,789
- -----------------------------------------------------------------------------------------------------------------------------------
1,580,000 Philadelphia Authority for Industrial Devel. (Stapeley Germantown) 5.125 01/01/2021 1,469,574
- -----------------------------------------------------------------------------------------------------------------------------------
1,400,000 Philadelphia Authority for Industrial Devel. Senior Living
(Arbor House) 6.100 07/01/2033 1,466,332
- -----------------------------------------------------------------------------------------------------------------------------------
780,000 Philadelphia Authority for Industrial Devel. Senior Living
(GIH/PPAM) 5.125 07/01/2016 785,234
- -----------------------------------------------------------------------------------------------------------------------------------
1,240,000 Philadelphia Authority for Industrial Devel. Senior Living
(Miriam and Robert M. Rieder House) 6.100 07/01/2033 1,298,751
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Philadelphia Authority for Industrial Devel. Senior Living
(Presbyterian Homes Germantown) 5.625 07/01/2035 3,085,200
- -----------------------------------------------------------------------------------------------------------------------------------
1,160,000 Philadelphia Authority for Industrial Devel. Senior Living
(Robert Saligman House) 6.100 07/01/2033 1,214,961
35 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 13,700,000 Philadelphia Authority for Industrial Devel., Series B 2 5.125% 10/01/2026 $ 14,217,860
- -----------------------------------------------------------------------------------------------------------------------------------
7,125,000 Philadelphia Gas Works 2 5.125 08/01/2031 7,461,812
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Philadelphia Gas Works 2 5.250 08/01/2021 8,415,200
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia Gas Works 5.000 07/01/2014 25,245
- -----------------------------------------------------------------------------------------------------------------------------------
8,050,000 Philadelphia GO 1 5.000 05/15/2020 8,113,354
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 Philadelphia GO 5.000 05/15/2025 236,669
- -----------------------------------------------------------------------------------------------------------------------------------
325,000 Philadelphia GO 5.000 03/15/2028 330,805
- -----------------------------------------------------------------------------------------------------------------------------------
1,210,000 Philadelphia H&HEFA (Centralized Comprehensive
Human Services) 7.250 01/01/2021 1,271,565
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Philadelphia H&HEFA (Jefferson Health System) 5.000 05/15/2018 81,642
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Philadelphia H&HEFA (Jefferson Health System) 5.125 05/15/2021 10,163
- -----------------------------------------------------------------------------------------------------------------------------------
1,585,000 Philadelphia H&HEFA (North Philadelphia Health System) 5.300 01/01/2018 1,620,409
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Philadelphia H&HEFA (North Philadelphia Health System) 5.375 01/01/2028 61,478
- -----------------------------------------------------------------------------------------------------------------------------------
2,380,000 Philadelphia H&HEFA (Philadelphia Protestant Home) 6.500 07/01/2027 2,381,499
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Philadelphia H&HEFA (Temple University
Children's Medical Center) 5.625 06/15/2019 52,477
- -----------------------------------------------------------------------------------------------------------------------------------
155,000 Philadelphia H&HEFA (Temple University
Children's Medical Center) 5.750 06/15/2029 163,024
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 Philadelphia H&HEFA (Temple University Hospital) 5.500 11/15/2015 142,029
- -----------------------------------------------------------------------------------------------------------------------------------
19,470,000 Philadelphia H&HEFA (Temple University Hospital) 8 5.500 07/01/2026 19,909,633
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Philadelphia H&HEFA (Temple University Hospital) 5.500 11/15/2027 10,138
- -----------------------------------------------------------------------------------------------------------------------------------
260,000 Philadelphia H&HEFA (Temple University Hospital) 5.500 11/15/2027 263,767
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Philadelphia H&HEFA (Temple University Hospital) 5.875 11/15/2023 35,544
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Philadelphia H&HEFA (Temple University Hospital) 6.500 11/15/2008 15,252
- -----------------------------------------------------------------------------------------------------------------------------------
17,905,000 Philadelphia H&HEFA (Temple University Hospital) 6.625 11/15/2023 17,937,945
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Philadelphia New Public Housing Authority 5.000 04/01/2012 5,162
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Philadelphia Parking Authority 5.000 02/01/2027 50,889
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia Parking Authority (Airport) 5.500 09/01/2018 25,281
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Philadelphia Parking Authority, Series A 5.250 02/15/2029 20,494
- -----------------------------------------------------------------------------------------------------------------------------------
180,000 Philadelphia Redevel. Authority (Multifamily Hsg.) 5.450 02/01/2023 181,372
- -----------------------------------------------------------------------------------------------------------------------------------
9,000,000 Philadelphia Redevel. Authority
(Neighborhood Transformation) 2 5.000 04/15/2028 9,322,290
- -----------------------------------------------------------------------------------------------------------------------------------
2,580,000 Philadelphia Redevel. Authority (Pavilion Apartments) 6.000 10/01/2023 2,685,419
- -----------------------------------------------------------------------------------------------------------------------------------
4,100,000 Philadelphia Redevel. Authority (Pavilion Apartments) 6.250 10/01/2032 4,294,586
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Philadelphia School District 2 5.625 08/01/2022 8,649,720
- -----------------------------------------------------------------------------------------------------------------------------------
28,000,000 Philadelphia Water & Wastewater, Series A 2 5.000 11/01/2031 28,740,040
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh & Allegheny County Public Auditorium Authority 5.000 02/01/2024 10,235
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Pittsburgh & Allegheny County Public Auditorium Authority 5.000 02/01/2029 51,032
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Pittsburgh & Allegheny County Public Auditorium Authority 5.250 02/01/2031 41,199
- -----------------------------------------------------------------------------------------------------------------------------------
1,290,000 Pittsburgh Urban Redevel. Authority (West Park Court) 4.900 11/20/2047 1,213,735
36 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 20,000 Pittsburgh Urban Redevel. Authority, Series A 5.200% 10/01/2020 $ 20,177
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Pittsburgh Urban Redevel. Authority, Series A 5.250 10/01/2029 40,258
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Pittsburgh Urban Redevel. Authority, Series A 7.250 02/01/2024 15,015
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Pittsburgh Urban Redevel. Authority, Series C 5.600 04/01/2020 60,479
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Pittsburgh Urban Redevel. Authority, Series C 5.700 04/01/2030 25,212
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Pittsburgh Urban Redevel. Authority, Series C 5.900 10/01/2022 15,228
- -----------------------------------------------------------------------------------------------------------------------------------
795,000 Pittsburgh Urban Redevel. Authority, Series C 1 5.950 10/01/2029 806,822
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh Urban Redevel. Authority, Series C 7.125 08/01/2013 10,011
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Pittsburgh Urban Renewal Authority, Series B 5.350 10/01/2022 40,653
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh Water & Sewer Authority, Series A 5.050 09/01/2025 10,052
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 Pittsburgh Water & Sewer Authority, Series C 5.125 09/01/2023 402,468
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Potter County Hospital Authority
(Charles Cole Memorial Hospital) 6.050 08/01/2024 121,369
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pottsville Hospital Authority (Pottsville Hospital
& Warne Clinic) 5.500 07/01/2018 1,000,350
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Pottsville Hospital Authority (Pottsville Hospital
& Warne Clinic) 5.500 07/01/2018 25,161
- -----------------------------------------------------------------------------------------------------------------------------------
4,170,000 Pottsville Hospital Authority (Pottsville Hospital
& Warne Clinic) 5.625 07/01/2024 4,089,561
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Pottsville Hospital Authority (Pottsville Hospital
& Warne Clinic) 5.625 07/01/2024 25,182
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Saxonburg Area Authority (Sewer & Water) 1 5.000 03/01/2030 1,038,480
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Sayre Health Care Facilities (Guthrie Healthcare System) 7.125 12/01/2031 2,381,620
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Schuylkill County IDA (DOCNHS/BSVHS/WMHS
Obligated Group) 5.000 11/01/2028 10,162
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 Scranton School District 5.000 04/01/2022 147,539
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 Scranton School District 1 5.000 04/01/2025 223,333
- -----------------------------------------------------------------------------------------------------------------------------------
440,000 Scranton School District 5.000 04/01/2031 445,628
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Sharon Regional Health System Authority
(SRPS/SRHS Obligated Group) 5.000 12/01/2028 5,082
- -----------------------------------------------------------------------------------------------------------------------------------
450,000 South Fork Municipal Authority
(Conemaugh Valley Memorial Hospital) 5.000 07/01/2028 457,092
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 South Fork Municipal Authority
(Conemaugh Valley Memorial Hospital) 5.375 07/01/2022 5,100
- -----------------------------------------------------------------------------------------------------------------------------------
305,000 South Fork Municipal Authority
(Good Samaritan Medial Center of Johnstown) 5.250 07/01/2026 307,907
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 South Fork Municipal Authority
(Good Samaritan Medial Center of Johnstown) 5.375 07/01/2016 25,277
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 South Park School District 5.000 05/15/2016 5,046
- -----------------------------------------------------------------------------------------------------------------------------------
1,400,000 Southcentral General Authority (Hanover Hospital) 2 5.000 12/01/2023 1,420,398
- -----------------------------------------------------------------------------------------------------------------------------------
2,245,000 Southcentral General Authority (Hanover Hospital) 2 5.000 12/01/2025 2,268,628
- -----------------------------------------------------------------------------------------------------------------------------------
3,265,000 Southcentral General Authority (Hanover Hospital) 2 5.000 12/01/2026 3,290,354
37 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 2,000,000 Southcentral General Authority (Hanover Hospital) 2 5.000% 12/01/2027 $ 2,015,460
- -----------------------------------------------------------------------------------------------------------------------------------
2,510,000 Southcentral General Authority (Hanover Hospital) 2 5.000 12/01/2028 2,524,339
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Southcentral General Authority (Hanover Hospital) 2 5.000 12/01/2030 1,002,295
- -----------------------------------------------------------------------------------------------------------------------------------
470,000 Southcentral General Authority (Hanover Hospital) 5.000 12/01/2030 471,081
- -----------------------------------------------------------------------------------------------------------------------------------
26,100,000 St. Mary Hospital Authority (Catholic Health East) 2 4.482 3 11/15/2034 25,473,600
- -----------------------------------------------------------------------------------------------------------------------------------
3,250,000 St. Mary Hospital Authority (Catholic Health East) 5.375 11/15/2034 3,531,645
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 St. Mary Hospital Authority (Catholic Health Initiatives) 5.000 12/01/2028 96,683
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 St. Mary Hospital Authority (Franciscan Health) 7.000 06/15/2015 50,375
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 State Public School Building Authority (Butler College) 5.400 07/15/2012 15,444
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 State Public School Building Authority
(Chester Upland School District) 5.150 11/15/2026 5,180
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 State Public School Building Authority
(Lehigh Carbon Community College) 5.000 11/01/2017 35,101
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 Susquehanna Area Regional Airport Authority 5.000 01/01/2028 86,407
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 Susquehanna Area Regional Airport Authority 5.375 01/01/2018 142,020
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Susquehanna Area Regional Airport Authority
(Aero Harrisburg) 5.500 01/01/2024 967,020
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Union County Hospital Authority
(United Methodist Continuing Care Services) 6.250 04/01/2012 15,010
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Venango IDA (Boise Cascade Corp.) 5.900 09/01/2007 5,003
- -----------------------------------------------------------------------------------------------------------------------------------
5,680,000 Washington County Authority (Capital Projects &
Equipment Program) 6.150 12/01/2029 6,071,068
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Washington County Hospital Authority
(Washington Hospital) 5.125 07/01/2028 35,616
- -----------------------------------------------------------------------------------------------------------------------------------
5,250,000 Washington County Redevel. Authority (Victory Centre) 5.450 07/01/2035 5,303,813
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Washington Township Municipal Authority 5.875 12/15/2023 772,988
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Washington Township Municipal Authority 6.000 12/15/2033 2,610,900
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 West Shore Area Hospital Authority (Holy Spirit Hospital) 6.250 01/01/2032 315,957
- -----------------------------------------------------------------------------------------------------------------------------------
1,550,000 Westmoreland County IDA
(Redstone Retirement Community) 5.750 01/01/2026 1,602,638
- -----------------------------------------------------------------------------------------------------------------------------------
1,085,000 Westmoreland County IDA
(Redstone Retirement Community) 5.875 01/01/2032 1,123,518
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Westmoreland County Redevel. Authority (Harmon House) 5.400 06/20/2028 36,093
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Wilkes-Barre Finance Authority (Wilkes University) 5.000 03/01/2027 5,014,900
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Wilkes-Barre Finance Authority (Wilkes University) 5.000 03/01/2037 4,961,600
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 York County Hospital Authority (York Hospital) 5.500 07/01/2008 10,012
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 York County IDA (PSEG Power) 5.500 09/01/2020 10,355
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 York Hsg. Corp. Mtg., Series A 6.875 11/01/2009 20,018
----------------
1,212,120,358
38 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--34.4%
- -----------------------------------------------------------------------------------------------------------------------------------
$ 1,485,000 Guam EDA (TASC) 1 5.400% 05/15/2031 $ 1,498,276
- -----------------------------------------------------------------------------------------------------------------------------------
3,900,000 Guam EDA (TASC) 1 5.500 05/15/2041 3,920,124
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 Guam GO, Series A 5.375 11/15/2013 115,086
- -----------------------------------------------------------------------------------------------------------------------------------
3,650,000 Guam GO, Series A 5.400 11/15/2018 3,652,081
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Guam Government Waterworks Authority &
Wastewater System 1 5.875 07/01/2035 2,117,840
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Guam Government Waterworks Authority &
Wastewater System 6.000 07/01/2025 539,620
- -----------------------------------------------------------------------------------------------------------------------------------
700,000 Guam Hsg. Corp. (Single Family Mtg.) 1 5.750 09/01/2031 738,997
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Guam Power Authority, Series A 5.250 10/01/2013 175,054
- -----------------------------------------------------------------------------------------------------------------------------------
710,000 Guam Power Authority, Series A 5.250 10/01/2023 714,012
- -----------------------------------------------------------------------------------------------------------------------------------
9,500,000 Northern Mariana Islands Commonwealth, Series A 6.750 10/01/2033 10,956,635
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 Northern Mariana Islands Commonwealth, Series A 6.750 10/01/2033 657,576
- -----------------------------------------------------------------------------------------------------------------------------------
9,500,000 Northern Mariana Islands Ports Authority, Series A 5.000 06/01/2030 9,253,285
- -----------------------------------------------------------------------------------------------------------------------------------
2,725,000 Northern Mariana Islands Ports Authority, Series A 5.500 03/15/2031 2,714,100
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Northern Mariana Islands Ports Authority, Series A 6.000 06/01/2014 63,673
- -----------------------------------------------------------------------------------------------------------------------------------
1,955,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 1,957,170
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 Northern Mariana Islands Ports Authority, Series A 6.600 03/15/2028 1,508,112
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 50,825
- -----------------------------------------------------------------------------------------------------------------------------------
29,025,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 29,413,355
- -----------------------------------------------------------------------------------------------------------------------------------
88,630,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 89,381,582
- -----------------------------------------------------------------------------------------------------------------------------------
75,625,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 76,343,438
- -----------------------------------------------------------------------------------------------------------------------------------
355,000,000 Puerto Rico Children's Trust Fund (TASC) 6.364 7 05/15/2050 24,718,650
- -----------------------------------------------------------------------------------------------------------------------------------
97,000,000 Puerto Rico Children's Trust Fund (TASC) 7.013 7 05/15/2055 3,646,230
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 1,050,420
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 2,096,360
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Puerto Rico Electric Power Authority, Series DD 5.000 07/01/2028 15,400
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Puerto Rico Electric Power Authority, Series DD 5.000 07/01/2028 5,133
- -----------------------------------------------------------------------------------------------------------------------------------
2,770,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2037 2,845,122
- -----------------------------------------------------------------------------------------------------------------------------------
9,800,000 Puerto Rico Electric Power Authority, Series UU 2 4.271 3 07/01/2025 9,800,000
- -----------------------------------------------------------------------------------------------------------------------------------
31,890,000 Puerto Rico Electric Power Authority, Series UU 2 4.291 3 07/01/2031 31,890,000
- -----------------------------------------------------------------------------------------------------------------------------------
885,000 Puerto Rico HFC, Series B 5.300 12/01/2028 901,665
- -----------------------------------------------------------------------------------------------------------------------------------
540,000 Puerto Rico Highway & Transportation Authority, Series A 5.000 07/01/2038 551,945
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico Highway & Transportation Authority, Series A 5.000 07/01/2038 25,225
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 Puerto Rico Highway & Transportation Authority, Series AA 5.000 07/01/2035 453,072
- -----------------------------------------------------------------------------------------------------------------------------------
1,075,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 1,095,060
- -----------------------------------------------------------------------------------------------------------------------------------
1,805,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 1,830,288
- -----------------------------------------------------------------------------------------------------------------------------------
620,000 Puerto Rico Highway & Transportation Authority, Series H 5.000 07/01/2028 658,905
- -----------------------------------------------------------------------------------------------------------------------------------
325,000 Puerto Rico Highway & Transportation Authority, Series H 5.000 07/01/2028 331,906
- -----------------------------------------------------------------------------------------------------------------------------------
8,855,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2030 9,072,656
39 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 700,000 Puerto Rico Highway & Transportation Authority, Series M 5.000% 07/01/2037 $ 718,424
- -----------------------------------------------------------------------------------------------------------------------------------
2,105,000 Puerto Rico IMEPCF (American Airlines) 1 6.450 12/01/2025 2,137,396
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 3,072,510
- -----------------------------------------------------------------------------------------------------------------------------------
20,900,000 Puerto Rico Infrastructure 1 5.000 07/01/2041 21,233,773
- -----------------------------------------------------------------------------------------------------------------------------------
18,150,000 Puerto Rico Infrastructure 5.000 07/01/2046 18,440,400
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 239,702
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 508,550
- -----------------------------------------------------------------------------------------------------------------------------------
2,750,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 2,882,578
- -----------------------------------------------------------------------------------------------------------------------------------
24,915,000 Puerto Rico Port Authority (American Airlines), Series A 1 6.250 06/01/2026 24,961,342
- -----------------------------------------------------------------------------------------------------------------------------------
1,170,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 1,170,491
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Puerto Rico Port Authority, Series D 7.000 07/01/2014 95,377
- -----------------------------------------------------------------------------------------------------------------------------------
9,540,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 9,957,947
- -----------------------------------------------------------------------------------------------------------------------------------
15,000,000 Puerto Rico Sales Tax Financing Corp., Series A 4.518 3 08/01/2057 14,988,750
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 University of Puerto Rico 1 5.400 06/01/2009 100,133
- -----------------------------------------------------------------------------------------------------------------------------------
6,645,000 V.I. Government Refinery Facilities (Hovensa Coker) 1 6.500 07/01/2021 7,140,185
- -----------------------------------------------------------------------------------------------------------------------------------
12,980,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 2 5.000 10/01/2024 13,147,050
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2031 25,013
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 4,268,760
- -----------------------------------------------------------------------------------------------------------------------------------
7,500,000 V.I. Public Finance Authority (Hovensa Refinery) 4.700 07/01/2022 7,264,350
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 V.I. Public Finance Authority (Hovensa Refinery) 6.125 07/01/2022 5,403,450
- -----------------------------------------------------------------------------------------------------------------------------------
17,450,000 V.I. Tobacco Settlement Financing Corp. 1 6.250 7 05/15/2035 3,298,748
- -----------------------------------------------------------------------------------------------------------------------------------
2,195,000 V.I. Tobacco Settlement Financing Corp. 6.500 7 05/15/2035 392,137
- -----------------------------------------------------------------------------------------------------------------------------------
4,150,000 V.I. Tobacco Settlement Financing Corp. 1 6.875 7 05/15/2035 669,935
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 V.I. Tobacco Settlement Financing Corp. 1 7.625 7 05/15/2035 934,780
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 V.I. Tobacco Settlement Financing Corp. (TASC) 5.000 05/15/2021 39,663
- -----------------------------------------------------------------------------------------------------------------------------------
2,235,000 V.I. Tobacco Settlement Financing Corp. (TASC) 1 5.000 05/15/2031 2,178,660
----------------
472,028,982
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,641,202,558)--122.9% 1,684,149,340
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(22.9) (313,944,099)
----------------
NET ASSETS-100.0% $ 1,370,205,241
================
40 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
2. Security represents the underlying municipal bond on an inverse floating rate
security. The bond was purchased by the Fund and subsequently segregated and
transferred to a trust. See Note 1 of accompanying Notes.
3. Represents the current interest rate for a variable or increasing rate
security.
4. Issue is in default. See Note 1 of accompanying Notes.
5. Illiquid security. The aggregate value of illiquid securities as of July 31,
2007 was $16,500, which represents less than 0.005% of the Fund's net assets.
See Note 5 of accompanying Notes.
6. Non-income producing security.
7. Zero coupon bond reflects effective yield on the date of purchase.
8. When-issued security or forward commitment to be delivered and settled after
July 31, 2007. See Note 1 of accompanying Notes.
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
GIH Germantown Interfaith Housing
GO General Obligation
GPA General Purpose Authority
H&EFA Health and Educational Facilities Authority
H&HEFA Hospitals and Higher Education Facilities Authority
HDA Hospital Devel. Authority
HEBA Higher Education Building Authority
HEFA Higher Education Facilities Authority
HEHA Higher Education and Health Authority
HFA Housing Finance Agency
HFC Housing Finance Corp.
HUHS Hehnemann University 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 Health System
PPAM Philadelphia Presbytery Apartments of Morrisville
PSEG Public Service Enterprise Group
RHMC Reading Hospital & Medical Center
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
RR Resource Recovery
RRDC Residential Resources Devel. Corp.
RRSW Residential Resources Southwest
SRHS Sharon Regional Health System
SRPS Sharon Regional Physicians Services
TASC Tobacco Settlement Asset-Backed Bonds
UPMC University of Pittsburgh Medical Center
V.I. United States Virgin Islands
WH Williamsport Hospital
WMHS Western Maryland Health Systems
WVHCS Wyoming Valley Health Care System
41 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY CATEGORY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
CATEGORY VALUE PERCENT
- --------------------------------------------------------------------------------
Hospital/Health Care $ 241,830,843 14.4%
Tobacco Master Settlement Agreement 236,435,578 14.0
Water Utilities 138,308,119 8.2
Higher Education 121,771,841 7.2
Electric Utilities 117,002,791 6.8
Single Family Housing 106,792,291 6.3
Adult Living Facilities 94,060,595 5.6
Marine/Aviation Facilities 82,041,984 4.9
General Obligation 80,462,997 4.8
Building Products 62,512,920 3.7
Special Tax 57,428,811 3.4
Resource Recovery 53,936,282 3.2
Tax Increment Financing (TIF) 29,910,799 1.8
Airlines 28,269,229 1.7
Commercial Services & Supplies 28,266,484 1.7
Sales Tax Revenue 28,238,266 1.7
Education 27,856,423 1.7
Municipal Leases 26,815,019 1.6
Oil, Gas & Consumable Fuels 24,981,514 1.5
Highways/Commuter Facilities 21,258,545 1.3
Not-for-Profit Organization 18,467,620 1.1
Gas Utilities 15,887,367 0.9
Multifamily Housing 14,879,989 0.9
Sewer Utilities 10,959,277 0.7
Parking Fee Revenue 10,666,683 0.6
Paper, Containers & Packaging 4,683,614 0.3
Energy Equipment & Services 278,031 0.0
Student Housing 100,199 0.0
Textiles, Apparel & Luxury Goods 25,031 0.0
Government Appropriation 10,215 0.0
Specialty Retail 5,003 0.0
Aerospace & Defense 4,980 0.0
-------------------------------
Total $ 1,684,149,340 100.0%
===============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
42 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES July 31, 2007
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------------
Investments, at value (cost $1,641,202,558)--see accompanying statement of investments $ 1,684,149,340
- ------------------------------------------------------------------------------------------------------------
Cash 393,319
- ------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 19,431,759
Interest 15,584,854
Shares of beneficial interest sold 6,710,695
Other 39,077
-----------------
Total assets 1,726,309,044
- ------------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 276,485,000
Payable on borrowings (See Note 6) 55,800,000
Investments purchased (including $19,900,092 purchased on a when-issued basis or
forward commitment) 20,029,395
Shares of beneficial interest redeemed 2,318,679
Dividends 972,642
Distribution and service plan fees 174,256
Trustees' compensation 120,120
Interest expense on borrowings 70,879
Transfer and shareholder servicing agent fees 49,016
Shareholder communications 28,229
Other 55,587
-----------------
Total liabilities 356,103,803
- ------------------------------------------------------------------------------------------------------------
NET ASSETS $ 1,370,205,241
=================
- ------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------------
Paid-in capital $ 1,327,961,610
- ------------------------------------------------------------------------------------------------------------
Accumulated net investment income 554,977
- ------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (1,258,128)
- ------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 42,946,782
-----------------
NET ASSETS $ 1,370,205,241
=================
43 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Continued
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -----------------------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $868,070,453
and 67,994,967 shares of beneficial interest outstanding) $ 12.77
Maximum offering price per share (net asset value plus sales charge
of 4.75% of offering price) $ 13.41
- -----------------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $179,265,938 and 14,046,608
shares of beneficial interest outstanding) $ 12.76
- -----------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $322,868,850 and 25,326,008
shares of beneficial interest outstanding) $ 12.75
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF OPERATIONS For the Year Ended July 31, 2007
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------------------------
Interest $ 72,120,055
- --------------------------------------------------------------------------------------------------
Other income 581
-------------
Total investment income 72,120,636
- --------------------------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------------------------
Management fees 5,624,125
- --------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 1,102,098
Class B 1,737,661
Class C 2,465,711
- --------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 268,146
Class B 112,514
Class C 134,242
- --------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 35,836
Class B 13,537
Class C 16,283
- --------------------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued (See Note 1) 7,443,883
- --------------------------------------------------------------------------------------------------
Interest expense on borrowings 795,681
- --------------------------------------------------------------------------------------------------
Trustees' compensation 72,294
- --------------------------------------------------------------------------------------------------
Custodian fees and expenses 28,430
- --------------------------------------------------------------------------------------------------
Other 180,316
-------------
Total expenses 20,030,757
Less reduction to custodian expenses (28,430)
-------------
Net expenses 20,002,327
- --------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 52,118,309
- --------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- --------------------------------------------------------------------------------------------------
Net realized gain on investments 2,508,336
- --------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (7,691,060)
- --------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 46,935,585
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED JULY 31, 2007 2006
- ------------------------------------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------------------------------------
Net investment income $ 52,118,309 $ 38,755,680
- ------------------------------------------------------------------------------------------------------------
Net realized gain 2,508,336 217,417
- ------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (7,691,060) (5,353,422)
----------------------------------
Net increase in net assets resulting from operations 46,935,585 33,619,675
- ------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (33,867,019) (23,712,877)
Class B (7,292,389) (7,996,967)
Class C (10,350,372) (7,208,027)
----------------------------------
(51,509,780) (38,917,871)
- ------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from beneficial
interest transactions:
Class A 271,053,312 218,682,144
Class B (17,991,036) 8,520,749
Class C 104,040,881 87,696,234
----------------------------------
357,103,157 314,899,127
- ------------------------------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------------------------------
Total increase 352,528,962 309,600,931
- ------------------------------------------------------------------------------------------------------------
Beginning of period 1,017,676,279 708,075,348
----------------------------------
End of period (including accumulated net investment income (loss) of
$554,977 and $(53,552), respectively) $ 1,370,205,241 $ 1,017,676,279
==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF CASH FLOWS For the Year Ended July 31, 2007
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- --------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 46,935,585
- --------------------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (486,619,742)
Proceeds from disposition of investment securities 46,711,874
Short-term investment securities, net (62,952,446)
Premium amortization 4,207,746
Discount accretion (2,066,209)
Net realized gain on investments (2,508,336)
Net change in unrealized appreciation on investments 7,691,060
Increase in interest receivable (3,383,546)
Increase in receivable for securities sold (234,650)
Increase in other assets (18,360)
Increase in payable for securities purchased 13,140,594
Increase in payable for accrued expenses 77,959
----------------
Net cash used in operating activities (439,018,471)
- --------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- --------------------------------------------------------------------------------------------------
Proceeds from bank borrowings 386,200,000
Payments on bank borrowings (366,500,000)
Proceeds from short-term floating rate notes issued 113,045,000
Proceeds from shares sold 496,429,414
Payment on shares redeemed (171,319,096)
Cash distributions paid (19,012,222)
----------------
Net cash provided by financing activities 438,843,096
- --------------------------------------------------------------------------------------------------
Net decrease in cash (175,375)
- --------------------------------------------------------------------------------------------------
Cash, beginning balance 568,694
----------------
Cash, ending balance $ 393,319
================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $32,356,532.
Cash paid for interest on bank borrowings--$805,427.
Cash paid for interest on short-term floating rate notes issued--$7,497,003.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.75 $ 12.85 $ 11.76 $ 11.48 $ 11.57
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .59 1 .62 1 .67 1 .73 .75
Net realized and unrealized gain (loss) .02 (.10) 1.10 .25 (.11)
----------------------------------------------------------------------
Total from investment operations .61 .52 1.77 .98 .64
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.59) (.62) (.68) (.70) (.73)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.77 $ 12.75 $ 12.85 $ 11.76 $ 11.48
======================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.81% 4.21% 15.43% 8.53% 5.36%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $868,070 $600,716 $384,863 $229,450 $184,638
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $747,558 $484,153 $295,002 $211,061 $172,228
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.57% 4.88% 5.35% 6.01% 6.11%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.74% 0.82% 0.81% 0.86% 0.86%
Interest and fees on short-term floating rate
notes issued 4 0.61% 0.59% 0.40% 0.26% 0.28%
----------------------------------------------------------------------
Total expenses 1.35% 5 1.41% 1.21% 5 1.12% 5,6 1.14% 5
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 4% 19% 14% 25% 20%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distribuions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
CLASS B YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.75 $ 12.85 $ 11.76 $ 11.48 $ 11.57
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .49 1 .53 1 .57 1 .63 .65
Net realized and unrealized gain (loss) .01 (.10) 1.11 .25 (.11)
----------------------------------------------------------------------
Total from investment operations .50 .43 1.68 .88 .54
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.49) (.53) (.59) (.60) (.63)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.76 $ 12.75 $ 12.85 $ 11.76 $ 11.48
======================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 3.93% 3.41% 14.56% 7.71% 4.56%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $179,266 $196,704 $189,643 $157,338 $146,369
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $193,167 $193,225 $173,663 $156,689 $127,280
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.81% 4.14% 4.62% 5.26% 5.34%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.52% 1.59% 1.59% 1.62% 1.63%
Interest and fees on short-term floating rate
notes issued 4 0.61% 0.59% 0.40% 0.26% 0.28%
----------------------------------------------------------------------
Total expenses 2.13% 5 2.18% 1.99% 5 1.88% 5,6 1.91% 5
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 4% 19% 14% 25% 20%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distribuions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS C YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.73 $ 12.83 $ 11.75 $ 11.47 $ 11.56
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .49 1 .52 1 .57 1 .63 .65
Net realized and unrealized gain (loss) .02 (.09) 1.10 .25 (.11)
----------------------------------------------------------------------
Total from investment operations .51 .43 1.67 .88 .54
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.49) (.53) (.59) (.60) (.63)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.75 $ 12.73 $ 12.83 $ 11.75 $ 11.47
======================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.02% 3.41% 14.48% 7.71% 4.57%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $322,869 $220,256 $133,569 $76,489 $ 69,916
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $274,274 $174,354 $ 96,508 $74,956 $ 60,202
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.80% 4.10% 4.56% 5.25% 5.34%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.50% 1.58% 1.59% 1.63% 1.63%
Interest and fees on short-term floating rate
notes issued 4 0.61% 0.59% 0.40% 0.26% 0.28%
----------------------------------------------------------------------
Total expenses 2.11% 5 2.17% 1.99% 5 1.89% 5,6 1.91% 5
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 4% 19% 14% 25% 20%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distribuions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
50 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Pennsylvania Municipal Fund (the Fund) is a separate series of
Oppenheimer Multi-State Municipal Trust, a non-diversified, open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek as high a level of current
interest income exempt from federal and Pennsylvania personal income taxes as is
available from municipal securities, consistent with preservation of capital.
The Fund's investment 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)
51 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
for which 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).
- --------------------------------------------------------------------------------
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 July 31, 2007, the Fund had purchased $19,900,092
of securities issued on a when-issued basis or forward commitment.
- --------------------------------------------------------------------------------
INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate
securities that pay interest at a rate that varies inversely with short-term
interest rates. Certain of these securities may be leveraged, whereby the
interest rate varies inversely at a multiple of the change in short-term rates.
As interest rates rise, inverse floaters produce less current income. The price
of such securities is more volatile than comparable fixed rate securities. The
Fund will not invest more than 20% of its total assets in inverse floaters.
Inverse floaters amount to $78,521,833 as of July 31, 2007, which represents
4.55% 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
52 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
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 July 31, 2007, municipal bond holdings with a value of
$355,006,833 shown on the Fund's Statement of Investments are held by such
Trusts and serve as collateral for the $276,485,000 in short-term floating rate
notes issued and outstanding at that date.
At July 31, 2007, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL COUPON MATURITY VALUE AS OF
AMOUNT INVERSE FLOATER 1 RATES 2 DATES JULY 31, 2007
- -----------------------------------------------------------------------------------------------------------------------------
$ 775,000 Allegheny County GO RITES 6.880% 11/1/26 $ 733,150
2,000,000 Bucks County IDA RITES 8.656 9/1/32 2,352,480
2,250,000 Delaware County IDA (Aqua Pennsylvania) RITES 5.720 11/1/38 2,407,590
2,750,000 Delaware County IDA (Aqua Pennsylvania) RITES 5.720 11/1/37 2,957,680
2,250,000 Delaware County IDA Water Facilities (Aqua Pennsylvania) RITES 5.720 11/1/38 2,407,590
3,125,000 Delaware Valley Regional Finance Authority ROLs 7.560 6/1/37 3,062,500
2,500,000 Geisinger Authority Health System (Penn State Geisinger Health
System Foundation) 7.700 5/1/37 2,300,000
1,000,000 Lehigh County IDA (Pennsylvania Power & Light Company) RITES 3 5.390 2/15/27 1,039,570
4,335,000 Lehigh County IDA Pollution Control RITES 4.880 2/15/27 4,449,357
3,160,000 Luzerne County IDA ROLs 8.410 9/1/34 3,468,163
5,000,000 PA EDFA (Reliant Energy) RITES 3 7.540 12/1/36 5,952,450
2,000,000 PA HFA (Single Family Mtg.) RITES 7.560 4/1/21 2,261,760
2,850,000 PA HFA (Single Family Mtg.) RITES 7.866 10/1/22 3,048,987
2,500,000 PA HFA (Single Family Mtg.) RITES 7.066 10/1/22 2,619,100
2,500,000 PA HFA (Single Family Mtg.) RITES 6.866 10/1/20 2,606,450
7,000,000 PA Reset Optional Certificates Trust II ROLs 8.630 11/1/31 7,740,040
2,000,000 Philadelphia Authority for Industrial Devel. Airport RITES 7.894 7/1/22 2,340,960
3,425,000 Philadelphia Authority for Industrial Devel. RITES 7.001 10/1/26 3,942,860
2,000,000 Philadelphia Gas Works RITES 7.594 8/1/21 2,415,200
53 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
PRINCIPAL COUPON MATURITY VALUE AS OF
AMOUNT INVERSE FLOATER 1 RATES 2 DATES JULY 31, 2007
- -----------------------------------------------------------------------------------------------------------------------------
$ 1,780,000 Philadelphia Gas Works RITES 6.990% 8/1/31 $ 2,116,812
2,250,000 Philadelphia Redevel. Authority ROLs 8.610 4/15/28 2,572,290
2,000,000 Philadelphia School District GO RITES 9.004 8/1/22 2,649,720
4,170,000 Puerto Rico Electric Power Authority ROLs 3 7.930 7/1/31 4,170,000
350,000 Southcentral General Authority ROLs 8.600 12/1/23 370,398
565,000 Southcentral General Authority ROLs 8.570 12/1/25 588,628
820,000 Southcentral General Authority ROLs 8.580 12/1/26 845,354
500,000 Southcentral General Authority ROLs 8.600 12/1/27 515,460
630,000 Southcentral General Authority ROLs 8.580 12/1/28 644,339
250,000 Southcentral General Authority ROLs 8.600 12/1/30 252,295
2,900,000 St. Mary's Hospital Authority RITES 8.820 11/15/34 2,273,600
3,250,000 V.I. Public Finance Authority ROLs 8.540 10/1/24 3,417,050
--------------
$ 78,521,833
==============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 41 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 July 31,
2007, in addition to the exposure detailed in the preceding table, the Fund's
maximum exposure under such agreements is estimated at approximately
$47,520,000.
- --------------------------------------------------------------------------------
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 July 31, 2007, securities with an aggregate
market value of $985,232, representing 0.07% 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.
54 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
The tax components of capital shown in the following table represent
distribution requirements the Fund must satisfy under the income tax
regulations, losses the Fund may be able to offset against income and gains
realized in future years and unrealized appreciation or depreciation of
securities and other investments for federal income tax purposes.
NET UNREALIZED
APPRECIATION
BASED ON COST OF
SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2,3 TAX PURPOSES
------------------------------------------------------------------------
$2,059,415 $-- $1,195,731 $42,884,382
1. As of July 31, 2007, the Fund had $1,195,731 of net capital loss
carryforwards available to offset future realized capital gains, if any, and
thereby reduce future taxable gain distributions. As of July 31, 2007, details
of the capital loss carryforward was as follows:
EXPIRING
-----------------------
2013 $ 1,195,731
2. During the fiscal year ended July 31, 2007, the Fund utilized $1,499,106 of
capital loss carryforward to offset capital gains realized in that fiscal year.
3. During the fiscal year ended July 31, 2006, the Fund utilized $526,030 of
capital loss carryforward to offset capital gains realized in that fiscal year.
The tax character of distributions paid during the years ended July 31, 2007 and
July 31, 2006 was as follows:
YEAR ENDED YEAR ENDED
JULY 31, 2007 JULY 31, 2006
-------------------------------------------------------------------------
Distributions paid from:
Exempt-interest dividends $ 51,443,295 $ 38,917,871
Ordinary income 66,485 --
-----------------------------------
Total $ 51,509,780 $ 38,917,871
===================================
The aggregate cost of securities and other investments and the composition of
unrealized appreciation and depreciation of securities and other investments for
federal income tax purposes as of July 31, 2007 are noted below. The primary
difference between book and tax appreciation or depreciation of securities and
other investments, if applicable, is
55 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
attributable to the tax deferral of losses or tax realization of financial
statement unrealized gain or loss.
Federal tax cost of securities $1,364,958,566
==============
Gross unrealized appreciation $ 53,679,114
Gross unrealized depreciation (10,794,732)
--------------
Net unrealized appreciation $ 42,884,382
==============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the year ended July 31, 2007, the Fund's
projected benefit obligations were increased by $47,296 and payments of $27,556
were made to retired trustees, resulting in an accumulated liability of $83,079
as of July 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
56 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
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:
YEAR ENDED JULY 31, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- ----------------------------------------------------------------------------------------
CLASS A
Sold 26,767,748 $ 347,366,936 20,449,939 $ 260,522,610
Dividends and/or
distributions reinvested 1,660,583 21,530,452 1,082,853 13,793,427
Redeemed (7,548,479) (97,844,076) (4,370,506) (55,633,893)
-------------------------------------------------------------
Net increase 20,879,852 $271,053,312 17,162,286 $ 218,682,144
=============================================================
- ----------------------------------------------------------------------------------------
CLASS B
Sold 1,561,002 $ 20,251,373 2,237,664 $ 28,510,720
Dividends and/or
distributions reinvested 323,730 4,196,999 317,279 4,041,219
Redeemed (3,270,428) (42,439,408) (1,886,359) (24,031,190)
-------------------------------------------------------------
Net increase (decrease) (1,385,696) $ (17,991,036) 668,584 $ 8,520,749
=============================================================
57 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST Continued
YEAR ENDED JULY 31, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- ----------------------------------------------------------------------------------------
CLASS C
Sold 10,021,100 $ 129,802,452 8,181,321 $ 104,120,434
Dividends and/or
distributions reinvested 511,972 6,629,081 349,259 4,443,647
Redeemed (2,504,155) (32,390,652) (1,641,297) (20,867,847)
--------------------------------------------------------------
Net increase 8,028,917 $ 104,040,881 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, for the year ended July 31, 2007, were as follows:
PURCHASES SALES
-------------------------------------------------------
Investment securities $486,619,742 $46,711,874
- --------------------------------------------------------------------------------
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), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the year ended July 31, 2007, the Fund paid $506,560
to OFS for services to the Fund.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A
shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
periodically at an annual rate of up to 0.15% of the average annual net assets
of Class A shares of the Fund. The Distributor currently uses all of those fees
to pay dealers, brokers, banks and other financial institutions periodically for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to
58 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
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% per year
under each plan. If either the Class B or Class C plan is terminated by the Fund
or by the shareholders of a class, the Board of Trustees and its independent
trustees must determine whether the Distributor shall be entitled to payment
from the Fund of all or a portion of the service fee and/or asset-based sales
charge in respect to shares sold prior to the effective date of such
termination. The Distributor determines its uncompensated expenses under the
plan at calendar quarter ends. The Distributor's aggregate uncompensated
expenses under the plan at June 30, 2007 for Class B and Class C shares were
$4,635,279 and $3,768,072, respectively. Fees incurred by the Fund under the
plans are detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
July 31, 2007 $917,406 $4,098 $273,902 $59,298
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. This undertaking may be amended or
withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of July 31, 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.
59 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to one-third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings to purchase portfolio securities, to meet redemption
obligations or for temporary and emergency purposes. The purchase of securities
with borrowed funds creates leverage in the Fund.
The 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 (5.2958% as of July 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 year ended July 31, 2007, the average daily loan balance was
$14,867,671 at an average daily interest rate of 5.2864%. The Fund had
borrowings outstanding of $55,800,000 at July 31, 2007 at an interest rate of
5.2958%. The Fund had gross borrowings and gross loan repayments of $386,200,000
and $366,500,000, respectively, during the year ended July 31, 2007. The maximum
amount of borrowings outstanding at any month-end during the year ended July 31,
2007 was $55,800,000. The Fund paid $76,048 in fees and $805,427 in interest
during the year ended July 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
July 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, ("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
60 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
already required or permitted by existing standards. SFAS No. 157 is effective
for financial statements issued for fiscal years beginning after November 15,
2007, and interim periods within those fiscal years. As of July 31, 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.
61 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER MULTI-STATE MUNICIPAL
TRUST:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer Pennsylvania Municipal Fund (one of the portfolios constituting the
Oppenheimer Multi-State Municipal Trust), including the statement of
investments, as of July 31, 2007, and the related statements of operations and
cash flows for the year then ended, the statements of changes in net assets for
each of the years in the two-year period then ended, and the financial
highlights for each of the years in the five-year period then ended. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of July 31, 2007, by correspondence with the
custodian and brokers or by other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Pennsylvania Municipal Fund as of July 31, 2007, the results of its
operations and its cash flows for the year then ended, the changes in its net
assets for each of the years in the two-year period then ended, and the
financial highlights for each of the years in the five-year period then ended,
in conformity with U.S. generally accepted accounting principles.
KPMG LLP
Denver, Colorado
September 17, 2007
62 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2008, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2007. Regulations of the U.S. Treasury Department require the Fund
to report this information to the Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended July
31, 2007 are eligible for the corporate dividend-received deduction. 99.87% of
the dividends were derived from interest on municipal bonds and are not subject
to federal income taxes. To the extent a shareholder is subject to any state or
local tax laws, some or all of the dividends received may be taxable.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
63 | 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.
64 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS
FUND, LENGTH OF SERVICE, AGE HELD; NUMBER OF PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL,
TRUSTEES COLORADO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER
RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1995);
Chairman of the Board Director of Special Value Opportunities Fund, LLC (registered investment company)
of Trustees (since 2007), (since September 2004); Member of Zurich Financial Investment Advisory Board
Trustee (since 2005) (insurance) (since October 2004); Board of Governing Trustees of The Jackson
Age: 64 Laboratory (non-profit) (since August 1990); Trustee of the Institute for Advanced
Study (non-profit educational institute) (since May 1992); Special Limited Partner of
Odyssey Investment Partners, LLC (private equity investment) (January 1999-September
2004); Trustee of Research Foundation of AIMR (investment research, non-profit)
(2000-2002); Governor, Jerome Levy Economics Institute of Bard College (economics
research) (August 1990-September 2001); Director of Ray & Berendtson, Inc. (executive
search firm) (May 2000-April 2002). Oversees 65 portfolios in the OppenheimerFunds
complex.
DAVID K. DOWNES, President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc.
Trustee (since 2007) (investment management company) (since January 2004); President of The Community
Age: 67 Reinvestment Act Qualified Investment Fund (investment management company) (since
January 2004); Independent Chairman of the Board of Trustees of Quaker Investment
Trust (registered investment company) (since January 2004); Director of Internet
Capital Group (information technology company) (since October 2003); Chief Operating
Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc.
(subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware
Investments U.S., Inc. (investment management subsidiary of Lincoln National
Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware
Investment Family of Funds (1993-2003); President and Board Member of Lincoln National
Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC
(1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services,
Inc. (registered transfer agent and investment adviser and subsidiary of Delaware
Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware
Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial
Officer, Vice Chairman and Director of Equitable Capital Management Corporation
(investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate
Controller of Merrill Lynch & Company (financial services holding company)
(1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance
company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and
Director of Corporate Taxes (1969-1972); held the following positions at Price
Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior
(1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959).
Oversees 65 portfolios in the OppenheimerFunds complex.
MATTHEW P. FINK, Trustee of the Committee for Economic Development (policy research foundation)
Trustee (since 2005) (since 2005); Director of ICI Education Foundation (education foundation) (October
Age: 66 1991-August 2006); President of the Investment Company Institute (trade association)
(October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company)
(October 1991-June 2004). Oversees 55 portfolios in the OppenheimerFunds complex.
65 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 65 portfolios in the
Trustee (since 1993) OppenheimerFunds complex.
Age: 74
PHILLIP A. GRIFFITHS, Distinguished Presidential Fellow for International Affairs (since 2002) and Member
Trustee (since 1999) (since 1979) of the National Academy of Sciences; Council on Foreign Relations (since
Age: 68 2002); Director of GSI Lumonics Inc. (precision medical equipment supplier) (since
2001); Senior Advisor of The Andrew W. Mellon Foundation (since 2001); Chair of
Science Initiative Group (since 1999); Member of the American Philosophical Society
(since 1996); Trustee of Woodward Academy (since 1983); Foreign Associate of Third
World Academy of Sciences; Director of the Institute for Advanced Study (1991-2004);
Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University
(1983-1991). Oversees 55 portfolios in the OppenheimerFunds complex.
MARY F. MILLER, Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and
Trustee (since 2004) Senior Vice President and General Auditor of American Express Company (financial
Age: 64 services company) (July 1998-February 2003). Oversees 55 portfolios in the
OppenheimerFunds complex.
JOEL W. MOTLEY, Managing Director of Public Capital Advisors, LLC (privately-held financial adviser)
Trustee (since 2002) (since January 2006); Director of Columbia Equity Financial Corp. (privately-held
Age: 55 financial adviser) (since 2002); Managing Director of Carmona Motley, Inc.
(privately-held financial adviser) (since January 2002); Managing Director of Carmona
Motley Hoffman Inc. (privately-held financial adviser) (January 1998-December 2001);
Member of the Finance and Budget Committee of the Council on Foreign Relations, Member
of the Investment Committee of the Episcopal Church of America, Member of the
Investment Committee and Board of Human Rights Watch and the Investment Committee of
Historic Hudson Valley. Oversees 55 portfolios in the OppenheimerFunds complex.
RUSSELL S. REYNOLDS, JR., Chairman of RSR Partners (formerly "The Directorship Search Group, Inc.") (corporate
Trustee (since 1989) governance consulting and executive recruiting) (since 1993); Life Trustee of
Age: 75 International House (non-profit educational organization); Former Trustee of The
Historical Society of the Town of Greenwich; Former Director of Greenwich Hospital
Association. Oversees 55 portfolios in the OppenheimerFunds complex.
JOSEPH M. WIKLER, Director of the following medical device companies: Medintec (since 1992) and Cathco
Trustee (since 2005) (since 1996); Director of Lakes Environmental Association (environmental protection
Age: 66 organization) (since 1996); Member of the Investment Committee of the Associated
Jewish Charities of Baltimore (since 1994); Director of Fortis/Hartford mutual funds
(1994-December 2001). Oversees 55 portfolios in the OppenheimerFunds complex.
PETER I. WOLD, President of Wold Oil Properties, Inc. (oil and gas exploration and production
Trustee (since 2005) company) (since 1994); Vice President of American Talc Company, Inc. (talc mining
Age: 59 and milling) (since 1999); Vice President, Secretary and Treasurer of Wold Trona
Company, Inc. (soda ash processing and production) (1996-2006); Managing Member of
Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of the
Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of
PacifiCorp. (electric utility) (1995-1999). Oversees 55 portfolios in the
OppenheimerFunds complex.
66 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH
AND OFFICER FLOOR, NEW YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE
TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER FOR AN
INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL. MR.MURPHY IS
AN INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS
AFFILIATES.
JOHN V. MURPHY, Chairman, Chief Executive Officer and Director of the Manager (since June 2001);
Trustee, President and President of the Manager (September 2000-March 2007); President and a director or
Principal Executive Officer trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition
(since 2001) Corp. ("OAC") (the Manager's parent holding company) and of Oppenheimer Partnership
Age: 58 Holdings, Inc. (holding company subsidiary of the Manager) (since July 2001); Director
of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager) (since November
2001); Chairman and Director of Shareholder Services, Inc. and of Shareholder
Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July
2001); President and Director of OppenheimerFunds Legacy Program (charitable trust
program established by the Manager) (since July 2001); Director of the following
investment advisory subsidiaries of the Manager: OFI Institutional Asset Management,
Inc., Centennial Asset Management Corporation, Trinity Investment Management
Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView
Asset Management Corporation and OFI Private Investments, Inc. (since July 2001);
President (since November 1, 2001) and Director (since July 2001) of Oppenheimer Real
Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life
Insurance Company (OAC's parent company) (since February 1997); Director of DLB
Acquisition Corporation (holding company parent of Babson Capital Management LLC)
(since June 1995); Member of the Investment Company Institute's Board of Governors
(since October 3, 2003); Chief Operating Officer of the Manager (September 2000-June
2001); President and Trustee of MML Series Investment Fund and MassMutual Select Funds
(open-end investment companies) (November 1999-November 2001); Director of C.M. Life
Insurance Company (September 1999-August 2000); President, Chief Executive Officer and
Director of MML Bay State Life Insurance Company (September 1999-August 2000);
Director of Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned subsidiary of
Emerald Isle Bancorp) (June 1989-June 1998). Oversees 102 portfolios in the
OppenheimerFunds complex.
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. ZACK,
THE FUND GILLESPIE AND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK,
NEW YORK 10281-1008, FOR MESSRS. VANDEHEY, WIXTED, PETERSEN, SZILAGYI AND MS. IVES,
6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112-3924, FOR MESSRS. FIELDING, LOUGHRAN,
COTTIER AND WILLIS, 350 LINDEN OAKS, ROCHESTER, NEW YORK 14625. EACH OFFICER SERVES
FOR AN INDEFINITE TERM OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
RONALD H. FIELDING, Senior Vice President of the Manager and Chairman of the Rochester Division of the
Vice President and Senior Manager (since January 1996). Chief Strategist, a Senior Portfolio Manager, an officer
Portfolio Manager and a trader for the Fund and other Oppenheimer funds.
(since 1999)
Age: 58
DANIEL G. LOUGHRAN, Senior Vice President of the Manager (since April 2007); Vice President of the Manager
Vice President and Senior (April 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team
Portfolio Manager leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other
(since 2005) Oppenheimer funds.
Age: 43
67 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
SCOTT S. COTTIER, Vice President of the Manager (since September 2002). Portfolio Manager and trader at
Vice President (since 2005) Victory Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer
and Senior Portfolio Manager and a trader for the Fund and other Oppenheimer funds.
(since 2002)
Age: 35
TROY E. WILLIS, Assistant Vice President of the Manager (since July 2005) and a Portfolio Manager with
Vice President (since 2005) the Manager (since 2003). Corporate Attorney for Southern Resource Group (from 1999 to
and Senior Portfolio Manager 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other
(since 2006) Oppenheimer funds.
Age: 34
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager, OppenheimerFunds
Vice President and Chief Distributor, Inc., Centennial Asset Management and Shareholder Services, Inc. (since
Compliance Officer March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset
(since 2004) Management Corporation and Shareholder Services, Inc. (June 1983-February 2004).
Age: 57 Former Vice President and Director of Internal Audit of the Manager (1997-February
2004). An officer of 102 portfolios in the OppenheimerFunds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of
Treasurer and Principal the following: HarbourView Asset Management Corporation, Shareholder Financial
Financial & Accounting Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc.
Officer (since 1999) and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private
Age: 47 Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. (since May
2000), OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc.
(since November 2000), and OppenheimerFunds Legacy Program (charitable trust program
established by the Manager) (since June 2003); Treasurer and Chief Financial Officer
of OFI Trust Company (trust company subsidiary of the Manager) (since May 2000);
Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset
Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program
(April 2000-June 2003); Principal and Chief Operating Officer of Bankers Trust
Company-Mutual Fund Services Division (March 1995-March 1999). An officer of 102
portfolios in the OppenheimerFunds complex.
BRIAN S. PETERSEN, Vice President of the Manager (since February 2007); Assistant Vice President of the
Assistant Treasurer Manager (August 2002-February 2007); Manager/Financial Product Accounting of the
(since 2004) Manager (November 1998-July 2002). An officer of 102 portfolios in the
Age: 37 OppenheimerFunds complex.
BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004); Director of Financial
Assistant Treasurer Reporting and Compliance of First Data Corporation (April 2003-July 2004); Manager of
(since 2005) Compliance of Berger Financial Group LLC (May 2001-March 2003); Director of Mutual
Age: 37 Fund Operations at American Data Services, Inc. (September 2000-May 2001). An officer
of 102 portfolios in the OppenheimerFunds complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002)
Vice President and of the Manager; General Counsel and Director of the Distributor (since December 2001);
Secretary General Counsel of Centennial Asset Management Corporation (since December 2001);
(since 2001) Senior Vice President and General Counsel of HarbourView Asset Management Corporation
Age: 59 (since December 2001); Secretary and General Counsel of OAC (since November 2001);
Assistant Secretary (since September 1997) and Director (since November 2001) of
OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and
Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of
Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice
68 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
ROBERT G. ZACK, President, General Counsel and Director of Shareholder Financial Services, Inc. and
Continued Shareholder Services, Inc. (since December 2001); Senior Vice President, General
Counsel and Director of OFI Private Investments, Inc. and OFI Trust Company (since
November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003);
Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc.
(since November 2001); Director of OppenheimerFunds (Asia) Limited (since December
2003); Senior Vice President (May 1985-December 2003), Acting General Counsel
(November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of
the Manager; Assistant Secretary of the following: Shareholder Services, Inc. (May
1985-November 2001), Shareholder Financial Services, Inc. (November 1989-November
2001), and OppenheimerFunds International Ltd. (September 1997-November 2001). An
officer of 102 portfolios in the OppenheimerFunds complex.
LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May 2004); First Vice
Assistant Secretary President (April 2001-April 2004), Associate General Counsel (December 2000-April
(since 2004) 2004), Corporate Vice President (May 1999-April 2001) and Assistant General Counsel
Age: 39 (May 1999-December 2000) of UBS Financial Services Inc. (formerly, PaineWebber
Incorporated). An officer of 102 portfolios in the OppenheimerFunds complex.
PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager (since September
Assistant Secretary 2004); First Vice President (2000-September 2004), Director (2000-September 2004) and
(since 2004) Vice President (1998-2000) of Merrill Lynch Investment Management. An officer of 102
Age: 43 portfolios in the OppenheimerFunds complex.
KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant Secretary (since
Assistant Secretary October 2003) of the Manager; Vice President (since 1999) and Assistant Secretary
(since 2001) (since October 2003) of the Distributor; Assistant Secretary of Centennial Asset
Age: 41 Management Corporation (since October 2003); Vice President and Assistant Secretary of
Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds
Legacy Program and Shareholder Financial Services, Inc. (since December 2001);
Assistant Counsel of the Manager (August 1994-October 2003). An officer of 102
portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE UPON
REQUEST, BY CALLING 1.800.525.7048.
69 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
OPPENHEIMER NEW JERSEY MUNICIPAL FUND
TOP HOLDINGS AND ALLOCATIONS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOP TEN CATEGORIES
- --------------------------------------------------------------------------------
Tobacco Master Settlement Agreement 14.9%
- --------------------------------------------------------------------------------
Hospital/Health Care 12.7
- --------------------------------------------------------------------------------
General Obligation 9.5
- --------------------------------------------------------------------------------
Marine/Aviation Facilities 7.9
- --------------------------------------------------------------------------------
Education 7.9
- --------------------------------------------------------------------------------
Highways/Commuter Facilities 6.7
- --------------------------------------------------------------------------------
Airlines 6.2
- --------------------------------------------------------------------------------
Electric Utilities 5.4
- --------------------------------------------------------------------------------
Higher Education 4.6
- --------------------------------------------------------------------------------
Sales Tax Revenue 3.7
Portfolio holdings are subject to change. Percentages are as of July 31, 2007,
and are based on the total market value of investments.
CREDIT ALLOCATION
- --------------------------------------------------------------------------------
AAA 25.6%
- --------------------------------------------------------------------------------
AA 14.0
- --------------------------------------------------------------------------------
A 11.5
- --------------------------------------------------------------------------------
BBB 35.1
- --------------------------------------------------------------------------------
BB or lower 13.8
Allocations are subject to change. Percentages are as of July 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 Standard & Poor's
rating category in the allocation above. The allocation above also includes
unrated securities whose ratings have been assigned by the Manager; these
unrated securities, currently 10.35% of the portfolio's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
- --------------------------------------------------------------------------------
15 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JULY 31, 2007, FOLLOWED BY A
GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED
MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. We are pleased to report that
Oppenheimer New Jersey Municipal Fund distributed high levels of tax-free income
to its shareholders during this reporting period, outperforming many
fixed-income alternatives on an after-tax basis. As of July 31, 2007,
Oppenheimer New Jersey Municipal Fund's Class A shares provided a distribution
yield of 4.40% at net asset value. Lipper Inc.--an independent mutual fund
rating service--reported an average distribution yield of 3.89% among the 50
funds in its New Jersey Municipal Debt Funds category as of the same date. 1
Tax-free income generated more than 85% of the Fund's total return for the
reporting period, providing significant benefit to our yield-oriented investors;
price appreciation contributed the balance. The Fund's Class A shares generated
a 1-year total return of 5.13% without sales charge. By comparison, the Lehman
Brothers Municipal Bond Index produced a total return of 4.27% in the same
period. On July 31, 2007, the Fund was ranked in the top 5% among funds in its
Lipper category in total return for periods of 1, 3, 5 and 10 years. 2 These
results clearly demonstrate how the Fund's income-oriented approach continued to
provide significant benefit to our investors in the past 12 months.
Throughout this reporting period, the monthly dividend for Class A shares
held steady at 4.4 cents per share. We believe this demonstrates the benefits of
investing with seasoned fund managers who are skilled at finding bonds with
generous yields even in challenging credit markets. In all, the Fund distributed
52.8 cents per Class A share in the reporting period ended July 31, 2007,
including a small amount of taxable income.
The Fund's holdings in tobacco Master Settlement Agreement (MSA) bonds
continued to provide significant benefit this reporting period. These so-called
tobacco bonds are backed by state and/or U.S. territory proceeds from a national
litigation settlement with tobacco manufacturers. At the end of this reporting
period, MSA-backed tobacco bonds accounted for about 15% of Fund investments and
comprised the Fund's largest industry category.
1. Lipper Inc. Lipper calculations do not include sales charges which, if
included, would reduce results.
2. Lipper Inc. As of July 31, 2007, Lipper Inc. ranked Oppenheimer New Jersey
Municipal Fund 2nd among 45 funds for the past year, 1st among 44 funds for the
past 3 years, 1st among 42 funds for the past 5 years and 1st among 37 funds for
the past 10 years in its New Jersey Municipal Debt Funds category. Lipper
rankings are based on total returns, but do not consider sales charges. Lipper
rankings are for the A share class only; other classes may have different
performance characteristics. Past performance is no guarantee of future results.
