UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-5867
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Oppenheimer Multi-State Municipal Trust
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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
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Date of fiscal year end: July 31
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Date of reporting period: 01/31/2008
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ITEM 1. REPORTS TO STOCKHOLDERS.
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OPPENHEIMER
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NEW JERSEY
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MUNICIPAL FUND
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JANUARY 31, 2008
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Management
Oppenheimer Commentaries
New Jersey and
Municipal Fund Semiannual
Report
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MANAGEMENT COMMENTARIES
An Interview with Your Fund's Managers
Listing of Top Holdings
SEMIANNUAL REPORT [GRAPHIC]
Listing of Investments
Financial Statements
"AFTER 25 YEARS IN THE BUSINESS OF MUNICIPAL FUND MANAGEMENT, I STILL
DON'T PRETEND TO HAVE SEEN IT ALL. BUT, ALLOWING TAX-FREE YIELDS TO
COMPOUND OVER TIME HAS CLEARLY BEEN A WINNING STRATEGY FOR SHAREHOLDERS."
--RONALD H. FIELDING, Chief Strategist, Senior Vice President
and Senior Portfolio Manager, OPPENHEIMERFUNDS/ROCHESTER
[LOGO] OPPENHEIMERFUNDS(R)
The Right Way to Invest
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Tobacco Master Settlement Agreement 12.7%
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Hospital/Health Care 11.2
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Airlines 8.8
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General Obligation 7.7
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Higher Education 5.2
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Special Tax 5.1
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Adult Living Facilities 4.8
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Single Family Housing 4.4
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Marine/Aviation Facilities 4.4
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Electric Utilities 4.2
Portfolio holdings are subject to change. Percentages are as of January 31,
2008, and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 21.2%
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AA 12.7
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A 9.5
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BBB 40.0
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BB or lower 16.6
Allocations are subject to change. Percentages are as of January 31, 2008, 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 12.8% of the Fund's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Market value, the total value of the Fund's securities, does not include cash.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
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16 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES
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Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares.
THIS SEMIANNUAL REPORT MUST BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS
OF OPPENHEIMER NEW JERSEY MUNICIPAL FUND. BEFORE INVESTING IN ANY OF THE
OPPENHEIMER FUNDS, INVESTORS SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT
OBJECTIVES, RISKS, CHARGES AND EXPENSES. FUND PROSPECTUSES CONTAIN THIS AND
OTHER INFORMATION ABOUT THE FUNDS. FOR MORE INFORMATION, ASK YOUR FINANCIAL
ADVISOR, CALL US AT 1.8000.525.7048, OR VISIT OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 3/1/94. The average
annual total returns are shown net of the applicable 4.75% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 3/1/94. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A
shares 72 months after purchase, the 10-year return for Class B uses Class A
performance for the period after conversion. Class B shares are subject to an
annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 8/29/95. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the one-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
17 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees (if
applicable); and (2) ongoing costs, including management fees; distribution and
service fees; and other Fund expenses. These examples are intended to help you
understand your ongoing costs (in dollars) of investing in the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended January 31, 2008.
ACTUAL EXPENSES. The first section of the table provides information about
actual account values and actual expenses. You may use the information in this
section for the class of shares you hold, together with the amount you invested,
to estimate the expense that you paid over the period. Simply divide your
account value by $1,000.00 (for example, an $8,600.00 account value divided by
$1,000.00 = 8.60), then multiply the result by the number in the first section
under the heading entitled "Expenses Paid During Period" to estimate the
expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second section of the table
provides information about hypothetical account values and hypothetical expenses
based on the Fund's actual expense ratio for each class of shares, and an
assumed rate of return of 5% per year for each class before expenses, which is
not the actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts
18 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
valued at less than $500.00 (subject to exceptions described in the Statement of
Additional Information). Therefore, the "hypothetical" section of the table is
useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been higher.
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
ACTUAL AUGUST 1, 2007 JANUARY 31, 2008 JANUARY 31, 2008
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Class A $ 1,000.00 $ 944.70 $ 7.83
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Class B 1,000.00 941.00 11.72
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Class C 1,000.00 941.10 11.62
HYPOTHETICAL
(5% return before expenses)
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Class A 1,000.00 1,017.19 8.12
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Class B 1,000.00 1,013.21 12.15
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Class C 1,000.00 1,013.21 12.05
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended January 31, 2008 are as follows:
CLASS EXPENSE RATIOS
- -----------------------------
Class A 1.59%
- -----------------------------
Class B 2.38
- -----------------------------
Class C 2.36
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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19 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS January 31, 2008 / Unaudited
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PRINCIPAL
AMOUNT COUPON MATURITY VALUE
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MUNICIPAL BONDS AND NOTES--121.9%
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NEW JERSEY--86.1%
$ 25,000 Asbury, NJ Park Board of Education 5.600% 02/01/2017 $ 25,112
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4,000,000 Bayonne, NJ Parking Authority (City Parking) 5.000 06/15/2027 3,864,920
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10,000 Bergen County, NJ HDC 6.750 10/01/2018 10,183
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20,000 Bergen County, NJ HDC (Park Ridge) 5.950 07/01/2025 21,418
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75,000 Bergen County, NJ Utilities Authority 5.500 12/15/2016 75,178
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25,000 Berkeley, NJ HFC (Bayville Hsg.) 5.750 08/01/2014 26,096
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3,000,000 Burlington County, NJ Bridge Commission
Economic Devel. (The Evergreens) 5.625 01/01/2038 2,810,790
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225,000 Camden County, NJ PCFA (Camden County Energy
Recovery Associates) 7.500 12/01/2009 225,657
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100,000 Camden County, NJ PCFA (Camden County Energy
Recovery Associates) 7.500 12/01/2010 100,313
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20,000 Essex County, NJ Improvement Authority (Sportsplex) 5.625 10/01/2023 20,163
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105,000 Essex County, NJ Improvement Authority (Sportsplex) 5.625 10/01/2027 105,683
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1,135,000 Gloucester County, NJ HDC (Colonial Park) 6.200 09/15/2011 1,152,706
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5,000 Gloucester County, NJ Utilities Authority 5.125 01/01/2013 5,011
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25,000 Haledon, NJ School District 5.625 02/01/2009 25,069
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3,835,000 Hudson County, NJ Solid Waste Improvement Authority
(Koppers Site) 6.125 01/01/2029 3,725,703
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1,000,000 Hudson County, NJ Solid Waste Improvement Authority,
Series 1 6.000 01/01/2029 1,002,460
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10,000 Jackson, NJ Township Municipal Utilities Authority 5.500 12/01/2015 10,223
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45,000 Mercer County, NJ Improvement Authority (Solid Waste) 5.750 09/15/2016 46,022
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40,000 Middlesex County, NJ Improvement Authority
(Edison Township) 5.650 09/15/2011 40,106
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875,000 Middlesex County, NJ Improvement Authority
(Heldrich Center Hotel) 1 5.000 01/01/2015 852,276
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500,000 Middlesex County, NJ Improvement Authority
(Heldrich Center Hotel) 5.000 01/01/2020 470,620
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1,535,000 Middlesex County, NJ Improvement Authority
(Heldrich Center Hotel) 5.000 01/01/2032 1,358,874
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1,100,000 Middlesex County, NJ Improvement Authority
(Heldrich Center Hotel) 1 5.125 01/01/2037 974,721
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975,000 Middlesex County, NJ Improvement Authority
(Skyline Tower Urban Renewal Associates) 5.350 07/01/2034 993,086
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20,000 Middlesex County, NJ Improvement Authority
(South Plainfield Urban Renewal) 5.500 09/01/2030 20,533
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2,500,000 Middlesex County, NJ Pollution Control Authority
(Amerada Hess Corp.) 6.050 09/15/2034 2,553,025
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45,000 Monmouth County, NJ Improvement Authority 5.000 02/01/2013 45,083
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15,000 Monmouth County, NJ Improvement Authority 5.450 07/15/2013 15,187
20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
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NEW JERSEY Continued
$ 75,000 Morris-Union, NJ Joint Commission COP 7.300% 08/01/2009 $ 75,164
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10,000 Morristown, NJ GO 5.300 03/01/2021 10,019
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35,000 New Brunswick, NJ Hsg. & Urban Devel. Authority 5.500 08/01/2011 35,083
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65,000 New Brunswick, NJ Hsg. & Urban Devel. Authority 5.750 07/01/2024 65,280
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50,000 Newark, NJ Hsg. Authority (Lock Street Urban
Renewal Partnership) 6.400 01/20/2034 51,809
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50,000 Newark, NJ Hsg. Finance Corp. (Section 8 Assisted
Hsg.) 7.300 04/01/2020 51,818
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60,000 Newark, NJ School Qualified Bond Act 5.300 09/01/2017 60,130
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1,710,000 NJ EDA (American Airlines) 7.100 11/01/2031 1,670,465
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2,065,000 NJ EDA (Applewood Estates) 1 5.000 10/01/2025 2,113,713
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6,060,000 NJ EDA (Applewood Estates) 5.000 10/01/2035 6,059,576
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50,000 NJ EDA (Bristol Glen) 5.750 07/01/2029 48,943
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1,130,000 NJ EDA (Cadbury at Cherry Hill) 5.500 07/01/2018 1,114,982
- -------------------------------------------------------------------------------------------------------------------
25,000 NJ EDA (Cadbury at Cherry Hill) 5.500 07/01/2028 22,853
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25,000 NJ EDA (Cascade Corp.) 8.250 02/01/2026 25,107
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110,000 NJ EDA (Cigarette Tax) 5.625 06/15/2017 110,035
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1,250,000 NJ EDA (Cigarette Tax) 1 5.750 06/15/2029 1,245,788
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4,750,000 NJ EDA (Cigarette Tax) 5.750 06/15/2034 4,734,278
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25,000 NJ EDA (Consumers New Jersey Water Company) 5.100 09/01/2032 25,156
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570,000 NJ EDA (Continental Airlines) 5.500 04/01/2028 467,417
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17,555,000 NJ EDA (Continental Airlines) 6.250 09/15/2019 16,997,980
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4,375,000 NJ EDA (Continental Airlines) 1 6.250 09/15/2029 4,111,100
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7,240,000 NJ EDA (Continental Airlines) 6.400 09/15/2023 6,959,884
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3,610,000 NJ EDA (Continental Airlines) 1 6.625 09/15/2012 3,594,080
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11,430,000 NJ EDA (Continental Airlines) 7.000 11/15/2030 11,523,269
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9,475,000 NJ EDA (Continental Airlines) 9.000 06/01/2033 10,529,662
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5,000,000 NJ EDA (Converted Organics of Woodbridge) 8.000 08/01/2027 4,502,200
- -------------------------------------------------------------------------------------------------------------------
90,000 NJ EDA (Courthouse Convalescent Center) 8.700 02/01/2014 90,063
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3,100,000 NJ EDA (Cranes Mill) 5.100 06/01/2027 2,987,222
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70,000 NJ EDA (Dept. of Human Services) 5.000 07/01/2022 72,476
- -------------------------------------------------------------------------------------------------------------------
140,000 NJ EDA (Dept. of Human Services) 6.250 07/01/2024 148,973
- -------------------------------------------------------------------------------------------------------------------
115,000 NJ EDA (Devereux Foundation) 5.450 05/01/2027 116,310
- -------------------------------------------------------------------------------------------------------------------
70,000 NJ EDA (Eastern Shore) 8.000 02/01/2011 70,286
- -------------------------------------------------------------------------------------------------------------------
1,385,000 NJ EDA (Elizabethtown Water Company) 5.600 12/01/2025 1,386,620
- -------------------------------------------------------------------------------------------------------------------
3,800,000 NJ EDA (Empowerment Zone-Cumberland) 1,2 7.750 08/01/2021 2,430,100
- -------------------------------------------------------------------------------------------------------------------
20,000 NJ EDA (Fellowship Village) 5.500 01/01/2018 20,428
- -------------------------------------------------------------------------------------------------------------------
290,000 NJ EDA (General Motors Corp.) 5.350 04/01/2009 286,938
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6,000,000 NJ EDA (GMT Realty) 6.875 01/01/2037 6,160,560
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25,000 NJ EDA (Greater New York Councils Boy Scouts of America) 5.450 09/01/2023 25,176
21 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 320,000 NJ EDA (Hackensack Water Company) 5.800% 03/01/2024 $ 320,624
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235,000 NJ EDA (Hackensack Water Company) 5.900 03/01/2024 235,341
- -------------------------------------------------------------------------------------------------------------------
18,860,000 NJ EDA (Hamilton Care) 6.650 11/01/2037 18,149,921
- -------------------------------------------------------------------------------------------------------------------
4,300,000 NJ EDA (JVG Properties) 1 5.375 03/01/2019 4,448,393
- -------------------------------------------------------------------------------------------------------------------
2,500,000 NJ EDA (Kapkowski Road Landfill) 1 6.500 04/01/2031 2,686,225
- -------------------------------------------------------------------------------------------------------------------
165,000 NJ EDA (Keswick Pines) 5.600 01/01/2012 165,025
- -------------------------------------------------------------------------------------------------------------------
45,000 NJ EDA (Kullman Associates) 6.125 06/01/2018 39,516
- -------------------------------------------------------------------------------------------------------------------
150,000 NJ EDA (Kullman Associates) 6.750 07/01/2019 132,038
- -------------------------------------------------------------------------------------------------------------------
160,000 NJ EDA (Leisure Park) 5.875 12/01/2027 156,325
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8,680,000 NJ EDA (Liberty Street Park) 3 5.000 03/01/2027 9,028,502
- -------------------------------------------------------------------------------------------------------------------
810,000 NJ EDA (Lions Gate) 5.750 01/01/2025 791,135
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1,345,000 NJ EDA (Lions Gate) 5.875 01/01/2037 1,278,180
- -------------------------------------------------------------------------------------------------------------------
1,860,000 NJ EDA (Lutheran Social Ministries at Crane's
Mill) 5.000 06/01/2015 1,925,063
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30,000 NJ EDA (Manchester Manor) 6.700 08/01/2022 30,065
- -------------------------------------------------------------------------------------------------------------------
1,000,000 NJ EDA (Marcus L. Ward Home) 5.750 11/01/2024 1,035,200
- -------------------------------------------------------------------------------------------------------------------
1,200,000 NJ EDA (Marcus L. Ward Home) 5.800 11/01/2031 1,216,248
- -------------------------------------------------------------------------------------------------------------------
2,380,000 NJ EDA (Masonic Charity Foundation of New
Jersey) 1 5.500 06/01/2031 2,477,842
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1,250,000 NJ EDA (Masonic Charity Foundation of New Jersey) 5.875 06/01/2018 1,347,800
- -------------------------------------------------------------------------------------------------------------------
1,750,000 NJ EDA (Masonic Charity Foundation of New
Jersey) 1 6.000 06/01/2025 1,886,780
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245,000 NJ EDA (Middlesex Water Company) 5.200 10/01/2022 245,877
- -------------------------------------------------------------------------------------------------------------------
475,000 NJ EDA (Middlesex Water Company) 5.250 10/01/2023 475,238
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1,060,000 NJ EDA (Middlesex Water Company) 5.250 02/01/2029 1,060,244
- -------------------------------------------------------------------------------------------------------------------
770,000 NJ EDA (Middlesex Water Company) 5.350 02/01/2038 781,812
- -------------------------------------------------------------------------------------------------------------------
5,000 NJ EDA (New Jersey American Water Company) 5.250 11/01/2032 5,069
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2,790,000 NJ EDA (New Jersey American Water Company) 5.250 07/01/2038 2,812,822
- -------------------------------------------------------------------------------------------------------------------
200,000 NJ EDA (New Jersey American Water Company) 5.350 06/01/2023 200,300
- -------------------------------------------------------------------------------------------------------------------
255,000 NJ EDA (New Jersey American Water Company) 5.350 06/01/2023 255,383
- -------------------------------------------------------------------------------------------------------------------
1,500,000 NJ EDA (New Jersey American Water Company) 1 5.375 05/01/2032 1,523,535
- -------------------------------------------------------------------------------------------------------------------
785,000 NJ EDA (New Jersey American Water Company) 5.500 06/01/2023 785,565
- -------------------------------------------------------------------------------------------------------------------
1,475,000 NJ EDA (New Jersey American Water Company) 5.950 11/01/2029 1,481,741
- -------------------------------------------------------------------------------------------------------------------
735,000 NJ EDA (New Jersey American Water Company) 6.000 05/01/2036 737,139
- -------------------------------------------------------------------------------------------------------------------
6,695,000 NJ EDA (New Jersey American Water Company) 6.875 11/01/2034 6,809,083
- -------------------------------------------------------------------------------------------------------------------
120,000 NJ EDA (New Jersey Natural Gas Company) 5.000 12/01/2038 119,804
- -------------------------------------------------------------------------------------------------------------------
25,000 NJ EDA (New Jersey Transit Corp.) 5.700 12/15/2013 25,064
- -------------------------------------------------------------------------------------------------------------------
30,000 NJ EDA (New Jersey Transit Corp.) 5.750 12/15/2017 30,078
- -------------------------------------------------------------------------------------------------------------------
400,000 NJ EDA (Newark Downtown District Management
Corp.) 5.125 06/15/2027 398,516
- -------------------------------------------------------------------------------------------------------------------
700,000 NJ EDA (Newark Downtown District Management
Corp.) 5.125 06/15/2037 653,730
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3,995,000 NJ EDA (Nui Corp.) 5.250 11/01/2033 3,745,752
- -------------------------------------------------------------------------------------------------------------------
2,780,000 NJ EDA (Nui Corp.) 5.250 11/01/2033 2,606,556
- -------------------------------------------------------------------------------------------------------------------
8,000,000 NJ EDA (Pingry School) 5.000 11/01/2038 7,089,600
22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
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NEW JERSEY Continued
$ 10,000 NJ EDA (Presbyterian Home at Montgomery) 6.250% 11/01/2020 $ 10,138
- -------------------------------------------------------------------------------------------------------------------
5,875,000 NJ EDA (Public Service Electric and Gas) 1 6.400 05/01/2032 5,949,554
- -------------------------------------------------------------------------------------------------------------------
1,165,000 NJ EDA (Reformed Church Ministries to the Aging
The Particulare Synod Mid-Atlantics) 5.375 12/01/2018 1,158,488
- -------------------------------------------------------------------------------------------------------------------
10,000,000 NJ EDA (School Facilities Construction) 3 5.000 09/01/2036 10,377,650
- -------------------------------------------------------------------------------------------------------------------
18,080,000 NJ EDA (School Facilities Construction) 3 5.125 03/01/2028 18,931,206
- -------------------------------------------------------------------------------------------------------------------
36,180,000 NJ EDA (School Facilities Construction) 3 5.125 03/01/2030 37,748,946
- -------------------------------------------------------------------------------------------------------------------
4,430,000 NJ EDA (School Facilities Construction) 1 5.125 03/01/2030 4,622,129
- -------------------------------------------------------------------------------------------------------------------
1,215,000 NJ EDA (St. Francis Life Care Corp.) 5.700 10/01/2017 1,221,269
- -------------------------------------------------------------------------------------------------------------------
2,230,000 NJ EDA (St. Francis Life Care Corp.) 5.750 10/01/2023 2,207,120
- -------------------------------------------------------------------------------------------------------------------
480,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2019 485,256
- -------------------------------------------------------------------------------------------------------------------
510,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2020 515,559
- -------------------------------------------------------------------------------------------------------------------
545,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2021 550,908
- -------------------------------------------------------------------------------------------------------------------
575,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2022 581,199
- -------------------------------------------------------------------------------------------------------------------
610,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2023 616,545
- -------------------------------------------------------------------------------------------------------------------
650,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2024 656,936
- -------------------------------------------------------------------------------------------------------------------
690,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2025 697,342
- -------------------------------------------------------------------------------------------------------------------
115,000 NJ EDA (The Presbyterian Home at Montgomery) 6.375 11/01/2031 115,967
- -------------------------------------------------------------------------------------------------------------------
3,360,000 NJ EDA (Trigen-Trenton District Energy Company) 6.200 12/01/2010 3,366,317
- -------------------------------------------------------------------------------------------------------------------
20,000 NJ EDA (United Methodist Homes of New Jersey) 5.125 07/01/2018 18,749
- -------------------------------------------------------------------------------------------------------------------
2,370,000 NJ EDA (United Methodist Homes of New Jersey) 1 5.125 07/01/2025 2,082,922
- -------------------------------------------------------------------------------------------------------------------
45,000 NJ EDA (United Methodist Homes of New Jersey) 7.200 07/01/2010 45,059
- -------------------------------------------------------------------------------------------------------------------
595,000 NJ EDA (United Water New Jersey) 1 5.000 11/01/2028 602,652
- -------------------------------------------------------------------------------------------------------------------
2,500,000 NJ EDA Retirement Community (Seabrook Village) 5.250 11/15/2026 2,265,350
- -------------------------------------------------------------------------------------------------------------------
3,500,000 NJ EDA Retirement Community (Seabrook Village) 1 5.250 11/15/2036 3,070,655
- -------------------------------------------------------------------------------------------------------------------
90,000 NJ Educational Facilities Authority (Beth Medrash
Govoha America) 6.375 07/01/2030 91,773
- -------------------------------------------------------------------------------------------------------------------
625,000 NJ Educational Facilities Authority (Fairleigh Dickinson
University), Series D 5.250 07/01/2032 591,675
- -------------------------------------------------------------------------------------------------------------------
17,000,000 NJ Educational Facilities Authority (Fairleigh Dickinson
University), Series D 6.000 07/01/2025 17,508,810
- -------------------------------------------------------------------------------------------------------------------
5,000 NJ Educational Facilities Authority (Institute for
Advance Study) 5.000 07/01/2021 5,042
- -------------------------------------------------------------------------------------------------------------------
15,000 NJ Educational Facilities Authority (Jersey City
State College) 6.250 07/01/2010 15,044
- -------------------------------------------------------------------------------------------------------------------
160,000 NJ Educational Facilities Authority (Monmouth University) 5.625 07/01/2013 160,237
- -------------------------------------------------------------------------------------------------------------------
2,000,000 NJ Educational Facilities Authority (Monmouth University) 5.800 07/01/2022 2,042,300
- -------------------------------------------------------------------------------------------------------------------
4,500,000 NJ Educational Facilities Authority (Rider University) 5.000 07/01/2037 4,516,605
- -------------------------------------------------------------------------------------------------------------------
280,000 NJ Educational Facilities Authority (St. Peter's College) 5.500 07/01/2027 272,818
- -------------------------------------------------------------------------------------------------------------------
5,000 NJ Educational Facilities Authority (Stevens Institute
of Technology) 5.000 07/01/2018 5,063
23 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 4,250,000 NJ Educational Facilities Authority (Stevens Institute
of Technology) 5.000% 07/01/2034 $ 3,992,153
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ Educational Facilities Authority (University of Medicine
& Dentistry) 5.125 12/01/2011 25,038
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Educational Facilities Authority (University of Medicine
& Dentistry) 5.125 12/01/2012 50,066
- --------------------------------------------------------------------------------------------------------------------
175,000 NJ Educational Facilities Authority (University of Medicine
& Dentistry) 5.250 12/01/2013 175,228
- --------------------------------------------------------------------------------------------------------------------
140,000 NJ Educational Facilities Authority (University of Medicine
& Dentistry) 5.250 12/01/2014 140,165
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ Educational Facilities Authority (University of Medicine
& Dentistry) 5.250 12/01/2015 20,021
- --------------------------------------------------------------------------------------------------------------------
355,000 NJ Educational Facilities Authority (University of Medicine
& Dentistry) 1 5.250 12/01/2021 355,188
- --------------------------------------------------------------------------------------------------------------------
705,000 NJ Educational Facilities Authority (University of Medicine
& Dentistry) 5.250 12/01/2021 705,388
- --------------------------------------------------------------------------------------------------------------------
115,000 NJ Educational Facilities Authority (University of Medicine
& Dentistry) 5.250 12/01/2025 115,037
- --------------------------------------------------------------------------------------------------------------------
190,000 NJ Educational Facilities Authority (University of Medicine
& Dentistry) 5.250 12/01/2025 190,063
- --------------------------------------------------------------------------------------------------------------------
80,000 NJ Environmental Infrastructure 5.000 09/01/2020 82,695
- --------------------------------------------------------------------------------------------------------------------
2,000,000 NJ Garden State Preservation Trust (Open Space
and Farmland Preservation) 1 5.800 11/01/2023 2,308,580
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority (Allegany
Health System Obligated Group) 5.200 07/01/2018 10,777
- --------------------------------------------------------------------------------------------------------------------
475,000 NJ Health Care Facilities Financing Authority (Avalon
at Hillsborough) 6.150 07/01/2020 459,772
- --------------------------------------------------------------------------------------------------------------------
750,000 NJ Health Care Facilities Financing Authority (Avalon
at Hillsborough) 6.375 07/01/2025 719,168
- --------------------------------------------------------------------------------------------------------------------
565,000 NJ Health Care Facilities Financing Authority (Avalon
at Hillsborough) 6.625 07/01/2035 539,937
- --------------------------------------------------------------------------------------------------------------------
150,000 NJ Health Care Facilities Financing Authority (Capital
Health System) 5.250 07/01/2017 152,748
- --------------------------------------------------------------------------------------------------------------------
160,000 NJ Health Care Facilities Financing Authority (Capital
Health System) 5.250 07/01/2027 160,219
- --------------------------------------------------------------------------------------------------------------------
110,000 NJ Health Care Facilities Financing Authority (Capital
Health System) 5.375 07/01/2033 109,391
- --------------------------------------------------------------------------------------------------------------------
4,145,000 NJ Health Care Facilities Financing Authority (Capital
Health System) 5.750 07/01/2023 4,311,629
- --------------------------------------------------------------------------------------------------------------------
39,395,000 NJ Health Care Facilities Financing Authority (Catholic
Health East) 3 4.062 4 11/15/2033 32,519,476
- --------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority (Children's
Specialized Hospital) 5.500 07/01/2036 964,470
24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 80,000 NJ Health Care Facilities Financing Authority (Chilton
Memorial Hospital) 5.000% 07/01/2013 $ 80,077
- --------------------------------------------------------------------------------------------------------------------
35,000 NJ Health Care Facilities Financing Authority
(CMC/KMCC Obligated Group) 5.500 07/01/2027 35,749
- --------------------------------------------------------------------------------------------------------------------
140,000 NJ Health Care Facilities Financing Authority
(CMMC/CMHS Obligated Group) 5.000 07/01/2025 140,913
- --------------------------------------------------------------------------------------------------------------------
1,010,000 NJ Health Care Facilities Financing Authority
(Columbus Hospital) 7.500 07/01/2021 921,100
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(CoMC/KMCC Obligated Group) 5.500 07/01/2017 51,112
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority (Community
Hospital Group/Hartwyck at Oak Tree Obligated Group) 5.000 07/01/2025 10,157
- --------------------------------------------------------------------------------------------------------------------
8,000,000 NJ Health Care Facilities Financing Authority (Englewood
Hospital & Medical Center) 3 5.250 08/01/2025 8,424,960
- --------------------------------------------------------------------------------------------------------------------
150,000 NJ Health Care Facilities Financing Authority (Englewood
Hospital & Medical Center) 5.250 08/01/2025 157,968
- --------------------------------------------------------------------------------------------------------------------
15,000 NJ Health Care Facilities Financing Authority (Greystone
Park Psychiatric Hospital) 5.000 09/15/2026 15,280
- --------------------------------------------------------------------------------------------------------------------
40,000 NJ Health Care Facilities Financing Authority (Hackensack
University Medical Center) 5.000 01/01/2028 40,402
- --------------------------------------------------------------------------------------------------------------------
750,000 NJ Health Care Facilities Financing Authority (Hebrew
Old Age Center of Atlantic City) 5.300 11/01/2026 682,508
- --------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Health Care Facilities Financing Authority (Hebrew
Old Age Center of Atlantic City) 5.375 11/01/2036 887,390
- --------------------------------------------------------------------------------------------------------------------
1,260,000 NJ Health Care Facilities Financing Authority (Holy
Name Hospital) 5.000 07/01/2036 1,150,544
- --------------------------------------------------------------------------------------------------------------------
2,500,000 NJ Health Care Facilities Financing Authority
(Hunterdon Medical Center) 5.125 07/01/2035 2,507,525
- --------------------------------------------------------------------------------------------------------------------
350,000 NJ Health Care Facilities Financing Authority
(KMH/UMC/KSC Obligated Group) 5.125 07/01/2027 353,864
- --------------------------------------------------------------------------------------------------------------------
45,000 NJ Health Care Facilities Financing Authority (Ocean
Nursing Pavilion/Meridian Hospitals Corp.) 5.250 07/01/2019 46,745
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ Health Care Facilities Financing Authority
(ONP/MHC Obligated Group) 5.375 07/01/2024 25,919
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(Palisades Medical Center) 5.200 07/01/2019 50,251
- --------------------------------------------------------------------------------------------------------------------
165,000 NJ Health Care Facilities Financing Authority
(Palisades Medical Center) 5.250 07/01/2028 149,544
- --------------------------------------------------------------------------------------------------------------------
1,430,000 NJ Health Care Facilities Financing Authority
(Pascack Valley Hospital Assoc.) 2,5 5.125 07/01/2018 771,914
- --------------------------------------------------------------------------------------------------------------------
5,755,000 NJ Health Care Facilities Financing Authority
(Pascack Valley Hospital Assoc.) 2,5 5.125 07/01/2028 3,106,549
- --------------------------------------------------------------------------------------------------------------------
135,000 NJ Health Care Facilities Financing Authority
(Pascack Valley Hospital Assoc.) 2,5 6.625 07/01/2036 72,860
25 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 1,300,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 7.250% 07/01/2014 $ 1,320,020
- --------------------------------------------------------------------------------------------------------------------
9,830,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 7.250 07/01/2027 9,932,232
- --------------------------------------------------------------------------------------------------------------------
8,900,000 NJ Health Care Facilities Financing Authority
(RWJ University Hospital) 5.000 07/01/2035 8,899,644
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority (RWJ
University Hospital) 5.600 07/01/2015 51,678
- --------------------------------------------------------------------------------------------------------------------
1,100,000 NJ Health Care Facilities Financing Authority (RWJ
University Hospital) 5.750 07/01/2025 1,138,621
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ Health Care Facilities Financing Authority (Society
of the Valley Hospital) 5.375 07/01/2025 25,912
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ Health Care Facilities Financing Authority (Society
of the Valley Hospital) 5.500 07/01/2020 21,073
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Health Care Facilities Financing Authority (Somerset
Medical Center) 5.500 07/01/2023 9,444
- --------------------------------------------------------------------------------------------------------------------
70,000 NJ Health Care Facilities Financing Authority (Somerset
Medical Center) 5.500 07/01/2033 61,581
- --------------------------------------------------------------------------------------------------------------------
250,000 NJ Health Care Facilities Financing Authority (South Jersey
Hospital System) 5.000 07/01/2036 244,243
- --------------------------------------------------------------------------------------------------------------------
2,505,000 NJ Health Care Facilities Financing Authority (South Jersey
Hospital System) 5.000 07/01/2046 2,407,480
- --------------------------------------------------------------------------------------------------------------------
37,955,000 NJ Health Care Facilities Financing Authority (St. Barnabas
Corp./St. Barnabas Medical Center Obligated Group) 6.250 6 07/01/2030 9,408,285
- --------------------------------------------------------------------------------------------------------------------
5,000 NJ Health Care Facilities Financing Authority (St. Barnabas) 5.000 07/01/2024 5,181
- --------------------------------------------------------------------------------------------------------------------
45,000 NJ Health Care Facilities Financing Authority (St. Barnabas) 5.000 07/01/2024 45,993
- --------------------------------------------------------------------------------------------------------------------
45,000 NJ Health Care Facilities Financing Authority (St. Joseph's
Hospital & Medical Center) 5.700 07/01/2011 45,562
- --------------------------------------------------------------------------------------------------------------------
290,000 NJ Health Care Facilities Financing Authority (St. Joseph's
Hospital & Medical Center) 5.750 07/01/2016 292,207
- --------------------------------------------------------------------------------------------------------------------
800,000 NJ Health Care Facilities Financing Authority (St. Joseph's
Hospital & Medical Center) 6.000 07/01/2026 808,192
- --------------------------------------------------------------------------------------------------------------------
30,000 NJ Health Care Facilities Financing Authority
(St. Peter's Hospital) 5.000 07/01/2013 30,053
- --------------------------------------------------------------------------------------------------------------------
305,000 NJ Health Care Facilities Financing Authority
(St. Peter's Hospital) 5.000 07/01/2021 310,435
- --------------------------------------------------------------------------------------------------------------------
500,000 NJ Health Care Facilities Financing Authority (St. Peter's
University Hospital/Margaret McLaughlin McCarrick
Care Center Obligated Group) 6.875 07/01/2020 521,005
- --------------------------------------------------------------------------------------------------------------------
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 1,055,607
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(THGS/THGSF Obligated Group) 5.200 07/01/2031 50,125
26 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 2,000,000 NJ Health Care Facilities Financing Authority
(Trinitas Hospital) 5.250% 07/01/2030 $ 1,885,600
- --------------------------------------------------------------------------------------------------------------------
5,880,000 NJ Health Care Facilities Financing Authority
(Trinitas Hospital/Marillac Corp. Obligated Group) 1 5.250 07/01/2030 5,564,950
- --------------------------------------------------------------------------------------------------------------------
50,000 NJ Health Care Facilities Financing Authority
(Trinitas Hospital/Marillac Corp. Obligated Group) 7.400 07/01/2020 56,225
- --------------------------------------------------------------------------------------------------------------------
7,480,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 3 5.000 09/15/2026 7,586,515
- --------------------------------------------------------------------------------------------------------------------
4,000,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 3 5.000 09/15/2027 4,056,960
- --------------------------------------------------------------------------------------------------------------------
4,000,000 NJ Health Care Facilities Financing Authority
(Greystone Park Psychiatric Hospital) 3 5.000 09/15/2028 4,056,960
- --------------------------------------------------------------------------------------------------------------------
15,000 NJ HFA 5.250 11/01/2015 15,019
- --------------------------------------------------------------------------------------------------------------------
45,000 NJ HFA 5.375 11/01/2008 45,097
- --------------------------------------------------------------------------------------------------------------------
30,000 NJ Higher Education Assistance Authority (Student Loans) 5.250 06/01/2018 30,236
- --------------------------------------------------------------------------------------------------------------------
80,000 NJ Higher Education Assistance Authority (Student Loans) 5.300 06/01/2017 80,870
- --------------------------------------------------------------------------------------------------------------------
40,000 NJ Higher Education Assistance Authority (Student Loans) 5.800 06/01/2016 40,505
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ Higher Education Assistance Authority (Student Loans) 5.900 07/01/2009 20,270
- --------------------------------------------------------------------------------------------------------------------
5,000 NJ Higher Education Assistance Authority (Student Loans) 6.000 07/01/2011 5,070
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ Higher Education Assistance Authority (Student Loans) 6.125 07/01/2015 20,092
- --------------------------------------------------------------------------------------------------------------------
480,000 NJ Higher Education Student Assistance Authority
(Student Loans) 6.000 06/01/2015 500,419
- --------------------------------------------------------------------------------------------------------------------
85,000 NJ Hsg. & Mortgage Finance Agency (Homebuyer) 5.150 10/01/2018 86,919
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Hsg. & Mortgage Finance Agency (Homebuyer) 5.250 10/01/2018 10,176
- --------------------------------------------------------------------------------------------------------------------
3,725,000 NJ Hsg. & Mortgage Finance Agency (Homebuyer) 5.400 10/01/2020 3,806,056
- --------------------------------------------------------------------------------------------------------------------
2,255,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 1 4.900 11/01/2026 2,220,859
- --------------------------------------------------------------------------------------------------------------------
1,000,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 1 5.000 11/01/2036 970,980
- --------------------------------------------------------------------------------------------------------------------
275,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 1 5.150 11/01/2030 275,385
- --------------------------------------------------------------------------------------------------------------------
45,000 NJ Hsg. & Mortgage Finance Agency (Multifamily) 5.400 11/01/2017 45,716
- --------------------------------------------------------------------------------------------------------------------
10,000,000 NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.) 4.550 10/01/2022 9,800,200
- --------------------------------------------------------------------------------------------------------------------
5,000,000 NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.) 4.625 10/01/2027 4,812,100
- --------------------------------------------------------------------------------------------------------------------
370,000 NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.) 4.800 10/01/2047 342,842
- --------------------------------------------------------------------------------------------------------------------
4,500,000 NJ Hsg. & Mortgage Finance Agency (Single Family Hsg.) 5.000 10/01/2037 4,421,115
- --------------------------------------------------------------------------------------------------------------------
2,500,000 NJ Hsg. & Mortgage Finance Agency, Series A 4.850 11/01/2039 2,351,575
- --------------------------------------------------------------------------------------------------------------------
2,150,000 NJ Hsg. & Mortgage Finance Agency, Series A 4.950 11/01/2048 2,019,925
- --------------------------------------------------------------------------------------------------------------------
40,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.050 11/01/2018 40,658
- --------------------------------------------------------------------------------------------------------------------
25,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.050 05/01/2034 24,758
- --------------------------------------------------------------------------------------------------------------------
130,000 NJ Hsg. & Mortgage Finance Agency, Series A 1 5.550 05/01/2027 132,076
- --------------------------------------------------------------------------------------------------------------------
2,085,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.650 05/01/2040 2,118,464
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Hsg. & Mortgage Finance Agency, Series A1 6.250 05/01/2020 10,300
- --------------------------------------------------------------------------------------------------------------------
15,000 NJ Hsg. & Mortgage Finance Agency, Series B 5.850 11/01/2012 15,764
27 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 50,000 NJ Hsg. & Mortgage Finance Agency, Series B 6.150% 11/01/2020 $ 51,813
- --------------------------------------------------------------------------------------------------------------------
20,000 NJ Hsg. & Mortgage Finance Agency, Series BB 5.300 04/01/2017 20,503
- --------------------------------------------------------------------------------------------------------------------
90,000 NJ Hsg. & Mortgage Finance Agency, Series E1 5.750 05/01/2025 92,600
- --------------------------------------------------------------------------------------------------------------------
2,405,000 NJ Hsg. & Mortgage Finance Agency, Series M 1 5.000 10/01/2036 2,359,930
- --------------------------------------------------------------------------------------------------------------------
55,000 NJ Hsg. & Mortgage Finance Agency, Series T 5.600 04/01/2017 55,904
- --------------------------------------------------------------------------------------------------------------------
80,000 NJ Hsg. & Mortgage Finance Agency, Series U 5.550 10/01/2011 81,323
- --------------------------------------------------------------------------------------------------------------------
1,465,000 NJ Hsg. & Mortgage Finance Agency, Series U 5.750 04/01/2018 1,488,294
- --------------------------------------------------------------------------------------------------------------------
390,000 NJ Hsg. & Mortgage Finance Agency, Series U 1 5.850 04/01/2029 394,618
- --------------------------------------------------------------------------------------------------------------------
65,000 NJ Hsg. & Mortgage Finance Agency, Series V 5.250 04/01/2026 66,053
- --------------------------------------------------------------------------------------------------------------------
55,000 NJ Readington-Lebanon Sewage Authority 5.250 01/01/2013 55,116
- --------------------------------------------------------------------------------------------------------------------
1,525,000 NJ South Jersey Port Corp. 5.200 01/01/2023 1,559,206
- --------------------------------------------------------------------------------------------------------------------
200,000 NJ South Jersey Port Corp. 5.250 01/01/2030 202,218
- --------------------------------------------------------------------------------------------------------------------
5,000 NJ Sports & Exposition Authority, Series A 5.000 01/01/2010 5,011
- --------------------------------------------------------------------------------------------------------------------
15,000 NJ Sports & Exposition Authority, Series A 5.125 01/01/2016 15,031
- --------------------------------------------------------------------------------------------------------------------
200,000 NJ Sports & Exposition Authority, Series A 5.200 01/01/2020 200,354
- --------------------------------------------------------------------------------------------------------------------
490,000 NJ Sports & Exposition Authority, Series A 5.200 01/01/2024 490,745
- --------------------------------------------------------------------------------------------------------------------
3,000,000 NJ Tobacco Settlement Financing Corp. 4.625 06/01/2026 2,625,060
- --------------------------------------------------------------------------------------------------------------------
29,820,000 NJ Tobacco Settlement Financing Corp. 4.750 06/01/2034 25,174,939
- --------------------------------------------------------------------------------------------------------------------
5,515,000 NJ Tobacco Settlement Financing Corp. 5.000 06/01/2029 4,883,036
- --------------------------------------------------------------------------------------------------------------------
200,000,000 NJ Tobacco Settlement Financing Corp. 5.800 6 06/01/2041 20,022,000
- --------------------------------------------------------------------------------------------------------------------
328,450,000 NJ Tobacco Settlement Financing Corp. 5.865 6 06/01/2041 35,068,607
- --------------------------------------------------------------------------------------------------------------------
10,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.750 06/01/2016 11,273
- --------------------------------------------------------------------------------------------------------------------
21,245,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.125 06/01/2042 24,245,644
- --------------------------------------------------------------------------------------------------------------------
3,945,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2043 4,633,994
- --------------------------------------------------------------------------------------------------------------------
15,000 NJ Wastewater Treatment 5.200 09/01/2010 15,033
- --------------------------------------------------------------------------------------------------------------------
55,000 Pleasantville, NJ School District COP 5.500 10/01/2013 55,130
- --------------------------------------------------------------------------------------------------------------------
20,000 Pompton Lakes, NJ School District 5.500 08/01/2009 20,052
- --------------------------------------------------------------------------------------------------------------------
1,535,000 Port Authority NY/NJ (JFK International Air Terminal) 5.750 12/01/2022 1,567,696
- --------------------------------------------------------------------------------------------------------------------
5,485,000 Port Authority NY/NJ (JFK International Air Terminal) 1 5.750 12/01/2025 5,492,514
- --------------------------------------------------------------------------------------------------------------------
3,535,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 3,543,661
- --------------------------------------------------------------------------------------------------------------------
3,210,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 3,231,700
- --------------------------------------------------------------------------------------------------------------------
40,000 Port Authority NY/NJ, 116th Series 5.000 10/01/2016 40,078
- --------------------------------------------------------------------------------------------------------------------
40,000 Port Authority NY/NJ, 117th Series 5.125 11/15/2013 40,925
- --------------------------------------------------------------------------------------------------------------------
25,000 Port Authority NY/NJ, 122nd Series 5.125 01/15/2036 25,122
- --------------------------------------------------------------------------------------------------------------------
20,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2022 20,296
- --------------------------------------------------------------------------------------------------------------------
310,000 Port Authority NY/NJ, 124th Series 5.000 08/01/2031 311,082
- --------------------------------------------------------------------------------------------------------------------
6,595,000 Port Authority NY/NJ, 126th Series 1 5.250 05/15/2037 6,686,077
- --------------------------------------------------------------------------------------------------------------------
9,235,000 Port Authority NY/NJ, 127th Series 3 5.250 12/15/2032 9,399,162
- --------------------------------------------------------------------------------------------------------------------
15,720,000 Port Authority NY/NJ, 141st Series 3 5.000 09/01/2024 16,108,048
- --------------------------------------------------------------------------------------------------------------------
10,500,000 Port Authority NY/NJ, 143rd Series 3 5.000 10/01/2030 10,611,563
28 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 20,000 Riverside, NJ Township GO 5.450% 12/01/2010 $ 20,043
- --------------------------------------------------------------------------------------------------------------------
215,000 Salem County, NJ IPCFA (Atlantic City Electric Company) 5.600 11/01/2025 218,616
- --------------------------------------------------------------------------------------------------------------------
40,000 Salem County, NJ IPCFA (Atlantic City Electric Company) 5.600 11/01/2025 40,048
- --------------------------------------------------------------------------------------------------------------------
1,520,000 Salem County, NJ IPCFA (Public Service Electric & Gas) 1 5.200 03/01/2025 1,521,034
- --------------------------------------------------------------------------------------------------------------------
4,245,000 Salem County, NJ IPCFA (Public Service Electric & Gas) 5.450 02/01/2032 4,288,257
- --------------------------------------------------------------------------------------------------------------------
1,440,000 Salem County, NJ IPCFA (Public Service Electric & Gas) 5.750 04/01/2031 1,443,197
- --------------------------------------------------------------------------------------------------------------------
3,980,000 Union County, NJ Improvement Authority
(Juvenile Detention Center) 5.500 05/01/2034 4,279,376
- --------------------------------------------------------------------------------------------------------------------
65,000 Union County, NJ Improvement Authority (Linden Airport) 5.000 03/01/2028 65,758
- --------------------------------------------------------------------------------------------------------------------
50,000 Union County, NJ Utilities Authority (County Deficiency) 5.000 06/15/2028 50,164
- --------------------------------------------------------------------------------------------------------------------
435,000 Union County, NJ Utilities Authority (County Deficiency) 5.000 06/15/2028 436,422
- --------------------------------------------------------------------------------------------------------------------
50,000 Union County, NJ Utilities Authority (County Deficiency) 5.000 06/15/2028 50,515
- --------------------------------------------------------------------------------------------------------------------
15,000 Union County, NJ Utilities Authority (Ogden Martin
Systems of Union) 5.000 06/01/2016 15,185
- --------------------------------------------------------------------------------------------------------------------
1,590,000 Union County, NJ Utilities Authority (Ogden Martin
Systems of Union) 1 5.000 06/01/2023 1,608,889
- --------------------------------------------------------------------------------------------------------------------
185,000 Union County, NJ Utilities Authority (Ogden Martin
Systems of Union) 5.350 06/01/2023 187,431
- --------------------------------------------------------------------------------------------------------------------
9,445,000 Union County, NJ Utilities Authority (Ogden Martin
Systems of Union) 5.375 06/01/2013 9,618,410
- --------------------------------------------------------------------------------------------------------------------
160,000 Union County, NJ Utilities Authority (Ogden Martin
Systems of Union) 5.375 06/01/2017 162,136
- --------------------------------------------------------------------------------------------------------------------
180,000 Union County, NJ Utilities Authority (Ogden Martin
Systems of Union) 5.375 06/01/2018 182,390
- --------------------------------------------------------------------------------------------------------------------
285,000 Union County, NJ Utilities Authority (Ogden Martin
Systems of Union) 5.375 06/01/2019 288,785
- --------------------------------------------------------------------------------------------------------------------
120,000 Union County, NJ Utilities Authority (Ogden Martin
Systems of Union) 5.375 06/01/2020 121,594
- --------------------------------------------------------------------------------------------------------------------
10,000 University of Medicine & Dentistry of New Jersey COP 6.750 12/01/2009 10,143
--------------
680,403,148
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--35.8%
2,740,000 Guam Education Financing Foundation COP 5.000 10/01/2023 2,853,217
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Guam Government Waterworks Authority and
Wastewater System 5.875 07/01/2035 2,483,000
- --------------------------------------------------------------------------------------------------------------------
3,900,000 Guam Government Waterworks Authority and
Wastewater System 6.000 07/01/2025 3,989,856
- --------------------------------------------------------------------------------------------------------------------
50,000 Guam Power Authority, Series A 5.125 10/01/2029 46,416
- --------------------------------------------------------------------------------------------------------------------
4,650,000 Northern Mariana Islands Commonwealth, Series A 5.000 06/01/2030 4,147,103
- --------------------------------------------------------------------------------------------------------------------
300,000 Northern Mariana Islands Commonwealth, Series A 6.750 10/01/2033 317,493
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Northern Mariana Islands Ports Authority, Series A 5.500 03/15/2031 1,150,350
- --------------------------------------------------------------------------------------------------------------------
3,310,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 3,002,534
29 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 5,000,000 Puerto Rico Aqueduct & Sewer Authority 5.000% 07/01/2019 $ 5,007,250
- --------------------------------------------------------------------------------------------------------------------
5,200,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 5,142,072
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 2,974,680
- --------------------------------------------------------------------------------------------------------------------
94,000,000 Puerto Rico Children's Trust Fund (TASC) 6.313 6 05/15/2050 5,436,020
- --------------------------------------------------------------------------------------------------------------------
26,000,000 Puerto Rico Children's Trust Fund (TASC) 7.031 6 05/15/2055 910,780
- --------------------------------------------------------------------------------------------------------------------
350,000 Puerto Rico Commonwealth GO 1 5.000 07/01/2025 347,774
- --------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Commonwealth GO 5.000 07/01/2026 49,612
- --------------------------------------------------------------------------------------------------------------------
12,015,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 11,874,785
- --------------------------------------------------------------------------------------------------------------------
4,685,000 Puerto Rico Commonwealth GO 5.000 07/01/2034 4,574,059
- --------------------------------------------------------------------------------------------------------------------
3,170,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 3,114,715
- --------------------------------------------------------------------------------------------------------------------
2,250,000 Puerto Rico Commonwealth GO 5.250 07/01/2026 2,265,863
- --------------------------------------------------------------------------------------------------------------------
945,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 945,274
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Puerto Rico Commonwealth GO 5.250 07/01/2031 1,748,740
- --------------------------------------------------------------------------------------------------------------------
950,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 946,713
- --------------------------------------------------------------------------------------------------------------------
16,035,000 Puerto Rico Commonwealth GO 5.250 07/01/2034 15,909,606
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2032 2,993,580
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2037 2,983,860
- --------------------------------------------------------------------------------------------------------------------
20,500,000 Puerto Rico Electric Power Authority, Series UU 3 3.868 4 07/01/2031 16,267,980
- --------------------------------------------------------------------------------------------------------------------
6,200,000 Puerto Rico Electric Power Authority, Series UU 3.848 4 07/01/2025 5,196,840
- --------------------------------------------------------------------------------------------------------------------
885,000 Puerto Rico HFC, Series B 5.300 12/01/2028 895,841
- --------------------------------------------------------------------------------------------------------------------
810,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 785,773
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2027 3,982,600
- --------------------------------------------------------------------------------------------------------------------
5,145,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2030 5,086,656
- --------------------------------------------------------------------------------------------------------------------
450,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2037 438,813
- --------------------------------------------------------------------------------------------------------------------
12,000,000 Puerto Rico Highway & Transportation Authority,
Series N 3,7 3.698 4 07/01/2045 9,139,680
- --------------------------------------------------------------------------------------------------------------------
29,000,000 Puerto Rico Highway & Transportation Authority,
Series N 7 3.698 4 07/01/2045 22,087,560
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Infrastructure 5.000 07/01/2027 995,650
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 4,875,700
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Infrastructure 5.000 07/01/2037 4,860,950
- --------------------------------------------------------------------------------------------------------------------
9,750,000 Puerto Rico Infrastructure 5.000 07/01/2041 9,449,505
- --------------------------------------------------------------------------------------------------------------------
20,100,000 Puerto Rico Infrastructure 5.000 07/01/2046 19,346,451
- --------------------------------------------------------------------------------------------------------------------
930,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.000 03/01/2036 838,711
- --------------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 100,880
- --------------------------------------------------------------------------------------------------------------------
555,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 539,360
- --------------------------------------------------------------------------------------------------------------------
1,710,000 Puerto Rico ITEMECF (Cogeneration Facilities) 6.625 06/01/2026 1,785,377
- --------------------------------------------------------------------------------------------------------------------
205,000 Puerto Rico ITEMECF (Dr. Pila Hospital) 6.250 08/01/2032 205,381
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico ITEMECF (Polytechnic University) 5.000 08/01/2032 984,040
30 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 265,000 Puerto Rico ITEMECF (SEAM/Hospital Espanol Auxillio
Obligated Group) 6.250% 07/01/2024 $ 267,419
- --------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2024 505,715
- --------------------------------------------------------------------------------------------------------------------
3,250,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 3,277,040
- --------------------------------------------------------------------------------------------------------------------
16,365,000 Puerto Rico Port Authority (American Airlines),
Series A 6.250 06/01/2026 14,972,502
- --------------------------------------------------------------------------------------------------------------------
1,985,000 Puerto Rico Port Authority (American Airlines),
Series A 6.300 06/01/2023 1,846,923
- --------------------------------------------------------------------------------------------------------------------
55,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 55,223
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 10,007,600
- --------------------------------------------------------------------------------------------------------------------
16,545,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 16,463,764
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Public Buildings Authority, Series D 5.125 07/01/2024 1,002,300
- --------------------------------------------------------------------------------------------------------------------
1,530,000 Puerto Rico Public Buildings Authority, Series D 5.250 07/01/2036 1,513,216
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Sales Tax Financing Corp., Series A 3 4.518 08/01/2057 8,434,200
- --------------------------------------------------------------------------------------------------------------------
9,000,000 Puerto Rico Sales Tax Financing Corp., Series A 5.250 08/01/2057 9,192,420
- --------------------------------------------------------------------------------------------------------------------
1,000,000 University of Puerto Rico 5.000 06/01/2025 993,630
- --------------------------------------------------------------------------------------------------------------------
3,350,000 University of Puerto Rico 5.000 06/01/2025 3,328,661
- --------------------------------------------------------------------------------------------------------------------
3,000,000 University of Puerto Rico, Series Q 5.000 06/01/2030 2,958,090
- --------------------------------------------------------------------------------------------------------------------
150,000 University of V.I., Series A 5.250 12/01/2023 152,964
- --------------------------------------------------------------------------------------------------------------------
710,000 University of V.I., Series A 5.375 06/01/2034 700,103
- --------------------------------------------------------------------------------------------------------------------
1,000,000 University of V.I., Series A 6.000 12/01/2024 1,036,000
- --------------------------------------------------------------------------------------------------------------------
40,000 University of V.I., Series A 6.250 12/01/2029 41,306
- --------------------------------------------------------------------------------------------------------------------
60,000 V.I. HFA, Series A 6.500 03/01/2025 60,047
- --------------------------------------------------------------------------------------------------------------------
5,000,000 V.I. Public Finance Authority (Hovensa Coker) 1 6.500 07/01/2021 5,226,750
- --------------------------------------------------------------------------------------------------------------------
1,515,000 V.I. Public Finance Authority, Series A 6.375 10/01/2019 1,628,458
- --------------------------------------------------------------------------------------------------------------------
325,000 V.I. Public Finance Authority, Series E 5.875 10/01/2018 329,758
- --------------------------------------------------------------------------------------------------------------------
2,500,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 2,533,850
- --------------------------------------------------------------------------------------------------------------------
11,100,000 V.I. Tobacco Settlement Financing Corp. 6.235 6 05/15/2035 1,792,206
- --------------------------------------------------------------------------------------------------------------------
1,100,000 V.I. Tobacco Settlement Financing Corp. 6.500 6 05/15/2035 173,899
- --------------------------------------------------------------------------------------------------------------------
2,050,000 V.I. Tobacco Settlement Financing Corp. 6.875 6 05/15/2035 301,022
- --------------------------------------------------------------------------------------------------------------------
3,100,000 V.I. Tobacco Settlement Financing Corp. 7.625 6 05/15/2035 395,963
- --------------------------------------------------------------------------------------------------------------------
290,000 V.I. Water & Power Authority 5.300 07/01/2018 292,306
- --------------------------------------------------------------------------------------------------------------------
175,000 V.I. Water & Power Authority 5.300 07/01/2021 175,462
--------------
282,737,897
- --------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,014,453,848)--121.9% 963,141,045
- --------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(21.9) (173,227,035)
--------------
NET ASSETS-100.0% $ 789,914,010
==============
31 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
2. Issue is in default. See Note 1 of accompanying Notes.
3. 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.
4. Represents the current interest rate for a variable or increasing rate
security.
5. Illiquid security. The aggregate value of illiquid securities as of January
31, 2008 was $3,951,323, which represents 0.50% of the Fund's net assets. See
Note 5 of accompanying Notes.
6. Zero coupon bond reflects effective yield on the date of purchase.
7. When-issued security or delayed delivery to be delivered and settled after
January 31, 2008. See Note 1 of accompanying Notes.
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
CMC Carolinas Medical Center
CMHS Clara Maass Health System
CMMC Clara Maass Medical Center
COP Certificates of Participation
CoMC Community Medical Center
DRIVERS Derivative Inverse Tax Exempt Receipts
EDA Economic Devel. Authority
GO General Obligation
HDC Housing Devel. Corp.
HFA Housing Finance Agency
HFC Housing Finance Corp.
IPCFA Industrial Pollution Control Financing Authority
ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community
Facilities
JFK John Fitzgerald Kennedy
KMCC Kensington Manor Care Center
KMH Kennedy Memorial Hospital
KSC Kennedy Surgical Center
MHC Meridian Hospitals Corp.
NY/NJ New York/New Jersey
ONP Ocean Nursing Pavillion, Inc.
PCFA Pollution Control Finance Authority
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
RWJ Robert Wood Johnson
SEAM Sociedad Espanola de Auxilio Mutuo
TASC Tobacco Settlement Asset-Backed Bonds
THGS The House of the Good Shepard
THGSF The House of the Good Shepard Foundation
UMC University Medical Center
V.I. United States Virgin Islands
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
32 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2008
- ---------------------------------------------------------------------------------------------------------------
ASSETS
- ---------------------------------------------------------------------------------------------------------------
Investments, at value (cost $1,014,453,848)--see accompanying statement of investments $ 963,141,045
- ---------------------------------------------------------------------------------------------------------------
Cash 547,980
- ---------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold (including $10,205,119 sold on a when-issued or delayed delivery basis) 11,613,395
Interest 8,949,264
Shares of beneficial interest sold 2,242,555
Other 26,161
---------------
Total assets 986,520,400
- ---------------------------------------------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 163,450,000
Investments purchased (including $17,299,807 purchased on a when-issued
or delayed delivery basis) 17,325,244
Payable on borrowings (See Note 6) 12,400,000
Shares of beneficial interest redeemed 2,389,475
Dividends 774,596
Distribution and service plan fees 103,751
Trustees' compensation 65,838
Interest expense on borrowings 55,840
Transfer and shareholder servicing agent fees 26,199
Other 15,447
---------------
Total liabilities 196,606,390
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS $ 789,914,010
===============
- ---------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ---------------------------------------------------------------------------------------------------------------
Paid-in capital $ 846,129,209
- ---------------------------------------------------------------------------------------------------------------
Accumulated net investment loss (202,308)
- ---------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (4,700,088)
- ----------------------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (51,312,803)
---------------
NET ASSETS $ 789,914,010
===============
33 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ---------------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of $526,104,897
and 47,622,794 shares of beneficial interest outstanding) $ 11.05
Maximum offering price per share (net asset value plus sales charge of 4.75% of
offering price) $ 11.60
- ---------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $62,006,484 and 5,605,372 shares of
beneficial interest outstanding) $ 11.06
- ---------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge)
and offering price per share (based on net assets of $201,802,629 and 18,253,306 shares
of beneficial interest outstanding) $ 11.06
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2008
- ---------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ---------------------------------------------------------------------------------------------------------------
Interest $ 26,994,229
- ---------------------------------------------------------------------------------------------------------------
Other income 401
---------------
Total investment income 26,994,630
- ---------------------------------------------------------------------------------------------------------------
EXPENSES
- ---------------------------------------------------------------------------------------------------------------
Management fees 2,135,501
- ---------------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 414,690
Class B 302,249
Class C 972,024
- ---------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 101,271
Class B 25,726
Class C 53,803
- ---------------------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 9,783
Class B 2,269
Class C 6,928
- ---------------------------------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued (See Note 1) 3,340,422
- ---------------------------------------------------------------------------------------------------------------
Interest expense on borrowings 350,613
- ---------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 12,815
- ---------------------------------------------------------------------------------------------------------------
Trustees' compensation 9,323
- ---------------------------------------------------------------------------------------------------------------
Other 80,756
---------------
Total expenses 7,818,173
Less reduction to custodian expenses (3,125)
---------------
Net expenses 7,815,048
- ---------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 19,179,582
- ---------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS
- ---------------------------------------------------------------------------------------------------------------
Net realized loss on investments (3,315,521)
- ---------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation on investments (66,516,374)
- ---------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (50,652,313)
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
35 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2008 JULY 31,
(UNAUDITED) 2007
- ---------------------------------------------------------------------------------------------------------------
OPERATIONS
- ---------------------------------------------------------------------------------------------------------------
Net investment income $ 19,179,582 $ 30,412,564
- ---------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (3,315,521) 4,847,636
- ----------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) (66,516,374) (5,922,240)
----------------------------------
Net increase (decrease) in net assets resulting from operations (50,652,313) 29,337,960
- ---------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ---------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (13,358,095) (21,039,557)
Class B (1,322,561) (2,680,254)
Class C (4,280,131) (6,698,889)
----------------------------------
(18,960,787) (30,418,700)
- ---------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from beneficial
interest transactions:
Class A (18,816,375) 220,976,427
Class B (6,058,186) (814,610)
Class C (10,830,146) 92,387,458
----------------------------------
(35,704,707) 312,549,275
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------------------------------
Total increase (decrease) (105,317,807) 311,468,535
- ---------------------------------------------------------------------------------------------------------------
Beginning of period 895,231,817 583,763,282
----------------------------------
End of period (including accumulated net investment loss
of $202,308 and $421,103, respectively) $ 789,914,010 $ 895,231,817
==================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF CASH FLOWS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2008
- ---------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ---------------------------------------------------------------------------------------------------------------
Net decrease in net assets from operations $ (50,652,313)
- ---------------------------------------------------------------------------------------------------------------
Adjustments to reconcile net decrease in net assets from operations
to net cash provided by operating activities:
Purchase of investment securities (136,480,308)
Proceeds from disposition of investment securities 168,280,321
Short-term investment securities, net 10,652,485
Premium amortization 1,333,761
Discount accretion (2,721,733)
Net realized loss on investments 3,315,521
Net change in unrealized depreciation on investments 66,516,374
Decrease in interest receivable 121,905
Increase in receivable for securities sold (11,613,395)
Increase in other assets (5,735)
Increase in payable for securities purchased 11,988,870
Decrease in payable for accrued expenses (39,738)
---------------
Net cash used in operating activities 60,696,015
- ---------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ---------------------------------------------------------------------------------------------------------------
Proceeds from bank borrowings 168,100,000
Payments on bank borrowings (163,200,000)
Proceeds from short-term floating rate notes issued (14,610,000)
Proceeds from shares sold 148,381,172
Payment on shares redeemed (192,451,790)
Cash distributions paid (6,927,049)
---------------
Net cash provided by financing activities (60,707,667)
- ---------------------------------------------------------------------------------------------------------------
Net decrease in cash (11,652)
- ---------------------------------------------------------------------------------------------------------------
Cash, beginning balance 559,632
---------------
Cash, ending balance $ 547,980
===============
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $11,868,239.
Cash paid for interest on bank borrowings--$321,126.
Cash paid for interest on short-term floating rate notes issued--$3,340,422.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS A (UNAUDITED) 2007 2006 2005 2004 2003
- --------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.98 $ 11.90 $ 12.03 $ 10.76 $ 10.51 $ 10.99
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .28 1 .52 1 .55 1 .62 1 .67 .67
Net realized and unrealized gain (loss) (.94) .09 (.09) 1.32 .23 (.52)
---------------------------------------------------------------------------
Total from investment operations (.66) .61 .46 1.94 .90 .15
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.27) (.53) (.59) (.67) (.65) (.63)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.05 $ 11.98 $ 11.90 $ 12.03 $ 10.76 $ 10.51
===========================================================================
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (5.53)% 5.13% 3.93% 18.46% 8.63% 1.21%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 526,105 $ 591,238 $ 371,295 $ 200,831 $ 94,214 $ 61,825
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 559,439 $ 486,782 $ 287,248 $ 133,634 $ 78,828 $ 54,811
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.79% 4.32% 4.67% 5.41% 6.28% 6.24%
Expenses excluding interest and fees
on short-term floating rate notes issued 0.80% 0.82% 0.90% 0.91% 0.98% 1.02%
Interest and fees on short-term floating
rate notes issued 4 0.79% 0.62% 0.63% 0.35% 0.32% 0.26%
---------------------------------------------------------------------------
Total expenses 1.59% 1.44% 1.53% 1.26% 1.30% 1.28%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 1.59% 1.44% 1.47% 1.06% 1.10% 1.08%
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 16% 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.
38 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS B (UNAUDITED) 2007 2006 2005 2004 2003
- --------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.99 $ 11.91 $ 12.05 $ 10.78 $ 10.52 $ 11.00
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .23 1 .43 1 .47 1 .54 1 .60 .59
Net realized and unrealized gain (loss) (.94) .08 (.11) 1.31 .23 (.53)
---------------------------------------------------------------------------
Total from investment operations (.71) .51 .36 1.85 .83 .06
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.22) (.43) (.50) (.58) (.57) (.54)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.06 $ 11.99 $ 11.91 $ 12.05 $ 10.78 $ 10.52
===========================================================================
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (5.90)% 4.30% 3.03% 17.53% 7.92% 0.46%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 62,006 $ 73,579 $ 73,887 $ 62,399 $ 51,329 $ 46,912
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 66,615 $ 75,560 $ 68,065 $ 56,755 $ 50,920 $ 45,226
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 3.99% 3.55% 3.93% 4.74% 5.54% 5.46%
Expenses excluding interest and fees
on short-term floating rate notes issued 1.59% 1.61% 1.69% 1.68% 1.73% 1.78%
Interest and fees on short-term floating
rate notes issued 4 0.79% 0.62% 0.63% 0.35% 0.32% 0.26%
---------------------------------------------------------------------------
Total expenses 2.38% 2.23% 2.32% 2.03% 2.05% 2.04%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 2.38% 2.23% 2.24% 1.83% 1.85% 1.84%
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 16% 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.
39 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS C (UNAUDITED) 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 11.99 $ 11.91 $ 12.04 $ 10.77 $ 10.51 $ 10.99
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .23 1 .43 1 .46 1 .53 1 .59 .59
Net realized and unrealized gain (loss) (.93) .09 (.09) 1.32 .24 (.53)
----------------------------------------------------------------------------
Total from investment operations (.70) .52 .37 1.85 .83 .06
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.23) (.44) (.50) (.58) (.57) (.54)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.06 $ 11.99 $ 11.91 $ 12.04 $ 10.77 $ 10.51
============================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (5.89)% 4.33% 3.14% 17.54% 7.91% 0.45%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 201,803 $ 230,415 $ 138,581 $ 70,128 $ 23,795 $ 17,784
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 214,148 $ 188,557 $ 104,423 $ 40,717 $ 20,470 $ 16,770
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.02% 3.55% 3.90% 4.57% 5.53% 5.49%
Expenses excluding interest and fees
on short-term floating rate notes issued 1.57% 1.58% 1.66% 1.67% 1.73% 1.78%
Interest and fees on short-term floating
rate notes issued 4 0.79% 0.62% 0.63% 0.35% 0.32% 0.26%
----------------------------------------------------------------------------
Total expenses 2.36% 2.20% 2.29% 2.02% 2.05% 2.04%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 2.36% 2.20% 2.23% 1.82% 1.85% 1.84%
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 16% 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.
40 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer New Jersey Municipal Fund (the "Fund") is a separate series of
Oppenheimer Multi-State Municipal Trust, a non-diversified, open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek as high a level of current
interest income exempt from federal and New Jersey income taxes for individual
investors as is consistent with preservation of capital. The Fund's investment
adviser is OppenheimerFunds, Inc. (the "Manager").
The Fund offers Class A, Class B and Class C shares. Class A shares are
sold at their offering price, which is normally net asset value plus a front-end
sales charge. Class B and Class C shares are sold without a front-end sales
charge but may be subject to a contingent deferred sales charge ("CDSC"). All
classes of shares have identical rights and voting privileges with respect to
the Fund in general and exclusive voting rights on matters that affect that
class alone. Earnings, net assets and net asset value per share may differ due
to each class having its own expenses, such as transfer and shareholder
servicing agent fees and shareholder communications, directly attributable to
that class. Class A, B and C have separate distribution and/or service plans.
Class B shares will automatically convert to Class A shares 72 months after the
date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for trading. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities traded on a registered U.S.
securities exchange are valued based on the last sale price of the security
traded on that exchange prior to the time when the Fund's assets are valued.
Securities whose principal exchange is NASDAQ(R) are valued based on the closing
price reported by NASDAQ prior to the time when the Fund's assets are valued. In
the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the closing "bid" and "asked"
prices, and if not, at the closing bid price. Securities traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, as identified by the portfolio pricing service,
prior to the time when the Fund's assets are valued. In the absence of a sale,
the security is valued at the official closing price on the principal exchange.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of sixty days and all mortgage-backed securities, collateralized
mortgage obligations and other asset-backed securities will be valued at the
mean between the "bid" and "asked" prices. Securities for which market
quotations are not readily available are valued at their fair value. Securities
whose values have been materially affected by what the Manager identifies as a
significant event occurring before the Fund's assets are valued but after the
close of their respective exchanges will be fair valued. Fair value is
determined in good faith using consistently applied procedures under the
supervision of the Board of Trustees.
41 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
Shares of a registered investment company that are not traded on an exchange are
valued at the acquired investment company's net asset value per share. "Money
market-type" debt instruments with remaining maturities of sixty days or less
are valued at cost adjusted by the amortization of discount or premium to
maturity (amortized cost), which approximates market value.
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase
securities on a "when-issued" basis, and may purchase or sell securities on a
"delayed delivery" basis. "When-issued" or "delayed delivery" refers to
securities whose terms and indenture are available and for which a market
exists, but which are not available for immediate delivery. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis
normally takes place within six months and possibly as long as two years or more
after the trade date. During this period, such securities do not earn interest,
are subject to market fluctuation and may increase or decrease in value prior to
their delivery. The purchase of securities on a when-issued basis may increase
the volatility of the Fund's net asset value to the extent the Fund executes
such transactions while remaining substantially fully invested. When the Fund
engages in when-issued or delayed delivery transactions, it relies on the buyer
or seller, as the case may be, to complete the transaction. Their failure to do
so may cause the Fund to lose the opportunity to obtain or dispose of the
security at a price and yield it considers advantageous. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase.
As of January 31, 2008, the Fund had purchased securities issued on a
when-issued or delayed delivery basis and sold securities issued on a delayed
delivery basis:
WHEN-ISSUED OR DELAYED DELIVERY
BASIS TRANSACTIONS
------------------------------------------------------
Purchased securities $ 17,299,807
Sold securities 10,205,119
- --------------------------------------------------------------------------------
INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate
securities that pay interest at a rate that varies inversely with short-term
interest rates. Certain of these securities may be leveraged, whereby the
interest rate varies inversely at a multiple of the change in short-term rates.
As interest rates rise, inverse floaters produce less current income. The price
of such securities is more volatile than comparable fixed rate securities. The
Fund may invest up to 20% of its total assets (which includes the effects of
leverage) in inverse floaters. Inverse floaters, including the effects of
leverage, amount to $154,569,899 as of January 31, 2008, which represents 15.67%
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
42 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
floating rate notes available to third parties and a residual interest in the
municipal bond (referred to as an "inverse floating rate security") to the Fund.
The terms of these inverse floating rate securities grant the Fund the right to
require that the Trust issuing the inverse floating rate security compel a
tender of the short-term floating rate notes to facilitate the Fund's repurchase
of the underlying municipal bond. Following such a request, the Fund pays the
sponsor the principal amount due to the holders of the short-term floating rate
notes issued by the Trust and exchanges the inverse floating rate security for
the underlying municipal bond. These transactions are considered secured
borrowings for financial reporting purposes. As a result of such accounting
treatments, the Fund includes the municipal bond position on its Statement of
Investments (but does not separately include the inverse floating rate
securities received). The Fund also includes the value of the municipal bond and
a payable amount equal to the short-term floating rate notes issued by the Trust
on its Statement of Assets and Liabilities. The interest rates on these
short-term floating rate notes reset periodically, usually weekly. The holders
of these short-term floating rate notes have the option to tender their
investment, to the sponsor or the Trust's liquidity provider, for redemption at
par at each reset date. Income from the municipal bond position and the interest
expense on the payable for the short-term floating rate notes issued by the
Trust are recorded on the Fund's Statement of Operations. At January 31, 2008,
municipal bond holdings with a value of $202,691,808 shown on the Fund's
Statement of Investments are held by such Trusts and serve as collateral for the
$163,450,000 in short-term floating rate notes issued and outstanding at that
date.
At January 31, 2008, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- -----------------------------------------------------------------------------------------------------
$ 2,170,000 NJ EDA RITES 3 10.609% 3/1/27 $ 2,518,502
9,045,000 NJ EDA ROLs 10.414 3/1/30 10,613,946
4,520,000 NJ EDA ROLs 10.414 3/1/28 5,371,206
NJ Health Care Facilities Financing
Authority (Catholic Health
East/Mercy Medical/McCauley
610,000 Center Obligated Group) 4.086 11/15/33 503,525
NJ Health Care Facilities Financing
Authority (Englewood Hospital &
2,000,000 Medical Center) RITES 8.089 8/1/25 2,424,960
NJ Health Care Facilities Financing
3,870,000 Authority DRIVERS 9.730 9/15/28 4,090,435
NJ Health Care Facilities Financing
9,695,000 Authority RITES 6.600 11/15/33 2,925,951
NJ Reset Optional Certificates
2,500,000 Trust II ROLs 10.009 9/1/36 2,877,650
43 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
PRINCIPAL COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- -----------------------------------------------------------------------------------------------------
$3,930,000 Port Authority NY/NJ RITES 12.852% 9/1/24 $ 4,318,048
Port Authority NY/NJ, 2271st
2,625,000 Series ROLs 12.730 10/1/30 2,736,563
Port Authority NY/NJ, 238th Series
2,305,000 ROLs 6.093 12/15/32 2,469,162
Puerto Rico Electric Power
2,050,000 Authority ROLs 3 16.443 7/1/31 (2,182,020)
Puerto Rico Highway &
4,000,000 Transportation Authority ROLs 0.000 4 7/1/45 1,139,680
Puerto Rico Sales Tax Financing
1,000,000 Corp. ROLs 3 23.020 8/1/57 (565,800)
-------------
$ 39,241,808
=============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 32 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond.
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 short-term floating rate notes issued by the Trust in
conjunction with the inverse floating rate security. Under the standard terms of
an inverse floating rate security, absent such a shortfall and forbearance
agreement, the Fund would not be required to make such a reimbursement. The
Manager monitors the Fund's potential exposure with respect to these agreements
on a daily basis and intends to take action to terminate the Fund's investment
in such inverse floating rate securities, if it deems it appropriate to do so.
As of January 31, 2008, 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.
- --------------------------------------------------------------------------------
CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which
may be subject to a greater degree of credit risk. Credit risk relates to the
ability of the issuer to meet interest or principal payments or both as they
become due. The Fund may acquire securities in default, and is not obligated to
dispose of securities whose issuers subsequently default. As of January 31,
2008, securities with an aggregate market value of $6,381,423, representing
0.81% of the Fund's net assets, were in default.
- --------------------------------------------------------------------------------
CONCENTRATION RISK. There are certain risks arising from geographic
concentration in any state. Certain economic, regulatory or political
developments occurring in the state may
44 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
impair the ability of certain issuers of municipal securities to pay principal
and interest on their obligations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders. Therefore, no federal income or excise tax provision is
required. The Fund files income tax returns in U.S. federal and applicable state
jurisdictions. The statute of limitations on the Fund's tax return filings
generally remain open for the three preceding fiscal reporting period ends.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
As of January 31, 2008, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $4,867,007 expiring by 2016.
This estimated capital loss carryforward represents carryforward as of the end
of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital losses
or gains realized in the first six months of the current fiscal year. During the
six months ended January 31, 2008, it is estimated that the Fund will not
utilize any capital loss carryforward to offset realized capital gains. 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.
As of July 31, 2007, the Fund had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
----------------------
2010 $ 1,401,537
2012 115,750
2014 34,199
-----------
Total $ 1,551,486
===========
- --------------------------------------------------------------------------------
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
45 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
Plan Participants as of the Freeze Date will continue to receive accrued
benefits under the Plan. Active independent trustees as of the Freeze Date have
each elected a distribution method with respect to their benefits under the
Plan. During the six months ended January 31, 2008, the Fund's projected benefit
obligations, payments to retired trustees and accumulated liability were as
follows:
Projected Benefit Obligations Increased $ 330
Payments Made to Retired Trustees 5,347
Accumulated Liability as of January 31,2008 42,248
The Board of Trustees has adopted a compensation deferral plan for independent
trustees that enables trustees to elect to defer receipt of all or a portion of
the annual compensation they are entitled to receive from the Fund. For purposes
of determining the amount owed to the Trustee under the plan, deferred amounts
are treated as though equal dollar amounts had been invested in shares of the
Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases
shares of the funds selected for deferral by the Trustee in amounts equal to his
or her deemed investment, resulting in a Fund asset equal to the deferred
compensation liability. Such assets are included as a component of "Other"
within the asset section of the Statement of Assets and Liabilities. Deferral of
trustees' fees under the plan will not affect the net assets of the Fund, and
will not materially affect the Fund's assets, liabilities or net investment
income per share. Amounts will be deferred until distributed in accordance to
the compensation deferral plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations and
may differ from U.S. generally accepted accounting principles, are recorded on
the ex-dividend date. Income distributions, if any, are declared daily and paid
monthly. Capital gain distributions, if any, are declared and paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Interest income is recognized on an accrual basis. Discount
and premium, which are included in interest income on the Statement of
Operations, are amortized or accreted daily.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian 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
46 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
Fund during the period. Such interest expense and other custodian fees may be
paid with these earnings.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
SIX MONTHS ENDED JANUARY 31, 2008 YEAR ENDED JULY 31, 2007
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------
CLASS A
Sold 9,762,736 $ 110,918,099 23,410,659 $ 284,761,943
Dividends and/or
distributions reinvested 746,881 8,467,930 1,100,129 13,364,563
Redeemed (12,242,201) (138,202,404) (6,358,993) (77,150,079)
----------------------------------------------------------------
Net increase (decrease) (1,732,584) $ (18,816,375) 18,151,795 $ 220,976,427
================================================================
- --------------------------------------------------------------------------------------------------
CLASS B
Sold 321,047 $ 3,662,618 1,143,370 $ 13,922,058
Dividends and/or
distributions reinvested 73,458 834,195 137,950 1,678,223
Redeemed (923,452) (10,554,999) (1,348,661) (16,414,891)
----------------------------------------------------------------
Net decrease (528,947) $ (6,058,186) (67,341) $ (814,610)
================================================================
- --------------------------------------------------------------------------------------------------
CLASS C
Sold 2,808,705 $ 31,792,501 9,578,020 $ 116,616,588
Dividends and/or
distributions reinvested 226,131 2,566,114 321,342 3,906,782
Redeemed (4,002,238) (45,188,761) (2,316,616) (28,135,912)
----------------------------------------------------------------
Net increase (decrease) (967,402) $ (10,830,146) 7,582,746 $ 92,387,458
================================================================
47 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended January 31, 2008, were as
follows:
PURCHASES SALES
-----------------------------------------------------
Investment securities $ 136,480,308 $ 168,280,321
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Under the investment advisory agreement, the Fund pays the
Manager a management fee based on the daily net assets of the Fund at an annual
rate as shown in the following table:
FEE SCHEDULE
--------------------------------------
Up to $200 million 0.60%
Next $100 million 0.55
Next $200 million 0.50
Next $250 million 0.45
Next $250 million 0.40
Over $1 billion 0.35
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services ("OFS"), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund. The
Fund pays OFS a per account fee. For the six months ended January 31, 2008, the
Fund paid $183,162 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 (the
"Plan") for Class A shares under Rule 12b-1 of the Investment Company Act of
1940. Under the Plan, the Fund reimburses the Distributor for a portion of its
costs incurred for services provided to accounts that hold Class A shares.
Reimbursement is made periodically at an annual rate of up to 0.15% of the
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 (the "Plans") for Class B and Class C
shares under Rule 12b-1 of the Investment Company Act of 1940 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
48 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
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's aggregate uncompensated expenses under the Plans
at December 31, 2007 for Class B and Class C shares were $2,559,755 and
$2,718,223, respectively. Fees incurred by the Fund under the Plans are detailed
in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
("CDSC") do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CONTINGENT CONTINGENT CONTINGENT
CLASS A DEFERRED SALES DEFERRED SALES DEFERRED SALES
FRONT-END SALES CHARGES CHARGES CHARGES
SIX MONTHS CHARGES RETAINED RETAINED BY RETAINED BY RETAINED BY
ENDED BY DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ---------------------------------------------------------------------------------------
January 31, 2008 $155,673 $53,833 $87,390 $41,446
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. This undertaking may be amended or
withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of January 31, 2008, investments in securities included issues that are
illiquid. Investments may be illiquid because they do not have an active trading
market, making it difficult to value them or dispose of them promptly at an
acceptable price. The Fund will not invest more than 15% of its net assets
(determined at the time of purchase and reviewed periodically) in illiquid
securities. Securities that are illiquid are marked with an applicable footnote
on the Statement of Investments.
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to one third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings to purchase portfolio securities, to meet redemption
obligations or for temporary and emergency purposes. The purchase of securities
with borrowed funds creates leverage in the Fund. The use of leverage will
subject the Fund to greater costs than funds that do
49 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. BORROWINGS Continued
not borrow for leverage, and may also make the Fund's share price more sensitive
to interest changes. The interest on borrowed money is an expense that might
reduce the Fund's yield. Expenses incurred by the Fund with respect to interest
on borrowings and commitment fees are disclosed separately or as other expenses
on the Statement of Operations.
The Fund entered into a Revolving Credit and Security Agreement (the
"Agreement") with a conduit lender and a bank which enables it to participate
with certain other Oppenheimer funds in a committed, secured borrowing facility
that permits borrowings of up to $1,250,000,000, collectively. To secure the
loan, the Fund pledges investment securities in accordance with the terms of the
Agreement. Interest is charged to the Fund, based on its borrowings, at current
commercial paper issuance rates (4.6038% as of January 31, 2008). The Fund pays
additional fees annually to its lender on its outstanding borrowings to manage
and administer the facility and is allocated its pro-rata share of an annual
commitment fee on the amount of the unused portion of total facility size. The
Fund has the right to prepay such loans and terminate its participation in the
conduit loan facility at any time upon prior notice.
As of January 31, 2008, the Fund had borrowings outstanding at an interest rate
of 4.6038%. Details of the borrowings for the six months ended January 31, 2008
are listed in the following table.
Average Daily Loan Balance $12,978,261
Average Daily Interest Rate 5.274%
Fees Paid $ 29,730
Interest Paid $ 321,126
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENT
In September 2006, Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE
MEASUREMENTS. This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and expands
disclosures about fair value measurements. SFAS No. 157 applies to fair value
measurements already required or permitted by existing standards. SFAS No. 157
is effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. As of January
31, 2008, the Manager does not believe the adoption of SFAS No. 157 will
materially impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements on changes in net assets for the
period.
50 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information, that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information about the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel who provide such services. The Manager's duties
include providing the Fund with the services of the portfolio managers and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board
51 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
took account of the fact that the Manager has had over forty years of experience
as an investment adviser and that its assets under management rank it among the
top mutual fund managers in the United States. The Board evaluated the Manager's
administrative, accounting, legal and compliance services, and information the
Board has received regarding the experience and professional qualifications of
the Manager's personnel and the size and functions of its staff. In its
evaluation of the quality of the portfolio management services provided, the
Board considered the experience of Ron H. Fielding, Daniel G. Loughran, Scott
Cottier, Troy Willis, Mark DeMitry, and Marcus Franz, the portfolio managers for
the Fund, and the Manager's Rochester Municipal Bond investment team and
analysts. The Board members also considered their experiences with the Manager
and its officers and other personnel through their service on the Boards of the
Fund and other funds advised by the Manager. The Board considered information
regarding the quality of services provided by affiliates of the Manager, which
its members have become knowledgeable about in connection with the renewal of
the Fund's service agreements. In light of the foregoing, the Board concluded
that the Fund benefits from the services provided under the Agreement and from
the Manager's experience, reputation, personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the investment performance of the Fund and the
Manager at each regular quarterly Board meeting, including comparative
performance information. The Board also reviewed information, prepared by the
Manager and by the independent consultant, comparing the Fund's historical
performance to relevant market indices and to the performance of other retail
front-end load and no-load New Jersey municipal debt funds advised by other
investment advisers. The Board noted that the Fund's one-year, three-year,
five-year and ten-year performance were better than its peer group median at the
time of its annual review.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also considered the comparability of the fees charged and the services provided
to the Fund to the fees and services for other clients or accounts advised by
the Manager. The independent consultant provided comparative data in regard to
the fees and expenses of the Fund, other New Jersey municipal debt funds and
other funds with comparable asset levels and distribution features. The Board
noted that the Fund's actual management fees and total
52 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
expenses are lower than its peer group median although its contractual
management fees are higher than its peer group median.
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, the extent to
which those economies of scale benefit the Fund's shareholders and the current
level of Fund assets in relation to the Fund's breakpoint schedule for its
management fees. The Board also noted the Fund's breakpoints, which are intended
to share economies of scale that may exist as the Fund grows with its
shareholders.
BENEFITS TO THE MANAGER. The Board considered information regarding the
Manager's costs in serving as the Fund's investment adviser, including the costs
associated with the personnel and systems necessary to manage the Fund, and
information regarding the Manager's profitability from its relationship with the
Fund. The Board considered that the Manager must be able to pay and retain
experienced professional personnel at competitive rates to provide services to
the Fund and that maintaining the financial viability of the Manager is
important in order for the Manager to continue to provide significant services
to the Fund and its shareholders. In addition to considering the profits
realized by the Manager, the Board considered information regarding the direct
and indirect benefits the Manager receives as a result of its relationship with
the Fund, including compensation paid to the Manager's affiliates for services
provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the Agreement for
another year. In arriving at this decision, the Board did not single out any
factor or factors as being more important than others, but considered all of the
factors together. The Board judged the terms and conditions of the Agreement,
including the management fee, in light of all of the surrounding circumstances.