16 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
This sector contributed strongly to the Fund's total return this reporting
period, which included two large pre-refundings that elevated bond prices.
Tobacco manufacturers continue to face litigation, but we believe the risks have
been overstated. In the history of MSA-backed tobacco bonds, interest payments
and scheduled payments of principal on the bonds held by our funds have never
been interrupted--and many bonds have repaid principal earlier than their
scheduled final maturity.
Some recent courtroom decisions, nonetheless, are worth noting. Tobacco
manufacturers received good news in August 2006 when a judge ruled that she
could not authorize financial remedies, despite a finding that federal
racketeering laws had been violated. In November 2006, the U.S. Supreme Court
declined to review a 2005 ruling by the Illinois Supreme Court that reversed a
$10.1 billion judgment against Philip Morris USA. Late in this reporting period,
a federal judge in the Southern District of New York ruled that a smoker's claim
for punitive damages cannot be awarded because New York State, which had sued
the tobacco industry in 1997, ultimately agreed to participate in the MSA.
The Fund's current weighting in MSA-backed bonds reflects our belief that
these bonds can continue to help the Fund deliver high levels of tax-free
income.
The Fund's airline-backed bonds also provided a positive total return this
reporting period. The Fund's holdings in this sector totaled 6.2% of the overall
portfolio as of July 31, 2007, with bonds backed by Continental Airlines
representing the biggest share. The airline cited strong growth in the
trans-Atlantic market as a contributing factor to its profitability in the
second quarter. Continental also reported ongoing improvements in fuel
efficiency as well as success in using hedging strategies based on anticipated
fuel requirements. The Fund investments in American Airlines also contributed
positively to total return this reporting period. In recent quarters, the
airline has reported improvements in passenger traffic, revenues per seat mile
and debt reduction. The second quarter of 2007 was the carrier's fifth
consecutive profitable quarter. Overall, we believe this sector will continue to
provide significant benefit to the Fund, especially if the improving world
economy creates the expected gains in passenger travel and pricing flexibility.
Credit spreads were relatively stable this reporting period. AAA- and
AA-rated securities continued to represent a significant share of the Fund's
market value as of July 31, 2007, as Fund managers scoured the municipal markets
for securities that offered an attractive balance of risk and reward. At the end
of the reporting period, more than 85% of the Fund's portfolio consisted of
investment-grade securities, and the Fund's average credit quality was A.
17 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
The Fund secured a favorable outcome regarding bonds that were issued to
finance cogeneration facilities owned and operated by Calpine Corporation. A
2005 bankruptcy filing had created some uncertainty about Calpine's ability to
make its scheduled principal and interest payments on Port Authority of NY/NJ
(KIAC), the high-yielding, tax-exempt bonds this Fund owns. In fact, Calpine
made timely payments and, when it announced plans to emerge from bankruptcy
before the end of 2007, the company affirmed the lease on its facilities,
thereby erasing any lingering concerns. These holdings demonstrate the strengths
of our in-house credit research team, whose focused analysis of this debt made
us confident that a good outcome would be attained.
Including the effects of leverage, the Fund increased its position this
reporting period in municipal inverse-floating-rate securities, which are
tax-exempt securities whose interest payments move inversely to changes in
short-term interest rates. Most of the Fund's new investments in these bonds
were PLNs (percentage of LIBOR notes), which are designed to have minimal (if
any) reaction to interest rate fluctuations. Additionally, PLNs reset quarterly
and, to the benefit of the Fund, these "inverse floaters" offered yields that
were higher than market averages during this reporting period.
In contrast, our small position in bonds issued by the New Jersey Health
Care Facilities Financing Authority on behalf of Pascack Valley Hospital was an
underperformer this reporting period. The hospital, a 291-bed facility in
Westwood, New Jersey, is the flagship medical center of the Well Care Group, a
non-profit healthcare organization providing medical services for residents of
Bergen and Rockland counties. Prices of the bonds held by the Fund fell sharply
this reporting period after S&P and Fitch issued downgrades. In the fourth
quarter of 2006, both ratings organizations expressed concerns about the
hospital's debt-service coverage and long-term viability. The hospital then
entered into a "memorandum of understanding" with Hackensack University Medical
Center, which said it wished to explore the financial and operational synergies
that could be created were it to assume control of the hospital. As of July 31,
2007, no decision had been reached. In the interim, all scheduled payments of
interest and principal have been made. At the end of this reporting period, the
holdings affected represented less than 1% of the Fund's market value.
During this reporting period, the U.S. Supreme Court announced that it
would hear DEPARTMENT OF REVENUE (KENTUCKY) V. DAVIS this fall or early in 2008,
with a ruling to follow. The question posed in the case is whether Kentucky can
tax the income that state residents earn on out-of-state municipal securities if
the income that residents earn from in-state municipal securities is exempt from
taxation. While the Court's decision could
18 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
have implications for other states, exemption from federal taxes, which provides
investors with the greatest benefit, is not in question. We cannot confidently
predict what the Court will decide. However, we will continue to serve our
shareholders by focusing on how best to create tax-free yield advantages in any
current and future market scenario. We remain committed to helping fixed-income
investors achieve their financial goals for tax-free income and will continue to
offer a full complement of municipal bond funds to serve our shareholders'
diverse needs.
Our approach to municipal bond investing is flexible and responsive to
market conditions; our strategies are intended to balance many different types
of risk to reduce overall portfolio risk. Shareholders should note that market
conditions during this reporting period did not affect the Fund's overall
investment strategies or cause it to pay any capital gain distributions. In
closing, we believe that the Fund's structure and composition as well as our
time-tested strategies will continue to benefit long-term investors through
interest rate and economic cycles.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until July 31, 2007. In the case of Class A, Class B and Class C
shares, performance is measured over a ten-year period. The Fund's performance
reflects the deduction of the maximum initial sales charge on Class A shares,
the applicable contingent deferred sales charge on Class B and Class C shares,
and reinvestments of all dividends and capital gains distributions. Past
performance cannot guarantee future results.
The Fund's performance is compared to the performance of the Lehman
Brothers Municipal Bond Index, an unmanaged index of a broad range of investment
grade municipal bonds that is widely regarded as a measure of the performance of
the general municipal bond market. Index performance reflects the reinvestment
of income but does not consider the effect of transaction costs, and none of the
data in the graphs shows the effect of taxes. The Fund's performance reflects
the effects of the Fund's business and operating expenses. While index
comparisons may be useful to provide a benchmark for the Fund's performance, it
must be noted that the Fund's investments are not limited to the investments in
the index.
19 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer New Jersey Municipal Fund (Class A)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer New
Jersey Municipal Lehman Brothers
Fund (Class A) Municipal Bond Index
07/31/1997 $ 9,525 $10,000
10/31/1997 $ 9,597 $10,088
01/31/1998 $ 9,933 $10,402
04/30/1998 $ 9,855 $10,367
07/31/1998 $10,093 $10,599
10/31/1998 $10,361 $10,897
01/31/1999 $10,571 $11,093
04/30/1999 $10,544 $11,087
07/31/1999 $10,251 $10,904
10/31/1999 $ 9,651 $10,704
01/31/2000 $ 9,479 $10,691
04/30/2000 $ 9,712 $10,986
07/31/2000 $ 9,998 $11,374
10/31/2000 $10,175 $11,615
01/31/2001 $10,596 $12,111
04/30/2001 $10,596 $12,125
07/31/2001 $11,039 $12,521
10/31/2001 $11,203 $12,835
01/31/2002 $11,141 $12,825
04/30/2002 $11,322 $12,974
07/31/2002 $11,678 $13,361
10/31/2002 $11,459 $13,588
01/31/2003 $11,557 $13,782
04/30/2003 $11,624 $14,076
07/31/2003 $11,820 $13,842
10/31/2003 $12,339 $14,283
01/31/2004 $13,085 $14,635
04/30/2004 $12,807 $14,453
07/31/2004 $12,840 $14,643
10/31/2004 $13,568 $15,145
01/31/2005 $14,177 $15,346
04/30/2005 $14,605 $15,438
07/31/2005 $15,210 $15,573
10/31/2005 $15,016 $15,529
01/31/2006 $15,412 $15,780
04/30/2006 $15,537 $15,771
07/31/2006 $15,809 $15,970
10/31/2006 $16,400 $16,422
01/31/2007 $16,539 $16,458
04/30/2007 $16,810 $16,683
07/31/2007 $16,619 $16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year 0.13% 5-Year 6.27% 10-Year 5.21%
20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer New Jersey Municipal Fund (Class B)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer New
Jersey Municipal Lehman Brothers
Fund (Class B) Municipal Bond Index
07/31/1997 $10,000 $10,000
10/31/1997 $10,056 $10,088
01/31/1998 $10,398 $10,402
04/30/1998 $10,289 $10,367
07/31/1998 $10,525 $10,599
10/31/1998 $10,784 $10,897
01/31/1999 $10,973 $11,093
04/30/1999 $10,925 $11,087
07/31/1999 $10,610 $10,904
10/31/1999 $ 9,980 $10,704
01/31/2000 $ 9,774 $10,691
04/30/2000 $ 9,995 $10,986
07/31/2000 $10,280 $11,374
10/31/2000 $10,442 $11,615
01/31/2001 $10,853 $12,111
04/30/2001 $10,834 $12,125
07/31/2001 $11,265 $12,521
10/31/2001 $11,411 $12,835
01/31/2002 $11,326 $12,825
04/30/2002 $11,488 $12,974
07/31/2002 $11,827 $13,361
10/31/2002 $11,583 $13,588
01/31/2003 $11,660 $13,782
04/30/2003 $11,706 $14,076
07/31/2003 $11,888 $13,842
10/31/2003 $12,410 $14,283
01/31/2004 $13,160 $14,635
04/30/2004 $12,881 $14,453
07/31/2004 $12,914 $14,643
10/31/2004 $13,646 $15,145
01/31/2005 $14,259 $15,346
04/30/2005 $14,689 $15,438
07/31/2005 $15,298 $15,573
10/31/2005 $15,102 $15,529
01/31/2006 $15,501 $15,780
04/30/2006 $15,627 $15,771
07/31/2006 $15,900 $15,970
10/31/2006 $16,494 $16,422
01/31/2007 $16,634 $16,458
04/30/2007 $16,907 $16,683
07/31/2007 $16,716 $16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year -0.70% 5-Year 6.18% 10-Year 5.27%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, AND THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE 10-YEAR
RETURN FOR CLASS B USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 23 FOR FURTHER INFORMATION.
21 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer New Jersey Municipal Fund (Class C)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer New
Jersey Municipal Lehman Brothers
Fund (Class C) Municipal Bond Index
07/31/1997 $10,000 $10,000
10/31/1997 $10,056 $10,088
01/31/1998 $10,398 $10,402
04/30/1998 $10,288 $10,367
07/31/1998 $10,524 $10,599
10/31/1998 $10,783 $10,897
01/31/1999 $10,973 $11,093
04/30/1999 $10,924 $11,087
07/31/1999 $10,609 $10,904
10/31/1999 $ 9,969 $10,704
01/31/2000 $ 9,774 $10,691
04/30/2000 $ 9,995 $10,986
07/31/2000 $10,270 $11,374
10/31/2000 $10,431 $11,615
01/31/2001 $10,843 $12,111
04/30/2001 $10,834 $12,125
07/31/2001 $11,255 $12,521
10/31/2001 $11,401 $12,835
01/31/2002 $11,326 $12,825
04/30/2002 $11,488 $12,974
07/31/2002 $11,817 $13,361
10/31/2002 $11,583 $13,588
01/31/2003 $11,660 $13,782
04/30/2003 $11,695 $14,076
07/31/2003 $11,870 $13,842
10/31/2003 $12,378 $14,283
01/31/2004 $13,101 $14,635
04/30/2004 $12,800 $14,453
07/31/2004 $12,809 $14,643
10/31/2004 $13,509 $15,145
01/31/2005 $14,088 $15,346
04/30/2005 $14,473 $15,438
07/31/2005 $15,056 $15,573
10/31/2005 $14,835 $15,529
01/31/2006 $15,197 $15,780
04/30/2006 $15,292 $15,771
07/31/2006 $15,529 $15,970
10/31/2006 $16,078 $16,422
01/31/2007 $16,184 $16,458
04/30/2007 $16,418 $16,683
07/31/2007 $16,200 $16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year 3.33% 5-Year 6.51% 10-Year 4.94%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, AND THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE 10-YEAR
RETURN FOR CLASS B USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 23 FOR FURTHER INFORMATION.
22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES
- --------------------------------------------------------------------------------
Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. Cumulative total returns are not
annualized. The Fund's total returns shown do not reflect the deduction of
income taxes on an individual's investment. Taxes may reduce your actual
investment returns on income or gains paid by the Fund or any gains you may
realize if you sell your shares. THIS ANNUAL REPORT MUST BE PRECEDED OR
ACCOMPANIED BY THE CURRENT PROSPECTUS OF THE OPPENHEIMER NEW JERSEY MUNICIPAL
FUND. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD
CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES.
FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS. FOR MORE
INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR
WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE
INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 3/1/94. The average
annual total returns are shown net of the applicable 4.75% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 3/1/94. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A
shares 72 months after purchase, the 10-year return for Class B uses Class A
performance for the period after conversion. Class B shares are subject to an
annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 8/29/95. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the 1-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
23 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if 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 July 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 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.
24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(2/1/07) (7/31/07) JULY 31, 2007
- --------------------------------------------------------------------------------------------
Class A Actual $ 1,000.00 $ 1,004.80 $ 7.18
- --------------------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,017.65 7.23
- --------------------------------------------------------------------------------------------
Class B Actual 1,000.00 1,000.90 11.17
- --------------------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,013.69 11.25
- --------------------------------------------------------------------------------------------
Class C Actual 1,000.00 1,001.00 10.97
- --------------------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,013.88 11.04
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 181/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended July 31, 2007 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------------
Class A 1.44%
- ---------------------------------
Class B 2.24
- ---------------------------------
Class C 2.20
The expense ratios reflect reduction to custodian expenses. The "Financial
Highlights" tables in the Fund's financial statements, included in this report,
also show the gross expense ratios, without such waivers or reimbursements and
reduction to custodian expenses, if applicable.
- --------------------------------------------------------------------------------
25 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS July 31, 2007
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--120.0%
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY--83.5%
$ 25,000 Asbury Park Board of Education 5.600% 02/01/2017 $ 25,037
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Bayonne Redevel. Agency 5.000 04/11/2009 1,006,950
- --------------------------------------------------------------------------------------------------------------------
10,000 Bergen County HDC 6.750 10/01/2018 10,111
- --------------------------------------------------------------------------------------------------------------------
20,000 Bergen County HDC (Park Ridge) 5.950 07/01/2025 20,883
- --------------------------------------------------------------------------------------------------------------------
15,000 Bergen County Utilities Authority 5.000 12/15/2013 15,214
- --------------------------------------------------------------------------------------------------------------------
75,000 Bergen County Utilities Authority 5.500 12/15/2016 75,103
- --------------------------------------------------------------------------------------------------------------------
25,000 Berkeley HFC (Bayville Hsg.) 5.750 08/01/2014 25,538
- --------------------------------------------------------------------------------------------------------------------
95,000 Camden County PCFA (Camden County Energy
Recovery Associates) 7.500 12/01/2009 96,242
- --------------------------------------------------------------------------------------------------------------------
100,000 Camden County PCFA (Camden County Energy
Recovery Associates) 7.500 12/01/2010 101,307
- --------------------------------------------------------------------------------------------------------------------
100,000 Delaware River Port Authority PA/NJ 5.400 01/01/2011 100,649
- --------------------------------------------------------------------------------------------------------------------
1,565,000 Delaware River Port Authority PA/NJ 5.400 01/01/2016 1,575,173
- --------------------------------------------------------------------------------------------------------------------
9,265,000 Delaware River Port Authority PA/NJ 5.500 01/01/2026 9,331,801
- --------------------------------------------------------------------------------------------------------------------
2,510,000 Essex County Improvement Authority (Airport) 5.125 10/01/2021 2,603,472
- --------------------------------------------------------------------------------------------------------------------
300,000 Essex County Improvement Authority (Consolidation) 5.125 10/01/2022 317,955
- --------------------------------------------------------------------------------------------------------------------
20,000 Essex County Improvement Authority (Sportsplex) 5.625 10/01/2023 20,237
- --------------------------------------------------------------------------------------------------------------------
105,000 Essex County Improvement Authority (Sportsplex) 5.625 10/01/2027 106,247
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Garden State Preservation Trust (Open Space &
Farmland Preservation) 5.800 11/01/2023 2,242,060
- --------------------------------------------------------------------------------------------------------------------
1,315,000 Gloucester County HDC (Colonial Park) 6.200 09/15/2011 1,328,268
- --------------------------------------------------------------------------------------------------------------------
5,000 Gloucester County Utilities Authority 5.125 01/01/2013 5,005
- --------------------------------------------------------------------------------------------------------------------
25,000 Haledon School District 5.625 02/01/2009 25,036
- --------------------------------------------------------------------------------------------------------------------
510,000 Higher Education Student Assistance Authority
(Student Loan) 6.000 06/01/2015 523,668
- --------------------------------------------------------------------------------------------------------------------
3,755,000 Hudson County Solid Waste Improvement Authority
(Koppers Site) 6.125 01/01/2029 3,801,149
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Hudson County Solid Waste Improvement Authority,
Series 1 6.000 01/01/2029 1,010,350
- --------------------------------------------------------------------------------------------------------------------
25,000 Hudson County Utilities System
(Harrison Franchise Acquisition) 5.350 01/01/2027 25,505
- --------------------------------------------------------------------------------------------------------------------
10,000 Jackson Township Municipal Utilities Authority 5.500 12/01/2015 10,253
- --------------------------------------------------------------------------------------------------------------------
100,000 Lacey Municipal Utilities Authority 5.200 12/01/2024 102,359
- --------------------------------------------------------------------------------------------------------------------
75,000 Mercer County Improvement Authority
(Ewing Board of Education) 5.000 11/15/2016 76,127
- --------------------------------------------------------------------------------------------------------------------
45,000 Mercer County Improvement Authority (Solid Waste) 5.750 09/15/2016 46,000
- --------------------------------------------------------------------------------------------------------------------
45,000 Middlesex County Improvement Authority
(Edison Township) 5.650 09/15/2011 45,098
- --------------------------------------------------------------------------------------------------------------------
875,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 1 5.000 01/01/2015 878,456
26 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 500,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 5.000% 01/01/2020 $ 494,290
- --------------------------------------------------------------------------------------------------------------------
1,535,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 5.000 01/01/2032 1,510,471
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Middlesex County Improvement Authority
(Heldrich Center Hotel) 1 5.125 01/01/2037 1,096,634
- --------------------------------------------------------------------------------------------------------------------
975,000 Middlesex County Improvement Authority
(Skyline Tower Urban Renewal Associates) 5.350 07/01/2034 1,007,214
- --------------------------------------------------------------------------------------------------------------------
20,000 Middlesex County Improvement Authority
(South Plainfield Urban Renewal) 5.500 09/01/2030 20,659
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Middlesex County Pollution Control Authority
(Amerada Hess Corp.) 6.050 09/15/2034 2,660,125
- --------------------------------------------------------------------------------------------------------------------
45,000 Monmouth County Improvement Authority 5.000 02/01/2013 45,043
- --------------------------------------------------------------------------------------------------------------------
15,000 Monmouth County Improvement Authority 5.450 07/15/2013 15,169
- --------------------------------------------------------------------------------------------------------------------
10,000 Morristown GO 5.300 03/01/2021 10,012
- --------------------------------------------------------------------------------------------------------------------
35,000 New Brunswick Hsg. & Urban Devel. Authority 5.500 08/01/2011 35,048
- --------------------------------------------------------------------------------------------------------------------
65,000 New Brunswick Hsg. & Urban Devel. Authority 5.750 07/01/2024 65,177
- --------------------------------------------------------------------------------------------------------------------
50,000 Newark Hsg. Authority (Lock Street Urban Renewal
Partnership) 6.400 01/20/2034 52,094
- --------------------------------------------------------------------------------------------------------------------
50,000 Newark Hsg. Finance Corp. (Section 8 Assisted Hsg.) 7.300 04/01/2020 51,116
- --------------------------------------------------------------------------------------------------------------------
1,680,000 NJ EDA (American Airlines) 7.100 11/01/2031 1,683,478
- --------------------------------------------------------------------------------------------------------------------
3,000,000 NJ EDA (Anheuser-Busch Companies) 4.950 03/01/2047 2,957,310
- --------------------------------------------------------------------------------------------------------------------
2,065,000 NJ EDA (Applewood Estates) 1 5.000 10/01/2025 2,089,016
- --------------------------------------------------------------------------------------------------------------------
8,060,000 NJ EDA (Applewood Estates) 5.000 10/01/2035 8,072,815
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ EDA (Bristol Glen) 5.750 07/01/2029 50,531
- --------------------------------------------------------------------------------------------------------------------
1,690,000 NJ EDA (Cadbury at Cherry Hill) 4.600 07/01/2027 1,691,622
- --------------------------------------------------------------------------------------------------------------------
130,000 NJ EDA (Cadbury at Cherry Hill) 5.500 07/01/2018 133,297
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ EDA (Cadbury at Cherry Hill) 5.500 07/01/2028 25,456
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ EDA (Cascade Corp.) 8.250 02/01/2026 25,018
- --------------------------------------------------------------------------------------------------------------------
3,000,000 NJ EDA (Cigarette Tax) 1 5.500 06/15/2031 3,139,020
- --------------------------------------------------------------------------------------------------------------------
200,000 NJ EDA (Cigarette Tax) 5.625 06/15/2017 200,222
- --------------------------------------------------------------------------------------------------------------------
1,500,000 NJ EDA (Cigarette Tax) 5.750 06/15/2029 1,598,565
- --------------------------------------------------------------------------------------------------------------------
10,000,000 NJ EDA (Cigarette Tax) 5.750 06/15/2034 10,608,800
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ EDA (Consumers New Jersey Water Company) 5.100 09/01/2032 25,569
- --------------------------------------------------------------------------------------------------------------------
530,000 NJ EDA (Continental Airlines) 5.500 04/01/2028 517,243
- --------------------------------------------------------------------------------------------------------------------
15,785,000 NJ EDA (Continental Airlines) 6.250 09/15/2019 16,244,817
- --------------------------------------------------------------------------------------------------------------------
4,250,000 NJ EDA (Continental Airlines) 6.250 09/15/2029 4,373,803
- --------------------------------------------------------------------------------------------------------------------
5,855,000 NJ EDA (Continental Airlines) 1 6.400 09/15/2023 6,014,256
- --------------------------------------------------------------------------------------------------------------------
3,590,000 NJ EDA (Continental Airlines) 6.625 09/15/2012 3,780,126
- --------------------------------------------------------------------------------------------------------------------
11,210,000 NJ EDA (Continental Airlines) 7.000 11/15/2030 11,844,374
- --------------------------------------------------------------------------------------------------------------------
3,500,000 NJ EDA (Continental Airlines) 9.000 06/01/2033 4,205,005
27 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 5,000,000 NJ EDA (Converted Organics of Woodbridge) 8.000% 08/01/2027 $ 4,876,650
- --------------------------------------------------------------------------------------------------------------------
100,000 NJ EDA (Courthouse Convalescent Center) 8.700 02/01/2014 100,122
- --------------------------------------------------------------------------------------------------------------------
3,100,000 NJ EDA (Cranes Mill) 5.100 06/01/2027 3,074,952
- --------------------------------------------------------------------------------------------------------------------
70,000 NJ EDA (Dept. of Human Services) 5.000 07/01/2022 71,696
- --------------------------------------------------------------------------------------------------------------------
140,000 NJ EDA (Dept. of Human Services) 6.250 07/01/2024 149,338
- --------------------------------------------------------------------------------------------------------------------
115,000 NJ EDA (Devereux Foundation) 5.450 05/01/2027 116,278
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ EDA (Eastern Shore) 8.000 02/01/2011 50,035
- --------------------------------------------------------------------------------------------------------------------
1,075,000 NJ EDA (Elizabethtown Water Company) 5.600 12/01/2025 1,079,730
- --------------------------------------------------------------------------------------------------------------------
3,800,000 NJ EDA (Empowerment Zone-Cumberland) 7.750 08/01/2021 3,643,098
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ EDA (Fellowship Village) 5.500 01/01/2018 20,306
- --------------------------------------------------------------------------------------------------------------------
245,000 NJ EDA (General Motors Corp.) 5.350 04/01/2009 243,802
- --------------------------------------------------------------------------------------------------------------------
6,000,000 NJ EDA (GMT Realty) 6.875 01/01/2037 6,302,160
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ EDA (Greater New York Councils Boy Scouts
of America) 5.450 09/01/2023 25,104
- --------------------------------------------------------------------------------------------------------------------
320,000 NJ EDA (Hackensack Water Company) 5.800 03/01/2024 320,963
- --------------------------------------------------------------------------------------------------------------------
170,000 NJ EDA (Hackensack Water Company) 5.900 03/01/2024 170,269
- --------------------------------------------------------------------------------------------------------------------
4,300,000 NJ EDA (JVG Properties) 5.375 03/01/2019 4,373,659
- --------------------------------------------------------------------------------------------------------------------
2,500,000 NJ EDA (Kapkowski Road Landfill) 6.500 04/01/2031 2,897,950
- --------------------------------------------------------------------------------------------------------------------
45,000 NJ EDA (Kullman Associates) 6.125 06/01/2018 41,997
- --------------------------------------------------------------------------------------------------------------------
125,000 NJ EDA (Kullman Associates) 6.750 07/01/2019 117,268
- --------------------------------------------------------------------------------------------------------------------
160,000 NJ EDA (Leisure Park) 5.875 12/01/2027 161,650
- --------------------------------------------------------------------------------------------------------------------
8,680,000 NJ EDA (Liberty Street Park) 2 5.000 03/01/2027 9,003,938
- --------------------------------------------------------------------------------------------------------------------
810,000 NJ EDA (Lions Gate) 5.750 01/01/2025 823,883
- --------------------------------------------------------------------------------------------------------------------
1,345,000 NJ EDA (Lions Gate) 5.875 01/01/2037 1,372,357
- --------------------------------------------------------------------------------------------------------------------
1,860,000 NJ EDA (Lutheran Social Ministries at Crane's Mill) 5.000 06/01/2015 1,885,742
- --------------------------------------------------------------------------------------------------------------------
30,000 NJ EDA (Manchester Manor) 6.700 08/01/2022 30,106
- --------------------------------------------------------------------------------------------------------------------
1,000,000 NJ EDA (Marcus L. Ward Home) 5.750 11/01/2024 1,037,360
- --------------------------------------------------------------------------------------------------------------------
1,200,000 NJ EDA (Marcus L. Ward Home) 5.800 11/01/2031 1,244,748
- --------------------------------------------------------------------------------------------------------------------
2,380,000 NJ EDA (Masonic Charity Foundation of New Jersey) 5.500 06/01/2031 2,506,378
- --------------------------------------------------------------------------------------------------------------------
1,250,000 NJ EDA (Masonic Charity Foundation of New Jersey) 5.875 06/01/2018 1,340,550
- --------------------------------------------------------------------------------------------------------------------
1,750,000 NJ EDA (Masonic Charity Foundation of New Jersey) 6.000 06/01/2025 1,887,270
- --------------------------------------------------------------------------------------------------------------------
245,000 NJ EDA (Middlesex Water Company) 5.200 10/01/2022 245,502
- --------------------------------------------------------------------------------------------------------------------
350,000 NJ EDA (Middlesex Water Company) 5.250 10/01/2023 350,210
- --------------------------------------------------------------------------------------------------------------------
650,000 NJ EDA (Middlesex Water Company) 5.250 02/01/2029 650,358
- --------------------------------------------------------------------------------------------------------------------
720,000 NJ EDA (Middlesex Water Company) 5.350 02/01/2038 734,947
- --------------------------------------------------------------------------------------------------------------------
5,000 NJ EDA (New Jersey American Water Company) 5.250 11/01/2032 5,183
- --------------------------------------------------------------------------------------------------------------------
1,770,000 NJ EDA (New Jersey American Water Company) 5.250 07/01/2038 1,812,392
- --------------------------------------------------------------------------------------------------------------------
140,000 NJ EDA (New Jersey American Water Company) 5.350 06/01/2023 140,162
- --------------------------------------------------------------------------------------------------------------------
255,000 NJ EDA (New Jersey American Water Company) 5.350 06/01/2023 255,296
- --------------------------------------------------------------------------------------------------------------------
900,000 NJ EDA (New Jersey American Water Company) 5.375 05/01/2032 924,345
28 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 565,000 NJ EDA (New Jersey American Water Company) 5.500% 06/01/2023 $ 565,497
- --------------------------------------------------------------------------------------------------------------------
1,465,000 NJ EDA (New Jersey American Water Company) 5.950 11/01/2029 1,471,358
- --------------------------------------------------------------------------------------------------------------------
735,000 NJ EDA (New Jersey American Water Company) 6.000 05/01/2036 738,741
- --------------------------------------------------------------------------------------------------------------------
6,690,000 NJ EDA (New Jersey American Water Company) 6.875 11/01/2034 6,766,400
- --------------------------------------------------------------------------------------------------------------------
120,000 NJ EDA (New Jersey Natural Gas Company) 5.000 12/01/2038 121,747
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ EDA (New Jersey Transit Corp.) 5.700 12/15/2013 25,038
- --------------------------------------------------------------------------------------------------------------------
30,000 NJ EDA (New Jersey Transit Corp.) 5.750 12/15/2017 30,047
- --------------------------------------------------------------------------------------------------------------------
400,000 NJ EDA (Newark Downtown District Management Corp.) 5.125 06/15/2027 403,060
- --------------------------------------------------------------------------------------------------------------------
700,000 NJ EDA (Newark Downtown District Management Corp.) 5.125 06/15/2037 698,894
- --------------------------------------------------------------------------------------------------------------------
2,630,000 NJ EDA (Nui Corp.) 5.250 11/01/2033 2,631,710
- --------------------------------------------------------------------------------------------------------------------
2,495,000 NJ EDA (Nui Corp.) 5.250 11/01/2033 2,522,245
- --------------------------------------------------------------------------------------------------------------------
8,000,000 NJ EDA (Pingry School) 5.000 11/01/2038 7,747,520
- --------------------------------------------------------------------------------------------------------------------
5,775,000 NJ EDA (Public Service Electric & Gas) 1 6.400 05/01/2032 5,821,027
- --------------------------------------------------------------------------------------------------------------------
240,000 NJ EDA (Reformed Church Ministries to the Aging
The Particulare Synod Mid-Atlantics) 5.375 12/01/2018 244,632
- --------------------------------------------------------------------------------------------------------------------
8,000,000 NJ EDA (School Facilities Construction) 2 5.000 09/01/2024 8,492,280
- --------------------------------------------------------------------------------------------------------------------
10,000,000 NJ EDA (School Facilities Construction) 2 5.000 09/01/2036 10,395,550
- --------------------------------------------------------------------------------------------------------------------
18,080,000 NJ EDA (School Facilities Construction) 2 5.125 03/01/2028 18,827,970
- --------------------------------------------------------------------------------------------------------------------
36,180,000 NJ EDA (School Facilities Construction) 2 5.125 03/01/2030 37,653,250
- --------------------------------------------------------------------------------------------------------------------
3,250,000 NJ EDA (School Facilities Construction) 1 5.000 09/01/2030 3,357,868
- --------------------------------------------------------------------------------------------------------------------
4,430,000 NJ EDA (School Facilities Construction) 5.125 03/01/2030 4,610,390
- --------------------------------------------------------------------------------------------------------------------
1,215,000 NJ EDA (St. Francis Life Care Corp.) 5.700 10/01/2017 1,234,161
- --------------------------------------------------------------------------------------------------------------------
2,130,000 NJ EDA (St. Francis Life Care Corp.) 5.750 10/01/2023 2,163,377
- --------------------------------------------------------------------------------------------------------------------
4,250,000 NJ EDA (Stevens Institute of Technology) 3 5.000 07/01/2034 4,259,690
- --------------------------------------------------------------------------------------------------------------------
480,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2019 486,845
- --------------------------------------------------------------------------------------------------------------------
510,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2020 517,176
- --------------------------------------------------------------------------------------------------------------------
545,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2021 552,559
- --------------------------------------------------------------------------------------------------------------------
575,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2022 582,918
- --------------------------------------------------------------------------------------------------------------------
610,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2023 618,308
- --------------------------------------------------------------------------------------------------------------------
650,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2024 658,795
- --------------------------------------------------------------------------------------------------------------------
690,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2025 699,260
- --------------------------------------------------------------------------------------------------------------------
115,000 NJ EDA (The Presbyterian Home at Montgomery) 6.375 11/01/2031 120,778
- --------------------------------------------------------------------------------------------------------------------
3,770,000 NJ EDA (Trigen-Trenton District Energy Company) 6.200 12/01/2010 3,803,968
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ EDA (United Methodist Homes of New Jersey) 5.125 07/01/2018 19,582
- --------------------------------------------------------------------------------------------------------------------
2,370,000 NJ EDA (United Methodist Homes of New Jersey) 5.125 07/01/2025 2,283,803
- --------------------------------------------------------------------------------------------------------------------
45,000 NJ EDA (United Methodist Homes of New Jersey) 7.200 07/01/2010 45,076
- --------------------------------------------------------------------------------------------------------------------
595,000 NJ EDA (United Water New Jersey) 5.000 11/01/2028 603,235
- --------------------------------------------------------------------------------------------------------------------
2,500,000 NJ EDA Retirement Community (Seabrook Village) 5.250 11/15/2026 2,502,525
- --------------------------------------------------------------------------------------------------------------------
3,500,000 NJ EDA Retirement Community (Seabrook Village) 5.250 11/15/2036 3,476,900
29 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 90,000 NJ Educational Facilities Authority
(Beth Medrash Govoha America) 6.375% 07/01/2030 $ 94,544
- --------------------------------------------------------------------------------------------------------------------
625,000 NJ Educational Facilities Authority
(Fairleigh Dickinson University), Series D 5.250 07/01/2032 634,488
- --------------------------------------------------------------------------------------------------------------------
15,000,000 NJ Educational Facilities Authority
(Fairleigh Dickinson University), Series D 6.000 07/01/2025 16,120,500
- --------------------------------------------------------------------------------------------------------------------
3,540,000 NJ Educational Facilities Authority
(Georgian Court College) 1 6.500 07/01/2033 4,012,979
- --------------------------------------------------------------------------------------------------------------------
5,000 NJ Educational Facilities Authority
(Institute for Advance Study) 5.000 07/01/2021 5,046
- --------------------------------------------------------------------------------------------------------------------
160,000 NJ Educational Facilities Authority (Monmouth University) 5.625 07/01/2013 160,149
- --------------------------------------------------------------------------------------------------------------------
2,000,000 NJ Educational Facilities Authority (Monmouth University) 5.800 07/01/2022 2,041,600
- --------------------------------------------------------------------------------------------------------------------
810,000 NJ Educational Facilities Authority
(Montclaire State University) 5.000 07/01/2024 852,517
- --------------------------------------------------------------------------------------------------------------------
1,590,000 NJ Educational Facilities Authority
(Montclaire State University) 5.000 07/01/2031 1,662,663
- --------------------------------------------------------------------------------------------------------------------
4,500,000 NJ Educational Facilities Authority (Rider University) 5.000 07/01/2037 4,504,680
- --------------------------------------------------------------------------------------------------------------------
280,000 NJ Educational Facilities Authority (St. Peter's College) 5.500 07/01/2027 282,761
- --------------------------------------------------------------------------------------------------------------------
5,000 NJ Educational Facilities Authority
(Stevens Institute of Technology) 5.000 07/01/2018 5,105
- --------------------------------------------------------------------------------------------------------------------
1,345,000 NJ Educational Facilities Authority
(Stevens Institute of Technology) 5.250 07/01/2032 1,436,769
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.125 12/01/2011 25,108
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.125 12/01/2012 50,216
- --------------------------------------------------------------------------------------------------------------------
175,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2013 175,828
- --------------------------------------------------------------------------------------------------------------------
100,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2014 100,473
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2015 20,095
- --------------------------------------------------------------------------------------------------------------------
705,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2021 708,229
- --------------------------------------------------------------------------------------------------------------------
355,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2021 356,637
- --------------------------------------------------------------------------------------------------------------------
190,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2025 190,760
- --------------------------------------------------------------------------------------------------------------------
115,000 NJ Educational Facilities Authority
(University of Medicine & Dentistry) 5.250 12/01/2025 115,460
- --------------------------------------------------------------------------------------------------------------------
80,000 NJ Environmental Infrastructure 5.000 09/01/2020 82,503
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority
(Allegany Health System Obligated Group) 5.200 07/01/2018 10,283
30 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 11,240,000 NJ Health Care Facilities Financing Authority
(Atlanticare Regional Medical Center) 5.000% 07/01/2037 $ 11,283,162
- --------------------------------------------------------------------------------------------------------------------
475,000 NJ Health Care Facilities Financing Authority
(Avalon at Hillsborough) 6.150 07/01/2020 480,344
- --------------------------------------------------------------------------------------------------------------------
750,000 NJ Health Care Facilities Financing Authority
(Avalon at Hillsborough) 6.375 07/01/2025 756,780
- --------------------------------------------------------------------------------------------------------------------
500,000 NJ Health Care Facilities Financing Authority
(Avalon at Hillsborough) 6.625 07/01/2035 505,270
- --------------------------------------------------------------------------------------------------------------------
150,000 NJ Health Care Facilities Financing Authority
(Capital Health System) 5.250 07/01/2017 152,024
- --------------------------------------------------------------------------------------------------------------------
160,000 NJ Health Care Facilities Financing Authority
(Capital Health System) 5.250 07/01/2027 160,846
- --------------------------------------------------------------------------------------------------------------------
110,000 NJ Health Care Facilities Financing Authority
(Capital Health System) 5.375 07/01/2033 111,832
- --------------------------------------------------------------------------------------------------------------------
4,145,000 NJ Health Care Facilities Financing Authority
(Capital Health System) 5.750 07/01/2023 4,346,654
- --------------------------------------------------------------------------------------------------------------------
70,000 NJ Health Care Facilities Financing Authority
(Catholic Health East) 5.375 11/15/2033 75,043
- --------------------------------------------------------------------------------------------------------------------
39,600,000 NJ Health Care Facilities Financing Authority
(Catholic Health East/Mercy Medical/Mcauley Center
Obligated Group) 2 4.391 11/15/2033 38,693,160
- --------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority
(Children's Specialized Hospital) 5.500 07/01/2036 1,028,690
- --------------------------------------------------------------------------------------------------------------------
70,000 NJ Health Care Facilities Financing Authority
(Chilton Memorial Hospital) 5.000 07/01/2013 70,370
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ Health Care Facilities Financing Authority
(CMC/KMCC Obligated Group) 5.500 07/01/2027 25,529
- --------------------------------------------------------------------------------------------------------------------
140,000 NJ Health Care Facilities Financing Authority
(CMMC/CMHS Obligated Group) 5.000 07/01/2025 141,198
- --------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority
(Columbus Hospital) 7.500 07/01/2021 1,014,780
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(CoMC/KMCC Obligated Group) 5.500 07/01/2017 51,058
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority
(Community Hospital Group/Hartwyck at Oak Tree
Obligated Group) 5.000 07/01/2025 10,182
- --------------------------------------------------------------------------------------------------------------------
150,000 NJ Health Care Facilities Financing Authority
(Englewood Hospital & Medical Center) 5.250 08/01/2025 156,831
- --------------------------------------------------------------------------------------------------------------------
8,000,000 NJ Health Care Facilities Financing Authority
(Englewood Hospital & Medical Center) 2 5.250 08/01/2025 8,364,280
- --------------------------------------------------------------------------------------------------------------------
7,480,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 2 5.000 09/15/2026 7,760,163
- --------------------------------------------------------------------------------------------------------------------
4,000,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 2 5.000 09/15/2027 4,149,820
31 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 4,000,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 2 5.000% 09/15/2028 $ 4,149,820
- --------------------------------------------------------------------------------------------------------------------
15,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 5.000 09/15/2026 15,572
- --------------------------------------------------------------------------------------------------------------------
40,000 NJ Health Care Facilities Financing Authority
(Hackensack University Medical Center) 5.000 01/01/2028 40,467
- --------------------------------------------------------------------------------------------------------------------
750,000 NJ Health Care Facilities Financing Authority
(Hebrew Old Age Center of Atlantic City) 5.300 11/01/2026 748,680
- --------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority
(Hebrew Old Age Center of Atlantic City) 5.375 11/01/2036 998,450
- --------------------------------------------------------------------------------------------------------------------
1,260,000 NJ Health Care Facilities Financing Authority
(Holy Name Hospital) 5.000 07/01/2036 1,232,608
- --------------------------------------------------------------------------------------------------------------------
2,500,000 NJ Health Care Facilities Financing Authority
(Hunterdon Medical Center) 5.125 07/01/2035 2,536,525
- --------------------------------------------------------------------------------------------------------------------
100,000 NJ Health Care Facilities Financing Authority
(KMH/UMC/KSC Obligated Group) 5.125 07/01/2027 101,082
- --------------------------------------------------------------------------------------------------------------------
45,000 NJ Health Care Facilities Financing Authority
(Ocean Nursing Pavilion/Meridian Hospitals Corp.) 5.250 07/01/2019 46,490
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ Health Care Facilities Financing Authority
(ONP/MHC Obligated Group) 5.375 07/01/2024 25,817
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(Palisades Medical Center) 5.200 07/01/2019 50,631
- --------------------------------------------------------------------------------------------------------------------
165,000 NJ Health Care Facilities Financing Authority
(Palisades Medical Center) 5.250 07/01/2028 166,544
- --------------------------------------------------------------------------------------------------------------------
1,430,000 NJ Health Care Facilities Financing Authority
(Pascack Valley Hospital Assoc.) 5.125 07/01/2018 1,146,874
- --------------------------------------------------------------------------------------------------------------------
5,755,000 NJ Health Care Facilities Financing Authority
(Pascack Valley Hospital Assoc.) 5.125 07/01/2028 4,618,388
- --------------------------------------------------------------------------------------------------------------------
135,000 NJ Health Care Facilities Financing Authority
(Pascack Valley Hospital Assoc.) 6.625 07/01/2036 108,300
- --------------------------------------------------------------------------------------------------------------------
1,300,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 7.250 07/01/2014 1,339,000
- --------------------------------------------------------------------------------------------------------------------
9,830,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 7.250 07/01/2027 10,124,900
- --------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority
(RWJ Health Care Corp/RWJ Hospital at Hamilton
Obligated Group) 5.000 07/01/2025 1,011,360
- --------------------------------------------------------------------------------------------------------------------
8,000,000 NJ Health Care Facilities Financing Authority
(RWJ University Hospital) 5.000 07/01/2035 8,012,640
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(RWJ University Hospital) 5.600 07/01/2015 51,825
- --------------------------------------------------------------------------------------------------------------------
1,100,000 NJ Health Care Facilities Financing Authority
(RWJ University Hospital) 5.750 07/01/2025 1,143,087
32 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 25,000 NJ Health Care Facilities Financing Authority
(Society of the Valley Hospital) 5.375% 07/01/2025 $ 25,881
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ Health Care Facilities Financing Authority
(Society of the Valley Hospital) 5.500 07/01/2020 20,820
- --------------------------------------------------------------------------------------------------------------------
70,000 NJ Health Care Facilities Financing Authority
(Somerset Medical Center) 5.500 07/01/2033 71,429
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ Health Care Facilities Financing Authority
(South Jersey Hospital System) 6.000 07/01/2032 21,792
- --------------------------------------------------------------------------------------------------------------------
250,000 NJ Health Care Facilities Financing Authority
(South Jersey Hospital) 5.000 07/01/2036 246,415
- --------------------------------------------------------------------------------------------------------------------
2,505,000 NJ Health Care Facilities Financing Authority
(South Jersey Hospital) 5.000 07/01/2046 2,434,234
- --------------------------------------------------------------------------------------------------------------------
5,000 NJ Health Care Facilities Financing Authority (St. Barnabas) 5.000 07/01/2024 5,133
- --------------------------------------------------------------------------------------------------------------------
45,000 NJ Health Care Facilities Financing Authority (St. Barnabas) 5.000 07/01/2024 45,880
- --------------------------------------------------------------------------------------------------------------------
4,845,000 NJ Health Care Facilities Financing Authority
(St. Clare's Hospital) 5.250 07/01/2021 5,013,606
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority
(St. Joseph's Hospital & Medical Center) 5.700 07/01/2011 10,113
- --------------------------------------------------------------------------------------------------------------------
265,000 NJ Health Care Facilities Financing Authority
(St. Joseph's Hospital & Medical Center) 5.750 07/01/2016 267,968
- --------------------------------------------------------------------------------------------------------------------
800,000 NJ Health Care Facilities Financing Authority
(St. Joseph's Hospital & Medical Center) 6.000 07/01/2026 809,296
- --------------------------------------------------------------------------------------------------------------------
75,000 NJ Health Care Facilities Financing Authority
(St. Peter's Hospital) 5.000 07/01/2010 75,060
- --------------------------------------------------------------------------------------------------------------------
5,000 NJ Health Care Facilities Financing Authority
(St. Peter's Hospital) 5.000 07/01/2012 5,004
- --------------------------------------------------------------------------------------------------------------------
30,000 NJ Health Care Facilities Financing Authority
(St. Peter's Hospital) 5.000 07/01/2013 30,024
- --------------------------------------------------------------------------------------------------------------------
305,000 NJ Health Care Facilities Financing Authority
(St. Peter's Hospital) 5.000 07/01/2021 307,123
- --------------------------------------------------------------------------------------------------------------------
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 1,085,906
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(The Medical Center at Princeton) 5.000 07/01/2028 50,874
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(THGS/THGSF Obligated Group) 5.200 07/01/2031 51,241
- --------------------------------------------------------------------------------------------------------------------
2,000,000 NJ Health Care Facilities Financing Authority
(Trinitas Hospital) 5.250 07/01/2030 2,043,340
- --------------------------------------------------------------------------------------------------------------------
5,880,000 NJ Health Care Facilities Financing Authority
(Trinitas Hospital/Marillac Corp. Obligated Group) 5.250 07/01/2030 5,860,302
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(Trinitas Hospital/Marillac Corp. Obligated Group) 7.400 07/01/2020 55,160
33 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 15,000 NJ HFA 5.250% 11/01/2015 $ 15,012
- --------------------------------------------------------------------------------------------------------------------
45,000 NJ HFA 5.375 11/01/2008 45,045
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Higher Education Assistance Authority (Student Loans) 5.250 06/01/2018 10,041
- --------------------------------------------------------------------------------------------------------------------
30,000 NJ Higher Education Assistance Authority (Student Loans) 5.300 06/01/2017 30,271
- --------------------------------------------------------------------------------------------------------------------
45,000 NJ Higher Education Assistance Authority (Student Loans) 5.800 06/01/2016 45,347
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ Higher Education Assistance Authority (Student Loans) 5.900 07/01/2009 25,197
- --------------------------------------------------------------------------------------------------------------------
5,000 NJ Higher Education Assistance Authority (Student Loans) 6.000 07/01/2011 5,042
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ Higher Education Assistance Authority (Student Loans) 6.000 07/01/2012 25,038
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ Higher Education Assistance Authority (Student Loans) 6.125 07/01/2015 20,057
- --------------------------------------------------------------------------------------------------------------------
85,000 NJ Hsg. & Mortgage Finance Agency (Homebuyer) 5.150 10/01/2018 86,961
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Hsg. & Mortgage Finance Agency (Homebuyer) 5.250 10/01/2018 10,146
- --------------------------------------------------------------------------------------------------------------------
515,000 NJ Hsg. & Mortgage Finance Agency (Homebuyer) 5.400 10/01/2020 523,740
- --------------------------------------------------------------------------------------------------------------------
1,460,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 1 4.650 11/01/2026 1,460,423
- --------------------------------------------------------------------------------------------------------------------
1,300,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 1 4.800 11/01/2036 1,298,895
- --------------------------------------------------------------------------------------------------------------------
2,285,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 1 4.900 11/01/2026 2,280,590
- --------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 1 5.000 11/01/2036 994,590
- --------------------------------------------------------------------------------------------------------------------
255,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 5.150 11/01/2030 256,316
- --------------------------------------------------------------------------------------------------------------------
70,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 5.400 11/01/2017 71,245
- --------------------------------------------------------------------------------------------------------------------
135,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 5.400 11/01/2028 137,290
- --------------------------------------------------------------------------------------------------------------------
15,000,000 NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.) 4.550 10/01/2022 14,483,850
- --------------------------------------------------------------------------------------------------------------------
3,150,000 NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.) 4.700 10/01/2037 2,972,057
- --------------------------------------------------------------------------------------------------------------------
1,250,000 NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.) 4.800 10/01/2047 1,178,000
- --------------------------------------------------------------------------------------------------------------------
2,500,000 NJ Hsg. & Mortgage Finance Agency, Series A 4.850 11/01/2039 2,410,225
- --------------------------------------------------------------------------------------------------------------------
2,150,000 NJ Hsg. & Mortgage Finance Agency, Series A 4.950 11/01/2048 2,073,374
- --------------------------------------------------------------------------------------------------------------------
40,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.050 11/01/2018 40,521
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.050 05/01/2034 25,028
- --------------------------------------------------------------------------------------------------------------------
210,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.550 05/01/2027 213,828
- --------------------------------------------------------------------------------------------------------------------
2,435,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.650 05/01/2040 2,479,877
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Hsg. & Mortgage Finance Agency, Series A1 6.250 05/01/2020 10,302
- --------------------------------------------------------------------------------------------------------------------
15,000 NJ Hsg. & Mortgage Finance Agency, Series B 5.850 11/01/2012 15,615
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Hsg. & Mortgage Finance Agency, Series B 6.150 11/01/2020 51,805
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ Hsg. & Mortgage Finance Agency, Series BB 5.300 04/01/2017 20,195
- --------------------------------------------------------------------------------------------------------------------
100,000 NJ Hsg. & Mortgage Finance Agency, Series E1 5.750 05/01/2025 102,977
- --------------------------------------------------------------------------------------------------------------------
1,395,000 NJ Hsg. & Mortgage Finance Agency, Series M 4.875 10/01/2026 1,388,025
- --------------------------------------------------------------------------------------------------------------------
2,165,000 NJ Hsg. & Mortgage Finance Agency, Series M 1 5.000 10/01/2036 2,153,331
- --------------------------------------------------------------------------------------------------------------------
55,000 NJ Hsg. & Mortgage Finance Agency, Series T 5.600 04/01/2017 55,939
- --------------------------------------------------------------------------------------------------------------------
80,000 NJ Hsg. & Mortgage Finance Agency, Series U 5.550 10/01/2011 81,321
- --------------------------------------------------------------------------------------------------------------------
1,335,000 NJ Hsg. & Mortgage Finance Agency, Series U 5.750 04/01/2018 1,356,814
- --------------------------------------------------------------------------------------------------------------------
390,000 NJ Hsg. & Mortgage Finance Agency, Series U 5.850 04/01/2029 396,111
34 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 65,000 NJ Hsg. & Mortgage Finance Agency, Series V 5.250% 04/01/2026 $ 66,103
- --------------------------------------------------------------------------------------------------------------------
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 15,015
- --------------------------------------------------------------------------------------------------------------------
235,000 NJ Sports & Exposition Authority, Series A 5.200 01/01/2020 235,247
- --------------------------------------------------------------------------------------------------------------------
565,000 NJ Sports & Exposition Authority, Series A 5.200 01/01/2024 565,571
- --------------------------------------------------------------------------------------------------------------------
3,000,000 NJ Tobacco Settlement Financing Corp. 4.625 06/01/2026 2,695,920
- --------------------------------------------------------------------------------------------------------------------
25,500,000 NJ Tobacco Settlement Financing Corp. 4.750 06/01/2034 22,848,255
- --------------------------------------------------------------------------------------------------------------------
274,050,000 NJ Tobacco Settlement Financing Corp. 5.648 4 06/01/2041 40,551,179
- --------------------------------------------------------------------------------------------------------------------
200,000,000 NJ Tobacco Settlement Financing Corp. 5.800 4 06/01/2041 28,760,000
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.750 06/01/2016 10,828
- --------------------------------------------------------------------------------------------------------------------
11,100,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.750 06/01/2032 11,882,439
- --------------------------------------------------------------------------------------------------------------------
27,150,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.125 06/01/2042 29,842,466
- --------------------------------------------------------------------------------------------------------------------
3,945,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2043 4,421,438
- --------------------------------------------------------------------------------------------------------------------
15,000 NJ Wastewater Treatment 5.200 09/01/2010 15,016
- --------------------------------------------------------------------------------------------------------------------
55,000 Pleasantville School District COP 5.500 10/01/2013 55,150
- --------------------------------------------------------------------------------------------------------------------
20,000 Pompton Lakes School District 5.500 08/01/2009 20,026
- --------------------------------------------------------------------------------------------------------------------
1,535,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2022 1,573,651
- --------------------------------------------------------------------------------------------------------------------
5,310,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2025 5,338,940
- --------------------------------------------------------------------------------------------------------------------
3,535,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 3,569,784
- --------------------------------------------------------------------------------------------------------------------
3,165,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 3,197,188
- --------------------------------------------------------------------------------------------------------------------
100,000 Port Authority NY/NJ (KIAC) 7.000 10/01/2007 100,201
- --------------------------------------------------------------------------------------------------------------------
30,000 Port Authority NY/NJ, 111th Series 5.000 10/01/2032 30,344
- --------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 116th Series 5.000 10/01/2016 25,047
- --------------------------------------------------------------------------------------------------------------------
40,000 Port Authority NY/NJ, 117th Series 5.125 11/15/2013 40,912
- --------------------------------------------------------------------------------------------------------------------
7,530,000 Port Authority NY/NJ, 120th Series 5.750 10/15/2012 7,632,107
- --------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 122nd Series 5.125 01/15/2036 25,316
- --------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2022 20,332
- --------------------------------------------------------------------------------------------------------------------
310,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2031 313,178
- --------------------------------------------------------------------------------------------------------------------
6,595,000 Port Authority NY/NJ, 126th Series 5.250 05/15/2037 6,835,718
- --------------------------------------------------------------------------------------------------------------------
9,235,000 Port Authority NY/NJ, 127th Series 2 5.250 12/15/2032 9,587,757
- --------------------------------------------------------------------------------------------------------------------
1,105,000 Port Authority NY/NJ, 134th Series 5.000 07/15/2034 1,141,509
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ, 135th Series 5.000 03/15/2039 1,031,960
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Port Authority NY/NJ, 140th Series 5.000 12/01/2034 1,037,300
- --------------------------------------------------------------------------------------------------------------------
15,720,000 Port Authority NY/NJ, 141st Series 2 5.000 09/01/2024 16,214,866
- --------------------------------------------------------------------------------------------------------------------
10,500,000 Port Authority NY/NJ, 143rd Series 5.000 10/01/2030 10,774,050
- --------------------------------------------------------------------------------------------------------------------
65,000 Readington-Lebanon Sewage Authority 5.250 01/01/2013 65,075
- --------------------------------------------------------------------------------------------------------------------
50,000 Riverside Township GO 5.300 12/01/2007 50,049
- --------------------------------------------------------------------------------------------------------------------
20,000 Riverside Township GO 5.450 12/01/2010 20,021
- --------------------------------------------------------------------------------------------------------------------
40,000 Salem County IPCFA (Atlantic City Electric Company) 5.600 11/01/2025 40,042
35 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 185,000 Salem County IPCFA (Atlantic City Electric Company) 5.600% 11/01/2025 $ 187,492
- --------------------------------------------------------------------------------------------------------------------
1,175,000 Salem County IPCFA (Public Service Electric & Gas) 5.200 03/01/2025 1,175,658
- --------------------------------------------------------------------------------------------------------------------
3,505,000 Salem County IPCFA (Public Service Electric & Gas) 5.450 02/01/2032 3,526,030
- --------------------------------------------------------------------------------------------------------------------
1,440,000 Salem County IPCFA (Public Service Electric & Gas) 5.750 04/01/2031 1,473,854
- --------------------------------------------------------------------------------------------------------------------
1,525,000 South Jersey Port Corp. 5.200 01/01/2023 1,558,764
- --------------------------------------------------------------------------------------------------------------------
200,000 South Jersey Port Corp. 5.250 01/01/2030 205,134
- --------------------------------------------------------------------------------------------------------------------
3,980,000 Union County Improvement Authority
(Juvenile Detention Center) 5.500 05/01/2034 4,316,788
- --------------------------------------------------------------------------------------------------------------------
65,000 Union County Improvement Authority (Linden Airport) 5.000 03/01/2028 65,783
- --------------------------------------------------------------------------------------------------------------------
50,000 Union County Utilities Authority (County Deficiency) 5.000 06/15/2028 50,503
- --------------------------------------------------------------------------------------------------------------------
415,000 Union County Utilities Authority (County Deficiency) 5.000 06/15/2028 419,175
- --------------------------------------------------------------------------------------------------------------------
50,000 Union County Utilities Authority (County Deficiency) 5.000 06/15/2028 50,563
- --------------------------------------------------------------------------------------------------------------------
15,000 Union County Utilities Authority (Ogden Martin
Systems of Union) 5.000 06/01/2016 15,227
- --------------------------------------------------------------------------------------------------------------------
1,580,000 Union County Utilities Authority (Ogden Martin
Systems of Union) 5.000 06/01/2023 1,597,980
- --------------------------------------------------------------------------------------------------------------------
140,000 Union County Utilities Authority (Ogden Martin
Systems of Union) 5.350 06/01/2023 142,464
- --------------------------------------------------------------------------------------------------------------------
9,445,000 Union County Utilities Authority (Ogden Martin
Systems of Union) 5.375 06/01/2013 9,643,534
- --------------------------------------------------------------------------------------------------------------------
135,000 Union County Utilities Authority (Ogden Martin
Systems of Union) 5.375 06/01/2017 137,431
- --------------------------------------------------------------------------------------------------------------------
145,000 Union County Utilities Authority (Ogden Martin
Systems of Union) 5.375 06/01/2018 147,611
- --------------------------------------------------------------------------------------------------------------------
225,000 Union County Utilities Authority (Ogden Martin
Systems of Union) 5.375 06/01/2019 229,052
- --------------------------------------------------------------------------------------------------------------------
60,000 Union County Utilities Authority (Ogden Martin
Systems of Union) 5.375 06/01/2020 61,081
- --------------------------------------------------------------------------------------------------------------------
10,000 University of Medicine & Dentistry of NJ COP 6.750 12/01/2009 10,103
------------
747,454,330
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--36.5%
2,740,000 Guam Education Financing Foundation COP 5.000 10/01/2023 2,831,406
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Guam Government Waterworks Authority &
Wastewater System 5.875 07/01/2035 2,647,300
- --------------------------------------------------------------------------------------------------------------------
3,900,000 Guam Government Waterworks Authority &
Wastewater System 6.000 07/01/2025 4,209,036
- --------------------------------------------------------------------------------------------------------------------
50,000 Guam Power Authority, Series A 5.125 10/01/2029 50,432
- --------------------------------------------------------------------------------------------------------------------
4,700,000 Northern Mariana Islands Commonwealth, Series A 6.750 10/01/2033 5,420,651
- --------------------------------------------------------------------------------------------------------------------
300,000 Northern Mariana Islands Commonwealth, Series A 6.750 10/01/2033 328,788
- --------------------------------------------------------------------------------------------------------------------
4,650,000 Northern Mariana Islands Ports Authority, Series A 5.000 06/01/2030 4,529,240
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Northern Mariana Islands Ports Authority, Series A 5.500 03/15/2031 1,245,000
36 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 3,310,000 Northern Mariana Islands Ports Authority, Series A 6.250% 03/15/2028 $ 3,313,674
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 5,082,450
- --------------------------------------------------------------------------------------------------------------------
5,200,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 5,244,096
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 3,028,500
- --------------------------------------------------------------------------------------------------------------------
94,000,000 Puerto Rico Children's Trust Fund (TASC) 6.316 4 05/15/2050 6,545,220
- --------------------------------------------------------------------------------------------------------------------
26,000,000 Puerto Rico Children's Trust Fund (TASC) 7.031 4 05/15/2055 977,340
- --------------------------------------------------------------------------------------------------------------------
350,000 Puerto Rico Commonwealth GO 1 5.000 07/01/2025 358,096
- --------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Commonwealth GO 5.000 07/01/2026 50,504
- --------------------------------------------------------------------------------------------------------------------
12,015,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 12,245,448
- --------------------------------------------------------------------------------------------------------------------
12,750,000 Puerto Rico Commonwealth GO 5.000 07/01/2035 13,039,553
- --------------------------------------------------------------------------------------------------------------------
3,170,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 3,230,610
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Puerto Rico Commonwealth GO 5.250 07/01/2022 1,846,110
- --------------------------------------------------------------------------------------------------------------------
16,035,000 Puerto Rico Commonwealth GO 5.250 07/01/2025 16,879,563
- --------------------------------------------------------------------------------------------------------------------
2,250,000 Puerto Rico Commonwealth GO 5.250 07/01/2026 2,368,508
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 2,626,050
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 2,620,450
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2032 3,083,760
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2037 3,081,360
- --------------------------------------------------------------------------------------------------------------------
20,500,000 Puerto Rico Electric Power Authority, Series UU 2 4.291 5 07/01/2031 20,374,950
- --------------------------------------------------------------------------------------------------------------------
6,200,000 Puerto Rico Electric Power Authority, Series UU 4.271 5 07/01/2025 6,162,180
- --------------------------------------------------------------------------------------------------------------------
885,000 Puerto Rico HFC, Series B 5.300 12/01/2028 901,665
- --------------------------------------------------------------------------------------------------------------------
810,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 821,348
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2027 4,106,360
- --------------------------------------------------------------------------------------------------------------------
5,145,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2030 5,271,464
- --------------------------------------------------------------------------------------------------------------------
450,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2037 461,844
- --------------------------------------------------------------------------------------------------------------------
20,100,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2046 20,449,941
- --------------------------------------------------------------------------------------------------------------------
21,000,000 Puerto Rico Highway & Transportation Authority, Series N 2 4.120 5 07/01/2045 20,874,000
- --------------------------------------------------------------------------------------------------------------------
20,000,000 Puerto Rico Highway & Transportation Authority, Series N 4.121 5 07/01/2045 19,880,000
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Infrastructure 5.000 07/01/2027 1,029,320
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 5,103,000
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 5,120,850
- --------------------------------------------------------------------------------------------------------------------
9,750,000 Puerto Rico Infrastructure 5.000 07/01/2041 9,905,708
- --------------------------------------------------------------------------------------------------------------------
530,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.000 03/01/2036 531,813
- --------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 102,001
- --------------------------------------------------------------------------------------------------------------------
555,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 564,491
- --------------------------------------------------------------------------------------------------------------------
1,710,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 1,829,495
- --------------------------------------------------------------------------------------------------------------------
205,000 Puerto Rico ITEMECF (Dr. Pila Hospital) 6.250 08/01/2032 205,349
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico ITEMECF (Polytechnic University) 5.000 08/01/2032 1,020,150
- --------------------------------------------------------------------------------------------------------------------
265,000 Puerto Rico ITEMECF (SEAM/Hospital Espanol Auxillio
Obligated Group) 6.250 07/01/2024 266,746
37 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 500,000 Puerto Rico Municipal Finance Agency, Series A 5.250% 08/01/2024 $ 524,105
- --------------------------------------------------------------------------------------------------------------------
3,250,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 3,406,683
- --------------------------------------------------------------------------------------------------------------------
15,965,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 15,994,695
- --------------------------------------------------------------------------------------------------------------------
1,985,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 1,985,834
- --------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 55,135
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 10,480,500
- --------------------------------------------------------------------------------------------------------------------
16,545,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 17,269,836
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Public Buildings Authority, Series D 5.125 07/01/2024 1,027,920
- --------------------------------------------------------------------------------------------------------------------
1,530,000 Puerto Rico Public Buildings Authority, Series D 5.250 07/01/2036 1,579,021
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Sales Tax Financing Corp., Series A 2 4.518 5 08/01/2057 9,992,500
- --------------------------------------------------------------------------------------------------------------------
9,000,000 Puerto Rico Sales Tax Financing Corp., Series A 5.250 08/01/2057 9,438,930
- --------------------------------------------------------------------------------------------------------------------
1,000,000 University of Puerto Rico 5.000 06/01/2025 1,028,340
- --------------------------------------------------------------------------------------------------------------------
3,350,000 University of Puerto Rico 5.000 06/01/2025 3,444,939
- --------------------------------------------------------------------------------------------------------------------
3,000,000 University of Puerto Rico, Series Q 5.000 06/01/2030 3,076,260
- --------------------------------------------------------------------------------------------------------------------
150,000 University of V.I., Series A 5.250 12/01/2023 154,401
- --------------------------------------------------------------------------------------------------------------------
710,000 University of V.I., Series A 5.375 06/01/2034 730,079
- --------------------------------------------------------------------------------------------------------------------
1,000,000 University of V.I., Series A 6.000 12/01/2024 1,047,640
- --------------------------------------------------------------------------------------------------------------------
40,000 University of V.I., Series A 6.250 12/01/2029 42,115
- --------------------------------------------------------------------------------------------------------------------
60,000 V.I. HFA, Series A 6.500 03/01/2025 60,043
- --------------------------------------------------------------------------------------------------------------------
5,000,000 V.I. Public Finance Authority (Hovensa Coker) 1 6.500 07/01/2021 5,335,950
- --------------------------------------------------------------------------------------------------------------------
1,515,000 V.I. Public Finance Authority, Series A 6.375 10/01/2019 1,628,428
- --------------------------------------------------------------------------------------------------------------------
325,000 V.I. Public Finance Authority, Series E 5.875 10/01/2018 334,341
- --------------------------------------------------------------------------------------------------------------------
2,500,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 2,570,750
- --------------------------------------------------------------------------------------------------------------------
11,100,000 V.I. Tobacco Settlement Financing Corp. 6.216 4 05/15/2035 2,098,322
- --------------------------------------------------------------------------------------------------------------------
1,100,000 V.I. Tobacco Settlement Financing Corp. 6.500 4 05/15/2035 196,515
- --------------------------------------------------------------------------------------------------------------------
2,050,000 V.I. Tobacco Settlement Financing Corp. 6.875 4 05/15/2035 330,932
- --------------------------------------------------------------------------------------------------------------------
3,100,000 V.I. Tobacco Settlement Financing Corp. 7.625 4 05/15/2035 413,974
- --------------------------------------------------------------------------------------------------------------------
290,000 V.I. Water & Power Authority 5.300 07/01/2018 292,987
- --------------------------------------------------------------------------------------------------------------------
175,000 V.I. Water & Power Authority 5.300 07/01/2021 176,141
--------------
326,583,136
- --------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,058,833,895)-120.0% 1,074,037,466
- --------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS-(20.0) (178,805,649)
--------------
NET ASSETS-100.0% $ 895,231,817
==============
38 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
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. When-issued security or forward commitment to be delivered and settled after
July 31, 2007. See Note 1 of accompanying Notes.