53 | 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.
54 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
---------------
OPPENHEIMER
---------------
PENNSYLVANIA
---------------
MUNICIPAL FUND
---------------
JANUARY 31, 2008
- --------------------------------------------------------------------------------
Management
Oppenheimer Commentaries
Pennsylvania and
Municipal Fund Semiannual
Report
- --------------------------------------------------------------------------------
MANAGEMENT COMMENTARIES
An Interview with Your Fund's Managers
Listing of Top Holdings
SEMIANNUAL REPORT [GRAPHIC]
Listing of Investments
Financial Statements
"AFTER 25 YEARS IN THE BUSINESS OF MUNICIPAL FUND MANAGEMENT, I STILL
DON'T PRETEND TO HAVE SEEN IT ALL. BUT, ALLOWING TAX-FREE YIELDS TO
COMPOUND OVER TIME HAS CLEARLY BEEN A WINNING STRATEGY FOR SHAREHOLDERS."
-- RONALD H. FIELDING, Chief Strategist, Senior Vice President
and Senior Portfolio Manager, OPPENHEIMERFUNDS/ROCHESTER
[LOGO] OPPENHEIMERFUNDS(R)
The Right Way to Invest
TOP HOLDINGS AND ALLOCATIONS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOP TEN CATEGORIES
- --------------------------------------------------------------------------------
Tobacco Master Settlement Agreement 16.1%
- --------------------------------------------------------------------------------
Hospital/Health Care 11.7
- --------------------------------------------------------------------------------
Higher Education 7.1
- --------------------------------------------------------------------------------
Resource Recovery 6.3
- --------------------------------------------------------------------------------
Single Family Housing 5.5
- --------------------------------------------------------------------------------
Building Products 5.4
- --------------------------------------------------------------------------------
Adult Living Facilities 5.4
- --------------------------------------------------------------------------------
Water Utilities 4.6
- --------------------------------------------------------------------------------
Marine/Aviation Facilities 3.6
- --------------------------------------------------------------------------------
Energy Equipment & Services 2.8
Portfolio holdings are subject to change. Percentages are as of January 31,
2008, and are based on the total market value of investments.
CREDIT ALLOCATION
- --------------------------------------------------------------------------------
AAA 16.3%
- --------------------------------------------------------------------------------
AA 18.7
- --------------------------------------------------------------------------------
A 3.7
- --------------------------------------------------------------------------------
BBB 38.5
- --------------------------------------------------------------------------------
BB or lower 22.8
Allocations are subject to change. Percentages are as of January 31, 2008, 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 19.9% of the Fund's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Market value, the total value of the Fund's securities, does not include cash.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
- --------------------------------------------------------------------------------
17 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES
- --------------------------------------------------------------------------------
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares.
THIS SEMIANNUAL REPORT MUST BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS
OF OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND. BEFORE INVESTING IN ANY OF THE
OPPENHEIMER FUNDS, INVESTORS SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT
OBJECTIVES, RISKS, CHARGES AND EXPENSES. FUND PROSPECTUSES CONTAIN THIS AND
OTHER INFORMATION ABOUT THE FUNDS. FOR MORE INFORMATION, ASK YOUR FINANCIAL
ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 9/18/89. The average
annual total returns are shown net of the applicable 4.75% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 5/3/93. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A
shares 72 months after purchase, the 10-year return for Class B uses Class A
performance for the period after conversion. Class B shares are subject to an
annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 8/29/95. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the one-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.
18 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees (if
applicable); and (2) ongoing costs, including management fees; distribution and
service fees; and other Fund expenses. These examples are intended to help you
understand your ongoing costs (in dollars) of investing in the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended January 31, 2008.
ACTUAL EXPENSES. The first section of the table provides information about
actual account values and actual expenses. You may use the information in this
section for the class of shares you hold, together with the amount you invested,
to estimate the expense that you paid over the period. Simply divide your
account value by $1,000.00 (for example, an $8,600.00 account value divided by
$1,000.00 = 8.60), then multiply the result by the number in the first section
under the heading entitled "Expenses Paid During Period" to estimate the
expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second section of the table
provides information about hypothetical account values and hypothetical expenses
based on the Fund's actual expense ratio for each class of shares, and an
assumed rate of return of 5% per year for each class before expenses, which is
not the actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
19 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FUND EXPENSES Continued
- --------------------------------------------------------------------------------
the Statement of Additional Information). Therefore, the "hypothetical" section
of the table is useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
ACTUAL AUGUST 1, 2007 JANUARY 31, 2008 JANUARY 31, 2008
- --------------------------------------------------------------------------------
Class A $1,000.00 $ 976.30 $ 7.60
- --------------------------------------------------------------------------------
Class B 1,000.00 972.40 11.50
- --------------------------------------------------------------------------------
Class C 1,000.00 972.50 11.40
HYPOTHETICAL
(5% return before expenses)
- --------------------------------------------------------------------------------
Class A 1,000.00 1,017.54 7.76
- --------------------------------------------------------------------------------
Class B 1,000.00 1,013.61 11.74
- --------------------------------------------------------------------------------
Class C 1,000.00 1,013.71 11.64
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended January 31, 2008 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------
Class A 1.52%
- ---------------------------
Class B 2.30
- ---------------------------
Class C 2.28
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.
- --------------------------------------------------------------------------------
20 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS January 31, 2008 / Unaudited
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--114.2%
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--85.3%
$ 10,000 Allegheny County, PA COP 5.000% 12/01/2028 $ 10,148
- --------------------------------------------------------------------------------------------------------------------
6,975,000 Allegheny County, PA GO 1 3.841 2 11/01/2026 6,333,984
- --------------------------------------------------------------------------------------------------------------------
17,775,000 Allegheny County, PA GO 3.841 2 11/01/2026 16,137,923
- --------------------------------------------------------------------------------------------------------------------
130,000 Allegheny County, PA HDA (Catholic Health East) 5.375 11/15/2022 134,898
- --------------------------------------------------------------------------------------------------------------------
75,000 Allegheny County, PA HDA (Catholic Health East) 5.500 11/15/2032 76,574
- --------------------------------------------------------------------------------------------------------------------
80,000 Allegheny County, PA HDA
(Jefferson Regional Medical Center) 5.125 05/01/2025 80,007
- --------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County, PA HDA (Jefferson Regional
Medical Center) 5.125 05/01/2029 24,554
- --------------------------------------------------------------------------------------------------------------------
3,150,000 Allegheny County, PA HDA (Ohio Valley General Hospital) 5.125 04/01/2035 2,870,690
- --------------------------------------------------------------------------------------------------------------------
3,600,000 Allegheny County, PA HDA (Ohio Valley General Hospital) 5.450 01/01/2028 3,552,912
- --------------------------------------------------------------------------------------------------------------------
55,000 Allegheny County, PA HDA (Pittsburgh Mercy Health
System) 5.625 08/15/2026 60,573
- --------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County, PA HDA (The Covenant at South Hills) 3,4 7.700 02/01/2008 12,750
- --------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County, PA HDA (The Covenant at South Hills) 3,4 7.800 02/01/2009 12,750
- --------------------------------------------------------------------------------------------------------------------
1,535,000 Allegheny County, PA HDA (The Covenant at South Hills) 3,4 8.625 02/01/2021 782,850
- --------------------------------------------------------------------------------------------------------------------
305,000 Allegheny County, PA HDA (The Covenant at South Hills) 3,4 8.750 02/01/2031 155,550
- --------------------------------------------------------------------------------------------------------------------
31,095,000 Allegheny County, PA HDA (UPMC Health System) 5 4.410 02/01/2037 26,966,517
- --------------------------------------------------------------------------------------------------------------------
5,000 Allegheny County, PA HDA (UPMC Health System) 5.000 11/01/2016 5,130
- --------------------------------------------------------------------------------------------------------------------
10,000 Allegheny County, PA HDA (UPMC Health System) 5.000 12/15/2018 10,318
- --------------------------------------------------------------------------------------------------------------------
20,000 Allegheny County, PA HDA (UPMC Health System) 5.000 11/01/2023 20,393
- --------------------------------------------------------------------------------------------------------------------
50,000 Allegheny County, PA HEBA (Chatham College) 5.250 11/15/2019 50,027
- --------------------------------------------------------------------------------------------------------------------
2,020,000 Allegheny County, PA HEBA (Chatham College) 5.750 11/15/2028 2,069,813
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Allegheny County, PA HEBA (Chatham College) 5.750 11/15/2035 8,119,360
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County, PA HEBA (Chatham College) 5.850 03/01/2022 1,040,720
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County, PA HEBA (Chatham College) 5.950 03/01/2032 1,021,920
- --------------------------------------------------------------------------------------------------------------------
15,000 Allegheny County, PA HEBA (Robert Morris University) 6.000 05/01/2028 15,936
- --------------------------------------------------------------------------------------------------------------------
115,000 Allegheny County, PA HEBA (Thiel College) 5.375 11/15/2019 113,216
- --------------------------------------------------------------------------------------------------------------------
110,000 Allegheny County, PA HEBA (Thiel College) 5.375 11/15/2029 100,384
- --------------------------------------------------------------------------------------------------------------------
3,245,000 Allegheny County, PA HEBA (Waynesburg College) 4.800 05/01/2036 3,033,653
- --------------------------------------------------------------------------------------------------------------------
10,000 Allegheny County, PA IDA (ARC Allegheny Foundation) 5.000 12/01/2028 9,961
- --------------------------------------------------------------------------------------------------------------------
5,000 Allegheny County, PA IDA (Coltec Industries) 7.250 06/01/2008 4,986
- --------------------------------------------------------------------------------------------------------------------
13,750,000 Allegheny County, PA IDA (Environmental Improvement) 5.500 11/01/2016 14,098,975
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County, PA IDA (RR/RRSW/RRDC Obligated
Group) 5 5.000 09/01/2021 1,002,380
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Allegheny County, PA IDA (RR/RRSW/RRDC Obligated
Group) 5 5.100 09/01/2026 1,218,450
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Allegheny County, PA IDA (RR/RRSW/RRDC Obligated
Group) 5 5.125 09/01/2031 1,400,775
21 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 100,000 Allegheny County, PA IDA (USX Corp.) 5.500% 12/01/2029 $ 100,181
- --------------------------------------------------------------------------------------------------------------------
400,000 Allegheny County, PA IDA (USX Corp.) 5.600 09/01/2030 400,872
- --------------------------------------------------------------------------------------------------------------------
25,000 Allegheny County, PA IDA (USX Corp.) 6.000 01/15/2014 25,272
- --------------------------------------------------------------------------------------------------------------------
270,000 Allegheny County, PA IDA (USX Corp.) 6.100 01/15/2018 272,967
- --------------------------------------------------------------------------------------------------------------------
20,000 Allegheny County, PA IDA (USX Corp.) 6.100 07/15/2020 20,220
- --------------------------------------------------------------------------------------------------------------------
2,390,000 Allegheny County, PA Redevel. Authority (Pittsburgh Mills) 5.100 07/01/2014 2,421,070
- --------------------------------------------------------------------------------------------------------------------
18,125,000 Allegheny County, PA Redevel. Authority (Pittsburgh Mills) 5.600 07/01/2023 18,022,413
- --------------------------------------------------------------------------------------------------------------------
140,000 Allegheny County, PA Redevel. Authority (Robinson Mall) 6.875 11/01/2017 149,976
- --------------------------------------------------------------------------------------------------------------------
7,545,000 Allegheny County, PA Redevel. Authority (Robinson Mall) 7.000 11/01/2017 8,106,876
- --------------------------------------------------------------------------------------------------------------------
1,783,500 Allegheny County, PA Residential Finance Authority
(Broadview Manor Apartments) 5.950 01/20/2043 1,784,213
- --------------------------------------------------------------------------------------------------------------------
3,610,000 Allegheny County, PA Residential Finance Authority
(Cambridge Square Apartments) 4.600 01/15/2037 3,452,099
- --------------------------------------------------------------------------------------------------------------------
1,374,000 Allegheny County, PA Residential Finance Authority
(Independence House Apartments) 6.100 01/20/2043 1,392,027
- --------------------------------------------------------------------------------------------------------------------
950,000 Allegheny County, PA Residential Finance Authority
(Single Family Mtg.) 4.850 11/01/2028 918,204
- --------------------------------------------------------------------------------------------------------------------
1,295,000 Allegheny County, PA Residential Finance Authority
(Single Family Mtg.) 4.900 11/01/2027 1,268,427
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Allegheny County, PA Residential Finance Authority
(Single Family Mtg.) 4.950 11/01/2037 1,923,100
- --------------------------------------------------------------------------------------------------------------------
1,255,000 Allegheny County, PA Residential Finance Authority
(Single Family Mtg.) 5.000 05/01/2035 1,224,792
- --------------------------------------------------------------------------------------------------------------------
450,000 Allegheny County, PA Residential Finance Authority
(Single Family Mtg.) 5.150 11/01/2016 462,569
- --------------------------------------------------------------------------------------------------------------------
1,783,300 Allegheny County, PA Residential Finance Authority
(Versailles Apartments) 6.160 01/20/2043 1,815,756
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Allegheny County, PA Sanitation Authority 5.000 12/01/2030 1,033,640
- --------------------------------------------------------------------------------------------------------------------
10,000 Armstrong County, PA IDA (Kittanning Care Center) 5.375 08/20/2012 10,652
- --------------------------------------------------------------------------------------------------------------------
100,000 Bald Eagle Township, PA Sewer Authority 5.100 09/15/2021 100,035
- --------------------------------------------------------------------------------------------------------------------
5,000 Beaver County, PA Hospital Authority
(Valley Health System) 5.000 05/15/2028 5,057
- --------------------------------------------------------------------------------------------------------------------
135,000 Beaver County, PA IDA (J. Ray McDermott and Company) 6.800 02/01/2009 135,328
- --------------------------------------------------------------------------------------------------------------------
245,000 Beaver County, PA IDA (Pennsylvania Power and Light
Company) 5.375 06/01/2028 249,530
- --------------------------------------------------------------------------------------------------------------------
10,000 Bedford County, PA IDA (Brown Group) 7.125 02/01/2009 10,009
- --------------------------------------------------------------------------------------------------------------------
300,000 Berks County, PA Municipal Authority (RHMC/HW
Obligated Group) 5.000 03/01/2028 300,816
- --------------------------------------------------------------------------------------------------------------------
2,460,000 Blair County, PA IDA (The Village at Penn State
Retirement Community) 6.000 01/01/2034 2,451,242
- --------------------------------------------------------------------------------------------------------------------
50,000 Blair County, PA IDA (The Village at Penn State
Retirement Community) 6.400 01/01/2012 49,971
22 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 4,140,000 Blair County, PA IDA (The Village at Penn State
Retirement Community) 6.900% 01/01/2022 $ 4,212,864
- --------------------------------------------------------------------------------------------------------------------
7,135,000 Blair County, PA IDA (The Village at Penn State
Retirement Community) 7.000 01/01/2034 7,257,722
- --------------------------------------------------------------------------------------------------------------------
50,000 Blair County, PA IDA (The Village at Penn State
Retirement Community) 3,4,6 10.000 01/01/2012 3,495
- --------------------------------------------------------------------------------------------------------------------
500,000 Bonneauville Borough, PA Municipal Authority 5.000 06/01/2027 492,775
- --------------------------------------------------------------------------------------------------------------------
1,580,000 Bonneauville Borough, PA Municipal Authority 5.250 06/01/2037 1,553,172
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Bonneauville Borough, PA Municipal Authority 5.300 06/01/2043 1,978,720
- --------------------------------------------------------------------------------------------------------------------
5,500,000 Bradford County, PA IDA (International Paper Company) 5.200 12/01/2019 5,472,225
- --------------------------------------------------------------------------------------------------------------------
500,000 Brighton Township, PA Municipal Authority 5.100 07/15/2022 500,460
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Bucks County, PA IDA (Ann's Choice) 6.125 01/01/2025 3,024,180
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Bucks County, PA IDA (Ann's Choice) 6.250 01/01/2035 2,992,050
- --------------------------------------------------------------------------------------------------------------------
525,000 Bucks County, PA IDA (Chandler Hall Health Care Facility) 5.700 05/01/2009 525,168
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Bucks County, PA IDA (Chandler Hall Health Care Facility) 6.200 05/01/2019 998,680
- --------------------------------------------------------------------------------------------------------------------
10,000 Bucks County, PA IDA (Chandler Hall Health Care Facility) 6.300 05/01/2029 9,924
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Bucks County, PA IDA (Lutheran Community
Telford Center) 5.750 01/01/2027 957,730
- --------------------------------------------------------------------------------------------------------------------
15,000 Bucks County, PA IDA (Pennswood Village) 5.800 10/01/2020 16,572
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Bucks County, PA IDA (Pennsylvania Suburban Water
Company) 1 5.550 09/01/2032 8,207,520
- --------------------------------------------------------------------------------------------------------------------
255,000 Bucks County, PA IDA (Pennsylvania Suburban Water
Company) 5.550 09/01/2032 261,615
- --------------------------------------------------------------------------------------------------------------------
80,000 Bucks County, PA IDA (USX Corp.) 5.600 03/01/2033 80,566
- --------------------------------------------------------------------------------------------------------------------
10,000 Butler County, PA Hospital Authority
(Butler Memorial Hospital) 5.250 07/01/2012 10,021
- --------------------------------------------------------------------------------------------------------------------
145,000 Butler County, PA Hospital Authority
(Butler Memorial Hospital) 5.250 07/01/2016 145,310
- --------------------------------------------------------------------------------------------------------------------
85,000 Butler County, PA Hospital Authority
(Butler Memorial Hospital) 5.250 07/01/2016 85,182
- --------------------------------------------------------------------------------------------------------------------
480,000 Butler County, PA IDA (Greenview Gardens Apartments) 6.000 07/01/2023 498,720
- --------------------------------------------------------------------------------------------------------------------
880,000 Butler County, PA IDA (Greenview Gardens Apartments) 6.250 07/01/2033 909,700
- --------------------------------------------------------------------------------------------------------------------
65,000 Cambria County, PA GO 5.000 08/15/2023 66,153
- --------------------------------------------------------------------------------------------------------------------
200,000 Cambridge, PA Area Joint Authority 5.250 12/01/2021 200,262
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Carbon County, PA IDA (Panther Creek Partners) 6.650 05/01/2010 2,058,660
- --------------------------------------------------------------------------------------------------------------------
900,000 Chartiers Valley, PA Industrial & Commercial Devel.
Authority (Asbury Health Center) 5.750 12/01/2022 872,865
- --------------------------------------------------------------------------------------------------------------------
7,870,000 Chester County, PA H&EFA (Chester County Hospital) 5 5.875 07/01/2016 7,930,048
- --------------------------------------------------------------------------------------------------------------------
700,000 Chester County, PA H&EFA (Chester County Hospital) 6.750 07/01/2031 731,689
- --------------------------------------------------------------------------------------------------------------------
150,000 Chester County, PA H&EFA (Devereaux Foundation) 5.500 05/01/2027 151,712
- --------------------------------------------------------------------------------------------------------------------
95,000 Chester County, PA H&EFA (Devereaux Foundation) 6.000 11/01/2019 102,117
- --------------------------------------------------------------------------------------------------------------------
25,000 Chester County, PA H&EFA (Immaculata College) 5.300 10/15/2011 25,020
23 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 30,000 Chester County, PA H&EFA (Immaculata College) 5.400% 10/15/2012 $ 30,020
- --------------------------------------------------------------------------------------------------------------------
65,000 Chester County, PA H&EFA (Immaculata College) 5.600 10/15/2018 65,472
- --------------------------------------------------------------------------------------------------------------------
25,000 Chester County, PA H&EFA (Immaculata College) 5.625 10/15/2027 24,560
- --------------------------------------------------------------------------------------------------------------------
330,000 Chester County, PA H&EFA (Jefferson Health System) 5.375 05/15/2027 334,346
- --------------------------------------------------------------------------------------------------------------------
2,040,000 Chester County, PA IDA (Collegium Charter School) 5.500 04/15/2031 1,670,107
- --------------------------------------------------------------------------------------------------------------------
1,215,000 Chester County, PA IDA (Renaissance Academy-Edison
Charter School) 5.250 10/01/2010 1,225,279
- --------------------------------------------------------------------------------------------------------------------
1,870,000 Chester County, PA IDA (Renaissance Academy-Edison
Charter School) 5.625 10/01/2015 1,879,238
- --------------------------------------------------------------------------------------------------------------------
23,915,000 Chester County, PA IDA Water Facilities Authority
(Aqua Pennsylvania) 5.000 02/01/2041 23,667,001
- --------------------------------------------------------------------------------------------------------------------
100,000 Chester, PA Upland School Authority 5.250 09/01/2017 100,227
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Clarion County, PA Hospital Authority (Clarion Hospital) 5.750 07/01/2012 1,002,450
- --------------------------------------------------------------------------------------------------------------------
15,000 Clarion County, PA Hospital Authority (Clarion Hospital) 5.750 07/01/2017 15,037
- --------------------------------------------------------------------------------------------------------------------
800,000 Crawford County, PA Hospital Authority
(Wesbury United Methodist Community) 6.125 08/15/2019 805,392
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Cumberland County, PA Municipal Authority
(Diakon Lutheran Ministries) 5.000 01/01/2027 942,180
- --------------------------------------------------------------------------------------------------------------------
4,500,000 Cumberland County, PA Municipal Authority
(Diakon Lutheran Ministries) 5.000 01/01/2036 4,100,175
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Cumberland County, PA Municipal Authority
(Presbyterian Homes) 5.000 12/01/2020 1,033,310
- --------------------------------------------------------------------------------------------------------------------
1,950,000 Cumberland County, PA Municipal Authority
(Presbyterian Homes) 5.000 12/01/2021 2,004,581
- --------------------------------------------------------------------------------------------------------------------
6,605,000 Delaware County, PA Authority (Cabrini College) 5.500 07/01/2024 6,864,444
- --------------------------------------------------------------------------------------------------------------------
60,000 Delaware County, PA Authority (CCMC) 5.300 12/01/2027 60,010
- --------------------------------------------------------------------------------------------------------------------
15,000 Delaware County, PA Authority
(CCMC/CKHS/DCMH Obligated Group) 5.375 12/01/2018 15,183
- --------------------------------------------------------------------------------------------------------------------
25,000 Delaware County, PA Authority
(CCMC/CKHS/DCMH Obligated Group) 6.250 12/15/2022 28,797
- --------------------------------------------------------------------------------------------------------------------
25,000 Delaware County, PA Authority
(CCMC/CKHS/DCMH Obligated Group) 6.250 12/15/2031 28,797
- --------------------------------------------------------------------------------------------------------------------
120,000 Delaware County, PA Authority
(MAS/MCMCSPA/MHH/MHP/MHSSPA Obligated Group) 5.375 11/15/2023 128,782
- --------------------------------------------------------------------------------------------------------------------
2,530,000 Delaware County, PA Authority (Neumann College) 6.000 10/01/2031 2,583,459
- --------------------------------------------------------------------------------------------------------------------
7,010,000 Delaware County, PA IDA (American Ref-Fuel Company) 5 6.100 07/01/2013 7,125,244
- --------------------------------------------------------------------------------------------------------------------
5,025,000 Delaware County, PA IDA (American Ref-Fuel Company) 6.200 07/01/2019 5,113,440
- --------------------------------------------------------------------------------------------------------------------
11,000,000 Delaware County, PA IDA (Aqua Pennsylvania) 1 5.000 11/01/2037 10,915,025
- --------------------------------------------------------------------------------------------------------------------
18,000,000 Delaware County, PA IDA (Aqua Pennsylvania) 1 5.000 11/01/2038 17,858,970
- --------------------------------------------------------------------------------------------------------------------
55,000 Delaware County, PA IDA (Aqua Pennsylvania) 5.000 11/01/2037 54,575
- --------------------------------------------------------------------------------------------------------------------
900,000 Delaware County, PA IDA (Aqua Pennsylvania) 5.000 11/01/2038 892,944
- --------------------------------------------------------------------------------------------------------------------
4,605,000 Delaware County, PA IDA (Naamans Creek) 7.000 12/01/2036 4,282,742
24 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 5,370,000 Delaware County, PA IDA (Pennsylvania Suburban
Water Company) 5 5.150% 09/01/2032 $ 5,413,766
- --------------------------------------------------------------------------------------------------------------------
45,000 Delaware County, PA IDA (Philadelphia Suburban
Water Company) 5.350 10/01/2031 45,522
- --------------------------------------------------------------------------------------------------------------------
25,000 Delaware County, PA IDA (Philadelphia Suburban
Water Company) 6.000 06/01/2029 25,864
- --------------------------------------------------------------------------------------------------------------------
50,000 Delaware River Port Authority PA/NJ 5.000 01/01/2026 50,494
- --------------------------------------------------------------------------------------------------------------------
10,000 Derry Township, PA GO 5.700 09/15/2013 10,025
- --------------------------------------------------------------------------------------------------------------------
25,000 Derry Township, PA Municipal Authority 5.100 12/01/2020 25,043
- --------------------------------------------------------------------------------------------------------------------
10,000 Doylestown, PA Hospital Authority (Doylestown Hospital) 5.000 07/01/2014 10,018
- --------------------------------------------------------------------------------------------------------------------
200,000 Doylestown, PA Hospital Authority (Doylestown Hospital) 5.000 07/01/2023 200,214
- --------------------------------------------------------------------------------------------------------------------
375,000 Doylestown, PA Hospital Authority (Doylestown Hospital) 5.000 07/01/2023 375,401
- --------------------------------------------------------------------------------------------------------------------
15,000 East Hempfield Township, PA IDA (Homestead Village) 6.375 11/01/2023 14,585
- --------------------------------------------------------------------------------------------------------------------
140,000 Erie County, PA IDA (International Paper Company) 5.000 11/01/2018 136,412
- --------------------------------------------------------------------------------------------------------------------
10,000 Erie County, PA IDA (International Paper Company) 5.850 12/01/2020 10,083
- --------------------------------------------------------------------------------------------------------------------
1,765,000 Erie, PA HEBA (Gannon University) 5.000 05/01/2027 1,772,660
- --------------------------------------------------------------------------------------------------------------------
2,505,000 Erie, PA HEBA (Gannon University) 5.000 05/01/2032 2,446,308
- --------------------------------------------------------------------------------------------------------------------
2,035,000 Erie, PA HEBA (Gannon University) 5.000 05/01/2035 1,970,124
- --------------------------------------------------------------------------------------------------------------------
2,755,000 Erie-Western PA Port Authority 5 5.125 06/15/2016 2,927,573
- --------------------------------------------------------------------------------------------------------------------
65,000 Falls Township, PA Hospital Authority
(Delaware Valley Medical Center) 7.000 08/01/2022 65,534
- --------------------------------------------------------------------------------------------------------------------
30,000 Ferndale, PA Area School District GO 6.750 07/15/2009 30,105
- --------------------------------------------------------------------------------------------------------------------
45,000 Franklin County, PA IDA (The Chambersburg Hospital) 5.000 07/01/2022 45,256
- --------------------------------------------------------------------------------------------------------------------
10,000 Gettysburg, PA Municipal Authority (Gettysburg College) 5.000 08/15/2023 10,172
- --------------------------------------------------------------------------------------------------------------------
45,000 Grove City, PA Area Hospital Authority
(United Community Hospital) 5.250 07/01/2012 45,135
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Harveys Lake, PA General Municipal Authority
(Misericordia University) 6.000 05/01/2019 1,016,380
- --------------------------------------------------------------------------------------------------------------------
25,000 Hazelton, PA Area School District 5.000 03/01/2011 25,042
- --------------------------------------------------------------------------------------------------------------------
7,265,000 Horsham, PA Industrial and Commercial Devel. Authority
(Pennsylvania LTC) 6.000 12/01/2037 6,715,766
- --------------------------------------------------------------------------------------------------------------------
40,000 Indiana County, PA IDA Pollution Control
(Metropolitan Edison Company) 5.950 05/01/2027 40,848
- --------------------------------------------------------------------------------------------------------------------
115,000 Indiana County, PA IDA Pollution Control (PSEG Power LLC) 5.850 06/01/2027 115,194
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Lancaster County, PA Hospital Authority (Brethren Village) 6.375 07/01/2030 1,006,260
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Lancaster County, PA Hospital Authority (Brethren Village) 6.500 07/01/2040 4,041,760
- --------------------------------------------------------------------------------------------------------------------
10,000 Lancaster County, PA Hospital Authority
(Lancaster General Hospital) 5.500 03/15/2026 11,401
- --------------------------------------------------------------------------------------------------------------------
25,000 Lancaster County, PA Hospital Authority
(Landis Homes Retirement Community) 5.700 09/01/2018 24,667
- --------------------------------------------------------------------------------------------------------------------
20,000 Lancaster County, PA Hospital Authority
(Landis Homes Retirement Community) 5.750 09/01/2023 19,399
25 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 25,000 Lancaster County, PA Hospital Authority
(St. Anne's Home for the Aged) 6.500% 04/01/2015 $ 25,026
- --------------------------------------------------------------------------------------------------------------------
40,000 Lancaster County, PA IDA (Garden Spot Village) 7.600 05/01/2022 44,977
- --------------------------------------------------------------------------------------------------------------------
25,000 Lancaster County, PA Solid Waste Management Authority 5.000 12/15/2014 25,551
- --------------------------------------------------------------------------------------------------------------------
10,000 Latrobe, PA IDA (St. Vincent College) 5.375 05/01/2013 10,701
- --------------------------------------------------------------------------------------------------------------------
35,000 Latrobe, PA IDA (St. Vincent College) 5.700 05/01/2031 35,647
- --------------------------------------------------------------------------------------------------------------------
14,025,000 Lawrence County, PA IDA (Shenango Presbyterian Center) 5.625 11/15/2037 12,529,094
- --------------------------------------------------------------------------------------------------------------------
1,020,000 Lehigh County, PA GPA (Bible Fellowship Church Home) 6.000 12/15/2023 1,020,092
- --------------------------------------------------------------------------------------------------------------------
1,060,000 Lehigh County, PA GPA (Bible Fellowship Church Home) 7.625 11/01/2021 1,135,398
- --------------------------------------------------------------------------------------------------------------------
750,000 Lehigh County, PA GPA (Bible Fellowship Church Home) 7.750 11/01/2033 802,793
- --------------------------------------------------------------------------------------------------------------------
1,265,000 Lehigh County, PA GPA (Kidspeace Obligated Group) 5 5.800 11/01/2012 1,256,600
- --------------------------------------------------------------------------------------------------------------------
2,525,000 Lehigh County, PA GPA (Kidspeace Obligated Group) 5 5.800 11/01/2012 2,508,234
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Lehigh County, PA GPA (Kidspeace Obligated Group) 5 6.000 11/01/2018 1,956,460
- --------------------------------------------------------------------------------------------------------------------
8,190,000 Lehigh County, PA GPA (Kidspeace Obligated Group) 5 6.000 11/01/2018 8,011,704
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Lehigh County, PA GPA (Kidspeace Obligated Group) 5 6.000 11/01/2023 3,587,775
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Lehigh County, PA GPA (Kidspeace Obligated Group) 5 6.000 11/01/2023 1,052,414
- --------------------------------------------------------------------------------------------------------------------
60,000 Lehigh County, PA GPA (Lehigh Valley Health Network) 5.000 07/01/2028 60,714
- --------------------------------------------------------------------------------------------------------------------
100,000 Lehigh County, PA GPA (Lehigh Valley Hospital) 5.625 07/01/2015 101,162
- --------------------------------------------------------------------------------------------------------------------
10,000 Lehigh County, PA GPA (Lehigh Valley Hospital/
Muhlenberg Hospital Center/MCCC Obligated Group) 5.000 07/01/2028 10,119
- --------------------------------------------------------------------------------------------------------------------
5,000 Lehigh County, PA GPA (Lehigh Valley Hospital/
Muhlenberg Hospital Center/MCCC Obligated Group) 5.000 07/01/2028 5,060
- --------------------------------------------------------------------------------------------------------------------
30,000 Lehigh County, PA GPA (St. Lukes Hospital Bethlehem) 5.375 08/15/2033 33,828
- --------------------------------------------------------------------------------------------------------------------
100,000 Lehigh County, PA IDA (Lifepath) 5.850 06/01/2008 99,802
- --------------------------------------------------------------------------------------------------------------------
250,000 Lehigh County, PA Water Authority 5.000 11/01/2019 250,373
- --------------------------------------------------------------------------------------------------------------------
650,000 Lehigh, PA Northampton Airport Authority
(Lehigh Valley International Airport) 5.000 01/01/2021 671,060
- --------------------------------------------------------------------------------------------------------------------
750,000 Lehigh, PA Northampton Airport Authority
(Lehigh Valley International Airport) 5.000 01/01/2023 765,345
- --------------------------------------------------------------------------------------------------------------------
10,000 Luzerne County, PA Flood Protection Authority 5.000 01/15/2023 10,062
- --------------------------------------------------------------------------------------------------------------------
12,640,000 Luzerne County, PA IDA (Pennsylvania-American
Water Company) 1 4.950 09/01/2034 12,758,942
- --------------------------------------------------------------------------------------------------------------------
7,510,000 Luzerne County, PA IDA (Pennsylvania-American
Water Company) 5 5.100 09/01/2034 7,550,103
- --------------------------------------------------------------------------------------------------------------------
130,000 Lycoming County, PA Hospital Authority
(MVH/DPH Obligated Group) 5.250 11/15/2015 130,142
- --------------------------------------------------------------------------------------------------------------------
30,000 Lycoming County, PA Hospital Authority
(MVH/DPH Obligated Group) 5.500 11/15/2022 30,050
- --------------------------------------------------------------------------------------------------------------------
70,000 Lycoming County, PA Hospital Authority
(WH/NCPHS Obligated Group) 5.250 11/15/2015 70,076
26 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 50,000 Lycoming County, PA Hospital Authority
(WH/NCPHS Obligated Group) 5.375% 11/15/2010 $ 50,113
- --------------------------------------------------------------------------------------------------------------------
30,000 Mars, PA Area School District 5.000 09/01/2027 30,205
- --------------------------------------------------------------------------------------------------------------------
2,730,000 McKean County, PA Hospital Authority (Bradford Hospital) 5.000 10/01/2020 2,540,374
- --------------------------------------------------------------------------------------------------------------------
3,000,000 McKean County, PA Hospital Authority (Bradford Hospital) 5.250 10/01/2030 2,665,230
- --------------------------------------------------------------------------------------------------------------------
100,000 Mifflin County, PA Hospital Authority (Lewiston Hospital) 6.200 07/01/2030 111,588
- --------------------------------------------------------------------------------------------------------------------
645,000 Millcreek, PA Richland Joint Authority 5.250 08/01/2022 676,470
- --------------------------------------------------------------------------------------------------------------------
1,355,000 Millcreek, PA Richland Joint Authority 5.375 08/01/2027 1,400,298
- --------------------------------------------------------------------------------------------------------------------
875,000 Millcreek, PA Richland Joint Authority 5.375 08/01/2027 904,251
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Millcreek, PA Richland Joint Authority 5.500 08/01/2037 1,026,040
- --------------------------------------------------------------------------------------------------------------------
2,445,000 Millcreek, PA Richland Joint Authority 5.500 08/01/2037 2,508,668
- --------------------------------------------------------------------------------------------------------------------
75,000 Monroe County, PA Hospital Authority
(Pocono Medical Center) 5.625 01/01/2032 76,325
- --------------------------------------------------------------------------------------------------------------------
10,000 Montgomery County, PA HEHA
(Abington Memorial Hospital) 5.000 06/01/2028 10,115
- --------------------------------------------------------------------------------------------------------------------
20,000 Montgomery County, PA HEHA
(Abington Memorial Hospital) 5.125 06/01/2027 20,175
- --------------------------------------------------------------------------------------------------------------------
20,000 Montgomery County, PA HEHA
(Abington Memorial Hospital) 5.125 06/01/2032 19,943
- --------------------------------------------------------------------------------------------------------------------
7,740,000 Montgomery County, PA HEHA (Arcadia University) 5 5.000 04/01/2036 7,456,484
- --------------------------------------------------------------------------------------------------------------------
110,000 Montgomery County, PA HEHA
(Holy Redeemer Health System) 5.250 10/01/2023 111,238
- --------------------------------------------------------------------------------------------------------------------
50,000 Montgomery County, PA HEHA
(Holy Redeemer Health System) 5.250 10/01/2027 50,558
- --------------------------------------------------------------------------------------------------------------------
80,000 Montgomery County, PA HEHA
(Holy Redeemer Physician & Ambulatory Services) 5.250 10/01/2023 80,900
- --------------------------------------------------------------------------------------------------------------------
900,000 Montgomery County, PA IDA
(ACTS Retirement Life Community) 5.250 11/15/2028 900,963
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Montgomery County, PA IDA (Meadowood Corp.) 6.250 12/01/2017 1,774,255
- --------------------------------------------------------------------------------------------------------------------
270,000 Montgomery County, PA IDA
(Pennsylvania-American Water Company) 5.050 06/01/2029 270,046
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Montgomery County, PA IDA
(Whitemarsh Continued Care) 6.250 02/01/2035 2,493,525
- --------------------------------------------------------------------------------------------------------------------
3,840,000 Montgomery County, PA IDA (Wordsworth Academy) 5 8.000 09/01/2024 3,844,147
- --------------------------------------------------------------------------------------------------------------------
11,080,000 New Morgan, PA IDA (Browning-Ferris Industries) 6.500 04/01/2019 11,078,670
- --------------------------------------------------------------------------------------------------------------------
1,045,000 New Wilmington, PA Municipal Authority
(Westminster College) 5.000 05/01/2027 1,045,690
- --------------------------------------------------------------------------------------------------------------------
1,000,000 New Wilmington, PA Municipal Authority
(Westminster College) 5.125 05/01/2033 996,410
- --------------------------------------------------------------------------------------------------------------------
40,000 New Wilmington, PA Municipal Authority
(Westminster College) 5.300 03/01/2018 40,101
27 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 55,000 New Wilmington, PA Municipal Authority
(Westminster College) 5.350% 03/01/2028 $ 55,142
- --------------------------------------------------------------------------------------------------------------------
135,000 Northampton County, PA Higher Education Authority
(Lafayette College) 5.000 11/01/2027 135,371
- --------------------------------------------------------------------------------------------------------------------
70,000 Northampton County, PA IDA (Kirkland Village) 5.625 12/15/2019 66,675
- --------------------------------------------------------------------------------------------------------------------
170,000 Northampton County, PA IDA (Moravian Hall Square) 5.350 07/01/2010 170,255
- --------------------------------------------------------------------------------------------------------------------
25,000 Northampton County, PA IDA (Moravian Hall Square) 5.550 07/01/2014 25,030
- --------------------------------------------------------------------------------------------------------------------
40,000 Northampton County, PA IDA (Moravian Hall Square) 5.700 07/01/2020 40,038
- --------------------------------------------------------------------------------------------------------------------
3,245,000 Northeastern PA Hospital & Education Authority
(Luzerne County Community College) 5.150 08/15/2016 3,251,944
- --------------------------------------------------------------------------------------------------------------------
390,000 Northeastern PA Hospital & Education Authority (WVHCS) 5.250 01/01/2026 394,352
- --------------------------------------------------------------------------------------------------------------------
830,000 Northumberland County, PA IDA (Aqua Pennsylvania) 5.050 10/01/2039 829,029
- --------------------------------------------------------------------------------------------------------------------
1,205,000 Northumberland County, PA IDA (NHS Youth Services) 5.500 02/15/2033 1,100,551
- --------------------------------------------------------------------------------------------------------------------
1,820,000 Northumberland County, PA IDA (NHS Youth Services) 5 7.500 02/15/2029 1,874,400
- --------------------------------------------------------------------------------------------------------------------
3,855,000 Northumberland County, PA IDA (NHS Youth Services) 5 7.750 02/15/2029 4,023,117
- --------------------------------------------------------------------------------------------------------------------
11,400,000 PA EDFA (30th Street Garage) 5 5.875 06/01/2033 11,422,800
- --------------------------------------------------------------------------------------------------------------------
50,000 PA EDFA (Amtrak) 6.000 11/01/2011 53,420
- --------------------------------------------------------------------------------------------------------------------
250,000 PA EDFA (Amtrak) 6.125 11/01/2021 260,333
- --------------------------------------------------------------------------------------------------------------------
5,005,000 PA EDFA (Amtrak) 5 6.250 11/01/2031 5,172,768
- --------------------------------------------------------------------------------------------------------------------
12,445,000 PA EDFA (Amtrak) 6.375 11/01/2041 12,903,847
- --------------------------------------------------------------------------------------------------------------------
40,000,000 PA EDFA (Bionol Clearfield) 7 8.500 07/15/2015 39,900,000
- --------------------------------------------------------------------------------------------------------------------
500,000 PA EDFA (Fayette Thermal) 5.250 12/01/2016 468,825
- --------------------------------------------------------------------------------------------------------------------
35,000 PA EDFA (Fayette Thermal) 5.500 12/01/2021 32,330
- --------------------------------------------------------------------------------------------------------------------
14,700,000 PA EDFA (National Gypsum Company) 6.125 11/02/2027 14,516,103
- --------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (National Gypsum Company) 6.250 11/01/2027 5,001,600
- --------------------------------------------------------------------------------------------------------------------
4,100,000 PA EDFA (Northampton Generating) 6.400 01/01/2009 4,101,394
- --------------------------------------------------------------------------------------------------------------------
8,515,000 PA EDFA (Northampton Generating) 6.500 01/01/2013 8,624,673
- --------------------------------------------------------------------------------------------------------------------
21,800,000 PA EDFA (Northampton Generating) 5 6.600 01/01/2019 21,809,810
- --------------------------------------------------------------------------------------------------------------------
1,200,000 PA EDFA (Northampton Generating) 6.875 01/01/2011 1,186,932
- --------------------------------------------------------------------------------------------------------------------
12,000,000 PA EDFA (Northampton Generating) 6.950 01/01/2021 11,552,760
- --------------------------------------------------------------------------------------------------------------------
45,000 PA EDFA (Northwestern Human Services) 5.125 06/01/2018 43,697
- --------------------------------------------------------------------------------------------------------------------
4,310,000 PA EDFA (Northwestern Human Services) 5 5.250 06/01/2014 4,265,133
- --------------------------------------------------------------------------------------------------------------------
3,000,000 PA EDFA (Northwestern Human Services) 5 5.250 06/01/2028 2,772,240
- --------------------------------------------------------------------------------------------------------------------
10,000,000 PA EDFA (Reliant Energy) 1 6.750 12/01/2036 10,228,300
- --------------------------------------------------------------------------------------------------------------------
8,000,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 8,199,360
- --------------------------------------------------------------------------------------------------------------------
2,000,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 2,045,660
- --------------------------------------------------------------------------------------------------------------------
21,500,000 PA EDFA (Reliant Energy/Reliant Seward Obligated Group) 6.750 12/01/2036 21,930,215
- --------------------------------------------------------------------------------------------------------------------
57,825,000 PA EDFA (USG Corp.) 6.000 06/01/2031 56,857,588
- --------------------------------------------------------------------------------------------------------------------
4,870,000 PA EDFA (Waste Management) 5.100 10/01/2027 4,638,967
28 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 20,000,000 PA Geisinger Authority Health System
(Geisinger Health System) 1 4.061% 2 05/01/2037 $ 15,991,227
- --------------------------------------------------------------------------------------------------------------------
1,050,000 PA Geisinger Authority Health System (Penn State
Geisinger Health System Foundation) 5.000 08/15/2028 1,055,061
- --------------------------------------------------------------------------------------------------------------------
1,500,000 PA Harrisburg University Authority
(Harrisburg University of Science) 5.400 09/01/2016 1,533,510
- --------------------------------------------------------------------------------------------------------------------
50,000 PA HEFA (Allegheny College) 5.000 11/01/2026 50,045
- --------------------------------------------------------------------------------------------------------------------
3,180,000 PA HEFA (Allegheny Delaware Valley Obligated Group) 5.875 11/15/2021 3,180,064
- --------------------------------------------------------------------------------------------------------------------
1,025,000 PA HEFA (Assoc. of Independent Colleges & Universities) 5.125 05/01/2032 1,018,584
- --------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (California University of Pennsylvania
Student Assoc.) 5.000 07/01/2028 84,415
- --------------------------------------------------------------------------------------------------------------------
1,500,000 PA HEFA (California University of Pennsylvania
Student Assoc.) 6.750 09/01/2020 1,593,525
- --------------------------------------------------------------------------------------------------------------------
110,000 PA HEFA (California University of Pennsylvania
Student Assoc.) 6.750 09/01/2032 115,107
- --------------------------------------------------------------------------------------------------------------------
50,000 PA HEFA (California University of Pennsylvania
Student Assoc.) 6.800 09/01/2025 52,678
- --------------------------------------------------------------------------------------------------------------------
1,475,000 PA HEFA (College of Science & Agriculture) 5.350 04/15/2028 1,427,992
- --------------------------------------------------------------------------------------------------------------------
1,460,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.650 04/15/2025 1,476,980
- --------------------------------------------------------------------------------------------------------------------
815,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.750 04/15/2029 822,808
- --------------------------------------------------------------------------------------------------------------------
220,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5.750 04/15/2034 221,010
- --------------------------------------------------------------------------------------------------------------------
3,210,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5 5.800 04/15/2030 3,243,801
- --------------------------------------------------------------------------------------------------------------------
3,385,000 PA HEFA (Delaware Valley College of Science & Agriculture) 5 5.800 04/15/2033 3,410,049
- --------------------------------------------------------------------------------------------------------------------
55,000 PA HEFA (Drexel University) 5.750 05/01/2022 56,198
- --------------------------------------------------------------------------------------------------------------------
1,830,000 PA HEFA (Elizabethtown College) 5.000 12/15/2021 1,886,712
- --------------------------------------------------------------------------------------------------------------------
4,000,000 PA HEFA (Elizabethtown College) 5 5.000 12/15/2027 4,016,080
- --------------------------------------------------------------------------------------------------------------------
1,200,000 PA HEFA (Gwynedd-Mercy College) 5.000 05/01/2027 1,205,208
- --------------------------------------------------------------------------------------------------------------------
45,000 PA HEFA (Higher Education System) 5.000 06/15/2019 45,297
- --------------------------------------------------------------------------------------------------------------------
70,000 PA HEFA (Higher Education System) 5.125 06/15/2024 70,084
- --------------------------------------------------------------------------------------------------------------------
4,500,000 PA HEFA (La Salle University) 5 5.000 05/01/2037 4,242,735
- --------------------------------------------------------------------------------------------------------------------
50,000 PA HEFA (La Salle University) 5.500 05/01/2034 50,358
- --------------------------------------------------------------------------------------------------------------------
735,000 PA HEFA (Lycoming College) 5.250 11/01/2027 750,847
- --------------------------------------------------------------------------------------------------------------------
1,490,000 PA HEFA (Marywood University) 5.125 06/01/2029 1,495,141
- --------------------------------------------------------------------------------------------------------------------
140,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 5.500 11/15/2008 140,015
- --------------------------------------------------------------------------------------------------------------------
5,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 5.875 11/15/2016 5,000
- --------------------------------------------------------------------------------------------------------------------
34,985,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 7 5.875 11/15/2016 34,985,700
- --------------------------------------------------------------------------------------------------------------------
9,660,000 PA HEFA (MCP/HUHS/AUS Obligated Group) 5 5.875 11/15/2021 9,660,193
- --------------------------------------------------------------------------------------------------------------------
250,000 PA HEFA (Philadelphia University) 5.000 06/01/2035 236,803
- --------------------------------------------------------------------------------------------------------------------
3,000,000 PA HEFA (Philadelphia University) 5.125 06/01/2025 3,031,290
- --------------------------------------------------------------------------------------------------------------------
2,200,000 PA HEFA (Philadelphia University) 5.250 06/01/2032 2,181,916
- --------------------------------------------------------------------------------------------------------------------
250,000 PA HEFA (Philadelphia University) 6.000 06/01/2029 271,095
29 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 105,000 PA HEFA (St. Francis University) 5.750% 11/01/2023 $ 107,280
- --------------------------------------------------------------------------------------------------------------------
3,925,000 PA HEFA (St. Francis University) 5 6.250 11/01/2018 4,182,323
- --------------------------------------------------------------------------------------------------------------------
30,000 PA HEFA (State System Higher Education) 5.125 06/15/2012 30,058
- --------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (State System Higher Education) 5.125 06/15/2013 100,194
- --------------------------------------------------------------------------------------------------------------------
25,000 PA HEFA (University of the Arts) 5.750 03/15/2030 25,397
- --------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (UPMC Health System) 5.000 08/01/2029 102,558
- --------------------------------------------------------------------------------------------------------------------
30,000 PA HEFA (UPMC Health System) 6.000 01/15/2031 32,175
- --------------------------------------------------------------------------------------------------------------------
1,000,000 PA HEFA (Ursinus College) 5.250 01/01/2027 1,015,010
- --------------------------------------------------------------------------------------------------------------------
750,000 PA HEFA (Widener University) 5.000 07/15/2026 756,015
- --------------------------------------------------------------------------------------------------------------------
100,000 PA HEFA (Widener University) 5.250 07/15/2024 102,521
- --------------------------------------------------------------------------------------------------------------------
70,000 PA HEFA (Widener University) 5.400 07/15/2036 70,524
- --------------------------------------------------------------------------------------------------------------------
2,120,000 PA HFA (Single Family Mtg.) 5.450 10/01/2032 2,286,060
- --------------------------------------------------------------------------------------------------------------------
4,780,000 PA HFA (Single Family Mtg.), Series 100A 5 5.350 10/01/2033 4,833,823
- --------------------------------------------------------------------------------------------------------------------
9,180,000 PA HFA (Single Family Mtg.), Series 61A 5 5.450 10/01/2021 9,368,557
- --------------------------------------------------------------------------------------------------------------------
4,765,000 PA HFA (Single Family Mtg.), Series 61A 5 5.500 04/01/2029 4,814,699
- --------------------------------------------------------------------------------------------------------------------
260,000 PA HFA (Single Family Mtg.), Series 61A 5.500 04/01/2029 262,696
- --------------------------------------------------------------------------------------------------------------------
25,000 PA HFA (Single Family Mtg.), Series 62A 5.200 10/01/2011 25,522
- --------------------------------------------------------------------------------------------------------------------
570,000 PA HFA (Single Family Mtg.), Series 63A 5.448 8 04/01/2030 164,519
- --------------------------------------------------------------------------------------------------------------------
60,000 PA HFA (Single Family Mtg.), Series 64 5.000 10/01/2017 60,509
- --------------------------------------------------------------------------------------------------------------------
5,000 PA HFA (Single Family Mtg.), Series 66A 5.650 04/01/2029 5,122
- --------------------------------------------------------------------------------------------------------------------
2,975,000 PA HFA (Single Family Mtg.), Series 67A 5.400 10/01/2024 3,038,427
- --------------------------------------------------------------------------------------------------------------------
4,740,000 PA HFA (Single Family Mtg.), Series 70A 5 5.800 04/01/2027 4,831,435
- --------------------------------------------------------------------------------------------------------------------
8,000,000 PA HFA (Single Family Mtg.), Series 72A 1 5.250 04/01/2021 8,129,160
- --------------------------------------------------------------------------------------------------------------------
11,400,000 PA HFA (Single Family Mtg.), Series 73A 1 5.350 10/01/2022 11,596,992
- --------------------------------------------------------------------------------------------------------------------
10,000,000 PA HFA (Single Family Mtg.), Series 74B 1 5.150 10/01/2022 10,145,150
- --------------------------------------------------------------------------------------------------------------------
1,020,000 PA HFA (Single Family Mtg.), Series 74B 5.150 10/01/2022 1,034,810
- --------------------------------------------------------------------------------------------------------------------
3,005,000 PA HFA (Single Family Mtg.), Series 74B 5.250 04/01/2032 3,012,002
- --------------------------------------------------------------------------------------------------------------------
12,525,000 PA HFA (Single Family Mtg.), Series 96A 5 4.700 10/01/2037 11,616,311
- --------------------------------------------------------------------------------------------------------------------
7,495,000 PA HFA (Single Family Mtg.), Series 98A 5 4.850 10/01/2031 7,166,194
- --------------------------------------------------------------------------------------------------------------------
25,830,000 PA HFA (Single Family Mtg.), Series 99A 1 5.300 10/01/2037 25,990,516
- --------------------------------------------------------------------------------------------------------------------
10,000,000 PA HFA (Single Family Mtg.), Series B 1 5.100 10/01/2020 10,189,100
- --------------------------------------------------------------------------------------------------------------------
55,000 PA Intergovernmental Cooperative Authority 5.000 06/15/2021 56,298
- --------------------------------------------------------------------------------------------------------------------
380,000 PA Jeannette Health Services Authority
(Jeannette District Memorial Hospital) 6.000 11/01/2018 364,287
- --------------------------------------------------------------------------------------------------------------------
5,905,000 PA Langhorne Manor Boro Higher Education Authority
(Lower Bucks Hospital) 7.350 07/01/2022 5,938,659
- --------------------------------------------------------------------------------------------------------------------
1,000,000 PA Langhorne Manor Boro Higher Education Authority
(Philadelphia Biblical University) 5.200 04/01/2020 998,410
- --------------------------------------------------------------------------------------------------------------------
575,000 PA Langhorne Manor Boro Higher Education Authority
(Philadelphia Biblical University) 5.500 04/01/2025 575,794
30 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,265,000 PA Southcentral General Authority (Hanover Hospital) 5.000% 12/01/2020 $ 1,312,210
- --------------------------------------------------------------------------------------------------------------------
1,400,000 PA Southcentral General Authority (Hanover Hospital) 5.000 12/01/2023 1,436,400
- --------------------------------------------------------------------------------------------------------------------
2,245,000 PA Southcentral General Authority (Hanover Hospital) 5.000 12/01/2025 2,282,671
- --------------------------------------------------------------------------------------------------------------------
3,265,000 PA Southcentral General Authority (Hanover Hospital) 5.000 12/01/2026 3,304,866
- --------------------------------------------------------------------------------------------------------------------
2,000,000 PA Southcentral General Authority (Hanover Hospital) 5.000 12/01/2027 2,015,340
- --------------------------------------------------------------------------------------------------------------------
2,510,000 PA Southcentral General Authority (Hanover Hospital) 5.000 12/01/2028 2,519,513
- --------------------------------------------------------------------------------------------------------------------
1,470,000 PA Southcentral General Authority (Hanover Hospital) 5.000 12/01/2030 1,460,004
- --------------------------------------------------------------------------------------------------------------------
26,100,000 PA St. Mary Hospital Authority (Catholic Health East) 1 4.482 2 11/15/2034 20,723,046
- --------------------------------------------------------------------------------------------------------------------
410,000 PA St. Mary Hospital Authority (Catholic Health East/
Mercy Medical/McCauley Center Obligated Group) 4.116 2 11/15/2034 324,220
- --------------------------------------------------------------------------------------------------------------------
95,000 PA St. Mary Hospital Authority (Catholic Health Initiatives) 5.000 12/01/2028 96,341
- --------------------------------------------------------------------------------------------------------------------
50,000 PA St. Mary Hospital Authority (Franciscan Health) 7.000 06/15/2015 50,529
- --------------------------------------------------------------------------------------------------------------------
15,000 PA State Public School Building Authority (Butler College) 5.400 07/15/2012 15,665
- --------------------------------------------------------------------------------------------------------------------
5,000 PA State Public School Building Authority
(Chester Upland School District) 5.150 11/15/2026 5,262
- --------------------------------------------------------------------------------------------------------------------
5,000 PA Turnpike Commission 5.000 12/01/2023 5,105
- --------------------------------------------------------------------------------------------------------------------
300,000 PA West Shore Area Hospital Authority
(Holy Spirit Hospital) 6.250 01/01/2032 309,249
- --------------------------------------------------------------------------------------------------------------------
10,000 Patterson Township, PA Municipal Authority 5.500 04/15/2011 10,017
- --------------------------------------------------------------------------------------------------------------------
25,000 Penn Hills, PA GO 5.850 12/01/2014 25,067
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Philadelphia, PA Airport 1 5.000 06/15/2032 9,992,900
- --------------------------------------------------------------------------------------------------------------------
235,000 Philadelphia, PA Airport 5.375 06/15/2015 240,673
- --------------------------------------------------------------------------------------------------------------------
15,000 Philadelphia, PA Airport, Series B 5.250 06/15/2031 15,075
- --------------------------------------------------------------------------------------------------------------------
5,000 Philadelphia, PA Authority for Industrial Devel. 5.250 10/01/2030 5,533
- --------------------------------------------------------------------------------------------------------------------
100,000 Philadelphia, PA Authority for Industrial Devel.
(Aero Philadelphia) 5.250 01/01/2009 99,537
- --------------------------------------------------------------------------------------------------------------------
6,720,000 Philadelphia, PA Authority for Industrial Devel.
(Aero Philadelphia) 5 5.500 01/01/2024 6,121,315
- --------------------------------------------------------------------------------------------------------------------
3,870,000 Philadelphia, PA Authority for Industrial Devel. (Air Cargo) 5 7.500 01/01/2025 4,052,200
- --------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia, PA Authority for Industrial Devel.
(American College of Physicians) 6.000 06/15/2030 26,105
- --------------------------------------------------------------------------------------------------------------------
1,150,000 Philadelphia, PA Authority for Industrial Devel.
(Baptist Home of Philadelphia) 5.500 11/15/2018 1,111,774
- --------------------------------------------------------------------------------------------------------------------
786,000 Philadelphia, PA Authority for Industrial Devel.
(Baptist Home of Philadelphia) 5.600 11/15/2028 732,096
- --------------------------------------------------------------------------------------------------------------------
20,000 Philadelphia, PA Authority for Industrial Devel.
(Cathedral Village) 5.600 04/01/2012 20,019
- --------------------------------------------------------------------------------------------------------------------
35,000 Philadelphia, PA Authority for Industrial Devel.
(Cathedral Village) 5.700 04/01/2015 35,086
- --------------------------------------------------------------------------------------------------------------------
450,000 Philadelphia, PA Authority for Industrial Devel.
(Cathedral Village) 6.750 04/01/2023 470,309
31 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,100,000 Philadelphia, PA Authority for Industrial Devel.
(Cathedral Village) 6.875% 04/01/2034 $ 1,152,195
- --------------------------------------------------------------------------------------------------------------------
2,750,000 Philadelphia, PA Authority for Industrial Devel.
(First Mtg.-CPAP) 6.125 04/01/2019 1,944,195
- --------------------------------------------------------------------------------------------------------------------
1,790,000 Philadelphia, PA Authority for Industrial Devel.
(Franklin Towne Charter High School) 5.250 01/01/2027 1,720,423
- --------------------------------------------------------------------------------------------------------------------
1,085,000 Philadelphia, PA Authority for Industrial Devel.
(Franklin Towne Charter High School) 5.375 01/01/2032 1,022,352
- --------------------------------------------------------------------------------------------------------------------
1,330,000 Philadelphia, PA Authority for Industrial Devel.
(International Educational & Community Project) 5.875 06/01/2022 1,314,665
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Philadelphia, PA Authority for Industrial Devel.
(Philadelphia Airport System), Series A 1 5.400 07/01/2022 8,270,560
- --------------------------------------------------------------------------------------------------------------------
30,000 Philadelphia, PA Authority for Industrial Devel.
(Philadelphia Airport) 5.000 07/01/2019 30,362
- --------------------------------------------------------------------------------------------------------------------
19,710,000 Philadelphia, PA Authority for Industrial Devel.
(Philadelphia Airport) 5.000 07/01/2023 19,775,831
- --------------------------------------------------------------------------------------------------------------------
10,000 Philadelphia, PA Authority for Industrial Devel.
(Philadelphia Airport) 5.125 07/01/2020 10,233
- --------------------------------------------------------------------------------------------------------------------
3,915,000 Philadelphia, PA Authority for Industrial Devel.
(Philadelphia Airport) 5 5.125 07/01/2028 3,907,444
- --------------------------------------------------------------------------------------------------------------------
105,000 Philadelphia, PA Authority for Industrial Devel.
(Philadelphia Airport) 5.250 07/01/2028 106,253
- --------------------------------------------------------------------------------------------------------------------
400,000 Philadelphia, PA Authority for Industrial Devel.
(Philadelphia Airport) 5.300 07/01/2017 407,716
- --------------------------------------------------------------------------------------------------------------------
1,640,000 Philadelphia, PA Authority for Industrial Devel.
(Richard Allen Prep Charter School) 6.250 05/01/2033 1,612,218
- --------------------------------------------------------------------------------------------------------------------
1,370,000 Philadelphia, PA Authority for Industrial Devel.
(Stapeley Germantown) 5.000 01/01/2015 1,268,771
- --------------------------------------------------------------------------------------------------------------------
1,580,000 Philadelphia, PA Authority for Industrial Devel.
(Stapeley Germantown) 5.125 01/01/2021 1,393,860
- --------------------------------------------------------------------------------------------------------------------
1,400,000 Philadelphia, PA Authority for Industrial Devel.
Senior Living (Arbor House) 6.100 07/01/2033 1,433,656
- --------------------------------------------------------------------------------------------------------------------
780,000 Philadelphia, PA Authority for Industrial Devel.
Senior Living (GIH/PPAM) 5.125 07/01/2016 787,667
- --------------------------------------------------------------------------------------------------------------------
1,240,000 Philadelphia, PA Authority for Industrial Devel.
Senior Living (Miriam and Robert M. Rieder House) 6.100 07/01/2033 1,269,810
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Philadelphia, PA Authority for Industrial Devel. Senior
Living (Presbyterian Homes Germantown) 5.625 07/01/2035 2,972,940
- --------------------------------------------------------------------------------------------------------------------
1,160,000 Philadelphia, PA Authority for Industrial Devel. Senior
Living (Robert Saligman House) 6.100 07/01/2033 1,187,886
- --------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia, PA Gas Works 5.000 07/01/2014 25,242
- --------------------------------------------------------------------------------------------------------------------
15,000 Philadelphia, PA Gas Works 5.000 07/01/2026 15,087
32 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,210,000 Philadelphia, PA H&HEFA (Centralized Comprehensive
Human Services) 7.250% 01/01/2021 $ 1,235,749
- --------------------------------------------------------------------------------------------------------------------
80,000 Philadelphia, PA H&HEFA (Jefferson Health System) 5.000 05/15/2018 81,654
- --------------------------------------------------------------------------------------------------------------------
10,000 Philadelphia, PA H&HEFA (Jefferson Health System) 5.125 05/15/2021 10,139
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Philadelphia, PA H&HEFA (North Philadelphia
Health System) 5.300 01/01/2018 1,531,395
- --------------------------------------------------------------------------------------------------------------------
60,000 Philadelphia, PA H&HEFA (North Philadelphia
Health System) 5.375 01/01/2028 61,282
- --------------------------------------------------------------------------------------------------------------------
2,380,000 Philadelphia, PA H&HEFA (Philadelphia Protestant Home) 6.500 07/01/2027 2,380,428
- --------------------------------------------------------------------------------------------------------------------
19,470,000 Philadelphia, PA H&HEFA (Temple University Hospital) 5.500 07/01/2026 19,457,734
- --------------------------------------------------------------------------------------------------------------------
10,000 Philadelphia, PA H&HEFA (Temple University Hospital) 6.500 11/15/2008 10,217
- --------------------------------------------------------------------------------------------------------------------
5,000 Philadelphia, PA New Public Housing Authority 5.000 04/01/2012 5,390
- --------------------------------------------------------------------------------------------------------------------
25,000 Philadelphia, PA Parking Authority (Airport) 5.500 09/01/2018 25,297
- --------------------------------------------------------------------------------------------------------------------
20,000 Philadelphia, PA Parking Authority, Series A 5.250 02/15/2029 20,487
- --------------------------------------------------------------------------------------------------------------------
180,000 Philadelphia, PA Redevel. Authority (Multifamily Hsg.) 5.450 02/01/2023 180,871
- --------------------------------------------------------------------------------------------------------------------
9,000,000 Philadelphia, PA Redevel. Authority (Neighborhood
Transformation) 1 5.000 04/15/2028 9,056,115
- --------------------------------------------------------------------------------------------------------------------
2,580,000 Philadelphia, PA Redevel. Authority (Pavilion Apartments) 6.000 10/01/2023 2,660,186
- --------------------------------------------------------------------------------------------------------------------
4,100,000 Philadelphia, PA Redevel. Authority (Pavilion Apartments) 5 6.250 10/01/2032 4,212,504
- --------------------------------------------------------------------------------------------------------------------
10,160,000 Philadelphia, PA Water & Wastewater, Series A 5.000 11/01/2031 10,335,260
- --------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh & Allegheny County, PA Public Auditorium
Authority 5.000 02/01/2024 10,290
- --------------------------------------------------------------------------------------------------------------------
50,000 Pittsburgh & Allegheny County, PA Public Auditorium
Authority 5.000 02/01/2029 50,538
- --------------------------------------------------------------------------------------------------------------------
40,000 Pittsburgh & Allegheny County, PA Public Auditorium
Authority 5.250 02/01/2031 41,222
- --------------------------------------------------------------------------------------------------------------------
3,035,800 Pittsburgh, PA Urban Redevel. Authority (Marian Plaza) 6.130 01/20/2043 3,083,341
- --------------------------------------------------------------------------------------------------------------------
1,290,000 Pittsburgh, PA Urban Redevel. Authority (West Park Court) 4.900 11/20/2047 1,200,461
- --------------------------------------------------------------------------------------------------------------------
20,000 Pittsburgh, PA Urban Redevel. Authority, Series A 5.200 10/01/2020 20,262
- --------------------------------------------------------------------------------------------------------------------
30,000 Pittsburgh, PA Urban Redevel. Authority, Series A 5.250 10/01/2029 30,120
- --------------------------------------------------------------------------------------------------------------------
15,000 Pittsburgh, PA Urban Redevel. Authority, Series A 7.250 02/01/2024 15,016
- --------------------------------------------------------------------------------------------------------------------
40,000 Pittsburgh, PA Urban Redevel. Authority, Series B 5.350 10/01/2022 40,718
- --------------------------------------------------------------------------------------------------------------------
60,000 Pittsburgh, PA Urban Redevel. Authority, Series C 5.600 04/01/2020 60,501
- --------------------------------------------------------------------------------------------------------------------
25,000 Pittsburgh, PA Urban Redevel. Authority, Series C 5.700 04/01/2030 25,121
- --------------------------------------------------------------------------------------------------------------------
35,000 Pittsburgh, PA Urban Redevel. Authority, Series C 5.900 10/01/2022 35,567
- --------------------------------------------------------------------------------------------------------------------
750,000 Pittsburgh, PA Urban Redevel. Authority, Series C 5.950 10/01/2029 758,153
- --------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh, PA Urban Redevel. Authority, Series C 7.125 08/01/2013 10,017
- --------------------------------------------------------------------------------------------------------------------
10,000 Pittsburgh, PA Water & Sewer Authority, Series A 5.050 09/01/2025 10,010
- --------------------------------------------------------------------------------------------------------------------
400,000 Pittsburgh, PA Water & Sewer Authority, Series C 5.125 09/01/2023 400,564
33 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 30,000 Potter County, PA Hospital Authority
(Charles Cole Memorial Hospital) 5.250% 08/01/2028 $ 30,056
- --------------------------------------------------------------------------------------------------------------------
120,000 Potter County, PA Hospital Authority
(Charles Cole Memorial Hospital) 6.050 08/01/2024 120,756
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Pottsville, PA Hospital Authority
(Pottsville Hospital & Warne Clinic) 5.500 07/01/2018 975,210
- --------------------------------------------------------------------------------------------------------------------
390,000 Pottsville, PA Hospital Authority
(Pottsville Hospital & Warne Clinic) 5.500 07/01/2018 380,332
- --------------------------------------------------------------------------------------------------------------------
4,170,000 Pottsville, PA Hospital Authority
(Pottsville Hospital & Warne Clinic) 5.625 07/01/2024 3,968,214
- --------------------------------------------------------------------------------------------------------------------
235,000 Pottsville, PA Hospital Authority
(Pottsville Hospital & Warne Clinic) 5.625 07/01/2024 223,628
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Saxonburg, PA Area Authority (Sewer & Water) 5.000 03/01/2030 1,040,750
- --------------------------------------------------------------------------------------------------------------------
10,000 Schuylkill County, PA IDA
(DOCNHS/BSVHS/WMHS Obligated Group) 5.000 11/01/2028 10,120
- --------------------------------------------------------------------------------------------------------------------
2,100,000 Scranton, PA Parking Authority 5.250 06/01/2034 2,112,159
- --------------------------------------------------------------------------------------------------------------------
8,500,000 Scranton, PA Parking Authority 5.250 06/01/2039 8,473,395
- --------------------------------------------------------------------------------------------------------------------
145,000 Scranton, PA School District 5.000 04/01/2022 147,730
- --------------------------------------------------------------------------------------------------------------------
220,000 Scranton, PA School District 5.000 04/01/2025 222,585
- --------------------------------------------------------------------------------------------------------------------
440,000 Scranton, PA School District 5.000 04/01/2031 441,822
- --------------------------------------------------------------------------------------------------------------------
5,000 Sharon, PA Regional Health System Authority
(SRPS/SRHS Obligated Group) 5.000 12/01/2028 5,063
- --------------------------------------------------------------------------------------------------------------------
460,000 South Fork, PA Municipal Authority
(Conemaugh Valley Memorial Hospital) 5.000 07/01/2028 465,474
- --------------------------------------------------------------------------------------------------------------------
5,000 South Fork, PA Municipal Authority
(Conemaugh Valley Memorial Hospital) 5.375 07/01/2022 5,085
- --------------------------------------------------------------------------------------------------------------------
305,000 South Fork, PA Municipal Authority (Good Samaritan
Medical Center of Johnstown) 5.250 07/01/2026 306,870
- --------------------------------------------------------------------------------------------------------------------
25,000 South Fork, PA Municipal Authority (Good Samaritan
Medical Center of Johnstown) 5.375 07/01/2016 25,278
- --------------------------------------------------------------------------------------------------------------------
5,000 South Park, PA School District 5.000 05/15/2016 5,032
- --------------------------------------------------------------------------------------------------------------------
100,000 Susquehanna, PA Area Regional Airport Authority 5.000 01/01/2028 98,877
- --------------------------------------------------------------------------------------------------------------------
140,000 Susquehanna, PA Area Regional Airport Authority 5.375 01/01/2018 137,715
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Susquehanna, PA Area Regional Airport Authority
(Aero Harrisburg) 5.500 01/01/2024 910,910
- --------------------------------------------------------------------------------------------------------------------
15,000 Union County, PA Hospital Authority
(United Methodist Continuing Care Services) 6.250 04/01/2012 15,005
- --------------------------------------------------------------------------------------------------------------------
880,000 Washington County, PA Authority
(Capital Projects & Equipment Program) 6.150 12/01/2029 881,487
- --------------------------------------------------------------------------------------------------------------------
35,000 Washington County, PA Hospital Authority
(Washington Hospital) 5.125 07/01/2028 35,531
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Washington County, PA Redevel. Authority (Victory Centre) 5 5.450 07/01/2035 7,306,240
34 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 750,000 Washington, PA Township Municipal Authority 5.875% 12/15/2023 $ 754,358
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Washington, PA Township Municipal Authority 6.000 12/15/2033 2,541,250
- --------------------------------------------------------------------------------------------------------------------
1,085,000 Westmoreland County, PA IDA
(Redstone Retirement Community) 5.875 01/01/2032 1,040,613
- --------------------------------------------------------------------------------------------------------------------
35,000 Westmoreland County, PA Redevel. Authority
(Harmon House) 5.400 06/20/2028 35,649
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Wilkes-Barre, PA Finance Authority (Wilkes University) 5 5.000 03/01/2027 4,905,150
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Wilkes-Barre, PA Finance Authority (Wilkes University) 5 5.000 03/01/2037 4,663,000
- --------------------------------------------------------------------------------------------------------------------
10,000 York County, PA Hospital Authority (York Hospital) 5.500 07/01/2008 10,025
- --------------------------------------------------------------------------------------------------------------------
10,000 York County, PA IDA (PSEG Power) 5.500 09/01/2020 9,891
- --------------------------------------------------------------------------------------------------------------------
15,000 York, PA Hsg. Corp. Mtg., Series A 6.875 11/01/2009 15,031
--------------
1,115,635,859
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--28.9%
45,000 Guam GO 5.375 11/15/2013 45,028
- --------------------------------------------------------------------------------------------------------------------
1,400,000 Guam GO 5.400 11/15/2018 1,400,210
- --------------------------------------------------------------------------------------------------------------------
505,000 Guam GO, Series A 5.250 11/15/2037 475,654
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Guam Government Waterworks Authority
and Wastewater System 5 5.875 07/01/2035 1,986,400
- --------------------------------------------------------------------------------------------------------------------
500,000 Guam Government Waterworks Authority
and Wastewater System 6.000 07/01/2025 511,520
- --------------------------------------------------------------------------------------------------------------------
700,000 Guam Hsg. Corp. (Single Family Mtg.) 5.750 09/01/2031 747,187
- --------------------------------------------------------------------------------------------------------------------
150,000 Guam Power Authority, Series A 5.250 10/01/2013 150,065
- --------------------------------------------------------------------------------------------------------------------
710,000 Guam Power Authority, Series A 5.250 10/01/2023 710,227
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Guam Tobacco Settlement Economic Devel. &
Commerce Authority (TASC) 5.250 06/01/2032 4,935,350
- --------------------------------------------------------------------------------------------------------------------
500,000 Guam Tobacco Settlement Economic Devel. &
Commerce Authority (TASC) 5.625 06/01/2047 489,110
- --------------------------------------------------------------------------------------------------------------------
38,902,000 Guam Tobacco Settlement Economic Devel. &
Commerce Authority (TASC) 7.250 8 06/01/2057 1,167,060
- --------------------------------------------------------------------------------------------------------------------
600,000 Northern Mariana Islands Commonwealth, Series A 6.750 10/01/2033 634,986
- --------------------------------------------------------------------------------------------------------------------
2,725,000 Northern Mariana Islands Ports Authority, Series A 5 5.500 03/15/2031 2,507,763
- --------------------------------------------------------------------------------------------------------------------
1,955,000 Northern Mariana Islands Ports Authority, Series A 6.250 03/15/2028 1,773,400
- --------------------------------------------------------------------------------------------------------------------
1,350,000 Northern Mariana Islands Ports Authority, Series A 6.600 03/15/2028 1,559,399
- --------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 50,073
- --------------------------------------------------------------------------------------------------------------------
29,130,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 28,304,165
- --------------------------------------------------------------------------------------------------------------------
88,830,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 87,840,434
- --------------------------------------------------------------------------------------------------------------------
68,400,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 67,822,704
- --------------------------------------------------------------------------------------------------------------------
457,500,000 Puerto Rico Children's Trust Fund (TASC) 6.432 8 05/15/2050 26,457,225
- --------------------------------------------------------------------------------------------------------------------
97,000,000 Puerto Rico Children's Trust Fund (TASC) 7.013 8 05/15/2055 3,397,910
- --------------------------------------------------------------------------------------------------------------------
10,020,000 Puerto Rico Commonwealth GO 5.250 07/01/2030 10,022,906
35 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 5,000 Puerto Rico Electric Power Authority, Series DD 5.000% 07/01/2028 $ 5,135
- --------------------------------------------------------------------------------------------------------------------
9,800,000 Puerto Rico Electric Power Authority, Series UU 1 3.848 2 07/01/2025 7,929,555
- --------------------------------------------------------------------------------------------------------------------
31,890,000 Puerto Rico Electric Power Authority, Series UU 1 3.868 2 07/01/2031 25,803,418
- --------------------------------------------------------------------------------------------------------------------
885,000 Puerto Rico HFC, Series B 5.300 12/01/2028 895,841
- --------------------------------------------------------------------------------------------------------------------
25,000 Puerto Rico Highway & Transportation Authority, Series A 5.000 07/01/2038 24,370
- --------------------------------------------------------------------------------------------------------------------
445,000 Puerto Rico Highway & Transportation Authority, Series AA 5.000 07/01/2035 443,336
- --------------------------------------------------------------------------------------------------------------------
325,000 Puerto Rico Highway & Transportation Authority, Series H 5.000 07/01/2028 325,520
- --------------------------------------------------------------------------------------------------------------------
700,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2037 682,598
- --------------------------------------------------------------------------------------------------------------------
2,105,000 Puerto Rico IMEPCF (American Airlines) 5 6.450 12/01/2025 2,028,231
- --------------------------------------------------------------------------------------------------------------------
650,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.000 03/01/2036 586,196
- --------------------------------------------------------------------------------------------------------------------
235,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 237,068
- --------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 485,910
- --------------------------------------------------------------------------------------------------------------------
2,750,000 Puerto Rico Municipal Finance Agency, Series A 5.250 08/01/2025 2,772,880
- --------------------------------------------------------------------------------------------------------------------
25,305,000 Puerto Rico Port Authority (American Airlines), Series A 5 6.250 06/01/2026 23,151,798
- --------------------------------------------------------------------------------------------------------------------
1,170,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 1,088,615
- --------------------------------------------------------------------------------------------------------------------
95,000 Puerto Rico Port Authority, Series D 7.000 07/01/2014 95,522
- --------------------------------------------------------------------------------------------------------------------
9,540,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 9,493,159
- --------------------------------------------------------------------------------------------------------------------
1,015,000 Puerto Rico Public Buildings Authority, Series D 5 5.250 07/01/2036 1,003,865
- --------------------------------------------------------------------------------------------------------------------
15,000,000 Puerto Rico Sales Tax Financing Corp., Series A 1 4.221 2 08/01/2057 12,651,300
- --------------------------------------------------------------------------------------------------------------------
125,000 University of Puerto Rico 5.400 06/01/2009 125,303
- --------------------------------------------------------------------------------------------------------------------
1,075,000 University of Puerto Rico, Series Q 5.000 06/01/2030 1,059,982
- --------------------------------------------------------------------------------------------------------------------
6,645,000 V.I. Government Refinery Facilities (Hovensa Coker) 5 6.500 07/01/2021 6,946,351
- --------------------------------------------------------------------------------------------------------------------
12,980,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2024 13,229,605
- --------------------------------------------------------------------------------------------------------------------
25,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2031 24,455
- --------------------------------------------------------------------------------------------------------------------
4,000,000 V.I. Public Finance Authority (Hovensa Coker) 5 6.500 07/01/2021 4,181,400
- --------------------------------------------------------------------------------------------------------------------
8,500,000 V.I. Public Finance Authority (Hovensa Refinery) 5,7 4.700 07/01/2022 7,641,415
- --------------------------------------------------------------------------------------------------------------------
5,000,000 V.I. Public Finance Authority (Hovensa Refinery) 5 6.125 07/01/2022 5,092,600
- --------------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority (Hovensa) 5.875 07/01/2022 1,026,240
- --------------------------------------------------------------------------------------------------------------------
17,450,000 V.I. Tobacco Settlement Financing Corp. 6.250 8 05/15/2035 2,817,477
- --------------------------------------------------------------------------------------------------------------------
2,195,000 V.I. Tobacco Settlement Financing Corp. 6.500 8 05/15/2035 347,008
- --------------------------------------------------------------------------------------------------------------------
4,150,000 V.I. Tobacco Settlement Financing Corp. 6.875 8 05/15/2035 609,386
- --------------------------------------------------------------------------------------------------------------------
7,000,000 V.I. Tobacco Settlement Financing Corp. 7.625 8 05/15/2035 894,110
- --------------------------------------------------------------------------------------------------------------------
40,000 V.I. Tobacco Settlement Financing Corp. (TASC) 5.000 05/15/2021 38,368
- --------------------------------------------------------------------------------------------------------------------
2,235,000 V.I. Tobacco Settlement Financing Corp. (TASC) 5 5.000 05/15/2031 2,030,989
--------------
378,757,782
- --------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,518,424,638)--114.2% 1,494,393,641
- --------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(14.2) (185,584,265)
--------------
NET ASSETS--100.0% $1,308,809,376
==============
36 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
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. Issue is in default. See Note 1 of accompanying Notes.
4. Non-income producing security.
5. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
6. Illiquid security. The aggregate value of illiquid securities as of January
31, 2008 was $3,495, which represents less than 0.005% of the Fund's net assets.
See Note 5 of accompanying Notes.
7. When-issued security or delayed delivery to be delivered and settled after
January 31, 2008. See Note 1 of accompanying Notes.
8. Zero coupon bond reflects effective yield on the date of purchase.
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACTS Adult Communities Total Services
ARC Assoc. of Retarded Citizens
AUS Allegheny United Hospital
BSVHS Baptist/St. Vincent's Health System
CCMC Crozer-Chester Medical Center
CKHS Crozer-Keystone Health System
COP Certificates of Participation
CPAP Crime Prevention Assoc. of Philadelphia
DCMH Delaware County Memorial Hospital
DOCNHS Daughters of Charity National Health Systems
DPH Divine Providence Hospital
EDFA Economic Devel. Finance Authority
GIH Germantown Interfaith Housing
GO General Obligation
GPA General Purpose Authority
H&EFA Health and Educational Facilities Authority
H&HEFA Hospitals and Higher Education Facilities Authority
HDA Hospital Devel. Authority
HEBA Higher Education Building Authority
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 Residential Resources
RRDC Residential Resources Devel. Corp.
RRSW Residential Resources Southwest
SRHS Sharon Regional Health System
SRPS Sharon Regional Physicians Services
TASC Tobacco Settlement Asset-Backed Bonds
UPMC University of Pittsburgh Medical Center
V.I. United States Virgin Islands
WH Williamsport Hospital
WMHS Western Maryland Health Systems
WVHCS Wyoming Valley Health Care System
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2008
- ---------------------------------------------------------------------------------------------------------
ASSETS
- ---------------------------------------------------------------------------------------------------------
Investments, at value (cost $1,518,424,638)--see accompanying statement of investments $ 1,494,393,641
- ---------------------------------------------------------------------------------------------------------
Cash 577,808
- ---------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 94,854,463
Interest 15,703,562
Shares of beneficial interest sold 6,377,280
Other 48,575
----------------
Total assets 1,611,955,329
- ---------------------------------------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 202,255,000
Payable on borrowings (See Note 6) 50,600,000
Investments purchased (including $46,037,715 purchased on a when-issued
or delayed delivery basis) 46,178,921
Shares of beneficial interest redeemed 2,196,344
Dividends 1,287,996
Interest expense on borrowings 287,059
Distribution and service plan fees 169,138
Trustees' compensation 118,950
Transfer and shareholder servicing agent fees 44,608
Other 7,937
----------------
Total liabilities 303,145,953
- ---------------------------------------------------------------------------------------------------------
NET ASSETS $ 1,308,809,376
================
- ---------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ---------------------------------------------------------------------------------------------------------
Paid-in capital $ 1,331,862,495
- ---------------------------------------------------------------------------------------------------------
Accumulated net investment income 1,499,415
- ---------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (521,537)
- ---------------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (24,030,997)
----------------
NET ASSETS $ 1,308,809,376
================
38 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
- --------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$847,015,180 and 69,624,556 shares of beneficial interest outstanding) $ 12.17
Maximum offering price per share (net asset value plus sales charge of
4.75% of offering price) $ 12.78
- --------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $150,309,347
and 12,360,134 shares of beneficial interest outstanding) $ 12.16
- --------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $311,484,849
and 25,641,556 shares of beneficial interest outstanding) $ 12.15
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2008
- ---------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ---------------------------------------------------------------------------------------------------------
Interest $ 43,438,612
- ---------------------------------------------------------------------------------------------------------
Other income 656
----------------
Total investment income 43,439,268
- ---------------------------------------------------------------------------------------------------------
EXPENSES
- ---------------------------------------------------------------------------------------------------------
Management fees 3,051,914
- ---------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 637,746
Class B 734,317
Class C 1,437,631
- ---------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 167,232
Class B 55,264
Class C 82,899
- ---------------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 7,775
Class B 1,673
Class C 4,411
- ---------------------------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued (See Note 1) 4,932,619
- ---------------------------------------------------------------------------------------------------------
Interest expense on borrowings 814,616
- ---------------------------------------------------------------------------------------------------------
Custodian fees and expenses 33,860
- ---------------------------------------------------------------------------------------------------------
Trustees' compensation 14,838
- ---------------------------------------------------------------------------------------------------------
Other 127,755
----------------
Total expenses 12,104,550
Less reduction to custodian expenses (11,469)
----------------
Net expenses 12,093,081
- ---------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 31,346,187
- ---------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ---------------------------------------------------------------------------------------------------------
Net realized gain on investments 736,591
- ---------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation on investments (66,977,779)
- ---------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (34,895,001)
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
40 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2008 JULY 31,
(UNAUDITED) 2007
- --------------------------------------------------------------------------------------------------------------------
OPERATIONS
- --------------------------------------------------------------------------------------------------------------------
Net investment income $ 31,346,187 $ 52,118,309
- --------------------------------------------------------------------------------------------------------------------
Net realized gain 736,591 2,508,336
- --------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) (66,977,779) (7,691,060)
-----------------------------------
Net increase (decrease) in net assets resulting from operations (34,895,001) 46,935,585
- --------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- --------------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (20,703,897) (33,867,019)
Class B (3,264,641) (7,292,389)
Class C (6,433,211) (10,350,372)
-----------------------------------
(30,401,749) (51,509,780)
- --------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 20,898,235 271,053,312
Class B (21,019,713) (17,991,036)
Class C 4,022,363 104,040,881
-----------------------------------
3,900,885 357,103,157
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS
- --------------------------------------------------------------------------------------------------------------------
Total increase (decrease) (61,395,865) 352,528,962
- --------------------------------------------------------------------------------------------------------------------
Beginning of period 1,370,205,241 1,017,676,279
-----------------------------------
End of period (including accumulated net investment income of
$1,499,415 and $554,977, respectively) $ 1,308,809,376 $ 1,370,205,241
===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
STATEMENT OF CASH FLOWS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2008
- ---------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- ---------------------------------------------------------------------------------------------------------
Net decrease in net assets from operations $ (34,895,001)
- ---------------------------------------------------------------------------------------------------------
Adjustments to reconcile net decrease in net assets from operations
to net cash provided by operating activities:
Purchase of investment securities (386,962,485)
Proceeds from disposition of investment securities 514,112,757
Short-term investment securities, net (3,852,850)
Premium amortization 1,617,639
Discount accretion (1,400,550)
Net realized gain on investments (736,591)
Net change in unrealized depreciation on investments 66,977,779
Increase in interest receivable (115,496)
Increase in receivable for securities sold (75,422,704)
Increase in other assets (9,498)
Increase in payable for securities purchased 26,149,526
Increase in payable for accrued expenses 129,605
----------------
Net cash provided by operating activities 105,592,131
- ---------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ---------------------------------------------------------------------------------------------------------
Proceeds from bank borrowings 348,500,000
Payments on bank borrowings (353,700,000)
Payments from short-term floating rate notes issued (74,230,000)
Proceeds from shares sold 194,904,825
Payment on shares redeemed (210,621,888)
Cash distributions paid (10,260,579)
----------------
Net cash used in financing activities (105,407,642)
- ---------------------------------------------------------------------------------------------------------
Net increase in cash 184,489
- ---------------------------------------------------------------------------------------------------------
Cash, beginning balance 393,319
----------------
Cash, ending balance $ 577,808
================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $19,825,816.