4. Zero coupon bond reflects effective yield on the date of purchase.
5. Represents the current interest rate for a variable or increasing rate
security.
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
CoMC Community Medical Center
COP Certificates of Participation
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
KSC Kennedy Surgical Center
MHC Meridian Hospitals Corp.
NY/NJ New York/New Jersey
ONP Ocean Nursing Pavillion, Inc.
PCFA Pollution Control Finance Authority
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
39 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY CATEGORY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
CATEGORY VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Master Settlement Agreement $ 159,847,424 14.9%
Hospital/Health Care 136,352,449 12.7
General Obligation 102,333,267 9.5
Marine/Aviation Facilities 85,376,260 7.9
Education 84,830,175 7.9
Highways/Commuter Facilities 71,920,042 6.7
Airlines 66,643,631 6.2
Electric Utilities 57,946,549 5.4
Higher Education 49,593,999 4.6
Sales Tax Revenue 40,125,188 3.7
Adult Living Facilities 39,532,389 3.7
Single Family Housing 36,263,135 3.4
Water Utilities 34,212,880 3.2
Municipal Leases 33,294,930 3.1
Special Tax 18,953,828 1.8
Gas Utilities 7,935,827 0.7
Resource Recovery 7,906,135 0.7
Multifamily Housing 6,079,679 0.6
Oil, Gas & Consumable Fuels 5,335,950 0.5
Biotechnology 4,876,650 0.5
Food Products 4,373,659 0.4
Correctional Facilities 4,316,788 0.4
Hotels, Restaurants & Leisure 4,131,501 0.4
Construction Materials 3,643,098 0.3
Government Appropriation 3,124,464 0.3
Beverages 2,957,310 0.3
Sports Facility Revenue 846,080 0.1
Student Loans 609,075 0.1
Automobiles 243,802 0.0
Sewer Utilities 175,237 0.0
Construction & Engineering 159,265 0.0
Commercial Services & Supplies 71,696 0.0
Not-for-Profit Organization 25,104 0.0
------------------------
Total $1,074,037,466 100.0%
========================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES July 31, 2007
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
ASSETS
- ---------------------------------------------------------------------------------------------------------
Investments, at value (cost $1,058,833,895)--see accompanying statement of investments $ 1,074,037,466
- ---------------------------------------------------------------------------------------------------------
Cash 559,632
- ---------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 9,071,169
Shares of beneficial interest sold 4,250,509
Other 20,426
----------------
Total assets 1,087,939,202
- ---------------------------------------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 178,060,000
Payable on borrowings (See Note 5) 7,500,000
Investments purchased (including $4,250,000 purchased on a when-issued
basis or forward commitment) 5,336,374
Shares of beneficial interest redeemed 895,101
Dividends 609,097
Distribution and service plan fees 112,370
Trustees' compensation 65,783
Transfer and shareholder servicing agent fees 28,561
Interest expense on borrowings 26,353
Shareholder communications 23,744
Other 50,002
----------------
Total liabilities 192,707,385
- ---------------------------------------------------------------------------------------------------------
NET ASSETS $ 895,231,817
================
- ---------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ---------------------------------------------------------------------------------------------------------
Paid-in capital $ 881,833,916
- ---------------------------------------------------------------------------------------------------------
Accumulated net investment loss (421,103)
- ---------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (1,384,567)
- ---------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 15,203,571
----------------
NET ASSETS $ 895,231,817
================
41 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Continued
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ---------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$591,237,741 and 49,355,378 shares of beneficial interest outstanding) $ 11.98
Maximum offering price per share (net asset value plus sales charge of
4.75% of offering price) $ 12.58
- ---------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $73,579,170
and 6,134,319 shares of beneficial interest outstanding) $ 11.99
- ---------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $230,414,906
and 19,220,708 shares of beneficial interest outstanding) $ 11.99
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF OPERATIONS For the Year Ended July 31, 2007
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- -------------------------------------------------------------------------------------------------
Interest $ 43,247,901
- -------------------------------------------------------------------------------------------------
Other income 238
-------------
Total investment income 43,248,139
- -------------------------------------------------------------------------------------------------
EXPENSES
- -------------------------------------------------------------------------------------------------
Management fees 3,853,613
- -------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 715,154
Class B 679,589
Class C 1,695,233
- -------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 160,713
Class B 48,575
Class C 82,744
- -------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 27,441
Class B 8,771
Class C 13,599
- -------------------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued (See Note 1). 4,636,087
- -------------------------------------------------------------------------------------------------
Interest expense on borrowings 707,180
- -------------------------------------------------------------------------------------------------
Trustees' compensation 44,986
- -------------------------------------------------------------------------------------------------
Custodian fees and expenses 20,627
- -------------------------------------------------------------------------------------------------
Other 149,699
-------------
Total expenses 12,844,011
Less reduction to custodian expenses (8,436)
-------------
Net expenses 12,835,575
- -------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 30,412,564
- -------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- -------------------------------------------------------------------------------------------------
Net realized gain on investments 4,847,636
- -------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (5,922,240)
- -------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 29,337,960
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED JULY 31, 2007 2006
- ------------------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------------------
Net investment income $ 30,412,564 $ 20,173,451
- ------------------------------------------------------------------------------------------
Net realized gain (loss) 4,847,636 (1,544,971)
- ------------------------------------------------------------------------------------------
Net change in unrealized appreciation (5,922,240) (845,556)
-------------------------------
Net increase in net assets resulting from operations 29,337,960 17,782,924
- ------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (21,039,557) (14,004,495)
Class B (2,680,254) (2,817,386)
Class C (6,698,889) (4,277,840)
-------------------------------
(30,418,700) (21,099,721)
- ------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 220,976,427 172,386,035
Class B (814,610) 12,154,635
Class C 92,387,458 69,181,165
-------------------------------
312,549,275 253,721,835
- ------------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------------
Total increase 311,468,535 250,405,038
- ------------------------------------------------------------------------------------------
Beginning of period 583,763,282 333,358,244
-------------------------------
End of period (including accumulated net investment loss
of $421,103 and $414,967, respectively) $ 895,231,817 $ 583,763,282
===============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF CASH FLOWS For the Year Ended July 31, 2007
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- ------------------------------------------------------------------------------------
Net increase in net assets from operations $ 29,337,960
- ------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (495,816,316)
Proceeds from disposition of investment securities 143,480,452
Short-term investment securities, net (52,085,470)
Premium amortization 3,187,003
Discount accretion (2,635,350)
Net realized gain on investments (4,847,636)
Net change in unrealized appreciation on investments 5,922,240
Increase in interest receivable (1,316,859)
Decrease in receivable for securities sold 24,563,200
Increase in other assets (10,069)
Decrease in payable for securities purchased (1,967,186)
Increase in payable for accrued expenses 78,902
--------------
Net cash used in operating activities (352,109,129)
- ------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ------------------------------------------------------------------------------------
Proceeds from bank borrowing 282,400,000
Payments on bank borrowing (290,000,000)
Proceeds from short-term floating rate notes issued 76,415,000
Proceeds from shares sold 416,732,945
Payment on shares redeemed (122,155,856)
Cash distributions paid (11,290,766)
--------------
Net cash provided by financing activities 352,101,323
- ------------------------------------------------------------------------------------
Net decrease in cash (7,806)
- ------------------------------------------------------------------------------------
Cash, beginning balance 567,438
--------------
Cash, ending balance $ 559,632
==============
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $18,949,568.
Cash paid for interest on bank borrowings--$707,192.
Cash paid for interest on short-term floating rate notes issued--$4,636,087.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.90 $ 12.03 $ 10.76 $ 10.51 $ 10.99
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .52 1 .55 1 .62 1 .67 .67
Net realized and unrealized gain (loss) .09 (.09) 1.32 .23 (.52)
-------------------------------------------------------------------------
Total from investment operations .61 .46 1.94 .90 .15
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.53) (.59) (.67) (.65) (.63)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.98 $ 11.90 $ 12.03 $ 10.76 $ 10.51
=========================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 5.13% 3.93% 18.46% 8.63% 1.21%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 591,238 $ 371,295 $ 200,831 $ 94,214 $ 61,825
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 486,782 $ 287,248 $ 133,634 $ 78,828 $ 54,811
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.32% 4.67% 5.41% 6.28% 6.24%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.82% 0.90% 0.91% 0.98% 1.02%
Interest and fees on short-term floating
rate notes issued 4 0.62% 0.63% 0.35% 0.32% 0.26%
-------------------------------------------------------------------------
Total expenses 1.44% 1.53% 1.26% 1.30% 1.28%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 1.44% 1.47% 1.06% 1.10% 1.08%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 18% 19% 7% 14% 62%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
CLASS B YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.91 $ 12.05 $ 10.78 $ 10.52 $ 11.00
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .43 1 .47 1 .54 1 .60 .59
Net realized and unrealized gain (loss) .08 (.11) 1.31 .23 (.53)
-------------------------------------------------------------------------
Total from investment operations .51 .36 1.85 .83 .06
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.43) (.50) (.58) (.57) (.54)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.99 $ 11.91 $ 12.05 $ 10.78 $ 10.52
=========================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.30% 3.03% 17.53% 7.92% 0.46%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 73,579 $ 73,887 $ 62,399 $ 51,329 $ 46,912
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 75,560 $ 68,065 $ 56,755 $ 50,920 $ 45,226
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.55% 3.93% 4.74% 5.54% 5.46%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.61% 1.69% 1.68% 1.73% 1.78%
Interest and fees on short-term floating
rate notes issued 4 0.62% 0.63% 0.35% 0.32% 0.26%
-------------------------------------------------------------------------
Total expenses 2.23% 2.32% 2.03% 2.05% 2.04%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 2.23% 2.24% 1.83% 1.85% 1.84%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 18% 19% 7% 14% 62%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS C YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.91 $ 12.04 $ 10.77 $ 10.51 $ 10.99
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .43 1 .46 1 .53 1 .59 .59
Net realized and unrealized gain (loss) .09 (.09) 1.32 .24 (.53)
-------------------------------------------------------------------------
Total from investment operations .52 .37 1.85 .83 .06
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.44) (.50) (.58) (.57) (.54)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.99 $ 11.91 $ 12.04 $ 10.77 $ 10.51
=========================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.33% 3.14% 17.54% 7.91% 0.45%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 230,415 $ 138,581 $ 70,128 $ 23,795 $ 17,784
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 188,557 $ 104,423 $ 40,717 $ 20,470 $ 16,770
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.55% 3.90% 4.57% 5.53% 5.49%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.58% 1.66% 1.67% 1.73% 1.78%
Interest and fees on short-term floating
rate notes issued 4 0.62% 0.63% 0.35% 0.32% 0.26%
-------------------------------------------------------------------------
Total expenses 2.20% 2.29% 2.02% 2.05% 2.04%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 2.20% 2.23% 1.82% 1.85% 1.84%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 18% 19% 7% 14% 62%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer New Jersey Municipal Fund (the Fund) is a separate series of
Oppenheimer Multi-State Municipal Trust, a non-diversified, open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek as high a level of current
interest income exempt from federal and New Jersey income taxes for individual
investors as is consistent with preservation of capital. The Fund's investment
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
49 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 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 July 31, 2007, the Fund had purchased $4,250,000 of
securities issued on a when-issued basis or forward commitment.
- --------------------------------------------------------------------------------
INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate
securities that pay interest at a rate that varies inversely with short-term
interest rates. Certain of these securities may be leveraged, whereby the
interest rate varies inversely at a multiple of the change in short-term rates.
As interest rates rise, inverse floaters produce less current income. The price
of such securities is more volatile than comparable fixed rate securities. The
Fund will not invest more than 20% of its total assets in inverse floaters.
Inverse floaters amount to $46,474,304 as of July 31, 2007, which represents
4.27% 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
50 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
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 July 31, 2007,
municipal bond holdings with a value of $224,534,304 shown on the Fund's
Statement of Investments are held by such Trusts and serve as collateral for the
$178,060,000 in short-term floating rate notes issued and outstanding at that
date.
At July 31, 2007, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL COUPON MATURITY VALUE AS OF
AMOUNT INVERSE FLOATER 1 RATES 2 DATES JULY 31, 2007
- -----------------------------------------------------------------------------------------------------------
$ 2,000,000 NJ EDA (Public Schools Small
Project Loan Program) RITES 6.497% 9/1/24 $ 2,492,280
2,170,000 NJ EDA RITES 3 5.780 3/1/27 2,493,937
9,045,000 NJ EDA ROLs 9.160 3/1/30 10,518,250
4,520,000 NJ EDA ROLs 9.160 3/1/28 5,267,970
2,000,000 NJ Health Care Facilities Financing Authority
(Englewood Hospital & Medical Center) RITES 7.535 8/1/25 2,364,280
3,870,000 NJ Health Care Facilities Financing Authority
DRIVERS 8.217 9/15/28 4,449,804
4,400,000 NJ Health Care RITES 8.710 11/15/33 3,493,160
2,500,000 NJ Reset Optional Certificates Trust II ROLs 8.690 9/1/36 2,895,550
3,930,000 Port Authority NY/NJ RITES 5.750 9/1/24 4,424,866
2,305,000 Port Authority NY/NJ, 238th Series ROLs 9.570 12/15/32 2,657,757
2,050,000 Puerto Rico Electric Power Authority ROLs 3 7.930 7/1/31 1,924,950
2,125,000 Puerto Rico Highway & Transportation
Authority ROLs 5.900 7/1/45 2,023,000
500,000 Puerto Rico Highway & Transportation
Authority ROLs 5.900 7/1/45 476,000
1,000,000 Puerto Rico Sales Tax Financing Corp. ROLs 3 0.000 4 8/1/57 992,500
-------------
$ 46,474,304
=============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 39 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.
4. This inverse floater settles at a future date, at which time the interest
rate will be determined.
51 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 July 31,
2007, in addition to the exposure detailed in the preceding table, the Fund's
maximum exposure under such agreements is estimated at approximately
$33,960,000.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
The tax components of capital shown in the following table represent
distribution requirements the Fund must satisfy under the income tax
regulations, losses the Fund may be able to offset against income and gains
realized in future years and unrealized appreciation or depreciation of
securities and other investments for federal income tax purposes.
NET UNREALIZED
APPRECIATION
BASED ON COST OF
SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2,3 TAX PURPOSES
- --------------------------------------------------------------------------------
$572,725 $-- $1,551,486 $15,370,487
52 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
1. As of July 31, 2007, the Fund had $1,551,486 of net capital loss
carryforwards available to offset future realized capital gains, if any, and
thereby reduce future taxable gain distributions. As of July 31, 2007, details
of the capital loss carryforwards were as follows:
EXPIRING
------------------------------------
2010 $ 1,401,537
2012 115,750
2014 34,199
-----------
Total $ 1,551,486
===========
2. During the fiscal year ended July 31, 2007, the Fund utilized $2,715,617 of
capital loss carryforward to offset capital gains realized in that fiscal year.
3.During the fiscal year ended July 31, 2006, the Fund did not utilize any
capital loss carryforward.
The tax character of distributions paid during the years ended July 31, 2007 and
July 31, 2006 was as follows:
YEAR ENDED YEAR ENDED
JULY 31, 2007 JULY 31, 2006
----------------------------------------------------------------
Distributions paid from:
Exempt-interest dividends $ 30,401,095 $ 21,099,721
Ordinary income 17,605 --
----------------------------
Total $ 30,418,700 $ 21,099,721
============================
The aggregate cost of securities and other investments and the composition of
unrealized appreciation and depreciation of securities and other investments for
federal income tax purposes as of July 31, 2007 are noted below. The primary
difference between book and tax appreciation or depreciation of securities and
other investments, if applicable, is attributable to the tax deferral of losses
or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities $880,702,859
============
Gross unrealized appreciation $ 24,693,226
Gross unrealized depreciation (9,322,739)
------------
Net unrealized appreciation $ 15,370,487
============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the year ended July 31, 2007, the Fund's
projected benefit obligations were increased by $30,282 and payments of $15,549
were made to retired trustees, resulting in an accumulated liability of $47,265
as of July 31, 2007.
53 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 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.
54 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
- --------------------------------------------------------------------------------
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:
YEAR ENDED JULY 31, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------
CLASS A
Sold 23,410,659 $ 284,761,943 18,682,666 $ 221,763,770
Dividends and/or
distributions reinvested 1,100,129 13,364,563 685,948 8,140,403
Redeemed (6,358,993) (77,150,079) (4,853,455) (57,518,138)
--------------------------------------------------------------
Net increase 18,151,795 $ 220,976,427 14,515,159 $ 172,386,035
==============================================================
- --------------------------------------------------------------------------------------------------
CLASS B
Sold 1,143,370 $ 13,922,058 1,835,126 $ 21,799,263
Dividends and/or
distributions reinvested 137,950 1,678,223 136,533 1,622,906
Redeemed (1,348,661) (16,414,891) (948,989) (11,267,534)
--------------------------------------------------------------
Net increase (decrease) (67,341) $ (814,610) 1,022,670 $ 12,154,635
==============================================================
- --------------------------------------------------------------------------------------------------
CLASS C
Sold 9,578,020 $ 116,616,588 7,000,353 $ 83,208,814
Dividends and/or
distributions reinvested 321,342 3,906,782 200,285 2,378,670
Redeemed (2,316,616) (28,135,912) (1,385,935) (16,406,319)
--------------------------------------------------------------
Net increase 7,582,746 $ 92,387,458 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, for the year ended July 31, 2007, were as follows:
PURCHASES SALES
------------------------------------------------------
Investment securities $495,816,316 $143,480,452
55 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the year ended July 31, 2007, the Fund paid $285,814
to OFS for services to the Fund.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A
shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
periodically at an annual rate of up to 0.15% of the average annual net assets
of Class A shares of the Fund. The Board of Trustees can increase that fee to
0.25% of average net assets without shareholder approval. Shareholders will be
notified of any such change. The Distributor currently uses all of those fees to
pay dealers, brokers, banks and other financial institutions periodically for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
periods. Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans for Class B and Class C shares to
compensate the Distributor for its services in connection with the distribution
of those shares and servicing accounts. Under the plans, the Fund pays the
Distributor an annual asset-based sales charge of 0.75% on Class B and Class C
shares. The Distributor also receives a service fee of 0.15% per year under each
plan. However, the Board of Trustees can increase that fee to 0.25% of average
net assets without shareholder approval. Shareholders will be notified of any
such change. If either the Class B or Class C plan is terminated by the Fund or
by the shareholders of a class, the Board of Trustees and its independent
trustees must determine whether the Distributor shall be entitled to payment
from the Fund of all or a
56 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
portion of the service fee and/or asset-based sales charge in respect to shares
sold prior to the effective date of such termination. The Distributor determines
its uncompensated expenses under the plan at calendar quarter ends. The
Distributor's aggregate uncompensated expenses under the plan at June 30, 2007
for Class B and Class C shares were $2,663,862 and $2,739,194, respectively.
Fees incurred by the Fund under the plans are detailed in the Statement of
Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ----------------------------------------------------------------------------------------
July 31, 2007 $573,270 $23,436 $167,271 $46,353
- --------------------------------------------------------------------------------
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 (5.2958% as of July 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.
57 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. BORROWINGS Continued
For the year ended July 31, 2007, the average daily loan balance was
$13,210,411 at an average daily interest rate of 5.288%. The Fund had borrowings
outstanding of $7,500,000 at July 31, 2007 at an interest rate of 5.2958%. The
Fund had gross borrowings and gross loan repayments of $282,400,000 and
$290,000,000, respectively, during the year ended July 31, 2007. The maximum
amount of borrowings outstanding at any month-end during the year ended July 31,
2007 was $83,300,000. The Fund paid $58,434 in fees and $707,192 in interest
during the year ended July 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
July 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, ("FASB") issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of July 31, 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.
58 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER MULTI-STATE MUNICIPAL
TRUST:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer New Jersey Municipal Fund (one of portfolios constituting the
Oppenheimer Multi-State Municipal Trust), including the statement of
investments, as of July 31, 2007, and the related statements of operations and
cash flows for the year then ended, the statements of changes in net assets for
each of the years in the two-year period then ended, and the financial
highlights for each of the years in the five-year period then ended. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of July 31, 2007, by correspondence with the
custodian and brokers or by other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer New Jersey Municipal Fund as of July 31, 2007, the results of its
operations and its cash flows for the year then ended, the changes in its net
assets for each of the years in the two-year period then ended, and the
financial highlights for each of the years in the five-year period then ended,
in conformity with U.S. generally accepted accounting principles.
KPMG LLP
Denver, Colorado
September 17, 2007
59 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2008, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2007. Regulations of the U.S. Treasury Department require the Fund
to report this information to the Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended July
31, 2007 are eligible for the corporate dividend-received deduction. 99.94% of
the dividends were derived from interest on municipal bonds and are not subject
to federal income taxes. To the extent a shareholder is subject to any state or
local tax laws, some or all of the dividends received may be taxable.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
60 | OPPENHEIMER 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.
61 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
NAME, POSITION(s) HELD WITH THE PRINCIPAL OCCUPATION(s) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD; NUMBER OF
FUND, LENGTH OF SERVICE, AGE PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, COLORADO
TRUSTEES 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION,
RETIREMENT, DEATH OR REMOVAL.
BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1995); Director of
Chairman of the Board of Special Value Opportunities Fund, LLC (registered investment company) (since September 2004);
Trustees (since 2007), Trustee Member of Zurich Financial Investment Advisory Board (insurance) (since October 2004); Board of
(since 2005) Governing Trustees of The Jackson Laboratory (non-profit) (since August 1990); Trustee of the
Age: 64 Institute for Advanced Study (non-profit educational institute) (since May 1992); Special Limited
Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September
2004); Trustee of Research Foundation of AIMR (investment research, non-profit) (2000-2002);
Governor, Jerome Levy Economics Institute of Bard College (economics research) (August
1990-September 2001); Director of Ray & Berendtson, Inc. (executive search firm) (May 2000-April
2002). Oversees 65 portfolios in the OppenheimerFunds complex.
DAVID K. DOWNES, President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment
Trustee (since 2007) management company) (since January 2004); President of The Community Reinvestment Act Qualified
Age: 67 Investment Fund (investment management company) (since January 2004); Independent Chairman of
the Board of Trustees of Quaker Investment Trust (registered investment company) (since January
2004); Director of Internet Capital Group (information technology company) (since October
2003); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment
Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and
Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National
Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment
Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible
Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief
Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and
investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and
Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative
Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management
Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate
Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held the
following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget
Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes
(1969-1972); held the following positions at Price Waterhouse & Company (financial services
firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United
States Marine Corps (1957-1959). Oversees 65 portfolios in the OppenheimerFunds complex.
MATTHEW P. FINK, Trustee of the Committee for Economic Development (policy research foundation) (since 2005);
Trustee (since 2005) Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President
Age: 66 of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI
Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 55 portfolios in
the OppenheimerFunds complex.
62 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 65 portfolios in the OppenheimerFunds
Trustee (since 1993) complex.
Age: 74
PHILLIP A. GRIFFITHS, Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979)
Trustee (since 1999) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI
Age: 68 Lumonics Inc. (precision medical equipment supplier) (since 2001); Senior Advisor of The Andrew
W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the
American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign
Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study
(1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke
University (1983-1991). Oversees 55 portfolios in the OppenheimerFunds complex.
MARY F. MILLER, Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice
Trustee (since 2004) President and General Auditor of American Express Company (financial services company) (July
Age: 64 1998-February 2003). Oversees 55 portfolios in the OppenheimerFunds complex.
JOEL W. MOTLEY, Managing Director of Public Capital Advisors, LLC (privately-held financial adviser) (since
Trustee (since 2002) January 2006); Director of Columbia Equity Financial Corp. (privately-held financial adviser)
Age: 55 (since 2002); Managing Director of Carmona Motley, Inc. (privately-held financial adviser) (since
January 2002); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial
adviser) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council
on Foreign Relations, Member of the Investment Committee of the Episcopal Church of America,
Member of the Investment Committee and Board of Human Rights Watch and the Investment Committee
of Historic Hudson Valley. Oversees 55 portfolios in the OppenheimerFunds complex.
RUSSELL S. REYNOLDS, JR., Chairman of RSR Partners (formerly "The Directorship Search Group, Inc.") (corporate governance
Trustee (since 1989) consulting and executive recruiting) (since 1993); Life Trustee of International House
Age: 75 (non-profit educational organization); Former Trustee of The Historical Society of the Town of
Greenwich; Former Director of Greenwich Hospital Association. Oversees 55 portfolios in the
OppenheimerFunds complex.
JOSEPH M. WIKLER, Director of the following medical device companies: Medintec (since 1992) and Cathco (since
Trustee (since 2005) 1996); Director of Lakes Environmental Association (environmental protection organization) (since
Age: 66 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since
1994); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 55 portfolios in
the OppenheimerFunds complex.
PETER I. WOLD, President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since
Trustee (since 2005) 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999);
Age: 59 Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Vice President,
Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production)
(1996-2006); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas
City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 55
portfolios in the OppenheimerFunds complex.
63 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE The address of Mr. Murphy is Two World Financial Center, 225 Liberty Street, 11th Floor, New
AND OFFICER York, New York 10281-1008. Mr. Murphy serves as a Trustee for an indefinite term, or until his
resignation, retirement, death or removal and as an Officer for an indefinite term, or until his
resignation, retirement, death or removal. Mr. Murphy is an interested Trustee due to his
positions with OppenheimerFunds, Inc. and its affiliates.
JOHN V. MURPHY, Chairman, Chief Executive Officer and Director of the Manager (since June 2001); President of the
Trustee, President and Manager (September 2000-March 2007); President and a director or trustee of other Oppenheimer
Principal Executive Officer funds; President and Director of Oppenheimer Acquisition Corp. ("OAC") (the Manager's parent
(since 2001) holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the
Age: 58 Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the
Manager) (since November 2001); Chairman and Director of Shareholder Services, Inc. and of
Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July
2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program
established by the Manager) (since July 2001); Director of the following investment advisory
subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management
Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc.
(since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc.
(since July 2001); President (since November 1, 2001) and Director (since July 2001) of
Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life
Insurance Company (OAC's parent company) (since February 1997); Director of DLB Acquisition
Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Member
of the Investment Company Institute's Board of Governors (since October 3, 2003); Chief Operating
Officer of the Manager (September 2000-June 2001); President and Trustee of MML Series Investment
Fund and MassMutual Select Funds (open-end investment companies) (November 1999-November 2001);
Director of C.M. Life Insurance Company (September 1999-August 2000); President, Chief Executive
Officer and Director of MML Bay State Life Insurance Company (September 1999-August 2000);
Director of Emerald Isle Bancorp and Hibernia Savings Bank (wholly-owned subsidiary of Emerald
Isle Bancorp) (June 1989-June 1998). Oversees 102 portfolios in the OppenheimerFunds complex.
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. ZACK, GILLESPIE AND
OF THE FUND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR
MESSRS. VANDEHEY, WIXTED, PETERSEN, SZILAGYI AND MS. IVES, 6803 S. TUCSON WAY, CENTENNIAL,
COLORADO 80112-3924, FOR MESSRS. FIELDING, LOUGHRAN, COTTIER AND WILLIS, 350 LINDEN OAKS,
ROCHESTER, NEW YORK 14625. EACH OFFICER SERVES FOR AN INDEFINITE TERM OR UNTIL HIS OR HER
RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
RONALD H. FIELDING, Senior Vice President of the Manager and Chairman of the Rochester Division of the Manager (since
Vice President and Senior January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader for the Fund
Portfolio Manager and other Oppenheimer funds.
(since 2002)
Age: 58
DANIEL G. LOUGHRAN, Senior Vice President of the Manager (since April 2007); Vice President of the Manager (April
Vice President and 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior
Senior Portfolio Manager Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
(since 2005)
Age: 43
64 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
SCOTT S. COTTIER, Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory
Vice President (since 2005) Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the
and Senior Portfolio Manager Fund and other Oppenheimer funds.
(since 2002)
Age: 35
TROY E. WILLIS, Assistant Vice President of the Manager (since July 2005) and a Portfolio Manager with the
Vice President (since 2005) Manager (since 2003). Corporate Attorney for Southern Resource Group (from 1999 to 2003). Senior
and Senior Portfolio Manager Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
(since 2006)
Age: 34
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager, OppenheimerFunds Distributor,
Vice President and Chief Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice
Compliance Officer President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and
(since 2004) Shareholder Services, Inc. (June 1983-February 2004). Former Vice President and Director of
Age: 57 Internal Audit of the Manager (1997-February 2004). An officer of 102 portfolios in the
OppenheimerFunds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the
Treasurer and Principal following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc.,
Financial & Accounting Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership
Officer (since 1999) Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000),
Age: 47 OppenheimerFunds International Ltd. (since May 2000), OppenheimerFunds plc (since May 2000), OFI
Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program
(charitable trust program established by the Manager) (since June 2003); Treasurer and Chief
Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May
2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management
Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003);
Principal and Chief Operating Officer of Bankers Trust Company-Mutual Fund Services Division
(March 1995-March 1999). An officer of 102 portfolios in the OppenheimerFunds complex.
BRIAN S. PETERSEN, Vice President of the Manager (since February 2007); Assistant Vice President of the Manager
Assistant Treasurer (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November
(since 2004) 1998-July 2002). An officer of 102 portfolios in the OppenheimerFunds complex.
Age: 37
BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and
Assistant Treasurer Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger
(since 2005) Financial Group LLC (May 2001-March 2003); Director of Mutual Fund Operations at American Data
Age: 37 Services, Inc. (September 2000-May 2001). An officer of 102 portfolios in the OppenheimerFunds
complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002) of the
Vice President and Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel
Secretary of Centennial Asset Management Corporation (since December 2001); Senior Vice President and
(since 2001) General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and
Age: 59 General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and
Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc;
Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002);
Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Senior Vice President,
General
65 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
ROBERT G. ZACK, Counsel and Director of Shareholder Financial Services, Inc. and Shareholder Services, Inc.
Continued (since December 2001); Senior Vice President, General Counsel and Director of OFI Private
Investments, Inc. and OFI Trust Company (since November 2001); Vice President of OppenheimerFunds
Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional
Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since
December 2003); Senior Vice President (May 1985-December 2003), Acting General Counsel (November
2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager;
Assistant Secretary of the following: Shareholder Services, Inc. (May 1985-November 2001),
Shareholder Financial Services, Inc. (November 1989-November 2001), and OppenheimerFunds
International Ltd. (September 1997-November 2001). An officer of 102 portfolios in the
OppenheimerFunds complex.
LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May 2004); First Vice President (April
Assistant Secretary 2001-April 2004), Associate General Counsel (December 2000-April 2004), Corporate Vice President
(since 2004) (May 1999-April 2001) and Assistant General Counsel (May 1999-December 2000) of UBS Financial
Age: 39 Services Inc. (formerly, PaineWebber Incorporated). An officer of 102 portfolios in the
OppenheimerFunds complex.
PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager (since September 2004); First
Assistant Secretary Vice President (2001-September 2004); Director (2000-September 2004) and Vice President
(since 2004) (1998-2000) of Merrill Lynch Investment Management. An officer of 102 portfolios in the
Age: 43 OppenheimerFunds complex.
KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant Secretary (since October 2003)
Assistant Secretary of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the
(since 2001) Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003);
Age: 41 Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant
Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since
December 2001); Assistant Counsel of the Manager (August 1994-October 2003). An officer of 102
portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE UPON
REQUEST, BY CALLING 1.800.525.7048.
66 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
- --------------------------------------------------------------------------------
Tobacco Master Settlement Agreement 19.3%
- --------------------------------------------------------------------------------
Gas Utilities 12.6
- --------------------------------------------------------------------------------
Hospital/Health Care 9.8
- --------------------------------------------------------------------------------
Airlines 8.0
- --------------------------------------------------------------------------------
Special Assessment 7.2
- --------------------------------------------------------------------------------
Multifamily Housing 4.8
- --------------------------------------------------------------------------------
Single Family Housing 4.6
- --------------------------------------------------------------------------------
Marine/Aviation Facilities 4.4
- --------------------------------------------------------------------------------
Electric Utilities 4.2
- --------------------------------------------------------------------------------
General Obligation 2.5
Portfolio holdings are subject to change. Percentages are as of July 31, 2007,
and are based on the total market value of investments.
CREDIT ALLOCATION
- --------------------------------------------------------------------------------
AAA 15.1%
- --------------------------------------------------------------------------------
AA 20.4
- --------------------------------------------------------------------------------
A 5.1
- --------------------------------------------------------------------------------
BBB 23.7
- --------------------------------------------------------------------------------
BB or lower 35.7
Allocations are subject to change. Percentages are as of July 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 Standard & Poor's
rating category in the allocation above. The allocation above also includes
unrated securities whose ratings have been assigned by the Manager; these
unrated securities, currently 38.01% of the portfolio's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
- --------------------------------------------------------------------------------
15 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC., OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED JULY 31, 2007, FOLLOWED BY A
GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED
MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. We are pleased to report that
Oppenheimer Rochester National Municipals distributed high levels of tax-free
income to its shareholders during this reporting period, outperforming many
fixed-income alternatives on an after-tax basis. As of July 31, 2007,
Oppenheimer Rochester National Municipals' Class A shares provided a
distribution yield of 5.28% at net asset value. Lipper Inc.--an independent
mutual fund rating service--reported an average distribution yield of 4.49%
among the 102 funds in its High Yield Municipal Debt Funds category as of the
same date. 1
Tax-free income generated 100% of the Fund's positive total return for the
reporting period, providing significant benefit to our yield-oriented investors.
The Fund's Class A shares generated a 1-year total return of 5.16% without sales
charge. By comparison, the Lehman Brothers Municipal Bond Index produced a total
return of 4.27% in the same period. On July 31, 2007, the Fund was ranked in the
top 15% of its Lipper category in 1-year total return and in the top 3% for
periods of 3, 5 and 10 years. 2 These results clearly demonstrate how the Fund's
income-oriented approach continued to provide significant benefit to our
investors in the past 12 months.
Late in this reporting period, market conditions made it very challenging
for the Fund to find lower-rated and unrated bonds with acceptable risk-reward
trade-offs. As a result, the Fund's newer purchases included more high-grade
investments than usual. Because these typically offer lower yields than their
lower-grade counterparts, the Fund was forced to reduce its last two dividends
of this reporting period to 5.5 cents per Class A. share; in each of the first
10 months of this reporting period, the Fund distributed tax-free income of 5.7
cents per Class A share. Distributions for other share classes were adjusted
accordingly. In all, the Fund distributed 68.5 cents per Class A share in the
year ended July 31, 2007, including a small amount of taxable income.
1. Lipper Inc. Lipper calculations do not include sales charges which, if
included, would reduce results.
2. Lipper Inc. As of July 31, 2007, Lipper Inc. ranked Oppenheimer Rochester
National Municipals 12th among 87 funds for the past year, 1st among 77 funds
for the past 3 years, 1st among 74 funds for the past 5 years and 1st among 43
funds for the past 10 years in its High Yield Municipal Debt Funds category.
Lipper rankings are based on total returns, but do not consider sales charges.
Lipper rankings are for the A share class only; other classes may have different
performance characteristics. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
16 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
The Fund's holdings in tobacco Master Settlement Agreement (MSA) bonds
continued to provide significant benefit this reporting period. These so-called
tobacco bonds are backed by state and/or U.S. territory proceeds from a national
litigation settlement with tobacco manufacturers. At the end of this reporting
period, MSA-backed tobacco bonds accounted for about one-fifth of Fund
investments and comprised the Fund's largest industry category.
This sector contributed strongly to the Fund's total return this reporting
period, which included two large pre-refundings that elevated bond prices.
Tobacco manufacturers continue to face litigation, but we believe the risks have
been overstated. In the history of MSA-backed tobacco bonds, interest payments
and scheduled payments of principal on the bonds held by our funds have never
been interrupted--and many bonds have repaid principal earlier than their
scheduled final maturity.
Some recent courtroom decisions, nonetheless, are worth noting. Tobacco
manufacturers received good news in August 2006 when a judge ruled that she
could not authorize financial remedies, despite a finding that federal
racketeering laws had been violated. In November 2006, the U.S. Supreme Court
declined to review a 2005 ruling by the Illinois Supreme Court that reversed a
$10.1 billion judgment against Philip Morris USA. Late in this reporting period,
a federal judge in the Southern District of New York ruled that a smoker's claim
for punitive damages cannot be awarded because New York State, which had sued
the tobacco industry in 1997, ultimately agreed to participate in the MSA.
The Fund's current weighting in MSA-backed bonds reflects our belief that
these bonds can continue to help the Fund deliver high levels of tax-free
income.
The Fund's airline-backed bonds also provided a positive total return this
reporting period. The Fund's holdings in this sector totaled 8% of the overall
portfolio as of July 31, 2007, with bonds backed by American Airlines
representing the biggest share. In recent quarters, the airline has reported
improvements in passenger traffic, revenues per seat mile and debt reduction.
The second quarter of 2007 was the carrier's fifth consecutive profitable
quarter. The Fund investments in Continental Airlines also contributed
positively to total return this reporting period. Continental cited strong
growth in the trans-Atlantic market as a contributing factor to its
profitability in the second quarter. The airline reported ongoing improvements
in fuel efficiency as well as success in using hedging strategies based on
anticipated fuel requirements.
As of July 31, 2007, the Fund continued to hold bonds backed by Northwest
Airlines and Delta Air Lines, both of which emerged from bankruptcy protection
this reporting period. As part of its restructuring, Northwest committed to pay
par plus back interest on the bonds held by the Fund, which were on non-accrual
status this reporting period. This
17 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
favorable outcome demonstrates the benefits of our focus on secured holdings in
this sector. The Fund was less fortunate in its small position (less than
one-half of 1% of the portfolio on July 31, 2007) in Delta-backed bonds. These
securities lost considerable value this reporting period and detracted from
overall performance. Overall, we believe this sector will continue to provide
significant benefit to the Fund, especially if the improving world economy
creates the expected gains in passenger travel and pricing flexibility.
In this reporting period, the Fund continued to favor bonds issued to
finance the infrastructure of new real estate development projects. The credit
structure of these Special Tax and Special Assessment bonds (known as "dirt
bonds") are advantageous, we believe, because the payments that secure the bonds
are on parity with real estate taxes. Additionally, the responsibility for
servicing the debt passes to all subsequent property owners as the land is
developed and subdivided. Thus, as the number of owners increases, the risk
bondholders face decreases. Further, the fear of foreclosure leads most property
owners to stay current with their debt service payments--to the benefit of the
Fund.
In all, Special Tax and Special Assessment bonds constituted 8.5% of the
portfolio's market value as of July 31, 2007, included largely attractive
holdings and contributed positively to total return. The Fund's small position
in bonds issued to finance infrastructure development in the Roripaugh Community
Facilities District, in Temecula, California, however, was a concern this
reporting period. The construction timeline was delayed and various building
permits were withheld when a financial institution affiliated with both the lead
developer and a participating home builder filed for bankruptcy protection this
reporting period. The prices of the bonds held by the Fund fell as a result and
detracted from overall performance. All scheduled payments were made this
reporting period, with the affiliated developers using a letter of credit to
offset any payment shortfalls. We expect payments to remain timely after the
financial institution emerges from bankruptcy protection and construction
resumes. Importantly, we continue to believe that our tax-free investments in
"dirt bonds" represent valuable and relatively low-risk opportunities to
participate in the today's challenging housing market.
Credit spreads were relatively stable this reporting period, and Fund
managers continued to scour the municipal markets for securities that offered an
attractive balance of risk and reward. At the end of the reporting period, about
two-thirds of the Fund's portfolio consisted of investment-grade securities, and
the Fund's average credit quality was BBB-plus.
Including the effects of leverage, the Fund increased its position this
reporting period in municipal inverse-floating-rate securities, which are
tax-exempt securities whose interest payments move inversely to changes in
short-term interest rates. Most of the Fund's
18 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
new investments in these bonds were PLNs (percentage of LIBOR notes), which are
designed to have minimal (if any) reaction to interest rate fluctuations.
Additionally, PLNs reset quarterly and, to the benefit of the Fund, these
"inverse floaters" offered yields that were higher than market averages during
this reporting period.
In contrast, the Fund's small position in Erie County (N.Y.) IDA (Great
Lakes MDF) was an underperformer this reporting period. Great Lakes MDF makes
medium density fiberboard at its plant in Lackawanna, N.Y. Some interest
payments on the bond were made on time in 2006, but financial difficulties
related to the slowdown of the U.S. housing market forced these bonds into
non-accrual status as of December 1, 2006. Since then, the investment team has
monitored the situation closely, maintained contact with Great Lakes MDF, and
advocated on behalf of our shareholders' best interests. As of July 31, 2007,
the Fund had little remaining exposure and the bond represented less than
one-fifth of 1% of the portfolio's market value.
During this reporting period, the U.S. Supreme Court announced that it
would hear DEPARTMENT OF REVENUE (KENTUCKY) V. DAVIS this fall or early in 2008,
with a ruling to follow. The question posed in the case is whether Kentucky can
tax the income that state residents earn on out-of-state municipal securities if
the income that residents earn from in-state municipal securities is exempt from
taxation. While the Court's decision could have implications for other states,
exemption from federal taxes, which provides investors with the greatest
benefit, is not in question. We cannot confidently predict what the Court will
decide. However, we will continue to serve our shareholders by focusing on how
best to create tax-free yield advantages in any current and future market
scenario. We remain committed to helping fixed-income investors achieve their
financial goals for tax-free income and will continue to offer a full complement
of municipal bond funds to serve our shareholders' diverse needs.
Our approach to municipal bond investing is flexible and responsive to
market conditions; our strategies are intended to balance many different types
of risk to reduce overall portfolio risk. Shareholders should note that market
conditions during this reporting period did not affect the Fund's overall
investment strategies or cause it to pay any capital gain distributions. In
closing, we believe that the Fund's structure and composition as well as our
time-tested strategies will continue to benefit long-term investors through
interest rate and economic cycles.
19 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until July 31, 2007. In the case of Class A, Class B and Class C
shares, performance is measured over a ten-year period. The Fund's performance
reflects the deduction of the maximum initial sales charge on Class A shares,
the applicable contingent deferred sales charge on Class B and Class C shares,
and reinvestments of all dividends and capital gains distributions. Past
performance cannot guarantee future results.
The Fund's performance is compared to the performance of the Lehman
Brothers Municipal Bond Index, an unmanaged index of a broad range of investment
grade municipal bonds that is widely regarded as a measure of the performance of
the general municipal bond market. Index performance reflects the reinvestment
of income but does not consider the effect of transaction costs, and none of the
data in the graphs shows the effect of taxes. The Fund's performance reflects
the effects of the Fund's business and operating expenses. While index
comparisons may be useful to provide a benchmark for the Fund's performance, it
must be noted that the Fund's investments are not limited to the investments in
the index.
20 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Rochester National Municipals (Class A)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Rochester National Lehman Brothers Municipal
Municipals (Class A) Bond Index
07/31/1997 $ 9,525 $10,000
10/31/1997 $ 9,655 $10,088
01/31/1998 $ 9,952 $10,402
04/30/1998 $ 9,917 $10,367
07/31/1998 $10,146 $10,599
10/31/1998 $10,359 $10,897
01/31/1999 $10,539 $11,093
04/30/1999 $10,537 $11,087
07/31/1999 $10,284 $10,904
10/31/1999 $ 9,936 $10,704
01/31/2000 $ 9,801 $10,691
04/30/2000 $10,086 $10,986
07/31/2000 $10,416 $11,374
10/31/2000 $10,651 $11,615
01/31/2001 $11,084 $12,111
04/30/2001 $11,085 $12,125
07/31/2001 $11,460 $12,521
10/31/2001 $11,742 $12,835
01/31/2002 $11,711 $12,825
04/30/2002 $11,972 $12,974
07/31/2002 $12,249 $13,361
10/31/2002 $11,631 $13,588
01/31/2003 $11,518 $13,782
04/30/2003 $11,754 $14,076
07/31/2003 $12,538 $13,842
10/31/2003 $13,516 $14,283
01/31/2004 $14,340 $14,635
04/30/2004 $14,093 $14,453
07/31/2004 $14,140 $14,643
10/31/2004 $14,962 $15,145
01/31/2005 $15,819 $15,346
04/30/2005 $16,469 $15,438
07/31/2005 $17,246 $15,573
10/31/2005 $16,624 $15,529
01/31/2006 $17,197 $15,780
04/30/2006 $17,482 $15,771
07/31/2006 $17,899 $15,970
10/31/2006 $18,610 $16,422
01/31/2007 $18,913 $16,458
04/30/2007 $19,175 $16,683
07/31/2007 $18,824 $16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year 0.17% 5-Year 7.92% 10-Year 6.53%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, AND THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE 10-YEAR
RETURN FOR CLASS B USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 24 FOR FURTHER INFORMATION.
21 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FUND PERFORMANCE DISCUSSION
- --------------------------------------------------------------------------------
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Rochester National Municipals (Class B)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Rochester National Lehman Brothers Municipal
Municipals (Class B) Bond Index
07/31/1997 $10,000 $10,000
10/31/1997 $10,116 $10,088
01/31/1998 $10,408 $10,402
04/30/1998 $10,352 $10,367
07/31/1998 $10,571 $10,599
10/31/1998 $10,772 $10,897
01/31/1999 $10,938 $11,093
04/30/1999 $10,915 $11,087
07/31/1999 $10,634 $10,904
10/31/1999 $10,245 $10,704
01/31/2000 $10,097 $10,691
04/30/2000 $10,370 $10,986
07/31/2000 $10,689 $11,374
10/31/2000 $10,909 $11,615
01/31/2001 $11,330 $12,111
04/30/2001 $11,311 $12,125
07/31/2001 $11,670 $12,521
10/31/2001 $11,935 $12,835
01/31/2002 $11,881 $12,825
04/30/2002 $12,123 $12,974
07/31/2002 $12,378 $13,361
10/31/2002 $11,721 $13,588
01/31/2003 $11,596 $13,782
04/30/2003 $11,811 $14,076
07/31/2003 $12,580 $13,842
10/31/2003 $13,562 $14,283
01/31/2004 $14,388 $14,635
04/30/2004 $14,141 $14,453
07/31/2004 $14,187 $14,643
10/31/2004 $15,012 $15,145
01/31/2005 $15,873 $15,346
04/30/2005 $16,525 $15,438
07/31/2005 $17,304 $15,573
10/31/2005 $16,680 $15,529
01/31/2006 $17,255 $15,780
04/30/2006 $17,541 $15,771
07/31/2006 $17,960 $15,970
10/31/2006 $18,673 $16,422
01/31/2007 $18,977 $16,458
04/30/2007 $19,239 $16,683
07/31/2007 $18,887 $16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year -0.64% 5-Year 7.84% 10-Year 6.57%
22 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Rochester National Municipals (Class C)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer Rochester National Lehman Brothers Municipal
Municipals (Class C) Bond Index
07/31/1997 $10,000 $10,000
10/31/1997 $10,117 $10,088
01/31/1998 $10,408 $10,402
04/30/1998 $10,352 $10,367
07/31/1998 $10,571 $10,599
10/31/1998 $10,773 $10,897
01/31/1999 $10,940 $11,093
04/30/1999 $10,917 $11,087
07/31/1999 $10,635 $10,904
10/31/1999 $10,255 $10,704
01/31/2000 $10,096 $10,691
04/30/2000 $10,371 $10,986
07/31/2000 $10,690 $11,374
10/31/2000 $10,911 $11,615
01/31/2001 $11,334 $12,111
04/30/2001 $11,315 $12,125
07/31/2001 $11,675 $12,521
10/31/2001 $11,940 $12,835
01/31/2002 $11,886 $12,825
04/30/2002 $12,129 $12,974
07/31/2002 $12,385 $13,361
10/31/2002 $11,726 $13,588
01/31/2003 $11,601 $13,782
04/30/2003 $11,817 $14,076
07/31/2003 $12,582 $13,842
10/31/2003 $13,526 $14,283
01/31/2004 $14,324 $14,635
04/30/2004 $14,051 $14,453
07/31/2004 $14,070 $14,643
10/31/2004 $14,861 $15,145
01/31/2005 $15,684 $15,346
04/30/2005 $16,298 $15,438
07/31/2005 $17,036 $15,573
10/31/2005 $16,402 $15,529
01/31/2006 $16,922 $15,780
04/30/2006 $17,171 $15,771
07/31/2006 $17,547 $15,970
10/31/2006 $18,211 $16,422
01/31/2007 $18,473 $16,458
04/30/2007 $18,694 $16,683
07/31/2007 $18,317 $16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year 3.38% 5-Year 8.14% 10-Year 6.24%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE QUOTED. FOR PERFORMANCE
DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT WWW.OPPENHEIMERFUNDS.COM,
OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE CHANGES IN SHARE PRICE,
REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES CHARGE FOR CLASS A SHARES,
THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS B SHARES, AND THE
CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR); AND FOR CLASS C
SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR THE 1-YEAR PERIOD. BECAUSE
CLASS B SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, THE 10-YEAR
RETURN FOR CLASS B USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 24 FOR FURTHER INFORMATION.
23 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES
- --------------------------------------------------------------------------------
Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. Cumulative total returns are not
annualized. The Fund's total returns shown do not reflect the deduction of
income taxes on an individual's investment. Taxes may reduce your actual
investment returns on income or gains paid by the Fund or any gains you may
realize if you sell your shares. THIS ANNUAL REPORT MUST BE PRECEDED OR
ACCOMPANIED BY THE CURRENT PROSPECTUS OF THE OPPENHEIMER ROCHESTER NATIONAL
MUNICIPALS. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD
CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES.
FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS. FOR MORE
INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR
WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE
INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 10/1/93. The average
annual total returns are shown net of the applicable 4.75% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 10/1/93. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A
shares 72 months after purchase, the 10-year return for Class B uses Class A
performance for the period after conversion. Class B shares are subject to an
annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 8/29/95. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the 1-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
24 | 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 July 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 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.
25 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FUND EXPENSES Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(2/1/07) (7/31/07) JULY 31, 2007
- --------------------------------------------------------------------------------
Class A Actual $1,000.00 $ 995.30 $ 7.30
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,017.50 7.38
- --------------------------------------------------------------------------------
Class B Actual 1,000.00 990.60 11.22
- --------------------------------------------------------------------------------
Class B Hypothetical 1,000.00 1,013.59 11.35
- --------------------------------------------------------------------------------
Class C Actual 1,000.00 991.50 11.12
- --------------------------------------------------------------------------------
Class C Hypothetical 1,000.00 1,013.69 11.25
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 181/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended July 31, 2007 are as follows:
CLASS EXPENSE RATIOS
- ----------------------------
Class A 1.47%
- ----------------------------
Class B 2.26
- ----------------------------
Class C 2.24
The expense ratios reflect reduction to custodian expenses. The "Financial
Highlights" tables in the Fund's financial statements, included in this report,
also show the gross expense ratios, without such waivers or reimbursements and
reduction to custodian expenses, if applicable.