Cash paid for interest on bank borrowings--$598,436.
Cash paid for interest on short-term floating rate notes issued--$4,932,619.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS A (UNAUDITED) 2007 2006 2005 2004 2003
- ----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.77 $ 12.75 $ 12.85 $ 11.76 $ 11.48 $ 11.57
- ----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .31 1 .59 1 .62 1 .67 1 .73 .75
Net realized and unrealized gain
(loss) (.61) .02 (.10) 1.10 .25 (.11)
-----------------------------------------------------------------------------------
Total from investment operations (.30) .61 .52 1.77 .98 .64
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.30) (.59) (.62) (.68) (.70) (.73)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.17 $ 12.77 $ 12.75 $ 12.85 $ 11.76 $ 11.48
===================================================================================
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (2.37)% 4.81% 4.21% 15.43% 8.53% 5.36%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in
thousands) $ 847,015 $ 868,070 $ 600,716 $ 384,863 $ 229,450 $ 184,638
- ----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 858,444 $ 747,558 $ 484,153 $ 295,002 $ 211,061 $ 172,228
- ----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.92% 4.57% 4.88% 5.35% 6.01% 6.11%
Expenses excluding interest and
fees on short-term floating rate
notes issued 0.79% 0.74% 0.82% 0.81% 0.86% 0.86%
Interest and fees on short-term
floating rate notes issued 4 0.73% 0.61% 0.59% 0.40% 0.26% 0.28%
-----------------------------------------------------------------------------------
Total expenses 1.52% 5 1.35% 5 1.41% 1.21% 5 1.12% 5,6 1.14% 5
- ----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 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 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.
43 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS B (UNAUDITED) 2007 2006 2005 2004 2003
- ----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.76 $ 12.75 $ 12.85 $ 11.76 $ 11.48 $ 11.57
- ----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .26 1 .49 1 .53 1 .57 1 .63 .65
Net realized and unrealized gain
(loss) (.61) .01 (.10) 1.11 .25 (.11)
-----------------------------------------------------------------------------------
Total from investment operations (.35) .50 .43 1.68 .88 .54
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment
income (.25) (.49) (.53) (.59) (.60) (.63)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.16 $ 12.76 $ 12.75 $ 12.85 $ 11.76 $ 11.48
===================================================================================
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (2.76)% 3.93% 3.41% 14.56% 7.71% 4.56%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in thousands) $ 150,309 $ 179,266 $ 196,704 $ 189,643 $ 157,338 $ 146,369
- ----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 161,865 $ 193,167 $ 193,225 $ 173,663 $ 156,689 $ 127,280
- ----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.15% 3.81% 4.14% 4.62% 5.26% 5.34%
Expenses excluding interest and
fees on short-term floating rate
notes issued 1.57% 1.52% 1.59% 1.59% 1.62% 1.63%
Interest and fees on short-term
floating rate notes issued 4 0.73% 0.61% 0.59% 0.40% 0.26% 0.28%
-----------------------------------------------------------------------------------
Total expenses 2.30% 5 2.13% 5 2.18% 1.99% 5 1.88% 5,6 1.91% 5
- ----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 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 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.
44 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS C (UNAUDITED) 2007 2006 2005 2004 2003
- ----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of
period $ 12.75 $ 12.73 $ 12.83 $ 11.75 $ 11.47 $ 11.56
- ----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .26 1 .49 1 .52 1 .57 1 .63 .65
Net realized and unrealized gain
(loss) (.61) .02 (.09) 1.10 .25 (.11)
-----------------------------------------------------------------------------------
Total from investment operations (.35) .51 .43 1.67 .88 .54
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment
income (.25) (.49) (.53) (.59) (.60) (.63)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.15 $ 12.75 $ 12.73 $ 12.83 $ 11.75 $ 11.47
===================================================================================
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (2.75)% 4.02% 3.41% 14.48% 7.71% 4.57%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 311,485 $ 322,869 $ 220,256 $ 133,569 $ 76,489 $ 69,916
- ----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 317,021 $ 274,274 $ 174,354 $ 96,508 $ 74,956 $ 60,202
- ----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.16% 3.80% 4.10% 4.56% 5.25% 5.34%
Expenses excluding interest and
fees on short-term floating rate
notes issued 1.55% 1.50% 1.58% 1.59% 1.63% 1.63%
Interest and fees on short-term
floating rate notes issued 4 0.73% 0.61% 0.59% 0.40% 0.26% 0.28%
-----------------------------------------------------------------------------------
Total expenses 2.28% 5 2.11% 5 2.17% 1.99% 5 1.89% 5,6 1.91% 5
- ----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 29% 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 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.
45 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Pennsylvania Municipal Fund (the "Fund") is a separate series of
Oppenheimer Multi-State Municipal Trust, a non-diversified, open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Fund's investment objective is to seek as high a level of current
interest income exempt from federal and Pennsylvania personal income taxes as is
available from municipal securities, consistent with preservation of capital.
The Fund's investment adviser is OppenheimerFunds, Inc. (the "Manager").
The Fund offers Class A, Class B and Class C shares. Class A shares are
sold at their offering price, which is normally net asset value plus a front-end
sales charge. Class B and Class C shares are sold without a front-end sales
charge but may be subject to a contingent deferred sales charge ("CDSC"). All
classes of shares have identical rights and voting privileges with respect to
the Fund in general and exclusive voting rights on matters that affect that
class alone. Earnings, net assets and net asset value per share may differ due
to each class having its own expenses, such as transfer and shareholder
servicing agent fees and shareholder communications, directly attributable to
that class. Class A, B and C have separate distribution and/or service plans.
Class B shares will automatically convert to Class A shares 72 months after the
date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for trading. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities traded on a registered U.S.
securities exchange are valued based on the last sale price of the security
traded on that exchange prior to the time when the Fund's assets are valued.
Securities whose principal exchange is NASDAQ(R) are valued based on the closing
price reported by NASDAQ prior to the time when the Fund's assets are valued. In
the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the closing "bid" and "asked"
prices, and if not, at the closing bid price. Securities traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, as identified by the portfolio pricing service,
prior to the time when the Fund's assets are valued. In the absence of a sale,
the security is valued at the official closing price on the principal exchange.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of sixty days and all mortgage-backed securities, collateralized
mortgage obligations and other asset-backed securities will be valued at the
mean between the "bid" and "asked" prices. Securities for which market
quotations are not readily available are valued at their fair value. Securities
whose values have been materially affected by what the Manager identifies as a
significant event occurring before the Fund's assets are valued but after the
close of their respective exchanges will be fair valued. Fair value is
determined in good faith using consistently applied procedures under the
supervision of the Board of
46 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
Trustees. Shares of a registered investment company that are not traded on an
exchange are valued at the acquired investment company's net asset value per
share. "Money market-type" debt instruments with remaining maturities of sixty
days or less are valued at cost adjusted by the amortization of discount or
premium to maturity (amortized cost), which approximates market value.
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase
securities on a "when-issued" basis, and may purchase or sell securities on a
"delayed delivery" basis. "When-issued" or "delayed delivery" refers to
securities whose terms and indenture are available and for which a market
exists, but which are not available for immediate delivery. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis
normally takes place within six months and possibly as long as two years or more
after the trade date. During this period, such securities do not earn interest,
are subject to market fluctuation and may increase or decrease in value prior to
their delivery. The purchase of securities on a when-issued basis may increase
the volatility of the Fund's net asset value to the extent the Fund executes
such transactions while remaining substantially fully invested. When the Fund
engages in when-issued or delayed delivery transactions, it relies on the buyer
or seller, as the case may be, to complete the transaction. Their failure to do
so may cause the Fund to lose the opportunity to obtain or dispose of the
security at a price and yield it considers advantageous. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase.
As of January 31, 2008, the Fund had purchased securities issued on a
when-issued or delayed delivery basis and sold securities issued on a delayed
delivery basis:
WHEN-ISSUED OR DELAYED
DELIVERY BASIS TRANSACTIONS
-------------------------------------------------------
Purchased securities $46,037,715
- --------------------------------------------------------------------------------
INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate
securities that pay interest at a rate that varies inversely with short-term
interest rates. Certain of these securities may be leveraged, whereby the
interest rate varies inversely at a multiple of the change in short-term rates.
As interest rates rise, inverse floaters produce less current income. The price
of such securities is more volatile than comparable fixed rate securities. The
Fund may invest up to 20% of its total assets (which includes the effects of
leverage) in inverse floaters. Inverse floaters, including the effects of
leverage, amount to $186,163,242 as of January 31, 2008, which represents 11.55%
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
47 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
floating rate securities grant the Fund the right to require that the Trust
issuing the inverse floating rate security compel a tender of the short-term
floating rate notes to facilitate the Fund's repurchase of the underlying
municipal bond. Following such a request, the Fund pays the sponsor the
principal amount due to the holders of the short-term floating rate notes issued
by the Trust and exchanges the inverse floating rate security for the underlying
municipal bond. These transactions are considered secured borrowings for
financial reporting purposes. As a result of such accounting treatments, the
Fund includes the municipal bond position on its Statement of Investments (but
does not separately include the inverse floating rate securities received). The
Fund also includes the value of the municipal bond and a payable amount equal to
the short-term floating rate notes issued by the Trust on its Statement of
Assets and Liabilities. The interest rates on these short-term floating rate
notes reset periodically, usually weekly. The holders of these short-term
floating rate notes have the option to tender their investment, to the sponsor
or the Trust's liquidity provider, for redemption at par at each reset date.
Income from the municipal bond position and the interest expense on the payable
for the short-term floating rate notes issued by the Trust are recorded on the
Fund's Statement of Operations. At January 31, 2008, municipal bond holdings
with a value of $242,771,780 shown on the Fund's Statement of Investments are
held by such Trusts and serve as collateral for the $202,255,000 in short-term
floating rate notes issued and outstanding at that date.
At January 31, 2008, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- -------------------------------------------------------------------------------------------------------------------
$ 1,160,000 Allegheny County, PA GO RITES 10.340% 11/1/26 $ 518,984
2,000,000 Bucks County, PA IDA RITES 12.032 9/1/32 2,207,520
Delaware County, PA IDA (Aqua Pennsylvania)
2,250,000 RITES 10.609 11/1/38 2,179,485
Delaware County, PA IDA (Aqua Pennsylvania)
2,250,000 RITES 10.609 11/1/38 2,179,485
Delaware County, PA IDA (Aqua Pennsylvania)
2,750,000 RITES 10.609 11/1/37 2,665,025
3,160,000 Luzerne County, PA IDA ROLs 4.504 9/1/34 3,278,942
5,000,000 PA EDFA (Reliant Energy) RITES 3 9.865 12/1/36 5,228,300
PA Geisinger Authority Health System
5,655,000 (Penn State Geisinger Health System Foundation) 8.126 5/1/37 1,646,227
2,000,000 PA HFA (Single Family Mtg.) RITES 11.900 4/1/21 2,129,160
2,850,000 PA HFA (Single Family Mtg.) RITES 12.689 10/1/22 3,046,992
2,500,000 PA HFA (Single Family Mtg.) RITES 11.407 10/1/22 2,645,150
2,500,000 PA HFA (Single Family Mtg.) RITES 11.207 10/1/20 2,689,100
2,500,000 PA HFA (Single Family Mtg.) ROLs 13.800 10/1/33 2,612,600
3,960,000 PA HFA (Single Family Mtg.) ROLs 13.590 10/1/37 4,007,916
6,425,000 PA St. Mary Hospital Authority RITES 6.730 11/15/34 1,048,046
2,500,000 Philadelphia, PA Airport ROLs 12.670 6/15/32 2,492,900
48 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
PRINCIPAL COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- -------------------------------------------------------------------------------------------------------------------
Philadelphia, PA Authority for Industrial
$ 2,000,000 Devel. Airport RITES 8.585% 7/1/22 $ 2,270,560
2,250,000 Philadelphia, PA Redevel. Authority ROLs 2.429 4/15/28 2,306,115
4,170,000 Puerto Rico Electric Power Authority ROLs 3 16.340 7/1/31 (3,787,027)
1,500,000 Puerto Rico Sales Tax Financing Corp. ROLs 3 23.020 8/1/57 (848,700)
------------
$40,516,780
============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 37 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond.
3. Security is subject to a shortfall and forbearance agreement.
The Fund enters into shortfall and forbearance agreements with the sponsors of
certain inverse floaters held by the Fund. These agreements commit the Fund to
reimburse the sponsor of the inverse floater, in certain circumstances, for the
amount of the difference between the liquidation value of the underlying
security (which is the basis of the inverse floater) and the principal amount
due to the holders of the short-term floating rate notes issued by the Trust in
conjunction with the inverse floating rate security. Under the standard terms of
an inverse floating rate security, absent such a shortfall and forbearance
agreement, the Fund would not be required to make such a reimbursement. The
Manager monitors the Fund's potential exposure with respect to these agreements
on a daily basis and intends to take action to terminate the Fund's investment
in such inverse floating rate securities, if it deems it appropriate to do so.
As of January 31, 2008, in addition to the exposure detailed in the preceding
table, the Fund's maximum exposure under such agreements is estimated at
approximately $56,020,000.
- --------------------------------------------------------------------------------
CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which
may be subject to a greater degree of credit risk. Credit risk relates to the
ability of the issuer to meet interest or principal payments or both as they
become due. The Fund may acquire securities in default, and is not obligated to
dispose of securities whose issuers subsequently default. As of January 31,
2008, securities with an aggregate market value of $967,395, representing 0.07%
of the Fund's net assets, were in default.
- --------------------------------------------------------------------------------
CONCENTRATION RISK. There are certain risks arising from geographic
concentration in any state. Certain economic, regulatory or political
developments occurring in the state may impair the ability of certain issuers of
municipal securities to pay principal and interest on their obligations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
49 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders. Therefore, no federal income or excise tax provision is
required. The Fund files income tax returns in U.S. federal and applicable state
jurisdictions. The statute of limitations on the Fund's tax return filings
generally remain open for the three preceding fiscal reporting period ends.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
As of January 31, 2008, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $459,140 expiring by 2016.
This estimated capital loss carryforward represents carryforward as of the end
of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital losses
or gains realized in the first six months of the current fiscal year. During the
six months ended January 31, 2008, it is estimated that the Fund will utilize
$736,591 of capital loss carryforward to offset realized capital gains. 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.
As of July 31, 2007, the Fund had available for federal income tax purposes
unused capital loss carryforward as follows:
EXPIRING
-------------------------
2013 $1,195,731
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the six months ended January 31, 2008, the
Fund's projected benefit obligations, payments to retired trustees and
accumulated liability were as follows:
Projected Benefit Obligations Increased $ 574
Payments Made to Retired Trustees 9,374
Accumulated Liability as of January 31, 2008 74,279
50 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
The Board of Trustees has adopted a compensation deferral plan for independent
trustees that enables trustees to elect to defer receipt of all or a portion of
the annual compensation they are entitled to receive from the Fund. For purposes
of determining the amount owed to the Trustee under the plan, deferred amounts
are treated as though equal dollar amounts had been invested in shares of the
Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases
shares of the funds selected for deferral by the Trustee in amounts equal to his
or her deemed investment, resulting in a Fund asset equal to the deferred
compensation liability. Such assets are included as a component of "Other"
within the asset section of the Statement of Assets and Liabilities. Deferral of
trustees' fees under the plan will not affect the net assets of the Fund, and
will not materially affect the Fund's assets, liabilities or net investment
income per share. Amounts will be deferred until distributed in accordance to
the compensation deferral plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations and
may differ from U.S. generally accepted accounting principles, are recorded on
the ex-dividend date. Income distributions, if any, are declared daily and paid
monthly. Capital gain distributions, if any, are declared and paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Interest income is recognized on an accrual basis. Discount
and premium, which are included in interest income on the Statement of
Operations, are amortized or accreted daily.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian 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.
51 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
OTHER. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
SIX MONTHS ENDED JANUARY 31, 2008 YEAR ENDED JULY 31, 2007
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------
CLASS A
Sold 11,422,393 $ 141,696,305 26,767,748 $ 347,366,936
Dividends and/or
distributions reinvested 1,110,458 13,737,730 1,660,583 21,530,452
Redeemed (10,903,262) (134,535,800) (7,548,479) (97,844,076)
----------------------------------------------------------------
Net increase 1,629,589 $ 20,898,235 20,879,852 $ 271,053,312
================================================================
- --------------------------------------------------------------------------------------------------
CLASS B
Sold 463,269 $ 5,729,903 1,561,002 $ 20,251,373
Dividends and/or
distributions reinvested 158,331 1,958,022 323,730 4,196,999
Redeemed (2,308,074) (28,707,638) (3,270,428) (42,439,408)
----------------------------------------------------------------
Net decrease (1,686,474) $ (21,019,713) (1,385,696) $ (17,991,036)
================================================================
- --------------------------------------------------------------------------------------------------
CLASS C
Sold 3,814,729 $ 47,148,414 10,021,100 $ 129,802,452
Dividends and/or
distributions reinvested 334,312 4,130,064 511,972 6,629,081
Redeemed (3,833,493) (47,256,115) (2,504,155) (32,390,652)
----------------------------------------------------------------
Net increase 315,548 $ 4,022,363 8,028,917 $ 104,040,881
================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended January 31, 2008, were as
follows:
PURCHASES SALES
--------------------------------------------------------------
Investment securities $ 386,962,485 $ 514,112,757
52 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Under the investment advisory agreement, the Fund pays the
Manager a management fee based on the daily net assets of the Fund at an annual
rate as shown in the following table:
FEE SCHEDULE
---------------------------------
Up to $200 million 0.60%
Next $100 million 0.55
Next $200 million 0.50
Next $250 million 0.45
Next $250 million 0.40
Over $1 billion 0.35
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services ("OFS"), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund. The
Fund pays OFS a per account fee. For the six months ended January 31, 2008, the
Fund paid $309,803 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 (the
"Plan") for Class A shares under Rule 12b-1 of the Investment Company Act of
1940. Under the Plan, the Fund reimburses the Distributor for a portion of its
costs incurred for services provided to accounts that hold Class A shares.
Reimbursement is made periodically at an annual rate of up to 0.15% of the
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 service and
maintenance of accounts of their customers that hold Class A shares. Any
unreimbursed expenses the Distributor incurs with respect to Class A shares in
any fiscal year cannot be recovered in subsequent periods. Fees incurred by the
Fund under the Plan are detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans (the "Plans") for Class B and Class C
shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the
Distributor for its services in connection with the distribution of those shares
and servicing accounts. Under the Plans, the Fund pays the Distributor an annual
asset-based sales charge of 0.75% on Class B and Class C shares. The Distributor
also receives a service fee of 0.15% per year under each plan. If either the
Class B or Class C plan is terminated by the Fund or by the shareholders of a
class, the Board of Trustees and its independent trustees must determine whether
the Distributor shall be entitled to payment from the Fund of all or a portion
of the service fee and/or asset-based sales charge in respect to shares sold
prior to the effective date of such termination. The Distributor's aggregate
uncompensated expenses under the Plans
53 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
at December 31, 2007 for Class B and Class C shares were $4,231,048 and
$3,962,133, 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
SIX MONTHS ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
January 31, 2008 $ 259,429 $ 83,241 $ 151,697 $ 44,815
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. This undertaking may be amended or
withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of January 31, 2008, investments in securities included issues that are
illiquid. Investments may be illiquid because they do not have an active trading
market, making it difficult to value them or dispose of them promptly at an
acceptable price. The Fund will not invest more than 15% of its net assets
(determined at the time of purchase and reviewed periodically) in illiquid
securities. Securities that are illiquid are marked with an applicable footnote
on the Statement of Investments.
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to one third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings to purchase portfolio securities, to meet redemption
obligations or for temporary and emergency purposes. The purchase of securities
with borrowed funds creates leverage in the Fund. The use of leverage will
subject the Fund to greater costs than funds that do not borrow for leverage,
and may also make the Fund's share price more sensitive to interest changes. The
interest on borrowed money is an expense that might reduce the Fund's yield.
Expenses incurred by the Fund with respect to interest on borrowings and
commitment fees are disclosed separately or as other expenses on the Statement
of Operations.
54 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
The Fund entered into a Revolving Credit and Security Agreement (the
"Agreement") with a conduit lender and a bank which enables it to participate
with certain other Oppenheimer funds in a committed, secured borrowing facility
that permits borrowings of up to $1,250,000,000, collectively. To secure the
loan, the Fund pledges investment securities in accordance with the terms of the
Agreement. Interest is charged to the Fund, based on its borrowings, at current
commercial paper issuance rates (4.6038% as of January 31, 2008). The Fund pays
additional fees annually to its lender on its outstanding borrowings to manage
and administer the facility and is allocated its pro-rata share of an annual
commitment fee on the amount of the unused portion of total facility size. The
Fund has the right to prepay such loans and terminate its participation in the
conduit loan facility at any time upon prior notice.
As of January 31, 2008, the Fund had borrowings outstanding at an interest rate
of 4.6038%. Details of the borrowings for the six months ended January 31, 2008
are listed in the following table.
Average Daily Loan Balance $ 30,849,457
Average Daily Interest Rate 5.2770%
Fees Paid $ 52,044
Interest Paid $ 598,436
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENT
In September 2006, Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE
MEASUREMENTS. This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and expands
disclosures about fair value measurements. SFAS No. 157 applies to fair value
measurements already required or permitted by existing standards. SFAS No. 157
is effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. As of January
31, 2008, the Manager does not believe the adoption of SFAS No. 157 will
materially impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements on changes in net assets for the
period.
55 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information, that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information about the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel who provide such services. The Manager's duties
include providing the Fund with the services of the portfolio managers and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took
56 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
account of the fact that the Manager has had over forty years of experience as
an investment adviser and that its assets under management rank it among the top
mutual fund managers in the United States. The Board evaluated the Manager's
administrative, accounting, legal and compliance services, and information the
Board has received regarding the experience and professional qualifications of
the Manager's personnel and the size and functions of its staff. In its
evaluation of the quality of the portfolio management services provided, the
Board considered the experience of Ronald H. Fielding, Daniel G. Loughran, Scott
S. Cottier, Troy E. Willis, Mark R. DeMitry, and Marcus V. Franz, the portfolio
managers for the Fund, and the Manager's Rochester Municipal Bond investment
team and analysts. The Board members also considered their experiences with the
Manager and its officers and other personnel through their service on the Boards
of the Fund and other funds advised by the Manager. The Board considered
information regarding the quality of services provided by affiliates of the
Manager, which its members have become knowledgeable about in connection with
the renewal of the Fund's service agreements. In light of the foregoing, the
Board concluded that the Fund benefits from the services provided under the
Agreement and from the Manager's experience, reputation, personnel, operations,
and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the investment performance of the Fund and the
Manager at each regular quarterly Board meeting, including comparative
performance information. The Board also reviewed information, prepared by the
Manager and by the independent consultant, comparing the Fund's historical
performance to relevant market indices and to the performance of other retail
front-end load and no-load Pennsylvania municipal debt funds advised by other
investment advisers. The Board noted that the Fund's one-year, three-year,
five-year and ten-year performance were better than its peer group median at the
time of its annual review.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also considered the comparability of the fees charged and the services provided
to the Fund to the fees and services for other clients or accounts advised by
the Manager. The independent consultant provided comparative data in regard to
the fees and expenses of the Fund, other Pennsylvania municipal debt funds and
other funds with comparable asset levels and distribution features. The Board
noted that the Fund's contractual management fees and total expenses are lower
than its peer group median although its actual management fees are higher than
its peer group median.
57 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, the extent to
which those economies of scale benefit the Fund's shareholders and the current
level of Fund assets in relation to the Fund's breakpoint schedule for its
management fees. The Board also noted the Fund's breakpoints, which are intended
to share economies of scale that may exist as the Fund grows with its
shareholders.
BENEFITS TO THE MANAGER. The Board considered information regarding the
Manager's costs in serving as the Fund's investment adviser, including the costs
associated with the personnel and systems necessary to manage the Fund, and
information regarding the Manager's profitability from its relationship with the
Fund. The Board considered that the Manager must be able to pay and retain
experienced professional personnel at competitive rates to provide services to
the Fund and that maintaining the financial viability of the Manager is
important in order for the Manager to continue to provide significant services
to the Fund and its shareholders. In addition to considering the profits
realized by the Manager, the Board considered information regarding the direct
and indirect benefits the Manager receives as a result of its relationship with
the Fund, including compensation paid to the Manager's affiliates for services
provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the Agreement for
another year. In arriving at this decision, the Board did not single out any
factor or factors as being more important than others, but considered all of the
factors together. The Board judged the terms and conditions of the Agreement,
including the management fee, in light of all of the surrounding circumstances.
58 | 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.
59 | OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
---------------------
OPPENHEIMER ROCHESTER
---------------------
NATIONAL
---------------------
MUNICIPALS
---------------------
JANUARY 31, 2008
- --------------------------------------------------------------------------------
Management
Oppenheimer Commentaries
Rochester National and
Municipals Semiannual
Report
- --------------------------------------------------------------------------------
MANAGEMENT COMMENTARIES
An Interview with Your Fund's Managers
Listing of Top Holdings
SEMIANNUAL REPORT [GRAPHIC]
Listing of Investments
Financial Statements
"AFTER 25 YEARS IN THE BUSINESS OF MUNICIPAL FUND MANAGEMENT, I STILL
DON'T PRETEND TO HAVE SEEN IT ALL. BUT, ALLOWING TAX-FREE YIELDS TO
COMPOUND OVER TIME HAS CLEARLY BEEN A WINNING STRATEGY FOR SHAREHOLDERS."
-- RONALD H. FIELDING, Chief Strategist, Senior Vice President
and Senior Portfolio Manager, OPPENHEIMERFUNDS/ROCHESTER
[LOGO] OPPENHEIMERFUNDS(R)
The Right Way to Invest
TOP HOLDINGS AND ALLOCATIONS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOP TEN CATEGORIES
- --------------------------------------------------------------------------------
Tobacco Master Settlement Agreement 25.0%
- --------------------------------------------------------------------------------
Special Assessment 14.6
- --------------------------------------------------------------------------------
Airlines 11.4
- --------------------------------------------------------------------------------
Multifamily Housing 5.9
- --------------------------------------------------------------------------------
Electric Utilities 5.2
- --------------------------------------------------------------------------------
Adult Living Facilities 3.9
- --------------------------------------------------------------------------------
Tax Increment Financing (TIF) 3.4
- --------------------------------------------------------------------------------
Resource Recovery 2.7
- --------------------------------------------------------------------------------
Hospital/Health Care 2.5
- --------------------------------------------------------------------------------
Energy Equipment & Services 2.2
Portfolio holdings are subject to change. Percentages are as of January 31,
2008, and are based on the total market value of investments.
CREDIT ALLOCATION
- --------------------------------------------------------------------------------
AAA 8.2%
- --------------------------------------------------------------------------------
AA 9.3
- --------------------------------------------------------------------------------
A 12.3
- --------------------------------------------------------------------------------
BBB 26.0
- --------------------------------------------------------------------------------
BB or lower 44.2
Allocations are subject to change. Percentages are as of January 31, 2008, 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 45.7% of the Fund's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Market value, the total value of the Fund's securities, does not include cash.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
- --------------------------------------------------------------------------------
15 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES
- --------------------------------------------------------------------------------
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares.
THIS SEMIANNUAL REPORT MUST BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS
OF OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS. BEFORE INVESTING IN ANY OF THE
OPPENHEIMER FUNDS, INVESTORS SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT
OBJECTIVES, RISKS, CHARGES AND EXPENSES. FUND PROSPECTUSES CONTAIN THIS AND
OTHER INFORMATION ABOUT THE FUNDS. FOR MORE INFORMATION, ASK YOUR FINANCIAL
ADVISOR, CALL US AT 1.800.525.7048, OR VISIT OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 10/1/93. The average
annual total returns are shown net of the applicable 4.75% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 10/1/93. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A
shares 72 months after purchase, the 10-year return for Class B uses Class A
performance for the period after conversion. Class B shares are subject to an
annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 8/29/95. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for 1-year period. Class C shares are subject to an annual 0.75%
asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
16 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees (if
applicable); and (2) ongoing costs, including management fees; distribution and
service fees; and other Fund expenses. These examples are intended to help you
understand your ongoing costs (in dollars) of investing in the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended January 31, 2008.
ACTUAL EXPENSES. The first section of the table provides information about
actual account values and actual expenses. You may use the information in this
section for the class of shares you hold, together with the amount you invested,
to estimate the expense that you paid over the period. Simply divide your
account value by $1,000.00 (for example, an $8,600.00 account value divided by
$1,000.00 = 8.60), then multiply the result by the number in the first section
under the heading entitled "Expenses Paid During Period" to estimate the
expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second section of the table
provides information about hypothetical account values and hypothetical expenses
based on the Fund's actual expense ratio for each class of shares, and an
assumed rate of return of 5% per year for each class before expenses, which is
not the actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
17 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FUND EXPENSES Continued
- --------------------------------------------------------------------------------
the Statement of Additional Information). Therefore, the "hypothetical" section
of the table is useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
ACTUAL AUGUST 1, 2007 JANUARY 31, 2008 JANUARY 31, 2008
- --------------------------------------------------------------------------------
Class A $1,000.00 $ 891.70 $10.17
- --------------------------------------------------------------------------------
Class B 1,000.00 888.40 14.06
- --------------------------------------------------------------------------------
Class C 1,000.00 888.00 13.91
HYPOTHETICAL
(5% return before expenses)
- --------------------------------------------------------------------------------
Class A 1,000.00 1,014.52 10.82
- --------------------------------------------------------------------------------
Class B 1,000.00 1,010.44 14.96
- --------------------------------------------------------------------------------
Class C 1,000.00 1,010.59 14.80
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended January 31, 2008 are as follows:
CLASS EXPENSE RATIOS
- ---------------------------------------
Class A 2.12%
- ---------------------------------------
Class B 2.93
- ---------------------------------------
Class C 2.90
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.
- --------------------------------------------------------------------------------
18 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS January 31, 2008 / Unaudited
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--143.4%
- --------------------------------------------------------------------------------------------------------------------
ALABAMA--1.8%
$ 18,965,000 AL HFA (Single Family) 1 5.450% 10/01/2032 $ 19,109,981
- --------------------------------------------------------------------------------------------------------------------
15,000 AL HFA (Single Family) 5.350 10/01/2026 15,114
- --------------------------------------------------------------------------------------------------------------------
2,775,000 AL HFA (Single Family) 2 5.350 10/01/2032 2,806,247
- --------------------------------------------------------------------------------------------------------------------
15,000 AL HFA (South Bay Apartments) 5.950 02/01/2033 15,380
- --------------------------------------------------------------------------------------------------------------------
16,095,000 AL IDA Solid Waste Disposal (Pine City Fiber Company) 6.450 12/01/2023 16,095,805
- --------------------------------------------------------------------------------------------------------------------
7,665,000 AL IDA Solid Waste Disposal (Pine City Fiber Company) 6.450 12/01/2023 7,665,690
- --------------------------------------------------------------------------------------------------------------------
10,140,000 AL Space Science Exhibit Finance Authority 6.000 10/01/2025 9,649,630
- --------------------------------------------------------------------------------------------------------------------
25,000 AL Water Pollution Control Authority 5.500 08/15/2020 25,033
- --------------------------------------------------------------------------------------------------------------------
10,000 Alexander City, AL GO 5.625 05/01/2021 10,299
- --------------------------------------------------------------------------------------------------------------------
1,810,000 Andalusia-Opp, AL Airport Authority 5.000 08/01/2026 1,642,267
- --------------------------------------------------------------------------------------------------------------------
100,000 Bay Minette, AL Industrial Devel. Board (B.F. Goodrich) 6.500 02/15/2009 100,218
- --------------------------------------------------------------------------------------------------------------------
73,980,000 Huntsville, AL Health Care Authority 1 4.303 3 06/01/2032 61,008,347
- --------------------------------------------------------------------------------------------------------------------
20,000 Huntsville, AL Health Care Authority 4.303 3 06/01/2032 16,493
- --------------------------------------------------------------------------------------------------------------------
25,000 Mobile, AL Industrial Devel. Board
(International Paper Company) 6.450 05/15/2019 25,781
- --------------------------------------------------------------------------------------------------------------------
2,200,000 Rainbow City, AL Special Health Care Facilities
Financing Authority (Regency Pointe) 4 8.250 01/01/2031 1,437,260
- --------------------------------------------------------------------------------------------------------------------
10,000 Selma, AL Industrial Devel. Board
(International Paper Company) 6.000 05/01/2025 10,149
- --------------------------------------------------------------------------------------------------------------------
10,000 South Marengo County,
AL Water & Fire Protection Authority 7.700 05/01/2008 10,092
- --------------------------------------------------------------------------------------------------------------------
7,220,000 Tuscaloosa, AL Educational Building Authority
(Stillman College) 2 5.000 06/01/2026 6,332,012
--------------
125,975,798
- --------------------------------------------------------------------------------------------------------------------
ALASKA--0.4%
20,000 AK HFC, Series A-1 6.100 06/01/2030 20,413
- --------------------------------------------------------------------------------------------------------------------
45,000 AK HFC, Series A-2 5.300 06/01/2008 45,357
- --------------------------------------------------------------------------------------------------------------------
7,250,000 AK HFC, Series C 1 5.200 12/01/2037 7,168,144
- --------------------------------------------------------------------------------------------------------------------
2,250,000 AK Industrial Devel. & Export Authority (Anchorage
Sportsplex/Grace Community Church Obligated Group) 2 6.150 08/01/2031 2,126,115
- --------------------------------------------------------------------------------------------------------------------
40,000 AK Industrial Devel. & Export Authority (Snettisham) 6.000 01/01/2014 41,562
- --------------------------------------------------------------------------------------------------------------------
1,650,000 AK Industrial Devel. & Export Authority Community
Provider (Boys & Girls Home) 5.875 12/01/2027 1,584,561
- --------------------------------------------------------------------------------------------------------------------
1,500,000 AK Industrial Devel. & Export Authority Community
Provider (Boys & Girls Home) 6.000 12/01/2036 1,425,105
- --------------------------------------------------------------------------------------------------------------------
90,000 AK Industrial Devel. & Export Authority, Series A 5.250 04/01/2023 91,046
- --------------------------------------------------------------------------------------------------------------------
5,000,000 AK Northern Tobacco Securitization Corp. (TASC) 2 5.000 06/01/2032 4,366,850
- --------------------------------------------------------------------------------------------------------------------
10,000,000 AK Northern Tobacco Securitization Corp. (TASC) 5.000 06/01/2046 8,421,000
- --------------------------------------------------------------------------------------------------------------------
31,850,000 AK Northern Tobacco Securitization Corp. (TASC) 6.125 5 06/01/2046 2,360,404
- --------------------------------------------------------------------------------------------------------------------
20,860,000 AK Northern Tobacco Securitization Corp. (TASC) 6.375 5 06/01/2046 1,398,872
19 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
ALASKA Continued
$ 25,000 Kasaan, AK Lease 6 9.500% 07/01/2020 $ 25,062
--------------
29,074,491
- --------------------------------------------------------------------------------------------------------------------
ARIZONA--5.7%
325,000 Apache County, AZ IDA
(Tucson Electric Power Company) 5.875 03/01/2033 319,953
- --------------------------------------------------------------------------------------------------------------------
297,650,000 AZ Health Facilities Authority (Banner Health System),
Series B 1 3.978 3 01/01/2037 248,543,703
- --------------------------------------------------------------------------------------------------------------------
805,000 AZ HFA (Casa De Flores) 5.300 07/20/2042 796,805
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Buckeye, AZ Watson Road Community Facilities District 5.750 07/01/2022 3,010,740
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Buckeye, AZ Watson Road Community Facilities District 6.000 07/01/2030 4,972,250
- --------------------------------------------------------------------------------------------------------------------
16,435,000 East San Luis, AZ Community Facilities District Special
Assessment (Area One) 7 6.375 01/01/2028 16,438,944
- --------------------------------------------------------------------------------------------------------------------
810,000 Estrella Mountain Ranch, AZ Community Facilities District 5.625 07/15/2025 783,764
- --------------------------------------------------------------------------------------------------------------------
400,000 Estrella Mountain Ranch, AZ Community Facilities District 5.800 07/15/2030 383,296
- --------------------------------------------------------------------------------------------------------------------
1,518,000 Estrella Mountain Ranch, AZ Community Facilities District
(Golf Village) 6.000 07/01/2017 1,535,867
- --------------------------------------------------------------------------------------------------------------------
1,265,000 Estrella Mountain Ranch, AZ Community Facilities District
(Golf Village) 6.375 07/01/2022 1,277,840
- --------------------------------------------------------------------------------------------------------------------
3,145,000 Estrella Mountain Ranch, AZ Community Facilities District
(Golf Village) 6.750 07/01/2032 3,150,189
- --------------------------------------------------------------------------------------------------------------------
8,250,000 Flagstaff, AZ IDA
(Senior Living Community-Northern Arizona) 5.700 07/01/2042 7,406,438
- --------------------------------------------------------------------------------------------------------------------
500,000 Gladden Farms, AZ Community Facilities District 5.500 07/15/2031 462,525
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Goodyear, AZ IDA Water and Sewer
(Litchfield Park Service Company) 6.750 10/01/2031 1,038,040
- --------------------------------------------------------------------------------------------------------------------
4,500,000 Maricopa County, AZ IDA (Christian Care Apartments) 2 6.500 01/01/2036 4,575,465
- --------------------------------------------------------------------------------------------------------------------
1,120,000 Maricopa County, AZ IDA (Guadalupe Huerta) 5.300 07/20/2042 1,115,576
- --------------------------------------------------------------------------------------------------------------------
1,885,000 Maricopa County, AZ IDA (Immanuel Campus Care) 8.500 04/20/2041 1,784,153
- --------------------------------------------------------------------------------------------------------------------
2,950,000 Maricopa County, AZ IDA (Rosa Linda Apartments) 5.300 07/20/2042 2,938,348
- --------------------------------------------------------------------------------------------------------------------
355,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 11/01/2018 368,313
- --------------------------------------------------------------------------------------------------------------------
500,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 05/01/2031 508,120
- --------------------------------------------------------------------------------------------------------------------
3,760,000 Maricopa County, AZ IDA (Sun King Apartments) 2 9.500 11/01/2031 3,623,963
- --------------------------------------------------------------------------------------------------------------------
665,000 Maricopa County, AZ School District No. 24 (Gila Bend) 5.500 07/01/2021 683,673
- --------------------------------------------------------------------------------------------------------------------
456,000 Merrill Ranch, AZ Community Facilities District
No. 1 Special Assessment Lien 5.250 07/01/2024 428,499
- --------------------------------------------------------------------------------------------------------------------
384,000 Merrill Ranch, AZ Community Facilities District
No. 2 Special Assessment Lien 5.250 07/01/2024 360,841
- --------------------------------------------------------------------------------------------------------------------
986,000 Merrill Ranch, AZ Community Facilities District
No. 2 Special Assessment Lien 5.300 07/01/2030 893,050
- --------------------------------------------------------------------------------------------------------------------
235,000 Navajo County, AZ IDA (Stone Container Corp.) 7.200 06/01/2027 236,694
- --------------------------------------------------------------------------------------------------------------------
1,195,000 Navajo County, AZ IDA (Stone Container Corp.) 7.400 04/01/2026 1,200,903
20 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
ARIZONA Continued
$ 1,125,000 Palm Valley, AZ Community Facility District No. 3 5.300% 07/15/2031 $ 1,137,724
- --------------------------------------------------------------------------------------------------------------------
420,000 Parkway, AZ Community Facilities District No. 1
(Prescott Valley) 5.300 07/15/2025 393,842
- --------------------------------------------------------------------------------------------------------------------
350,000 Parkway, AZ Community Facilities District No. 1
(Prescott Valley) 5.350 07/15/2031 317,268
- --------------------------------------------------------------------------------------------------------------------
3,275,000 Phoenix, AZ IDA (America West Airlines) 2 6.250 06/01/2019 3,147,603
- --------------------------------------------------------------------------------------------------------------------
7,500,000 Phoenix, AZ IDA (America West Airlines) 2 6.300 04/01/2023 7,185,225
- --------------------------------------------------------------------------------------------------------------------
50,000 Phoenix, AZ IDA (Crossroads Apartments) 5.200 12/15/2021 50,424
- --------------------------------------------------------------------------------------------------------------------
1,650,000 Phoenix, AZ IDA (Espiritu Community Devel. Corp.) 6.250 07/01/2036 1,595,699
- --------------------------------------------------------------------------------------------------------------------
1,935,000 Phoenix, AZ IDA (Gourmet Boutique West) 5.875 11/01/2037 1,730,877
- --------------------------------------------------------------------------------------------------------------------
1,450,000 Phoenix, AZ IDA (Royal Paper Converting) 7.000 03/01/2014 1,457,526
- --------------------------------------------------------------------------------------------------------------------
225,000 Pima County, AZ Devel. Authority
(Tucson Electric Power Company) 6.100 09/01/2025 222,786
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Pima County, AZ IDA
(American Charter Schools Foundation) 5.625 07/01/2038 4,672,950
- --------------------------------------------------------------------------------------------------------------------
2,100,000 Pima County, AZ IDA (Christian Senior Living) 2 5.050 01/01/2037 1,933,995
- --------------------------------------------------------------------------------------------------------------------
400,000 Pima County, AZ IDA (Desert Technology Schools) 8 6.375 02/01/2014 240,120
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Pima County, AZ IDA (Desert Technology Schools) 8 7.000 02/01/2024 599,490
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Pima County, AZ IDA
(Facility Choice Education & Devel. Corp.) 6.250 06/01/2026 1,260,763
- --------------------------------------------------------------------------------------------------------------------
2,350,000 Pima County, AZ IDA
(Facility Choice Education & Devel. Corp.) 2 6.375 06/01/2036 2,356,510
- --------------------------------------------------------------------------------------------------------------------
3,410,000 Pima County, AZ IDA (Global Water Resources) 2 5.450 12/01/2017 3,211,504
- --------------------------------------------------------------------------------------------------------------------
2,215,000 Pima County, AZ IDA (Global Water Resources) 5.600 12/01/2022 2,026,836
- --------------------------------------------------------------------------------------------------------------------
11,100,000 Pima County, AZ IDA (Global Water Resources) 2 5.750 12/01/2032 9,831,270
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Pima County, AZ IDA (P.L.C. Charter Schools) 6.750 04/01/2036 1,541,925
- --------------------------------------------------------------------------------------------------------------------
250,000 Pima County, AZ IDA (Paradise Education Center) 5.875 06/01/2022 244,768
- --------------------------------------------------------------------------------------------------------------------
550,000 Pima County, AZ IDA (Paradise Education Center) 6.000 06/01/2036 512,864
- --------------------------------------------------------------------------------------------------------------------
180,000 Pima County, AZ IDA (Single Family Mtg.) 6.200 11/01/2030 192,901
- --------------------------------------------------------------------------------------------------------------------
1,600,000 Pima County, AZ IDA (Sonoran Science Academy) 5.670 12/01/2027 1,508,864
- --------------------------------------------------------------------------------------------------------------------
1,960,000 Pima County, AZ IDA (Sonoran Science Academy) 5.750 12/01/2037 1,809,433
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Pima County, AZ IDA Water & Wastewater
(Global Water Research) 2 6.550 12/01/2037 9,784,800
- --------------------------------------------------------------------------------------------------------------------
1,650,000 Pinal County, AZ IDA (San Manuel Facility) 6.250 06/01/2026 1,739,678
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Quail Creek, AZ Community Facilities District 5.550 07/15/2030 1,405,170
- --------------------------------------------------------------------------------------------------------------------
1,000,000 San Luis, AZ Facility Devel. Corp.
(Regional Detention Center) 7.250 05/01/2027 959,190
- --------------------------------------------------------------------------------------------------------------------
265,000 Show Low Bluff, AZ Community Facilities District 5.600 07/01/2031 245,692
- --------------------------------------------------------------------------------------------------------------------
300,000 Show Low Bluff, AZ Community Facilities District
Special Assessment 5.200 07/01/2017 297,630
21 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
ARIZONA Continued
$ 85,000 Tucson & Pima Counties, AZ IDA (Single Family Mtg.) 6.200% 01/01/2034 $ 87,443
- --------------------------------------------------------------------------------------------------------------------
635,000 Tucson & Pima Counties, AZ IDA (Single Family Mtg.) 6.350 01/01/2034 644,620
- --------------------------------------------------------------------------------------------------------------------
2,360,000 Tucson, AZ IDA (Casa De Eneanto) 5.300 07/20/2042 2,350,678
- --------------------------------------------------------------------------------------------------------------------
800,000 Tucson, AZ IDA (Joint Single Family Mtg.) 5.000 01/01/2039 837,704
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Verrado, AZ Community Facilities District No. 1 2 5.350 07/15/2031 3,672,480
- --------------------------------------------------------------------------------------------------------------------
10,200,000 Yavapai County, AZ IDA Solid Waste Disposal
(Waste Management) 1 4.900 03/01/2028 9,200,502
- --------------------------------------------------------------------------------------------------------------------
7,250,000 Yuma County, AZ IDA (Water & Sewer) 2 6.375 12/01/2037 7,182,285
--------------
396,428,991
- --------------------------------------------------------------------------------------------------------------------
ARKANSAS--0.4%
7,000,000 AR Devel. Finance Authority (Single Family Mtg.) 1 5.200 01/01/2038 6,962,935
- --------------------------------------------------------------------------------------------------------------------
55,000 AR Devel. Finance Authority (Single Family Mtg.) 5.200 01/01/2038 54,708
- --------------------------------------------------------------------------------------------------------------------
555,000 Calhoun County, AR Solid Waste Disposal
(Georgia-Pacific Corp.) 6.375 11/01/2026 532,689
- --------------------------------------------------------------------------------------------------------------------
7,700,000 Cave Springs, AR Municipal Property
(Creeks Special Sewer District) 6.250 02/01/2038 7,335,405
- --------------------------------------------------------------------------------------------------------------------
50,000 Grand Prairie, AR Water Users Board 5.900 07/01/2022 50,356
- --------------------------------------------------------------------------------------------------------------------
1,345,000 Little River County, AR (Georgia-Pacific Corp.) 5.600 10/01/2026 1,181,435
- --------------------------------------------------------------------------------------------------------------------
8,410,000 North Little Rock, AR Residential Hsg. Facilities Board
(Ridgeview Apartments) 1 5.600 08/20/2045 8,550,610
- --------------------------------------------------------------------------------------------------------------------
25,000 Pine Bluff, AR (International Paper Company) 5.550 08/15/2022 25,267
- --------------------------------------------------------------------------------------------------------------------
5,460,000 Sebastian County, AR Health Facilities Board
(Sparks Regional Medical Center) 2 5.625 11/01/2031 5,180,175
--------------
29,873,580
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA--16.7%
700,000 Azusa, CA Special Tax Community Facilities District
No. 05-1 5.000 09/01/2027 610,120
- --------------------------------------------------------------------------------------------------------------------
1,840,000 Azusa, CA Special Tax Community Facilities District
No. 05-1 5.000 09/01/2037 1,502,949
- --------------------------------------------------------------------------------------------------------------------
415,000 Bakersfield, CA Improvement Bond Act 1915 5.100 09/02/2021 404,077
- --------------------------------------------------------------------------------------------------------------------
60,110,000 CA County Tobacco Securitization Agency 6.118 5 06/01/2046 4,537,704
- --------------------------------------------------------------------------------------------------------------------
75,000,000 CA County Tobacco Securitization Agency 6.300 5 06/01/2055 2,241,750
- --------------------------------------------------------------------------------------------------------------------
127,310,000 CA County Tobacco Securitization Agency 6.489 5 06/01/2046 9,610,632
- --------------------------------------------------------------------------------------------------------------------
107,400,000 CA County Tobacco Securitization Agency 6.619 5 06/01/2050 4,651,494
- --------------------------------------------------------------------------------------------------------------------
33,920,000 CA County Tobacco Securitization Agency 6.650 5 06/01/2046 2,334,374
- --------------------------------------------------------------------------------------------------------------------
215,100,000 CA County Tobacco Securitization Agency 7.000 5 06/01/2055 6,429,339
- --------------------------------------------------------------------------------------------------------------------
246,760,000 CA County Tobacco Securitization Agency 7.477 5 06/01/2055 5,872,888
- --------------------------------------------------------------------------------------------------------------------
36,000,000 CA County Tobacco Securitization Agency (TASC) 0.000 9 06/01/2041 26,917,920
- --------------------------------------------------------------------------------------------------------------------
56,530,000 CA County Tobacco Securitization Agency (TASC) 0.000 9 06/01/2046 42,366,409
- --------------------------------------------------------------------------------------------------------------------
255,000 CA County Tobacco Securitization Agency (TASC) 5.250 06/01/2045 226,096
22 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 19,000,000 CA County Tobacco Securitization Agency (TASC) 5.250% 06/01/2046 $ 16,831,150
- --------------------------------------------------------------------------------------------------------------------
2,500,000 CA County Tobacco Securitization Agency (TASC) 2 5.500 06/01/2033 2,413,075
- --------------------------------------------------------------------------------------------------------------------
2,610,000 CA County Tobacco Securitization Agency (TASC) 2 5.875 06/01/2035 2,574,817
- --------------------------------------------------------------------------------------------------------------------
7,285,000 CA County Tobacco Securitization Agency (TASC) 5.875 06/01/2043 7,177,619
- --------------------------------------------------------------------------------------------------------------------
2,930,000 CA County Tobacco Securitization Agency (TASC) 6.000 06/01/2042 2,932,461
- --------------------------------------------------------------------------------------------------------------------
5,000,000 CA County Tobacco Securitization Agency (TASC) 6.125 06/01/2038 5,027,750
- --------------------------------------------------------------------------------------------------------------------
57,000,000 CA County Tobacco Securitization Agency (TASC) 6.400 5 06/01/2046 3,922,740
- --------------------------------------------------------------------------------------------------------------------
525,920,000 CA County Tobacco Securitization Agency (TASC) 6.664 5 06/01/2050 27,374,136
- --------------------------------------------------------------------------------------------------------------------
30,000,000 CA Educational Funding Services 1 6.250 12/01/2042 30,850,950
- --------------------------------------------------------------------------------------------------------------------
265,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 1,6 5.750 06/01/2047 254,062,915
- --------------------------------------------------------------------------------------------------------------------
24,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.000 06/01/2033 21,104,880
- --------------------------------------------------------------------------------------------------------------------
24,650,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.125 06/01/2047 21,355,035
- --------------------------------------------------------------------------------------------------------------------
6,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.750 06/01/2047 5,752,080
- --------------------------------------------------------------------------------------------------------------------
340,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 6.000 5 06/01/2047 21,821,200
- --------------------------------------------------------------------------------------------------------------------
1,301,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 6.081 5 06/01/2047 91,811,570
- --------------------------------------------------------------------------------------------------------------------
6,250,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 6.750 09/01/2019 6,250,500
- --------------------------------------------------------------------------------------------------------------------
25,575,000 CA Pollution Control Financing Authority
(Browning-Ferris Industries) 6.875 11/01/2027 25,602,365
- --------------------------------------------------------------------------------------------------------------------
4,815,000 CA Statewide CDA (Aspire Public Schools) 2 7.250 08/01/2031 4,902,537
- --------------------------------------------------------------------------------------------------------------------
14,400,000 CA Statewide CDA (Fairfield Apartments) 2,8 7.250 01/01/2035 6,715,872
- --------------------------------------------------------------------------------------------------------------------
555,300,000 CA Statewide Financing Authority Tobacco Settlement 7.001 5 06/01/2055 16,597,917
- --------------------------------------------------------------------------------------------------------------------
260,000,000 CA Statewide Financing Authority Tobacco Settlement 7.876 5 06/01/2055 6,188,000
- --------------------------------------------------------------------------------------------------------------------
4,500,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 2 6.000 05/01/2037 4,503,690
- --------------------------------------------------------------------------------------------------------------------
1,405,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2043 1,406,152
- --------------------------------------------------------------------------------------------------------------------
100,000 CA Statewide Financing Authority Tobacco Settlement
(TASC) 6.000 05/01/2043 100,082
- --------------------------------------------------------------------------------------------------------------------
3,875,000 CA Valley Health System COP 6,8 6.875 05/15/2023 2,266,875
- --------------------------------------------------------------------------------------------------------------------
80,000,000 Inland, CA Empire Tobacco Securitization Authority
(TASC) 6.750 5 06/01/2047 5,645,600
- --------------------------------------------------------------------------------------------------------------------
432,795,000 Inland, CA Empire Tobacco Securitization Authority
(TASC) 7.626 5 06/01/2057 10,858,827
- --------------------------------------------------------------------------------------------------------------------
1,000,000,000 Inland, CA Empire Tobacco Securitization Authority
(TASC) 8.001 5 06/01/2057 20,330,000
- --------------------------------------------------------------------------------------------------------------------
1,375,000 Lathrop, CA Special Tax Community Facilities District
No. 03-2 7.000 09/01/2033 1,466,864
- --------------------------------------------------------------------------------------------------------------------
98,250,000 Long Beach, CA Bond Finance Authority Natural Gas 1 4.812 3 11/15/2033 84,003,750
- --------------------------------------------------------------------------------------------------------------------
13,000,000 Long Beach, CA Harbor 1 5.200 05/15/2027 13,259,350
- --------------------------------------------------------------------------------------------------------------------
5,700,000 Los Angeles, CA Regional Airports Improvement Corp.
(Air Canada) 8.750 10/01/2014 5,257,338
23 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 2,160,000 Los Angeles, CA Regional Airports Improvement Corp.
(American Airlines) 2 7.500% 12/01/2024 $ 2,276,770
- --------------------------------------------------------------------------------------------------------------------
2,825,000 Los Angeles, CA Regional Airports Improvement Corp.
(Continental Airlines) 2 5.650 08/01/2017 2,694,061
- --------------------------------------------------------------------------------------------------------------------
1,135,000 Los Angeles, CA Regional Airports Improvement Corp.
(Delta Airlines) 6.350 11/01/2025 1,131,992
- --------------------------------------------------------------------------------------------------------------------
13,415,000 Los Angeles, CA Regional Airports Improvement Corp.
(Delta-Continental Airlines) 6 9.250 08/01/2024 13,549,150
- --------------------------------------------------------------------------------------------------------------------
400,000 Los Angeles, CA Regional Airports Improvement Corp.
(United Airlines) 8,10 6.875 11/15/2012 260,220
- --------------------------------------------------------------------------------------------------------------------
2,280,000 Los Angeles, CA Regional Airports Improvement Corp.
(United Airlines) 6,8,10 8.800 11/15/2021 1,560,797
- --------------------------------------------------------------------------------------------------------------------
155,000,000 Northern CA Gas Authority 1,6 3.888 3 07/01/2027 123,717,900
- --------------------------------------------------------------------------------------------------------------------
115,975,000 Northern CA Tobacco Securitization Authority (TASC) 6.375 5 06/01/2045 8,557,795
- --------------------------------------------------------------------------------------------------------------------
5,925,000 Palm Desert, CA Improvement Bond Act 1915 5.100 09/02/2037 5,238,826
- --------------------------------------------------------------------------------------------------------------------
2,200,000 San Diego County, CA COP 2 5.700 02/01/2028 2,125,948
- --------------------------------------------------------------------------------------------------------------------
45,440,000 Southern CA Tobacco Securitization Authority 5.125 06/01/2046 39,406,022
- --------------------------------------------------------------------------------------------------------------------
184,070,000 Southern CA Tobacco Securitization Authority 6.282 5 06/01/2046 13,895,444
- --------------------------------------------------------------------------------------------------------------------
41,325,000 Southern CA Tobacco Securitization Authority 6.400 5 06/01/2046 2,843,987
- --------------------------------------------------------------------------------------------------------------------
143,080,000 Southern CA Tobacco Securitization Authority 7.100 5 06/01/2046 8,337,272
- --------------------------------------------------------------------------------------------------------------------
5,125,000 Southern CA Tobacco Securitization Authority (TASC) 2 5.000 06/01/2037 4,418,058
- --------------------------------------------------------------------------------------------------------------------
101,450,000 Southern California Public Power Authority Natural Gas 1 4.992 3 11/01/2038 87,954,106
- --------------------------------------------------------------------------------------------------------------------
5,425,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 6 5.450 09/01/2026 4,337,667
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 6 5.500 09/01/2036 3,041,600
- --------------------------------------------------------------------------------------------------------------------
2,680,000 Val Verde, CA Unified School District Special Tax 2 5.450 09/01/2036 2,628,490
--------------
1,166,049,954
- --------------------------------------------------------------------------------------------------------------------
COLORADO--3.6%
1,000,000 Andonea, CO Metropolitan District No. 2 6.125 12/01/2025 923,470
- --------------------------------------------------------------------------------------------------------------------
2,380,000 Andonea, CO Metropolitan District No. 3 6.250 12/01/2035 2,103,087
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Arista, CO Metropolitan District 2 6.750 12/01/2035 4,716,200
- --------------------------------------------------------------------------------------------------------------------
2,620,000 Beacon Point, CO Metropolitan District 6.125 12/01/2025 2,369,711
- --------------------------------------------------------------------------------------------------------------------
3,500,000 Beacon Point, CO Metropolitan District 6.250 12/01/2035 3,092,775
- --------------------------------------------------------------------------------------------------------------------
375,000 Bent County, CO School District No. RE-2 (McClave) COP 5.000 12/01/2026 376,373
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Castle Oaks, CO Metropolitan District 6.000 12/01/2025 915,530
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Castle Oaks, CO Metropolitan District 6.125 12/01/2035 1,303,125
- --------------------------------------------------------------------------------------------------------------------
5,840,000 Central Marksheffel, CO Metropolitan District 2 7.250 12/01/2029 5,941,149
- --------------------------------------------------------------------------------------------------------------------
1,500,000 CO Educational & Cultural Facilities Authority
(Banning Lewis Ranch Academy) 6.125 12/15/2035 1,491,930
24 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 660,000 CO Educational & Cultural Facilities Authority
(Carbon Valley Academy Charter School) 5.625% 12/01/2036 $ 601,861
- --------------------------------------------------------------------------------------------------------------------
2,475,000 CO Educational & Cultural Facilities Authority
(Inn at Auraria) 5.375 07/01/2015 2,240,543
- --------------------------------------------------------------------------------------------------------------------
24,295,000 CO Educational & Cultural Facilities Authority
(Inn at Auraria) 6.000 07/01/2042 20,346,577
- --------------------------------------------------------------------------------------------------------------------
1,335,000 CO Elbert and Highway 86 Metropolitan District 5.750 12/01/2036 1,097,517
- --------------------------------------------------------------------------------------------------------------------
2,000,000 CO Health Facilities Authority
(Christian Living Communities) 5.750 01/01/2037 1,870,660
- --------------------------------------------------------------------------------------------------------------------
1,225,000 CO Health Facilities Authority Health & Residential
Care Facilities (Volunteers of America) 5.300 07/01/2037 1,072,892
- --------------------------------------------------------------------------------------------------------------------
365,000 CO Hsg. & Finance Authority 6.400 11/01/2024 376,574
- --------------------------------------------------------------------------------------------------------------------
630,000 CO Hsg. & Finance Authority 6.450 04/01/2030 677,061
- --------------------------------------------------------------------------------------------------------------------
655,000 CO Hsg. & Finance Authority 7.000 02/01/2030 699,966
- --------------------------------------------------------------------------------------------------------------------
170,000 CO Hsg. & Finance Authority 7.050 04/01/2031 181,966
- --------------------------------------------------------------------------------------------------------------------
675,000 CO Hsg. & Finance Authority 7.050 04/01/2031 721,845
- --------------------------------------------------------------------------------------------------------------------
560,000 CO Hsg. & Finance Authority 7.250 10/01/2031 564,351
- --------------------------------------------------------------------------------------------------------------------
390,000 CO Hsg. & Finance Authority 8.400 10/01/2021 417,008
- --------------------------------------------------------------------------------------------------------------------
10,000 CO Hsg. & Finance Authority (Single Family) 6.500 11/01/2029 10,366
- --------------------------------------------------------------------------------------------------------------------
30,000 CO Hsg. & Finance Authority (Single Family) 6.800 04/01/2030 31,028
- --------------------------------------------------------------------------------------------------------------------
1,965,000 CO Hsg. & Finance Authority (Single Family) 2 6.800 02/01/2031 2,120,097
- --------------------------------------------------------------------------------------------------------------------
45,000 CO Hsg. & Finance Authority (Single Family) 7.000 05/01/2026 45,876
- --------------------------------------------------------------------------------------------------------------------
54,000 CO Hsg. & Finance Authority (Single Family) 7.250 05/01/2027 56,027
- --------------------------------------------------------------------------------------------------------------------
190,000 CO Hsg. & Finance Authority (Single Family) 7.375 06/01/2026 197,072
- --------------------------------------------------------------------------------------------------------------------
370,000 CO Hsg. & Finance Authority, Series C-2 6.600 08/01/2032 398,945
- --------------------------------------------------------------------------------------------------------------------
240,000 CO Hsg. & Finance Authority, Series C-2 6.875 11/01/2028 244,013
- --------------------------------------------------------------------------------------------------------------------
7,050,000 CO International Center Metropolitan District No.3 6.500 12/01/2035 6,400,836
- --------------------------------------------------------------------------------------------------------------------
3,780,000 CO Waterview I Metropolitan District 2 8.000 12/15/2032 3,786,615
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Confluence, CO Metropolitan District 5.400 12/01/2027 933,610
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Copperleaf, CO Metropolitan District No. 2 5.850 12/01/2026 882,940
- --------------------------------------------------------------------------------------------------------------------
1,850,000 Copperleaf, CO Metropolitan District No. 2 5.950 12/01/2036 1,575,312
- --------------------------------------------------------------------------------------------------------------------
1,025,000 Country Club Highlands, CO Metropolitan District 7.250 12/01/2037 1,026,640
- --------------------------------------------------------------------------------------------------------------------
1,700,000 Crystal Crossing, CO Metropolitan District 6.000 12/01/2036 1,448,808
- --------------------------------------------------------------------------------------------------------------------
28,500,000 Denver, CO City & County Airport Special Facilities
(United Air Lines) 5.250 10/01/2032 24,296,535
- --------------------------------------------------------------------------------------------------------------------
22,000,000 Denver, CO City & County Airport Special Facilities
(United Air Lines) 5.750 10/01/2032 20,096,340
- --------------------------------------------------------------------------------------------------------------------
1,355,000 Denver, CO Urban Renewal Authority 9.125 09/01/2017 1,374,200
- --------------------------------------------------------------------------------------------------------------------
375,000 Eagle County, CO Airport Terminal Corp. 5.250 05/01/2020 357,341
- --------------------------------------------------------------------------------------------------------------------
2,475,000 Elkhorn Ranch, CO Metropolitan District 2 6.375 12/01/2035 2,223,887
25 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 560,000 Fairplay, CO Sanitation District 5.250% 12/15/2031 $ 546,202
- --------------------------------------------------------------------------------------------------------------------
700,000 Fallbrook, CO Metropolitan District 5.625 12/01/2026 604,975
- --------------------------------------------------------------------------------------------------------------------
2,960,000 Heritage Todd Creek, CO Metropolitan District 5.500 12/01/2037 2,338,015
- --------------------------------------------------------------------------------------------------------------------
5,325,000 High Plains, CO Metropolitan District 6.125 12/01/2025 4,816,303
- --------------------------------------------------------------------------------------------------------------------
10,875,000 High Plains, CO Metropolitan District 6.250 12/01/2035 9,551,078
- --------------------------------------------------------------------------------------------------------------------
3,725,000 Highline Business Improvement District (Littleton, CO) 6,8 5.250 12/15/2019 1,862,500
- --------------------------------------------------------------------------------------------------------------------
1,060,000 Horse Creek, CO Metropolitan District 5.750 12/01/2036 911,134
- --------------------------------------------------------------------------------------------------------------------
500,000 Huntington Trails, CO Metropolitan District 6.250 12/01/2036 441,180
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Kit Carson County, CO Health Service District 2 6.750 01/01/2034 3,890,160
- --------------------------------------------------------------------------------------------------------------------
1,145,000 Liberty Ranch, CO Metropolitan District 6.250 12/01/2036 1,010,302
- --------------------------------------------------------------------------------------------------------------------
11,000,000 Lincoln Park, CO Metropolitan District 7.750 12/01/2026 11,562,100
- --------------------------------------------------------------------------------------------------------------------
1,875,000 Madre, CO Metropolitan District No. 2 5.500 12/01/2036 1,543,163
- --------------------------------------------------------------------------------------------------------------------
2,800,000 Mountain Shadows, CO Metropolitan District 5.625 12/01/2037 2,239,972
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Murphy Creek, CO Metropolitan District No. 3 6.000 12/01/2026 2,710,110
- --------------------------------------------------------------------------------------------------------------------
10,060,000 Murphy Creek, CO Metropolitan District No. 3 2 6.125 12/01/2035 8,903,100
- --------------------------------------------------------------------------------------------------------------------
2,275,000 Neu Towne, CO Metropolitan District 6 7.250 12/01/2034 1,365,000
- --------------------------------------------------------------------------------------------------------------------
1,000,000 North Range, CO Metropolitan District No. 2 5.500 12/15/2037 871,780
- --------------------------------------------------------------------------------------------------------------------
4,500,000 Northwest CO Metropolitan District No. 3 2 6.125 12/01/2025 4,177,395
- --------------------------------------------------------------------------------------------------------------------
7,855,000 Northwest CO Metropolitan District No. 3 2 6.250 12/01/2035 6,941,071
- --------------------------------------------------------------------------------------------------------------------
16,435,000 Park Valley, CO Water & Sanitation Metropolitan District 6.000 5 12/15/2017 9,512,742
- --------------------------------------------------------------------------------------------------------------------
320,000 Potomac Farms, CO Metropolitan District 0.000 9 12/01/2023 265,005
- --------------------------------------------------------------------------------------------------------------------
1,590,000 Potomac Farms, CO Metropolitan District 7.250 12/01/2037 1,538,071
- --------------------------------------------------------------------------------------------------------------------
850,000 Prairie Center, CO Metropolitan District No. 3 5.250 12/15/2021 793,892
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Prairie Center, CO Metropolitan District No. 3 5.400 12/15/2031 1,122,588
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Prairie Center, CO Metropolitan District No. 3 5.400 12/15/2031 898,070
- --------------------------------------------------------------------------------------------------------------------
2,275,000 Regency, CO Metropolitan District 5.750 12/01/2036 1,870,300
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Serenity Ridge, CO Metropolitan District No. 2 6 7.500 12/01/2034 1,295,000
- --------------------------------------------------------------------------------------------------------------------
1,320,000 Silver Peaks, CO Metropolitan District 5.750 12/01/2036 1,085,185
- --------------------------------------------------------------------------------------------------------------------
10,230,000 Sorrell Ranch, CO Metropolitan District 2 5.750 12/01/2036 8,360,774
- --------------------------------------------------------------------------------------------------------------------
1,735,000 Sorrell Ranch, CO Metropolitan District 6.750 12/15/2036 1,447,441
- --------------------------------------------------------------------------------------------------------------------
1,330,000 Stoneridge, CO Metropolitan District 5.625 12/01/2036 1,183,075
- --------------------------------------------------------------------------------------------------------------------
2,065,000 Tallgrass, CO Metropolitan District 5.250 12/01/2037 1,744,409
- --------------------------------------------------------------------------------------------------------------------
500,000 Tallyns Reach, CO Metropolitan District No. 3 5.200 12/01/2036 434,680
- --------------------------------------------------------------------------------------------------------------------
655,000 Todd Creek Farms, CO Metropolitan District No. 1 6.125 12/01/2019 653,297
- --------------------------------------------------------------------------------------------------------------------
695,000 Traditions, CO Metropolitan District No. 2 5.750 12/01/2036 571,366
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Wheatlands, CO Metropolitan District 6.000 12/01/2025 915,530
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Wheatlands, CO Metropolitan District 2 6.125 12/01/2035 4,343,750
- --------------------------------------------------------------------------------------------------------------------
1,550,000 Wildgrass, CO Metropolitan District 6.200 12/01/2034 1,449,328
- --------------------------------------------------------------------------------------------------------------------
3,875,000 Woodmen Heights, CO Metropolitan District No. 1 2 6.750 12/01/2020 3,615,259
- --------------------------------------------------------------------------------------------------------------------
21,195,000 Woodmen Heights, CO Metropolitan District No. 1 7.000 12/01/2030 19,769,212
26 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 1,000,000 Wyndham Hill, CO Metropolitan District 6.250% 12/01/2025 $ 941,090
- --------------------------------------------------------------------------------------------------------------------
2,450,000 Wyndham Hill, CO Metropolitan District 6.375 12/01/2035 2,201,423
--------------
253,905,686
- --------------------------------------------------------------------------------------------------------------------
CONNECTICUT--0.4%
145,000 CT Devel. Authority (Bridgeport Hydraulic Company) 6.150 04/01/2035 148,052
- --------------------------------------------------------------------------------------------------------------------
55,000 CT Devel. Authority (Bridgeport Hydraulic Company) 6.150 04/01/2035 56,191
- --------------------------------------------------------------------------------------------------------------------
1,500,000 CT Devel. Authority Airport Facility (Learjet) 7.950 04/01/2026 1,674,390
- --------------------------------------------------------------------------------------------------------------------
125,000 CT H&EFA (Bridgeport Hospital/Bridgeport Hospital
Foundation Obligated Group) 6.500 07/01/2012 128,879
- --------------------------------------------------------------------------------------------------------------------
20,000 CT H&EFA (St. Mary's Hospital Corp.) 5.500 07/01/2012 19,721
- --------------------------------------------------------------------------------------------------------------------
80,000 CT HFA 6.300 11/15/2017 83,466
- --------------------------------------------------------------------------------------------------------------------
9,050,000 CT Resource Recovery Authority
(Browning-Ferris Industries) 2 6.450 11/15/2022 9,052,263
- --------------------------------------------------------------------------------------------------------------------
435,000 Eastern CT Res Rec (Wheelabrator Lisbon) 5.500 01/01/2020 434,413
- --------------------------------------------------------------------------------------------------------------------
2,975,000 Georgetown, CT Special Taxing District 5.125 10/01/2036 2,494,746
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Mashantucket, CT Western Pequot Tribe, Series B 2 5.500 09/01/2036 3,516,825
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Mashantucket, CT Western Pequot Tribe, Series B 5.750 09/01/2027 1,750,823
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Mashantucket, CT Western Pequot Tribe, Series B 2,11 6.500 09/01/2031 6,281,040
- --------------------------------------------------------------------------------------------------------------------
1,265,000 New Britain, CT Senior Citizens Hsg.
(Nathan Hale Apartments) 6.875 07/01/2024 1,345,467
- --------------------------------------------------------------------------------------------------------------------
1,760,000 West Haven, CT Hsg. Authority
(Meadow Landing Apartments) 6.000 01/01/2028 1,806,411
- --------------------------------------------------------------------------------------------------------------------
635,000 West Haven, CT Hsg. Authority
(Meadow Landing Apartments) 6.000 01/01/2033 647,363
--------------
29,440,050
- --------------------------------------------------------------------------------------------------------------------
DELAWARE--0.1%
1,810,000 DE EDA (General Motors Corp.) 5.600 04/01/2009 1,792,896
- --------------------------------------------------------------------------------------------------------------------
15,000 DE Hsg. Authority (Single Family Mtg.) 6.000 07/01/2018 15,388
- --------------------------------------------------------------------------------------------------------------------
55,000 DE Hsg. Authority (Single Family Mtg.) 6.000 07/01/2032 57,055
- --------------------------------------------------------------------------------------------------------------------
6,939,000 Millsboro, DE Special Obligation (Plantation Lakes) 5.450 07/01/2036 6,200,690
- --------------------------------------------------------------------------------------------------------------------
200,000 New Castle County, DE Pollution Control
(General Motors Corp.) 6 7.000 3 10/01/2008 200,000
- --------------------------------------------------------------------------------------------------------------------
25,000 Wilmington, DE GO 6.200 10/01/2016 25,295
--------------
8,291,324
- --------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--2.1%
195,000 District of Columbia HFA (Benning Road Apartments) 6.300 01/01/2012 186,124
- --------------------------------------------------------------------------------------------------------------------
10,380,000 District of Columbia HFA (Shipley Park Apartments) 1 4.800 06/01/2038 9,955,458
- --------------------------------------------------------------------------------------------------------------------
125,000 District of Columbia Tobacco Settlement Financing Corp. 6.250 05/15/2024 127,214
- --------------------------------------------------------------------------------------------------------------------
32,680,000 District of Columbia Tobacco Settlement Financing Corp. 6.750 05/15/2040 33,411,378
27 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA Continued
$ 515,000,000 District of Columbia Tobacco Settlement
Financing Corp. (TASC) 6.367% 5 06/15/2046 $ 37,363,250
- ---------------------------------------------------------------------------------------------------------------------
1,348,680,000 District of Columbia Tobacco Settlement
Financing Corp. (TASC) 6.873 5 06/15/2055 40,204,151
- ---------------------------------------------------------------------------------------------------------------------
1,055,000,000 District of Columbia Tobacco Settlement Financing Corp.
(TASC) 7.250 5 06/15/2055 25,035,150
- ---------------------------------------------------------------------------------------------------------------------
20,000 Metropolitan Washington, D.C. Airport Authority 5.000 10/01/2033 19,941
--------------
146,302,666
- ---------------------------------------------------------------------------------------------------------------------
FLORIDA--17.5%
1,215,000 Aberdeen, FL Community Devel. District 5.250 11/01/2015 1,089,661
- ---------------------------------------------------------------------------------------------------------------------
485,000 Aberdeen, FL Community Devel. District 5.500 11/01/2011 464,455
- ---------------------------------------------------------------------------------------------------------------------
12,015,000 Aberdeen, FL Community Devel. District 2,7 5.500 05/01/2036 9,677,001
- ---------------------------------------------------------------------------------------------------------------------
8,000,000 Alachua County, FL Industrial Devel. Revenue
(North Florida Retirement Village) 5.875 11/15/2042 7,523,920
- ---------------------------------------------------------------------------------------------------------------------
1,895,000 Amelia Walk, FL Community Devel. District
Special Assessment 5.500 05/01/2037 1,570,311
- ---------------------------------------------------------------------------------------------------------------------
5,350,000 Amelia, FL Concourse Community Devel. District 5.750 05/01/2038 4,605,227
- ---------------------------------------------------------------------------------------------------------------------
13,255,000 Arborwood, FL Community Devel. District (Centex Homes) 5.250 05/01/2016 11,991,931
- ---------------------------------------------------------------------------------------------------------------------
4,190,000 Arlington Ridge, FL Community Devel. District 5.500 05/01/2036 3,475,647
- ---------------------------------------------------------------------------------------------------------------------
9,250,000 Ave Maria Stewardship, FL Community Devel. District 5.125 05/01/2038 7,257,273
- ---------------------------------------------------------------------------------------------------------------------
2,250,000 Avelar Creek, FL Community Devel. District 5.375 05/01/2036 1,831,568
- ---------------------------------------------------------------------------------------------------------------------
1,045,000 Avignon Villages, FL Community Devel. District 5.300 05/01/2014 966,395
- ---------------------------------------------------------------------------------------------------------------------
770,000 Avignon Villages, FL Community Devel. District 5.400 05/01/2037 630,060
- ---------------------------------------------------------------------------------------------------------------------
1,000,000 Bahia Lakes, FL Community Devel. District 5.450 05/01/2037 814,900
- ---------------------------------------------------------------------------------------------------------------------
2,620,000 Bainebridge, FL Community Devel. District 5.500 05/01/2038 2,166,373
- ---------------------------------------------------------------------------------------------------------------------
2,740,000 Bartram Park, FL Community Devel. District 5.300 05/01/2035 2,211,481
- ---------------------------------------------------------------------------------------------------------------------
225,000 Bayshore, FL Hsg. Corp. 8.000 12/01/2016 165,294
- ---------------------------------------------------------------------------------------------------------------------
4,625,000 Baywinds, FL Community Devel. District 4.900 05/01/2012 4,308,881
- ---------------------------------------------------------------------------------------------------------------------
10,385,000 Baywinds, FL Community Devel. District 5.250 05/01/2037 8,269,056
- ---------------------------------------------------------------------------------------------------------------------
4,640,000 Beacon Lakes, FL Community Devel. District Special
Assessment 6.000 05/01/2038 4,098,651
- ---------------------------------------------------------------------------------------------------------------------
3,380,000 Beacon Lakes, FL Community Devel. District Special
Assessment 6.200 05/01/2038 3,001,102
- ---------------------------------------------------------------------------------------------------------------------
1,955,000 Beacon, FL Tradeport Community Devel. District 7.250 05/01/2033 2,015,116
- ---------------------------------------------------------------------------------------------------------------------
10,990,000 Beacon, FL Tradeport Community Devel. District, Series A 5.625 05/01/2032 11,300,468
- ---------------------------------------------------------------------------------------------------------------------
10,640,000 Bella Verde, FL Golf Community Devel District 7.250 12/18/2008 10,632,020
- ---------------------------------------------------------------------------------------------------------------------
7,625,000 Bonnet Creek, FL Resort Community Devel. District
Special Assessment 7.500 05/01/2034 7,929,314
- ---------------------------------------------------------------------------------------------------------------------
4,000,000 Boynton Village, FL Community Devel. District
Special Assessment 6.000 05/01/2038 3,560,920
28 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 75,000 Broward County, FL Educational Facilities Authority
(Pompano Oaks Apartments) 6.000% 12/01/2027 $ 75,926
- ---------------------------------------------------------------------------------------------------------------------
25,000 Broward County, FL HFA (Cross Keys Apartments) 5.750 10/01/2028 25,130
- ---------------------------------------------------------------------------------------------------------------------
160,000 Broward County, FL HFA (Heron Pointe Apartments) 5.700 11/01/2029 160,483
- ---------------------------------------------------------------------------------------------------------------------
12,475,000 Broward County, FL HFA (Pembroke Village Apartments) 7.000 06/01/2046 12,256,563
- ---------------------------------------------------------------------------------------------------------------------
1,310,000 Broward County, FL HFA (Single Family) 5.000 10/01/2039 1,365,675
- ---------------------------------------------------------------------------------------------------------------------
15,000 Broward County, FL HFA (Stirling Apartments) 5.600 10/01/2018 15,221
- ---------------------------------------------------------------------------------------------------------------------
125,000 Broward County, FL HFA (Stirling Apartments) 5.750 04/01/2038 126,449
- ---------------------------------------------------------------------------------------------------------------------
825,000 Cascades, FL Groveland Community Devel. District 5.300 05/01/2036 612,752
- ---------------------------------------------------------------------------------------------------------------------
1,050,000 Century Gardens, FL Community Devel. District 5.100 05/01/2037 817,415
- ---------------------------------------------------------------------------------------------------------------------
26,625,000 CFM, FL Community Devel. District, Series A 6.250 05/01/2035 21,974,944
- ---------------------------------------------------------------------------------------------------------------------
2,500,000 Chapel Creek, FL Community Devel. District Special
Assessment 5.200 05/01/2011 2,383,775
- ---------------------------------------------------------------------------------------------------------------------
3,665,000 Chapel Creek, FL Community Devel. District Special
Assessment 5.250 05/01/2015 3,325,108
- ---------------------------------------------------------------------------------------------------------------------
12,595,000 Chapel Creek, FL Community Devel. District Special
Assessment 5.500 05/01/2038 10,278,276
- ---------------------------------------------------------------------------------------------------------------------
4,200,000 City Center, FL Community Devel. District 6.000 05/01/2038 3,705,198
- ---------------------------------------------------------------------------------------------------------------------
1,640,000 City Center, FL Community Devel. District 6.125 05/01/2036 1,502,568
- ---------------------------------------------------------------------------------------------------------------------
31,840,000 Clearwater Cay, FL Community Devel. District 5.500 05/01/2037 22,738,854
- ---------------------------------------------------------------------------------------------------------------------
265,000 Collier County, FL HFA (Saxon Manor Isles Apartments) 5.450 03/01/2030 266,611
- ---------------------------------------------------------------------------------------------------------------------
55,000 Collier County, FL IDA (Allete) 6.500 10/01/2025 55,023
- ---------------------------------------------------------------------------------------------------------------------
4,080,000 Connerton West, FL Community Devel. District 5.125 05/01/2016 3,659,393
- ---------------------------------------------------------------------------------------------------------------------
4,370,000 Connerton West, FL Community Devel. District 5.400 05/01/2038 3,553,291
- ---------------------------------------------------------------------------------------------------------------------
4,940,000 Copperstone, FL Community Devel. District 5.200 05/01/2038 3,917,716
- ---------------------------------------------------------------------------------------------------------------------
7,520,000 Cordoba Ranch, FL Community Devel. District Special
Assessment 5.550 05/01/2037 6,270,477
- ---------------------------------------------------------------------------------------------------------------------
1,345,000 Coronado, FL Community Devel. District 6.000 05/01/2038 1,203,600
- ---------------------------------------------------------------------------------------------------------------------
3,250,000 Creekside, FL Community Devel. District 5.200 05/01/2038 2,560,285
- ---------------------------------------------------------------------------------------------------------------------
1,130,000 Crestview II, FL Community Devel. District Special
Assessment 5.600 05/01/2037 949,324
- ---------------------------------------------------------------------------------------------------------------------
2,625,000 Crosscreek, FL Community Devel. District 5.500 05/01/2017 2,126,408
- ---------------------------------------------------------------------------------------------------------------------
1,280,000 Crosscreek, FL Community Devel. District 5.600 05/01/2039 928,358
- ---------------------------------------------------------------------------------------------------------------------
9,685,000 Cypress Creek of Hillsborough County, FL Community
Devel. District 5.350 05/01/2037 7,833,034
- ---------------------------------------------------------------------------------------------------------------------
70,000 Dade City, FL (First Mtg.-Retirement Care) 8.000 01/01/2025 66,498
- ---------------------------------------------------------------------------------------------------------------------
45,000 Dade County, FL HFA (Golden Lakes Apartments) 6.050 11/01/2039 45,109
- ---------------------------------------------------------------------------------------------------------------------
90,000 Dade County, FL HFA (Siesta Pointe Apartments) 5.650 09/01/2017 90,582
- ---------------------------------------------------------------------------------------------------------------------
145,000 Dade County, FL HFA (Siesta Pointe Apartments) 5.750 09/01/2029 145,532
- ---------------------------------------------------------------------------------------------------------------------
9,778 Dade County, FL HFA (Single Family Mtg.) 6.100 04/01/2027 10,303
- ---------------------------------------------------------------------------------------------------------------------
25,000 Dade County, FL IDA (Florida Club Care) 6.600 01/20/2018 25,053
29 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 1,925,000 Dade County, FL IDA (Miami Cerebral Palsy Residence) 8.000% 06/01/2022 $ 1,932,585
- ---------------------------------------------------------------------------------------------------------------------
115,000 Dade County, FL Res Rec 5.500 10/01/2013 116,383
- ---------------------------------------------------------------------------------------------------------------------
3,145,000 Durbin Crossing, FL Community Devel. District
Special Assessment 5.250 11/01/2015 2,859,151
- ---------------------------------------------------------------------------------------------------------------------
2,445,000 East Homestead, FL Community Devel. District 5.375 05/01/2036 2,000,670
- ---------------------------------------------------------------------------------------------------------------------
960,000 East Homestead, FL Community Devel. District 5.450 11/01/2036 794,496
- ---------------------------------------------------------------------------------------------------------------------
1,125,000 Easton Park, FL Community Devel. District 5.200 05/01/2037 889,909
- ---------------------------------------------------------------------------------------------------------------------
5,000 Edgewater, FL Water & Sewer 7.000 10/01/2021 5,016
- ---------------------------------------------------------------------------------------------------------------------
1,500,000 Enclave at Black Point Marina, FL Community
Devel. District 5.200 05/01/2014 1,373,190
- ---------------------------------------------------------------------------------------------------------------------
1,250,000 Enclave at Black Point Marina, FL Community
Devel. District 5.400 05/01/2037 1,001,675
- ---------------------------------------------------------------------------------------------------------------------
75,000 Escambia County, FL HFA (Single Family Mtg.) 5.500 10/01/2031 75,628
- ---------------------------------------------------------------------------------------------------------------------
21,495,000 Fiddler's Creek, FL Community Devel. District No. 2 6.000 05/01/2038 19,235,231
- ---------------------------------------------------------------------------------------------------------------------
150,000 FL Capital Projects Finance Authority (Peerless Group) 7.500 08/01/2019 148,773
- ---------------------------------------------------------------------------------------------------------------------
50,000 FL Capital Projects Finance Authority CCRC
(Glenridge on Palmer Ranch) 7.625 06/01/2032 53,031
- ---------------------------------------------------------------------------------------------------------------------
1,250,000 FL Capital Projects Finance Authority Solid Waste
(Waste Corp. of America) 9.000 09/01/2020 1,252,225
- ---------------------------------------------------------------------------------------------------------------------
26,200,000 FL Capital Trust Agency (AHF Florida LLC) 8.125 10/01/2038 26,470,384
- ---------------------------------------------------------------------------------------------------------------------
3,085,000 FL Capital Trust Agency (American Opportunity) 5.750 06/01/2023 2,961,847
- ---------------------------------------------------------------------------------------------------------------------
2,000,000 FL Capital Trust Agency (American Opportunity) 5.875 06/01/2038 1,840,040
- ---------------------------------------------------------------------------------------------------------------------
970,000 FL Capital Trust Agency (American Opportunity) 7.250 06/01/2038 876,705
- ---------------------------------------------------------------------------------------------------------------------
700,000 FL Capital Trust Agency (American Opportunity) 8.250 12/01/2038 631,967
- ---------------------------------------------------------------------------------------------------------------------
7,135,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 6.000 07/01/2040 6,204,453
- ---------------------------------------------------------------------------------------------------------------------
13,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 8.000 07/01/2040 10,380,890
- ---------------------------------------------------------------------------------------------------------------------
30,000 FL HFA (Hsg. Partners of Panama City) 5.700 05/01/2037 30,149
- ---------------------------------------------------------------------------------------------------------------------
60,000 FL HFA (Landings Boot Ranch) 6.100 11/01/2035 61,201
- ---------------------------------------------------------------------------------------------------------------------
100,000 FL HFA (Mar Lago Village Apartments) 5.900 12/01/2027 102,096
- ---------------------------------------------------------------------------------------------------------------------
50,000 FL HFA (Reserve at Kanapaha) 5.700 07/01/2037 50,284
- ---------------------------------------------------------------------------------------------------------------------
20,000 FL HFA (Spinnaker Cove Apartments) 6.500 07/01/2036 20,084
- ---------------------------------------------------------------------------------------------------------------------
4,905,000 FL HFA (St. Cloud Village Associates) 2 5.950 02/01/2030 5,023,946
- ---------------------------------------------------------------------------------------------------------------------
1,345,000 FL HFA (St. Cloud Village Associates) 8.000 02/15/2030 1,241,475
- ---------------------------------------------------------------------------------------------------------------------
50,000 FL HFA (Stoddert Arms Apartments) 6.250 09/01/2026 50,297
- ---------------------------------------------------------------------------------------------------------------------
55,000 FL HFA (Turtle Creek Apartments) 6.150 05/01/2026 55,119
- ---------------------------------------------------------------------------------------------------------------------
15,000 FL HFA (Turtle Creek Apartments) 6.200 05/01/2036 15,027
- ---------------------------------------------------------------------------------------------------------------------
45,000 FL HFA (Vizcaya Villas) 6.125 12/01/2021 45,180
- ---------------------------------------------------------------------------------------------------------------------
80,000 FL HFA (Vizcaya Villas) 6.200 12/01/2028 80,268
- ---------------------------------------------------------------------------------------------------------------------
15,000 FL HFA (Wentworth Apartments) 5.450 10/01/2037 15,031
- ---------------------------------------------------------------------------------------------------------------------
50,000 FL HFA (Willow Lake Apartments) 5.250 01/01/2021 50,410
- ---------------------------------------------------------------------------------------------------------------------
100,000 FL HFA (Willow Lake Apartments) 5.350 07/01/2027 100,474
30 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 55,000 FL HFC (Ashton Point Apartments) 5.625% 07/01/2029 $ 55,756
- ---------------------------------------------------------------------------------------------------------------------
100,000 FL HFC (Ashton Point Apartments) 5.750 07/01/2036 101,479
- ---------------------------------------------------------------------------------------------------------------------
15,000 FL HFC (Brittany of Rosemont) 6.250 07/01/2035 15,011
- ---------------------------------------------------------------------------------------------------------------------
20,000 FL HFC (East Lake Apartments) 5.050 10/01/2026 20,004
- ---------------------------------------------------------------------------------------------------------------------
45,000 FL HFC (Grande Pointe Apartments) 6.000 07/01/2038 45,930
- ---------------------------------------------------------------------------------------------------------------------
70,000 FL HFC (Hampton Court Apartments) 5.600 03/01/2032 70,593
- ---------------------------------------------------------------------------------------------------------------------
24,210,000 FL HFC (Homeowner Mtg.) 1 5.150 07/01/2037 23,794,526
- ---------------------------------------------------------------------------------------------------------------------
10,000,000 FL HFC (Homeowner Mtg.) 1 5.150 07/01/2038 9,871,000
- ---------------------------------------------------------------------------------------------------------------------
80,000 FL HFC (Homeowner Mtg.) 5.150 07/01/2021 80,761
- ---------------------------------------------------------------------------------------------------------------------
145,000 FL HFC (Homeowner Mtg.) 5.573 5 01/01/2029 45,924
- ---------------------------------------------------------------------------------------------------------------------
15,000 FL HFC (Homeowner Mtg.) 6.250 07/01/2022 15,846
- ---------------------------------------------------------------------------------------------------------------------
70,000 FL HFC (Kendall Court Apartments) 5.300 02/01/2031 70,186
- ---------------------------------------------------------------------------------------------------------------------
100,000 FL HFC (Kendall Court Apartments) 5.350 08/01/2024 100,993
- ---------------------------------------------------------------------------------------------------------------------
145,000 FL HFC (Logan Heights Apartments) 6.000 10/01/2039 155,115
- ---------------------------------------------------------------------------------------------------------------------
25,000 FL HFC (Marina Bay Apartments) 5.625 08/01/2027 25,281
- ---------------------------------------------------------------------------------------------------------------------
25,000 FL HFC (Mystic Pointe II) 6.100 12/01/2035 25,885
- ---------------------------------------------------------------------------------------------------------------------
45,000 FL HFC (Mystic Woods II Apartments) 6.300 07/01/2036 45,159
- ---------------------------------------------------------------------------------------------------------------------
25,000 FL HFC (Raceway Pointe Apartments) 5.950 09/01/2032 25,494
- ---------------------------------------------------------------------------------------------------------------------
10,000 FL HFC (River Trace Senior Apartments) 5.800 01/01/2041 10,151
- ---------------------------------------------------------------------------------------------------------------------
25,000 FL HFC (Sable Chase Associates) 5.875 11/01/2036 25,705
- ---------------------------------------------------------------------------------------------------------------------
10,000 FL HFC (Sanctuary Winterlakes) 5.850 09/01/2026 10,226
- ---------------------------------------------------------------------------------------------------------------------
20,000 FL HFC (Sheridan Place of Bredenton) 5.500 10/01/2036 20,187
- ---------------------------------------------------------------------------------------------------------------------
50,000 FL HFC (Spring Harbor Apartments) 5.500 08/01/2019 51,321
- ---------------------------------------------------------------------------------------------------------------------
95,000 FL HFC (Spring Harbor Apartments) 5.900 08/01/2039 96,360
- ---------------------------------------------------------------------------------------------------------------------
55,000 FL HFC (Stonebridge Landings Apartments) 5.200 08/01/2031 55,023
- ---------------------------------------------------------------------------------------------------------------------
10,000 FL HFC (Sundance Pointe Associates) 5.850 02/01/2037 10,174
- ---------------------------------------------------------------------------------------------------------------------
10,000 FL HFC (Villas De Mallorca) 5.750 07/01/2027 10,298
- ---------------------------------------------------------------------------------------------------------------------
30,000 FL HFC (Walker Avenue Club) 5.750 12/01/2030 30,486
- ---------------------------------------------------------------------------------------------------------------------
5,125,000 FL HFC (Westchase Apartments) 6.610 07/01/2038 5,152,368
- ---------------------------------------------------------------------------------------------------------------------
140,000 FL HFC (Woodridge Apartments) 5.750 10/01/2025 142,692
- ---------------------------------------------------------------------------------------------------------------------
100,000 FL HFC (Woodridge Apartments) 5.800 10/01/2029 101,588
- ---------------------------------------------------------------------------------------------------------------------
75,000 FL HFC (Woods Vero Beach) 5.900 10/01/2039 76,139
- ---------------------------------------------------------------------------------------------------------------------
1,500,000 Flora Ridge, FL Educational Facilities Benefit District 5.300 05/01/2037 1,205,355
- ---------------------------------------------------------------------------------------------------------------------
6,080,000 Fontainbleau Lakes, FL Community Devel. District 6.000 05/01/2015 5,772,778
- ---------------------------------------------------------------------------------------------------------------------
4,000,000 Fontainbleau Lakes, FL Community Devel. District 6.000 05/01/2038 3,547,080
- ---------------------------------------------------------------------------------------------------------------------
11,675,000 Forest Creek, FL Community Devel. District 5.450 05/01/2036 9,612,261
- ---------------------------------------------------------------------------------------------------------------------
18,340,000 Glades, FL Correctional Devel. Corp.