- --------------------------------------------------------------------------------
26 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS July 31, 2007
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--136.2%
- ----------------------------------------------------------------------------------------------------------------------------------
ALABAMA--1.9%
$ 25,000 AL HFA (Berkshire Apartments) 6.300% 05/20/2038 $ 25,357
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 AL HFA (Single Family) 5.350 10/01/2026 15,120
- ----------------------------------------------------------------------------------------------------------------------------------
20,720,000 AL HFA (Single Family) 5.450 10/01/2032 20,954,758
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 AL HFA (South Bay Apartments) 5.950 02/01/2033 15,471
- ----------------------------------------------------------------------------------------------------------------------------------
7,430,000 AL IDA Solid Waste Disposal (Pine City Fiber Company) 6.450 12/01/2023 7,526,887
- ----------------------------------------------------------------------------------------------------------------------------------
15,955,000 AL IDA Solid Waste Disposal (Pine City Fiber Company) 6.450 12/01/2023 16,004,939
- ----------------------------------------------------------------------------------------------------------------------------------
10,585,000 AL Space Science Exhibit Finance Authority 6.000 10/01/2025 10,564,253
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 AL Water Pollution Control Authority 5.500 08/15/2020 25,218
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 Alexander City, AL GO 5.625 05/01/2021 10,400
- ----------------------------------------------------------------------------------------------------------------------------------
1,810,000 Andalusia-Opp, AL Airport Authority 5.000 08/01/2026 1,815,919
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Bay Minette, AL Industrial Devel. Board (B.F. Goodrich) 6.500 02/15/2009 100,287
- ----------------------------------------------------------------------------------------------------------------------------------
430,000 Courtland, AL Industrial Devel. Board (Champion
International Corp.) 5.750 11/01/2027 434,240
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Courtland, AL Industrial Devel. Board (International
Paper Company) 5.200 06/01/2025 9,922,400
- ----------------------------------------------------------------------------------------------------------------------------------
18,000,000 DCH Health Care Authority, AL (Health Care Facilities) 5.125 06/01/2036 18,132,300
- ----------------------------------------------------------------------------------------------------------------------------------
73,980,000 Huntsville, AL Health Care Authority 1 4.461 2 06/01/2032 72,426,420
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Huntsville, AL Health Care Authority 4.445 2 06/01/2032 19,580
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Mobile, AL Industrial Devel. Board (International
Paper Company) 6.450 05/15/2019 25,988
- ----------------------------------------------------------------------------------------------------------------------------------
2,200,000 Rainbow City, AL Special Health Care Facilities
Financing Authority (Regency Pointe) 3 8.250 01/01/2031 996,270
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 Selma, AL Industrial Devel. Board (International Paper
Company) 6.000 05/01/2025 10,384
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 South Marengo County, AL Water & Fire Protection
Authority 7.700 05/01/2008 10,073
- ----------------------------------------------------------------------------------------------------------------------------------
7,220,000 Tuscaloosa, AL Educational Building Authority (Stillman
College) 5.000 06/01/2026 6,893,006
---------------
165,929,270
- ----------------------------------------------------------------------------------------------------------------------------------
ALASKA--0.2%
20,000 AK HFC, Series A-1 6.100 06/01/2030 20,537
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 AK HFC, Series A-2 5.300 06/01/2008 45,464
- ----------------------------------------------------------------------------------------------------------------------------------
7,250,000 AK HFC, Series C 4 5.200 12/01/2037 7,320,253
- ----------------------------------------------------------------------------------------------------------------------------------
2,250,000 AK Industrial Devel. & Export Authority (Anchorage
Sportsplex/Grace Community Church Obligated Group) 6.150 08/01/2031 2,238,818
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 AK Industrial Devel. & Export Authority (Snettisham) 6.000 01/01/2014 41,428
- ----------------------------------------------------------------------------------------------------------------------------------
1,650,000 AK Industrial Devel. & Export Authority Community
Provider (Boys & Girls Home) 5.875 12/01/2027 1,672,803
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 AK Industrial Devel. & Export Authority Community
Provider (Boys & Girls Home) 6.000 12/01/2036 1,530,525
27 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
ALASKA Continued
$ 90,000 AK Industrial Devel. & Export Authority, Series A 5.250% 04/01/2023 $ 91,403
- ----------------------------------------------------------------------------------------------------------------------------------
31,850,000 AK Northern Tobacco Securitization Corp. (TASC) 6.125 5 06/01/2046 3,135,314
- ----------------------------------------------------------------------------------------------------------------------------------
20,860,000 AK Northern Tobacco Securitization Corp. (TASC) 6.375 5 06/01/2046 1,879,695
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Kasaan, AK Lease 6 9.500 07/01/2020 25,037
---------------
18,001,277
- ----------------------------------------------------------------------------------------------------------------------------------
ARIZONA--4.9%
325,000 Apache County, AZ IDA (Tucson Electric Power
Company) 5.875 03/01/2033 325,143
- ----------------------------------------------------------------------------------------------------------------------------------
6,700,000 AZ Health Facilities Authority (American Baptist Estates) 7.750 11/15/2033 7,389,363
- ----------------------------------------------------------------------------------------------------------------------------------
297,650,000 AZ Health Facilities (Banner Health System) 1 4.401 2 01/01/2037 294,673,500
- ----------------------------------------------------------------------------------------------------------------------------------
805,000 AZ HFA (Casa De Flores) 5.300 07/20/2042 815,248
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Buckeye, AZ Watson Road Community Facilities District 5.750 07/01/2022 3,023,760
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Buckeye, AZ Watson Road Community Facilities District 6.000 07/01/2030 5,073,800
- ----------------------------------------------------------------------------------------------------------------------------------
810,000 Estrella, AZ Mountain Ranch Community
Facilities District 5.625 07/15/2025 828,727
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 Estrella, AZ Mountain Ranch Community
Facilities District 5.800 07/15/2030 409,316
- ----------------------------------------------------------------------------------------------------------------------------------
8,250,000 Flagstaff, AZ IDA (Senior Living Community-
Northern Arizona) 7 5.700 07/01/2042 8,252,145
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Gladden Farms, AZ Community Facilities District 5.500 07/15/2031 507,575
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Goodyear, AZ IDA Water & Sewer (Litchfield Park
Service Company) 6.750 10/01/2031 1,068,280
- ----------------------------------------------------------------------------------------------------------------------------------
4,600,000 Maricopa County, AZ IDA (Christian Care Apartments) 6.500 01/01/2036 4,814,038
- ----------------------------------------------------------------------------------------------------------------------------------
1,120,000 Maricopa County, AZ IDA (Guadalupe Huerta) 5.300 07/20/2042 1,134,258
- ----------------------------------------------------------------------------------------------------------------------------------
1,885,000 Maricopa County, AZ IDA (Immanuel Campus Care) 8.500 04/20/2041 1,895,386
- ----------------------------------------------------------------------------------------------------------------------------------
1,475,000 Maricopa County, AZ IDA (Rosa Linda Apartments) 5.300 07/20/2042 1,493,777
- ----------------------------------------------------------------------------------------------------------------------------------
355,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 11/01/2018 364,936
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 05/01/2031 511,615
- ----------------------------------------------------------------------------------------------------------------------------------
3,795,000 Maricopa County, AZ IDA (Sun King Apartments) 9.500 11/01/2031 3,742,705
- ----------------------------------------------------------------------------------------------------------------------------------
665,000 Maricopa County, AZ School District No. 024
(Gila Bend) 4 5.500 07/01/2021 670,327
- ----------------------------------------------------------------------------------------------------------------------------------
460,000 Merrill Ranch, AZ Community Facilities District
No. 1 Special Assessment Lien 5.250 07/01/2024 463,726
- ----------------------------------------------------------------------------------------------------------------------------------
390,000 Merrill Ranch, AZ Community Facilities District
No. 2 Special Assessment Lien 5.250 07/01/2024 393,159
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Merrill Ranch, AZ Community Facilities District
No. 2 Special Assessment Lien 5.300 07/01/2030 1,002,420
- ----------------------------------------------------------------------------------------------------------------------------------
195,000 Navajo County, AZ IDA (Stone Container Corp.) 4 7.200 06/01/2027 199,159
- ----------------------------------------------------------------------------------------------------------------------------------
1,060,000 Navajo County, AZ IDA (Stone Container Corp.) 4 7.400 04/01/2026 1,084,263
- ----------------------------------------------------------------------------------------------------------------------------------
1,125,000 Palm Valley, AZ Community Facility District No. 3 5.300 07/15/2031 1,137,836
28 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
ARIZONA Continued
$ 420,000 Parkway, AZ Community Facilities
District No. 1 (Prescott Valley) 5.300% 07/15/2025 $ 422,516
- ----------------------------------------------------------------------------------------------------------------------------------
350,000 Parkway, AZ Community Facilities District
No. 1 (Prescott Valley) 5.350 07/15/2031 351,845
- ----------------------------------------------------------------------------------------------------------------------------------
3,275,000 Phoenix, AZ IDA (America West Airlines) 4 6.250 06/01/2019 3,334,409
- ----------------------------------------------------------------------------------------------------------------------------------
7,500,000 Phoenix, AZ IDA (America West Airlines) 4 6.300 04/01/2023 7,581,450
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Phoenix, AZ IDA (Crossroads Apartments) 5.200 12/15/2021 50,528
- ----------------------------------------------------------------------------------------------------------------------------------
1,650,000 Phoenix, AZ IDA (Espiritu Community Devel. Corp.) 6.250 07/01/2036 1,697,157
- ----------------------------------------------------------------------------------------------------------------------------------
1,935,000 Phoenix, AZ IDA (Gourmet Boutique West) 5.875 11/01/2037 1,853,169
- ----------------------------------------------------------------------------------------------------------------------------------
1,450,000 Phoenix, AZ IDA (Royal Paper Converting) 7.000 03/01/2014 1,469,010
- ----------------------------------------------------------------------------------------------------------------------------------
225,000 Pima County, AZ Devel. Authority (Tucson Electric
Power Company) 6.100 09/01/2025 225,137
- ----------------------------------------------------------------------------------------------------------------------------------
2,150,000 Pima County, AZ IDA (Christian Senior Living) 5.050 01/01/2037 2,023,043
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 Pima County, AZ IDA (Desert Technology Schools) 6.375 02/01/2014 407,440
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pima County, AZ IDA (Desert Technology Schools) 7.000 02/01/2024 1,022,720
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Pima County, AZ IDA (Facility Choice Education
& Devel. Corp.) 6.250 06/01/2026 1,290,513
- ----------------------------------------------------------------------------------------------------------------------------------
2,350,000 Pima County, AZ IDA (Facility Choice Education
& Devel. Corp.) 6.375 06/01/2036 2,427,386
- ----------------------------------------------------------------------------------------------------------------------------------
3,410,000 Pima County, AZ IDA (Global Water Resources) 5.450 12/01/2017 3,347,733
- ----------------------------------------------------------------------------------------------------------------------------------
2,215,000 Pima County, AZ IDA (Global Water Resources) 5.600 12/01/2022 2,165,805
- ----------------------------------------------------------------------------------------------------------------------------------
11,100,000 Pima County, AZ IDA (Global Water Resources) 5.750 12/01/2032 10,830,159
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Pima County, AZ IDA (P.L.C. Charter Schools) 6.750 04/01/2036 1,578,630
- ----------------------------------------------------------------------------------------------------------------------------------
250,000 Pima County, AZ IDA (Paradise Education Center) 5.875 06/01/2022 253,240
- ----------------------------------------------------------------------------------------------------------------------------------
550,000 Pima County, AZ IDA (Paradise Education Center) 6.000 06/01/2036 556,144
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 Pima County, AZ IDA (Single Family Mtg.) 6.200 11/01/2030 210,160
- ----------------------------------------------------------------------------------------------------------------------------------
1,600,000 Pima County, AZ IDA (Sonoran Science Academy) 5.670 12/01/2027 1,560,112
- ----------------------------------------------------------------------------------------------------------------------------------
1,960,000 Pima County, AZ IDA (Sonoran Science Academy) 5.750 12/01/2037 1,895,712
- ----------------------------------------------------------------------------------------------------------------------------------
1,650,000 Pinal County, AZ IDA (San Manuel Facility) 6.250 06/01/2026 1,788,782
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Quail Creek, AZ Community Facilities District 5.550 07/15/2030 1,525,455
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 San Luis, AZ Facility Devel. Corp. (Regional
Detention Center) 7.250 05/01/2027 1,007,680
- ----------------------------------------------------------------------------------------------------------------------------------
265,000 Show Low Bluff, AZ Community Facilities District 5.600 07/01/2031 259,416
- ----------------------------------------------------------------------------------------------------------------------------------
300,000 Show Low Bluff, AZ Community Facilities District
Special Assessment 5.200 07/01/2017 297,081
- ----------------------------------------------------------------------------------------------------------------------------------
11,825,000 Somerton, AZ IDA (Bienestar) 5.750 07/01/2017 11,802,533
- ----------------------------------------------------------------------------------------------------------------------------------
555,000 Tucson & Pima Counties, AZ IDA (Single Family Mtg.) 6.000 07/01/2021 571,717
- ----------------------------------------------------------------------------------------------------------------------------------
90,000 Tucson & Pima Counties, AZ IDA (Single Family Mtg.) 6.200 01/01/2034 91,642
- ----------------------------------------------------------------------------------------------------------------------------------
775,000 Tucson & Pima Counties, AZ IDA (Single Family Mtg.) 6.350 01/01/2034 783,192
- ----------------------------------------------------------------------------------------------------------------------------------
2,360,000 Tucson, AZ IDA (Casa De Eneanto) 5.300 07/20/2042 2,390,043
- ----------------------------------------------------------------------------------------------------------------------------------
800,000 Tucson, AZ IDA (Joint Single Family Mtg.) 5.000 01/01/2039 797,072
29 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
ARIZONA Continued
$ 4,000,000 Verrado, AZ Community Facilities District No. 1 5.350% 07/15/2031 $ 4,021,080
- ----------------------------------------------------------------------------------------------------------------------------------
10,200,000 Yavapai County, AZ IDA Solid Waste Disposal
(Waste Management) 1 4.900 03/01/2028 9,735,135
---------------
422,899,308
- ----------------------------------------------------------------------------------------------------------------------------------
ARKANSAS--0.3%
480,000 Calhoun County, AR Solid Waste Disposal
(Georgia-Pacific Corp.) 6.375 11/01/2026 492,610
- ----------------------------------------------------------------------------------------------------------------------------------
7,700,000 Cave Springs, AR Municipal Property (Creeks Special
Sewer District) 6.250 02/01/2038 7,713,629
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Grand Prairie, AR Water Users Board 5.900 07/01/2022 50,323
- ----------------------------------------------------------------------------------------------------------------------------------
1,345,000 Little River County, AR (Georgia-Pacific Corp.) 5.600 10/01/2026 1,333,810
- ----------------------------------------------------------------------------------------------------------------------------------
375,000 Little Rock, AR Municipal Property Owners 5.250 03/01/2023 370,466
- ----------------------------------------------------------------------------------------------------------------------------------
575,000 Little Rock, AR Municipal Property Owners 5.350 03/01/2032 568,388
- ----------------------------------------------------------------------------------------------------------------------------------
8,440,000 North Little Rock, AR Residential Hsg. Facilities Board
(Ridgeview Apartments) 1 5.600 08/20/2045 8,672,058
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Pine Bluff, AR (International Paper Company) 5.550 08/15/2022 25,253
- ----------------------------------------------------------------------------------------------------------------------------------
5,460,000 Sebastian County, AR Health Facilities Board (Sparks
Regional Medical Center) 5.625 11/01/2031 5,166,252
---------------
24,392,789
- ----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA--14.9%
715,000 Azusa, CA Special Tax Community Facilities
District No. 05-1 5.000 09/01/2027 709,151
- ----------------------------------------------------------------------------------------------------------------------------------
1,840,000 Azusa, CA Special Tax Community Facilities
District No. 05-1 5.000 09/01/2037 1,804,838
- ----------------------------------------------------------------------------------------------------------------------------------
415,000 Bakersfield, CA Improvement Bond Act 1915 5.100 09/02/2021 418,532
- ----------------------------------------------------------------------------------------------------------------------------------
1,325,000 Bakersfield, CA Improvement Bond Act 1915 5.125 09/02/2026 1,327,080
- ----------------------------------------------------------------------------------------------------------------------------------
60,110,000 CA County Tobacco Securitization Agency 6.118 5 06/01/2046 6,664,997
- ----------------------------------------------------------------------------------------------------------------------------------
75,000,000 CA County Tobacco Securitization Agency 6.300 5 06/01/2055 3,867,750
- ----------------------------------------------------------------------------------------------------------------------------------
127,310,000 CA County Tobacco Securitization Agency 6.489 5 06/01/2046 11,347,140
- ----------------------------------------------------------------------------------------------------------------------------------
107,400,000 CA County Tobacco Securitization Agency 6.619 5 06/01/2050 6,619,062
- ----------------------------------------------------------------------------------------------------------------------------------
33,920,000 CA County Tobacco Securitization Agency 6.650 5 06/01/2046 2,846,566
- ----------------------------------------------------------------------------------------------------------------------------------
215,100,000 CA County Tobacco Securitization Agency 7.000 5 06/01/2055 8,517,960
- ----------------------------------------------------------------------------------------------------------------------------------
246,760,000 CA County Tobacco Securitization Agency 7.477 5 06/01/2055 7,565,662
- ----------------------------------------------------------------------------------------------------------------------------------
36,000,000 CA County Tobacco Securitization Agency (TASC) 0.000 8 06/01/2041 31,258,080
- ----------------------------------------------------------------------------------------------------------------------------------
56,530,000 CA County Tobacco Securitization Agency (TASC) 0.000 8 06/01/2046 49,238,195
- ----------------------------------------------------------------------------------------------------------------------------------
255,000 CA County Tobacco Securitization Agency (TASC) 5.250 06/01/2045 243,515
- ----------------------------------------------------------------------------------------------------------------------------------
19,000,000 CA County Tobacco Securitization Agency (TASC) 5.250 06/01/2046 18,137,590
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 CA County Tobacco Securitization Agency (TASC) 5.500 06/01/2033 2,549,125
- ----------------------------------------------------------------------------------------------------------------------------------
680,000 CA County Tobacco Securitization Agency (TASC) 5.750 06/01/2029 699,108
- ----------------------------------------------------------------------------------------------------------------------------------
235,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2027 243,867
30 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 2,610,000 CA County Tobacco Securitization Agency (TASC) 5.875% 06/01/2035 $ 2,694,903
- ----------------------------------------------------------------------------------------------------------------------------------
7,285,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2043 7,496,265
- ----------------------------------------------------------------------------------------------------------------------------------
2,930,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2042 3,037,033
- ----------------------------------------------------------------------------------------------------------------------------------
155,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2043 170,255
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 CA County Tobacco Securitization Agency (TASC) 6.125 06/01/2038 5,215,600
- ----------------------------------------------------------------------------------------------------------------------------------
318,250,000 CA County Tobacco Securitization Agency (TASC) 6.315 5 06/01/2050 23,849,655
- ----------------------------------------------------------------------------------------------------------------------------------
57,000,000 CA County Tobacco Securitization Agency (TASC) 6.400 5 06/01/2046 5,572,320
- ----------------------------------------------------------------------------------------------------------------------------------
9,000,000 CA GO 1 4.750 12/01/2018 9,174,015
- ----------------------------------------------------------------------------------------------------------------------------------
21,000,000 CA GO 1 4.900 12/01/2025 21,253,470
- ----------------------------------------------------------------------------------------------------------------------------------
57,500,000 CA GO 1 5.050 12/01/2036 57,928,950
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 CA GO 1 5.000 06/01/2037 10,277,050
- ----------------------------------------------------------------------------------------------------------------------------------
265,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 1,6 5.750 06/01/2047 273,301,207
- ----------------------------------------------------------------------------------------------------------------------------------
122,060,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.000 06/01/2045 122,798,463
- ----------------------------------------------------------------------------------------------------------------------------------
44,650,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.125 06/01/2047 41,715,156
- ----------------------------------------------------------------------------------------------------------------------------------
1,071,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.899 5 06/01/2047 107,432,010
- ----------------------------------------------------------------------------------------------------------------------------------
340,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 6.000 5 06/01/2047 32,626,400
- ----------------------------------------------------------------------------------------------------------------------------------
6,250,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 6.750 09/01/2019 6,255,125
- ----------------------------------------------------------------------------------------------------------------------------------
25,575,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 6.875 11/01/2027 25,712,338
- ----------------------------------------------------------------------------------------------------------------------------------
2,980,000 CA Pollution Control Financing Authority
(General Motors Corp.) 5.500 04/01/2008 2,974,815
- ----------------------------------------------------------------------------------------------------------------------------------
4,815,000 CA Statewide CDA (Aspire Public Schools) 7.250 08/01/2031 4,960,172
- ----------------------------------------------------------------------------------------------------------------------------------
13,000,000 CA Statewide CDA (East Valley Tourist) 9.250 10/01/2020 14,040,260
- ----------------------------------------------------------------------------------------------------------------------------------
14,400,000 CA Statewide CDA (Fairfield Apartments) 9 7.250 01/01/2035 8,693,856
- ----------------------------------------------------------------------------------------------------------------------------------
555,300,000 CA Statewide Financing Authority Tobacco Settlement 7.001 5 06/01/2055 21,989,880
- ----------------------------------------------------------------------------------------------------------------------------------
260,000,000 CA Statewide Financing Authority Tobacco Settlement 7.876 5 06/01/2055 7,053,800
- ----------------------------------------------------------------------------------------------------------------------------------
4,500,000 CA Statewide Financing Authority Tobacco
Settlement (TASC) 6.000 05/01/2037 4,667,580
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide Financing Authority Tobacco
Settlement (TASC) 6.000 05/01/2043 103,596
- ----------------------------------------------------------------------------------------------------------------------------------
1,405,000 CA Statewide Financing Authority Tobacco
Settlement (TASC) 6.000 05/01/2043 1,455,524
- ----------------------------------------------------------------------------------------------------------------------------------
3,875,000 CA Valley Health System COP 6.875 05/15/2023 3,880,464
- ----------------------------------------------------------------------------------------------------------------------------------
1,380,000 Lathrop, CA Special Tax Community Facilities
District No. 03-2 4 7.000 09/01/2033 1,423,180
- ----------------------------------------------------------------------------------------------------------------------------------
13,000,000 Long Beach, CA Harbor 1 5.200 05/15/2027 13,499,395
- ----------------------------------------------------------------------------------------------------------------------------------
5,700,000 Los Angeles, CA Regional Airports Improvement
Corp. (Air Canada) 8.750 10/01/2014 5,443,842
- ----------------------------------------------------------------------------------------------------------------------------------
2,160,000 Los Angeles, CA Regional Airports Improvement
Corp. (American Airlines) 4 7.500 12/01/2024 2,389,133
31 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,710,000 Los Angeles, CA Regional Airports Improvement
Corp. (Continental Airlines) 4 5.650% 08/01/2017 $ 1,670,499
- ----------------------------------------------------------------------------------------------------------------------------------
1,135,000 Los Angeles, CA Regional Airports Improvement
Corp. (Delta Airlines) 4 6.350 11/01/2025 1,134,614
- ----------------------------------------------------------------------------------------------------------------------------------
13,415,000 Los Angeles, CA Regional Airports Improvement
Corp. (Delta-Continental Airlines) 6 9.250 08/01/2024 13,685,983
- ----------------------------------------------------------------------------------------------------------------------------------
155,000,000 Northern CA Gas Authority 1 4.311 2 07/01/2027 151,900,000
- ----------------------------------------------------------------------------------------------------------------------------------
115,975,000 Northern CA Tobacco Securitization Authority (TASC) 6.375 5 06/01/2045 12,767,688
- ----------------------------------------------------------------------------------------------------------------------------------
5,925,000 Palm Desert, CA Improvement Bond Act 1915 5.100 09/02/2037 5,725,861
- ----------------------------------------------------------------------------------------------------------------------------------
2,200,000 San Diego County, CA COP 5.700 02/01/2028 2,199,736
- ----------------------------------------------------------------------------------------------------------------------------------
45,440,000 Southern CA Tobacco Securitization Authority 5.125 06/01/2046 42,474,586
- ----------------------------------------------------------------------------------------------------------------------------------
175,550,000 Southern CA Tobacco Securitization Authority 6.250 5 06/01/2046 16,656,184
- ----------------------------------------------------------------------------------------------------------------------------------
41,325,000 Southern CA Tobacco Securitization Authority 6.400 5 06/01/2046 3,695,282
- ----------------------------------------------------------------------------------------------------------------------------------
143,080,000 Southern CA Tobacco Securitization Authority 7.100 5 06/01/2046 10,059,955
- ----------------------------------------------------------------------------------------------------------------------------------
125,000 Southern CA Tobacco Securitization Authority (TASC) 5.000 06/01/2037 116,138
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Stockton, CA Public Financing Authority, Series A 5.250 09/01/2031 3,083,850
- ----------------------------------------------------------------------------------------------------------------------------------
2,860,000 Stockton, CA Public Financing Authority, Series A 5.250 09/01/2034 2,935,733
- ----------------------------------------------------------------------------------------------------------------------------------
5,425,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 5.450 09/01/2026 5,044,708
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 5.500 09/01/2036 3,647,120
- ----------------------------------------------------------------------------------------------------------------------------------
2,680,000 Val Verde, CA Unified School District Special Tax 5.450 09/01/2036 2,758,444
---------------
1,282,700,311
- ----------------------------------------------------------------------------------------------------------------------------------
COLORADO--3.5%
1,000,000 Andonea, CO Metropolitan District No. 2 6.125 12/01/2025 1,033,480
- ----------------------------------------------------------------------------------------------------------------------------------
2,380,000 Andonea, CO Metropolitan District No. 3 6.250 12/01/2035 2,463,252
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Arista, CO Metropolitan District 6.750 12/01/2035 5,321,750
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Aurora, CO Single Tree Metropolitan District 5.500 11/15/2031 1,509,060
- ----------------------------------------------------------------------------------------------------------------------------------
2,620,000 Beacon Point, CO Metropolitan District 6.125 12/01/2025 2,707,718
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Beacon Point, CO Metropolitan District 6.250 12/01/2035 2,055,300
- ----------------------------------------------------------------------------------------------------------------------------------
375,000 Bent County, CO School District No. RE-2
(McClave) COP 5.000 12/01/2026 378,529
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Castle Oaks, CO Metropolitan District 6.000 12/01/2025 1,025,250
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Castle Oaks, CO Metropolitan District 6.125 12/01/2035 1,529,235
- ----------------------------------------------------------------------------------------------------------------------------------
5,920,000 Central Marksheffel, CO Metropolitan District 7.250 12/01/2029 6,320,606
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 CO Educational & Cultural Facilities Authority
(Banning Lewis Ranch Academy) 6.125 12/15/2035 1,532,025
- ----------------------------------------------------------------------------------------------------------------------------------
680,000 CO Educational & Cultural Facilities Authority
(Carbon Valley Academy Charter School) 5.625 12/01/2036 683,618
- ----------------------------------------------------------------------------------------------------------------------------------
2,475,000 CO Educational & Cultural Facilities Authority
(Inn at Auraria) 5.375 07/01/2015 2,481,212
32 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 24,295,000 CO Educational & Cultural Facilities Authority
(Inn at Auraria) 6.000% 07/01/2042 $ 24,592,128
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 CO Health Facilities Authority (Christian Living
Communities) 5.750 01/01/2037 2,047,340
- ----------------------------------------------------------------------------------------------------------------------------------
1,225,000 CO Health Facilities Authority Health & Residential
Care Facilities (Volunteers of America) 5.300 07/01/2037 1,200,451
- ----------------------------------------------------------------------------------------------------------------------------------
405,000 CO Hsg. & Finance Authority 6.400 11/01/2024 413,695
- ----------------------------------------------------------------------------------------------------------------------------------
690,000 CO Hsg. & Finance Authority 4 6.450 04/01/2030 723,686
- ----------------------------------------------------------------------------------------------------------------------------------
735,000 CO Hsg. & Finance Authority 7.000 02/01/2030 771,081
- ----------------------------------------------------------------------------------------------------------------------------------
170,000 CO Hsg. & Finance Authority 7.050 04/01/2031 178,566
- ----------------------------------------------------------------------------------------------------------------------------------
675,000 CO Hsg. & Finance Authority 7.050 04/01/2031 709,013
- ----------------------------------------------------------------------------------------------------------------------------------
695,000 CO Hsg. & Finance Authority 7.250 10/01/2031 709,359
- ----------------------------------------------------------------------------------------------------------------------------------
435,000 CO Hsg. & Finance Authority 8.400 10/01/2021 459,182
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 CO Hsg. & Finance Authority (Single Family) 6.500 11/01/2029 15,317
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 CO Hsg. & Finance Authority (Single Family) 6.800 04/01/2030 40,978
- ----------------------------------------------------------------------------------------------------------------------------------
2,040,000 CO Hsg. & Finance Authority (Single Family) 4 6.800 02/01/2031 2,152,282
- ----------------------------------------------------------------------------------------------------------------------------------
80,000 CO Hsg. & Finance Authority (Single Family) 7.000 05/01/2026 82,109
- ----------------------------------------------------------------------------------------------------------------------------------
74,000 CO Hsg. & Finance Authority (Single Family) 7.250 05/01/2027 76,059
- ----------------------------------------------------------------------------------------------------------------------------------
5,000 CO Hsg. & Finance Authority (Single Family) 7.375 06/01/2026 5,140
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 CO Hsg. & Finance Authority, Series C-2 6.600 08/01/2032 420,376
- ----------------------------------------------------------------------------------------------------------------------------------
380,000 CO Hsg. & Finance Authority, Series C-2 6.875 11/01/2028 384,682
- ----------------------------------------------------------------------------------------------------------------------------------
7,050,000 CO International Center Metropolitan District No. 3 6.500 12/01/2035 7,300,416
- ----------------------------------------------------------------------------------------------------------------------------------
215,000 Colorado Springs, CO Utilities 5.000 11/15/2043 219,577
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Confluence, CO Metropolitan District 5.400 12/01/2027 983,560
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Confluence, CO Metropolitan District 5.450 12/01/2034 735,833
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Copperleaf, CO Metropolitan District No. 2 5.850 12/01/2026 1,021,830
- ----------------------------------------------------------------------------------------------------------------------------------
1,850,000 Copperleaf, CO Metropolitan District No. 2 5.950 12/01/2036 1,864,967
- ----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Crystal Crossing, CO Metropolitan District 6.000 12/01/2036 1,116,764
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Denver, CO City & County Airport 1 5.000 11/15/2025 8,282,080
- ----------------------------------------------------------------------------------------------------------------------------------
545,000 Denver, CO City & County Airport 5.000 11/15/2025 551,213
- ----------------------------------------------------------------------------------------------------------------------------------
195,000 Denver, CO City & County Airport 5.000 11/15/2031 195,684
- ----------------------------------------------------------------------------------------------------------------------------------
28,500,000 Denver, CO City & County Airport Special Facilities
(United Air Lines) 5.250 10/01/2032 27,650,130
- ----------------------------------------------------------------------------------------------------------------------------------
22,000,000 Denver, CO City & County Airport Special Facilities
(United Air Lines) 5.750 10/01/2032 22,620,620
- ----------------------------------------------------------------------------------------------------------------------------------
40,000,000 Denver, CO Convention Center Hotel Authority 1 5.000 12/01/2035 41,298,200
- ----------------------------------------------------------------------------------------------------------------------------------
1,355,000 Denver, CO Urban Renewal Authority 9.125 09/01/2017 1,371,260
- ----------------------------------------------------------------------------------------------------------------------------------
375,000 Eagle County, CO Airport Terminal Corp. 5.250 05/01/2020 373,073
- ----------------------------------------------------------------------------------------------------------------------------------
1,335,000 Elbert & Highway 86, CO Metropolitan District 5.750 12/01/2036 1,304,375
- ----------------------------------------------------------------------------------------------------------------------------------
2,475,000 Elkhorn Ranch, CO Metropolitan District 4 6.375 12/01/2035 2,573,555
33 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 560,000 Fairplay, CO Sanitation District 5.250% 12/15/2031 $ 546,062
- ----------------------------------------------------------------------------------------------------------------------------------
700,000 Fallbrook, CO Metropolitan District 5.625 12/01/2026 694,729
- ----------------------------------------------------------------------------------------------------------------------------------
2,960,000 Heritage Todd Creek, CO Metropolitan District 5.500 12/01/2037 2,868,536
- ----------------------------------------------------------------------------------------------------------------------------------
3,625,000 High Plains, CO Metropolitan District 6.125 12/01/2025 3,707,650
- ----------------------------------------------------------------------------------------------------------------------------------
6,625,000 High Plains, CO Metropolitan District 6.250 12/01/2035 6,786,186
- ----------------------------------------------------------------------------------------------------------------------------------
3,725,000 Highline Business Improvement District (Littleton, CO) 6,9 5.250 12/15/2019 1,974,250
- ----------------------------------------------------------------------------------------------------------------------------------
1,060,000 Horse Creek, CO Metropolitan District 5.750 12/01/2036 1,034,242
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Huntington Trails, CO Metropolitan District 6.250 12/01/2036 517,265
- ----------------------------------------------------------------------------------------------------------------------------------
3,750,000 Lambertson Farms, CO Metropolitan District No. 1 4 6.100 12/01/2035 3,668,063
- ----------------------------------------------------------------------------------------------------------------------------------
1,145,000 Liberty Ranch, CO Metropolitan District 6.250 12/01/2036 1,182,877
- ----------------------------------------------------------------------------------------------------------------------------------
11,000,000 Lincoln Park, CO Metropolitan District 7.750 12/01/2026 11,856,790
- ----------------------------------------------------------------------------------------------------------------------------------
1,875,000 Madre, CO Metropolitan District No. 2 4 5.500 12/01/2036 1,825,613
- ----------------------------------------------------------------------------------------------------------------------------------
1,800,000 Mountain Shadows, CO Metropolitan District 4 5.625 12/01/2037 1,742,652
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Murphy Creek, CO Metropolitan District No. 3 6.000 12/01/2026 3,079,770
- ----------------------------------------------------------------------------------------------------------------------------------
9,060,000 Murphy Creek, CO Metropolitan District No. 3 6.125 12/01/2035 9,302,717
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 North Range, CO Metropolitan District No. 2 5.500 12/15/2037 990,450
- ----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Northwest CO Metropolitan District No. 3 6.125 12/01/2025 4,653,675
- ----------------------------------------------------------------------------------------------------------------------------------
5,625,000 Northwest CO Metropolitan District No. 3 6.250 12/01/2035 5,825,531
- ----------------------------------------------------------------------------------------------------------------------------------
600,000 Park Meadows, CO Business Improvement District 5.300 12/01/2027 600,192
- ----------------------------------------------------------------------------------------------------------------------------------
17,640,000 Park Valley, CO Water & Sanitation Metropolitan District 6.000 5 12/15/2017 9,548,532
- ----------------------------------------------------------------------------------------------------------------------------------
850,000 Prairie Center, CO Metropolitan District No. 3 5.250 12/15/2021 828,606
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Prairie Center, CO Metropolitan District No. 3 5.400 12/15/2031 1,203,225
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Prairie Center, CO Metropolitan District No. 3 5.400 12/15/2031 962,580
- ----------------------------------------------------------------------------------------------------------------------------------
2,275,000 Regency, CO Metropolitan District 5.750 12/01/2036 2,270,314
- ----------------------------------------------------------------------------------------------------------------------------------
1,320,000 Silver Peaks, CO Metropolitan District 5.750 12/01/2036 1,289,719
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Sorrell Ranch, CO Metropolitan District 5.750 12/01/2036 1,501,470
- ----------------------------------------------------------------------------------------------------------------------------------
1,735,000 Sorrell Ranch, CO Metropolitan District 6.750 12/15/2036 1,735,868
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Southlands, CO Medical District 7.000 12/01/2024 1,187,360
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Southlands, CO Medical District 7.125 12/01/2034 2,389,060
- ----------------------------------------------------------------------------------------------------------------------------------
1,330,000 Stoneridge, CO Metropolitan District 5.625 12/01/2036 1,332,474
- ----------------------------------------------------------------------------------------------------------------------------------
2,065,000 Tallgrass, CO Metropolitan District 5.250 12/01/2037 1,958,508
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Tallyns Reach, CO Metropolitan District No. 3 5.200 12/01/2036 479,295
- ----------------------------------------------------------------------------------------------------------------------------------
655,000 Todd Creek Farms, CO Metropolitan District No. 1 6.125 12/01/2019 681,174
- ----------------------------------------------------------------------------------------------------------------------------------
695,000 Traditions, CO Metropolitan District No. 2 5.750 12/01/2036 681,899
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Wheatlands, CO Metropolitan District 6.000 12/01/2025 1,028,540
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Wheatlands, CO Metropolitan District 6.125 12/01/2035 3,090,180
- ----------------------------------------------------------------------------------------------------------------------------------
1,550,000 Wildgrass, CO Metropolitan District 6.200 12/01/2034 1,617,317
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Woodmen Heights, CO Metropolitan District No. 1 6.750 12/01/2020 787,635
- ----------------------------------------------------------------------------------------------------------------------------------
12,250,000 Woodmen Heights, CO Metropolitan District No. 1 7.000 12/01/2030 12,899,250
34 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 1,000,000 Wyndham Hill, CO Metropolitan District 6.250% 12/01/2025 $ 1,038,340
- ----------------------------------------------------------------------------------------------------------------------------------
2,450,000 Wyndham Hill, CO Metropolitan District 6.375 12/01/2035 2,547,559
---------------
297,401,771
- ----------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT--0.6%
50,000 CT Devel. Authority (Aquarion Water Company
of Connecticut) 6.000 09/01/2036 50,848
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 CT Devel. Authority (Bridgeport Hydraulic Company) 6.150 04/01/2035 25,533
- ----------------------------------------------------------------------------------------------------------------------------------
55,000 CT Devel. Authority (Bridgeport Hydraulic Company) 6.150 04/01/2035 56,187
- ----------------------------------------------------------------------------------------------------------------------------------
165,667 CT Devel. Authority (East Hills Woods) 7.750 11/01/2017 164,656
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 CT Devel. Authority Airport Facility (Learjet) 4 7.950 04/01/2026 1,768,500
- ----------------------------------------------------------------------------------------------------------------------------------
470,000 CT Devel. Authority Pollution Control (Connecticut
Light & Power Company) 5.850 09/01/2028 485,623
- ----------------------------------------------------------------------------------------------------------------------------------
8,275,000 CT Devel. Authority Pollution Control (Connecticut
Light & Power Company) 5.950 09/01/2028 8,543,607
- ----------------------------------------------------------------------------------------------------------------------------------
15,590,000 CT Devel. Authority Pollution Control (Western
Massachusetts Electric Company) 5.850 09/01/2028 16,108,212
- ----------------------------------------------------------------------------------------------------------------------------------
125,000 CT H&EFA (Bridgeport Hospital/Bridgeport Hospital
Foundation Obligated Group) 6.500 07/01/2012 127,604
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 CT H&EFA (St. Mary's Hospital Corp.) 5.500 07/01/2012 19,733
- ----------------------------------------------------------------------------------------------------------------------------------
235,000 CT H&EFA (Windham Community Memorial Hospital) 6.000 07/01/2020 238,227
- ----------------------------------------------------------------------------------------------------------------------------------
5,800,000 CT HFA 5.150 05/15/2038 5,859,566
- ----------------------------------------------------------------------------------------------------------------------------------
80,000 CT HFA 6.300 11/15/2017 81,786
- ----------------------------------------------------------------------------------------------------------------------------------
9,020,000 CT Resource Recovery Authority
(Browning-Ferris Industries) 6.450 11/15/2022 9,156,112
- ----------------------------------------------------------------------------------------------------------------------------------
270,000 Eastern CT Res Rec (Wheelabrator Lisbon) 5.500 01/01/2020 270,702
- ----------------------------------------------------------------------------------------------------------------------------------
2,975,000 Georgetown, CT Special Taxing District 5.125 10/01/2036 2,891,462
- ----------------------------------------------------------------------------------------------------------------------------------
3,750,000 Mashantucket, CT Western Pequot Tribe, Series B 5.500 09/01/2036 3,826,350
- ----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Mashantucket, CT Western Pequot Tribe, Series B 5.750 09/01/2027 1,769,548
- ----------------------------------------------------------------------------------------------------------------------------------
1,285,000 New Britain, CT Senior Citizens Hsg. (Nathan
Hale Apartments) 6.875 07/01/2024 1,331,954
- ----------------------------------------------------------------------------------------------------------------------------------
1,710,000 West Haven, CT Hsg. Authority (Meadow Landing
Apartments) 6.000 01/01/2028 1,788,404
- ----------------------------------------------------------------------------------------------------------------------------------
635,000 West Haven, CT Hsg. Authority (Meadow Landing
Apartments) 6.000 01/01/2033 661,340
---------------
55,225,954
- ----------------------------------------------------------------------------------------------------------------------------------
DELAWARE--0.1%
1,810,000 DE EDA (General Motors Corp.) 4 5.600 04/01/2009 1,800,751
- ----------------------------------------------------------------------------------------------------------------------------------
295,000 DE EDA (Peninsula United Methodist Homes) 6.300 05/01/2022 299,095
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 DE Hsg. Authority (Single Family Mtg.) 5.000 07/01/2048 2,919,900
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 DE Hsg. Authority (Single Family Mtg.) 6.000 07/01/2018 15,239
- ----------------------------------------------------------------------------------------------------------------------------------
55,000 DE Hsg. Authority (Single Family Mtg.) 6.000 07/01/2032 56,228
35 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
DELAWARE Continued
$ 6,939,000 Millsboro, DE Special Obligation (Plantation Lakes) 5.450% 07/01/2036 $ 6,824,576
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 New Castle County, DE Pollution Control (General
Motors Corp.) 7.000 2 10/01/2008 200,000
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Wilmington, DE GO 6.200 10/01/2016 25,541
---------------
12,141,330
- ----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--3.0%
110,000 District of Columbia HFA (Benning Road Apartments) 6.300 01/01/2012 110,111
- ----------------------------------------------------------------------------------------------------------------------------------
10,380,000 District of Columbia HFA (Shipley Park Apartments) 1 4.800 06/01/2038 10,100,934
- ----------------------------------------------------------------------------------------------------------------------------------
125,000 District of Columbia Tobacco Settlement Financing Corp. 6.250 05/15/2024 131,866
- ----------------------------------------------------------------------------------------------------------------------------------
10,300,000 District of Columbia Tobacco Settlement Financing Corp. 6.500 05/15/2033 11,916,894
- ----------------------------------------------------------------------------------------------------------------------------------
32,680,000 District of Columbia Tobacco Settlement Financing Corp. 6.750 05/15/2040 34,940,476
- ----------------------------------------------------------------------------------------------------------------------------------
435,000,000 District of Columbia Tobacco Settlement Financing Corp.
(TASC) 6.250 5 06/15/2046 41,499,000
- ----------------------------------------------------------------------------------------------------------------------------------
1,348,680,000 District of Columbia Tobacco Settlement Financing Corp.
(TASC) 6.873 5 06/15/2055 56,091,601
- ----------------------------------------------------------------------------------------------------------------------------------
1,055,000,000 District of Columbia Tobacco Settlement Financing Corp.
(TASC) 7.250 5 06/15/2055 36,123,200
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Metropolitan Washington D.C. Airport Authority 5.000 10/01/2033 20,285
- ----------------------------------------------------------------------------------------------------------------------------------
12,270,000 Metropolitan Washington D.C. Airport Authority, Series A 1 4.750 10/01/2018 12,532,578
- ----------------------------------------------------------------------------------------------------------------------------------
12,300,000 Metropolitan Washington D.C. Airport Authority, Series A 1 4.750 10/01/2019 12,563,220
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Metropolitan Washington D.C. Airport Authority, Series A 1 5.000 10/01/2035 5,086,875
- ----------------------------------------------------------------------------------------------------------------------------------
8,230,000 Metropolitan Washington D.C. Airport Authority, Series A 1 5.125 10/01/2029 8,427,403
- ----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Metropolitan Washington D.C. Airport Authority, Series A 1 5.250 10/01/2020 1,787,450
- ----------------------------------------------------------------------------------------------------------------------------------
22,300,000 Metropolitan Washington D.C. Airport Authority, Series A 1 5.250 10/01/2032 22,948,149
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Metropolitan Washington D.C. Airport Authority, Series B 1 5.000 10/01/2034 5,078,825
---------------
259,358,867
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA--14.4%
1,250,000 Aberdeen, FL Community Devel. District 5.250 11/01/2015 1,236,313
- ----------------------------------------------------------------------------------------------------------------------------------
485,000 Aberdeen, FL Community Devel. District 5.500 11/01/2011 482,328
- ----------------------------------------------------------------------------------------------------------------------------------
7,015,000 Aberdeen, FL Community Devel. District 5.500 05/01/2036 6,939,378
- ----------------------------------------------------------------------------------------------------------------------------------
1,895,000 Amelia Walk, FL Community Devel. District Special
Assessment 5.500 05/01/2037 1,874,288
- ----------------------------------------------------------------------------------------------------------------------------------
5,350,000 Amelia, FL Concourse Community Devel. District 5.750 05/01/2038 5,363,696
- ----------------------------------------------------------------------------------------------------------------------------------
14,000,000 Arborwood, FL Community Devel. District (Centex Homes) 5.250 05/01/2016 13,855,800
- ----------------------------------------------------------------------------------------------------------------------------------
4,200,000 Arlington Ridge, FL Community Devel. District 5.500 05/01/2036 4,154,724
- ----------------------------------------------------------------------------------------------------------------------------------
2,250,000 Ave Maria Stewardship, FL Community Devel. District 5.125 05/01/2038 2,083,028
- ----------------------------------------------------------------------------------------------------------------------------------
2,250,000 Avelar Creek, FL Community Devel. District 5.375 05/01/2036 2,185,695
- ----------------------------------------------------------------------------------------------------------------------------------
1,205,000 Avignon Villages, FL Community Devel. District 5.300 05/01/2014 1,189,853
- ----------------------------------------------------------------------------------------------------------------------------------
770,000 Avignon Villages, FL Community Devel. District 5.400 05/01/2037 735,004
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Bahia Lakes, FL Community Devel. District 5.450 05/01/2037 981,850
36 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 2,620,000 Bainebridge, FL Community Devel. District 5.500% 05/01/2038 $ 2,564,613
- ----------------------------------------------------------------------------------------------------------------------------------
2,740,000 Bartram Park, FL Community Devel. District 5.300 05/01/2035 2,652,758
- ----------------------------------------------------------------------------------------------------------------------------------
225,000 Bayshore, FL Hsg. Corp. 8.000 12/01/2016 184,786
- ----------------------------------------------------------------------------------------------------------------------------------
4,800,000 Baywinds, FL Community Devel. District 4.900 05/01/2012 4,736,736
- ----------------------------------------------------------------------------------------------------------------------------------
6,230,000 Baywinds, FL Community Devel. District 5.250 05/01/2037 5,868,162
- ----------------------------------------------------------------------------------------------------------------------------------
1,955,000 Beacon, FL Tradeport Community Devel. District 7.250 05/01/2033 2,089,172
- ----------------------------------------------------------------------------------------------------------------------------------
11,000,000 Beacon, FL Tradeport Community Devel. District 1 5.625 05/01/2032 11,507,430
- ----------------------------------------------------------------------------------------------------------------------------------
9,955,000 Bella Verde, FL Golf Community Devel. District 4.800 12/18/2007 9,935,787
- ----------------------------------------------------------------------------------------------------------------------------------
7,625,000 Bonnet Creek, FL Resort Community Devel. District
Special Assessment 7.500 05/01/2034 8,258,104
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Broward County, FL Educational Facilities Authority
(Nova Southeastern University) 1 5.000 04/01/2036 10,271,800
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Broward County, FL Educational Facilities Authority
(Pompano Oaks Apartments) 6.000 12/01/2027 76,273
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Broward County, FL HFA (Cross Keys Apartments) 5.750 10/01/2028 25,203
- ----------------------------------------------------------------------------------------------------------------------------------
160,000 Broward County, FL HFA (Heron Pointe Apartments) 5.700 11/01/2029 160,958
- ----------------------------------------------------------------------------------------------------------------------------------
12,475,000 Broward County, FL HFA (Pembroke Village Apartments) 7.000 06/01/2046 12,400,774
- ----------------------------------------------------------------------------------------------------------------------------------
1,310,000 Broward County, FL HFA (Single Family) 5.000 10/01/2039 1,306,162
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 Broward County, FL HFA (Stirling Apartments) 5.600 10/01/2018 15,144
- ----------------------------------------------------------------------------------------------------------------------------------
125,000 Broward County, FL HFA (Stirling Apartments) 5.750 04/01/2038 127,248
- ----------------------------------------------------------------------------------------------------------------------------------
805,000 Broward County, FL Port Facilities 5.000 09/01/2027 811,295
- ----------------------------------------------------------------------------------------------------------------------------------
825,000 Cascades, FL Groveland Community Devel. District 5.300 05/01/2036 796,034
- ----------------------------------------------------------------------------------------------------------------------------------
1,050,000 Century Gardens, FL Community Devel. District 5.100 05/01/2037 969,297
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Chapel Creek, FL Community Devel. District Special
Assessment 5.200 05/01/2011 2,479,100
- ----------------------------------------------------------------------------------------------------------------------------------
3,665,000 Chapel Creek, FL Community Devel. District Special
Assessment 5.250 05/01/2015 3,626,811
- ----------------------------------------------------------------------------------------------------------------------------------
12,595,000 Chapel Creek, FL Community Devel. District Special
Assessment 5.500 05/01/2038 12,455,573
- ----------------------------------------------------------------------------------------------------------------------------------
4,200,000 City Center, FL Community Devel. District 6.000 05/01/2038 4,157,622
- ----------------------------------------------------------------------------------------------------------------------------------
1,980,000 City Center, FL Community Devel. District 6.125 05/01/2036 1,986,811
- ----------------------------------------------------------------------------------------------------------------------------------
19,840,000 Clearwater Cay, FL Community Devel. District 5.500 05/01/2037 19,623,149
- ----------------------------------------------------------------------------------------------------------------------------------
265,000 Collier County, FL HFA (Saxon Manor Isles Apartments) 5.450 03/01/2030 268,331
- ----------------------------------------------------------------------------------------------------------------------------------
55,000 Collier County, FL IDA (Allete) 6.500 10/01/2025 55,229
- ----------------------------------------------------------------------------------------------------------------------------------
4,080,000 Connerton West, FL Community Devel. District 5.125 05/01/2016 4,040,016
- ----------------------------------------------------------------------------------------------------------------------------------
4,370,000 Connerton West, FL Community Devel. District 5.400 05/01/2038 4,257,691
- ----------------------------------------------------------------------------------------------------------------------------------
4,940,000 Copperstone, FL Community Devel. District 5.200 05/01/2038 4,627,249
- ----------------------------------------------------------------------------------------------------------------------------------
7,520,000 Cordoba Ranch, FL Community Devel. District Special
Assessment 5.550 05/01/2037 7,427,579
- ----------------------------------------------------------------------------------------------------------------------------------
3,250,000 Creekside, FL Community Devel. District 5.200 05/01/2038 3,044,243
37 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 1,130,000 Crestview II, FL Community Devel. District
Special Assessment 5.600% 05/01/2037 $ 1,137,266
- ----------------------------------------------------------------------------------------------------------------------------------
2,625,000 Crosscreek, FL Community Devel. District 5.500 05/01/2017 2,595,154
- ----------------------------------------------------------------------------------------------------------------------------------
1,280,000 Crosscreek, FL Community Devel. District 5.600 05/01/2039 1,238,413
- ----------------------------------------------------------------------------------------------------------------------------------
9,685,000 Cypress Creek of Hillsborough County, FL Community
Devel. District 5.350 05/01/2037 9,369,366
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 Dade City, FL (First Mtg. - Retirement Care) 8.000 01/01/2025 69,987
- ----------------------------------------------------------------------------------------------------------------------------------
385,000 Dade County, FL Aviation (Miami International Airport) 5.125 10/01/2022 389,416
- ----------------------------------------------------------------------------------------------------------------------------------
525,000 Dade County, FL Aviation (Miami International Airport) 4 5.750 10/01/2018 533,747
- ----------------------------------------------------------------------------------------------------------------------------------
2,695,000 Dade County, FL Aviation (Miami International Airport) 4 5.750 10/01/2026 2,739,899
- ----------------------------------------------------------------------------------------------------------------------------------
120,000 Dade County, FL Aviation, Series A 5.750 10/01/2011 122,171
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Dade County, FL Guaranteed Entitlement 5.832 5 02/01/2018 13,572
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 Dade County, FL HFA (Golden Lakes Apartments) 6.050 11/01/2039 45,221
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 Dade County, FL HFA (Siesta Pointe Apartments) 5.650 09/01/2017 40,353
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 Dade County, FL HFA (Siesta Pointe Apartments) 5.750 09/01/2029 70,474
- ----------------------------------------------------------------------------------------------------------------------------------
10,664 Dade County, FL HFA (Single Family Mtg.) 6.100 04/01/2027 11,008
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Dade County, FL IDA (Florida Club Care) 6.600 01/20/2018 25,050
- ----------------------------------------------------------------------------------------------------------------------------------
1,900,000 Dade County, FL IDA (Miami Cerebral Palsy Residence) 8.000 06/01/2022 1,922,743
- ----------------------------------------------------------------------------------------------------------------------------------
115,000 Dade County, FL Res Rec 5.500 10/01/2013 116,533
- ----------------------------------------------------------------------------------------------------------------------------------
3,195,000 Durbin Crossing, FL Community Devel. District Special
Assessment 5.250 11/01/2015 3,160,015
- ----------------------------------------------------------------------------------------------------------------------------------
735,000 East Homestead, FL Community Devel. District 5.375 05/01/2036 709,907
- ----------------------------------------------------------------------------------------------------------------------------------
960,000 East Homestead, FL Community Devel. District 5.450 11/01/2036 937,440
- ----------------------------------------------------------------------------------------------------------------------------------
1,125,000 Easton Park, FL Community Devel. District 5.200 05/01/2037 1,054,676
- ----------------------------------------------------------------------------------------------------------------------------------
5,000 Edgewater, FL Water & Sewer 7.000 10/01/2021 5,013
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Enclave at Black Point Marina, FL Community Devel.
District 5.200 05/01/2014 1,491,795
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Enclave at Black Point Marina, FL Community Devel.
District 5.400 05/01/2037 719,528
- ----------------------------------------------------------------------------------------------------------------------------------
4,200,000 Escambia County, FL Environmental Improvement
(International Paper Company) 5.000 08/01/2026 4,082,106
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Escambia County, FL HFA (Single Family Mtg.) 5.500 10/01/2031 76,091
- ----------------------------------------------------------------------------------------------------------------------------------
21,495,000 Fiddlers Creek, FL Community Devel. District No. 2
Special Assessment 6.000 05/01/2038 21,994,329
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 FL Capital Projects Finance Authority CCRC (Glenridge
on Palmer Ranch) 7.625 06/01/2032 52,988
- ----------------------------------------------------------------------------------------------------------------------------------
8,485,000 FL Capital Projects Finance Authority CCRC (Glenridge
on Palmer Ranch) 8.000 06/01/2032 10,046,919
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 FL Capital Projects Finance Authority Solid Waste
(Waste Corp. of America) 9.000 09/01/2020 1,252,638
- ----------------------------------------------------------------------------------------------------------------------------------
26,200,000 FL Capital Trust Agency (AHF Florida LLC) 8.125 10/01/2038 27,284,418
- ----------------------------------------------------------------------------------------------------------------------------------
3,085,000 FL Capital Trust Agency (American Opportunity) 5.750 06/01/2023 3,120,570
38 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 2,000,000 FL Capital Trust Agency (American Opportunity) 5.875% 06/01/2038 $ 2,029,260
- ----------------------------------------------------------------------------------------------------------------------------------
970,000 FL Capital Trust Agency (American Opportunity) 7.250 06/01/2038 1,015,503
- ----------------------------------------------------------------------------------------------------------------------------------
705,000 FL Capital Trust Agency (American Opportunity) 8.250 12/01/2038 730,514
- ----------------------------------------------------------------------------------------------------------------------------------
7,135,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 6.000 07/01/2040 7,374,165
- ----------------------------------------------------------------------------------------------------------------------------------
13,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 8.000 07/01/2040 13,268,710
- ----------------------------------------------------------------------------------------------------------------------------------
24,600,000 FL Capital Trust Agency (Seminole Tribe Convention) 8.950 10/01/2033 29,465,880
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 FL HFA (Hsg. Partners of Panama City) 5.700 05/01/2037 10,106
- ----------------------------------------------------------------------------------------------------------------------------------
60,000 FL HFA (Landings Boot Ranch) 6.100 11/01/2035 60,926
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 FL HFA (Mar Lago Village Apartments) 5.900 12/01/2027 102,494
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 FL HFA (Reserve at Kanapaha) 5.700 07/01/2037 50,578
- ----------------------------------------------------------------------------------------------------------------------------------
4,905,000 FL HFA (St. Cloud Village Associates) 5.950 02/01/2030 5,016,147
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 FL HFA (Stoddert Arms Apartments) 6.250 09/01/2026 50,557
- ----------------------------------------------------------------------------------------------------------------------------------
1,150,000 FL HFA (The Vinyards) 6.500 11/01/2025 1,168,423
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 FL HFA (Turtle Creek Apartments) 6.150 05/01/2026 25,175
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 FL HFA (Turtle Creek Apartments) 6.200 05/01/2036 15,099
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 FL HFA (Vizcaya Villas) 6.125 12/01/2021 45,401
- ----------------------------------------------------------------------------------------------------------------------------------
80,000 FL HFA (Vizcaya Villas) 6.200 12/01/2028 80,734
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 FL HFA (Wentworth Apartments) 5.450 10/01/2037 15,127
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 FL HFA (Willow Lake Apartments) 5.250 01/01/2021 50,375
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 FL HFA (Willow Lakes Apartments) 5.350 07/01/2027 100,930
- ----------------------------------------------------------------------------------------------------------------------------------
180,000 FL HFC (Ashton Lake Apartments) 5.700 07/01/2033 183,694
- ----------------------------------------------------------------------------------------------------------------------------------
55,000 FL HFC (Ashton Point Apartments) 5.625 07/01/2029 56,048
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 FL HFC (Ashton Point Apartments) 5.750 07/01/2036 102,120
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 FL HFC (Brittany of Rosemont) 6.250 07/01/2035 15,067
- ----------------------------------------------------------------------------------------------------------------------------------
155,000 FL HFC (Crossing at University Apartments) 5.250 12/01/2038 155,905
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 FL HFC (East Lake Apartments) 5.050 10/01/2026 20,035
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 FL HFC (Grande Pointe Apartments) 6.000 07/01/2038 46,076
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 FL HFC (Hampton Court Apartments) 5.600 03/01/2032 71,013
- ----------------------------------------------------------------------------------------------------------------------------------
115,000 FL HFC (Heron Cove Apartments) 5.150 11/01/2029 115,489
- ----------------------------------------------------------------------------------------------------------------------------------
15,110,000 FL HFC (Homeowner Mtg.) 5.050 07/01/2026 15,217,583
- ----------------------------------------------------------------------------------------------------------------------------------
85,000 FL HFC (Homeowner Mtg.) 5.150 07/01/2021 85,292
- ----------------------------------------------------------------------------------------------------------------------------------
24,585,000 FL HFC (Homeowner Mtg.) 5.150 07/01/2037 24,725,626
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 FL HFC (Homeowner Mtg.) 5.150 07/01/2038 10,058,900
- ----------------------------------------------------------------------------------------------------------------------------------
165,000 FL HFC (Homeowner Mtg.) 5.573 5 01/01/2029 50,376
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 FL HFC (Homeowner Mtg.) 6.250 07/01/2022 15,512
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 FL HFC (Kendall Court Apartments) 5.300 02/01/2031 70,568
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 FL HFC (Kendall Court Apartments) 5.350 08/01/2024 101,083
- ----------------------------------------------------------------------------------------------------------------------------------
145,000 FL HFC (Logan Heights Apartments) 6.000 10/01/2039 151,831
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 FL HFC (Marina Bay Apartments) 5.625 08/01/2027 25,396
39 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 25,000 FL HFC (Mystic Pointe II) 6.100% 12/01/2035 $ 26,000
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 FL HFC (Mystic Woods II Apartments) 6.300 07/01/2036 45,397
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 FL HFC (Raceway Pointe Apartments) 5.950 09/01/2032 25,667
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 FL HFC (River Trace Senior Apartments) 5.800 01/01/2041 10,217
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 FL HFC (Sable Chase Associates) 5.875 11/01/2036 15,535
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 FL HFC (Sanctuary Winterlakes) 5.850 09/01/2026 10,250
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 FL HFC (Sheridan Place of Bredenton) 5.500 10/01/2036 20,389
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 FL HFC (Spring Harbor Apartments) 5.500 08/01/2019 51,156
- ----------------------------------------------------------------------------------------------------------------------------------
95,000 FL HFC (Spring Harbor Apartments) 5.900 08/01/2039 96,910
- ----------------------------------------------------------------------------------------------------------------------------------
60,000 FL HFC (Stonebridge Landings Apartments) 5.200 08/01/2031 60,314
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 FL HFC (Sundance Pointe Associates) 5.850 02/01/2037 10,243
- ----------------------------------------------------------------------------------------------------------------------------------
2,585,000 FL HFC (Tallahassee Augustine Club Apartments) 8.250 10/01/2030 2,926,504
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 FL HFC (Villas De Mallorca) 5.750 07/01/2027 10,316
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 FL HFC (Walker Avenue Club) 5.750 12/01/2030 30,648
- ----------------------------------------------------------------------------------------------------------------------------------
5,150,000 FL HFC (Westchase Apartments) 6.610 07/01/2038 5,249,756
- ----------------------------------------------------------------------------------------------------------------------------------
140,000 FL HFC (Woodbridge Apartments) 5.750 10/01/2025 143,129
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 FL HFC (Woodridge Apartments) 5.800 10/01/2029 102,180
- ----------------------------------------------------------------------------------------------------------------------------------
35,000 FL HFC (Woods Vero Beach) 5.900 10/01/2039 35,806
- ----------------------------------------------------------------------------------------------------------------------------------
270,000 FL Ports Financing Commission 5.375 06/01/2016 275,630
- ----------------------------------------------------------------------------------------------------------------------------------
3,385,000 FL Ports Financing Commission 4 5.375 06/01/2027 3,421,626
- ----------------------------------------------------------------------------------------------------------------------------------
1,040,000 FL Ports Financing Commission 5.500 10/01/2029 1,076,400
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Flora Ridge, FL Educational Facilities Benefit District 5.300 05/01/2037 1,427,760
- ----------------------------------------------------------------------------------------------------------------------------------
11,960,000 Forest Creek, FL Community Devel. District 5.450 05/01/2036 11,745,916
- ----------------------------------------------------------------------------------------------------------------------------------
18,340,000 Glades, FL Correctional Devel. Corp. (Glades County
Detention) 7.375 03/01/2030 19,125,135
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Grand Bay at Doral, FL Community Devel. District 7 6.000 05/01/2017 10,018,600
- ----------------------------------------------------------------------------------------------------------------------------------
8,735,000 Grand Bay at Doral, FL Community Devel. District 7 6.000 05/01/2039 8,750,636
- ----------------------------------------------------------------------------------------------------------------------------------
665,000 Grand Haven, FL Community Devel. District 6.900 05/01/2019 665,858
- ----------------------------------------------------------------------------------------------------------------------------------
7,870,000 Greater Lakes/Sawgrass Bay, FL Community Devel. District 5.500 05/01/2038 7,782,879
- ----------------------------------------------------------------------------------------------------------------------------------
185,000 Greater Orlando, FL Aviation Authority 5.125 10/01/2015 187,094
- ----------------------------------------------------------------------------------------------------------------------------------
565,000 Greater Orlando, FL Aviation Authority 5.125 10/01/2028 572,763
- ----------------------------------------------------------------------------------------------------------------------------------
7,445,000 Greater Orlando, FL Aviation Authority (JetBlue
Airways Corp.) 6.375 11/15/2026 7,746,225
- ----------------------------------------------------------------------------------------------------------------------------------
14,965,000 Greater Orlando, FL Aviation Authority (JetBlue
Airways Corp.) 6.500 11/15/2036 15,611,937
- ----------------------------------------------------------------------------------------------------------------------------------
150,000 Gulf Breeze, FL GO 5.900 12/01/2015 151,746
- ----------------------------------------------------------------------------------------------------------------------------------
8,900,000 Harrison Ranch, FL Community Devel. District 5.300 05/01/2038 8,465,858
- ----------------------------------------------------------------------------------------------------------------------------------
1,125,000 Hawks Point, FL Community Devel. District 5.300 05/01/2039 1,069,470
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Heritage Plantation, FL Community Devel. District 5.100 11/01/2013 1,987,700
- ----------------------------------------------------------------------------------------------------------------------------------
3,580,000 Heritage Plantation, FL Community Devel. District 5.400 05/01/2037 3,489,175
40 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 960,000 Highland Meadows, FL Community Devel. District
Special Assessment, Series A 5.500% 05/01/2036 $ 949,651
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Highlands County, FL Health Facilities Authority
(ABH/AGH/AHS-GA Obligated Group) 4 5.125 11/15/2032 2,016,020
- ----------------------------------------------------------------------------------------------------------------------------------
4,185,000 Highlands, FL Community Devel. District 5.550 05/01/2036 4,128,377
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Hillsborough County, FL IDA (National
Gypsum Company) 7.125 04/01/2030 2,131,240
- ----------------------------------------------------------------------------------------------------------------------------------
9,250,000 Hillsborough County, FL IDA (Senior Care Group) 6.700 07/01/2021 9,416,038
- ----------------------------------------------------------------------------------------------------------------------------------
6,100,000 Hillsborough County, FL IDA (Senior Care Group) 6.750 07/01/2029 6,197,783
- ----------------------------------------------------------------------------------------------------------------------------------
2,740,000 Indigo, FL Community Devel. District 5.750 05/01/2036 2,751,124
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Jacksonville, FL EDC (Met Packaging Solutions) 5.500 10/01/2030 3,127,950
- ----------------------------------------------------------------------------------------------------------------------------------
18,000,000 Jacksonville, FL Health Facilities Authority (Ascension
Health Credit Group) 1 5.250 11/15/2032 18,389,790
- ----------------------------------------------------------------------------------------------------------------------------------
655,000 Jacksonville, FL Water & Sewage (United Waterworks) 4 6.350 08/01/2025 656,192
- ----------------------------------------------------------------------------------------------------------------------------------
1,475,000 K-Bar Ranch, FL Community Devel. District Special
Assessment 5.450 05/01/2036 1,448,598
- ----------------------------------------------------------------------------------------------------------------------------------
1,195,000 Keys Cove, FL Community Devel. District 5.875 05/01/2035 1,229,440
- ----------------------------------------------------------------------------------------------------------------------------------
930,000 Lake Frances, FL Community Devel. District Special
Assessment 5.300 05/01/2037 885,211
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Lakeside Landings, FL Devel. District 5.250 05/01/2013 1,987,700
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Lakeside Landings, FL Devel. District 5.500 05/01/2038 729,878
- ----------------------------------------------------------------------------------------------------------------------------------
6,500,000 Landmark at Doral, FL Community Devel. District
Special Assessment 5.200 05/01/2015 6,424,080
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Landmark at Doral, FL Community Devel. District
Special Assessment 5.500 05/01/2038 7,911,440
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Largo, FL Sun Coast Health System (Sun Coast Hospital) 6.200 03/01/2013 97,578
- ----------------------------------------------------------------------------------------------------------------------------------
85,000 Lee County, FL HFA (Single Family Mtg.) 7.200 03/01/2033 86,223
- ----------------------------------------------------------------------------------------------------------------------------------
360,000 Lee County, FL Passenger Facility Charge 4 5.000 10/01/2018 360,313
- ----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Legends Bay, FL Community Devel. District 5.500 05/01/2014 1,199,616
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Legends Bay, FL Community Devel. District 5.875 05/01/2038 1,491,390
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Leon County, FL Educational Facilities Authority
(Southgate Residence Hall) 6.750 09/01/2028 102,625
- ----------------------------------------------------------------------------------------------------------------------------------
7,955,000 Madeira, FL Community Devel. District 5.250 11/01/2014 7,857,233
- ----------------------------------------------------------------------------------------------------------------------------------
8,045,000 Madeira, FL Community Devel. District 5.450 05/01/2039 7,693,836
- ----------------------------------------------------------------------------------------------------------------------------------
1,740,000 Madison County, FL Mtg. (Twin Oaks) 6.000 07/01/2025 1,781,917
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Magnolia Creek, FL Community Devel. District 5.600 05/01/2014 4,990,100
- ----------------------------------------------------------------------------------------------------------------------------------
5,360,000 Magnolia Creek, FL Community Devel. District 5.900 05/01/2039 5,287,479
- ----------------------------------------------------------------------------------------------------------------------------------
2,940,000 Magnolia West, FL Community Devel. District Special
Assessment 5.350 05/01/2037 2,844,185
- ----------------------------------------------------------------------------------------------------------------------------------
145,000 Manatee County, FL HFA (Single Family Mtg.) 7.000 11/01/2027 148,122
- ----------------------------------------------------------------------------------------------------------------------------------
14,190,000 Martin County, FL IDA (Indiantown Cogeneration) 4 7.875 12/15/2025 14,326,934
41 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 760,000 Martin County, FL IDA (Indiantown Cogeneration) 4 8.050% 12/15/2025 $ 768,436
- ----------------------------------------------------------------------------------------------------------------------------------
4,845,000 Meadow Woods, FL Community Devel. District
Special Assessment 6.050 05/01/2035 5,024,750
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Mediterranea, FL Community Devel. District
Special Assessment 5.600 05/01/2037 986,360
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Miami Beach, FL Health Facilities Authority (Mt. Sinai
Medical Center) 6.700 11/15/2019 1,076,700
- ----------------------------------------------------------------------------------------------------------------------------------
540,000 Miami Beach, FL Health Facilities Authority (Mt. Sinai
Medical Center) 6.800 11/15/2031 583,697
- ----------------------------------------------------------------------------------------------------------------------------------
80,000 Miami-Dade County, FL Aviation 5.000 10/01/2023 80,951
- ----------------------------------------------------------------------------------------------------------------------------------
380,000 Miami-Dade County, FL Aviation 4 5.000 10/01/2024 384,298
- ----------------------------------------------------------------------------------------------------------------------------------
335,000 Miami-Dade County, FL Aviation 4 5.050 10/01/2036 339,549
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Miami-Dade County, FL Aviation (Miami International
Airport) 1 5.000 10/01/2035 10,175,550
- ----------------------------------------------------------------------------------------------------------------------------------
70,140,000 Miami-Dade County, FL Aviation (Miami International
Airport) 1 5.000 10/01/2037 71,263,643
- ----------------------------------------------------------------------------------------------------------------------------------
35,580,000 Miami-Dade County, FL Aviation (Miami International
Airport) 1 5.000 10/01/2038 36,101,959
- ----------------------------------------------------------------------------------------------------------------------------------
18,100,000 Miami-Dade County, FL Aviation (Miami International
Airport) 1,7 5.000 10/01/2040 18,381,545
- ----------------------------------------------------------------------------------------------------------------------------------
195,000 Miami-Dade County, FL Aviation (Miami International
Airport) 4 5.000 10/01/2033 197,287
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 Miami-Dade County, FL Aviation (Miami International
Airport) 5.000 10/01/2033 30,411
- ----------------------------------------------------------------------------------------------------------------------------------
700,000 Mira Lago West, FL Community Devel. District 5.375 05/01/2036 679,994
- ----------------------------------------------------------------------------------------------------------------------------------
6,980,000 Miromar Lakes, FL Community Devel. District 6.875 05/01/2035 7,622,509
- ----------------------------------------------------------------------------------------------------------------------------------
20,295,000 Montecito, FL Community Devel. District 5.100 05/01/2013 20,178,710
- ----------------------------------------------------------------------------------------------------------------------------------
3,790,000 Montecito, FL Community Devel. District 5.500 05/01/2037 3,748,575
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Monterra, FL Community Devel. District Special
Assessment 5.000 11/01/2010 3,968,400
- ----------------------------------------------------------------------------------------------------------------------------------
1,875,000 Monterra, FL Community Devel. District Special
Assessment 5.125 11/01/2014 1,859,194
- ----------------------------------------------------------------------------------------------------------------------------------
5,210,000 Monterra, FL Community Devel. District Special
Assessment 5.500 05/01/2036 5,066,621
- ----------------------------------------------------------------------------------------------------------------------------------
700,000 Moody River, FL Estates Community Devel. District 5.350 05/01/2036 677,495
- ----------------------------------------------------------------------------------------------------------------------------------
4,250,000 Myrtle Creek, FL Improvement District Special Assessment 5.200 05/01/2037 3,984,333
- ----------------------------------------------------------------------------------------------------------------------------------
1,760,000 Naturewalk, FL Community Devel. District 5.300 05/01/2016 1,723,832
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Naturewalk, FL Community Devel. District 5.500 05/01/2038 1,428,630
- ----------------------------------------------------------------------------------------------------------------------------------
1,555,000 New Port Tampa Bay, FL Community Devel. District 5.300 11/01/2012 1,557,333
- ----------------------------------------------------------------------------------------------------------------------------------
24,700,000 New Port Tampa Bay, FL Community Devel. District 5.875 05/01/2038 25,119,653
- ----------------------------------------------------------------------------------------------------------------------------------
3,480,000 New River, FL Community Devel. District 5.000 05/01/2013 3,434,482
- ----------------------------------------------------------------------------------------------------------------------------------
365,000 New River, FL Community Devel. District 5.350 05/01/2038 349,849
42 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 55,000 North Broward, FL Hospital District 5.375% 01/15/2024 $ 55,604
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 North Miami, FL Health Facilities Authority
(CHS/SJRNC Obligated Group) 6.000 08/15/2016 1,026,000
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Northern Palm Beach, FL Improvement District 5.350 08/01/2041 717,803
- ----------------------------------------------------------------------------------------------------------------------------------
1,420,000 Oak Creek, FL Community Devel. District Special
Assessment 5.800 05/01/2035 1,442,734
- ----------------------------------------------------------------------------------------------------------------------------------
2,750,000 Oakmont Grove, FL Community Devel. District Special
Assessment 5.250 05/01/2012 2,727,918
- ----------------------------------------------------------------------------------------------------------------------------------
1,595,000 Oakmont Grove, FL Community Devel. District Special
Assessment 5.400 05/01/2038 1,526,256
- ----------------------------------------------------------------------------------------------------------------------------------
1,535,000 Orange County, FL Health Facilities Authority (GF
Orlando/CFGH Obligated Group) 8.875 07/01/2021 1,683,435
- ----------------------------------------------------------------------------------------------------------------------------------
3,200,000 Orange County, FL Health Facilities Authority (GF
Orlando/CFGH Obligated Group) 9.000 07/01/2031 3,518,176
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Orange County, FL Health Facilities Authority (Orlando
Lutheran Tower) 5.500 07/01/2032 736,493
- ----------------------------------------------------------------------------------------------------------------------------------
1,125,000 Orange County, FL Health Facilities Authority (Orlando
Lutheran Tower) 5.500 07/01/2038 1,096,403
- ----------------------------------------------------------------------------------------------------------------------------------
2,625,000 Orange County, FL HFA 5.150 03/01/2037 2,640,251
- ----------------------------------------------------------------------------------------------------------------------------------
6,020,000 Orange County, FL HFA (Dunwoodie Apartments) 6.500 07/01/2035 6,127,096
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 Orange County, FL HFA (Homeowner) 5.250 09/01/2026 30,166
- ----------------------------------------------------------------------------------------------------------------------------------
225,000 Orange County, FL HFA (Homeowner) 5.420 5 03/01/2028 71,971
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Orange County, FL HFA (Homeowner) 5.550 09/01/2033 20,110
- ----------------------------------------------------------------------------------------------------------------------------------
5,000 Orange County, FL HFA (Park Avenue Villas) 5.250 09/01/2031 5,040
- ----------------------------------------------------------------------------------------------------------------------------------
1,755,000 Orange County, FL HFA (Seminole Pointe) 5.800 06/01/2032 1,812,248
- ----------------------------------------------------------------------------------------------------------------------------------
310,000 Orange County, FL School Board COP 5.375 08/01/2022 313,497
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Osceola County, FL HFA (Kensington Apartments) 5.450 01/01/2040 100,938
- ----------------------------------------------------------------------------------------------------------------------------------
125,000 Osceola County, FL HFA (Tierra Vista Apartments) 5.800 12/01/2029 125,060
- ----------------------------------------------------------------------------------------------------------------------------------
3,750,000 Palm Bay, FL Educational Facilities (Patriot Charter School) 7.000 07/01/2036 4,073,175
- ----------------------------------------------------------------------------------------------------------------------------------
185,000 Palm Beach County, FL HFA (Chelsea Commons) 5.900 06/01/2029 185,235
- ----------------------------------------------------------------------------------------------------------------------------------
55,000 Palm Beach County, FL HFA (Golden Lake Hsg. Assoc.) 6.100 08/01/2029 55,276
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Palm Beach County, FL HFA (Pinnacle Palms Apartments) 5.750 07/01/2041 25,583
- ----------------------------------------------------------------------------------------------------------------------------------
4,375,000 Palm Coast Park, FL Community Devel. District Special
Assessment 5.700 05/01/2037 4,411,356
- ----------------------------------------------------------------------------------------------------------------------------------
2,805,000 Palm Glades, FL Community Devel. District 5.300 05/01/2036 2,671,734
- ----------------------------------------------------------------------------------------------------------------------------------
1,850,000 Palm River, FL Community Devel. District 5.150 05/01/2013 1,839,400
- ----------------------------------------------------------------------------------------------------------------------------------
1,020,000 Palm River, FL Community Devel. District 5.375 05/01/2036 990,848
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 Panther Trace, FL Community Devel. District 7.250 05/01/2033 76,373
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Parker Road, FL Community Devel. District 5.350 05/01/2015 1,486,380
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Parker Road, FL Community Devel. District 5.600 05/01/2038 1,454,955
- ----------------------------------------------------------------------------------------------------------------------------------
1,235,000 Parkway Center, FL Community Devel. District, Series A 6.300 05/01/2034 1,299,319
43 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 145,000 Pasco County, FL HFA (Pasco Woods) 5.700% 08/01/2019 $ 148,825
- ----------------------------------------------------------------------------------------------------------------------------------
3,170,000 Paseo, FL Community Devel. District 5.000 02/01/2011 3,148,444
- ----------------------------------------------------------------------------------------------------------------------------------
2,750,000 Pine Ridge Plantation, FL Community Devel. District 5.400 05/01/2037 2,680,233
- ----------------------------------------------------------------------------------------------------------------------------------
820,000 Pinellas County, FL Educational Facilities Authority
(Barry University) 5.875 10/01/2030 864,592
- ----------------------------------------------------------------------------------------------------------------------------------
4,625,000 Pinellas County, FL Health Facility Authority
(St. Mark Village) 5.650 05/01/2037 4,504,380
- ----------------------------------------------------------------------------------------------------------------------------------
1,105,000 Pinellas County, FL HFA (Single Family Hsg.) 5.000 03/01/2048 1,064,855
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 Pinellas County, FL HFA (Single Family Hsg.) 5.200 03/01/2037 38,395
- ----------------------------------------------------------------------------------------------------------------------------------
800,000 Pinellas County, FL HFA (Single Family Hsg.) 5.250 03/01/2038 763,128
- ----------------------------------------------------------------------------------------------------------------------------------
525,000 Pinellas County, FL HFA (Single Family Hsg.) 5.300 09/01/2021 532,964
- ----------------------------------------------------------------------------------------------------------------------------------
180,000 Pinellas County, FL HFA (Single Family Hsg.) 5.503 5 03/01/2031 46,901
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Port St. Lucie, FL Special Assessment (Peacock & Lowry) 5.350 07/01/2027 1,456,125
- ----------------------------------------------------------------------------------------------------------------------------------
915,000 Portfino Springs, FL Community Devel. District Special
Assessment 5.500 05/01/2038 893,040
- ----------------------------------------------------------------------------------------------------------------------------------
6,250,000 Portico, FL Community Devel. District 5.450 05/01/2037 6,074,688
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Portofino Cove, FL Community Devel. District Special
Assessment 5.500 05/01/2038 1,464,000
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Portofino Isles, FL Community Devel. District (Portofino
Court) 5.600 05/01/2036 3,021,270
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Portofino Landings, FL Community Devel. District
Special Assessment 5.200 05/01/2017 987,590
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Portofino Landings, FL Community Devel. District
Special Assessment 5.400 05/01/2038 1,942,880
- ----------------------------------------------------------------------------------------------------------------------------------
2,585,000 Portofino Vista, FL Community Devel. District 5.000 05/01/2013 2,552,196
- ----------------------------------------------------------------------------------------------------------------------------------
495,000 Renaissance Commons, FL Community Devel. District,
Series A 5.600 05/01/2036 495,693
- ----------------------------------------------------------------------------------------------------------------------------------
1,650,000 Reunion East, FL Community Devel. District 5.800 05/01/2036 1,678,826
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Reunion East, FL Community Devel. District, Series A 7.375 05/01/2033 10,997,800
- ----------------------------------------------------------------------------------------------------------------------------------
1,975,000 Reunion West, FL Community Devel. District 6.250 05/01/2036 2,048,450
- ----------------------------------------------------------------------------------------------------------------------------------
2,250,000 Ridgewood Trails, FL Community Devel. District 5.650 05/01/2038 2,216,858
- ----------------------------------------------------------------------------------------------------------------------------------
7,890,000 River Glen, FL Community Devel. District Special
Assessment 5.450 05/01/2038 7,744,982
- ----------------------------------------------------------------------------------------------------------------------------------
2,795,000 Riverwood Estates, FL Community Devel. District
Special Assessment 5.350 05/01/2037 2,658,800
- ----------------------------------------------------------------------------------------------------------------------------------
2,580,000 Rolling Hills, FL Community Devel. District 5.125 11/01/2013 2,560,753
- ----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Rolling Hills, FL Community Devel. District 5.450 05/01/2037 5,891,100
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 Santa Rosa Bay, FL Bridge Authority 6.250 07/01/2028 202,266
- ----------------------------------------------------------------------------------------------------------------------------------
1,648,000 Sarasota, FL Health Facility Authority (SPS/SHS/SR
Obligated Group) 6.000 05/15/2010 1,662,041
- ----------------------------------------------------------------------------------------------------------------------------------
12,500,000 Sarasota, FL National Community Devel. District
Special Assessment 5.300 05/01/2039 11,883,000
44 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 4,475,000 Seminole County, FL IDA (Progressive Health) 7.500% 03/01/2035 $ 4,611,622
- ----------------------------------------------------------------------------------------------------------------------------------
6,855,000 Shingle Creek, FL Community Devel. District 6.100 05/01/2025 7,091,223
- ----------------------------------------------------------------------------------------------------------------------------------
25,085,000 Shingle Creek, FL Community Devel. District 6.125 05/01/2037 25,744,485
- ----------------------------------------------------------------------------------------------------------------------------------
1,055,000 Six Mile Creek, FL Community Devel. District 5.500 05/01/2017 1,049,641
- ----------------------------------------------------------------------------------------------------------------------------------
7,125,000 Six Mile Creek, FL Community Devel. District 5.875 05/01/2038 7,090,088
- ----------------------------------------------------------------------------------------------------------------------------------
7,015,000 South Bay, FL Community Devel. District 5.125 11/01/2009 6,993,815
- ----------------------------------------------------------------------------------------------------------------------------------
7,535,000 South Bay, FL Community Devel. District 5.375 05/01/2013 7,422,879
- ----------------------------------------------------------------------------------------------------------------------------------
16,975,000 South Bay, FL Community Devel. District 5.950 05/01/2036 17,230,813
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 South Lake County, FL Hospital District (Orlando
Regional Healthcare System) 6.000 10/01/2022 103,660
- ----------------------------------------------------------------------------------------------------------------------------------
3,100,000 St. Johns County, FL IDA (Glenmoor Health Care) 5.375 01/01/2040 3,089,460
- ----------------------------------------------------------------------------------------------------------------------------------
565,000 St. Johns County, FL IDA (St. John's County Welfare
Federation) 5.200 10/01/2027 559,734
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 St. Johns County, FL IDA (St. John's County Welfare
Federation) 5.250 10/01/2041 996,770
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Stonebrier, FL Community Devel. District 5.500 05/01/2037 1,978,140
- ----------------------------------------------------------------------------------------------------------------------------------
3,165,000 Stoneybrook, FL South Community Devel. District 5.800 05/01/2039 3,123,950
- ----------------------------------------------------------------------------------------------------------------------------------
1,525,000 Summerville, FL Community Devel. District 5.500 05/01/2036 1,464,305
- ----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Sweetwater Creek, FL Community Devel. District 5.500 05/01/2038 5,856,000
- ----------------------------------------------------------------------------------------------------------------------------------
9,460,000 Tern Bay, FL Community Devel. District 5.000 05/01/2015 9,345,723
- ----------------------------------------------------------------------------------------------------------------------------------
18,280,000 Tern Bay, FL Community Devel. District 5.375 05/01/2037 17,369,108
- ----------------------------------------------------------------------------------------------------------------------------------
2,925,000 Town Center, FL at Palm Coast Community Devel. District 6.000 05/01/2036 2,972,473
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 University of Central FL (University Hsg.) 5.500 10/01/2021 100,276
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Verandah East, FL Community Devel. District 5.400 05/01/2037 1,472,625
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Villa Portofino East, FL Community Devel. District 5.200 05/01/2037 2,343,725
- ----------------------------------------------------------------------------------------------------------------------------------
1,760,000 Villa Portofino West, FL Community Devel. District 5.350 05/01/2036 1,703,416
- ----------------------------------------------------------------------------------------------------------------------------------
1,265,000 Villa Vizcaya, FL Community Devel. District Special
Assessment 5.550 05/01/2039 1,234,463
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Villages of Westport, FL Community Devel. District 5.700 05/01/2035 2,004,160
- ----------------------------------------------------------------------------------------------------------------------------------
2,815,000 Villagewalk of Bonita Springs, FL Community Devel. District 5.150 05/01/2038 2,616,345
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Volusia County, FL Educational Facility Authority
(Embry-Riddle Aeronautical University) 5.750 10/15/2029 20,548
- ----------------------------------------------------------------------------------------------------------------------------------
1,395,000 Waterford Estates, FL Community Devel. District Special
Assessment 5.125 05/01/2013 1,385,305
- ----------------------------------------------------------------------------------------------------------------------------------
3,400,000 Waterford Estates, FL Community Devel. District Special
Assessment 5.500 05/01/2037 3,362,838
- ----------------------------------------------------------------------------------------------------------------------------------
3,735,000 Watergrass, FL Community Devel. District Special
Assessment 5.125 11/01/2014 3,703,514
- ----------------------------------------------------------------------------------------------------------------------------------
2,370,000 Watergrass, FL Community Devel. District Special
Assessment 5.375 05/01/2039 2,279,845
- ----------------------------------------------------------------------------------------------------------------------------------
3,355,000 Waterlefe, FL Community Devel. District Golf Course 8.125 10/01/2025 3,453,704
45 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 7,160,000 Waters Edge, FL Community Devel. District 5.350% 05/01/2039 $ 6,920,784
- ----------------------------------------------------------------------------------------------------------------------------------
3,025,000 Waters Edge, FL Community Devel. District 5.400 05/01/2039 2,946,320
- ----------------------------------------------------------------------------------------------------------------------------------
3,750,000 Waterstone, FL Community Devel. District 5.500 05/01/2018 3,700,313
- ----------------------------------------------------------------------------------------------------------------------------------
2,570,000 Wentworth Estates, FL Community Devel. District 5.125 11/01/2012 2,553,475
- ----------------------------------------------------------------------------------------------------------------------------------
10,620,000 Wentworth Estates, FL Community Devel. District 5.625 05/01/2037 10,618,938
- ----------------------------------------------------------------------------------------------------------------------------------
3,940,000 West Villages, FL Improvement District 5.350 05/01/2015 3,905,683
- ----------------------------------------------------------------------------------------------------------------------------------
10,480,000 West Villages, FL Improvement District 5.500 05/01/2037 10,127,977
- ----------------------------------------------------------------------------------------------------------------------------------
11,395,000 West Villages, FL Improvement District 5.500 05/01/2038 10,961,306
- ----------------------------------------------------------------------------------------------------------------------------------
18,550,000 West Villages, FL Improvement District 5.800 05/01/2036 18,616,224
- ----------------------------------------------------------------------------------------------------------------------------------
15,250,000 Westridge, FL Community Devel. District 5.800 05/01/2037 15,088,503
- ----------------------------------------------------------------------------------------------------------------------------------
6,525,000 Westside, FL Community Devel. District 5.650 05/01/2037 6,571,132
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Winter Garden Village at Fowler Groves, FL Community
Devel. District Special Tax 5.650 05/01/2037 1,501,395
- ----------------------------------------------------------------------------------------------------------------------------------
2,085,000 World Commerce, FL Community Devel. District
Special Assessment 5.500 05/01/2038 2,031,999
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 World Commerce, FL Community Devel. District
Special Assessment 6.500 05/01/2036 1,047,210
- ----------------------------------------------------------------------------------------------------------------------------------
7,420,000 Wyld Palms, FL Community Devel. District 5.400 05/01/2015 7,348,174
- ----------------------------------------------------------------------------------------------------------------------------------
4,400,000 Wyld Palms, FL Community Devel. District 5.500 05/01/2038 4,226,420
- ----------------------------------------------------------------------------------------------------------------------------------
2,270,000 Zephyr Ridge, FL Community Devel. District 5.250 05/01/2013 2,241,602
- ----------------------------------------------------------------------------------------------------------------------------------
2,705,000 Zephyr Ridge, FL Community Devel. District 5.625 05/01/2037 2,643,624
---------------
1,239,544,895
- ----------------------------------------------------------------------------------------------------------------------------------
GEORGIA--1.9%
60,000 Acworth, GA Hsg. Authority (Wingate Falls Apartments) 6.200 03/01/2027 60,878
- ----------------------------------------------------------------------------------------------------------------------------------
60,000 Americus-Sumter County, GA Hospital Authority
(South Georgia Methodist Home for the Aging) 6.250 05/15/2016 61,556
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Atlanta, GA Airport Passenger Facility Charge 1 5.000 01/01/2034 10,289,700
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Atlanta, GA Devel. Authority Student Hsg. (ADA/CAU
Partners) 6.250 07/01/2036 3,294,660
- ----------------------------------------------------------------------------------------------------------------------------------
160,000 Atlanta, GA Hsg. Authority (Village at Castleberry) 5.400 02/20/2039 161,795
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Atlanta, GA Tax Allocation (Eastside) 5.600 01/01/2030 1,528,425
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Atlanta, GA Urban Residential Finance Authority (Fulton
Cotton Mill) 6.000 05/20/2017 101,600
- ----------------------------------------------------------------------------------------------------------------------------------
320,000 Atlanta, GA Urban Residential Finance Authority (John
Hope Community Partnership) 5.550 11/20/2037 327,523
- ----------------------------------------------------------------------------------------------------------------------------------
140,000 Atlanta, GA Urban Residential Finance Authority
(Spring Branch Apartments) 8.500 04/01/2026 137,726
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 Augusta, GA Hsg. Authority (Bon Air Apartments) 5.100 11/20/2045 39,697
- ----------------------------------------------------------------------------------------------------------------------------------
305,000 Brunswick & Glynn County, GA Devel. Authority
(Coastal Community Retirement Corp.) 9 7.125 01/01/2025 242,079
- ----------------------------------------------------------------------------------------------------------------------------------
7,095,000 Brunswick & Glynn County, GA Devel. Authority
(Coastal Community Retirement Corp.) 9 7.250 01/01/2035 5,613,564
46 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
GEORGIA Continued
$ 200,000 Brunswick & Glynn County, GA Devel. Authority
(Georgia-Pacific Corp.) 5.550% 03/01/2026 $ 200,046
- ----------------------------------------------------------------------------------------------------------------------------------
295,000 Burke County, GA Devel. Authority (Georgia Power
Company) 5.450 05/01/2034 295,136
- ----------------------------------------------------------------------------------------------------------------------------------
600,000 Burke County, GA Devel. Authority (Georgia Power
Company) 5.450 05/01/2034 600,522
- ----------------------------------------------------------------------------------------------------------------------------------
305,000 Charlton County, GA Solid Waste Management
Authority (Chesser Island Road Landfill) 7.375 04/01/2018 305,244
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 Cherokee County, GA Hospital Authority (RT Jones
Memorial Hospital) 7.300 12/01/2013 45,486
- ----------------------------------------------------------------------------------------------------------------------------------
95,000 Clayton County, GA Hsg. Authority (Pointe Clear
Apartments) 5.650 07/01/2017 96,234
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Crisp County, GA Devel. Authority (International Paper
Company) 6.200 02/01/2020 52,174
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 De Kalb County, GA Devel. Authority (General Motors
Corp.) 4 6.000 03/15/2021 4,045,320
- ----------------------------------------------------------------------------------------------------------------------------------
1,680,000 Effingham County, GA Devel. Authority (Fort James
Corp.) 4 5.625 07/01/2018 1,664,258
- ----------------------------------------------------------------------------------------------------------------------------------
95,000 Effingham County, GA IDA Pollution Control
(Georgia-Pacific Corp.) 6.500 06/01/2031 99,196
- ----------------------------------------------------------------------------------------------------------------------------------
125,000 Fulton County, GA Airport (Delta Airlines) 9,10 5.300 05/01/2013 3,750
- ----------------------------------------------------------------------------------------------------------------------------------
250,000 Fulton County, GA Airport (Delta Airlines) 9,10 5.450 05/01/2023 7,500
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Fulton County, GA Airport (Delta Airlines) 9,10 5.500 05/01/2033 750
- ----------------------------------------------------------------------------------------------------------------------------------
80,000 Fulton County, GA Airport (Delta Airlines) 9,10 6.950 11/01/2012 2,400
- ----------------------------------------------------------------------------------------------------------------------------------
39,510,000 Fulton County, GA Devel. Authority (Catholic
Health East) 1 4.534 2 11/15/2028 38,680,290
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Fulton County, GA Residential Care Facilities
(Lenbrook Square Foundation) 5.000 07/01/2027 3,865,200
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Fulton County, GA Residential Care Facilities
(Lenbrook Square Foundation) 5.125 07/01/2042 965,320
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 GA Hsg. & Finance Authority (Single Family Mtg.) 5.400 12/01/2031 30,233
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 GA Municipal Gas Authority (Warner Robins) 6.000 01/01/2008 50,072
- ----------------------------------------------------------------------------------------------------------------------------------
24,740,000 George L. Smith II, GA World Congress Center
Authority (Domed Stadium) 1 5.500 07/01/2020 25,787,492
- ----------------------------------------------------------------------------------------------------------------------------------
4,715,000 Lawrenceville, GA Hsg. Authority (Knollwood Park
Apartments) 4 6.250 12/01/2029 4,898,036
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 McDuffie County, GA County Devel. Authority
(Temple-Inland) 4 6.950 12/01/2023 104,965
- ----------------------------------------------------------------------------------------------------------------------------------
49,820,000 Milledgeville-Baldwin County, GA Devel. Authority
(Georgia College & State University Foundation) 1 4.241 2 10/01/2033 49,520,900
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 Peach County, GA Devel. Authority Healthcare Facility 8.500 03/01/2034 10,140
- ----------------------------------------------------------------------------------------------------------------------------------
7,000,000 Richmond County, GA Devel. Authority (International
Paper Company) 4 5.000 08/01/2030 6,709,290
- ----------------------------------------------------------------------------------------------------------------------------------
2,995,000 Rockdale County, GA Devel. Authority (Visy Paper) 7.400 01/01/2016 2,995,000
47 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
GEORGIA Continued
$ 430,000 Savannah, GA EDA (Skidway Health & Living Services) 6.850% 01/01/2019 $ 449,088
- ----------------------------------------------------------------------------------------------------------------------------------
1,005,000 Savannah, GA EDA (Skidway Health & Living Services) 7.400 01/01/2024 1,081,832
- ----------------------------------------------------------------------------------------------------------------------------------
2,935,000 Savannah, GA EDA (Skidway Health & Living Services) 7.400 01/01/2034 3,156,152
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 Savannah, GA EDA (Snap Hsg.) 5.350 11/20/2040 70,783
---------------
167,652,012
- ----------------------------------------------------------------------------------------------------------------------------------
HAWAII--0.6%
200,000 HI Airports System 6.000 07/01/2019 211,578
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 HI Dept. of Budget & Finance Special Purpose
(Hawaiian Electric Company) 1 5.000 12/01/2022 10,231,950
- ----------------------------------------------------------------------------------------------------------------------------------
8,500,000 HI Dept. of Budget & Finance Special Purpose
(Hawaiian Electric Company) 1 5.100 09/01/2032 8,657,548
- ----------------------------------------------------------------------------------------------------------------------------------
9,750,000 HI Dept. of Budget & Finance Special Purpose
(Hawaiian Electric Company) 1 5.650 10/01/2027 10,399,674
- ----------------------------------------------------------------------------------------------------------------------------------
1,845,000 HI Dept. of Budget & Finance Special Purpose
(Hawaiian Electric Company) 5.450 11/01/2023 1,854,668
- ----------------------------------------------------------------------------------------------------------------------------------
10,600,000 HI Dept. of Budget & Finance Special Purpose
(Kahala Nui) 8.000 11/15/2033 12,080,820
- ----------------------------------------------------------------------------------------------------------------------------------
2,700,000 HI Dept. of Budget & Finance Special Purpose
(Kahala Senior Living Community) 7.875 11/15/2023 3,070,602
- ----------------------------------------------------------------------------------------------------------------------------------
265,000 HI Dept. of Transportation (Continental Airlines) 5.625 11/15/2027 266,187
- ----------------------------------------------------------------------------------------------------------------------------------
5,510,000 HI Dept. of Transportation (Continental Airlines) 7.000 06/01/2020 5,773,543
---------------
52,546,570
- ----------------------------------------------------------------------------------------------------------------------------------
IDAHO--0.2%
3,000,000 ID Health Facilities Authority (Valley Vista Care Corp.) 7.875 11/15/2022 3,140,070
- ----------------------------------------------------------------------------------------------------------------------------------
505,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 4.800 01/01/2037 484,921
- ----------------------------------------------------------------------------------------------------------------------------------
2,900,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 5.000 01/01/2038 2,870,797
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 5.200 01/01/2039 5,042,150
- ----------------------------------------------------------------------------------------------------------------------------------
1,125,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 5.250 01/01/2038 1,136,768
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 5.350 01/01/2025 10,077
- ----------------------------------------------------------------------------------------------------------------------------------
85,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 5.950 01/01/2014 85,241
- ----------------------------------------------------------------------------------------------------------------------------------
95,000 ID Hsg. Agency (Single Family Mtg.) 6.200 07/01/2025 96,950
- ----------------------------------------------------------------------------------------------------------------------------------
385,000 ID Hsg. Agency (Single Family Mtg.) 6.550 07/01/2025 393,039
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Power County, ID Industrial Devel. Corp. (FMC Corp.) 6.450 08/01/2032 26,262
---------------
13,286,275
- ----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS--5.4%
1,700,000 Annawan, IL Tax Increment (Patriot Renewable Fuels) 5.625 01/01/2018 1,670,505
- ----------------------------------------------------------------------------------------------------------------------------------
38,325,000 Aurora, IL Single Family Mtg. 5.500 12/01/2039 40,366,190
- ----------------------------------------------------------------------------------------------------------------------------------
4,262,500 Bolingbrook, IL Will & Du Page Counties Wastewater
Facilities (Crossroads Treatment) 6.600 01/01/2035 4,278,783
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Caseyville, IL Tax (Forest Lakes) 7.000 12/30/2022 8,329,600
48 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 8,000,000 Centerpoint, IL Intermodal Center Program 8.000% 06/15/2023 $ 8,079,120
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Chicago, IL (Single Family Mtg.) 5.550 12/01/2038 5,291,900
- ----------------------------------------------------------------------------------------------------------------------------------
25,900,000 Chicago, IL (Single Family Mtg.) 5.700 06/01/2039 27,722,324
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Chicago, IL (Single Family Mtg.) 6.350 10/01/2030 21,005
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 Chicago, IL Midway Airport 5.750 01/01/2017 45,501
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Chicago, IL Midway Airport, Series A 5.500 01/01/2029 10,112,800
- ----------------------------------------------------------------------------------------------------------------------------------
35,000 Chicago, IL Midway Airport, Series B 5.625 01/01/2029 35,385
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 Chicago, IL Multifamily Hsg. (Cottage View Terrace) 6.125 02/20/2042 41,316
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Chicago, IL Multifamily Hsg. (Indiana Manor Townhomes) 5.100 03/20/2044 49,791
- ----------------------------------------------------------------------------------------------------------------------------------
2,700,000 Chicago, IL Multifamily Hsg. (Paul G. Stewart Phases I & II) 5.000 03/20/2049 2,634,714
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Chicago, IL O'Hare International Airport 1 5.000 01/01/2034 8,100,360
- ----------------------------------------------------------------------------------------------------------------------------------
32,200,000 Chicago, IL O'Hare International Airport 1 6.000 01/01/2029 35,486,332
- ----------------------------------------------------------------------------------------------------------------------------------
15,455,000 Chicago, IL O'Hare International Airport (Delta Airlines) 6.450 05/01/2018 15,918,650
- ----------------------------------------------------------------------------------------------------------------------------------
90,000 Cook County, IL Multifamily Hsg. (Morton Grove
Senior Hsg.) 5.650 09/20/2033 93,567
- ----------------------------------------------------------------------------------------------------------------------------------
5,336,000 Cortland, IL Special Tax (Sheaffer System) 5.500 03/01/2017 5,332,158
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Deerfield, IL Educational Facilities (Chicagoland Jewish
High School) 6.000 05/01/2041 1,535,175
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Du Page County, IL Special Service Area No. 31 Special
Tax (Monarch Landing) 5.625 03/01/2036 1,000,480
- ----------------------------------------------------------------------------------------------------------------------------------
3,750,000 Gilberts, IL Special Service Area No. 19 Special Tax
(Conservancy) 5.375 03/01/2016 3,668,213
- ----------------------------------------------------------------------------------------------------------------------------------
1,375,000 Godfrey, IL (United Methodist Village) 5.875 11/15/2029 1,135,269
- ----------------------------------------------------------------------------------------------------------------------------------
1,725,000 Hampshire, IL Special Service Area No. 16 (Crown
Devel.-Prairie Ridge) 5.625 03/01/2022 1,745,286
- ----------------------------------------------------------------------------------------------------------------------------------
3,135,000 Hampshire, IL Special Service Area No. 16 (Crown
Devel.-Prairie Ridge) 6.000 03/01/2046 3,181,555
- ----------------------------------------------------------------------------------------------------------------------------------
1,160,000 Hampshire, IL Special Service Area No. 17 (Crown
Devel.-Oakstead) 5.625 03/01/2022 1,173,642
- ----------------------------------------------------------------------------------------------------------------------------------
7,450,000 Hampshire, IL Special Service Area No. 17 (Crown
Devel.-Oakstead) 6.000 03/01/2045 7,533,366
- ----------------------------------------------------------------------------------------------------------------------------------
1,215,000 Hampshire, IL Special Service Area No. 18 (Crown
Devel.-Tamms Farm) 6.000 03/01/2044 1,233,043
- ----------------------------------------------------------------------------------------------------------------------------------
4,270,000 Hampshire, IL Special Service Area No. 19 (Crown
Devel.-Prairie Ridge East) 6.000 03/01/2046 4,317,781
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 IL COP (Dept. of Central Management Services) 5.650 07/01/2017 101,644
- ----------------------------------------------------------------------------------------------------------------------------------
26,961 IL Devel. Finance Authority (Community Rehabilitation
Providers) 8.250 08/01/2012 23,221
- ----------------------------------------------------------------------------------------------------------------------------------
23,540,000 IL Devel. Finance Authority Environmental Facilities
(Citgo Petroleum Corp.) 8.000 06/01/2032 26,248,042
- ----------------------------------------------------------------------------------------------------------------------------------
3,735,000 IL Devel. Finance Authority Pollution Control
(Amerencips) 5.500 03/01/2014 3,744,599
49 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 475,000 IL Devel. Finance Authority Pollution Control (Central
Illinois Public Service Company) 4 5.700% 08/15/2026 $ 475,485
- ----------------------------------------------------------------------------------------------------------------------------------
8,750,000 IL Devel. Finance Authority Pollution Control (Central
Illinois Public Service Company) 5.950 08/15/2026 8,795,763
- ----------------------------------------------------------------------------------------------------------------------------------
115,000 IL Devel. Finance Authority Solid Waste (WSREC) 8.250 04/01/2023 118,174
- ----------------------------------------------------------------------------------------------------------------------------------
9,990,000 IL Educational Facilities Authority (Plum Creek Rolling
Meadows) 6.500 12/01/2037 10,301,189
- ----------------------------------------------------------------------------------------------------------------------------------
3,195,000 IL Finance Authority (Bethel Terrace Apartments) 5.375 09/01/2035 3,144,775
- ----------------------------------------------------------------------------------------------------------------------------------
1,200,000 IL Finance Authority (Central Baptist Village) 5.375 11/15/2039 1,191,336
- ----------------------------------------------------------------------------------------------------------------------------------
4,250,000 IL Finance Authority (Clare Oaks) 6.000 11/15/2039 4,394,713
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 IL Finance Authority (DeKalb Supportive Living) 6.100 12/01/2041 999,760
- ----------------------------------------------------------------------------------------------------------------------------------
15,000,000 IL Finance Authority (Educational Advancement Fund) 5.000 05/01/2025 14,747,700
- ----------------------------------------------------------------------------------------------------------------------------------
2,250,000 IL Finance Authority (Franciscan Communities) 5.500 05/15/2027 2,272,703
- ----------------------------------------------------------------------------------------------------------------------------------
2,750,000 IL Finance Authority (Franciscan Communities) 5.500 05/15/2037 2,756,985
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.375 02/15/2025 2,009,780
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.625 02/15/2037 2,028,140
- ----------------------------------------------------------------------------------------------------------------------------------
30,000,000 IL Finance Authority (Illinois River Energy) 8.500 07/01/2019 29,814,900
- ----------------------------------------------------------------------------------------------------------------------------------
850,000 IL Finance Authority (Luther Oaks) 6.000 08/15/2026 885,768
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 IL Finance Authority (Luther Oaks) 6.000 08/15/2039 1,559,850
- ----------------------------------------------------------------------------------------------------------------------------------
3,640,000 IL Finance Authority (Lutheran Social Services of
Illinois/Vesper Management Corp. Obligated Group) 5.125 08/15/2028 3,539,463
- ----------------------------------------------------------------------------------------------------------------------------------
3,265,000 IL Finance Authority (Lutheran Social Services) 5.000 08/15/2024 3,157,679
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 IL Finance Authority (Montgomery Place) 5.500 05/15/2026 1,259,200
- ----------------------------------------------------------------------------------------------------------------------------------
2,250,000 IL Finance Authority (Montgomery Place) 5.750 05/15/2038 2,290,568
- ----------------------------------------------------------------------------------------------------------------------------------
3,500,000 IL Finance Authority (Three Crowns Park Plaza) 5.875 02/15/2038 3,611,965
- ----------------------------------------------------------------------------------------------------------------------------------
27,700,000 IL Finance Authority Student Hsg. (Educational
Advancement Fund) 5.250 05/01/2034 27,750,137
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 IL Health Facilities Authority 6.900 11/15/2033 1,638,000
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 IL Health Facilities Authority (Delnor Community
Resource Living) 6.000 11/15/2017 100,044
- ----------------------------------------------------------------------------------------------------------------------------------
8,500,000 IL Health Facilities Authority (Edward Health Ventures) 1 5.125 02/15/2025 8,933,840
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 IL Health Facilities Authority (Memorial Medical
Center/Memorial Health System) 5.250 10/01/2027 40,656
- ----------------------------------------------------------------------------------------------------------------------------------
1,525,000 IL Hsg. Devel. Authority (Pineview of Rockford) 4 5.000 07/01/2031 1,523,872
- ----------------------------------------------------------------------------------------------------------------------------------
3,080,000 IL Hsg. Devel. Authority (Pineview of Rockford) 5.050 07/01/2038 3,080,924
- ----------------------------------------------------------------------------------------------------------------------------------
890,000 IL Hsg. Devel. Authority (Prairie View Apartments) 4 4.900 07/01/2036 871,764
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Lindenhurst, IL Special Service Area No. 4 6.150 01/01/2018 25,460
- ----------------------------------------------------------------------------------------------------------------------------------
13,635,000 Lombard, IL Public Facilities Corp. (Conference
Center & Hotel) 4 7.125 01/01/2036 14,426,648
- ----------------------------------------------------------------------------------------------------------------------------------
3,940,000 Lombard, IL Public Facilities Corp. (Conference
Center & Hotel) 1 5.250 01/01/2030 4,068,286
50 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 5,000,000 Lombard, IL Public Facilities Corp. (Conference
Center & Hotel) 1 5.250% 01/01/2036 $ 5,148,850
- ----------------------------------------------------------------------------------------------------------------------------------
3,780,000 Manhattan, IL Special Service Area Special Tax
(Groebe Farm-Stonegate) 5.750 03/01/2022 3,788,996
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Manhattan, IL Special Service Area Special Tax
(Groebe Farm-Stonegate) 6.125 03/01/2040 4,012,960
- ----------------------------------------------------------------------------------------------------------------------------------
1,940,000 Manhattan, IL Special Service Area Special Tax
(Lakeside Towns Liberty) 5.750 03/01/2022 1,944,617
- ----------------------------------------------------------------------------------------------------------------------------------
490,000 Peoria, IL Hsg. (Peoria Oak Woods Apartments) 7.750 10/15/2033 490,240
- ----------------------------------------------------------------------------------------------------------------------------------
3,500,000 Plano, IL Special Service Area No. 5 6.000 03/01/2036 3,605,070
- ----------------------------------------------------------------------------------------------------------------------------------
3,750,000 Quad Cities, IL Regional EDA (Heritage Woods Moline) 6.000 12/01/2041 3,693,300
- ----------------------------------------------------------------------------------------------------------------------------------
6,375,000 Quad Cities, IL Regional EDA (Pheasant Ridge Apartments) 6.375 08/01/2040 6,008,501
- ----------------------------------------------------------------------------------------------------------------------------------
47,033 Robbins, IL Res Rec (Robbins Res Rec Partners) 5.873 5 10/15/2009 41,000
- ----------------------------------------------------------------------------------------------------------------------------------
968 Robbins, IL Res Rec (Robbins Res Rec Partners) 6 7.250 10/15/2009 982
- ----------------------------------------------------------------------------------------------------------------------------------
19,208,162 Robbins, IL Res Rec (Robbins Res Rec Partners) 7.250 10/15/2024 21,462,240
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 Rockford, IL Mtg. (Faust Landmark Partnership) 6.200 01/01/2028 10,267
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Southwestern, IL Devel. Authority (Eden Retirement
Center) 5.850 12/01/2036 1,527,270
- ----------------------------------------------------------------------------------------------------------------------------------
3,650,000 Southwestern, IL Devel. Authority (Village of Sauget) 5.625 11/01/2026 3,658,760
- ----------------------------------------------------------------------------------------------------------------------------------
950,000 University of IL Health Services Facilities 5.800 10/01/2018 972,002
- ----------------------------------------------------------------------------------------------------------------------------------
3,200,000 Volo Village, IL Special Service Area (Lancaster Falls) 5.750 03/01/2036 3,162,208
- ----------------------------------------------------------------------------------------------------------------------------------
5,608,000 Volo Village, IL Special Service Area (Remington Pointe) 6.450 03/01/2034 5,845,611
- ----------------------------------------------------------------------------------------------------------------------------------
5,175,000 Yorkville, IL United City Special Services Area Special
Tax (Bristol Bay) 5.875 03/01/2036 5,243,879
---------------
462,683,597
- ----------------------------------------------------------------------------------------------------------------------------------
INDIANA--1.5%
20,210,000 Bluffton, IN Solid Waste Disposal Facility (Bluffton
Subordinate Industrial Bio-Energy) 7.500 09/01/2019 19,993,551
- ----------------------------------------------------------------------------------------------------------------------------------
4,200,000 East Chicago, IN Solid Waste Disposal (USG Corp.) 6.375 08/01/2029 4,404,414
- ----------------------------------------------------------------------------------------------------------------------------------
980,000 Evansville, IN First Mtg. 7.375 10/01/2021 1,014,271
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Fort Wayne, IN Pollution Control (General Motors Corp.) 6.200 10/15/2025 25,731
- ----------------------------------------------------------------------------------------------------------------------------------
495,000 IN Airport Authority (Federal Express) 4 5.500 05/01/2029 496,896
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 IN Bond Bank (Southwestern Bartholomew Water Corp.) 6.625 06/01/2012 25,034
- ----------------------------------------------------------------------------------------------------------------------------------
4,875,000 IN H&EFA (Community Foundation Northwest Indiana) 5.500 03/01/2037 4,909,028
- ----------------------------------------------------------------------------------------------------------------------------------
1,520,000 IN Health Facility Financing Authority (Methodist
Hospitals) 4 5.500 09/15/2031 1,525,168
- ----------------------------------------------------------------------------------------------------------------------------------
16,750,000 IN Health Facility Financing Authority (Sisters of St.