(Glades County Detention) 2 7.375 03/01/2030 18,600,061
- ---------------------------------------------------------------------------------------------------------------------
10,000,000 Grand Bay at Doral, FL Community Devel. District 2 6.000 05/01/2017 9,355,200
- ---------------------------------------------------------------------------------------------------------------------
8,735,000 Grand Bay at Doral, FL Community Devel. District 6.000 05/01/2039 7,676,056
31 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 650,000 Grand Haven, FL Community Devel. District 6.900% 05/01/2019 $ 650,494
- --------------------------------------------------------------------------------------------------------------------
12,370,000 Greater Lakes/Sawgrass Bay, FL Community Devel. District 5.500 05/01/2038 10,041,966
- --------------------------------------------------------------------------------------------------------------------
7,505,000 Greater Orlando, FL Aviation Authority
(JetBlue Airways Corp.) 2 6.375 11/15/2026 7,172,303
- --------------------------------------------------------------------------------------------------------------------
14,965,000 Greater Orlando, FL Aviation Authority
(JetBlue Airways Corp.) 2 6.500 11/15/2036 14,227,525
- --------------------------------------------------------------------------------------------------------------------
150,000 Gulf Breeze, FL GO 5.900 12/01/2015 151,154
- --------------------------------------------------------------------------------------------------------------------
8,900,000 Harrison Ranch, FL Community Devel. District 5.300 05/01/2038 7,105,048
- --------------------------------------------------------------------------------------------------------------------
1,125,000 Hawks Point, FL Community Devel. District 5.300 05/01/2039 895,916
- --------------------------------------------------------------------------------------------------------------------
15,905,000 Heritage Bay, FL Community Devel. District 5.500 05/01/2036 12,974,504
- --------------------------------------------------------------------------------------------------------------------
15,250,000 Heritage Harbour North, FL Community Devel. District 6.375 05/01/2038 14,245,788
- --------------------------------------------------------------------------------------------------------------------
1,920,000 Heritage Plantation, FL Community Devel. District 5.100 11/01/2013 1,771,296
- --------------------------------------------------------------------------------------------------------------------
3,580,000 Heritage Plantation, FL Community Devel. District 5.400 05/01/2037 2,910,218
- --------------------------------------------------------------------------------------------------------------------
12,000,000 Hialeah Gardens, FL Health Facilities Authority
(Catholic Health Services Facilities) 1 5.250 08/15/2031 12,188,700
- --------------------------------------------------------------------------------------------------------------------
960,000 Highland Meadows, FL Community Devel. District
Special Assessment, Series A 5.500 05/01/2036 778,138
- --------------------------------------------------------------------------------------------------------------------
4,185,000 Highlands, FL Community Devel. District 5.550 05/01/2036 3,417,638
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Hillsborough County, FL IDA (National Gypsum Company) 2 7.125 04/01/2030 2,054,380
- --------------------------------------------------------------------------------------------------------------------
9,250,000 Hillsborough County, FL IDA (Senior Care Group) 6.700 07/01/2021 9,302,355
- --------------------------------------------------------------------------------------------------------------------
6,100,000 Hillsborough County, FL IDA (Senior Care Group) 6.750 07/01/2029 6,132,635
- --------------------------------------------------------------------------------------------------------------------
2,740,000 Indigo, FL Community Devel. District 5.750 05/01/2036 2,289,818
- --------------------------------------------------------------------------------------------------------------------
8,890,000 Island at Doral III, FL Community Devel. District
Special Assessment 5.900 05/01/2035 7,029,679
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Jacksonville, FL EDC (Met Packaging Solutions) 5.500 10/01/2030 2,848,980
- --------------------------------------------------------------------------------------------------------------------
18,000,000 Jacksonville, FL Health Facilities Authority
(Ascension Health Credit Group) 1 5.250 11/15/2032 18,317,430
- --------------------------------------------------------------------------------------------------------------------
715,000 Jacksonville, FL Water and Sewage (United Waterworks) 6.350 08/01/2025 716,266
- --------------------------------------------------------------------------------------------------------------------
1,475,000 K-Bar Ranch, FL Community Devel. District
Special Assessment 5.450 05/01/2036 1,214,397
- --------------------------------------------------------------------------------------------------------------------
1,195,000 Keys Cove, FL Community Devel. District 5.875 05/01/2035 1,143,328
- --------------------------------------------------------------------------------------------------------------------
3,500,000 Lake Ashton II, FL Community Devel. District 5.375 05/01/2036 2,936,220
- --------------------------------------------------------------------------------------------------------------------
930,000 Lake Frances, FL Community Devel. District Special
Assessment 5.300 05/01/2037 747,320
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Lakeside Landings, FL Devel. District 5.250 05/01/2013 1,867,740
- --------------------------------------------------------------------------------------------------------------------
750,000 Lakeside Landings, FL Devel. District 5.500 05/01/2038 617,693
- --------------------------------------------------------------------------------------------------------------------
14,500,000 Landmark at Doral, FL Community Devel. District
Special Assessment 5.200 05/01/2015 11,833,885
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Landmark at Doral, FL Community Devel. District
Special Assessment 5.500 05/01/2038 5,905,600
- --------------------------------------------------------------------------------------------------------------------
100,000 Largo, FL Sun Coast Health System (Sun Coast Hospital) 6.200 03/01/2013 92,966
32 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 85,000 Lee County, FL HFA (Single Family Mtg.) 7.200% 03/01/2033 $ 86,632
- --------------------------------------------------------------------------------------------------------------------
1,200,000 Legends Bay, FL Community Devel. District 5.500 05/01/2014 1,122,948
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Legends Bay, FL Community Devel. District 5.875 05/01/2038 1,306,470
- --------------------------------------------------------------------------------------------------------------------
100,000 Leon County, FL Educational Facilities Authority
(Southgate Residence Hall) 6.750 09/01/2028 101,803
- --------------------------------------------------------------------------------------------------------------------
7,955,000 Madeira, FL Community Devel. District 5.250 11/01/2014 7,297,519
- --------------------------------------------------------------------------------------------------------------------
8,045,000 Madeira, FL Community Devel. District 5.450 05/01/2039 6,560,778
- --------------------------------------------------------------------------------------------------------------------
1,740,000 Madison County, FL Mtg. (Twin Oaks) 6.000 07/01/2025 1,692,133
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Magnolia Creek, FL Community Devel. District 5.600 05/01/2014 4,704,050
- --------------------------------------------------------------------------------------------------------------------
5,360,000 Magnolia Creek, FL Community Devel. District 5.900 05/01/2039 4,678,851
- --------------------------------------------------------------------------------------------------------------------
2,940,000 Magnolia West, FL Community Devel. District
Special Assessment 5.350 05/01/2037 2,377,813
- --------------------------------------------------------------------------------------------------------------------
145,000 Manatee County, FL HFA (Single Family Mtg.) 7.000 11/01/2027 149,291
- --------------------------------------------------------------------------------------------------------------------
14,190,000 Martin County, FL IDA (Indiantown Cogeneration) 2 7.875 12/15/2025 14,268,329
- --------------------------------------------------------------------------------------------------------------------
760,000 Martin County, FL IDA (Indiantown Cogeneration) 8.050 12/15/2025 764,385
- --------------------------------------------------------------------------------------------------------------------
4,845,000 Meadow Woods, FL Community Devel. District
Special Assessment 6.050 05/01/2035 4,306,381
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Mediterranea, FL Community Devel. District
Special Assessment 5.600 05/01/2037 840,110
- --------------------------------------------------------------------------------------------------------------------
1,025,000 Miami Beach, FL Health Facilities Authority
(Mt. Sinai Medical Center) 6.700 11/15/2019 1,063,407
- --------------------------------------------------------------------------------------------------------------------
540,000 Miami Beach, FL Health Facilities Authority
(Mt. Sinai Medical Center) 6.800 11/15/2031 549,607
- --------------------------------------------------------------------------------------------------------------------
80,000 Miami-Dade County, FL Aviation 5.000 10/01/2023 80,450
- --------------------------------------------------------------------------------------------------------------------
30,000 Miami-Dade County, FL Aviation
(Miami International Airport) 5.000 10/01/2033 29,361
- --------------------------------------------------------------------------------------------------------------------
2,030,000 Mira Lago West, FL Community Devel. District 5.375 05/01/2036 1,714,315
- --------------------------------------------------------------------------------------------------------------------
6,970,000 Miromar Lakes, FL Community Devel. District 6.875 05/01/2035 7,222,035
- --------------------------------------------------------------------------------------------------------------------
19,365,000 Montecito, FL Community Devel. District 2 5.100 05/01/2013 17,949,806
- --------------------------------------------------------------------------------------------------------------------
3,790,000 Montecito, FL Community Devel. District 5.500 05/01/2037 3,136,528
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Monterra, FL Community Devel. District
Special Assessment 5.000 11/01/2010 3,754,680
- --------------------------------------------------------------------------------------------------------------------
1,875,000 Monterra, FL Community Devel. District
Special Assessment 5.125 11/01/2014 1,641,788
- --------------------------------------------------------------------------------------------------------------------
5,210,000 Monterra, FL Community Devel. District
Special Assessment 5.500 05/01/2036 3,870,926
- --------------------------------------------------------------------------------------------------------------------
700,000 Moody River, FL Estates Community Devel. District 5.350 05/01/2036 560,420
- --------------------------------------------------------------------------------------------------------------------
17,250,000 Myrtle Creek, FL Improvement District Special Assessment 5.200 05/01/2037 13,534,178
- --------------------------------------------------------------------------------------------------------------------
11,150,000 Nassau County, FL (Nassau Care Centers) 6.900 01/01/2038 11,262,950
- --------------------------------------------------------------------------------------------------------------------
30,000 Nassau County, FL Pollution Control (ITT Rayonier) 6.200 07/01/2015 30,036
- --------------------------------------------------------------------------------------------------------------------
1,735,000 Naturewalk, FL Community Devel. District 5.300 05/01/2016 1,558,845
- --------------------------------------------------------------------------------------------------------------------
5,500,000 Naturewalk, FL Community Devel. District 7 5.500 05/01/2038 4,407,260
33 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 1,555,000 New Port Tampa Bay, FL Community Devel. District 6 5.300% 11/01/2012 $ 1,166,514
- --------------------------------------------------------------------------------------------------------------------
24,700,000 New Port Tampa Bay, FL Community Devel. District 6 5.875 05/01/2038 16,259,516
- --------------------------------------------------------------------------------------------------------------------
3,480,000 New River, FL Community Devel. District 5.000 05/01/2013 3,211,970
- --------------------------------------------------------------------------------------------------------------------
365,000 New River, FL Community Devel. District 5.350 05/01/2038 290,993
- --------------------------------------------------------------------------------------------------------------------
15,515,000 North Springs, FL Improvement District
(Parkland Golf-Country Club) 7 5.450 05/01/2026 12,254,057
- --------------------------------------------------------------------------------------------------------------------
750,000 Northern Palm Beach, FL Improvement District 5.350 08/01/2041 599,288
- --------------------------------------------------------------------------------------------------------------------
1,420,000 Oak Creek, FL Community Devel. District
Special Assessment 5.800 05/01/2035 1,325,314
- --------------------------------------------------------------------------------------------------------------------
2,750,000 Oakmont Grove, FL Community Devel. District
Special Assessment 5.250 05/01/2012 2,527,525
- --------------------------------------------------------------------------------------------------------------------
1,595,000 Oakmont Grove, FL Community Devel. District
Special Assessment 5.400 05/01/2038 1,158,927
- --------------------------------------------------------------------------------------------------------------------
3,745,000 Old Palm, FL Community Devel. District
(Palm Beach Gardens) 7 5.375 05/01/2014 3,384,394
- --------------------------------------------------------------------------------------------------------------------
1,535,000 Orange County, FL Health Facilities Authority
(GF Orlando/CFGH Obligated Group) 8.875 07/01/2021 1,646,548
- --------------------------------------------------------------------------------------------------------------------
3,200,000 Orange County, FL Health Facilities Authority
(GF Orlando/CFGH Obligated Group) 2 9.000 07/01/2031 3,433,728
- --------------------------------------------------------------------------------------------------------------------
750,000 Orange County, FL Health Facilities Authority
(Orlando Lutheran Tower) 5.500 07/01/2032 676,523
- --------------------------------------------------------------------------------------------------------------------
1,125,000 Orange County, FL Health Facilities Authority
(Orlando Lutheran Tower) 5.500 07/01/2038 998,213
- --------------------------------------------------------------------------------------------------------------------
6,020,000 Orange County, FL HFA (Dunwoodie Apartments) 2 6.500 07/01/2035 6,058,347
- --------------------------------------------------------------------------------------------------------------------
10,000 Orange County, FL HFA (Homeowner) 5.200 09/01/2023 10,048
- --------------------------------------------------------------------------------------------------------------------
25,000 Orange County, FL HFA (Homeowner) 5.250 09/01/2026 25,102
- --------------------------------------------------------------------------------------------------------------------
190,000 Orange County, FL HFA (Homeowner) 5.420 5 03/01/2028 62,360
- --------------------------------------------------------------------------------------------------------------------
15,000 Orange County, FL HFA (Homeowner) 5.550 09/01/2033 15,144
- --------------------------------------------------------------------------------------------------------------------
5,000 Orange County, FL HFA (Park Avenue Villas) 5.250 09/01/2031 5,009
- --------------------------------------------------------------------------------------------------------------------
1,755,000 Orange County, FL HFA (Seminole Pointe) 5.800 06/01/2032 1,760,370
- --------------------------------------------------------------------------------------------------------------------
100,000 Osceola County, FL HFA (Kensington Apartments) 5.450 01/01/2040 100,275
- --------------------------------------------------------------------------------------------------------------------
200,000 Osceola County, FL HFA (Tierra Vista Apartments) 5.800 12/01/2029 200,096
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Palm Bay, FL Educational Facilities (Patriot Charter
School) 2 7.000 07/01/2036 3,845,813
- --------------------------------------------------------------------------------------------------------------------
215,000 Palm Beach County, FL HFA (Chelsea Commons) 5.900 06/01/2029 215,234
- --------------------------------------------------------------------------------------------------------------------
55,000 Palm Beach County, FL HFA (Golden Lake Hsg. Assoc.) 6.100 08/01/2029 55,040
- --------------------------------------------------------------------------------------------------------------------
120,000 Palm Beach County, FL HFA (Pinnacle Palms Apartments) 5.750 07/01/2041 121,904
- --------------------------------------------------------------------------------------------------------------------
4,375,000 Palm Coast Park, FL Community Devel. District
Special Assessment 5.700 05/01/2037 3,730,300
- --------------------------------------------------------------------------------------------------------------------
2,805,000 Palm Glades, FL Community Devel. District 5.300 05/01/2036 2,280,998
- --------------------------------------------------------------------------------------------------------------------
6,065,000 Palm Glades, FL Community Devel. District
Special Assessment 7.125 05/01/2039 6,041,468
34 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 1,850,000 Palm River, FL Community Devel. District 5.150% 05/01/2013 $ 1,718,835
- --------------------------------------------------------------------------------------------------------------------
1,020,000 Palm River, FL Community Devel. District 5.375 05/01/2036 829,229
- --------------------------------------------------------------------------------------------------------------------
70,000 Panther Trace, FL Community Devel. District 7.250 05/01/2033 81,795
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Parker Road, FL Community Devel. District 5.350 05/01/2015 1,378,965
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Parker Road, FL Community Devel. District 5.600 05/01/2038 1,254,345
- --------------------------------------------------------------------------------------------------------------------
1,235,000 Parkway Center, FL Community Devel. District, Series A 6.300 05/01/2034 1,239,471
- --------------------------------------------------------------------------------------------------------------------
145,000 Pasco County, FL HFA (Pasco Woods) 5.700 08/01/2019 149,301
- --------------------------------------------------------------------------------------------------------------------
3,050,000 Paseo, FL Community Devel. District 5.000 02/01/2011 2,887,100
- --------------------------------------------------------------------------------------------------------------------
6,750,000 Pine Ridge Plantation, FL Community Devel. District 5.400 05/01/2037 5,479,988
- --------------------------------------------------------------------------------------------------------------------
4,625,000 Pinellas County, FL Health Facility Authority
(St. Mark Village) 2 5.650 05/01/2037 3,948,270
- --------------------------------------------------------------------------------------------------------------------
40,000 Pinellas County, FL HFA (Single Family Hsg.) 5.200 03/01/2037 37,415
- --------------------------------------------------------------------------------------------------------------------
800,000 Pinellas County, FL HFA (Single Family Hsg.) 5.250 03/01/2038 741,424
- --------------------------------------------------------------------------------------------------------------------
160,000 Pinellas County, FL HFA (Single Family Hsg.) 5.503 5 03/01/2031 43,672
- --------------------------------------------------------------------------------------------------------------------
1,315,000 Poinciana West, FL Community Devel. District
Special Assessment 6.000 05/01/2037 1,184,302
- --------------------------------------------------------------------------------------------------------------------
2,815,000 Port St. Lucie, FL Special Assessment (Peacock & Lowry) 5.350 07/01/2027 2,484,632
- --------------------------------------------------------------------------------------------------------------------
915,000 Portfino Springs, FL Community Devel. District
Special Assessment 5.500 05/01/2038 753,585
- --------------------------------------------------------------------------------------------------------------------
6,250,000 Portico, FL Community Devel. District 5.450 05/01/2037 5,106,438
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Portofino Cove, FL Community Devel. District
Special Assessment 5.500 05/01/2038 1,235,385
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Portofino Isles, FL Community Devel. District
(Portofino Court) 5.600 05/01/2036 2,575,260
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Portofino Landings, FL Community Devel. District
Special Assessment 5.200 05/01/2017 887,890
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Portofino Landings, FL Community Devel. District
Special Assessment 5.400 05/01/2038 1,609,140
- --------------------------------------------------------------------------------------------------------------------
2,530,000 Portofino Vista, FL Community Devel. District 2 5.000 05/01/2013 2,346,752
- --------------------------------------------------------------------------------------------------------------------
9,000,000 Quarry, FL Community Devel. District 5.500 05/01/2036 7,341,750
- --------------------------------------------------------------------------------------------------------------------
495,000 Renaissance Commons, FL Community Devel. District,
Series A 5.600 05/01/2036 427,700
- --------------------------------------------------------------------------------------------------------------------
6,420,000 Reunion East, FL Community Devel. District 5.800 05/01/2036 5,521,649
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Reunion East, FL Community Devel. District, Series A 7.375 05/01/2033 10,529,900
- --------------------------------------------------------------------------------------------------------------------
22,930,000 Reunion West, FL Community Devel. District 7 6.250 05/01/2036 20,984,160
- --------------------------------------------------------------------------------------------------------------------
2,250,000 Ridgewood Trails, FL Community Devel. District 5.650 05/01/2038 1,895,738
- --------------------------------------------------------------------------------------------------------------------
9,685,000 River Bend, FL Community Devel. District 7 5.450 05/01/2035 8,172,687
- --------------------------------------------------------------------------------------------------------------------
6,600,000 River Bend, FL Community Devel. District 7.125 11/01/2015 6,548,784
- --------------------------------------------------------------------------------------------------------------------
7,890,000 River Glen, FL Community Devel. District Special
Assessment 5.450 05/01/2038 6,431,297
- --------------------------------------------------------------------------------------------------------------------
3,545,000 Riverwood Estates, FL Community Devel. District
Special Assessment 5.350 05/01/2037 2,863,367
35 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 2,580,000 Rolling Hills, FL Community Devel. District 5.125% 11/01/2013 $ 2,376,283
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Rolling Hills, FL Community Devel. District 5.450 05/01/2037 1,636,200
- --------------------------------------------------------------------------------------------------------------------
200,000 Santa Rosa Bay, FL Bridge Authority 6.250 07/01/2028 186,688
- --------------------------------------------------------------------------------------------------------------------
1,648,000 Sarasota, FL Health Facility Authority
(SPS/SHS/SR Obligated Group) 6.000 05/15/2010 1,651,757
- --------------------------------------------------------------------------------------------------------------------
23,200,000 Sarasota, FL National Community Devel. District
Special Assessment 5.300 05/01/2039 18,207,360
- --------------------------------------------------------------------------------------------------------------------
4,475,000 Seminole County, FL IDA (Progressive Health) 2 7.500 03/01/2035 4,451,462
- --------------------------------------------------------------------------------------------------------------------
6,855,000 Shingle Creek, FL Community Devel. District 6.100 05/01/2025 6,264,099
- --------------------------------------------------------------------------------------------------------------------
25,085,000 Shingle Creek, FL Community Devel. District 6.125 05/01/2037 22,182,164
- --------------------------------------------------------------------------------------------------------------------
1,055,000 Six Mile Creek, FL Community Devel. District 5.500 05/01/2017 915,592
- --------------------------------------------------------------------------------------------------------------------
8,625,000 Six Mile Creek, FL Community Devel. District 5.875 05/01/2038 6,621,154
- --------------------------------------------------------------------------------------------------------------------
6,900,000 South Bay, FL Community Devel. District 5.125 11/01/2009 6,553,758
- --------------------------------------------------------------------------------------------------------------------
12,035,000 South Bay, FL Community Devel. District 5.375 05/01/2013 10,533,874
- --------------------------------------------------------------------------------------------------------------------
16,975,000 South Bay, FL Community Devel. District 5.950 05/01/2036 12,357,800
- --------------------------------------------------------------------------------------------------------------------
1,825,000 South Fork East, FL Community Devel. District 6.500 05/01/2038 1,733,659
- --------------------------------------------------------------------------------------------------------------------
8,190,000 South Fork East, FL Community Devel. District 7.000 11/01/2015 8,138,157
- --------------------------------------------------------------------------------------------------------------------
100,000 South Lake County, FL Hospital District
(Orlando Regional Healthcare System) 6.000 10/01/2022 103,369
- --------------------------------------------------------------------------------------------------------------------
3,100,000 St. Johns County, FL IDA (Glenmoor Health Care) 5.375 01/01/2040 2,719,010
- --------------------------------------------------------------------------------------------------------------------
565,000 St. Johns County, FL IDA
(St. John's County Welfare Federation) 5.200 10/01/2027 501,364
- --------------------------------------------------------------------------------------------------------------------
1,000,000 St. Johns County, FL IDA
(St. John's County Welfare Federation) 5.250 10/01/2041 837,000
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Stonebrier, FL Community Devel. District 5.500 05/01/2037 1,655,160
- --------------------------------------------------------------------------------------------------------------------
3,165,000 Stoneybrook, FL South Community Devel. District 5.800 05/01/2039 2,701,074
- --------------------------------------------------------------------------------------------------------------------
1,525,000 Summerville, FL Community Devel. District 5.500 05/01/2036 1,265,003
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Sweetwater Creek, FL Community Devel. District 5.500 05/01/2038 4,715,940
- --------------------------------------------------------------------------------------------------------------------
9,460,000 Tern Bay, FL Community Devel. District 6 5.000 05/01/2015 7,803,743
- --------------------------------------------------------------------------------------------------------------------
19,280,000 Tern Bay, FL Community Devel. District 6 5.375 05/01/2037 13,182,314
- --------------------------------------------------------------------------------------------------------------------
33,650,000 Tolomato, FL Community Devel. District
Special Assessment 6.650 05/01/2040 33,227,356
- --------------------------------------------------------------------------------------------------------------------
2,925,000 Town Center, FL at Palm Coast Community Devel. District 6.000 05/01/2036 2,600,881
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Treeline, FL Preservation Community Devel. District 6.800 05/01/2039 4,808,850
- --------------------------------------------------------------------------------------------------------------------
750,000 Turnbull Creek, FL Community Devel. District
Special Assessment 5.250 05/01/2037 583,283
- --------------------------------------------------------------------------------------------------------------------
1,435,000 Two Creeks, FL Community Devel. District 5.250 05/01/2037 1,101,650
- --------------------------------------------------------------------------------------------------------------------
2,250,000 University Square, FL Community Devel. District 5.875 05/01/2038 1,975,073
- --------------------------------------------------------------------------------------------------------------------
10,900,000 Verandah East, FL Community Devel. District 5.400 05/01/2037 8,942,578
- --------------------------------------------------------------------------------------------------------------------
6,580,000 Verano Center, FL Community Devel. District 5.375 05/01/2037 4,928,157
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Villa Portofino East, FL Community Devel. District 5.200 05/01/2037 1,988,075
36 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 1,760,000 Villa Portofino West, FL Community Devel. District 5.350% 05/01/2036 $ 1,427,237
- --------------------------------------------------------------------------------------------------------------------
1,265,000 Villa Vizcaya, FL Community Devel. District
Special Assessment 5.550 05/01/2039 1,039,476
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Villages of Westport, FL Community Devel. District 5.700 05/01/2035 1,663,260
- --------------------------------------------------------------------------------------------------------------------
2,815,000 Villagewalk of Bonita Springs, FL Community
Devel. District 5.150 05/01/2038 2,220,500
- --------------------------------------------------------------------------------------------------------------------
20,000 Volusia County, FL Educational Facility Authority
(Embry-Riddle Aeronautical University) 5.750 10/15/2029 20,205
- --------------------------------------------------------------------------------------------------------------------
1,395,000 Waterford Estates, FL Community Devel. District
Special Assessment 5.125 05/01/2013 1,250,143
- --------------------------------------------------------------------------------------------------------------------
3,400,000 Waterford Estates, FL Community Devel. District
Special Assessment 5.500 05/01/2037 2,517,700
- --------------------------------------------------------------------------------------------------------------------
3,735,000 Watergrass, FL Community Devel. District
Special Assessment 5.125 11/01/2014 3,424,099
- --------------------------------------------------------------------------------------------------------------------
2,370,000 Watergrass, FL Community Devel. District
Special Assessment 5.375 05/01/2039 1,910,078
- --------------------------------------------------------------------------------------------------------------------
3,275,000 Waterlefe, FL Community Devel. District Golf Course 8.125 10/01/2025 3,278,766
- --------------------------------------------------------------------------------------------------------------------
7,160,000 Waters Edge, FL Community Devel. District 5.350 05/01/2039 5,709,527
- --------------------------------------------------------------------------------------------------------------------
3,025,000 Waters Edge, FL Community Devel. District 5.400 05/01/2039 2,415,342
- --------------------------------------------------------------------------------------------------------------------
5,850,000 Waterstone, FL Community Devel. District 5.500 05/01/2018 5,244,642
- --------------------------------------------------------------------------------------------------------------------
6,360,000 Wentworth Estates, FL Community Devel. District 5.125 11/01/2012 5,612,636
- --------------------------------------------------------------------------------------------------------------------
10,610,000 Wentworth Estates, FL Community Devel. District 5.625 05/01/2037 7,545,408
- --------------------------------------------------------------------------------------------------------------------
3,940,000 West Villages, FL Improvement District 5.350 05/01/2015 3,622,081
- --------------------------------------------------------------------------------------------------------------------
10,480,000 West Villages, FL Improvement District 5.500 05/01/2037 8,673,038
- --------------------------------------------------------------------------------------------------------------------
11,395,000 West Villages, FL Improvement District 5.500 05/01/2038 9,347,888
- --------------------------------------------------------------------------------------------------------------------
18,550,000 West Villages, FL Improvement District 2 5.800 05/01/2036 16,076,914
- --------------------------------------------------------------------------------------------------------------------
15,250,000 Westridge, FL Community Devel. District 2 5.800 05/01/2037 13,193,690
- --------------------------------------------------------------------------------------------------------------------
17,510,000 Westside, FL Community Devel District 7.200 05/01/2038 17,690,353
- --------------------------------------------------------------------------------------------------------------------
11,525,000 Westside, FL Community Devel. District 5.650 05/01/2037 9,469,632
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Winter Garden Village at Fowler Groves, FL
Community Devel. District Special Tax 5.650 05/01/2037 1,322,370
- --------------------------------------------------------------------------------------------------------------------
2,085,000 World Commerce, FL Community Devel. District
Special Assessment 5.500 05/01/2038 1,710,430
- --------------------------------------------------------------------------------------------------------------------
1,000,000 World Commerce, FL Community Devel. District
Special Assessment 6.500 05/01/2036 963,020
- --------------------------------------------------------------------------------------------------------------------
7,420,000 Wyld Palms, FL Community Devel. District 5.400 05/01/2015 6,882,347
- --------------------------------------------------------------------------------------------------------------------
4,400,000 Wyld Palms, FL Community Devel. District 5.500 05/01/2038 3,633,388
- --------------------------------------------------------------------------------------------------------------------
2,270,000 Zephyr Ridge, FL Community Devel. District 5.250 05/01/2013 2,118,932
- --------------------------------------------------------------------------------------------------------------------
2,705,000 Zephyr Ridge, FL Community Devel. District 5.625 05/01/2037 2,280,964
--------------
1,220,870,363
37 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
GEORGIA--2.3%
$ 60,000 Acworth, GA Hsg. Authority (Wingate Falls Apartments) 6.200% 03/01/2027 $ 60,605
- --------------------------------------------------------------------------------------------------------------------
25,000 Acworth, GA Hsg. Authority (Wingate Falls Apartments) 6.200 03/01/2029 25,234
- --------------------------------------------------------------------------------------------------------------------
60,000 Americus-Sumter County, GA Hospital Authority
(South Georgia Methodist Home for the Aging) 6.250 05/15/2016 60,845
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 6.250 07/01/2036 2,997,810
- --------------------------------------------------------------------------------------------------------------------
160,000 Atlanta, GA Hsg. Authority (Village at Castleberry) 5.400 02/20/2039 160,552
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Atlanta, GA Tax Allocation (Eastside) 5.600 01/01/2030 1,433,790
- --------------------------------------------------------------------------------------------------------------------
95,000 Atlanta, GA Urban Residential Finance Authority
(Fulton Cotton Mill) 6.000 05/20/2017 96,429
- --------------------------------------------------------------------------------------------------------------------
320,000 Atlanta, GA Urban Residential Finance Authority
(John Hope Community Partnership) 5.550 11/20/2037 323,946
- --------------------------------------------------------------------------------------------------------------------
140,000 Atlanta, GA Urban Residential Finance Authority
(Spring Branch Apartments) 8.500 04/01/2026 110,418
- --------------------------------------------------------------------------------------------------------------------
305,000 Brunswick & Glynn County, GA Devel. Authority
(Coastal Community Retirement Corp.) 6,8 7.125 01/01/2025 210,450
- --------------------------------------------------------------------------------------------------------------------
7,095,000 Brunswick & Glynn County, GA Devel. Authority
(Coastal Community Retirement Corp.) 6,8 7.250 01/01/2035 4,895,550
- --------------------------------------------------------------------------------------------------------------------
200,000 Brunswick & Glynn County, GA Devel. Authority
(Georgia-Pacific Corp.) 5.550 03/01/2026 175,042
- --------------------------------------------------------------------------------------------------------------------
365,000 Burke County, GA Devel. Authority
(Georgia Power Company) 5.450 05/01/2034 365,062
- --------------------------------------------------------------------------------------------------------------------
335,000 Charlton County, GA Solid Waste Management Authority
(Chesser Island Road Landfill) 7.375 04/01/2018 335,147
- --------------------------------------------------------------------------------------------------------------------
40,000 Cherokee County, GA Hospital Authority
(RT Jones Memorial Hospital) 7.300 12/01/2013 40,616
- --------------------------------------------------------------------------------------------------------------------
95,000 Clayton County, GA Hsg. Authority
(Pointe Clear Apartments) 5.650 07/01/2017 96,265
- --------------------------------------------------------------------------------------------------------------------
50,000 Crisp County, GA Devel. Authority
(International Paper Company) 6.200 02/01/2020 51,685
- --------------------------------------------------------------------------------------------------------------------
4,000,000 De Kalb County, GA Devel. Authority
(General Motors Corp.) 2 6.000 03/15/2021 3,767,360
- --------------------------------------------------------------------------------------------------------------------
1,680,000 Effingham County, GA Devel. Authority (Fort James Corp.) 5.625 07/01/2018 1,530,161
- --------------------------------------------------------------------------------------------------------------------
95,000 Effingham County, GA IDA Pollution Control
(Georgia-Pacific Corp.) 6.500 06/01/2031 92,163
- --------------------------------------------------------------------------------------------------------------------
125,000 Fulton County, GA Airport (Delta Airlines) 6,8,10 5.300 05/01/2013 2,375
- --------------------------------------------------------------------------------------------------------------------
250,000 Fulton County, GA Airport (Delta Airlines) 6,8,10 5.450 05/01/2023 4,750
- --------------------------------------------------------------------------------------------------------------------
25,000 Fulton County, GA Airport (Delta Airlines) 6,8,10 5.500 05/01/2033 475
- --------------------------------------------------------------------------------------------------------------------
80,000 Fulton County, GA Airport (Delta Airlines) 6,8,10 6.950 11/01/2012 1,520
- --------------------------------------------------------------------------------------------------------------------
39,510,000 Fulton County, GA Devel. Authority
(Catholic Health East) 1 4.072 3 11/15/2028 33,582,330
38 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
GEORGIA Continued
$ 615,000 Fulton County, GA Devel. Authority
(Catholic Health East/Mercy Medical/McCauley
Center Obligated Group) 4.096% 3 11/15/2028 $ 521,545
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Fulton County, GA Residential Care Facilities
(Lenbrook Square Foundation) 2 5.000 07/01/2027 3,433,920
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Fulton County, GA Residential Care Facilities
(Lenbrook Square Foundation) 5.125 07/01/2042 830,670
- --------------------------------------------------------------------------------------------------------------------
24,740,000 GA George L. Smith II World Congress Center Authority
(Domed Stadium) 1 5.500 07/01/2020 25,610,848
- --------------------------------------------------------------------------------------------------------------------
20,000 GA Hsg. & Finance Authority (Single Family Mtg.) 5.400 12/01/2031 20,306
- --------------------------------------------------------------------------------------------------------------------
30,000,000 Irwin County, GA COP 2 8.000 08/01/2037 30,167,700
- --------------------------------------------------------------------------------------------------------------------
100,000 McDuffie County, GA County Devel. Authority
(Temple-Inland) 6.950 12/01/2023 102,444
- --------------------------------------------------------------------------------------------------------------------
49,820,000 Milledgeville-Baldwin County, GA Devel. Authority
(Georgia College & State University Foundation) 1 4.155 3 10/01/2033 37,058,650
- --------------------------------------------------------------------------------------------------------------------
10,000 Peach County, GA Devel. Authority Healthcare Facility 8.500 03/01/2034 10,036
- --------------------------------------------------------------------------------------------------------------------
7,000,000 Richmond County, GA Devel. Authority
(International Paper Company) 2 5.000 08/01/2030 6,280,960
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Rockdale County, GA Devel. Authority (Visy Paper) 6.125 01/01/2034 983,360
- --------------------------------------------------------------------------------------------------------------------
430,000 Savannah, GA EDA (Skidway Health & Living Services) 6.850 01/01/2019 432,180
- --------------------------------------------------------------------------------------------------------------------
1,055,000 Savannah, GA EDA (Skidway Health & Living Services) 7.400 01/01/2024 1,092,199
- --------------------------------------------------------------------------------------------------------------------
2,985,000 Savannah, GA EDA (Skidway Health & Living Services) 7.400 01/01/2034 3,066,401
- --------------------------------------------------------------------------------------------------------------------
70,000 Savannah, GA EDA (Snap Hsg.) 5.350 11/20/2040 70,132
--------------
160,101,931
- --------------------------------------------------------------------------------------------------------------------
HAWAII--0.5%
200,000 HI Airports System 6.000 07/01/2019 209,828
- --------------------------------------------------------------------------------------------------------------------
8,500,000 HI Dept. of Budget & Finance Special Purpose
(Hawaiian Electric Company) 1 5.100 09/01/2032 8,540,970
- --------------------------------------------------------------------------------------------------------------------
10,600,000 HI Dept. of Budget & Finance Special Purpose (Kahala Nui) 8.000 11/15/2033 11,789,532
- --------------------------------------------------------------------------------------------------------------------
2,700,000 HI Dept. of Budget & Finance Special Purpose
(Kahala Senior Living Community) 7.875 11/15/2023 3,004,965
- --------------------------------------------------------------------------------------------------------------------
275,000 HI Dept. of Transportation (Continental Airlines) 5.625 11/15/2027 244,060
- --------------------------------------------------------------------------------------------------------------------
7,940,000 HI Dept. of Transportation (Continental Airlines) 7.000 06/01/2020 8,040,123
--------------
31,829,478
- --------------------------------------------------------------------------------------------------------------------
IDAHO--0.1%
3,000,000 ID Health Facilities Authority (Valley Vista Care Corp.) 7.875 11/15/2022 3,336,750
- --------------------------------------------------------------------------------------------------------------------
10,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 5.350 01/01/2025 10,064
- --------------------------------------------------------------------------------------------------------------------
80,000 ID Hsg. & Finance Assoc. (Single Family Mtg.) 5.950 01/01/2014 81,038
- --------------------------------------------------------------------------------------------------------------------
80,000 ID Hsg. Agency (Single Family Mtg.) 6.200 07/01/2025 82,395
- --------------------------------------------------------------------------------------------------------------------
315,000 ID Hsg. Agency (Single Family Mtg.) 6.550 07/01/2025 324,976
39 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
IDAHO Continued
$ 25,000 Power County, ID Industrial Devel. Corp. (FMC Corp.) 6.450% 08/01/2032 $ 25,585
--------------
3,860,808
- --------------------------------------------------------------------------------------------------------------------
ILLINOIS--6.7%
1,700,000 Annawan, IL Tax Increment (Patriot Renewable Fuels) 5.625 01/01/2018 1,622,361
- --------------------------------------------------------------------------------------------------------------------
37,911,000 Aurora, IL Single Family Mtg. 1 5.500 12/01/2039 39,992,618
- --------------------------------------------------------------------------------------------------------------------
11 Aurora, IL Single Family Mtg. 5.500 12/01/2039 11
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Belleville, IL Tax Increment (Frank Scott Parkway Redevel.) 5.700 05/01/2036 1,644,668
- --------------------------------------------------------------------------------------------------------------------
4,255,000 Bolingbrook, IL Will and Du Page Counties Wastewater
Facilities (Crossroads Treatment) 2 6.600 01/01/2035 4,065,014
- --------------------------------------------------------------------------------------------------------------------
26,500,000 Caseyville, IL Tax (Forest Lakes) 7.000 12/30/2022 24,339,985
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Centerpoint, IL Intermodal Center Program 8.000 06/15/2023 7,783,680
- --------------------------------------------------------------------------------------------------------------------
20,000 Chicago, IL (Single Family Mtg.) 6.350 10/01/2030 21,388
- --------------------------------------------------------------------------------------------------------------------
55,000 Chicago, IL Midway Airport 5.750 01/01/2017 55,400
- --------------------------------------------------------------------------------------------------------------------
35,000 Chicago, IL Midway Airport, Series B 5.625 01/01/2029 35,209
- --------------------------------------------------------------------------------------------------------------------
40,000 Chicago, IL Multifamily Hsg. (Cottage View Terrace) 6.125 02/20/2042 41,038
- --------------------------------------------------------------------------------------------------------------------
50,000 Chicago, IL Multifamily Hsg. (Indiana Manor Townhomes) 5.100 03/20/2044 48,434
- --------------------------------------------------------------------------------------------------------------------
8,000,000 Chicago, IL O'Hare International Airport 1 5.000 01/01/2034 7,784,440
- --------------------------------------------------------------------------------------------------------------------
32,200,000 Chicago, IL O'Hare International Airport 1 6.000 01/01/2029 34,032,502
- --------------------------------------------------------------------------------------------------------------------
15,675,000 Chicago, IL O'Hare International Airport (Delta Airlines) 6 6.450 05/01/2018 14,933,102
- --------------------------------------------------------------------------------------------------------------------
90,000 Cook County, IL Multifamily Hsg.