Francis Health Services) 1 5.500 11/01/2031 17,969,458
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 IN HFA (Single Family Mtg.) 5.550 01/01/2025 763,650
- ----------------------------------------------------------------------------------------------------------------------------------
550,000 IN Pollution Control (General Motors Corp.) 5.625 04/01/2011 541,585
- ----------------------------------------------------------------------------------------------------------------------------------
4,360,000 Indianapolis, IN Hsg. (Cambridge Station Apartments) 5.250 01/01/2039 4,417,508
51 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
INDIANA Continued
$ 75,000 Jasper County, IN Economic Devel. (Georgia-Pacific Corp.) 5.600% 04/01/2029 $ 75,240
- ----------------------------------------------------------------------------------------------------------------------------------
155,000 Jasper County, IN Economic Devel. (Georgia-Pacific Corp.) 4 5.625 12/01/2027 155,288
- ----------------------------------------------------------------------------------------------------------------------------------
560,000 Jasper County, IN Economic Devel. (Georgia-Pacific Corp.) 6.700 04/01/2029 576,951
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 North Manchester, IN (Estelle Peabody Memorial Home) 6.500 07/01/2015 30,015
- ----------------------------------------------------------------------------------------------------------------------------------
17,505,000 North Manchester, IN (Estelle Peabody Memorial Home) 7.250 07/01/2033 18,121,001
- ----------------------------------------------------------------------------------------------------------------------------------
35,000 Petersburg, IN Pollution Control (Indianapolis Power
& Light Company) 6.375 11/01/2029 37,104
- ----------------------------------------------------------------------------------------------------------------------------------
230,000 St. Joseph County, IN Economic Devel. (Holy Cross
Village Notre Dame) 5.550 05/15/2019 231,757
- ----------------------------------------------------------------------------------------------------------------------------------
265,000 St. Joseph County, IN Economic Devel. (Holy Cross
Village Notre Dame) 5.700 05/15/2028 267,666
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 St. Joseph County, IN Economic Devel. (Holy Cross
Village Notre Dame) 6.000 05/15/2038 521,150
- ----------------------------------------------------------------------------------------------------------------------------------
39,000,000 St. Joseph County, IN Hospital Authority (Memorial Health
System) 1 4.460 2 08/15/2046 38,610,000
- ----------------------------------------------------------------------------------------------------------------------------------
4,875,000 Vigo County, IN Hospital Authority (Union Hospital) 5.800 09/01/2047 4,909,856
- ----------------------------------------------------------------------------------------------------------------------------------
6,695,000 Vincennes, IN Economic Devel. (Southwest Indiana
Regional Youth Village) 6.250 01/01/2024 6,698,414
---------------
126,320,736
- ----------------------------------------------------------------------------------------------------------------------------------
IOWA--2.7%
4,105,000 Cedar Rapids, IA (Cottage Grove Place) 6.000 07/01/2014 3,916,088
- ----------------------------------------------------------------------------------------------------------------------------------
375,000 Coralville, IA Urban Renewal 5.125 06/01/2039 374,681
- ----------------------------------------------------------------------------------------------------------------------------------
650,000 Coralville, IA Urban Renewal 5.000 06/01/2047 633,412
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Coralville, IA Urban Renewal 5.750 06/01/2028 764,325
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Coralville, IA Urban Renewal 6.000 06/01/2036 769,335
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 Des Moines, IA Aviation System 5.125 07/01/2028 30,128
- ----------------------------------------------------------------------------------------------------------------------------------
5,475,000 Dickinson County, IA Hsg. (Spirit Lake) 5.875 12/01/2036 5,318,087
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 IA Finance Authority (Allen Memorial Hospital Corp.) 5.600 02/15/2020 20,262
- ----------------------------------------------------------------------------------------------------------------------------------
520,000 IA Finance Authority (Amity Fellowserve) 5.900 10/01/2016 526,261
- ----------------------------------------------------------------------------------------------------------------------------------
860,000 IA Finance Authority (Amity Fellowserve) 6.000 10/01/2028 836,333
- ----------------------------------------------------------------------------------------------------------------------------------
940,000 IA Finance Authority (Amity Fellowserve) 6.375 10/01/2026 956,065
- ----------------------------------------------------------------------------------------------------------------------------------
2,190,000 IA Finance Authority (Amity Fellowserve) 6.500 10/01/2036 2,227,361
- ----------------------------------------------------------------------------------------------------------------------------------
1,160,000 IA Finance Authority (Boys & Girls Home) 5.900 12/01/2028 1,188,385
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 IA Finance Authority (Iowa Valley Community College
Student Hsg.) 5.850 05/01/2019 99,885
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 IA Finance Authority Health Facilities (Care Initiatives) 5.500 07/01/2025 3,081,720
- ----------------------------------------------------------------------------------------------------------------------------------
900,000 IA Finance Authority Retirement Community (Friendship
Haven) 6.125 11/15/2032 918,216
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 IA Finance Authority Senior Hsg. (Bethany Manor) 5.550 11/01/2041 981,560
- ----------------------------------------------------------------------------------------------------------------------------------
1,300,000 IA Finance Authority Senior Hsg. (Wedum Walnut Ridge) 4 5.375 06/01/2025 1,272,180
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 IA Higher Education Loan Authority (Wartburg College) 5.300 10/01/2037 10,069,800
52 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
IOWA Continued
$ 34,865,000 IA Tobacco Settlement Authority 5.375% 06/01/2038 $ 34,294,957
- ----------------------------------------------------------------------------------------------------------------------------------
56,000,000 IA Tobacco Settlement Authority 5.500 06/01/2042 55,694,240
- ----------------------------------------------------------------------------------------------------------------------------------
190,800,000 IA Tobacco Settlement Authority 6.250 5 06/01/2046 17,929,476
- ----------------------------------------------------------------------------------------------------------------------------------
360,990,000 IA Tobacco Settlement Authority 7.125 5 06/01/2046 24,319,896
- ----------------------------------------------------------------------------------------------------------------------------------
60,000,000 IA Tobacco Settlement Authority (TASC) 1 5.625 06/01/2046 60,334,400
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 IA Tobacco Settlement Authority (TASC) 5.625 06/01/2046 5,027,850
---------------
231,584,903
- ----------------------------------------------------------------------------------------------------------------------------------
KANSAS--0.6%
100,000 Goddard, KS Industrial Revenue (IFR Systems) 6.250 05/01/2012 100,335
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 Kingman, KS Hospital Revenue (Ninnescah Valley) 6.375 03/01/2022 15,000
- ----------------------------------------------------------------------------------------------------------------------------------
1,025,000 KS Devel. Finance Authority (Oak Ridge Park Associates) 6.500 02/01/2018 1,037,505
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 KS Devel. Finance Authority (Oak Ridge Park Associates) 6.625 08/01/2029 1,012,650
- ----------------------------------------------------------------------------------------------------------------------------------
55,000 KS Devel. Finance Authority (VS/VSCF/JGCCF Obligated
Group) 5.500 11/15/2015 55,010
- ----------------------------------------------------------------------------------------------------------------------------------
1,800,000 KS Independent College Finance Authority (Newman
University) 4 5.000 10/01/2028 1,723,932
- ----------------------------------------------------------------------------------------------------------------------------------
950,000 Labette County, KS Hospital Revenue 5.750 09/01/2029 980,619
- ----------------------------------------------------------------------------------------------------------------------------------
825,000 Labette County, KS Hospital Revenue 5.750 09/01/2037 847,572
- ----------------------------------------------------------------------------------------------------------------------------------
1,290,000 Lenexa, KS Multifamily Hsg. (Meadows Apartments) 7.950 10/15/2035 1,332,428
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Manhattan, KS Health Care Facility (Meadowlark Hills
Retirement) 5.125 05/15/2042 956,970
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 Mission, KS Multifamily (Lamar Place Apartments) 5.180 10/01/2023 45,013
- ----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Olathe, KS Tax Increment (Gateway) 5.000 03/01/2026 4,222,530
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Olathe, KS Transportation Devel. District (Gateway) 5.000 12/01/2028 2,333,550
- ----------------------------------------------------------------------------------------------------------------------------------
4,770,000 Sedgwick & Shawnee Counties, KS Hsg. (Single
Family Mtg.) 5.450 06/01/2038 5,015,607
- ----------------------------------------------------------------------------------------------------------------------------------
15,000,000 Sedgwick & Shawnee Counties, KS Hsg. (Single
Family Mtg.) 5.500 12/01/2038 15,767,400
- ----------------------------------------------------------------------------------------------------------------------------------
485,000 Sedgwick & Shawnee Counties, KS Hsg. (Single
Family Mtg.) 5.900 06/01/2028 489,283
- ----------------------------------------------------------------------------------------------------------------------------------
2,965,000 Sedgwick & Shawnee Counties, KS Hsg. (Single
Family Mtg.) 5.900 12/01/2035 3,138,868
- ----------------------------------------------------------------------------------------------------------------------------------
5,085,000 Sedgwick & Shawnee Counties, KS Hsg. (Single
Family Mtg.) 5.950 06/01/2036 5,403,474
- ----------------------------------------------------------------------------------------------------------------------------------
2,160,000 Sedgwick & Shawnee Counties, KS Hsg. (Single
Family Mtg.) 6.450 12/01/2033 2,301,998
- ----------------------------------------------------------------------------------------------------------------------------------
1,255,000 Sedgwick & Shawnee Counties, KS Hsg. (Single
Family Mtg.) 6.450 12/01/2033 1,331,116
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 Sedgwick & Shawnee Counties, KS Hsg. (Single
Family Mtg.) 6.875 12/01/2026 405,244
- ----------------------------------------------------------------------------------------------------------------------------------
210,000 Sedgwick & Shawnee Counties, KS Hsg. (Single
Family Mtg.) 7.600 12/01/2031 213,295
53 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
KANSAS Continued
$ 525,000 Sedgwick & Shawnee Counties, KS Hsg. (Single Family Mtg.) 7.600% 12/01/2031 $ 533,237
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 Sterling, KS Educational Facilities (Sterling College) 5.375 11/01/2027 192,348
- ----------------------------------------------------------------------------------------------------------------------------------
860,000 Sterling, KS Educational Facilities (Sterling College) 5.500 11/01/2032 827,587
- ----------------------------------------------------------------------------------------------------------------------------------
1,650,000 Wichita, KS Hsg. (Innes Station Apartments) 6.250 03/01/2028 1,660,956
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Wyandotte County/Kansas City, KS Unified Government
Industrial Devel. (Crestwood Apartments) 6.950 06/01/2037 2,508,550
- ----------------------------------------------------------------------------------------------------------------------------------
1,400,000 Wyandotte County/Kansas City, KS Unified Government
Pollution Control (General Motors) 4 6.000 06/01/2025 1,404,382
---------------
55,856,459
- ----------------------------------------------------------------------------------------------------------------------------------
KENTUCKY--0.4%
15,000 Elizabethtown, KY Industrial Building (Elizabethtown
Medical Rehabilitation) 10.250 12/01/2016 15,295
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Jefferson County, KY Health Facilities (University
Medical Center) 5.500 07/01/2017 2,022,300
- ----------------------------------------------------------------------------------------------------------------------------------
28,805,000 Kenton County, KY Airport (Delta Airlines) 6,9,10 8.000 12/01/2015 864,150
- ----------------------------------------------------------------------------------------------------------------------------------
31,750,000 Kenton County, KY Airport (Delta Airlines) 6,9,10 8.000 12/01/2015 952,500
- ----------------------------------------------------------------------------------------------------------------------------------
27,170,000 Kenton County, KY Airport (Delta Airlines) 6 8.000 12/01/2015 815,100
- ----------------------------------------------------------------------------------------------------------------------------------
45,560,000 Kenton County, KY Airport (Delta Airlines) 6,9,10 8.000 12/01/2015 1,366,800
- ----------------------------------------------------------------------------------------------------------------------------------
150,000 Kenton County, KY Airport (Delta Airlines) 6,9,10 8.000 12/01/2015 4,500
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 Kenton County, KY Airport Board (Cincinnati/Northern
Kentucky International) 5.750 03/01/2010 45,412
- ----------------------------------------------------------------------------------------------------------------------------------
4,680,000 Kenton County, KY Airport Special Facilities (Mesaba
Aviation) 6.625 07/01/2019 4,502,488
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Kenton County, KY Airport Special Facilities (Mesaba
Aviation) 6.700 07/01/2029 5,069,850
- ----------------------------------------------------------------------------------------------------------------------------------
2,635,000 Kuttawa, KY (1st Mortgage-GF/Kentucky) 6.750 03/01/2029 2,635,395
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 KY EDFA (Norton) 6.125 10/01/2010 10,306
- ----------------------------------------------------------------------------------------------------------------------------------
7,000,000 KY Hsg. Corp. 4.800 07/01/2037 6,719,650
- ----------------------------------------------------------------------------------------------------------------------------------
2,900,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 6.000 05/01/2023 2,904,263
- ----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 7.450 05/01/2022 1,223,280
- ----------------------------------------------------------------------------------------------------------------------------------
5,740,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 7.650 05/01/2016 5,800,442
---------------
34,951,731
- ----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA--3.2%
175,000 Caddo Parish, LA Industrial Devel. Board (Pennzoil
Products Company) 5.600 12/01/2028 178,717
- ----------------------------------------------------------------------------------------------------------------------------------
5,565,000 Calcasieu Parish, LA Industrial Devel. Board Pollution
Control (Gulf States Utilities Company) 6.750 10/01/2012 5,617,534
- ----------------------------------------------------------------------------------------------------------------------------------
2,800,000 Claiborne Parish, LA Law Enforcement District
(Claiborne Correctional Facilities) 6.250 03/01/2019 2,893,744
- ----------------------------------------------------------------------------------------------------------------------------------
1,400,000 Epps, LA COP 8.000 06/01/2018 1,436,190
54 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA Continued
$ 2,500,000 Juban Park, LA Community Devel. District
Special Assessment 5.150% 10/01/2014 $ 2,479,300
- ----------------------------------------------------------------------------------------------------------------------------------
3,775,000 LA CDA (Eunice Student Hsg. Foundation) 7.375 09/01/2033 3,362,393
- ----------------------------------------------------------------------------------------------------------------------------------
3,420,000 LA HFA (Homeownership) 5.700 06/01/2039 3,732,896
- ----------------------------------------------------------------------------------------------------------------------------------
470,000 LA HFA (Malta Square at Sacred Heart) 6.450 09/01/2027 490,516
- ----------------------------------------------------------------------------------------------------------------------------------
115,000 LA HFA (Single Family Mtg.) 6.300 06/01/2020 116,072
- ----------------------------------------------------------------------------------------------------------------------------------
1,100,000 LA Local Government EF&CD Authority (Cypress
Apartments) 8.000 04/20/2028 1,099,780
- ----------------------------------------------------------------------------------------------------------------------------------
425,000 LA Local Government EF&CD Authority (Oakleigh
Apartments) 8.500 06/01/2038 528,369
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 LA Local Government EF&CD Authority (Sharlo
Apartments) 8.000 06/20/2028 499,985
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 LA Local Government EF&CD Authority (St. James Place) 7.000 11/01/2029 8,246,000
- ----------------------------------------------------------------------------------------------------------------------------------
7,460,000 LA Public Facilities Authority (Lake Charles Memorial
Hospital) 8.625 12/01/2030 7,938,037
- ----------------------------------------------------------------------------------------------------------------------------------
7,500,000 LA Public Facilities Authority (Ochsner Clinic Foundation) 1 5.000 05/15/2022 7,637,100
- ----------------------------------------------------------------------------------------------------------------------------------
5,350,000 LA Public Facilities Authority (Progressive Healthcare) 6.375 10/01/2028 5,409,118
- ----------------------------------------------------------------------------------------------------------------------------------
119,945,000 LA Tobacco Settlement Financing Corp. (TASC) 5.875 05/15/2039 124,277,413
- ----------------------------------------------------------------------------------------------------------------------------------
9,630,000 LA Tobacco Settlement Financing Corp. (TASC), Series B 5.500 05/15/2030 9,817,689
- ----------------------------------------------------------------------------------------------------------------------------------
7,500,000 Lakeshore Villages Master, LA Community Devel. District 5.250 07/01/2017 7,400,025
- ----------------------------------------------------------------------------------------------------------------------------------
23,400,000 New Orleans, LA Exhibit Hall Authority Special Tax (Ernest
N. Morial) 1 5.250 07/15/2028 24,388,065
- ----------------------------------------------------------------------------------------------------------------------------------
195,000 New Orleans, LA Finance Authority (Single Family Mtg.) 6.218 5 12/01/2032 40,734
- ----------------------------------------------------------------------------------------------------------------------------------
1,270,000 New Orleans, LA Finance Authority (Single Family Mtg.) 6.372 5 06/01/2032 262,471
- ----------------------------------------------------------------------------------------------------------------------------------
330,000 New Orleans, LA HDC (Southwood Patio) 7.700 02/01/2022 335,029
- ----------------------------------------------------------------------------------------------------------------------------------
60,000 New Orleans, LA Sewage Service 5.400 06/01/2017 60,651
- ----------------------------------------------------------------------------------------------------------------------------------
3,020,000 St. James Parish, LA Solid Waste (IMC Phosphates
Company) 7.700 10/01/2022 3,090,517
- ----------------------------------------------------------------------------------------------------------------------------------
50,000,000 St. John Baptist Parish, LA (Marathon Oil Company) 5.125 06/01/2037 49,935,500
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Tensas Parish, LA Law Enforcement District COP 6 8.000 10/01/2010 50,861
- ----------------------------------------------------------------------------------------------------------------------------------
140,000 West Feliciana Parish, LA Pollution Control (Entergy
Gulf States) 5.800 12/01/2015 140,738
- ----------------------------------------------------------------------------------------------------------------------------------
290,000 West Feliciana Parish, LA Pollution Control (Entergy
Gulf States) 5.800 04/01/2016 290,803
---------------
271,756,247
- ----------------------------------------------------------------------------------------------------------------------------------
MAINE--0.6%
35,020,000 ME Finance Authority Solid Waste Recycling Facilities
(Great Northern Paper) 7.750 10/01/2022 35,260,587
- ----------------------------------------------------------------------------------------------------------------------------------
90,000 ME Municipal Bond Bank, Series D 6.300 11/01/2014 90,181
- ----------------------------------------------------------------------------------------------------------------------------------
4,200,000 ME Hsg. Authority, Series F-2 1 5.150 11/15/2022 4,238,241
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 North Berwick, ME (Hussey Seating Company) 7.000 12/01/2013 20,083
55 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MAINE Continued
$ 4,800,000 Rumford, ME Pollution Control (Boise Cascade Corp.) 6.625% 07/01/2020 $ 4,812,816
- ----------------------------------------------------------------------------------------------------------------------------------
6,200,000 Rumford, ME Solid Waste Disposal (Boise Cascade Corp.) 6.875 10/01/2026 6,652,786
---------------
51,074,694
- ----------------------------------------------------------------------------------------------------------------------------------
MARYLAND--0.6%
1,000,000 Annapolis, MD Economic Devel. (St. John's College) 5.000 10/01/2027 1,011,860
- ----------------------------------------------------------------------------------------------------------------------------------
1,085,000 Annapolis, MD Economic Devel. (St. John's College) 5.000 10/01/2032 1,091,803
- ----------------------------------------------------------------------------------------------------------------------------------
800,000 Annapolis, MD Economic Devel. (St. John's College) 5.000 10/01/2036 802,480
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Baltimore, MD Convention Center 5.875 09/01/2039 4,188,880
- ----------------------------------------------------------------------------------------------------------------------------------
6,810,000 Brunswick, MD Special Obligation (Brunswick Crossing) 5.500 07/01/2036 6,874,150
- ----------------------------------------------------------------------------------------------------------------------------------
2,440,000 MD Community Devel. Administration (Dept. of Hsg. &
Community Devel.) 7 5.200 09/01/2048 2,453,420
- ----------------------------------------------------------------------------------------------------------------------------------
3,090,000 MD Community Devel. People's Resource Center, Series A 5.050 07/01/2047 3,052,209
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 MD EDC (Chesapeake Bay) 5.000 12/01/2031 7,631,360
- ----------------------------------------------------------------------------------------------------------------------------------
5,135,000 MD EDC Student Hsg. (Bowie State University) 4 6.000 06/01/2023 5,218,957
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 MD EDC Student Hsg. (University of Maryland) 5.625 10/01/2023 394,952
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 MD EDC Student Hsg. (University of Maryland) 5.750 10/01/2033 4,936,250
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 MD H&HEFA (Edenwald) 5.400 01/01/2031 763,613
- ----------------------------------------------------------------------------------------------------------------------------------
600,000 MD H&HEFA (Edenwald) 5.400 01/01/2037 607,722
- ----------------------------------------------------------------------------------------------------------------------------------
710,000 MD H&HEFA (King Farm Presbyterian Community) 5.250 01/01/2027 709,539
- ----------------------------------------------------------------------------------------------------------------------------------
600,000 MD H&HEFA (King Farm Presbyterian Community) 5.300 01/01/2037 597,048
- ----------------------------------------------------------------------------------------------------------------------------------
925,000 MD H&HEFA (Washington Christian Academy) 4 5.500 07/01/2038 926,637
- ----------------------------------------------------------------------------------------------------------------------------------
320,000 MD Industrial Devel. Financing Authority (Our Lady of
Good Counsel) 4 5.500 05/01/2020 333,802
- ----------------------------------------------------------------------------------------------------------------------------------
800,000 MD Industrial Devel. Financing Authority (Our Lady of
Good Counsel) 4 6.000 05/01/2035 848,960
- ----------------------------------------------------------------------------------------------------------------------------------
3,950,000 Prince Georges County, MD Special Obligation (National
Harbor) 5.200 07/01/2034 3,918,716
- ----------------------------------------------------------------------------------------------------------------------------------
2,250,000 Salisbury, MD Special Obligation (Villages at Aydelotte
Farm) 5.250 01/01/2037 2,195,573
---------------
48,557,931
- ----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--1.5%
1,000,000 MA Devel. Finance Agency (Curry College) 4 5.000 03/01/2036 982,040
- ----------------------------------------------------------------------------------------------------------------------------------
800,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2019 814,224
- ----------------------------------------------------------------------------------------------------------------------------------
2,630,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2029 2,668,424
- ----------------------------------------------------------------------------------------------------------------------------------
1,800,000 MA Devel. Finance Agency (Linden Ponds) 5.750 11/15/2042 1,836,954
- ----------------------------------------------------------------------------------------------------------------------------------
300,000 MA Devel. Finance Agency (Regis College) 5.250 10/01/2018 293,169
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 MA Devel. Finance Agency (VOA Concord) 5.200 11/01/2041 961,760
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 MA GO 1 5.000 08/01/2027 8,401,800
- ----------------------------------------------------------------------------------------------------------------------------------
9,990,000 MA H&EFA (Catholic Health East) 1 4.544 2 11/15/2032 9,839,650
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 MA H&EFA (Emerson Hospital) 1 5.000 08/15/2035 9,977,350
56 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS Continued
$ 80,000 MA H&EFA (Holyoke Hospital) 6.500% 07/01/2015 $ 80,015
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 MA H&EFA (Medical Academic and Scientific
Community Organization) 6.625 01/01/2015 10,104
- ----------------------------------------------------------------------------------------------------------------------------------
4,500,000 MA HFA (Single Family) 5.000 12/01/2031 4,483,980
- ----------------------------------------------------------------------------------------------------------------------------------
52,080,000 MA HFA, Series A 1 5.250 07/01/2025 53,071,343
- ----------------------------------------------------------------------------------------------------------------------------------
2,185,000 MA HFA, Series A 5.200 06/01/2036 2,202,961
- ----------------------------------------------------------------------------------------------------------------------------------
4,250,000 MA HFA, Series A 5.300 06/01/2049 4,278,178
- ----------------------------------------------------------------------------------------------------------------------------------
1,280,000 MA HFA, Series A 5.700 07/01/2020 1,317,312
- ----------------------------------------------------------------------------------------------------------------------------------
1,355,000 MA HFA, Series A 5.800 07/01/2030 1,397,818
- ----------------------------------------------------------------------------------------------------------------------------------
22,560,000 MA HFA, Series F 1 5.000 07/01/2022 22,612,565
- ----------------------------------------------------------------------------------------------------------------------------------
145,000 MA Industrial Finance Agency (Arbors at Taunton) 5.500 06/20/2040 149,515
---------------
125,379,162
- ----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN--2.7%
55,770,000 Detroit, MI Sewer Disposal System 1 4.191 2 07/01/2032 55,212,300
- ----------------------------------------------------------------------------------------------------------------------------------
1,700,000 Kalamazoo, MI EDC (Heritage Community) 5.500 05/15/2036 1,705,338
- ----------------------------------------------------------------------------------------------------------------------------------
2,625,000 Kent, MI Hospital Finance Authority 6.250 07/01/2040 2,845,238
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Kentwood, MI Economic Devel. (Holland Homes/Faith
Hospice/HHCAHH/RD/HHF Obligated Group 5.375 11/15/2036 504,325
- ----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Meridian, MI EDC (Burcham Hills) 5.250 07/01/2026 1,176,684
- ----------------------------------------------------------------------------------------------------------------------------------
9,900,000 MI Higher Education Student Loan Authority 1 5.450 09/01/2026 10,218,285
- ----------------------------------------------------------------------------------------------------------------------------------
65,000 MI Hospital Finance Authority (Detroit Medical Center) 6.500 08/15/2018 65,038
- ----------------------------------------------------------------------------------------------------------------------------------
20,000,000 MI Hospital Finance Authority (Henry Ford
Health System) 4 5.250 11/15/2046 20,296,600
- ----------------------------------------------------------------------------------------------------------------------------------
1,200,000 MI Hsg. Devel. Authority (Deaconess Tower) 5.200 08/20/2038 1,211,928
- ----------------------------------------------------------------------------------------------------------------------------------
7,500,000 MI Hsg. Devel. Authority, Series A 5.200 06/01/2039 7,571,325
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 MI Hsg. Devel. Authority, Series D 5.200 10/01/2042 502,070
- ----------------------------------------------------------------------------------------------------------------------------------
2,185,000 MI Job Devel. Authority Pollution Control (General
Motors Corp.) 4 5.550 04/01/2009 2,186,682
- ----------------------------------------------------------------------------------------------------------------------------------
450,000 MI Public Educational Facilities Authority (Black River
School) 4 5.800 09/01/2030 455,837
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 MI Public Educational Facilities Authority (Old Redford
Academy) 4 6.000 12/01/2035 2,070,680
- ----------------------------------------------------------------------------------------------------------------------------------
360,000 MI Strategic Fund Limited Obligation (Clark Retirement
Community/Clark Retirement Community Foundation
Obligated Group) 4 5.650 09/01/2029 373,043
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 MI Strategic Fund Limited Obligation (Detroit Edison
Company) 1 5.500 06/01/2030 8,472,240
- ----------------------------------------------------------------------------------------------------------------------------------
5,505,000 MI Strategic Fund Limited Obligation (Ford Motor
Company), Series A 4 6.550 10/01/2022 5,533,076
- ----------------------------------------------------------------------------------------------------------------------------------
4,475,000 MI Strategic Fund Pollution Control (General
Motors Corp.) 4 6.200 09/01/2020 4,483,950
57 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN Continued
$ 15,375,000 MI Strategic Fund Pollution Control (General
Motors Corp.) 4 7.000% 2 04/01/2008 $ 15,375,000
- ----------------------------------------------------------------------------------------------------------------------------------
27,895,000 MI Strategic Fund Pollution Control (General
Motors Corp.) 7.000 2 12/01/2008 27,895,000
- ----------------------------------------------------------------------------------------------------------------------------------
4,800,000 MI Strategic Fund Solid Waste (Genesee Power Station) 7.500 01/01/2021 4,785,504
- ----------------------------------------------------------------------------------------------------------------------------------
20,455,000 Midland County, MI EDC (Midland Cogeneration
Venture) 6.875 07/23/2009 20,708,847
- ----------------------------------------------------------------------------------------------------------------------------------
800,000 Pontiac, MI Tax Increment Finance Authority 6.375 06/01/2031 839,328
- ----------------------------------------------------------------------------------------------------------------------------------
3,765,000 Wayne Charter County, MI Airport Facilities (Northwest
Airlines) 6.000 12/01/2029 3,587,330
- ----------------------------------------------------------------------------------------------------------------------------------
31,180,000 Wayne County, MI Airport Authority (Detroit
Metropolitan Wayne County Airport) 1 5.000 12/01/2029 31,860,036
---------------
229,935,684
- ----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA--2.5%
1,375,000 Aitkin, MN Health Care Facilities (Riverwood
Healthcare Center) 5.600 02/01/2032 1,394,951
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Apple Valley, MN EDA (Evercare Senior Living) 6.000 12/01/2025 1,502,370
- ----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Apple Valley, MN EDA (Evercare Senior Living) 6.125 06/01/2035 6,021,000
- ----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Buffalo, MN Health Care (Central Minnesota Senior Hsg.) 5.500 09/01/2033 1,737,925
- ----------------------------------------------------------------------------------------------------------------------------------
1,430,000 Burnsville, MN Commercial Devel. (Holiday Inn) 4 5.900 04/01/2008 1,427,154
- ----------------------------------------------------------------------------------------------------------------------------------
35,000 Chisago City, MN Hsg. Devel (Bungalows of Chisago City) 7.500 05/01/2027 34,994
- ----------------------------------------------------------------------------------------------------------------------------------
115,000 Cloguet, MN Pollution Control (Potlach Corp.) 5.900 10/01/2026 117,047
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Cokato, MN Senior Hsg. (Cokato Charitable Trust) 5.400 12/01/2036 979,170
- ----------------------------------------------------------------------------------------------------------------------------------
2,700,000 Coon Rapids, MN Multifamily Hsg. (Coon Rapids
Leased Hsg. Associates II) 4.950 10/20/2041 2,623,914
- ----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Cottage Grove, MN Senior Hsg. 5.250 12/01/2046 5,858,160
- ----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Cottage Grove, MN Senior Hsg. 6.000 12/01/2046 1,764,788
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Crookston, MN Health Care Facilities (Riverview
Health Assoc.) 5.300 05/01/2032 1,486,590
- ----------------------------------------------------------------------------------------------------------------------------------
475,000 Cuyuna Range, MN Hospital District Health Facilities 5.200 06/01/2025 478,762
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Cuyuna Range, MN Hospital District Health Facilities 5.500 06/01/2035 1,021,280
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Eagan, MN Ice Arena 5.500 04/01/2019 100,050
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 Eden Prairie, MN Multifamily Hsg. (Sterling Ponds) 6.250 12/01/2029 201,144
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Elysian, MN Senior Hsg. (Kingsway Ministries) 5.350 05/01/2042 1,930,740
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Eveleth, MN Health Care (Arrowhead Senior Living
Community) 5.200 10/01/2027 730,305
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Eveleth, MN Multifamily (Manor House Woodland) 5.500 10/01/2025 981,350
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Eveleth, MN Multifamily (Manor House Woodland) 5.700 10/01/2036 1,995,580
- ----------------------------------------------------------------------------------------------------------------------------------
130,000 Grand Rapids, MN Hsg. & Redevel. Authority (Lakeshore) 5.700 10/01/2029 132,980
- ----------------------------------------------------------------------------------------------------------------------------------
2,160,000 Green Isle, MN Senior Hsg. (Kingsway Ministries) 5.500 05/01/2042 2,161,814
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Hopkins, MN Hsg. & Redevel. Authority (Excelsior
Crossings) 5.050 02/01/2030 2,915,550
58 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA Continued
$ 1,000,000 Inner Grove Heights, MN Nursing Home
(Presbyterian Homes) 5.500% 10/01/2041 $ 989,720
- ----------------------------------------------------------------------------------------------------------------------------------
525,000 International Falls, MN Pollution Control (Boise
Cascade Corp.) 4 5.500 04/01/2023 530,072
- ----------------------------------------------------------------------------------------------------------------------------------
3,250,000 International Falls, MN Pollution Control (Boise
Cascade Corp.) 5.650 12/01/2022 3,293,518
- ----------------------------------------------------------------------------------------------------------------------------------
6,370,000 International Falls, MN Solid Waste Disposal (Boise
Cascade Corp.) 6.850 12/01/2029 6,721,560
- ----------------------------------------------------------------------------------------------------------------------------------
530,000 Lake Crystal, MN Hsg. (Ecumen-Second Century) 5.550 09/01/2026 533,641
- ----------------------------------------------------------------------------------------------------------------------------------
1,135,000 Lake Crystal, MN Hsg. (Ecumen-Second Century) 5.700 09/01/2036 1,142,945
- ----------------------------------------------------------------------------------------------------------------------------------
1,220,000 Mahtomedi, MN Multifamily (Briarcliff) 7.350 06/01/2036 1,233,957
- ----------------------------------------------------------------------------------------------------------------------------------
9,800,000 Mankato, MN Industrial Devel. (Environ Biocomposites
Holdings) 7.250 12/01/2025 9,292,850
- ----------------------------------------------------------------------------------------------------------------------------------
7,988,645 Minneapolis & St. Paul, MN Hsg. Finance Board (Single
Family Mtg.) 4 5.000 11/01/2038 7,907,241
- ----------------------------------------------------------------------------------------------------------------------------------
4,770,053 Minneapolis & St. Paul, MN Hsg. Finance Board (Single
Family Mtg.) 4 5.000 12/01/2038 4,721,255
- ----------------------------------------------------------------------------------------------------------------------------------
47,015,000 Minneapolis & St. Paul, MN Metropolitan Airports
Commission (Northwest Airlines) 9,10 7.000 04/01/2025 41,512,364
- ----------------------------------------------------------------------------------------------------------------------------------
16,400,000 Minneapolis & St. Paul, MN Metropolitan Airports
Commission (Northwest Airlines) 4,9,10 7.375 04/01/2025 14,487,760
- ----------------------------------------------------------------------------------------------------------------------------------
35,000 Minneapolis, MN (Walker Methodist Senior Services) 5.875 11/15/2018 35,162
- ----------------------------------------------------------------------------------------------------------------------------------
145,000 Minneapolis, MN (Walker Methodist Senior Services) 6.000 11/15/2028 146,208
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 Minneapolis, MN (Walker Methodist Senior Services) 6.000 11/15/2028 15,058
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Minneapolis, MN Multifamily (Belmont Apartments) 7.625 11/01/2027 101,321
- ----------------------------------------------------------------------------------------------------------------------------------
730,000 Minneapolis, MN Multifamily (Blaisdell Apartments) 5.400 04/01/2028 714,378
- ----------------------------------------------------------------------------------------------------------------------------------
5,340,000 Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments) 5.500 04/01/2042 5,159,348
- ----------------------------------------------------------------------------------------------------------------------------------
250,000 Minneapolis, MN Tax Increment (Grant Park) 4 5.350 02/01/2030 247,900
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Minneapolis, MN Tax Increment (Ivy Tower) 5.500 02/01/2022 501,760
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Minneapolis, MN Tax Increment (Ivy Tower) 5.700 02/01/2029 1,009,670
- ----------------------------------------------------------------------------------------------------------------------------------
4,585,000 MN HFA (Residential Hsg.) 4.875 07/01/2037 4,458,225
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 MN HFA (Single Family Mtg.) 5.900 07/01/2025 25,346
- ----------------------------------------------------------------------------------------------------------------------------------
375,000 Moorhead, MN EDA (Eventide) 5.150 06/01/2029 367,508
- ----------------------------------------------------------------------------------------------------------------------------------
900,000 New Hope, MN Hsg. & Health Care Facilities (Minnesota
Masonic Home North Ridge) 5.900 03/01/2019 919,485
- ----------------------------------------------------------------------------------------------------------------------------------
80,000 New Hope, MN Multifamily (Chardon Court) 7.250 06/01/2026 79,712
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Northfield, MN Hospital 5.375 11/01/2031 507,785
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Northfield, MN Hsg. & Redevel. Authority (Northfield
Retirement) 5.375 12/01/2036 968,390
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Northfield, MN Lease (Village School of Northfield) 6,9,10 6.500 12/01/2014 12,805
- ----------------------------------------------------------------------------------------------------------------------------------
330,000 Northfield, MN Lease (Village School of Northfield) 6,9,10 7.500 12/01/2024 163,908
- ----------------------------------------------------------------------------------------------------------------------------------
2,100,000 Northwest MN Multi-County Hsg. & Redevel. Authority 5.450 07/01/2041 2,044,518
59 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA Continued
$ 5,000,000 Oronoco, MN Multifamily Hsg. (Wedum Shorewood
Campus) 5.400% 06/01/2041 $ 4,919,400
- ----------------------------------------------------------------------------------------------------------------------------------
10,170,000 Otter Tail County, MN GO 7.500 11/01/2019 10,092,098
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 Owatonna, MN Senior Hsg. (Owatonna Senior Living) 5.800 10/01/2029 402,396
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Owatonna, MN Senior Hsg. (Owatonna Senior Living) 6.000 04/01/2041 1,268,088
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 Park Rapids, MN Health Facilities (Mankato Lutheran
Homes) 5.600 08/01/2036 400,024
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pine City, MN (Lakes International Language Academy) 6.250 05/01/2035 1,010,270
- ----------------------------------------------------------------------------------------------------------------------------------
820,000 Pine City, MN Health Care & Hsg. (North Branch) 6.000 10/20/2036 824,002
- ----------------------------------------------------------------------------------------------------------------------------------
1,715,000 Pine City, MN Health Care & Hsg. (North Branch) 6.125 10/20/2047 1,723,232
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Prior Lake, MN Senior Hsg. (Shepherds Path Senior Hsg.) 5.625 08/01/2026 1,524,345
- ----------------------------------------------------------------------------------------------------------------------------------
1,875,000 Prior Lake, MN Senior Hsg. (Shepherds Path Senior Hsg.) 5.750 08/01/2041 1,882,050
- ----------------------------------------------------------------------------------------------------------------------------------
6,200,000 Richfield, MN Senior Hsg. (Richfield Senior Hsg.) 6.625 12/01/2039 6,458,354
- ----------------------------------------------------------------------------------------------------------------------------------
680,000 Rochester, MN Multifamily Hsg. (Eastridge Estates) 7.750 12/15/2034 680,333
- ----------------------------------------------------------------------------------------------------------------------------------
4,300,000 Sartell, MN Health Care & Hsg. Facilities (The Foundation
for Health Care Continuums) 6.625 09/01/2029 4,428,312
- ----------------------------------------------------------------------------------------------------------------------------------
935,000 Seaway Port Authority of Duluth, MN (Northstar
Aerospace) 5.000 04/01/2017 908,081
- ----------------------------------------------------------------------------------------------------------------------------------
210,000 Seaway Port Authority of Duluth, MN (Northstar
Aerospace) 5.200 04/01/2027 205,059
- ----------------------------------------------------------------------------------------------------------------------------------
830,000 St. Anthony, MN Hsg. & Redevel. Authority (Silver
Lake Village) 5.375 08/01/2021 850,476
- ----------------------------------------------------------------------------------------------------------------------------------
790,000 St. Anthony, MN Hsg. & Redevel. Authority (Silver
Lake Village) 5.625 02/01/2031 815,019
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 St. Cloud, MN Hsg. & Redevel. Authority (Germain
Towers) 5.900 09/01/2020 97,114
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 St. Louis Park, MN (Roitenberg Family) 5.700 08/15/2041 1,009,670
- ----------------------------------------------------------------------------------------------------------------------------------
1,300,000 St. Paul, MN Hsg. & Redevel. Authority (Brigecreek
Senior Place) 7.000 09/15/2037 1,300,052
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 St. Paul, MN Hsg. & Redevel. Authority (Episcopal
Nursing Home) 5.630 10/01/2033 2,033,520
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 St. Paul, MN Hsg. & Redevel. Authority (Great Northern
Lofts) 6.250 03/01/2029 3,171,090
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 St. Paul, MN Hsg. & Redevel. Authority (Hmong
Academy) 5.750 09/01/2026 410,936
- ----------------------------------------------------------------------------------------------------------------------------------
650,000 St. Paul, MN Hsg. & Redevel. Authority (Hmong
Academy) 6.000 09/01/2036 671,314
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 St. Paul, MN Hsg. & Redevel. Authority (Rossy & Richard
Shaller, MN) 5.250 10/01/2042 1,477,395
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 St. Paul, MN Hsg. & Redevel. Authority (Upper Landing) 6.800 03/01/2029 2,118,820
- ----------------------------------------------------------------------------------------------------------------------------------
2,130,000 St. Paul, MN Hsg. & Redevel. Authority (Upper Landing) 7.000 03/01/2029 2,275,223
- ----------------------------------------------------------------------------------------------------------------------------------
1,770,000 St. Paul, MN Port Authority (Great Northern) 6.000 03/01/2030 1,837,773
60 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA Continued
$ 3,400,000 St. Paul, MN Port Authority (Healtheast Midway
Campus) 6.000% 05/01/2030 $ 3,476,704
- ----------------------------------------------------------------------------------------------------------------------------------
560,000 St. Paul, MN Port Authority Parking Revenue (4th
Parking Ramp) 8.000 12/01/2027 479,892
- ----------------------------------------------------------------------------------------------------------------------------------
1,760,000 Wadena, MN Hsg. & Redevel. Authority (Humphrey
Manor East) 6.000 02/01/2019 1,774,714
- ----------------------------------------------------------------------------------------------------------------------------------
3,600,000 Washington County, MN Hsg. & Redevel. (Birchwood
& Woodbury) 5.625 06/01/2037 3,530,808
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Worthington, MN Hsg. Authority (Meadows
Worthington) 5.375 05/01/2037 974,560
---------------
212,474,112
- ----------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI--0.7%
125,000 Claiborne County, MS Pollution Control (System
Energy Resources) 6.200 02/01/2026 125,451
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Gulfport, MS Hospital Facility (Gulfport Memorial
Hospital) 6.125 07/01/2015 50,080
- ----------------------------------------------------------------------------------------------------------------------------------
175,000 Jackson, MS Hsg. Authority (Elton Park Apartments) 5.400 04/01/2039 176,853
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Jones County, MS Solid Waste Disposal (International
Paper Company) 4 5.800 10/01/2021 50,793
- ----------------------------------------------------------------------------------------------------------------------------------
12,585,000 MS Business Finance Corp. (System Energy Resources) 4 5.875 04/01/2022 12,708,836
- ----------------------------------------------------------------------------------------------------------------------------------
6,430,000 MS Business Finance Corp. (System Energy Resources) 4 5.900 05/01/2022 6,492,242
- ----------------------------------------------------------------------------------------------------------------------------------
22,385,000 MS Devel. Bank Special Obligation 1 5.000 03/01/2041 22,925,848
- ----------------------------------------------------------------------------------------------------------------------------------
17,500,000 MS Hospital Equipment & Facilities Authority (Baptist
Memorial Hospital) 1 5.000 09/01/2024 17,350,550
- ----------------------------------------------------------------------------------------------------------------------------------
175,000 Warren County, MS Environmental Improvement
(International Paper Company) 6.250 09/01/2023 181,808
---------------
60,062,461
- ----------------------------------------------------------------------------------------------------------------------------------
MISSOURI--1.4%
250,000 Belton, MO Tax Increment (Belton Town Center) 5.500 03/01/2020 250,410
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 Belton, MO Tax Increment (Belton Town Center) 5.625 03/01/2025 401,600
- ----------------------------------------------------------------------------------------------------------------------------------
325,000 Branson Hills, MO Infrastructure Facilities 5.000 04/01/2010 323,817
- ----------------------------------------------------------------------------------------------------------------------------------
580,000 Branson Hills, MO Infrastructure Facilities 5.000 04/01/2012 574,618
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Branson Hills, MO Infrastructure Facilities 5.000 04/01/2016 486,770
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Branson Hills, MO Infrastructure Facilities 5.000 04/01/2017 483,775
- ----------------------------------------------------------------------------------------------------------------------------------
730,000 Branson Hills, MO Infrastructure Facilities 5.500 04/01/2022 727,394
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Branson Hills, MO Infrastructure Facilities 5.500 04/01/2027 741,503
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Branson, MO Commerce Park Community
Improvement District 5.750 06/01/2026 4,835,550
- ----------------------------------------------------------------------------------------------------------------------------------
2,485,000 Branson, MO IDA (Branson Hills Redevel.) 5.750 05/01/2026 2,424,913
- ----------------------------------------------------------------------------------------------------------------------------------
13,000,000 Branson, MO IDA (Branson Hills Redevel.) 7.050 05/01/2027 14,072,110
- ----------------------------------------------------------------------------------------------------------------------------------
2,070,000 Branson, MO IDA (Branson Landing) 4 5.250 06/01/2021 2,074,451
61 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MISSOURI Continued
$ 2,470,000 Branson, MO IDA (Branson Landing) 5.500% 06/01/2029 $ 2,494,033
- ----------------------------------------------------------------------------------------------------------------------------------
24,545,000 Branson, MO IDA (Branson Shoppe Redevel.) 5.950 11/01/2029 24,952,447
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Branson, MO Regional Airport (Branson Airport) 6.000 07/01/2025 4,884,500
- ----------------------------------------------------------------------------------------------------------------------------------
570,000 Broadway-Fairview, MO Transportation Devel. District
(Columbia) 6.125 12/01/2036 553,709
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Cape Girardeau County, MO IDA (Procter & Gamble
Company) 5.300 05/15/2028 76,105
- ----------------------------------------------------------------------------------------------------------------------------------
1,215,000 Chillicothe, MO Tax Increment (South U.S. 65) 4 5.500 04/01/2021 1,221,974
- ----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Chillicothe, MO Tax Increment (South U.S. 65) 5.625 04/01/2027 1,106,644
- ----------------------------------------------------------------------------------------------------------------------------------
2,530,000 Clay County, MO IDA (Oak Creek) 6.300 01/20/2038 2,683,217
- ----------------------------------------------------------------------------------------------------------------------------------
450,000 Cottleville, MO COP 6 5.250 08/01/2031 455,382
- ----------------------------------------------------------------------------------------------------------------------------------
3,325,000 Dardenne Town Square, MO Transportation Devel. District 5.000 05/01/2026 3,193,729
- ----------------------------------------------------------------------------------------------------------------------------------
3,940,000 Dardenne Town Square, MO Transportation Devel. District 5.000 05/01/2036 3,675,587
- ----------------------------------------------------------------------------------------------------------------------------------
2,815,000 Enright Arlington, MO Community Improvement District 4 5.400 03/01/2026 2,774,295
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Good Shepard, MO Nursing Home District 5.900 08/15/2023 2,031,700
- ----------------------------------------------------------------------------------------------------------------------------------
245,000 Grindstone Plaza, MO Transportation Devel. District 5.250 10/01/2021 243,410
- ----------------------------------------------------------------------------------------------------------------------------------
400,000 Grindstone Plaza, MO Transportation Devel. District 5.400 10/01/2026 400,684
- ----------------------------------------------------------------------------------------------------------------------------------
600,000 Grindstone Plaza, MO Transportation Devel. District 5.550 10/01/2036 599,172
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 Jackson County, MO IDA (Avila College) 6.500 12/02/2025 205,538
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Jennings, MO Tax Increment & Community Improvement
(Northland Redevel. Area) 5.000 11/01/2023 1,212,700
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Kansas City, MO IDA (Plaza Library) 5.900 03/01/2024 1,000,800
- ----------------------------------------------------------------------------------------------------------------------------------
1,385,000 Kansas City, MO IDA (West Paseo) 6.750 07/01/2036 1,389,197
- ----------------------------------------------------------------------------------------------------------------------------------
555,000 Kansas City, MO IDA (Woodbridge Apartments) 6.700 08/01/2015 559,534
- ----------------------------------------------------------------------------------------------------------------------------------
3,750,000 Kansas City, MO Tax Increment (Briarcliff West) 5.400 06/01/2024 3,793,013
- ----------------------------------------------------------------------------------------------------------------------------------
1,735,000 Lees Summit, MO IDA (Kensington Farms) 5.500 03/01/2021 1,732,450
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Lees Summit, MO IDA (Kensington Farms) 5.750 03/01/2029 760,155
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 MO Environmental Improvement & Energy Resources
Authority 5.450 01/01/2018 50,694
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 MO Environmental Improvement & Energy Resources
Authority (Missouri-American Water Company) 5.900 03/01/2030 71,489
- ----------------------------------------------------------------------------------------------------------------------------------
165,000 MO Environmental Improvement & Energy Resources
Authority (St. Louis County Water Company) 5.000 03/01/2029 165,350
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 MO Environmental Improvement & Energy Resources
Authority (Union Electric Company) 5.450 10/01/2028 201,514
- ----------------------------------------------------------------------------------------------------------------------------------
3,915,000 MO HDC (Mansion Apartments Phase II) 6.170 04/01/2032 3,941,191
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 MO HDC (Multifamily Hsg.) 5.625 01/01/2040 40,895
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 MO HDC (Single Family Mtg.) 5.500 09/01/2033 15,305
- ----------------------------------------------------------------------------------------------------------------------------------
3,060,000 MO HDC (Single Family Mtg.) 4 5.550 09/01/2034 3,163,091
- ----------------------------------------------------------------------------------------------------------------------------------
460,000 MO HDC (Single Family Mtg.) 6.350 09/01/2034 487,066
- ----------------------------------------------------------------------------------------------------------------------------------
65,000 MO HDC (Single Family Mtg.) 6.400 03/01/2029 66,418
62 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
MISSOURI Continued
$ 20,000 MO HDC (Single Family Mtg.) 7.200% 09/01/2026 $ 20,529
- ----------------------------------------------------------------------------------------------------------------------------------
789,000 Northwoods, MO Transportation Devel. District 5.850 02/01/2031 784,518
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Pleasant Hope, MO School District COP 5.875 03/01/2017 25,025
- ----------------------------------------------------------------------------------------------------------------------------------
115,000 St. Charles County, MO IDA (Ashwood Apartments) 5.600 04/01/2030 116,120
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 St. Joseph, MO IDA (Living Community of St. Joseph) 7.000 08/15/2032 2,505,800
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 St. Joseph, MO IDA (Shoppes at North Village) 5.375 11/01/2024 753,953
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 St. Joseph, MO IDA (Shoppes at North Village) 5.500 11/01/2027 2,522,825
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 St. Louis County, MO IDA (Century Garden Apartments) 5.700 08/20/2039 10,115
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 St. Louis, MO Tax Increment (1601 Washington Redevel.) 6.000 08/21/2026 2,437,900
- ----------------------------------------------------------------------------------------------------------------------------------
2,150,000 St. Louis, MO Tax Increment (Pet Building Redevel.) 5.500 05/29/2028 2,091,542
- ----------------------------------------------------------------------------------------------------------------------------------
1,660,000 St. Louis, MO Tax Increment (Printers Lofts) 6.000 08/21/2026 1,752,130
- ----------------------------------------------------------------------------------------------------------------------------------
2,540,000 St. Louis, MO Tax Increment (Washington East
Condominiums) 5.500 01/20/2028 2,516,861
- ----------------------------------------------------------------------------------------------------------------------------------
1,600,000 St. Louis, MO Tax Increment (Washington East
Condominiums) 5.500 01/20/2028 1,585,424
- ----------------------------------------------------------------------------------------------------------------------------------
1,115,000 St. Louis, MO Tax Increment Financing, Series A 5.500 09/02/2028 1,097,851
- ----------------------------------------------------------------------------------------------------------------------------------
1,865,000 Stone Canyon, MO Improvement District (Infrastructure) 5.700 04/01/2022 1,831,244
- ----------------------------------------------------------------------------------------------------------------------------------
975,000 Stone Canyon, MO Improvement District (Infrastructure) 5.750 04/01/2027 949,728
---------------
118,601,464
- ----------------------------------------------------------------------------------------------------------------------------------
MONTANA--0.2%
4,360,000 Hardin, MT Tax Increment Industrial Infrastructure
Devel. (Rocky Mountain Power) 0.000 8 09/01/2031 2,862,776
- ----------------------------------------------------------------------------------------------------------------------------------
105,000 MT Board of Hsg. (Single Family) 5.550 06/01/2033 108,120
- ----------------------------------------------------------------------------------------------------------------------------------
6,800,000 MT Board of Investment Exempt Facilities (Stillwater
Mining Company) 4 8.000 07/01/2020 6,978,432
- ----------------------------------------------------------------------------------------------------------------------------------
1,125,000 MT Facilities Finance Authority (St. John's Lutheran) 6.000 05/15/2025 1,147,579
- ----------------------------------------------------------------------------------------------------------------------------------
1,650,000 MT Facilities Finance Authority (St. John's Lutheran) 6.125 05/15/2036 1,702,734
- ----------------------------------------------------------------------------------------------------------------------------------
1,910,000 MT Health Facilities Authority (CoMC) 6.375 06/01/2018 1,923,179
- ----------------------------------------------------------------------------------------------------------------------------------
190,000 MT Higher Education Student Assistance Corp. 5.500 12/01/2031 193,245
- ----------------------------------------------------------------------------------------------------------------------------------
2,290,000 MT Higher Education Student Assistance Corp. 4 6.400 12/01/2032 2,378,646
---------------
17,294,711
- ----------------------------------------------------------------------------------------------------------------------------------
MULTI STATES--0.4%
7,000,000 GMAC Municipal Mortgage Trust 5.500 10/31/2040 6,980,260
- ----------------------------------------------------------------------------------------------------------------------------------
13,000,000 GMAC Municipal Mortgage Trust 5.700 10/31/2040 13,044,590
- ----------------------------------------------------------------------------------------------------------------------------------
1,790,000 Multifamily Hsg. Revenue Bond Pass-Thru Certificates
(MS Loveland/American International Group Obligated
Group) 6.000 8 11/01/2033 1,846,134
- ----------------------------------------------------------------------------------------------------------------------------------
1,650,000 Multifamily Hsg. Revenue Bond Pass-Thru Certificates
(Skyway Villas) 5.950 11/01/2034 1,711,760
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Munimae TE Bond Subsidiary 5.900 11/29/2049 8,296,960
---------------
31,879,704
63 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
NEBRASKA--1.6%
$ 93,250,000 Central Plains, NE Energy 1 4.241% 2 12/01/2026 $ 91,384,400
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Dawson County, NE Sanitation & Improvement District 5.650 02/01/2022 49,104
- ----------------------------------------------------------------------------------------------------------------------------------
250,000 Douglas County, NE Hsg. Authority (Orchard Gardens) 5.100 10/01/2027 243,803
- ----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Douglas County, NE Hsg. Authority (Orchard Gardens) 5.150 10/01/2032 1,169,352
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Mead Village, NE Tax Increment (Biofuels-Mead) 4 5.750 01/01/2022 1,250,988
- ----------------------------------------------------------------------------------------------------------------------------------
2,400,000 NE Educational Facilities Authority (Midland Lutheran
College) 4 5.600 09/15/2029 2,426,688
- ----------------------------------------------------------------------------------------------------------------------------------
110,000 NE Student Loan (Nebhelp) 6.000 06/01/2028 110,993
- ----------------------------------------------------------------------------------------------------------------------------------
65,000 NE Student Loan (Nebhelp) 6.250 06/01/2018 68,548
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 NE Student Loan (Nebhelp) 6.450 06/01/2018 20,925
- ----------------------------------------------------------------------------------------------------------------------------------
250,000 NE Student Loan (Nebhelp) 4 6.659 5 12/15/2015 139,048
- ----------------------------------------------------------------------------------------------------------------------------------
105,000 Sarpy County, NE Sanitation & Improvement Districts
No. 179 (Eagle Crest) 5.700 10/01/2021 105,076
- ----------------------------------------------------------------------------------------------------------------------------------
45,745,000 Saunders County, NE Individual Devel. (Mead Biofuels) 7.000 12/01/2026 44,721,684
---------------
141,690,609
- ----------------------------------------------------------------------------------------------------------------------------------
NEVADA--1.2%
1,000,000 Clark County, NV Improvement District 5.000 02/01/2026 966,620
- ----------------------------------------------------------------------------------------------------------------------------------
770,000 Clark County, NV Improvement District 5.050 02/01/2031 735,843
- ----------------------------------------------------------------------------------------------------------------------------------
245,000 Clark County, NV Industrial Devel. (Nevada Power
Company) 5.600 10/01/2030 245,681
- ----------------------------------------------------------------------------------------------------------------------------------
27,460,000 Clark County, NV Industrial Devel. (Nevada Power
Company) 5.900 10/01/2030 27,457,254
- ----------------------------------------------------------------------------------------------------------------------------------
7,145,000 Clark County, NV Industrial Devel. (Nevada Power
Company), Series A 5.900 11/01/2032 7,146,858
- ----------------------------------------------------------------------------------------------------------------------------------
10,570,000 Clark County, NV Industrial Devel. (Southwest Gas Corp.) 1 5.250 07/01/2034 10,969,546
- ----------------------------------------------------------------------------------------------------------------------------------
12,000,000 Clark County, NV Industrial Devel. (Southwest Gas Corp.) 1 5.250 03/01/2038 12,488,280
- ----------------------------------------------------------------------------------------------------------------------------------
19,200,000 Clark County, NV Industrial Devel. (Southwest Gas Corp.) 1 5.000 12/01/2033 19,540,704
- ----------------------------------------------------------------------------------------------------------------------------------
8,260,000 Clark County, NV Industrial Devel. (Southwest Gas Corp.) 1 5.550 12/01/2038 8,712,937
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Clark County, NV Pollution Control (Nevada Power
Company) 5.450 10/01/2023 24,616
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Director of the State of NV Dept. of Business & Industry
(Las Ventanas Retirement) 7.000 11/15/2034 10,435,400
- ----------------------------------------------------------------------------------------------------------------------------------
135,000 Mesquite, NV Special Improvement District (Canyon
Creek) 5.400 08/01/2020 136,089
- ----------------------------------------------------------------------------------------------------------------------------------
550,000 Mesquite, NV Special Improvement District (Canyon
Creek) 5.500 08/01/2025 553,003
- ----------------------------------------------------------------------------------------------------------------------------------
185,000 NV Hsg. Division (Diamond Creek) 5.900 10/01/2018 190,946
- ----------------------------------------------------------------------------------------------------------------------------------
3,360,000 NV Hsg. Division (Riverwood I & II) 4.750 04/01/2039 3,276,235
---------------
102,880,012
64 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE--0.2%
$ 2,155,000 NH Business Finance Authority (Air Cargo at Pease) 6.750% 04/01/2024 $ 2,197,346
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 NH Business Finance Authority (Connecticut Light
& Power) 5.850 12/01/2022 72,172
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 NH Business Finance Authority (Pennichuck Water
Works) 6.300 05/01/2022 204,336
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 NH Business Finance Authority (Public Service
Company of New Hampshire) 6.000 05/01/2021 10,319,000
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 NH H&EFA (Franklin Pierce College) 6.050 10/01/2034 4,245,600
- ----------------------------------------------------------------------------------------------------------------------------------
535,000 NH HE&HFA (New England College) 5.750 03/01/2009 538,060
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 NH HFA (Single Family Mtg.) 5.300 07/01/2033 45,428
---------------
17,621,942
- ----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY--9.5%
100,000 NJ EDA (Cascade Corp.) 8.250 02/01/2026 100,073
- ----------------------------------------------------------------------------------------------------------------------------------
24,000,000 NJ EDA (Cigarette Tax) 5.500 06/15/2024 24,937,200
- ----------------------------------------------------------------------------------------------------------------------------------
5,205,000 NJ EDA (Cigarette Tax) 5.500 06/15/2031 5,446,200
- ----------------------------------------------------------------------------------------------------------------------------------
19,205,000 NJ EDA (Cigarette Tax) 5.750 06/15/2029 20,466,961
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 NJ EDA (Cigarette Tax) 5.750 06/15/2034 3,182,640
- ----------------------------------------------------------------------------------------------------------------------------------
1,115,000 NJ EDA (Continental Airlines) 5.500 04/01/2028 1,088,162
- ----------------------------------------------------------------------------------------------------------------------------------
5,285,000 NJ EDA (Continental Airlines) 6.250 09/15/2019 5,438,952
- ----------------------------------------------------------------------------------------------------------------------------------
39,300,000 NJ EDA (Continental Airlines) 6.250 09/15/2029 40,444,809
- ----------------------------------------------------------------------------------------------------------------------------------
16,110,000 NJ EDA (Continental Airlines) 6.400 09/15/2023 16,548,192
- ----------------------------------------------------------------------------------------------------------------------------------
935,000 NJ EDA (Continental Airlines) 4 6.625 09/15/2012 984,518
- ----------------------------------------------------------------------------------------------------------------------------------
24,325,000 NJ EDA (Continental Airlines) 7.000 11/15/2030 25,701,552
- ----------------------------------------------------------------------------------------------------------------------------------
16,910,000 NJ EDA (Continental Airlines) 7.200 11/15/2030 18,029,611
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 NJ EDA (Continental Airlines) 9.000 06/01/2033 120,143
- ----------------------------------------------------------------------------------------------------------------------------------
12,500,000 NJ EDA (Converted Organics of Woodbridge) 8.000 08/01/2027 12,191,625
- ----------------------------------------------------------------------------------------------------------------------------------
1,405,000 NJ EDA (Empowerment Zone-Cumberland) 7.750 08/01/2021 1,346,988
- ----------------------------------------------------------------------------------------------------------------------------------
9,000,000 NJ EDA (GMT Realty) 6.875 01/01/2037 9,453,240
- ----------------------------------------------------------------------------------------------------------------------------------
34,740,000 NJ Health Care Facilities Financing Authority (Catholic
Health East) 1 4.524 2 11/15/2033 33,944,454
- ----------------------------------------------------------------------------------------------------------------------------------
2,545,000 NJ Health Care Facilities Financing Authority (Columbus
Hospital) 7.500 07/01/2021 2,582,615
- ----------------------------------------------------------------------------------------------------------------------------------
5,100,000 NJ Health Care Facilities Financing Authority (Raritan
Bay Medical Center) 7.250 07/01/2027 5,253,000
- ----------------------------------------------------------------------------------------------------------------------------------
89,465,000 NJ Tobacco Settlement Financing Corp. 4.750 06/01/2034 80,161,535
- ----------------------------------------------------------------------------------------------------------------------------------
98,170,000 NJ Tobacco Settlement Financing Corp. 5.000 06/01/2029 92,861,948
- ----------------------------------------------------------------------------------------------------------------------------------
439,920,000 NJ Tobacco Settlement Financing Corp. 5.000 06/01/2041 405,958,176
- ----------------------------------------------------------------------------------------------------------------------------------
51,500,000 NJ Tobacco Settlement Financing Corp. 5.647 5 06/01/2041 7,620,455
---------------
813,863,049
65 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO--0.2%
$ 630,000 Dona Ana County, NM Multifamily (Montana
Meadows Apartments) 8.500% 12/01/2015 $ 660,965
- ----------------------------------------------------------------------------------------------------------------------------------
5,640,000 Eldorado, NM Area Water & Sanitation District 6.000 02/01/2025 5,606,780
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Farmington, NM Pollution Control (Public Service
Company of New Mexico) 6.600 10/01/2029 53,022
- ----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Mariposa East, NM Public Improvement District 5.500 09/01/2016 1,117,622
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Mariposa East, NM Public Improvement District 5.750 09/01/2021 511,865
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Mariposa East, NM Public Improvement District 6.000 09/01/2032 513,880
- ----------------------------------------------------------------------------------------------------------------------------------
7,440,000 NM Mtg. Finance Authority (Single Family Mtg.) 5.000 01/01/2038 7,365,079
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 NM Mtg. Finance Authority, Series C 6.500 07/01/2025 10,232
- ----------------------------------------------------------------------------------------------------------------------------------
228,000 NM Regional Hsg. Authority (Wildewood Apartments) 8.750 12/01/2020 240,729
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Otero County, NM Jail COP 6.000 04/01/2023 503,510
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Otero County, NM Jail COP 6.000 04/01/2028 502,335
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Ventana West, NM Public Improvement District
Special Levy 6.875 08/01/2033 1,067,340
---------------
18,153,359
- ----------------------------------------------------------------------------------------------------------------------------------
NEW YORK--2.0%
3,000,000 Albany, NY IDA (New Covenant Charter School) 4 7.000 05/01/2035 2,552,670
- ----------------------------------------------------------------------------------------------------------------------------------
23,000,000 Erie County, NY IDA (Great Lakes) 3 7.500 12/01/2025 5,747,470
- ----------------------------------------------------------------------------------------------------------------------------------
13,000,000 Erie County, NY Tobacco Asset Securitization Corp. 5.808 5 06/01/2047 1,309,490
- ----------------------------------------------------------------------------------------------------------------------------------
56,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.280 5 06/01/2050 4,021,920
- ----------------------------------------------------------------------------------------------------------------------------------
62,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.656 5 06/01/2055 2,589,120
- ----------------------------------------------------------------------------------------------------------------------------------
132,765,000 NY Counties Tobacco Trust V 5.904 5 06/01/2038 22,106,700
- ----------------------------------------------------------------------------------------------------------------------------------
107,910,000 NY Counties Tobacco Trust V 6.074 5 06/01/2050 8,426,692
- ----------------------------------------------------------------------------------------------------------------------------------
412,100,000 NY Counties Tobacco Trust V 7.151 5 06/01/2060 10,372,557
- ----------------------------------------------------------------------------------------------------------------------------------
500,000,000 NY Counties Tobacco Trust V 7.836 5 06/01/2060 9,410,000
- ----------------------------------------------------------------------------------------------------------------------------------
7,815,000 NYC IDA (American Airlines) 5.400 07/01/2020 7,529,674
- ----------------------------------------------------------------------------------------------------------------------------------
11,055,000 NYC IDA (American Airlines) 6.900 08/01/2024 11,076,115
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC IDA (American Airlines) 7.125 08/01/2011 4,201,040
- ----------------------------------------------------------------------------------------------------------------------------------
4,750,000 NYC IDA (American Airlines) 7.625 08/01/2025 5,552,798
- ----------------------------------------------------------------------------------------------------------------------------------
61,150,000 NYC IDA (American Airlines) 7.750 08/01/2031 72,025,528
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Brooklyn Navy Yard Cogeneration Partners) 5.750 10/01/2036 1,005,220
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (JFK International Airport) 8.000 08/01/2012 563,170
---------------
168,490,164
- ----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA--0.9%
1,725,000 Durham, NC Hsg. Authority (Naples Terrace Apartments) 5.700 06/01/2033 1,764,882
- ----------------------------------------------------------------------------------------------------------------------------------
1,025,000 Elizabeth City, NC Multifamily Hsg. (Walker Landing) 5.125 03/20/2049 1,020,388
- ----------------------------------------------------------------------------------------------------------------------------------
26,115,000 Gaston, NC IF&PCFA (National Gypsum) 5.750 08/01/2035 27,013,356
- ----------------------------------------------------------------------------------------------------------------------------------
34,380,000 NC Charlotte Douglas International Airport Special
Facilities (US Airways) 5.600 07/01/2027 34,365,904
66 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA Continued
$ 2,755,000 NC Charlotte Douglas International Airport
Special Facilities (US Airways) 7.750% 02/01/2028 $ 2,910,410
- ----------------------------------------------------------------------------------------------------------------------------------
1,900,000 NC Medical Care Commission
(Glenaire/The Presbyterian Homes Obligated Group) 5.500 10/01/2031 1,925,099
- ----------------------------------------------------------------------------------------------------------------------------------
1,100,000 NC Medical Care Commission
(Glenaire/The Presbyterian Homes Obligated Group) 5.600 10/01/2036 1,116,445
- ----------------------------------------------------------------------------------------------------------------------------------
1,400,000 NC Medical Care Commission (United Methodist) 5.500 10/01/2032 1,435,224
- ----------------------------------------------------------------------------------------------------------------------------------
2,775,000 NC Medical Care Commission Retirement Facilities
(Village at Brookwood) 5.250 01/01/2032 2,680,456
---------------
74,232,164
- ----------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA--0.0%
1,000,000 Cando, ND Nursing Facility (Towner County
Medical Center) 7.125 08/01/2022 1,000,550
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Cass County, ND Industrial Devel. Revenue (Fraser Ltd.) 7.000 11/01/2015 100,106
- ----------------------------------------------------------------------------------------------------------------------------------
5,000 ND HFA 5.500 07/01/2029 5,056
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 ND HFA (Home Mtg.) 5.400 01/01/2034 10,296
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 ND HFA (Home Mtg.) 5.550 07/01/2022 10,215
- ----------------------------------------------------------------------------------------------------------------------------------
2,935,000 Richland County, ND Hsg. (Birchwood Properties) 6.750 05/01/2029 2,949,675
---------------
4,075,898
- ----------------------------------------------------------------------------------------------------------------------------------
OHIO--2.9%
1,470,000 Butler County, OH Hsg. (Anthony Wayne Apartments) 6.500 09/01/2030 1,488,493
- ----------------------------------------------------------------------------------------------------------------------------------
19,180,000 Cleveland, OH Airport (Continental Airlines) 5.375 09/15/2027 18,783,933
- ----------------------------------------------------------------------------------------------------------------------------------
90,000 Cleveland, OH Airport (Continental Airlines) 5.500 12/01/2008 90,210
- ----------------------------------------------------------------------------------------------------------------------------------
18,430,000 Cleveland, OH Airport (Continental Airlines) 5.700 12/01/2019 18,683,597
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Cleveland-Cuyahoga County, OH Port Authority
(St. Clarence) 6.250 05/01/2038 1,030,470
- ----------------------------------------------------------------------------------------------------------------------------------
3,265,000 Dublin, OH Industrial Devel. (Dublin Health Care Corp.) 7.500 12/01/2016 3,337,385
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Erie County, OH Hospital Facilities (Firelands Regional
Medical Center) 5.250 08/15/2046 5,073,550
- ----------------------------------------------------------------------------------------------------------------------------------
7,500,000 Grove City, OH Tax Increment Financing 5.375 12/01/2031 7,320,450
- ----------------------------------------------------------------------------------------------------------------------------------
855,000 Lorain County, OH Port Authority (Alumalloy LLC) 4 6.000 11/15/2025 860,652
- ----------------------------------------------------------------------------------------------------------------------------------
24,075,000 Mahoning County, OH Hospital Facilities (Forum
Health Obligated Group) 4 6.000 11/15/2032 23,709,060
- ----------------------------------------------------------------------------------------------------------------------------------
2,050,000 Miami County, OH Hospital Facilities (Upper Valley
Medical Center) 4 5.250 05/15/2026 2,107,216
- ----------------------------------------------------------------------------------------------------------------------------------
960,000 Moraine, OH Solid Waste Disposal (General
Motors Corp.) 5.650 07/01/2024 935,482
- ----------------------------------------------------------------------------------------------------------------------------------
225,000 Moraine, OH Solid Waste Disposal
(General Motors Corp.) 6.750 07/01/2014 233,087
- ----------------------------------------------------------------------------------------------------------------------------------
2,375,000 OH Air Quality Devel. Authority (Toledo Edison
Company) 6.100 08/01/2027 2,425,754
67 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
OHIO Continued
$ 50,000 OH Environmental Facilities (Ford Motor Company) 5.750% 04/01/2035 $ 48,351
- ----------------------------------------------------------------------------------------------------------------------------------
520,000 OH Environmental Facilities (Ford Motor Company) 5.950 09/01/2029 522,491
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 OH Environmental Facilities (Ford Motor Company) 6.150 06/01/2030 100,632
- ----------------------------------------------------------------------------------------------------------------------------------
2,630,000 OH HFA (GNMA Collateral Mtg.) 5.000 11/20/2047 2,561,331
- ----------------------------------------------------------------------------------------------------------------------------------
5,170,000 OH HFA (Uptown Towers Apartments) 5.250 04/20/2048 5,175,015
- ----------------------------------------------------------------------------------------------------------------------------------
12,580,000 OH Higher Educational Facility (Case Western Reserve
University) 1 5.000 12/01/2044 12,952,745
- ----------------------------------------------------------------------------------------------------------------------------------
15,000,000 OH Higher Educational Facility Commission (University
Hospital Health System) 4.750 01/15/2046 14,118,600
- ----------------------------------------------------------------------------------------------------------------------------------
12,500,000 OH Higher Educational Facility Commission (University
Hospital Health System) 5.250 01/15/2046 12,704,625
- ----------------------------------------------------------------------------------------------------------------------------------
550,000 OH Pollution Control (General Motors Corp.) 5.625 03/01/2015 544,198
- ----------------------------------------------------------------------------------------------------------------------------------
2,050,000 OH Port Authority of Columbiana Solid Waste (A&L
Salvage) 14.500 07/01/2028 2,513,362
- ----------------------------------------------------------------------------------------------------------------------------------
16,320,000 OH Port Authority of Columbiana Solid Waste (Apex
Environmental) 7.250 08/01/2034 17,090,957
- ----------------------------------------------------------------------------------------------------------------------------------
13,970,000 OH Solid Waste (General Motors Corp.) 6.300 12/01/2032 14,117,104
- ----------------------------------------------------------------------------------------------------------------------------------
29,515,000 OH Solid Waste Disposal (USG Corp.) 5.600 08/01/2032 30,011,442
- ----------------------------------------------------------------------------------------------------------------------------------
38,910,000 OH Solid Waste Disposal (USG Corp.) 5.650 03/01/2033 39,466,802
- ----------------------------------------------------------------------------------------------------------------------------------
6,640,000 OH Solid Waste Disposal (USG Corp.) 6.050 08/01/2034 6,876,118
- ----------------------------------------------------------------------------------------------------------------------------------
430,000 OH Water Devel. Authority (Cincinnati Gas & Electric
Company) 5.450 01/01/2024 432,172
- ----------------------------------------------------------------------------------------------------------------------------------
532,000 OH Water Devel. Authority (General Motors Corp.) 5.900 06/15/2008 531,846
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 Pike County, OH Hospital Facilities (Pike Health Services) 7.000 07/01/2022 70,722
- ----------------------------------------------------------------------------------------------------------------------------------
120,000 Toledo-Lucas County, OH Port Authority (Northwest
Ohio) 5.125 11/15/2025 119,568
---------------
246,037,420
- ----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA--1.3%
1,700,000 Ardmore, OK Devel. Authority (Airpark Increment
District) 5.750 11/01/2022 1,707,021
- ----------------------------------------------------------------------------------------------------------------------------------
2,325,000 Cleveland County, OK IDA (Vaughn Foods) 6.750 12/01/2012 2,321,536
- ----------------------------------------------------------------------------------------------------------------------------------
2,365,000 Cleveland County, OK IDA (Vaughn Foods) 7.100 12/01/2024 2,346,766
- ----------------------------------------------------------------------------------------------------------------------------------
2,280,000 Ellis County, OK Industrial Authority (W.B. Johnston
Grain of Shattuck) 4 7.100 08/01/2023 2,361,715
- ----------------------------------------------------------------------------------------------------------------------------------
2,760,000 Ellis County, OK Industrial Authority (W.B. Johnston
Grain of Shattuck) 7.500 08/01/2023 2,869,268
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Grady County, OK Industrial Authority (Correctional
Facilities) 7.000 11/01/2011 353,100
- ----------------------------------------------------------------------------------------------------------------------------------
3,260,000 Jackson County, OK Memorial Hospital Authority
(Jackson County Memorial) 7.300 08/01/2015 3,276,919
- ----------------------------------------------------------------------------------------------------------------------------------
9,000,000 OK Devel. Finance Authority (Doane Products Company) 6.250 07/15/2023 9,072,630
68 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA Continued
$ 19,000,000 OK Devel. Finance Authority (St. John Health
System/St. John Medical Center Obligated Group) 5.000% 02/15/2037 $ 19,121,410
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 OK Devel. Finance Authority (St. John Health
System/St. John Medical Center Obligated Group) 5.000 02/15/2042 4,004,440
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 OK HFA (Single Family Homeownership Loan Program) 5.050 09/01/2031 4,006,400
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 OK HFA (Single Family Homeownership Loan Program) 6.250 09/01/2029 76,185
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 OK HFA (Single Family) 5.685 5 09/01/2030 27,114
- ----------------------------------------------------------------------------------------------------------------------------------
125,000 OK Ordnance Works Authority Sewer & Solid Waste
Disposal Facilities (Ralston Purina Group) 6.500 09/01/2026 127,543
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 OK Student Loan Authority 5.300 12/01/2032 30,644
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Oklahoma City, OK Industrial & Cultural Facilities
(Aero Obligated Group) 6.750 01/01/2023 1,586,655
- ----------------------------------------------------------------------------------------------------------------------------------
2,950,000 Oklahoma County, OK Finance Authority (Var-Sail
Association) 5.250 05/15/2041 2,973,128
- ----------------------------------------------------------------------------------------------------------------------------------
7,350,000 Oklahoma County, OK HFA (Single Family Mtg.) 5.400 10/01/2038 7,688,321
- ----------------------------------------------------------------------------------------------------------------------------------
24,474,000 Tulsa County, OK Home Finance Authority (Single
Family Mtg.) 5.250 12/01/2038 24,985,262
- ----------------------------------------------------------------------------------------------------------------------------------
6,505,000 Tulsa, OK Municipal Airport Trust (American Airlines) 4 5.650 12/01/2035 6,532,386
- ----------------------------------------------------------------------------------------------------------------------------------
180,000 Tulsa, OK Municipal Airport Trust (American Airlines) 6.250 06/01/2020 180,088
- ----------------------------------------------------------------------------------------------------------------------------------
15,500,000 Tulsa, OK Municipal Airport Trust (American Airlines) 4 7.750 06/01/2035 17,806,400
---------------
113,454,931
- ----------------------------------------------------------------------------------------------------------------------------------
OREGON--0.3%
3,500,000 Clackamas County, OR Hsg. Authority (Easton Ridge) 5.900 12/01/2026 3,476,130
- ----------------------------------------------------------------------------------------------------------------------------------
3,745,000 Cow Creek Band, OR (Umpqua Tribe of Indians) 4 5.625 10/01/2026 3,769,455
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Lane County, OR Hsg. Authority & Community Services
(Firewood) 6.600 11/01/2015 20,060
- ----------------------------------------------------------------------------------------------------------------------------------
1,095,000 OR Economic Devel. (Georgia-Pacific Corp.) 5.700 12/01/2025 1,097,738
- ----------------------------------------------------------------------------------------------------------------------------------
880,000 OR Economic Devel. (Georgia-Pacific Corp.) 6.350 08/01/2025 880,660
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 OR GO (Elderly & Disabled Hsg.) 5.250 08/01/2031 10,091
- ----------------------------------------------------------------------------------------------------------------------------------
110,000 OR GO (Elderly & Disabled Hsg.) 5.800 08/01/2027 110,806
- ----------------------------------------------------------------------------------------------------------------------------------
55,000 OR Hsg. & Community Services Dept. (Multifamily Hsg.) 6.000 07/01/2031 55,775
- ----------------------------------------------------------------------------------------------------------------------------------
8,270,000 OR Solid Waste Disposal (USG Corp.) 6.400 12/01/2029 8,659,352
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Port Astoria, OR Pollution Control (James River) 6.550 02/01/2015 50,038
- ----------------------------------------------------------------------------------------------------------------------------------
5,000 Port of St. Helen's, OR 6.250 03/01/2010 5,006
- ----------------------------------------------------------------------------------------------------------------------------------
3,655,000 Port of St. Helen's, OR Pollution Control (Boise
Cascade Corp.) 4 5.650 12/01/2027 3,671,155
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 Portland, OR Hsg. Authority (Berry Ridge) 6.300 05/01/2029 15,040
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Portland, OR Hsg. Authority (Lovejoy Station
Apartments) 5.900 07/01/2023 25,590
- ----------------------------------------------------------------------------------------------------------------------------------
1,735,000 Western Generation, OR Agency Cogeneration
(Wauna Cogeneration) 5.000 01/01/2021 1,697,611
---------------
23,544,507
69 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--4.2%
$ 1,250,000 Allegheny County, PA HDA (The Covenant at
South Hills) 9,10 8.750% 02/01/2031 $ 647,488
- ----------------------------------------------------------------------------------------------------------------------------------
4,260,000 Allegheny County, PA HDA (West Penn Allegheny
Health System) 9.250 11/15/2015 4,926,690
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 Beaver County, PA IDA (J. Ray McDermott & Company) 6.800 02/01/2009 70,771
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 Erie County, PA IDA (International Paper Company) 5.850 12/01/2020 10,157
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Lawrence County, PA IDA (Shenango Presbyterian Center) 7.500 11/15/2031 1,144,290
- ----------------------------------------------------------------------------------------------------------------------------------
24,000,000 Lehigh County, PA GPA (St. Lukes Hospital Bethlehem) 1 0.000 2 08/15/2042 23,346,672
- ----------------------------------------------------------------------------------------------------------------------------------
42,500,000 Lehigh County, PA GPA (St. Lukes Hospital Bethlehem) 1 4.511 2 08/15/2033 41,370,840
- ----------------------------------------------------------------------------------------------------------------------------------
515,000 New Morgan, PA IDA (Browning-Ferris Industries) 6.500 04/01/2019 517,482
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (National Gypsum Company) 6.250 11/01/2027 5,196,550
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (Northampton Generating) 6.500 01/01/2013 5,073,950
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (Northampton Generating) 6.600 01/01/2019 5,048,950
- ----------------------------------------------------------------------------------------------------------------------------------
79,425,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 86,989,437
- ----------------------------------------------------------------------------------------------------------------------------------
28,500,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 31,214,340
- ----------------------------------------------------------------------------------------------------------------------------------
29,675,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 32,501,247
- ----------------------------------------------------------------------------------------------------------------------------------
17,500,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 19,166,700
- ----------------------------------------------------------------------------------------------------------------------------------
14,500,000 PA EDFA (Reliant Energy/Reliant Seward Obligated
Group) 6.750 12/01/2036 15,880,980
- ----------------------------------------------------------------------------------------------------------------------------------
26,270,000 PA EDFA (USG Corp.) 6.000 06/01/2031 27,109,327
- ----------------------------------------------------------------------------------------------------------------------------------
570,000 Philadelphia, PA H&HEFA (Temple University Hospital) 6.625 11/15/2023 571,049
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Sayre, PA Health Care Facilities Authority (Guthrie
Healthcare System) 1 4.371 2 12/01/2024 9,889,000
- ----------------------------------------------------------------------------------------------------------------------------------
53,750,000 Sayre, PA Health Care Facilities Authority (Guthrie
Healthcare System) 1,6 4.421 2 12/01/2031 53,153,042
---------------
363,828,962
- ----------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND--2.5%
45,000,000 Central Falls, RI Detention Facility 7.250 07/15/2035 49,905,000
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Providence, RI Hsg. Authority (Lockwood Plaza) 5.700 09/01/2033 25,827
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 RI Health & Educational Building Corp. (Roger Williams
General Hospital) 5.500 07/01/2018 49,734
- ----------------------------------------------------------------------------------------------------------------------------------
11,500,000 RI Hsg. & Mtg. Finance Corp. 4 5.000 10/01/2048 11,188,350
- ----------------------------------------------------------------------------------------------------------------------------------
4,185,000 RI Hsg. & Mtg. Finance Corp. (Homeownership
Opportunity) 5.000 10/01/2046 4,080,124
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 RI Hsg. & Mtg. Finance Corp. (Homeownership
Opportunity) 5.100 10/01/2029 50,052
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 RI Hsg. & Mtg. Finance Corp. (Homeownership
Opportunity) 5.150 10/01/2038 1,006,460
- ----------------------------------------------------------------------------------------------------------------------------------
12,835,000 RI Hsg. & Mtg. Finance Corp. (Homeownership
Opportunity) 5.200 10/01/2047 12,876,714
- ----------------------------------------------------------------------------------------------------------------------------------
7,080,000 RI Hsg. & Mtg. Finance Corp. (Rental Hsg.) 1 5.150 10/01/2022 7,132,534
70 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND Continued
$ 375,000 RI Hsg. & Mtg. Finance Corp. (Rental Hsg.) 5.500% 04/01/2034 $ 382,646
- ----------------------------------------------------------------------------------------------------------------------------------
80,000 RI Industrial Finance Corp. (Ultrafine Powder Technology) 8.000 06/01/2015 81,494
- ----------------------------------------------------------------------------------------------------------------------------------
735,245,000 RI Tobacco Settlement Financing Corp. (TASC) 6.000 5 06/01/2052 52,231,805
- ----------------------------------------------------------------------------------------------------------------------------------
52,090,000 RI Tobacco Settlement Financing Corp. (TASC) 6.125 5 06/01/2052 3,513,471
- ----------------------------------------------------------------------------------------------------------------------------------
49,715,000 RI Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2042 52,100,326
- ----------------------------------------------------------------------------------------------------------------------------------
16,225,000 RI Tobacco Settlement Financing Corp. (TASC) 6.750 5 06/01/2052 827,475
- ----------------------------------------------------------------------------------------------------------------------------------
18,130,000 RI Tobacco Settlement Financing Corp. (TASC), Series A 6.125 06/01/2032 18,888,197
---------------
214,340,209
- ----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--1.4%
45,000 Charleston County, SC Hospital Facilities (Medical
Society Health) 5.500 10/01/2019 45,342
- ----------------------------------------------------------------------------------------------------------------------------------
15,000,000 Columbia, SC Parking Facilities, Series A 1 5.000 02/01/2037 15,400,950
- ----------------------------------------------------------------------------------------------------------------------------------
855,000 Darlington County, SC Industrial Devel. (Sonoco
Products Company) 4 6.000 04/01/2026 862,396
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Georgetown County, SC Environmental Improvement
(International Paper Company) 5.550 12/01/2029 2,048,180
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 Georgetown County, SC Environmental Improvement
(International Paper Company) 6.250 09/01/2023 15,584
- ----------------------------------------------------------------------------------------------------------------------------------
180,000 Greenville County, SC Airport (Donaldson Industrial
Air Park) 6.125 10/01/2017 183,722
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 Horry County, SC Airport 5.600 07/01/2017 15,314
- ----------------------------------------------------------------------------------------------------------------------------------
4,815,000 Lancaster County, SC (Edenmoor Improvement District) 5.750 12/01/2037 4,883,855
- ----------------------------------------------------------------------------------------------------------------------------------
1,725,000 McCormick County, SC Hospital Facilities (Health Care
Center) 8.000 03/01/2021 2,207,500
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Myrtle Beach, SC Tax Increment (Myrtle Beach Air
Force Base) 5.250 11/01/2026 990,980
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Myrtle Beach, SC Tax Increment (Myrtle Beach Air
Force Base) 5.300 11/01/2035 1,966,800
- ----------------------------------------------------------------------------------------------------------------------------------
6,620,000 SC Connector 2000 Assoc. Toll Road, Series B 6.496 5 01/01/2020 3,310,331
- ----------------------------------------------------------------------------------------------------------------------------------
8,500,000 SC Connector 2000 Assoc. Toll Road, Series B 6.621 5 01/01/2024 3,366,935
- ----------------------------------------------------------------------------------------------------------------------------------
9,320,000 SC GO 1 4.250 08/01/2017 9,463,342
- ----------------------------------------------------------------------------------------------------------------------------------
9,750,000 SC GO 1 4.375 08/01/2018 9,899,955
- ----------------------------------------------------------------------------------------------------------------------------------
10,190,000 SC GO 1 4.500 08/01/2019 10,346,722
- ----------------------------------------------------------------------------------------------------------------------------------
6,280,000 SC Hsg. Finance & Devel. Authority, Series A 1 4.850 01/01/2023 6,365,188
- ----------------------------------------------------------------------------------------------------------------------------------
11,040,000 SC Hsg. Finance & Devel. Authority, Series A 1 5.200 07/01/2034 11,144,825
- ----------------------------------------------------------------------------------------------------------------------------------
3,800,000 SC Hsg. Finance & Devel. Authority, Series A-2 5.150 07/01/2037 3,823,142
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 SC Jobs-EDA (JDAM/LH/Franke Home/LS Obligated
Group) 5.650 05/01/2018 49,413
- ----------------------------------------------------------------------------------------------------------------------------------
370,000 SC Jobs-EDA (JDAM/LH/Franke Home/LS Obligated
Group) 5.700 05/01/2026 363,322
- ----------------------------------------------------------------------------------------------------------------------------------
600,000 SC Jobs-EDA (Lutheran Homes) 5.500 05/01/2028 600,168
71 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA Continued
$ 500,000 SC Jobs-EDA (Lutheran Homes) 5.625% 05/01/2042 $ 500,285
- ----------------------------------------------------------------------------------------------------------------------------------
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 19,902,011
- ----------------------------------------------------------------------------------------------------------------------------------
6,485,000 SC Tobacco Settlement Management Authority, Series B 6.375 05/15/2030 7,337,064
- ----------------------------------------------------------------------------------------------------------------------------------
5,035,000 York County, SC (Hoechst Celanese Corp.) 4 5.700 01/01/2024 4,942,708
- ----------------------------------------------------------------------------------------------------------------------------------
290,000 York County, SC Pollution Control (Bowater) 7.400 01/01/2010 292,407
---------------
120,333,455
- ----------------------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA--0.6%
5,500,000 Lower Brule, SD Sioux Tribe (Farm Road Reconstruction) 6.500 02/01/2016 5,475,085
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Lower Brule, SD Sioux Tribe, Series B 5.500 05/01/2019 981,270
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Lower Brule, SD Sioux Tribe, Series B 5.600 05/01/2020 983,110
- ----------------------------------------------------------------------------------------------------------------------------------
37,405,000 SD Educational Enhancement Funding Corp. Tobacco
Settlement 6.500 06/01/2032 39,971,357
- ----------------------------------------------------------------------------------------------------------------------------------
5,786,854 Sioux Falls, SD Economic Devel. (City Centre Hotel) 7.000 2 11/01/2016 5,715,444
- ----------------------------------------------------------------------------------------------------------------------------------
1,425,000 Turner County, SD Tax Increment 5.000 12/15/2026 1,425,399
---------------
54,551,665
- ----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE--1.1%
1,675,000 Blount County, TN H&EFB (Asbury) 5.125 04/01/2023 1,651,651
- ----------------------------------------------------------------------------------------------------------------------------------
940,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 5.500 10/01/2020 945,612
- ----------------------------------------------------------------------------------------------------------------------------------
1,800,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 6.000 10/01/2035 1,857,816
- ----------------------------------------------------------------------------------------------------------------------------------
12,000,000 Johnson City, TN H&EFB (Mountain States Health
Alliance) 1 5.500 07/01/2036 12,387,660
- ----------------------------------------------------------------------------------------------------------------------------------
17,000,000 Johnson City, TN H&EFB (Mountain States Health
Alliance) 5.500 07/01/2036 17,549,100
- ----------------------------------------------------------------------------------------------------------------------------------
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 101,754
- ----------------------------------------------------------------------------------------------------------------------------------
16,905,000 Maury County, TN Industrial Devel. Board (General
Motors Corp.) 4 6.500 09/01/2024 16,994,597
- ----------------------------------------------------------------------------------------------------------------------------------
7,400,000 Maury County, TN Industrial Devel. Board (General
Motors Corp.) 4 7.000 2 06/01/2027 7,400,000
- ----------------------------------------------------------------------------------------------------------------------------------
7,000,000 Maury County, TN Industrial Devel. Board (General
Motors Corp.) 4 8.000 2 09/01/2027 7,000,000
- ----------------------------------------------------------------------------------------------------------------------------------
4,445,000 McMinn County, TN Industrial Devel. Board Pollution
Control (Calhoun Newsprint) 4 7.625 03/01/2016 4,466,692
- ----------------------------------------------------------------------------------------------------------------------------------
1,620,000 McMinn County, TN Industrial Devel. Board Solid Waste
(Calhoun Newsprint) 4 7.400 12/01/2022 1,640,704
- ----------------------------------------------------------------------------------------------------------------------------------
1,840,000 Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland
Hsg./NTH/UH Obligated Group) 4.960 2 04/01/2042 1,839,724
72 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE Continued
$ 9,080,000 Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland
Hsg./NTH/VH Obligated Group) 5.750% 04/01/2042 $ 8,906,572
- ----------------------------------------------------------------------------------------------------------------------------------
215,000 Memphis-Shelby County, TN Airport Authority
(Express Airlines) 6.125 12/01/2016 194,566
- ----------------------------------------------------------------------------------------------------------------------------------
500,000 Metropolitan Government Nashville & Davidson
County, TN H&EFB (Vanderbilt University) 4 5.600 05/01/2016 511,270
- ----------------------------------------------------------------------------------------------------------------------------------
8,500,000 Metropolitan Knoxville, TN Airport Authority
(Northwest Airlines) 8.000 04/01/2032 8,285,545
- ----------------------------------------------------------------------------------------------------------------------------------
305,000 Shelby County, TN HE&HF (Lapaloma Apartments) 7.750 12/01/2029 298,528
- ----------------------------------------------------------------------------------------------------------------------------------
3,490,000 TN Hsg. Devel. Agency (Homeownership Program) 5.150 01/01/2037 3,512,336
- ----------------------------------------------------------------------------------------------------------------------------------
55,000 TN Hsg. Devel. Authority (Homeownership) 5.450 01/01/2033 56,531
---------------
95,600,658
- ----------------------------------------------------------------------------------------------------------------------------------
TEXAS--26.7%
20,000 Abilene, TX HFDC (Hendrick Medical Center) 6.000 09/01/2013 20,032
- ----------------------------------------------------------------------------------------------------------------------------------
65,000 Abilene, TX HFDC (Hendrick Medical Center) 6.000 09/01/2013 65,104
- ----------------------------------------------------------------------------------------------------------------------------------
46,450,000 Alliance Airport Authority, TX (American Airlines) 5.250 12/01/2029 43,176,669
- ----------------------------------------------------------------------------------------------------------------------------------
93,500,000 Alliance Airport Authority, TX (American Airlines) 5.750 12/01/2029 92,219,050
- ----------------------------------------------------------------------------------------------------------------------------------
240,000 Alliance Airport Authority, TX (American Airlines) 7.000 12/01/2011 250,526
- ----------------------------------------------------------------------------------------------------------------------------------
36,000,000 Angelina & Neches River Authority, TX (Aspen Power) 6.500 11/01/2029 35,827,560
- ----------------------------------------------------------------------------------------------------------------------------------
250,000 Angelina & Neches River Authority, TX (Temple-Inland) 6.950 05/01/2023 250,868
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Angelina & Neches River Authority, TX Solid Waste
(Champion International Corp.) 6.300 04/01/2018 20,155
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Austin, TX Convention Enterprises (Convention Center) 5.750 01/01/2034 4,125,920
- ----------------------------------------------------------------------------------------------------------------------------------
230,000 Beaumont, TX Multifamily HDC (Madison on the
Lake Apartments) 7.750 12/01/2028 230,810
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 Bell County, TX HFDC (Buckner Retirement Services) 5.250 11/15/2028 205,444
- ----------------------------------------------------------------------------------------------------------------------------------
430,000 Bexar County, TX HFC (American Opportunity Hsg.) 7.500 01/01/2013 413,656
- ----------------------------------------------------------------------------------------------------------------------------------
980,000 Bexar County, TX HFC (American Opportunity Hsg.) 8.000 01/01/2031 917,770
- ----------------------------------------------------------------------------------------------------------------------------------
1,195,000 Bexar County, TX HFC (American Opportunity Hsg.) 8.250 12/01/2037 1,226,739
- ----------------------------------------------------------------------------------------------------------------------------------
970,000 Bexar County, TX HFC (American Opportunity Hsg.) 9.250 12/01/2037 974,627
- ----------------------------------------------------------------------------------------------------------------------------------
1,130,000 Bexar County, TX HFC (American Opportunity
Hsg.-Nob Hill Apartments) 8.500 06/01/2031 1,115,593
- ----------------------------------------------------------------------------------------------------------------------------------
1,020,000 Bexar County, TX HFC (Doral Club) 8.750 10/01/2036 998,243
- ----------------------------------------------------------------------------------------------------------------------------------
210,000 Bexar County, TX HFC (Honey Creek LLC) 8.000 04/01/2030 210,164
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Bexar County, TX HFC (Honey Creek LLC) 9.000 04/01/2030 48,239
- ----------------------------------------------------------------------------------------------------------------------------------
1,460,000 Bexar County, TX HFC (Perrin Square) 9.750 11/20/2031 1,530,927
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Bexar County, TX HFC (Sagewood Apartments) 5.375 10/20/2040 1,269,988
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Bexar, TX Metropolitan Water District 6.350 05/01/2025 100,193
- ----------------------------------------------------------------------------------------------------------------------------------
13,500,000 Brazos River Authority, TX (TXU Energy Company) 1 5.400 05/01/2029 13,153,455
- ----------------------------------------------------------------------------------------------------------------------------------
40,600,000 Brazos River Authority, TX (TXU Energy Company) 5.000 03/01/2041 37,185,946
73 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 11,390,000 Brazos River Authority, TX (TXU Energy Company) 6.750% 10/01/2038 $ 12,290,038
- ----------------------------------------------------------------------------------------------------------------------------------
8,240,000 Brazos River Authority, TX (TXU Energy Company) 7.700 04/01/2033 9,239,100
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Brazos River, TX Harbor Navigation District (Dow
Chemical Company) 5.125 05/15/2033 4,894,550
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Brazos, TX Harbor Industrial Devel. Corp. (Dow
Chemical Company) 5.000 09/01/2029 4,790,200
- ----------------------------------------------------------------------------------------------------------------------------------
17,365,000 Cambridge, TX Student Hsg. (Cambridge Student
Hsg. Devel.) 7.000 11/01/2039 18,941,568
- ----------------------------------------------------------------------------------------------------------------------------------
5,260,000 Cameron County, TX HFC (Rockwell Manor Apartments) 5.000 06/20/2043 5,093,626
- ----------------------------------------------------------------------------------------------------------------------------------
190,000 Cass County, TX IDC (International Paper Company) 6.600 03/15/2024 198,301
- ----------------------------------------------------------------------------------------------------------------------------------
3,700,000 Comal County, TX HFDC (MMH/MHS/MHM Obligated
Group) 6.250 02/01/2032 3,930,066
- ----------------------------------------------------------------------------------------------------------------------------------
24,000,000 Dallas-Fort Worth, TX International Airport 1 5.000 11/01/2027 24,155,400
- ----------------------------------------------------------------------------------------------------------------------------------
120,000 Dallas-Fort Worth, TX International Airport 5.000 11/01/2032 120,308
- ----------------------------------------------------------------------------------------------------------------------------------
32,500,000 Dallas-Fort Worth, TX International Airport 1 5.500 11/01/2033 34,341,775
- ----------------------------------------------------------------------------------------------------------------------------------
495,000 Dallas-Fort Worth, TX International Airport 4 5.000 11/01/2035 496,148
- ----------------------------------------------------------------------------------------------------------------------------------
65,000 Dallas-Fort Worth, TX International Airport 5.000 11/01/2035 65,269
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Dallas-Fort Worth, TX International Airport 5.500 11/01/2035 25,606
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Dallas-Fort Worth, TX International Airport 5.750 11/01/2030 20,638
- ----------------------------------------------------------------------------------------------------------------------------------
32,500,000 Dallas-Fort Worth, TX International Airport (American
Airlines/AMR Corp. Obligated Group) 5.500 11/01/2030 31,001,750
- ----------------------------------------------------------------------------------------------------------------------------------
310,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 6.000 11/01/2014 310,155
- ----------------------------------------------------------------------------------------------------------------------------------
955,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 6.150 05/01/2029 955,831
- ----------------------------------------------------------------------------------------------------------------------------------
43,120,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 6.375 05/01/2035 43,884,949
- ----------------------------------------------------------------------------------------------------------------------------------
285,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 8.250 11/01/2036 320,950
- ----------------------------------------------------------------------------------------------------------------------------------
22,000,000 Dallas-Fort Worth, TX International Airport Facility
Improvement Corp. 9.000 05/01/2029 26,478,760
- ----------------------------------------------------------------------------------------------------------------------------------
45,945,000 Dallas-Fort Worth, TX International Airport Facility
Improvement Corp. 9.125 05/01/2029 55,789,635
- ----------------------------------------------------------------------------------------------------------------------------------
12,245,000 Dallas-Fort Worth, TX International Airport Facility
Improvement Corp. (Learjet) 6.150 01/01/2016 12,290,919
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Dallas-Fort Worth, TX Regional Airport (Dallas-Fort
Worth International Airport) 5.500 11/01/2015 20,061
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Dallas-Fort Worth, TX Regional Airport (Dallas-Fort
Worth International Airport) 5.500 11/01/2017 100,306
- ----------------------------------------------------------------------------------------------------------------------------------
90,000 Dallas-Fort Worth, TX Regional Airport (Dallas-Fort
Worth International Airport) 5.500 11/01/2023 90,275
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Danbury, TX Higher Education Authority (AW Brown
Fellowship Charter) 4 5.125 08/15/2036 1,001,410
74 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 2,115,000 Danbury, TX Higher Education Finance Corp.
(Island Foundation) 6.250% 02/15/2036 $ 2,122,233
- ----------------------------------------------------------------------------------------------------------------------------------
450,000 Decatur, TX Hospital Authority (Wise Regional
Health System) 5.625 09/01/2013 454,887
- ----------------------------------------------------------------------------------------------------------------------------------
4,831,318 El Paso, TX HFC (Single Family) 6.180 04/01/2033 5,098,780
- ----------------------------------------------------------------------------------------------------------------------------------
7,240,000 El Paso, TX HFDC (Bienvivir Senior Health Services) 7.750 08/15/2031 7,877,627
- ----------------------------------------------------------------------------------------------------------------------------------
55,000 Gainesville, TX Hsg. Authority 6.800 12/01/2020 56,115
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Galveston County, TX HFC (Friendswood) 6.200 10/01/2021 25,207
- ----------------------------------------------------------------------------------------------------------------------------------
1,460,000 Galveston County, TX HFC (Single Family) 6.300 09/15/2031 1,488,747
- ----------------------------------------------------------------------------------------------------------------------------------
6,935,000 Garza County, TX Public Facility Corp. 5.750 10/01/2025 7,315,801
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Grapevine, TX IDC (Air Cargo) 6.500 01/01/2024 1,062,290
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 Greater Kelly, TX Devel. Authority (The Boeing Company) 5.350 06/01/2018 30,011
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Guadalupe-Blanco, TX River Authority (E.I. Dupont
De Nemours) 4 6.400 04/01/2026 4,045,240
- ----------------------------------------------------------------------------------------------------------------------------------
4,660,000 Gulf Coast, TX IDA (Citgo Petroleum Corp.) 7.500 05/01/2025 5,134,807
- ----------------------------------------------------------------------------------------------------------------------------------
31,000,000 Gulf Coast, TX IDA (Microgy Holdings) 7.000 12/01/2036 32,700,350
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Gulf Coast, TX Waste Disposal Authority (FMC Corp.) 7.050 10/01/2009 76,406
- ----------------------------------------------------------------------------------------------------------------------------------
5,725,000 Gulf Coast, TX Waste Disposal Authority (International
Paper Company) 4 6.100 08/01/2024 5,942,951
- ----------------------------------------------------------------------------------------------------------------------------------
150,000 Gulf Coast, TX Waste Disposal Authority (Valero
Energy Corp.) 5.700 04/01/2032 150,626
- ----------------------------------------------------------------------------------------------------------------------------------
5,975,000 Harris County, TX IDC (Continental Airlines) 5.375 07/01/2019 5,703,974
- ----------------------------------------------------------------------------------------------------------------------------------
1,750,000 HFDC of Central TX (Legacy at Willow Bend
Retirement Community) 5.625 11/01/2026 1,781,395
- ----------------------------------------------------------------------------------------------------------------------------------
2,750,000 HFDC of Central TX (Legacy at Willow Bend
Retirement Community) 5.750 11/01/2036 2,815,478
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 HFDC of Central TX (Lutheran Social Services of the
South) 6.875 02/15/2032 2,095,080
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 HFDC of Central TX (Villa De San Antonio) 6.250 05/15/2036 4,062,480
- ----------------------------------------------------------------------------------------------------------------------------------
115,000 Houston, TX Airport Special Facilities (Continental
Airlines) 4 5.500 07/15/2017 115,108
- ----------------------------------------------------------------------------------------------------------------------------------
7,290,000 Houston, TX Airport Special Facilities (Continental
Airlines) 5.700 07/15/2029 7,351,236
- ----------------------------------------------------------------------------------------------------------------------------------
7,905,000 Houston, TX Airport Special Facilities (Continental
Airlines) 5.700 07/15/2029 7,971,402
- ----------------------------------------------------------------------------------------------------------------------------------
20,940,000 Houston, TX Airport Special Facilities (Continental
Airlines) 6.125 07/15/2017 20,950,051
- ----------------------------------------------------------------------------------------------------------------------------------
14,695,000 Houston, TX Airport Special Facilities (Continental
Airlines) 6.125 07/15/2027 14,700,878
- ----------------------------------------------------------------------------------------------------------------------------------
18,430,000 Houston, TX Airport Special Facilities (Continental
Airlines) 6.125 07/15/2027 18,437,372
- ----------------------------------------------------------------------------------------------------------------------------------
17,750,000 Houston, TX Airport Special Facilities (Continental
Airlines) 6.750 07/01/2021 18,903,218
75 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 46,115,000 Houston, TX Airport Special Facilities (Continental
Airlines) 6.750% 07/01/2029 $ 48,795,204
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Houston, TX Airport Special Facilities (Continental
Airlines) 7.000 07/01/2029 107,190
- ----------------------------------------------------------------------------------------------------------------------------------
1,260,000 Houston, TX Airport Special Facilities (Continental
Airlines) 4 7.375 07/01/2022 1,368,083
- ----------------------------------------------------------------------------------------------------------------------------------
800,000 Houston, TX Airport System 4 5.000 07/01/2025 802,384
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Houston, TX Airport System 4 5.000 07/01/2027 75,624
- ----------------------------------------------------------------------------------------------------------------------------------
2,064,000 Houston, TX HFC (RRG Houston Apartments) 6.250 09/20/2035 2,157,995
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Houston, TX HFDC (Buckingham Senior Living
Community) 7.000 02/15/2026 1,764,900
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Houston, TX HFDC (Buckingham Senior Living
Community) 7.125 02/15/2034 5,915,450
- ----------------------------------------------------------------------------------------------------------------------------------
315,000 Houston, TX IDC (Air Cargo) 4 6.375 01/01/2023 332,851
- ----------------------------------------------------------------------------------------------------------------------------------
16,800,000 Hutto, TX Independent School District 1 5.000 08/01/2037 17,262,504
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 IAH TX Public Facility Corp. 6.000 05/01/2016 991,850
- ----------------------------------------------------------------------------------------------------------------------------------
1,500,000 IAH TX Public Facility Corp. 6.125 05/01/2026 1,485,330
- ----------------------------------------------------------------------------------------------------------------------------------
2,200,000 IAH TX Public Facility Corp. 7.750 05/01/2026 2,328,106
- ----------------------------------------------------------------------------------------------------------------------------------
4,750,000 Kerryville, TX HFDC (Sid Peterson Memorial Hospital) 5.450 08/15/2035 4,791,468
- ----------------------------------------------------------------------------------------------------------------------------------
12,050,000 Lancaster, TX Independent School District GO 1 5.000 02/15/2034 12,442,830
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Lancaster, TX Independent School District GO 1 5.750 02/15/2034 11,055,500
- ----------------------------------------------------------------------------------------------------------------------------------
730,000 Laredo, TX HFC 6.950 10/01/2027 739,519
- ----------------------------------------------------------------------------------------------------------------------------------
9,225,000 Leander, TX Independent School District 4 5.433 5 08/15/2032 2,434,109
- ----------------------------------------------------------------------------------------------------------------------------------
31,820,000 Leander, TX Independent School District 4 5.497 5 08/15/2037 6,297,178
- ----------------------------------------------------------------------------------------------------------------------------------
9,000,000 Lewisville, TX GO 6.125 09/01/2029 9,736,560
- ----------------------------------------------------------------------------------------------------------------------------------
300,000 Lower CO River Authority, TX Pollution Control
(Samsung Electronics Company) 4 6.375 04/01/2027 306,432
- ----------------------------------------------------------------------------------------------------------------------------------
1,840,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 6.000 07/01/2032 1,862,098
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Lubbock, TX HFC, Series A 6.150 10/01/2030 26,283
- ----------------------------------------------------------------------------------------------------------------------------------
2,775,000 Matagorda County, TX Navigation District (Central
Power & Light Company) 4 6.125 05/01/2030 2,807,024
- ----------------------------------------------------------------------------------------------------------------------------------
530,000 Matagorda County, TX Navigation District (Reliant
Energy) 4 5.950 05/01/2030 541,586
- ----------------------------------------------------------------------------------------------------------------------------------
390,000 Maverick County, TX Public Facility Corp. 6.375 02/01/2029 390,811
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 Midland County, TX Hospital District 5.375 06/01/2016 70,079
- ----------------------------------------------------------------------------------------------------------------------------------
750,000 Midlothian, TX Devel. Authority Tax Increment 5.125 11/15/2026 744,045
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Mission, TX EDC (Allied Waste Industries) 4 5.200 04/01/2018 4,915,750
- ----------------------------------------------------------------------------------------------------------------------------------
1,380,000 Newton County, TX Public Facility Corp. 8.000 03/01/2019 1,401,776
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Northwest Harris County, TX Municipal Utility District
(Waterworks & Sewer) 6.100 04/01/2012 100,107
- ----------------------------------------------------------------------------------------------------------------------------------
6,005,000 Port of Bay City, TX (Hoechst Celanese Corp.) 4 6.500 05/01/2026 6,071,475
76 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 15,000,000 Port of Corpus Christi, TX Authority (CNA Holdings) 4 6.700% 11/01/2030 $ 16,101,300
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Port of Corpus Christi, TX IDC (Citgo Petroleum Corp.) 8.250 11/01/2031 76,674
- ----------------------------------------------------------------------------------------------------------------------------------
12,207,000 Sabine Neches, TX HFC (Single Family Mtg.) 4.875 8 12/01/2039 12,661,711
- ----------------------------------------------------------------------------------------------------------------------------------
4,100,000 Sabine, TX River Authority Pollution Control (TXU
Electric Company) 6.150 08/01/2022 4,319,965
- ----------------------------------------------------------------------------------------------------------------------------------
485,000 Sabine, TX River Authority Pollution Control (TXU
Electric Company) 6.450 06/01/2021 503,440
- ----------------------------------------------------------------------------------------------------------------------------------
57,640,000 San Antonio, TX Convention Center Hotel Finance Corp.
(Empowerment Zone) 5.000 07/15/2034 58,488,461
- ----------------------------------------------------------------------------------------------------------------------------------
42,260,000 San Antonio, TX Convention Center Hotel Finance Corp.
(Empowerment Zone) 5.000 07/15/2039 42,754,019
- ----------------------------------------------------------------------------------------------------------------------------------
175,000 San Antonio, TX HFC (Encinal Apartments) 7.500 09/01/2027 174,713
- ----------------------------------------------------------------------------------------------------------------------------------
7,000,000 San Antonio, TX HFC (Midcrowne Senior Apartments) 5.150 06/20/2047 6,996,360
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 San Antonio, TX HFC (Point East Section 8) 7.500 08/01/2023 25,373
- ----------------------------------------------------------------------------------------------------------------------------------
4,997,144 San Antonio, TX Hsg. Trust Finance Corp. (Single Family
Mtg.) 4.950 2 10/01/2039 5,170,845
- ----------------------------------------------------------------------------------------------------------------------------------
3,600,000 Southeast, TX HFC (Forest View Apartments) 6.750 07/01/2037 3,597,408
- ----------------------------------------------------------------------------------------------------------------------------------
90,000 Southeast, TX HFC (Hsg. Assistance Foundation) 7.500 09/01/2028 51,847
- ----------------------------------------------------------------------------------------------------------------------------------
605,000 Springhill, TX Courtland Heights Public Facility Corp. 5.125 12/01/2008 605,073
- ----------------------------------------------------------------------------------------------------------------------------------
6,030,000 Springhill, TX Courtland Heights Public Facility Corp. 5.850 12/01/2028 6,155,243
- ----------------------------------------------------------------------------------------------------------------------------------
5,250,000 Tarrant County, TX Cultural Education Facilities Finance
Corp. (Buckingham Senior Living Community) 7 5.750 11/15/2037 5,357,783
- ----------------------------------------------------------------------------------------------------------------------------------
10,755,000 Tarrant County, TX HFC (Lindberg Park) 5.150 10/20/2047 10,746,826
- ----------------------------------------------------------------------------------------------------------------------------------
10,935,000 Tarrant County, TX HFC (Multifamily Hsg.) 5.200 12/20/2048 10,972,835
- ----------------------------------------------------------------------------------------------------------------------------------
14,920,000 Tarrant County, TX HFC (Village Creek Apartments) 1 5.000 04/20/2048 14,277,768
- ----------------------------------------------------------------------------------------------------------------------------------
1,600,000 Travis County, TX HFDC (Querencia Barton Creek) 5.650 11/15/2035 1,626,832
- ----------------------------------------------------------------------------------------------------------------------------------
8,400,000 Trinity, TX River Authority (General Motors Corp.) 4 7.000 2 04/01/2009 8,400,000
- ----------------------------------------------------------------------------------------------------------------------------------
2,495,000 Trinity, TX River Authority (TXU Energy Company) 6.250 05/01/2028 2,601,212
- ----------------------------------------------------------------------------------------------------------------------------------
2,320,000 TX Affordable Hsg. Corp. (American Hsg. Foundation) 9,10 8.000 03/01/2032 510,748
- ----------------------------------------------------------------------------------------------------------------------------------
2,965,000 TX Affordable Hsg. Corp. (Ashton Place & Woodstock
Apartments) 6.300 08/01/2033 2,471,090
- ----------------------------------------------------------------------------------------------------------------------------------
6,300,000 TX Affordable Hsg. Corp. (South Texas Affordable
Properties Corp.) 8.000 03/01/2032 6,316,821
- ----------------------------------------------------------------------------------------------------------------------------------
115,000 TX College Student Loans 5.000 08/01/2021 115,024
- ----------------------------------------------------------------------------------------------------------------------------------
40,000,000 TX Dept. of Hsg. & Community Affairs, Series A 1 5.000 07/01/2034 39,793,600
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 TX Dept. of Hsg. & Community Affairs 5.350 07/01/2033 15,380
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 TX Dept. of Hsg. & Community Affairs (One Mesquite
Creek) 5.000 01/20/2047 4,873,850
- ----------------------------------------------------------------------------------------------------------------------------------
105,000 TX Dept. of Hsg. & Community Affairs (Pebble Brook
Apartments) 5.600 12/01/2030 106,902
- ----------------------------------------------------------------------------------------------------------------------------------
165,000 TX Dept. of Hsg. & Community Affairs (Residential Mtg.) 5.500 01/01/2021 167,747
77 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 1,935,000 TX Dept. of Hsg. & Community Affairs (Summit
Point Apartments) 5.150% 06/20/2034 $ 1,952,047
- ----------------------------------------------------------------------------------------------------------------------------------
6,750,000 TX Dept. of Hsg. & Community Affairs (Summit
Point Apartments) 5.250 06/20/2047 6,810,750
- ----------------------------------------------------------------------------------------------------------------------------------
10,000 TX GO 5.750 08/01/2020 10,012
- ----------------------------------------------------------------------------------------------------------------------------------
351,000,000 TX Municipal Gas Acquisition & Supply Corp. 1 4.141 2 12/15/2017 346,612,500
- ----------------------------------------------------------------------------------------------------------------------------------
722,925,000 TX Municipal Gas Acquisition & Supply Corp. 1 4.291 2 12/15/2026 710,799,480
- ----------------------------------------------------------------------------------------------------------------------------------
39,960,000 TX Municipal Gas Acquisition & Supply Corp. 1 4.461 2 09/15/2027 39,890,070
- ----------------------------------------------------------------------------------------------------------------------------------
15,005,000 TX Municipal Gas Acquisition & Supply Corp. 1 5.041 12/15/2026 14,780,000
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 TX Municipal Gas Acquisition & Supply Corp. 6 4.291 2 12/15/2026 29,520
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 TX Municipal Gas Acquisition & Supply Corp. 4.461 2 09/15/2027 39,930
- ----------------------------------------------------------------------------------------------------------------------------------
4,360,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 9 6.750 03/01/2031 2,929,397
- ----------------------------------------------------------------------------------------------------------------------------------
3,075,000 TX Public Finance Authority Charter School Finance
Corp. (Cosmos Foundation) 5.375 02/15/2037 3,008,119
- ----------------------------------------------------------------------------------------------------------------------------------
1,600,000 TX Public Finance Authority Charter School Finance
Corp. (Ed-Burnham Wood) 6.250 09/01/2036 1,622,240
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 TX Student Hsg. Corp. (Midwestern State University) 6.500 09/01/2022 53,627
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 TX Student Hsg. Corp. (University of North Texas) 6.000 07/01/2011 49,069
- ----------------------------------------------------------------------------------------------------------------------------------
635,000 TX Student Hsg. Corp. (University of North Texas) 6.750 07/01/2021 621,805
- ----------------------------------------------------------------------------------------------------------------------------------
200,000 TX Student Hsg. Corp. (University of North Texas) 6.850 07/01/2031 194,604
- ----------------------------------------------------------------------------------------------------------------------------------
16,000,000 TX Turnpike Authority 1 5.000 08/15/2042 16,303,360
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 TX Veterans Hsg. Assistance 6.100 06/01/2021 104,258
- ----------------------------------------------------------------------------------------------------------------------------------
12,000,000 TX Veterans Hsg. Assistance GO 1 5.750 06/01/2029 12,222,060
- ----------------------------------------------------------------------------------------------------------------------------------
10,000,000 TX Veterans Hsg. Assistance GO 1 6.150 12/01/2028 10,263,100
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 TX Veterans Hsg. Assistance GO 5.750 06/01/2029 15,278
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 TX Veterans Hsg. Assistance, Series B 5.800 12/01/2014 51,647
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 TX Water Devel. 5.250 08/01/2028 4,025,760
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 TX Water Devel. 5.450 08/01/2015 100,131
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 Tyler, TX HFDC (East Texas Medical Center) 6.750 11/01/2025 15,101
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Willacy County, TX Local Government Corp. 6.000 03/01/2009 4,017,040
---------------
2,297,534,878
- ----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--2.1%
150,000 Guam GO, Series A 5.400 11/15/2018 150,086
- ----------------------------------------------------------------------------------------------------------------------------------
700,000 Northern Mariana Islands Commonwealth, Series A 6.750 10/01/2033 767,172
- ----------------------------------------------------------------------------------------------------------------------------------
27,800,000 Northern Mariana Islands Ports Authority, Series A 5.000 06/01/2030 27,078,034
- ----------------------------------------------------------------------------------------------------------------------------------
2,485,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 2,487,758
- ----------------------------------------------------------------------------------------------------------------------------------
383,500,000 Puerto Rico Children's Trust Fund (TASC) 6.309 5 05/15/2050 26,703,105
- ----------------------------------------------------------------------------------------------------------------------------------
745,000,000 Puerto Rico Children's Trust Fund (TASC) 7.009 5 05/15/2055 28,004,550
- ----------------------------------------------------------------------------------------------------------------------------------
94,500,000 Puerto Rico Sales Tax Financing Corp., Series A 1 4.518 2 08/01/2057 94,429,125
---------------
179,619,830
78 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
UTAH--0.2%
$ 650,000 Carbon County, UT Solid Waste Disposal
(Allied Waste Industries) 7.450% 07/01/2017 $ 664,242
- ----------------------------------------------------------------------------------------------------------------------------------
2,085,000 Carbon County, UT Solid Waste Disposal
(Allied Waste Industries) 4 7.500 02/01/2010 2,098,865
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Carbon County, UT Solid Waste Disposal
(Sunnyside Cogeneration) 7.100 08/15/2023 3,238,080
- ----------------------------------------------------------------------------------------------------------------------------------
60,000 Emery County, UT Pollution Control (Pacificorp) 5.625 11/01/2023 61,063
- ----------------------------------------------------------------------------------------------------------------------------------
45,000 Tooele County, UT Hazardous Waste Treatment
(Union Pacific Corp.) 5.700 11/01/2026 45,912
- ----------------------------------------------------------------------------------------------------------------------------------
1,935,000 UT HFA (RHA Community Service of Utah) 6.875 07/01/2027 1,962,245
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 UT Hsg. Corp. (Single Family Mtg.) 4.800 07/01/2032 1,209,200
- ----------------------------------------------------------------------------------------------------------------------------------
1,635,000 UT Hsg. Corp. (Single Family Mtg.) 5.000 01/01/2032 1,629,212
- ----------------------------------------------------------------------------------------------------------------------------------
2,625,000 UT Hsg. Corp. (Single Family Mtg.) 5.000 07/01/2035 2,607,308
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 UT State Building Ownership Authority, Series A 5.750 08/15/2011 25,233
- ----------------------------------------------------------------------------------------------------------------------------------
825,000 Utah County, UT Charter School (Lakeview Academy) 5.625 07/15/2037 816,131
- ----------------------------------------------------------------------------------------------------------------------------------
1,315,000 Utah County, UT Charter School (Lincoln Academy) 5.875 06/15/2037 1,313,422
- ----------------------------------------------------------------------------------------------------------------------------------
825,000 Utah County, UT Charter School (Renaissance Academy) 5.625 07/15/2037 816,131
- ----------------------------------------------------------------------------------------------------------------------------------
4,425,000 West Valley City, UT Sewer (East Hollywood High School) 5.625 06/15/2037 4,315,349
---------------
20,802,393
- ----------------------------------------------------------------------------------------------------------------------------------
VERMONT--0.1%
2,000,000 VT EDA (Wake Robin Corp.) 5.375 05/01/2036 2,001,620
- ----------------------------------------------------------------------------------------------------------------------------------
2,979,975 VT Educational & Health Buildings Financing Agency
(Marlboro College) 3.570 04/01/2019 2,689,100
- ----------------------------------------------------------------------------------------------------------------------------------
60,000 VT HFA (Single Family), Series 9 5.400 05/01/2037 60,307
---------------
4,751,027
- ----------------------------------------------------------------------------------------------------------------------------------
VIRGINIA--1.3%
270,000 Bedford County, VA IDA (Georgia-Pacific Corp.) 5.600 12/01/2025 266,447
- ----------------------------------------------------------------------------------------------------------------------------------
420,000 Bedford County, VA IDA (Georgia-Pacific Corp.) 6.300 12/01/2025 429,022
- ----------------------------------------------------------------------------------------------------------------------------------
2,300,000 Bedford County, VA IDA (Georgia-Pacific Corp.) 6.550 12/01/2025 2,376,590
- ----------------------------------------------------------------------------------------------------------------------------------
12,250,000 Farms New Kent, VA Community Devel. Authority
Special Assessment 5.125 03/01/2036 12,176,623
- ----------------------------------------------------------------------------------------------------------------------------------
7,000,000 Farms New Kent, VA Community Devel. Authority
Special Assessment 5.450 03/01/2036 6,934,550
- ----------------------------------------------------------------------------------------------------------------------------------
2,206,000 Farms New Kent, VA Community Devel. Authority
Special Assessment 5.800 03/01/2036 2,195,191
- ----------------------------------------------------------------------------------------------------------------------------------
120,000 Giles County, VA IDA (Hoechst Celanese Corp.) 5.950 12/01/2025 118,057
- ----------------------------------------------------------------------------------------------------------------------------------
9,950,000 Giles County, VA IDA (Hoechst Celanese Corp.) 6.450 05/01/2026 10,011,093
- ----------------------------------------------------------------------------------------------------------------------------------
7,720,000 Giles County, VA IDA (Hoechst Celanese Corp.) 4 6.625 12/01/2022 7,742,465
- ----------------------------------------------------------------------------------------------------------------------------------
105,000 Goochland County, VA IDA (Georgia-Pacific Corp.) 5.650 12/01/2025 105,120
- ----------------------------------------------------------------------------------------------------------------------------------
7,000,000 Halifax County, VA IDA (Old Dominion Electric
Cooperative) 1 5.625 06/01/2028 7,508,725
79 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
VIRGINIA Continued
$ 3,325,000 Hampton, VA Redevel. & Hsg. Authority (Olde Hampton) 6.500% 07/01/2016 $ 3,275,857
- ----------------------------------------------------------------------------------------------------------------------------------
1,990,000 Isle Wight County, VA IDA Environmental Improvement
(International Paper Company) 4 6.600 05/01/2024 2,088,306
- ----------------------------------------------------------------------------------------------------------------------------------
350,000 Lynchburg, VA IDA (Westminster-Canterbury Residential
Care Facility) 5.000 07/01/2031 337,911
- ----------------------------------------------------------------------------------------------------------------------------------
3,000,000 New Port, VA CDA 5.600 09/01/2036 3,068,760
- ----------------------------------------------------------------------------------------------------------------------------------
2,050,000 Norfolk, VA EDA, Series A 6.000 11/01/2036 2,049,488
- ----------------------------------------------------------------------------------------------------------------------------------
1,085,000 Norfolk, VA Redevel. & Hsg. Authority (First
Mtg.-Retirement Community) 6.125 01/01/2035 1,133,337
- ----------------------------------------------------------------------------------------------------------------------------------
2,250,000 Pocahontas Parkway Assoc., VA (Route 895 Connector
Toll Road) 7.000 5 08/15/2007 2,246,693
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Prince William County, VA IDA (Westminster
Presbyterian Retirement Community) 5.125 01/01/2026 2,456,325
- ----------------------------------------------------------------------------------------------------------------------------------
6,300,000 VA Celebrate South CDA Special Assessment 6.250 03/01/2037 6,482,763
- ----------------------------------------------------------------------------------------------------------------------------------
6,900,000 VA College Building Authority Educational Facilities
(Regent University) 5.000 06/01/2036 6,857,772
- ----------------------------------------------------------------------------------------------------------------------------------
3,400,000 VA H2O Community Devel. Authority 5.200 09/01/2037 3,316,530
- ----------------------------------------------------------------------------------------------------------------------------------
15,000,000 VA Hsg. Devel. Authority 7 5.100 10/01/2035 15,109,650
- ----------------------------------------------------------------------------------------------------------------------------------
117,500,000 VA Tobacco Settlement Authority 5.702 5 06/01/2047 12,403,300
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 West Point, VA IDA Solid Waste (Chesapeake Corp.) 4 6.375 03/01/2019 2,519,775
---------------
113,210,350
- ----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON--1.2%
12,000,000 Chelan County, WA Public Utility District No. 1 1 5.600 01/01/2036 12,633,480
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 Chelan County, WA Public Utility District No. 1
(Chelan Hydro System) 5.250 07/01/2037 30,881
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 King County, WA Hsg. Authority (Cascadian Apartments) 6.800 07/01/2019 25,117
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 King County, WA Hsg. Authority (Eastwood Square
Apartments) 5.450 01/01/2041 70,988
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 King County, WA Hsg. Authority (Kona Village) 6.700 01/01/2020 15,353
- ----------------------------------------------------------------------------------------------------------------------------------
125,000 King County, WA Hsg. Authority (Southwood Square
Apartments) 6.100 10/01/2021 128,220
- ----------------------------------------------------------------------------------------------------------------------------------
725,000 King County, WA Hsg. Authority (Southwood Square
Apartments) 6.200 10/01/2031 744,169
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 King County, WA Hsg. Authority (Woodbridge Park) 6.250 05/01/2015 40,106
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 King County, WA Hsg. Authority (Woodridge Park) 6.350 05/01/2025 50,155
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Kitsap County, WA Consolidated Hsg. Authority 5.500 06/01/2027 2,000,580
- ----------------------------------------------------------------------------------------------------------------------------------
2,350,000 Kitsap County, WA Consolidated Hsg. Authority 5.600 06/01/2037 2,348,778
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Kitsap County, WA Consolidated Hsg. Authority
(Heritage Apartments) 6.100 10/01/2031 50,752
- ----------------------------------------------------------------------------------------------------------------------------------
2,465,000 Port Camas, WA Public Industrial Corp. (James River
Corp. of Virginia) 6.700 04/01/2023 2,467,095
80 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON Continued
$ 65,000 Port of Seattle, WA GO 5.100% 04/01/2024 $ 65,361
- ----------------------------------------------------------------------------------------------------------------------------------
1,600,000 Port of Seattle, WA Special Facility (Northwest Airlines) 7.125 04/01/2020 1,907,168
- ----------------------------------------------------------------------------------------------------------------------------------
120,000 Port of Seattle, WA Special Facility (Seatac Fuel Facilities) 5.000 06/01/2033 120,254
- ----------------------------------------------------------------------------------------------------------------------------------
28,420,000 Port Tacoma, WA GO 1 5.000 12/01/2030 28,980,869
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 Snohomish County, WA Hsg. Authority 6.400 04/01/2026 50,183
- ----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Snohomish County, WA Hsg. Authority (Westwood
Crossing Apartments) 5.250 05/01/2037 2,385,900
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 Snohomish County, WA Hsg. Authority (Whispering
Pines Apartments) 5.100 09/01/2015 99,401
- ----------------------------------------------------------------------------------------------------------------------------------
1,675,000 Snohomish County, WA Hsg. Authority (Whispering
Pines Apartments) 5.600 09/01/2025 1,728,148
- ----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Snohomish County, WA Hsg. Authority (Whispering
Pines Apartments) 5.750 09/01/2030 1,300,275
- ----------------------------------------------------------------------------------------------------------------------------------
75,000 Tacoma, WA Hsg. Authority (Polynesia Village
Apartments) 5.850 12/01/2022 75,694
- ----------------------------------------------------------------------------------------------------------------------------------
105,000 Tacoma, WA Hsg. Authority (Polynesia Village
Apartments) 5.900 12/01/2027 105,141
- ----------------------------------------------------------------------------------------------------------------------------------
85,000 Tacoma, WA Port Authority 5.300 12/01/2017 85,252
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Vancouver, WA Hsg. Authority 5.625 03/01/2028 20,035
- ----------------------------------------------------------------------------------------------------------------------------------
175,000 WA Health Care Facilities Authority (Northwest Hospital) 5.450 11/15/2013 175,203
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 WA HFC (Single Family Programs) 5.100 12/01/2031 5,031,700
- ----------------------------------------------------------------------------------------------------------------------------------
13,160,000 WA HFC (Single Family Programs) 5.150 06/01/2037 13,243,171
- ----------------------------------------------------------------------------------------------------------------------------------
5,215,000 WA HFC (Single Family) 5.000 06/01/2048 5,075,707
- ----------------------------------------------------------------------------------------------------------------------------------
4,495,000 WA Tobacco Settlement Authority (TASC) 6.500 06/01/2026 4,812,212
- ----------------------------------------------------------------------------------------------------------------------------------
14,285,000 WA Tobacco Settlement Authority (TASC) 6.625 06/01/2032 15,359,803
---------------
101,227,151
- ----------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA--0.5%
21,700,000 Braxton County, WV Solid Waste Disposal
(Weyerhaeuser Company) 1 5.400 05/01/2025 21,719,421
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 Harrison County, WV Solid Waste Disposal
(West Penn Power Company) 6.750 08/01/2024 20,296
- ----------------------------------------------------------------------------------------------------------------------------------
25,000 Kingswood, WV Sewage System 6.000 10/01/2025 25,477
- ----------------------------------------------------------------------------------------------------------------------------------
600,000 Ohio County, WV Commission Special District Excise
Tax (Fort Henry Centre) 5.625 03/01/2036 612,036
- ----------------------------------------------------------------------------------------------------------------------------------
15,000 WV Hospital Finance Authority (Charleston Area
Medical Center) 7.250 10/01/2014 15,036
- ----------------------------------------------------------------------------------------------------------------------------------
7,250,000 WV Hsg. Devel. Fund 5.200 05/01/2038 7,335,115
- ----------------------------------------------------------------------------------------------------------------------------------
14,255,000 WV State Hsg. Devel. Fund, Series D 1 5.350 11/01/2032 14,443,945
---------------
44,171,326
- ----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN--3.3%
28,000,000 Aztalan, WI Exempt Facility (Renew Energy) 7.500 05/01/2018 27,765,640
81 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN Continued
$ 65,000 Badger, WI Tobacco Asset Securitization Corp. 6.125% 06/01/2027 $ 67,859
- ----------------------------------------------------------------------------------------------------------------------------------
38,985,000 Badger, WI Tobacco Asset Securitization Corp. 6.375 06/01/2032 41,147,108
- ----------------------------------------------------------------------------------------------------------------------------------
4,450,000 Janesville, WI Pollution Control (General Motors Corp.) 5.550 04/01/2009 4,433,580
- ----------------------------------------------------------------------------------------------------------------------------------
6,510,000 Kaukauna, WI Environmental Improvement (International
Paper Company) 5.250 06/01/2029 6,430,383
- ----------------------------------------------------------------------------------------------------------------------------------
665,000 Milwaukee, WI (Aero Milwaukee) 4 6.500 01/01/2025 706,423
- ----------------------------------------------------------------------------------------------------------------------------------
1,255,000 Milwaukee, WI (Air Cargo) 4 7.500 01/01/2025 1,359,215
- ----------------------------------------------------------------------------------------------------------------------------------
4,120,000 Necedah, WI Community Devel. Authority Exempt
Facility (Castle Rock Renewable Fuels) 7.500 03/01/2018 4,112,460
- ----------------------------------------------------------------------------------------------------------------------------------
165,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 6.800 11/01/2012 166,274
- ----------------------------------------------------------------------------------------------------------------------------------
160,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 6.850 05/01/2013 159,552
- ----------------------------------------------------------------------------------------------------------------------------------
1,595,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 7.125 05/01/2024 1,588,891
- ----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Onalaska, WI Community Devel. Authority (Bethany
Lutheran Homes) 5.250 01/01/2042 1,939,560
- ----------------------------------------------------------------------------------------------------------------------------------
150,000 Reedsburg, WI Industrial Devel. Revenue (Seats, Inc.) 6.250 05/01/2019 147,476
- ----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Sokaogon, WI Chippewa Community (Gaming) 7.000 01/01/2026 1,728,843
- ----------------------------------------------------------------------------------------------------------------------------------
1,900,000 Sokaogon, WI Chippewa Community (Gaming) 8.250 01/01/2017 1,884,021
- ----------------------------------------------------------------------------------------------------------------------------------
30,000 Superior, WI Water Supply Facilities (Superior Water,
Light & Power Company) 6.125 11/01/2021 30,071
- ----------------------------------------------------------------------------------------------------------------------------------
4,000,000 WI GO 5.000 05/01/2037 4,030,720
- ----------------------------------------------------------------------------------------------------------------------------------
35,000 WI GO 5.350 05/01/2028 35,088
- ----------------------------------------------------------------------------------------------------------------------------------
100,000 WI GO 5.350 05/01/2028 100,215
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 WI GO 6.000 05/01/2027 20,030
- ----------------------------------------------------------------------------------------------------------------------------------
120,000 WI H&EFA (Agnesian Healthcare/Waupun Memorial
Hospital Obligated Group) 6.000 07/01/2030 125,255
- ----------------------------------------------------------------------------------------------------------------------------------
110,000 WI H&EFA (American Baptist Homes of the Midwest) 6.750 09/01/2016 108,710
- ----------------------------------------------------------------------------------------------------------------------------------
1,180,000 WI H&EFA (Aurora Health Care) 5.600 02/15/2029 1,203,128
- ----------------------------------------------------------------------------------------------------------------------------------
50,000 WI H&EFA (Aurora Health Care) 5.625 02/15/2029 51,022
- ----------------------------------------------------------------------------------------------------------------------------------
1,600,000 WI H&EFA (Catholic Residential Services) 5.250 05/01/2028 1,555,536
- ----------------------------------------------------------------------------------------------------------------------------------
1,000,000 WI H&EFA (Eastcastle Place) 6.125 12/01/2034 1,019,670
- ----------------------------------------------------------------------------------------------------------------------------------
20,000 WI H&EFA (Marshfield Clinic) 5.750 02/15/2027 20,424
- ----------------------------------------------------------------------------------------------------------------------------------
70,000 WI H&EFA (Marshfield Clinic) 6.250 02/15/2029 73,886
- ----------------------------------------------------------------------------------------------------------------------------------
8,000,000 WI H&EFA (Ministry Health Care) 1 5.250 02/15/2032 8,305,000
- ----------------------------------------------------------------------------------------------------------------------------------
1,650,000 WI H&EFA (St. Clare Terrance) 5.750 12/01/2036 1,612,149
- ----------------------------------------------------------------------------------------------------------------------------------
2,635,000 WI H&EFA (United Health Group) 5.500 12/15/2020 2,702,008
- ----------------------------------------------------------------------------------------------------------------------------------
14,130,000 WI H&EFA (WFS/WFMG Obligated Group) 5.250 08/15/2031 14,100,892
- ----------------------------------------------------------------------------------------------------------------------------------
79,530,000 WI H&EFA (WFS/WFMG Obligated Group) 5.250 08/15/2034 79,017,032
- ----------------------------------------------------------------------------------------------------------------------------------
46,010,000 WI H&EFA (Wheaton Franciscan Services) 5.125 08/15/2030 45,034,588
- ----------------------------------------------------------------------------------------------------------------------------------
1,300,000 WI H&EFA (Wisconsin Illinois Senior Hsg.) 5.650 08/01/2021 1,315,496
- ----------------------------------------------------------------------------------------------------------------------------------
2,385,000 WI H&EFA (Wisconsin Illinois Senior Hsg.) 5.800 08/01/2029 2,422,087
82 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN Continued
$ 9,480,000 WI Hsg. & EDA 1 4.950% 03/01/2024 $ 9,421,366
- ----------------------------------------------------------------------------------------------------------------------------------
16,980,000 WI Hsg. & EDA 1 5.100 09/01/2024 16,959,285
- ----------------------------------------------------------------------------------------------------------------------------------
40,000 WI Hsg. & EDA 5.150 11/01/2045 40,009
- ----------------------------------------------------------------------------------------------------------------------------------
5,000,000 WI Hsg. & EDA (Home Ownership) 5.200 03/01/2038 5,054,300
---------------
287,995,252
- ----------------------------------------------------------------------------------------------------------------------------------
WYOMING--0.0%
20,000 Afton, WY National Rural Utilities (Lower Valley Power
& Light) 5.875 05/01/2026 20,222
- ----------------------------------------------------------------------------------------------------------------------------------
555,000 Jackson, WY National Rural Utilities Cooperative (Lower
Valley Power & Light Company) 4 5.875 05/01/2026 561,111
- ----------------------------------------------------------------------------------------------------------------------------------
320,000 Lincoln County, WY Pollution Control (PacifiCorp) 4 5.625 11/01/2021 320,246
---------------
901,579
---------------
Total Municipal Bonds and Notes (Cost $11,599,840,348) 11,712,407,015
- ----------------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES--0.3%
- ----------------------------------------------------------------------------------------------------------------------------------
20,973,168 Delta Air Lines, Inc., Sr. Unsec. Nts., (Cost $20,763,439) 8.000 12/01/2015 20,815,870
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $11,620,603,787)-136.5% 11,733,222,885
- ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS-(36.5) (3,134,848,626)
---------------
NET ASSETS-100.0% $ 8,598,374,259
===============
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Security represents the underlying municipal bond on an inverse floating rate
security. The bond was purchased by the Fund and subsequently segregated and
transferred to a trust. See Note 1 of accompanying Notes.
2. Represents the current interest rate for a variable or increasing rate
security.
3. Subject to a deferred-interest forebearance agreement. Rate shown is current
rate.
4. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 7 of accompanying Notes.
5. Zero coupon bond reflects effective yield on the date of purchase.
6. Illiquid security. The aggregate value of illiquid securities as of July 31,
2007 was $346,856,027, which represents 4.03% of the Fund's net assets. See Note
6 of accompanying Notes.
7. When-issued security or forward commitment to be delivered and settled after
July 31, 2007. See Note 1 of accompanying Notes.
8. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
9. Issue is in default. See Note 1 of accompanying Notes.
10. Non-income producing security.
83 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ABH Adventist Bolingbrook Hospital
ADA Atlanta Devel. Authority
AGH Adventist Glenoaks Hospital
AHF American Housing Foundation
AHS-GA Adventist Health System--Georgia
CAU Clark Atlanta University
CCRC Continuing Care Retirement Community
CDA Communities Devel. Authority
CFGH Central Florida Group Homes
CHS Catholic Health Service
CoMC Community Medical Center
COP Certificates of Participation
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.
FMC Flagstaff Medical Center
GNMA Government National Mortgage Assoc.
GO General Obligation
GPA General Purpose Authority
H&EFA Health and Educational Facilities
Authority
H&EFB Health and Educational Facilities Board
H&HEFA Hospitals and Higher Education Facilities
Authority
HDA Hospital Devel. Authority
HDC Housing Devel. Corp.
HE&HF Higher Educational and Housing
Facilities
HE&HFA Higher Education and Health Facilities
Authority
HE&HFB Health Educational and Housing Facility
Board
HFA Housing Finance Agency
HFC Housing Finance Corp.
HFDC Health Facilities Devel. Corp.
HHCAHH Home Health Care Agency of Holland
Home
HHF Holland Home Foundation
IDA Industrial Devel. Agency
IDC Industrial Devel. Corp.
IF&PCFA Industrial Facilities & Pollution Control
Financing Authority
JDAM Julia Dyckman Andrus Memorial
JFK John Fitzgerald Kennedy
JGCCF Jewish Geriatric & Convalescent Center
Foundation
LH Lowman Home
LS Lutheran Services
MHM McKenna Health Management
MHS McKenna Health System
MMH McKenna Memorial Hospital
NTH North Terrace Housing
NYC New York City
RD Rehab Dimension
RHA Resource Healthcare of America
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
Res Rec Resource Recovery Facility
SHS Sunnyside Health Services
SJRNC St. Johns Rehabilitation and Nursing
Center
SPS Sunnyside Properties Sarasota
SR Sunnyside Retirement
TASC Tobacco Settlement Asset-Backed Bonds
VH Village Housing
VS Village Shalom
VSCF Village Shalom Charitable Foundation
WFMG Wheaton Franciscan Medical Group
WFS Wheaton Franciscan Services
WSREC West Suburban Recycling and Energy
Corp.
84 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
DISTRIBUTION OF INVESTMENTS BY CATEGORY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
CATEGORY VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Master Settlement Agreement $ 2,259,471,837 19.3%
Gas Utilities 1,473,569,220 12.6
Hospital/Health Care 1,153,233,655 9.8
Airlines 932,270,938 8.0
Special Assessment 839,615,876 7.2
Multifamily Housing 565,321,234 4.8
Single Family Housing 541,032,850 4.6
Marine/Aviation Facilities 519,971,941 4.4
Electric Utilities 491,659,690 4.2
General Obligation 296,505,274 2.5
Adult Living Facilities 261,633,479 2.2
Tax Increment Financing (TIF) 223,559,972 1.9
Resource Recovery 208,043,457 1.8
Hotels, Restaurants & Leisure 197,531,460 1.7
Sales Tax Revenue 158,454,524 1.4
Higher Education 152,327,835 1.3
Special Tax 150,159,292 1.3
Energy Equipment & Services 136,571,104 1.2
Paper, Containers & Packaging 128,279,206 1.1
Automobiles 127,727,660 1.1
Government Appropriation 122,798,463 1.1
Building Products 110,906,649 0.9
Correctional Facilities 100,355,822 0.9
Oil, Gas & Consumable Fuels 85,981,707 0.7
Student Housing 69,728,155 0.6
Sewer Utilities 68,186,703 0.6
Casino 63,923,822 0.5
Chemicals 58,743,350 0.5
Education 51,716,427 0.4
Water Utilities 39,199,395 0.3
Sports Facility Revenue 28,126,360 0.2
Highways/Commuter Facilities 25,475,497 0.2
Parking Fee Revenue 19,008,792 0.2
Food Products 15,721,644 0.1
Industrial Conglomerates 15,626,088 0.1
Biotechnology 12,191,625 0.1
Specialty Retail 10,545,150 0.1
Not-for-Profit Organization 8,286,774 0.1
Municipal Leases 3,034,606 0.0
Student Loans 2,873,840 0.0
Aerospace & Defense 1,868,787 0.0
Construction Materials 1,346,988 0.0
Semiconductors & Semiconductor Equipment 306,432 0.0
Auto Components 147,476 0.0
Communications Equipment 100,335 0.0
Metals & Mining 81,494 0.0
-------------------------------
Total $ 11,733,222,885 100.0%
===============================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
85 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES July 31, 2007
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
ASSETS
- -------------------------------------------------------------------------------------------------------------
Investments, at value (cost $11,620,603,787)--see accompanying statement of investments $ 11,733,222,885
- -------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 101,893,710
Investments sold (including $5,118,519 sold on a when-issued basis or forward commitment) 81,126,216
Shares of beneficial interest sold 34,468,589
Other 144,030
-----------------
Total assets 11,950,855,430
- -------------------------------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------------------------------
Bank overdraft 4,150,712
- -------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 3,070,197,268
Payable on borrowings (See Note 7) 152,300,000
Investments purchased (including $68,317,123 purchased on
a when-issued basis or forward commitment) 89,667,136
Shares of beneficial interest redeemed 26,079,312
Dividends 7,200,286
Distribution and service plan fees 1,102,122
Interest expense on borrowings 625,278
Trustees' compensation 542,644
Transfer and shareholder servicing agent fees 298,584
Shareholder communications 113,850
Other 203,979
-----------------
Total liabilities 3,352,481,171
- -------------------------------------------------------------------------------------------------------------
NET ASSETS $ 8,598,374,259
=================
- -------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------------------------------
Paid-in capital $ 8,495,969,398
- -------------------------------------------------------------------------------------------------------------
Accumulated net investment loss (1,492,491)
- -------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (8,721,746)
- -------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 112,619,098
-----------------
NET ASSETS $ 8,598,374,259
=================
86 | 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 $5,886,284,181
and 473,600,396 shares of beneficial interest outstanding) $ 12.43
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price) $ 13.05
- -------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $586,763,227 and 47,090,552 shares
of beneficial interest outstanding) $ 12.46
- -------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $2,125,326,851 and 171,313,315 shares
of beneficial interest outstanding) $ 12.41
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
87 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF OPERATIONS For the Year Ended July 31, 2007
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ------------------------------------------------------------------------------------------------
Interest $ 479,589,924
- ------------------------------------------------------------------------------------------------
EXPENSES
- ------------------------------------------------------------------------------------------------
Management fees 26,395,044
- ------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 7,191,499
Class B 5,282,839
Class C 15,792,585
- ------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 1,659,525
Class B 393,455
Class C 838,005
- ------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 124,170
Class B 29,598
Class C 59,780
- ------------------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued (See Note 1) 60,382,637
- ------------------------------------------------------------------------------------------------
Interest expense on borrowings 3,624,121
- ------------------------------------------------------------------------------------------------
Trustees' compensation 411,916
- ------------------------------------------------------------------------------------------------
Custodian fees and expenses 193,546
- ------------------------------------------------------------------------------------------------
Other 883,757
--------------
Total expenses 123,262,477
Less reduction to custodian expenses (193,546)
--------------
Net expenses 123,068,931
- ------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 356,520,993
- ------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ------------------------------------------------------------------------------------------------
Net realized gain on:
Investments (including premiums on options exercised) (165,422)
Closing and expiration of option contracts written 8,034
--------------
Net realized loss (157,388)
- ------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (99,963,807)
- ------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 256,399,798
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
88 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED JULY 31, 2007 2006
- ----------------------------------------------------------------------------------------------------------------
OPERATIONS
- ----------------------------------------------------------------------------------------------------------------
Net investment income $ 356,520,993 $ 228,925,579
- ----------------------------------------------------------------------------------------------------------------
Net realized loss (157,388) (1,735,179)
- ----------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (99,963,807) (64,213,301)
----------------------------------
Net increase in net assets resulting from operations 256,399,798 162,977,099
- ----------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ----------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (256,665,435) (148,596,538)
Class B (26,861,031) (24,985,161)
Class C (80,586,640) (49,377,636)
----------------------------------
(364,113,106) (222,959,335)
- ----------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ----------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial interest transactions:
Class A 2,525,127,317 1,166,918,418
Class B 31,071,724 39,436,284
Class C 852,372,073 444,988,006
----------------------------------
3,408,571,114 1,651,342,708
- ----------------------------------------------------------------------------------------------------------------
NET ASSETS
- ----------------------------------------------------------------------------------------------------------------
Total increase 3,300,857,806 1,591,360,472
- ----------------------------------------------------------------------------------------------------------------
Beginning of period 5,297,516,453 3,706,155,981
----------------------------------
End of period (including accumulated net investment income (loss)
of $(1,492,491) and $6,099,618, respectively) $ 8,598,374,259 $ 5,297,516,453
==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
89 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF CASH FLOWS For the Year Ended July 31, 2007
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- ----------------------------------------------------------------------------------------
Net increase in net assets from operations $ 256,399,798
- ----------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (6,345,385,189)
Proceeds from disposition of investment securities 540,397,741
Short-term investment securities, net 234,961,283
Premium amortization 15,975,995
Discount accretion (37,937,393)
Net realized loss on investments 157,388
Net change in unrealized appreciation on investments 99,963,807
Increase in interest receivable (39,195,874)
Increase in receivable for securities sold (71,760,459)
Increase in other assets (89,419)
Decrease in payable for securities purchased (28,083,618)
Increase in payable for accrued expenses 1,453,662
-----------------
Net cash used in operating activities (5,373,142,278)
- ----------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ----------------------------------------------------------------------------------------
Proceeds from bank borrowings 2,211,100,000
Payments on bank borrowings (2,058,800,000)
Proceeds from short-term floating rate notes issued 2,079,047,268
Payments on bank overdraft 4,150,712
Proceeds from shares sold 4,430,584,700
Payments on shares redeemed (1,206,967,175)
Cash distributions paid (154,674,638)
-----------------
Net cash provided by financing activities 5,304,449,867
- ----------------------------------------------------------------------------------------
Net decrease in cash (68,701,411)
- ----------------------------------------------------------------------------------------
Cash, beginning balance 68,701,411
-----------------
Cash, ending balance $ --
=================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $207,152,099.
Cash paid for interest on bank borrowings--$3,035,843.
Cash paid for interest on short-term floating rate notes issued--$60,382,637.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
90 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.47 $ 12.69 $ 11.13 $ 10.64 $ 11.28
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .67 1 .69 1 .78 1 .85 .92
Net realized and unrealized gain (loss) (.03) (.24) 1.59 .50 (.67)
-------------------------------------------------------------------------
Total from investment operations .64 .45 2.37 1.35 .25
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.68) (.67) (.81) (.86) (.89)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.43 $ 12.47 $ 12.69 $ 11.13 $ 10.64
=========================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 5.16% 3.79% 21.97% 12.78% 2.36%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $5,886,284 $3,439,135 $2,309,856 $731,565 $306,857
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $4,813,462 $2,721,861 $1,366,113 $506,440 $252,496
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.23% 5.60% 6.46% 7.54% 8.44%
Expenses excluding interest and fees on short-term
floating rate notes issued 0.63% 0.67% 0.69% 0.80% 1.04%
Interest and fees on short-term floating rate notes
issued 4 0.84% 0.81% 0.39% 0.37% 0.51%
-------------------------------------------------------------------------
Total expenses 1.47% 5 1.48% 1.08% 5 1.17% 5,6 1.55% 5
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 6% 24% 6% 14% 25%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
91 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS B YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.50 $ 12.72 $ 11.15 $ 10.66 $ 11.30
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .57 1 .60 1 .70 1 .77 .83
Net realized and unrealized gain (loss) (.02) (.24) 1.59 .49 (.66)
-------------------------------------------------------------------------
Total from investment operations .55 .36 2.29 1.26 .17
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.59) (.58) (.72) (.77) (.81)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.46 $ 12.50 $ 12.72 $ 11.15 $ 10.66
=========================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.34% 2.97% 21.09% 11.89% 1.57%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 586,763 $ 558,386 $ 528,192 $308,778 $188,645
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 587,412 $ 533,869 $ 410,031 $256,425 $141,819
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.49% 4.84% 5.80% 6.80% 7.67%
Expenses excluding interest and fees on short-term
floating rate notes issued 1.41% 1.46% 1.48% 1.56% 1.81%
Interest and fees on short-term floating rate notes
issued 4 0.84% 0.81% 0.39% 0.37% 0.51%
-------------------------------------------------------------------------
Total expenses 2.25% 5 2.27% 1.87% 5 1.93% 5,6 2.32% 5
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 6% 24% 6% 14% 25%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
92 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
CLASS C YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.45 $ 12.67 $ 11.11 $ 10.63 $ 11.27
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .57 1 .60 1 .68 1 .76 .83
Net realized and unrealized gain (loss) (.02) (.24) 1.60 .49 (.66)
-------------------------------------------------------------------------
Total from investment operations .55 .36 2.28 1.25 .17
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.59) (.58) (.72) (.77) (.81)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.41 $ 12.45 $ 12.67 $ 11.11 $ 10.63
=========================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.38% 3.01% 21.08% 11.83% 1.59%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $2,125,327 $1,299,995 $868,108 $265,340 $111,710
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,756,797 $1,050,344 $488,562 $193,845 $ 85,483
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.47% 4.83% 5.68% 6.76% 7.68%
Expenses excluding interest and fees on short-term
floating rate notes issued 1.39% 1.44% 1.46% 1.56% 1.80%
Interest and fees on short-term floating rate notes
issued 4 0.84% 0.81% 0.39% 0.37% 0.51%
-------------------------------------------------------------------------
Total expenses 2.23% 5 2.25% 1.85% 5 1.93% 5,6 2.31% 5
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 6% 24% 6% 14% 25%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods of less than one
full year. Returns do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares.
3. Annualized for periods less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
5. Reduction to custodian expenses less than 0.005%.
6. Voluntary waiver of transfer agent fees less than 0.005%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
93 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Rochester National Municipals (the Fund) is a separate series of
Oppenheimer Multi-State Municipal Trust, an open-end management investment
company registered under the Investment Company Act of 1940, as amended. The
Fund's investment objective is to seek a high level of current income exempt
from federal income taxes for individual investors by investing in a diversified
portfolio of high-yield municipal securities. The Fund's investment 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
94 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
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 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 July 31, 2007, the Fund had purchased $68,317,123
of securities issued on a when-issued basis or forward commitment and sold
$5,118,519 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 $706,491,498 as of July 31, 2007, which represents
5.91% 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
95 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 July 31, 2007, municipal bond holdings with a value
of $3,777,111,498 shown on the Fund's Statement of Investments are held by such
Trusts and serve as collateral for the $3,070,197,268 in short-term floating
rate notes issued and outstanding at that date.
At July 31, 2007, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL INVERSE COUPON MATURITY VALUE AS OF
AMOUNT FLOATER 1 RATES 2 DATES JULY 31, 2007
- ------------------------------------------------------------------------------------------------------------------
$ 5,000,000 Atlanta, GA Airport Passenger Facility ROLs 6.120% 1/1/34 $ 5,289,700
20,750,000 AZ Health Facilities Authority ROLs 3 9.050 1/1/37 18,675,000
2,230,000 AZ Health Facilities Authority ROLs 3 8.966 1/1/37 2,007,000
6,785,000 AZ Health Facilities Authority ROLs 3 10.770 1/1/37 6,106,500
2,550,000 AZ Reset Optional Certificates Trust II ROLs 3 7.830 3/1/28 2,085,135
2,750,000 Beacon, FL Tradeport Community Devel.
District RITES 8.897 5/1/32 3,257,430
5,425,000 Braxton County, WV Solid Waste
Disposal ROLs 3 9.920 5/1/25 5,444,421
3,375,000 Brazos River Authority, TX ROLs 3 9.770 5/1/29 3,028,455
2,500,000 Broward County, FL Educational Facilities
Authority ROLs 8.380 4/1/36 2,771,800
2,500,000 CA GO ROLs 8.320 6/1/37 2,777,050
2,250,000 CA GO ROLs 3 7.610 12/1/18 2,424,015
5,250,000 CA GO ROLs 3 8.220 12/1/25 5,503,470
14,375,000 CA GO ROLs 3 8.830 12/1/36 14,803,950
88,245,000 CA Golden State Tobacco Securitization
Corp. RITES 8.211 6/1/47 96,546,207
11,660,000 Central Plains, NE Gas Energy ROLs 6.760 12/1/26 9,794,400
3,000,000 Chelan County, WA Public Utility District RITES 8.801 1/1/36 3,633,480
8,050,000 Chicago, IL O'Hare International Airport RITES 10.387 1/1/29 11,336,332
96 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL INVERSE COUPON MATURITY VALUE AS OF
AMOUNT FLOATER 1 RATES 2 DATES JULY 31, 2007
- ------------------------------------------------------------------------------------------------------------------
$ 2,000,000 Chicago, IL O'Hare International Airport ROLs 8.520% 1/1/34 $ 2,100,360
2,065,000 Clark County, NV Industrial Devel. RITES 8.597 12/1/38 2,517,937
5,285,000 Clark County, NV Industrial Devel. ROLs 6.590 7/1/34 5,684,546
6,000,000 Clark County, NV Industrial Devel. ROLs 6.590 3/1/38 6,488,280
4,800,000 Clark County, NV Industrial Devel. ROLs 8.290 12/1/33 5,140,704
7,500,000 Columbia, SC Parking Facility ROLs 6.120 2/1/37 7,900,950
6,000,000 Dallas-Fort Worth, TX International
Airport RITES 6.525 11/1/27 6,155,400
8,125,000 Dallas-Fort Worth, TX International
Airport ROLs 10.550 11/1/33 9,966,775
2,000,000 Denver, CO City & County Airport DRIVERS 8.126 5/15/13 2,282,080
10,000,000 Denver, CO Convention Center Hotel
Authority ROLs 8.630 12/1/35 11,298,200
5,130,000 Detroit, MI Sewer Disposal System ROLs 5.426 7/1/32 4,924,800
3,525,000 Detroit, MI Sewer Disposal ROLs 7.490 7/1/32 3,172,500
2,595,000 District of Columbia HFA RITES 7.730 12/1/21 2,315,934
4,390,000 Fulton County, GA RITES 8.560 11/15/28 3,560,290
6,185,000 George L. Smith II, GA World Congress
Center Authority ROLs 10.290 7/1/20 7,232,492
1,750,000 Halifax County, VA IDA RITES 8.966 6/1/28 2,258,725
2,125,000 HI Dept. of Budget & Finance RITES 6.797 9/1/32 2,282,547
2,500,000 HI Dept. of Budget & Finance RITES 5.550 12/1/22 2,731,950
2,440,000 HI Reset Optional Certificates Trust II ROLs 11.170 10/1/27 3,089,674
4,200,000 Hutto, TX Independent School District ROLs 8.630 8/1/37 4,662,504
20,000,000 IA Tobacco Settlement Authority ROLs 3 9.120 6/1/46 20,334,400
2,125,000 IL Health Facilities Authority RITES 6.956 2/15/25 2,558,840
2,500,000 IN Health Facility Financing Authority RITES 8.432 11/1/31 3,227,600
1,690,000 IN Health Facility Financing Authority RITES 8.426 11/1/31 2,181,858
4,500,000 Jacksonville, FL Health Facilities Authority ROLs 9.620 11/15/32 4,889,790
6,000,000 Johnson City, TN H&EFB RITES 5.500 7/1/36 6,387,660
1,875,000 LA Public Facilities Authority ROLs 8.610 5/15/22 2,012,100
2,500,000 Lancaster, TX Independent School District
GO RITES 8.180 2/15/34 3,555,500
6,025,000 Lancaster, TX Independent School District
GO ROLs 6.120 2/15/34 6,417,830
5,400,000 Lehigh County, PA GPA ROLs 3 11.130 8/15/42 3,930,012
3,125,000 Lehigh County, PA GPA ROLs 6.180 5/15/28 2,812,500
985,000 Lombard, IL Facilities Corp. ROLs 9.550 1/1/30 1,113,286
1,250,000 Lombard, IL Facilities Corp. ROLs 9.550 1/1/36 1,398,850
3,250,000 Long Beach, CA Harbor DRIVERS 8.986 5/15/27 3,749,395
2,000,000 MA GO ROLs 8.640 8/1/27 2,401,800
2,500,000 MA H&EFA RITES 5.750 8/15/35 2,477,350
1,110,000 MA H&EFA RITES 8.890 11/15/32 959,651
13,020,000 MA HFA RITES 3 6.610 7/1/25 14,011,342
5,640,000 MA HFA ROLs 8.550 7/1/22 5,692,565
1,050,000 ME Hsg. Authority Mtg. ROLs 9.050 11/15/22 1,088,241
2,055,000 Metropolitan Washington D.C. Airport
Authority DRIVERS 8.540 10/1/11 2,252,403
97 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
PRINCIPAL INVERSE COUPON MATURITY VALUE AS OF
AMOUNT FLOATER 1 RATES 2 DATES JULY 31, 2007
- ------------------------------------------------------------------------------------------------------------------
$ 5,575,000 Metropolitan Washington D.C. Airport
Authority ROLs 9.530% 10/1/32 $ 6,223,150
1,250,000 Metropolitan Washington D.C. Airport
Authority ROLs 8.540 10/1/34 1,328,825
1,250,000 Metropolitan Washington D.C. Airport
Authority ROLs 8.520 10/1/35 1,336,875
6,580,000 Metropolitan Washington D.C. Airport
Authority ROLs, Series A 6.760 10/1/20 7,143,248
2,475,000 MI Higher Education Student Loan
Authority RITES 8.232 9/1/26 2,793,285
2,000,000 MI Strategic Fund Limited Obligation
(Detroit Edison Company) ROLs 10.550 6/1/30 2,472,240
4,525,000 Miami-Dade County, FL Aviation 0.000 10/1/40 4,806,545
17,535,000 Miami-Dade County, FL Aviation ROLs 8.540 10/1/37 18,658,643
5,000,000 Miami-Dade County, FL Aviation ROLs 6.090 10/1/35 5,175,550
8,895,000 Miami-Dade County, FL Aviation ROLs 8.290 10/1/38 9,416,959
4,985,000 Milledgeville-Baldwin County, GA Devel.
Authority (Georgia College & State
University Foundation) ROLs 7.570 10/1/33 4,685,900
5,600,000 MS Devel. Bank Special Obligation 8.380 3/1/41 6,140,848
4,375,000 MS Hospital Equipment & Facilities
Authority RITES 5.670 9/1/24 4,225,550
11,700,000 New Orleans, LA Exhibit Hall Special Tax
(Ernest N. Morial) ROLs 6.620 7/15/28 12,688,065
3,860,000 NJ Health Care RITES 8.710 11/15/33 3,064,454
2,110,000 North Little Rock, AR Residential Hsg.
Facilities Board RITES 7.650 2/20/17 2,342,058
15,500,000 Northern CA Gas Authority ROLs 3 8.360 7/1/27 12,400,000
3,145,000 OH Higher Educational Facility ROLs 8.380 12/1/44 3,517,745
9,450,000 Puerto Rico Sales Tax Financing Corp. ROLs 3 0.000 4 8/1/57 9,379,125
1,770,000 RI Hsg. & Mtg. Finance Corp. RITES 6.848 10/1/22 1,822,534
9,440,000 Sayre, PA Health Care Facilities
(Guthrie Health) RITES 3 6.144 12/23/26 9,020,864
1,000,000 Sayre, PA Health Care Facilities Authority
(Guthrie Healthcare System) ROLs 3 8.330 12/1/24 889,000
2,670,000 Sayre, PA Health Care Facilities ROLs 6.810 12/1/31 2,492,178
7,315,000 SC GO ROLs 6.070 8/1/19 7,765,019
1,570,000 SC Hsg. Finance & Devel. Authority RITES 5.802 1/1/23 1,655,188
2,760,000 SC Hsg. Finance & Devel. Authority ROLs 9.320 7/1/34 2,864,825
4,875,000 St. Joseph County, IN Hospital Authority ROLs 8.500 8/15/46 4,485,000
7,105,000 Tacoma, WA Port Authority ROLs 8.290 12/1/30 7,665,869
3,730,000 Tarrant County, TX HFC
(Village Creek Apartments) RITES 8.570 4/20/48 3,087,769
10,000,000 TX Dept. of Hsg. & Community Affairs RITES 5.660 7/1/34 9,793,600
2,500,000 TX GO RITES 10.997 12/1/28 2,763,100
14,185,000 TX Municipal Gas Acquisition & Supply
Corp. RITES 8.070 12/15/26 12,142,360
98 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL INVERSE COUPON MATURITY VALUE AS OF
AMOUNT FLOATER 1 RATES 2 DATES JULY 31, 2007
- -----------------------------------------------------------------------------------------------------------------
$ 11,840,000 TX Municipal Gas Acquisition &
Supply Corp. RITES 8.070% 12/15/26 $ 10,135,040
3,330,000 TX Municipal Gas Acquisition &
Supply Corp. RITES 8.070 12/15/26 2,850,480
8,220,000 TX Municipal Gas Acquisition &
Supply Corp. RITES 8.910 6/1/32 6,666,420
39,000,000 TX Municipal Gas Acquisition &
Supply Corp. RITES 6.700 12/15/17 34,612,500
3,400,000 TX Municipal Gas Acquisition &
Supply Corp. RITES 2.480 12/15/26 2,910,400
5,110,000 TX Municipal Gas Acquisition &
Supply Corp. RITES 8.070 12/15/26 4,374,160
34,900,000 TX Municipal Gas Acquisition &
Supply Corp. RITES 7.600 12/15/26 29,874,400
4,440,000 TX Municipal Gas Acquisition &
Supply Corp. RITES 3.460 9/15/27 4,370,070
5,000,000 TX Municipal Gas Acquisition &
Supply Corp. RITES 7.060 12/15/26 4,775,000
11,440,000 TX Municipal Gas Acquisition &
Supply Corp. RITES 8.070 12/15/26 9,792,640
4,000,000 TX Turnpike Authority ROLs 8.610 8/15/42 4,303,360
3,000,000 TX Veterans Hsg. Assistance RITES 9.397 6/1/29 3,222,060
7,795,000 Wayne County, MI Airport Authority ROLs 8.540 12/1/29 8,475,036
2,000,000 WI H&EFA RITES 7.432 2/15/32 2,305,000
2,830,000 WI Hsg. & EDA RITES 7.020 9/1/24 2,809,284
2,370,000 WI Hsg. & EDA ROLs 8.330 3/1/24 2,311,366
3,565,000 WV Hsg. Devel. Fund RITES 6.900 11/1/32 3,753,945
-------------
$ 706,491,498
=============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 84 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.
4. This inverse floater settles at a future date, at which time the interest
rate will be determined.
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 July 31,
2007, in addition to the exposure detailed in the preceding table, the Fund's
maximum exposure under such agreements is estimated at approximately
$757,090,000.
99 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES 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 July 31, 2007, securities with an aggregate
market value of $79,990,569, representing 0.93% of the Fund's net assets, were
in default.
The Fund has entered into forbearance agreements with certain obligors
under which the Fund has agreed to temporarily forego payment of the original
coupon interest rates. As of July 31, 2007, securities with an aggregate market
value of $6,743,740, representing 0.08% of the Fund's net assets, were subject
to these deferred-interest forbearance agreements. Interest is owed to the Fund
under these agreements in the amount of $1,331,500.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
The tax components of capital shown in the following table represent
distribution requirements the Fund must satisfy under the income tax
regulations, losses the Fund may be able to offset against income and gains
realized in future years and unrealized appreciation or depreciation of
securities and other investments for federal income tax purposes.
NET UNREALIZED
APPRECIATION
BASED ON COST
OF SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2,3,4 TAX PURPOSES
------------------------------------------------------------------------------
$10,774,751 $-- $7,048,760 $110,946,110
1. As of July 31, 2007, the Fund had $187,364 of net capital loss carryforwards
available to offset future realized capital gains, if any, and thereby reduce
future taxable gain distributions. As of July 31, 2007, details of the capital
loss carryforward were as follows:
EXPIRING
-------------------
2014 $187,364
2. As of July 31, 2007, the Fund had $6,861,396 of post-October losses available
to offset future realized capital gains, if any. Such losses, if unutilized,
will expire in 2016.
3. During the fiscal year ended July 31, 2007, the Fund utilized $6,148,913 of
capital loss carryforward to offset capital gains realized in that fiscal year.
4. During the fiscal year ended July 31, 2006, the Fund did not utilize any
capital loss carryforward.
100 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund. Accordingly, the
following amounts have been reclassified for July 31, 2007. Net assets of the
Fund were unaffected by the reclassifications.
REDUCTION TO INCREASE TO
ACCUMULATED ACCUMULATED NET
NET INVESTMENT REALIZED LOSS
LOSS ON INVESTMENTS
--------------------------------
$4 $4
The tax character of distributions paid during the years ended July 31, 2007 and
July 31, 2006 was as follows:
YEAR ENDED YEAR ENDED
JULY 31, 2007 JULY 31, 2006
------------------------------------------------------------
Distributions paid from:
Exempt-interest dividends $ 361,190,921 $ 219,847,314
Ordinary income 2,922,185 3,112,021
--------------------------------
Total $ 364,113,106 $ 222,959,335
================================
The aggregate cost of securities and other investments and the composition of
unrealized appreciation and depreciation of securities and other investments for
federal income tax purposes as of July 31, 2007 are noted below. The primary
difference between book and tax appreciation or depreciation of securities and
other investments, if applicable, is attributable to the tax deferral of losses
or tax realization of financial statement unrealized gain or loss.
Federal tax cost of securities $ 8,550,058,137
===============
Gross unrealized appreciation $ 288,629,272
Gross unrealized depreciation (177,683,162)
---------------
Net unrealized appreciation $ 110,946,110
===============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the year ended July 31, 2007, the Fund's
projected benefit obligations were increased by $276,959 and payments of
$137,783 were made to retired trustees, resulting in an accumulated liability of
$399,654 as of July 31, 2007.
101 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 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.
102 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
- --------------------------------------------------------------------------------
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:
YEAR ENDED JULY 31, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------
CLASS A
Sold 255,415,514 $ 3,256,685,389 151,329,225 $ 1,872,703,060
Dividends and/or distributions
reinvested 11,963,388 152,344,833 6,344,165 78,337,015
Redeemed (69,607,414) (883,902,905) (63,845,028) (784,121,657)
--------------------------------------------------------------
Net increase 197,771,488 $ 2,525,127,317 93,828,362 $ 1,166,918,418
==============================================================
- ---------------------------------------------------------------------------------------------------
CLASS B
Sold 8,035,188 $ 102,699,207 9,219,328 $ 114,329,770
Dividends and/or distributions
reinvested 1,045,429 13,351,514 897,736 11,108,543
Redeemed (6,664,299) (84,978,997) (6,964,743) (86,002,029)
--------------------------------------------------------------
Net increase 2,416,318 $ 31,071,724 3,152,321 $ 39,436,284
==============================================================
- ---------------------------------------------------------------------------------------------------
CLASS C
Sold 83,679,098 $ 1,065,448,699 50,564,974 $ 624,690,798
Dividends and/or distributions
reinvested 3,260,844 41,455,752 1,881,037 23,186,853
Redeemed (20,061,528) (254,532,378) (16,519,059) (202,889,645)
--------------------------------------------------------------
Net increase 66,878,414 $ 852,372,073 35,926,952 $ 444,988,006
==============================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended July 31, 2007, were as follows:
PURCHASES SALES
----------------------------------------------------------
Investment securities $ 6,345,385,189 $ 540,397,741
103 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the year ended July 31, 2007, the Fund paid
$2,798,632 to OFS for services to the Fund.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A
shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
periodically at an annual rate of up to 0.15% of the average annual net assets
of Class A shares of the Fund. The Board of Trustees can increase that fee to
0.25% of average net assets without shareholder approval. Shareholders will be
notified of any such change. The Distributor currently uses all of those fees to
pay dealers, brokers, banks and other financial institutions periodically for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
periods. Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans for Class B and Class C shares to
compensate the Distributor for its services in connection with the distribution
of those shares and servicing accounts. Under the plans, the Fund pays the
Distributor an annual asset-based sales charge of 0.75% on Class B and Class C
shares. The Distributor also receives a service fee of 0.15% per year under each
plan. However, the Board of Trustees can increase that fee to 0.25% of average
net assets without shareholder approval. Shareholders will be notified of any
such change. If either the Class B or Class C plan is terminated by the Fund or
by the shareholders of a class, the Board of Trustees and its independent
trustees must determine whether the Distributor shall be entitled to payment
from the Fund of all or a portion of the service fee and/or asset-based sales
charge in respect to shares sold prior to the effective date of such
termination. The Distributor determines its uncompensated expenses under the
plan at
104 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
calendar quarter ends. The Distributor's aggregate uncompensated expenses under
the plan at June 30, 2007 for Class B and Class C shares were $16,724,168 and
$24,623,153, respectively. Fees incurred by the Fund under the plans are
detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
July 31, 2007 $5,465,067 $587,267 $1,287,276 $487,198
- --------------------------------------------------------------------------------
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. OPTION ACTIVITY
The Fund may buy and sell put and call options, or write put and covered call
options on portfolio securities in order to produce incremental earnings or
protect against changes in the value of portfolio securities.
The Fund generally purchases put options or writes covered call options to
hedge against adverse movements in the value of portfolio holdings. When an
option is written, the Fund receives a premium and becomes obligated to sell or
purchase the underlying security at a fixed price, upon exercise of the option.
Options are valued daily based upon the last sale price on the principal
exchange on which the option is traded and unrealized appreciation or
depreciation is recorded. The Fund will realize a gain or loss upon the
expiration or closing of the option transaction. When an option is exercised,
the proceeds on sales for a written call option, the purchase cost for a written
put option, or the cost of the security for a purchased put or call option is
adjusted by the amount of premium received or paid.
Securities designated to cover outstanding call or put options are noted
in the Statement of Investments where applicable. Contracts subject to call or
put, expiration date, exercise price, premium received and market value are
detailed in a note to the Statement of Investments. Options written are reported
as a liability in the Statement of Assets and Liabilities. Realized gains and
losses are reported in the Statement of Operations.
The risk in writing a call option is that the Fund gives up the
opportunity for profit if the market price of the security [or commodity]
increases and the option is exercised. The risk in writing a put option is that
the Fund may incur a loss if the market price of the security decreases and the
option is exercised. The risk in buying an option is that the
105 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. OPTION ACTIVITY Continued
Fund pays a premium whether or not the option is exercised. The Fund also has
the additional risk of not being able to enter into a closing transaction if a
liquid secondary market does not exist.
Written option activity for the year ended July 31, 2007 was as follows:
CALL OPTIONS
------------------------
NUMBER OF AMOUNT OF
CONTRACTS PREMIUMS
- ----------------------------------------------------------
Options outstanding as of
July 31, 2006 -- $ --
Options written 8,983 1,486,870
Options closed or expired (1,443) (175,386)
Options exercised (7,540) (1,311,484)
------------------------
Options outstanding as of
July 31, 2007 -- $ --
========================
- --------------------------------------------------------------------------------
6. ILLIQUID SECURITIES
As of July 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.
- --------------------------------------------------------------------------------
7. BORROWINGS
The Fund can borrow money from banks in amounts up to one-third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings to purchase portfolio securities, to meet redemption
obligations or for temporary and emergency purposes. The purchase of securities
with borrowed funds creates leverage in the Fund.
The 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 (5.2958% as of July 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.
106 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
For the year ended July 31, 2007, the average daily loan balance was
$67,699,178 at an average daily interest rate of 5.288%. The Fund had borrowings
outstanding of $152,300,000 at July 31, 2007 at an interest rate of 5.2958%. The
Fund had gross borrowings and gross loan repayments of $2,211,100,000 and
$2,058,800,000, respectively, during the year ended July 31, 2007. The maximum
amount of borrowings outstanding at any month-end during the year ended July 31,
2007 was $152,300,000. The Fund paid $345,902 in fees and $3,035,843 in interest
during the year ended July 31, 2007.
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8. 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
July 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, ("FASB") issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of July 31, 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.
107 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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THE BOARD OF TRUSTEES AND SHAREHOLDERS
OF OPPENHEIMER MULTI-STATE MUNICIPAL TRUST:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer Rochester National Municipals (one of portfolios constituting the
Oppenheimer Multi-State Municipal Trust), including the statement of
investments, as of July 31, 2007, and the related statements of operations and
cash flows for the year then ended, the statements of changes in net assets for
each of the years in the two-year period then ended, and the financial
highlights for each of the years in the five-year period then ended. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of July 31, 2007, by correspondence with the
custodian and brokers or by other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Rochester National Municipals as of July 31, 2007, the results of
its operations and its cash flows for the year then ended, the changes in its
net assets for each of the years in the two-year period then ended, and the
financial highlights for each of the years in the five-year period then ended,
in conformity with U.S. generally accepted accounting principles.
KPMG LLP
Denver, Colorado
September 17, 2007
108 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FEDERAL INCOME TAX INFORMATION Unaudited
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In early 2008, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2007. Regulations of the U.S. Treasury Department require the Fund
to report this information to the Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended July
31, 2007 are eligible for the corporate dividend-received deduction. 99.20% of
the dividends were derived from interest on municipal bonds and are not subject
to federal income taxes. To the extent a shareholder is subject to any state or
local tax laws, some or all of the dividends received may be taxable.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
109 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
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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.
110 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
TRUSTEES AND OFFICERS Unaudited
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NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD; NUMBER OF
FUND, LENGTH OF SERVICE, AGE PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, COLORADO
TRUSTEES 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION,
RETIREMENT, DEATH OR REMOVAL.
BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1995); Director of
Chairman of the Board Special Value Opportunities Fund, LLC (registered investment company) (since September 2004);
of Trustees (since 2007), Member of Zurich Financial Investment Advisory Board (insurance) (since October 2004); Board of
Trustee (since 2005) Governing Trustees of The Jackson Laboratory (non-profit) (since August 1990); Trustee of the
Age: 64 Institute for Advanced Study (non-profit educational institute) (since May 1992); Special Limited
Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September
2004); Trustee of Research Foundation of AIMR (investment research, non-profit) (2000-2002);
Governor, Jerome Levy Economics Institute of Bard College (economics research) (August
1990-September 2001); Director of Ray & Berendtson, Inc. (executive search firm) (May 2000-April
2002). Oversees 65 portfolios in the OppenheimerFunds complex.
DAVID K. DOWNES, President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment
Trustee (since 2007) management company) (since January 2004); President of The Community Reinvestment Act Qualified
Age: 67 Investment Fund (investment management company) (since January 2004); Independent Chairman of
the Board of Trustees of Quaker Investment Trust (registered investment company) (since January
2004); Director of Internet Capital Group (information technology company) (since October
2003); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment
Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and
Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National
Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment
Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible
Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief
Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and
investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and
Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative
Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management
Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate
Controller of Merrill Lynch & Company (financial services holding company) (1977-1985); held
the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget
Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes
(1969-1972); held the following positions at Price Waterhouse & Company (financial services
firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United
States Marine Corps (1957-1959). Oversees 65 portfolios in the OppenheimerFunds complex.
MATTHEW P. FINK, Trustee of the Committee for Economic Development (policy research foundation) (since 2005);
Trustee (since 2005) Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President
Age: 66 of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI
Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 55 portfolios
in the OppenheimerFunds complex.
111 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
TRUSTEES AND OFFICERS Unaudited / Continued
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ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 65 portfolios in the OppenheimerFunds
Trustee (since 1993) complex.
Age: 74
PHILLIP A. GRIFFITHS, Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979)
Trustee (since 1999) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI
Age: 68 Lumonics Inc. (precision medical equipment supplier) (since 2001); Senior Advisor of The Andrew
W. Mellon Foundation (since 2001); Chair of Science Initiative Group (since 1999); Member of the
American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Foreign
Associate of Third World Academy of Sciences; Director of the Institute for Advanced Study
(1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke
University (1983-1991). Oversees 55 portfolios in the OppenheimerFunds complex.
MARY F. MILLER, Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice
Trustee (since 2004) President and General Auditor of American Express Company (financial services company) (July
Age: 64 1998-February 2003). Oversees 55 portfolios in the OppenheimerFunds complex.
JOEL W. MOTLEY, Managing Director of Public Capital Advisors, LLC (privately-held financial adviser) (since
Trustee (since 2002) January 2006); Director of Columbia Equity Financial Corp. (privately-held financial adviser)
Age: 55 (since 2002); Managing Director of Carmona Motley, Inc. (privately-held financial adviser) (since
January 2002); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial
adviser) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council
on Foreign Relations, Member of the Investment Committee of the Episcopal Church of America,
Member of the Investment Committee and Board of Human Rights Watch and the Investment Committee
of Historic Hudson Valley. Oversees 55 portfolios in the OppenheimerFunds complex.
RUSSELL S. REYNOLDS, JR., Chairman of RSR Partners (formerly "The Directorship Search Group, Inc.") (corporate governance
Trustee (since 1989) consulting and executive recruiting) (since 1993); Life Trustee of International House
Age: 75 (non-profit educational organization); Former Trustee of The Historical Society of the Town of
Greenwich; Former Director of Greenwich Hospital Association. Oversees 55 portfolios in the
OppenheimerFunds complex.
JOSEPH M. WIKLER, Director of the following medical device companies: Medintec (since 1992) and Cathco (since
Trustee (since 2005) 1996); Director of Lakes Environmental Association (environmental protection organization) (since
Age: 66 1996); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since
1994); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 55 portfolios in
the OppenheimerFunds complex.
PETER I. WOLD, President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since
Trustee (since 2005) 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999);
Age: 59 Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Vice President,
Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production)
(1996-2006); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas
City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 55
portfolios in the OppenheimerFunds complex.
112 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
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INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW
AND OFFICER YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE TERM, OR UNTIL HIS
RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER FOR AN INDEFINITE TERM, OR UNTIL HIS
RESIGNATION, RETIREMENT, DEATH OR REMOVAL. MR. MURPHY IS AN INTERESTED TRUSTEE DUE TO HIS
POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES.
JOHN V. MURPHY, Chairman, Chief Executive Officer and Director of the Manager (since June 2001); President of the
Trustee, President and Manager (September 2000-March 2007); President and a director or trustee of other Oppenheimer
Principal Executive Officer funds; President and Director of Oppenheimer Acquisition Corp. ("OAC") (the Manager's parent
(since 2001) holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of
Age: 58 the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the
Manager) (since November 2001); Chairman and Director of Shareholder Services, Inc. and of
Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager) (since July
2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program
established by the Manager) (since July 2001); Director of the following investment advisory
subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset
Management Corporation, Trinity Investment Management Corporation and Tremont Capital
Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private
Investments, Inc. (since July 2001); President (since November 1, 2001) and Director (since July
2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts
Mutual Life Insurance Company (OAC's parent company) (since February 1997); Director of DLB
Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June
1995); Member of the Investment Company Institute's Board of Governors (since October 3, 2003);
Chief Operating Officer of the Manager (September 2000-June 2001); President and Trustee of MML
Series Investment Fund and MassMutual Select Funds (open-end investment companies) (November
1999-November 2001); Director of C.M. Life Insurance Company (September 1999-August 2000);
President, Chief Executive Officer and Director of MML Bay State Life Insurance Company
(September 1999-August 2000); Director of Emerald Isle Bancorp and Hibernia Savings Bank
(wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989-June 1998). Oversees 102
portfolios in the OppenheimerFunds complex.
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OTHER OFFICERS THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. ZACK, GILLESPIE AND
OF THE FUND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR
MESSRS. VANDEHEY, WIXTED, PETERSEN, SZILAGYI AND MS. IVES, 6803 S. TUCSON WAY, CENTENNIAL,
COLORADO 80112-3924, FOR MESSRS. FIELDING, LOUGHRAN, COTTIER AND WILLIS, 350 LINDEN OAKS,
ROCHESTER, NEW YORK 14625. EACH OFFICER SERVES FOR AN INDEFINITE TERM OR UNTIL HIS OR HER
RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
RONALD H. FIELDING, Senior Vice President of the Manager and Chairman of the Rochester Division of the Manager (since
Vice President and Senior January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader for the Fund
Portfolio Manager and other Oppenheimer funds.
(since 2002)
Age: 58
DANIEL G. LOUGHRAN, Senior Vice President of the Manager (since August 2007); Vice President of the Manager (April
Vice President and Senior 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior
Portfolio Manager Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
(since 2005)
Age: 43
113 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
TRUSTEES AND OFFICERS Unaudited / Continued
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SCOTT S. COTTIER, Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory
Vice President (since 2005) Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the
and Senior Portfolio Manager Fund and other Oppenheimer funds.
(since 2002)
Age: 35
TROY E. WILLIS, Assistant Vice President of the Manager (since July 2005) and a Portfolio Manager with the
Vice President (since 2005) Manager (since 2003). Corporate Attorney for Southern Resource Group (from 1999 to 2003). Senior
and Senior Portfolio Manager Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
(since 2006)
Age: 34
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager, OppenheimerFunds Distributor,
Vice President and Chief Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice
Compliance Officer President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and
(since 2004) Shareholder Services, Inc. (June 1983-February 2004). Former Vice President and Director of
Age: 57 Internal Audit of the Manager (1997-February 2004). An officer of 102 portfolios in the
OppenheimerFunds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the
Treasurer and Principal following: HarbourView Asset Management Corporation, Shareholder Financial Services, Inc.,
Financial & Accounting Shareholder Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership
Officer (since 1999) Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000),
Age: 47 OppenheimerFunds International Ltd. (since May 2000), OppenheimerFunds plc (since May 2000), OFI
Institutional Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy Program
(charitable trust program established by the Manager) (since June 2003); Treasurer and Chief
Financial Officer of OFI Trust Company (trust company subsidiary of the Manager) (since May
2000); Assistant Treasurer of the following: OAC (since March 1999), Centennial Asset Management
Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003);
Principal and Chief Operating Officer of Bankers Trust Company-Mutual Fund Services Division
(March 1995-March 1999). An officer of 102 portfolios in the OppenheimerFunds complex.
BRIAN S. PETERSEN, Vice President of the Manager (since February 2007); Assistant Vice President of the Manager
Assistant Treasurer (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November
(since 2004) 1998-July 2002). An officer of 102 portfolios in the OppenheimerFunds complex.
Age: 37
BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and
Assistant Treasurer Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger
(since 2005) Financial Group LLC (May 2001-March 2003); Director of Mutual Fund Operations at American Data
Age: 37 Services, Inc. (September 2000-May 2001). An officer of 102 portfolios in the OppenheimerFunds
complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002) of the
Vice President Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel
and Secretary of Centennial Asset Management Corporation (since December 2001); Senior Vice President and
(since 2001) General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and
Age: 59 General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and
Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc;
Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002);
Director of Oppenheimer Real
114 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
ROBERT G. ZACK, Asset Management, Inc. (since November 2001); Senior Vice President, General Counsel and Director
Continued of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since December 2001);
Senior Vice President, General Counsel and Director of OFI Private Investments, Inc. and OFI
Trust Company (since November 2001); Vice President of OppenheimerFunds Legacy Program (since
June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc.
(since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior
Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February 2002) and
Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of the
following: Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial Services,
Inc. (November 1989-November 2001), and OppenheimerFunds International Ltd. (September
1997-November 2001). An officer of 102 portfolios in the OppenheimerFunds complex.
LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May 2004); First Vice President (April
Assistant Secretary 2001-April 2004), Associate General Counsel (December 2000-April 2004), Corporate Vice President
(since 2004) (May 1999-April 2001) and Assistant General Counsel (May 1999-December 2000) of UBS Financial
Age: 39 Services Inc. (formerly, PaineWebber Incorporated). An officer of 102 portfolios in the
OppenheimerFunds complex.
PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager (since September 2004); First
Assistant Secretary Vice President (2000-September 2004), Director (2000-September 2004) and Vice President
(since 2004) (1998-2000) of Merrill Lynch Investment Management. An officer of 102 portfolios in the
Age: 43 OppenheimerFunds complex.
KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant Secretary (since October 2003)
Assistant Secretary of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the
(since 2001) Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003);
Age: 41 Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant
Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since
December 2001); Assistant Counsel of the Manager (August 1994-October 2003). An officer of 102
portfolios in the OppenheimerFunds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE UPON
REQUEST, BY CALLING 1.800.525.7048.
115 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees of the registrant has determined that David Downes, a
member of the Board's Audit Committee, is an audit committee financial expert
and that Mr. Downes is "independent" for purposes of this Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $106,000 in fiscal 2007 and $67,500 in fiscal 2006.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed $315,954 in fiscal 2007 and $24,746 in fiscal 2006 to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such services include: internal control reviews, professional services relating
to FAS 123R and review of internal controls of SAP conversion.
(c) Tax Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees in fiscal 2007 and $1,536 in fiscal 2006 to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such services include: preparation of form 5500.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
(e) (1) During its regularly scheduled periodic meetings, the registrant's
audit committee will pre-approve all audit, audit-related, tax and other
services to be provided by the principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its Chairman
for any subsequent new engagements that arise between regularly scheduled
meeting dates provided that any fees such pre-approved are presented to
the audit committee at its next regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe waived
provided that: 1) the aggregate amount of all such services provided
constitutes no more than five percent of the total amount of fees paid by
the registrant to it principal accountant during the fiscal year in which
services are provided 2) such services were not recognized by the
registrant at the time of engagement as non-audit services and 3) such
services are promptly brought to the attention of the audit committee of
the registrant and approved prior to the completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed $315,954 in fiscal 2007 and $26,282 in fiscal
2006 to the registrant and the registrant's investment adviser or any
entity controlling, controlled by, or under common control with the
adviser that provides ongoing services to the registrant related to
non-audit fees. Those billings did not include any prohibited non-audit
services as defined by the Securities Exchange Act of 1934.
(h) No such services were rendered.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's Governance Committee (the "Committee") will evaluate potential
Board candidates to assess their qualifications. The Committee shall have
the authority, upon approval of the Board, to retain an executive search
firm to assist in this effort. The Committee may consider recommendations
by business and personal contacts of current Board members and by
executive search firms which the Committee may engage from time to time
and may also consider shareholder recommendations. The Committee may
consider the advice and recommendation of the Funds' investment manager
and its affiliates in making the selection.
2. The Committee shall screen candidates for Board membership. The Committee
has not established specific qualifications that it believes must be met
by a trustee nominee. In evaluating trustee nominees, the Committee
considers, among other things, an individual's background, skills, and
experience; whether the individual is an "interested person" as defined in
the Investment Company Act of 1940; and whether the individual would be
deemed an "audit committee financial expert" within the meaning of
applicable SEC rules. The Committee also considers whether the
individual's background, skills, and experience will complement the
background, skills, and experience of other nominees and will contribute
to the Board. There are no differences in the manner in which the
Committee evaluates nominees for trustees based on whether the nominee is
recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the Board at
such times as the Committee meets to consider new nominees for the Board.
The Committee shall have the sole discretion to determine the candidates
to present to the Board and, in such cases where required, to
shareholders. Recommendations for trustee nominees should, at a minimum,
be accompanied by the following:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
o any other information that the Funds would be required to include in
a proxy statement concerning the person if he or she was nominated;
and
o the name and address of the person submitting the recommendation
and, if that person is a shareholder, the period for which that
person held Fund shares.
The recommendation also can include any additional information which the
person submitting it believes would assist the Committee in evaluating the
recommendation.
4. Shareholders should note that a person who owns securities issued by
Massachusetts Mutual Life Insurance Company (the parent company of the
Funds' investment adviser) would be deemed an "interested person" under
the Investment Company Act of 1940. In addition, certain other
relationships with Massachusetts Mutual Life Insurance Company or its
subsidiaries, with registered broker-dealers, or with the Funds' outside
legal counsel may cause a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a trustee,
Committee members and other directors customarily interview the individual
in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must
be disclosed under SEC and stock exchange rules and to determine whether
the individual is subject to any statutory disqualification from serving
as a trustee of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the registrant's disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)) as of 07/31/2007, the registrant's principal executive officer and
principal financial officer found the registrant's disclosure controls and
procedures to provide reasonable assurances that information required to be
disclosed by the registrant in the reports that it files under the Securities
Exchange Act of 1934 (a) is accumulated and communicated to registrant's
management, including its principal executive officer and principal financial
officer, to allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized and reported, within the time periods specified
in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that
have materially affected, or are reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a) (1) Exhibit attached hereto.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Multi-State Municipal Trust
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 09/13/2007
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: 09/13/2007
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 09/13/2007