(Morton Grove Senior Hsg.) 5.650 09/20/2033 92,742
- --------------------------------------------------------------------------------------------------------------------
5,300,000 Cortland, IL Special Tax (Sheaffer System) 2 5.500 03/01/2017 5,159,868
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Deerfield, IL Educational Facilities
(Chicagoland Jewish High School) 6.000 05/01/2041 1,479,630
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Du Page County, IL Special Service Area No. 31
Special Tax (Monarch Landing) 5.625 03/01/2036 914,620
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Gilberts, IL Special Service Area No. 19 Special Tax
(Conservancy) 2 5.375 03/01/2016 3,265,950
- --------------------------------------------------------------------------------------------------------------------
1,375,000 Godfrey, IL (United Methodist Village) 5.875 11/15/2029 1,064,635
- --------------------------------------------------------------------------------------------------------------------
1,725,000 Hampshire, IL Special Service Area No. 16
(Crown Devel.-Prairie Ridge) 5.625 03/01/2022 1,633,403
- --------------------------------------------------------------------------------------------------------------------
3,135,000 Hampshire, IL Special Service Area No. 16
(Crown Devel.-Prairie Ridge) 6.000 03/01/2046 2,920,974
- --------------------------------------------------------------------------------------------------------------------
1,160,000 Hampshire, IL Special Service Area No. 17
(Crown Devel.-Oakstead) 5.625 03/01/2022 1,098,404
- --------------------------------------------------------------------------------------------------------------------
7,450,000 Hampshire, IL Special Service Area No. 17
(Crown Devel.-Oakstead) 6.000 03/01/2045 6,895,795
- --------------------------------------------------------------------------------------------------------------------
1,215,000 Hampshire, IL Special Service Area No. 18
(Crown Devel.-Tamms Farm) 6.000 03/01/2044 1,133,133
- --------------------------------------------------------------------------------------------------------------------
4,270,000 Hampshire, IL Special Service Area No. 19
(Crown Devel.-Prairie Ridge East) 6.000 03/01/2046 3,950,348
40 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 100,000 IL COP (Dept. of Central Management Services) 5.650% 07/01/2017 $ 101,746
- --------------------------------------------------------------------------------------------------------------------
24,864 IL Devel. Finance Authority
(Community Rehabilitation Providers) 8.250 08/01/2012 21,216
- --------------------------------------------------------------------------------------------------------------------
23,540,000 IL Devel. Finance Authority Environmental Facilities
(Citgo Petroleum Corp.) 8.000 06/01/2032 25,632,471
- --------------------------------------------------------------------------------------------------------------------
3,735,000 IL Devel. Finance Authority Pollution Control
(Amerencips) 5.500 03/01/2014 3,736,270
- --------------------------------------------------------------------------------------------------------------------
480,000 IL Devel. Finance Authority Pollution Control
(Central Illinois Public Service Company) 5.700 08/15/2026 479,976
- --------------------------------------------------------------------------------------------------------------------
21,000,000 IL Devel. Finance Authority Pollution Control
(Central Illinois Public Service Company) 5.950 08/15/2026 21,019,110
- --------------------------------------------------------------------------------------------------------------------
115,000 IL Devel. Finance Authority Solid Waste (WSREC) 8.250 04/01/2023 117,800
- --------------------------------------------------------------------------------------------------------------------
11,600,000 IL Educational Facilities Authority
(Plum Creek Rolling Meadows) 6.500 12/01/2037 11,050,044
- --------------------------------------------------------------------------------------------------------------------
3,195,000 IL Finance Authority (Bethel Terrace Apartments) 5.375 09/01/2035 2,977,964
- --------------------------------------------------------------------------------------------------------------------
1,200,000 IL Finance Authority (Central Baptist Village) 5.375 11/15/2039 1,029,324
- --------------------------------------------------------------------------------------------------------------------
4,250,000 IL Finance Authority (Clare Oaks) 6.000 11/15/2039 4,052,928
- --------------------------------------------------------------------------------------------------------------------
1,000,000 IL Finance Authority (DeKalb Supportive Living) 6.100 12/01/2041 898,610
- --------------------------------------------------------------------------------------------------------------------
2,250,000 IL Finance Authority (Franciscan Communities) 5.500 05/15/2027 2,106,383
- --------------------------------------------------------------------------------------------------------------------
2,750,000 IL Finance Authority (Franciscan Communities) 5.500 05/15/2037 2,486,028
- --------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.375 02/15/2025 1,860,640
- --------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.625 02/15/2037 1,797,840
- --------------------------------------------------------------------------------------------------------------------
30,000,000 IL Finance Authority (Illinois River Energy) 2 8.500 07/01/2019 28,032,900
- --------------------------------------------------------------------------------------------------------------------
850,000 IL Finance Authority (Luther Oaks) 6.000 08/15/2026 836,910
- --------------------------------------------------------------------------------------------------------------------
1,500,000 IL Finance Authority (Luther Oaks) 6.000 08/15/2039 1,437,630
- --------------------------------------------------------------------------------------------------------------------
3,265,000 IL Finance Authority (Lutheran Social Services of
Illinois/Vesper Management Corp. Obligated Group) 5.000 08/15/2024 2,854,002
- --------------------------------------------------------------------------------------------------------------------
3,640,000 IL Finance Authority (Lutheran Social Services of
Illinois/Vesper Management Corp. Obligated Group) 5.125 08/15/2028 3,141,502
- --------------------------------------------------------------------------------------------------------------------
30,000,000 IL Finance Authority (Monarch Landing) 7.000 12/01/2042 30,186,300
- --------------------------------------------------------------------------------------------------------------------
1,250,000 IL Finance Authority (Montgomery Place) 5.500 05/15/2026 1,153,663
- --------------------------------------------------------------------------------------------------------------------
2,250,000 IL Finance Authority (Montgomery Place) 5.750 05/15/2038 2,076,233
- --------------------------------------------------------------------------------------------------------------------
7,000,000 IL Finance Authority (Sedgebrook) 6.000 11/15/2042 6,518,890
- --------------------------------------------------------------------------------------------------------------------
3,500,000 IL Finance Authority (Three Crowns Park Plaza) 5.875 02/15/2038 3,274,565
- --------------------------------------------------------------------------------------------------------------------
8,700,000 IL Health Facilities Authority 2 6.900 11/15/2033 7,762,314
- --------------------------------------------------------------------------------------------------------------------
100,000 IL Health Facilities Authority
(Delnor Community Resource Living) 6.000 11/15/2017 100,005
- --------------------------------------------------------------------------------------------------------------------
40,000 IL Health Facilities Authority
(Memorial Medical Center/Memorial Health System) 5.250 10/01/2027 40,491
- --------------------------------------------------------------------------------------------------------------------
1,000,000 IL Hsg. Devel. Authority (Evergreen Place-Litchfield) 5.250 07/01/2037 991,810
- --------------------------------------------------------------------------------------------------------------------
2,295,000 IL Hsg. Devel. Authority (Evergreen Place-Litchfield) 5.350 01/01/2044 2,264,224
- --------------------------------------------------------------------------------------------------------------------
1,965,000 IL Hsg. Devel. Authority (Evergreen Place-Streator) 5.250 07/01/2037 1,948,907
41 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 1,440,000 IL Hsg. Devel. Authority (Evergreen Place-Streator) 5.350% 01/01/2044 $ 1,420,690
- --------------------------------------------------------------------------------------------------------------------
1,020,000 IL Hsg. Devel. Authority (Riverwoods Apartments) 5.500 07/01/2037 1,021,805
- --------------------------------------------------------------------------------------------------------------------
1,920,000 IL Hsg. Devel. Authority (Riverwoods Apartments) 5.550 01/01/2048 1,913,165
- --------------------------------------------------------------------------------------------------------------------
7,140,000 Lake County, IL Special Service Area No. 8 7.125 03/01/2037 7,065,958
- --------------------------------------------------------------------------------------------------------------------
25,000 Lindenhurst, IL Special Service Area No. 4 6.150 01/01/2018 25,378
- --------------------------------------------------------------------------------------------------------------------
13,635,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 2 7.125 01/01/2036 14,053,731
- --------------------------------------------------------------------------------------------------------------------
3,780,000 Manhattan, IL Special Service Area Special Tax
(Groebe Farm-Stonegate) 5.750 03/01/2022 3,695,593
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Manhattan, IL Special Service Area Special Tax
(Groebe Farm-Stonegate) 6.125 03/01/2040 3,780,640
- --------------------------------------------------------------------------------------------------------------------
1,940,000 Manhattan, IL Special Service Area Special Tax
(Lakeside Towns Liberty) 5.750 03/01/2022 1,896,680
- --------------------------------------------------------------------------------------------------------------------
445,000 Peoria, IL Hsg. (Peoria Oak Woods Apartments) 7.750 10/15/2033 445,018
- --------------------------------------------------------------------------------------------------------------------
3,500,000 Plano, IL Special Service Area No. 5 2 6.000 03/01/2036 3,329,235
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Quad Cities, IL Regional EDA (Heritage Woods Moline) 6.000 12/01/2041 3,320,775
- --------------------------------------------------------------------------------------------------------------------
6,375,000 Quad Cities, IL Regional EDA (Pheasant Ridge Apartments) 6.375 08/01/2040 5,620,901
- --------------------------------------------------------------------------------------------------------------------
47,033 Robbins, IL Res Rec (Robbins Res Rec Partners) 5.873 5 10/15/2009 42,090
- --------------------------------------------------------------------------------------------------------------------
668 Robbins, IL Res Rec (Robbins Res Rec Partners) 7.250 10/15/2009 672
- --------------------------------------------------------------------------------------------------------------------
19,208,162 Robbins, IL Res Rec (Robbins Res Rec Partners) 7.250 10/15/2024 20,640,130
- --------------------------------------------------------------------------------------------------------------------
10,000 Rockford, IL Mtg. (Faust Landmark Partnership) 6.200 01/01/2028 10,205
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Southwestern IL Devel. Authority
(Comprehensive Mental Health Center) 6.625 06/01/2037 2,551,475
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Southwestern IL Devel. Authority
(Eden Retirement Center) 5.850 12/01/2036 1,410,435
- --------------------------------------------------------------------------------------------------------------------
18,050,000 Southwestern IL Devel. Authority
(Local Government Programming) 7 7.000 10/01/2022 17,909,030
- --------------------------------------------------------------------------------------------------------------------
3,650,000 Southwestern IL Devel. Authority (Village of Sauget) 2 5.625 11/01/2026 3,445,856
- --------------------------------------------------------------------------------------------------------------------
15,230,000 Southwestern IL Devel. Authority Solid Waste Disposal
(Center Ethanol Company) 8.250 12/01/2019 14,078,460
- --------------------------------------------------------------------------------------------------------------------
8,450,000 Upper, IL River Valley Devel. Authority
(Living Springs McHenry) 6.100 12/01/2041 7,542,977
- --------------------------------------------------------------------------------------------------------------------
3,025,000 Vernon Hills, IL Tax Increment (Town Center) 6.250 12/30/2026 3,050,350
- --------------------------------------------------------------------------------------------------------------------
3,200,000 Volo Village, IL Special Service Area (Lancaster Falls) 2 5.750 03/01/2036 2,939,936
- --------------------------------------------------------------------------------------------------------------------
5,608,000 Volo Village, IL Special Service Area (Remington Pointe) 2 6.450 03/01/2034 5,637,386
- --------------------------------------------------------------------------------------------------------------------
5,175,000 Yorkville, IL United City Special Services Area Special Tax
(Bristol Bay) 2 5.875 03/01/2036 4,838,470
--------------
469,685,089
42 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
INDIANA--1.4%
$ 20,210,000 Bluffton, IN Solid Waste Disposal Facility
(Bluffton Subordinate Industrial Bio-Energy) 7.500% 09/01/2019 $ 17,879,787
- --------------------------------------------------------------------------------------------------------------------
1,475,000 East Chicago, IN Solid Waste Disposal (USG Corp.) 5.500 09/01/2028 1,330,598
- --------------------------------------------------------------------------------------------------------------------
5,805,000 East Chicago, IN Solid Waste Disposal (USG Corp.) 2 6.375 08/01/2029 5,856,432
- --------------------------------------------------------------------------------------------------------------------
25,000 Fort Wayne, IN Pollution Control (General Motors Corp.) 6.200 10/15/2025 23,849
- --------------------------------------------------------------------------------------------------------------------
140,000 Griffith, IN Economic Devel.
(May Department Stores Company) 6.750 03/01/2009 140,067
- --------------------------------------------------------------------------------------------------------------------
25,000 IN Bond Bank (Southwestern Bartholomew Water Corp.) 6.625 06/01/2012 25,044
- --------------------------------------------------------------------------------------------------------------------
1,835,000 IN Health Facility Financing Authority
(Methodist Hospitals) 5.500 09/15/2031 1,679,832
- --------------------------------------------------------------------------------------------------------------------
600,000 IN HFA (Single Family Mtg.) 5.550 01/01/2025 621,990
- --------------------------------------------------------------------------------------------------------------------
550,000 IN Pollution Control (General Motors Corp.) 5.625 04/01/2011 535,684
- --------------------------------------------------------------------------------------------------------------------
75,000 Jasper County, IN Economic Devel. (Georgia-Pacific Corp.) 5.600 04/01/2029 65,312
- --------------------------------------------------------------------------------------------------------------------
155,000 Jasper County, IN Economic Devel. (Georgia-Pacific Corp.) 5.625 12/01/2027 135,999
- --------------------------------------------------------------------------------------------------------------------
560,000 Jasper County, IN Economic Devel. (Georgia-Pacific Corp.) 6.700 04/01/2029 556,489
- --------------------------------------------------------------------------------------------------------------------
30,000 North Manchester, IN (Estelle Peabody Memorial Home) 6.500 07/01/2015 30,004
- --------------------------------------------------------------------------------------------------------------------
17,505,000 North Manchester, IN (Estelle Peabody Memorial Home) 7.250 07/01/2033 17,696,505
- --------------------------------------------------------------------------------------------------------------------
60,000 Petersburg, IN Pollution Control
(Indianapolis Power & Light Company) 6.375 11/01/2029 62,449
- --------------------------------------------------------------------------------------------------------------------
6,820,000 Shelbyville, IN Redevel. District Tax Increment
(Central Shelbyville Economic) 2 6.500 07/01/2022 6,803,700
- --------------------------------------------------------------------------------------------------------------------
230,000 St. Joseph County, IN Economic Devel.
(Holy Cross Village Notre Dame) 5.550 05/15/2019 223,818
- --------------------------------------------------------------------------------------------------------------------
265,000 St. Joseph County, IN Economic Devel.
(Holy Cross Village Notre Dame) 5.700 05/15/2028 248,920
- --------------------------------------------------------------------------------------------------------------------
500,000 St. Joseph County, IN Economic Devel.
(Holy Cross Village Notre Dame) 6.000 05/15/2038 473,965
- --------------------------------------------------------------------------------------------------------------------
39,000,000 St. Joseph County, IN Hospital Authority 1 4.460 3 08/15/2046 30,998,929
- --------------------------------------------------------------------------------------------------------------------
4,875,000 Vigo County, IN Hospital Authority (Union Hospital) 5.800 09/01/2047 4,569,240
- --------------------------------------------------------------------------------------------------------------------
6,460,000 Vincennes, IN Economic Devel.
(Southwest Indiana Regional Youth Village) 6.250 01/01/2024 6,204,442
--------------
96,163,055
- --------------------------------------------------------------------------------------------------------------------
IOWA--2.7%
500,000 Cedar Rapids, IA (Cottage Grove Place) 5.875 07/01/2028 456,760
- --------------------------------------------------------------------------------------------------------------------
4,105,000 Cedar Rapids, IA (Cottage Grove Place) 6.000 07/01/2014 3,986,940
- --------------------------------------------------------------------------------------------------------------------
650,000 Coralville, IA Urban Renewal 5.000 06/01/2047 593,112
- --------------------------------------------------------------------------------------------------------------------
750,000 Coralville, IA Urban Renewal 5.750 06/01/2028 742,395
- --------------------------------------------------------------------------------------------------------------------
750,000 Coralville, IA Urban Renewal 6.000 06/01/2036 750,630
- --------------------------------------------------------------------------------------------------------------------
30,000 Des Moines, IA Aviation System 5.125 07/01/2028 30,028
- --------------------------------------------------------------------------------------------------------------------
5,475,000 Dickinson County, IA Hsg. (Spirit Lake) 2 5.875 12/01/2036 4,934,399
- --------------------------------------------------------------------------------------------------------------------
20,000 IA Finance Authority (Allen Memorial Hospital Corp.) 5.600 02/15/2020 20,454
43 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
IOWA Continued
$ 480,000 IA Finance Authority (Amity Fellowserve) 5.900% 10/01/2016 $ 477,706
- --------------------------------------------------------------------------------------------------------------------
845,000 IA Finance Authority (Amity Fellowserve) 6.000 10/01/2028 792,686
- --------------------------------------------------------------------------------------------------------------------
940,000 IA Finance Authority (Amity Fellowserve) 6.375 10/01/2026 933,317
- --------------------------------------------------------------------------------------------------------------------
2,190,000 IA Finance Authority (Amity Fellowserve) 6.500 10/01/2036 2,153,427
- --------------------------------------------------------------------------------------------------------------------
1,160,000 IA Finance Authority
(Boys & Girls Home and Family Services) 5.900 12/01/2028 1,120,142
- --------------------------------------------------------------------------------------------------------------------
100,000 IA Finance Authority
(Iowa Valley Community College Student Hsg.) 5.850 05/01/2019 99,137
- --------------------------------------------------------------------------------------------------------------------
900,000 IA Finance Authority Retirement Community
(Friendship Haven) 6.125 11/15/2032 881,370
- --------------------------------------------------------------------------------------------------------------------
1,000,000 IA Finance Authority Senior Hsg. (Bethany Manor) 5.550 11/01/2041 887,550
- --------------------------------------------------------------------------------------------------------------------
1,300,000 IA Finance Authority Senior Hsg. (Wedum Walnut Ridge) 5.375 06/01/2025 1,229,800
- --------------------------------------------------------------------------------------------------------------------
8,000,000 IA Higher Education Loan Authority (Wartburg College) 5.300 10/01/2037 7,760,960
- --------------------------------------------------------------------------------------------------------------------
36,910,000 IA Tobacco Settlement Authority 5.375 06/01/2038 33,582,564
- --------------------------------------------------------------------------------------------------------------------
45,000,000 IA Tobacco Settlement Authority 5.500 06/01/2042 41,463,900
- --------------------------------------------------------------------------------------------------------------------
190,800,000 IA Tobacco Settlement Authority 6.250 5 06/01/2046 12,795,048
- --------------------------------------------------------------------------------------------------------------------
360,990,000 IA Tobacco Settlement Authority 7.125 5 06/01/2046 17,489,966
- --------------------------------------------------------------------------------------------------------------------
60,000,000 IA Tobacco Settlement Authority (TASC) 1 5.625 06/01/2046 56,251,000
--------------
189,433,291
- --------------------------------------------------------------------------------------------------------------------
KANSAS--0.4%
100,000 Goddard, KS Industrial Revenue (IFR Systems) 6.250 05/01/2012 100,582
- --------------------------------------------------------------------------------------------------------------------
15,000 Kingman, KS Hospital Revenue (Ninnescah Valley) 6.375 03/01/2022 14,453
- --------------------------------------------------------------------------------------------------------------------
1,025,000 KS Devel. Finance Authority (Oak Ridge Park Associates) 6.500 02/01/2018 1,034,799
- --------------------------------------------------------------------------------------------------------------------
1,000,000 KS Devel. Finance Authority (Oak Ridge Park Associates) 6.625 08/01/2029 1,005,220
- --------------------------------------------------------------------------------------------------------------------
55,000 KS Devel. Finance Authority
(VS/VSCF/JGCCF Obligated Group) 5.500 11/15/2015 54,074
- --------------------------------------------------------------------------------------------------------------------
1,800,000 KS Independent College Finance Authority
(Newman University) 5.000 10/01/2028 1,632,780
- --------------------------------------------------------------------------------------------------------------------
950,000 Labette County, KS Hospital Revenue 5.750 09/01/2029 947,036
- --------------------------------------------------------------------------------------------------------------------
825,000 Labette County, KS Hospital Revenue 5.750 09/01/2037 825,256
- --------------------------------------------------------------------------------------------------------------------
1,285,000 Lenexa, KS Multifamily Hsg. (Meadows Apartments) 7.950 10/15/2035 1,309,274
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Manhattan, KS Health Care Facility
(Meadowlark Hills Retirement) 5.125 05/15/2042 856,640
- --------------------------------------------------------------------------------------------------------------------
45,000 Mission, KS Multifamily (Lamar Place Apartments) 5.180 10/01/2023 45,009
- --------------------------------------------------------------------------------------------------------------------
4,500,000 Olathe, KS Tax Increment (Gateway) 5.000 03/01/2026 3,973,275
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Olathe, KS Transportation Devel. District (Gateway) 2 5.000 12/01/2028 2,158,075
- --------------------------------------------------------------------------------------------------------------------
100,000 Sedgwick & Shawnee Counties, KS Hsg.
(Single Family Mtg.) 5.500 12/01/2038 104,242
- --------------------------------------------------------------------------------------------------------------------
240,000 Sedgwick & Shawnee Counties, KS Hsg.
(Single Family Mtg.) 5.900 06/01/2028 243,257
44 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
KANSAS Continued
$ 1,085,000 Sedgwick & Shawnee Counties, KS Hsg.
(Single Family Mtg.) 6.450% 12/01/2033 $ 1,194,704
- --------------------------------------------------------------------------------------------------------------------
1,870,000 Sedgwick & Shawnee Counties, KS Hsg.
(Single Family Mtg.) 6.450 12/01/2033 2,080,319
- --------------------------------------------------------------------------------------------------------------------
120,000 Sedgwick & Shawnee Counties, KS Hsg.
(Single Family Mtg.) 6.875 12/01/2026 122,005
- --------------------------------------------------------------------------------------------------------------------
185,000 Sedgwick & Shawnee Counties, KS Hsg.
(Single Family Mtg.) 7.600 12/01/2031 188,752
- --------------------------------------------------------------------------------------------------------------------
450,000 Sedgwick & Shawnee Counties, KS Hsg.
(Single Family Mtg.) 7.600 12/01/2031 459,126
- --------------------------------------------------------------------------------------------------------------------
200,000 Sterling, KS Educational Facilities (Sterling College) 5.375 11/01/2027 192,680
- --------------------------------------------------------------------------------------------------------------------
860,000 Sterling, KS Educational Facilities (Sterling College) 5.500 11/01/2032 823,519
- --------------------------------------------------------------------------------------------------------------------
1,650,000 Wichita, KS Hsg. (Innes Station Apartments) 6.250 03/01/2028 1,651,452
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Wyandotte County/Kansas City, KS Unified Government
Industrial Devel. (Crestwood Apartments) 6.950 06/01/2037 2,364,250
- --------------------------------------------------------------------------------------------------------------------
1,400,000 Wyandotte County/Kansas City, KS Unified Government
Pollution Control (General Motors) 6.000 06/01/2025 1,314,558
----------------
24,695,337
- --------------------------------------------------------------------------------------------------------------------
KENTUCKY--0.4%
15,000 Elizabethtown, KY Industrial Building
(Elizabethtown Medical Rehabilitation) 10.250 12/01/2016 15,312
- --------------------------------------------------------------------------------------------------------------------
28,805,000 Kenton County, KY Airport (Delta Airlines) 6,8,10 8.000 12/01/2015 547,295
- --------------------------------------------------------------------------------------------------------------------
31,750,000 Kenton County, KY Airport (Delta Airlines) 6,8,10 8.000 12/01/2015 603,250
- --------------------------------------------------------------------------------------------------------------------
27,170,000 Kenton County, KY Airport (Delta Airlines) 6,8,10 8.000 12/01/2015 516,230
- --------------------------------------------------------------------------------------------------------------------
45,560,000 Kenton County, KY Airport (Delta Airlines) 6,8,10 8.000 12/01/2015 865,640
- --------------------------------------------------------------------------------------------------------------------
150,000 Kenton County, KY Airport (Delta Airlines) 6,8,10 8.000 12/01/2015 2,850
- --------------------------------------------------------------------------------------------------------------------
45,000 Kenton County, KY Airport Board
(Cincinnati/Northern Kentucky International) 5.750 03/01/2010 45,123
- --------------------------------------------------------------------------------------------------------------------
4,680,000 Kenton County, KY Airport Special Facilities
(Mesaba Aviation) 6.625 07/01/2019 4,698,018
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Kenton County, KY Airport Special Facilities
(Mesaba Aviation) 6.700 07/01/2029 5,030,600
- --------------------------------------------------------------------------------------------------------------------
2,635,000 Kuttawa, KY (1st Mortgage-GF/Kentucky) 6.750 03/01/2029 2,607,069
- --------------------------------------------------------------------------------------------------------------------
10,000 KY EDFA (Norton) 6.125 10/01/2010 10,409
- --------------------------------------------------------------------------------------------------------------------
2,900,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 6.000 05/01/2023 2,811,869
- --------------------------------------------------------------------------------------------------------------------
1,200,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 7.450 05/01/2022 1,214,616
- --------------------------------------------------------------------------------------------------------------------
5,740,000 Morgantown, KY Solid Waste Disposal (Imco Recycling) 7.650 05/01/2016 5,753,948
--------------
24,722,229
45 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
LOUISIANA--2.7%
$ 175,000 Caddo Parish, LA Industrial Devel. Board
(Pennzoil Products Company) 5.600% 12/01/2028 $ 177,342
- --------------------------------------------------------------------------------------------------------------------
5,565,000 Calcasieu Parish, LA Industrial Devel. Board Pollution
Control (Gulf States Utilities Company) 6.750 10/01/2012 5,659,215
- --------------------------------------------------------------------------------------------------------------------
2,800,000 Claiborne Parish, LA Law Enforcement District
(Claiborne Correctional Facilities) 6.250 03/01/2019 2,832,508
- --------------------------------------------------------------------------------------------------------------------
1,400,000 Epps, LA COP 8.000 06/01/2018 1,423,590
- --------------------------------------------------------------------------------------------------------------------
2,400,000 Juban Park, LA Community Devel. District
Special Assessment 5.150 10/01/2014 2,312,640
- --------------------------------------------------------------------------------------------------------------------
3,750,000 LA CDA (Eunice Student Hsg. Foundation) 7.375 09/01/2033 3,187,800
- --------------------------------------------------------------------------------------------------------------------
1,945,000 LA HFA (Azalea Gonzales/Azalea New Iberia/Azalea
Monroe/Azalea Slidell/Azalea Shreveport Obligated Group) 5.375 10/20/2039 1,959,471
- --------------------------------------------------------------------------------------------------------------------
3,420,000 LA HFA (Homeownership) 5.700 06/01/2039 3,471,163
- --------------------------------------------------------------------------------------------------------------------
90,000 LA HFA (Single Family Mtg.) 6.300 06/01/2020 91,250
- --------------------------------------------------------------------------------------------------------------------
3,550,000 LA HFA (Spanish Arms) 5.350 03/20/2049 3,511,873
- --------------------------------------------------------------------------------------------------------------------
1,085,000 LA Local Government EF&CD Authority
(Cypress Apartments) 8.000 04/20/2028 1,034,320
- --------------------------------------------------------------------------------------------------------------------
490,000 LA Local Government EF&CD Authority
(Sharlo Apartments) 8.000 06/20/2028 476,295
- --------------------------------------------------------------------------------------------------------------------
5,000,000 LA Local Government EF&CD Authority
(Westlake Chemical Corp.) 2 6.750 11/01/2032 5,154,050
- --------------------------------------------------------------------------------------------------------------------
5,350,000 LA Public Facilities Authority (Progressive Healthcare) 2 6.375 10/01/2028 5,224,650
- --------------------------------------------------------------------------------------------------------------------
110,080,000 LA Tobacco Settlement Financing Corp. (TASC) 5.875 05/15/2039 107,301,581
- --------------------------------------------------------------------------------------------------------------------
9,630,000 LA Tobacco Settlement Financing Corp. (TASC), Series B 2 5.500 05/15/2030 9,393,680
- --------------------------------------------------------------------------------------------------------------------
7,500,000 Lakeshore Villages, LA Master Community Devel. District 5.250 07/01/2017 6,815,475
- --------------------------------------------------------------------------------------------------------------------
1,150,000 New Orleans, LA Finance Authority (Single Family Mtg.) 6.372 5 06/01/2032 244,042
- --------------------------------------------------------------------------------------------------------------------
325,000 New Orleans, LA HDC (Southwood Patio) 7.700 02/01/2022 332,443
- --------------------------------------------------------------------------------------------------------------------
60,000 New Orleans, LA Sewage Service 5.400 06/01/2017 60,657
- --------------------------------------------------------------------------------------------------------------------
3,020,000 St. James Parish, LA Solid Waste
(IMC Phosphates Company) 7.700 10/01/2022 3,051,408
- --------------------------------------------------------------------------------------------------------------------
27,475,000 St. John Baptist Parish, LA (Marathon Oil Company) 5.125 06/01/2037 26,741,418
- --------------------------------------------------------------------------------------------------------------------
40,000 Tensas Parish, LA Law Enforcement District COP 6 8.000 10/01/2010 40,430
- --------------------------------------------------------------------------------------------------------------------
140,000 West Feliciana Parish, LA Pollution Control
(Entergy Gulf States) 5.800 12/01/2015 140,129
- --------------------------------------------------------------------------------------------------------------------
290,000 West Feliciana Parish, LA Pollution Control
(Entergy Gulf States) 5.800 04/01/2016 290,110
- --------------------------------------------------------------------------------------------------------------------
15,000 West Feliciana Parish, LA Pollution Control
(Entergy Gulf States) 6.600 09/01/2028 15,013
--------------
190,942,553
46 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
MAINE--1.0%
$ 55,320,000 ME Finance Authority Solid Waste Recycling Facilities
(Great Northern Paper) 7 7.750% 10/01/2022 $ 54,786,715
- --------------------------------------------------------------------------------------------------------------------
90,000 ME Municipal Bond Bank, Series D 6.300 11/01/2014 90,295
- --------------------------------------------------------------------------------------------------------------------
3,785,000 ME State Hsg. Authority Mtg., Series F-2 1 5.150 11/15/2022 3,830,741
- --------------------------------------------------------------------------------------------------------------------
20,000 North Berwick, ME (Hussey Seating Company) 7.000 12/01/2013 20,026
- --------------------------------------------------------------------------------------------------------------------
4,800,000 Rumford, ME Pollution Control (Boise Cascade Corp.) 2 6.625 07/01/2020 4,804,224
- --------------------------------------------------------------------------------------------------------------------
6,215,000 Rumford, ME Solid Waste Disposal (Boise Cascade Corp.) 2 6.875 10/01/2026 6,394,676
--------------
69,926,677
- --------------------------------------------------------------------------------------------------------------------
MARYLAND--0.5%
6,810,000 Brunswick, MD Special Obligation (Brunswick Crossing) 2 5.500 07/01/2036 5,967,739
- --------------------------------------------------------------------------------------------------------------------
2,440,000 MD Community Devel. Administration
(Dept. of Hsg. & Community Devel.) 5.200 09/01/2048 2,386,808
- --------------------------------------------------------------------------------------------------------------------
8,000,000 MD EDC (Chesapeake Bay) 5.000 12/01/2031 7,028,640
- --------------------------------------------------------------------------------------------------------------------
5,135,000 MD EDC Student Hsg. (Bowie State University) 2 6.000 06/01/2023 5,144,911
- --------------------------------------------------------------------------------------------------------------------
400,000 MD EDC Student Hsg. (University of Maryland) 5.625 10/01/2023 371,256
- --------------------------------------------------------------------------------------------------------------------
8,500,000 MD EDC Student Hsg. (University of Maryland) 2 5.750 10/01/2033 7,703,380
- --------------------------------------------------------------------------------------------------------------------
750,000 MD H&HEFA (Edenwald) 5.400 01/01/2031 709,830
- --------------------------------------------------------------------------------------------------------------------
600,000 MD H&HEFA (Edenwald) 5.400 01/01/2037 560,472
- --------------------------------------------------------------------------------------------------------------------
600,000 MD H&HEFA (King Farm Presbyterian Community) 5.300 01/01/2037 527,622
- --------------------------------------------------------------------------------------------------------------------
925,000 MD H&HEFA (Washington Christian Academy) 5.500 07/01/2038 806,804
- --------------------------------------------------------------------------------------------------------------------
320,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 5.500 05/01/2020 320,634
- --------------------------------------------------------------------------------------------------------------------
800,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 6.000 05/01/2035 797,248
- --------------------------------------------------------------------------------------------------------------------
2,250,000 Salisbury, MD Special Obligation
(Villages at Aydelotte Farm) 5.250 01/01/2037 1,896,750
--------------
34,222,094
- --------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--1.4%
1,000,000 MA Devel. Finance Agency (Curry College) 5.000 03/01/2036 901,840
- --------------------------------------------------------------------------------------------------------------------
800,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2019 804,992
- --------------------------------------------------------------------------------------------------------------------
2,630,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2029 2,546,077
- --------------------------------------------------------------------------------------------------------------------
1,800,000 MA Devel. Finance Agency (Linden Ponds) 5.750 11/15/2042 1,633,950
- --------------------------------------------------------------------------------------------------------------------
300,000 MA Devel. Finance Agency (Regis College) 5.250 10/01/2018 288,024
- --------------------------------------------------------------------------------------------------------------------
1,000,000 MA Devel. Finance Agency (VOA Concord) 5.200 11/01/2041 835,360
- --------------------------------------------------------------------------------------------------------------------
9,990,000 MA H&EFA (Catholic Health East) 1 4.082 3 11/15/2032 8,326,646
- --------------------------------------------------------------------------------------------------------------------
155,000 MA H&EFA (Catholic Health East/Mercy
Medical/McCauley Center/Mercy Community
Health Obligated Group) 4.106 3 11/15/2032 128,799
- --------------------------------------------------------------------------------------------------------------------
10,000,000 MA H&EFA (Emerson Hospital) 2 5.000 08/15/2035 9,553,800
47 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS Continued
$ 80,000 MA H&EFA (Holyoke Hospital) 6.500% 07/01/2015 $ 80,009
- --------------------------------------------------------------------------------------------------------------------
52,080,000 MA HFA, Series A 1 5.250 07/01/2025 52,898,698
- --------------------------------------------------------------------------------------------------------------------
10,500,000 MA HFA, Series A 1 5.300 06/01/2049 10,403,610
- --------------------------------------------------------------------------------------------------------------------
8,330,000 MA HFA, Series C 1 5.400 12/01/2049 8,314,780
- --------------------------------------------------------------------------------------------------------------------
145,000 MA Industrial Finance Agency (Arbors at Taunton) 5.500 06/20/2040 147,975
--------------
96,864,560
- --------------------------------------------------------------------------------------------------------------------
MICHIGAN--2.5%
3,755,000 Detroit, MI Local Devel. Finance Authority 2 6.700 05/01/2021 3,757,441
- --------------------------------------------------------------------------------------------------------------------
2,310,000 Detroit, MI Local Devel. Finance Authority 2 6.850 05/01/2021 2,312,703
- --------------------------------------------------------------------------------------------------------------------
55,715,000 Detroit, MI Sewer Disposal System 1 3.768 3 07/01/2032 49,100,298
- --------------------------------------------------------------------------------------------------------------------
775,000 East Lansing, MI Economic Corp. (Burcham Hills) 5.250 07/01/2037 655,278
- --------------------------------------------------------------------------------------------------------------------
1,700,000 Kalamazoo, MI EDC (Heritage Community) 5.500 05/15/2036 1,516,179
- --------------------------------------------------------------------------------------------------------------------
2,625,000 Kent, MI Hospital Finance Authority 6.250 07/01/2040 2,749,136
- --------------------------------------------------------------------------------------------------------------------
425,000 Meridian, MI EDC (Burcham Hills) 5.250 07/01/2026 379,508
- --------------------------------------------------------------------------------------------------------------------
9,900,000 MI Higher Education Student Loan Authority 1 5.450 09/01/2026 10,227,245
- --------------------------------------------------------------------------------------------------------------------
65,000 MI Hospital Finance Authority (Detroit Medical Center) 6.500 08/15/2018 65,050
- --------------------------------------------------------------------------------------------------------------------
7,500,000 MI Hsg. Devel. Authority, Series A 1 5.200 06/01/2039 7,470,788
- --------------------------------------------------------------------------------------------------------------------
500,000 MI Hsg. Devel. Authority, Series D 5.200 10/01/2042 494,810
- --------------------------------------------------------------------------------------------------------------------
2,185,000 MI Job Devel. Authority Pollution Control
(General Motors Corp.) 2 5.550 04/01/2009 2,167,957
- --------------------------------------------------------------------------------------------------------------------
900,000 MI Public Educational Facilities Authority
(American Montessori) 6.500 12/01/2037 895,779
- --------------------------------------------------------------------------------------------------------------------
450,000 MI Public Educational Facilities Authority
(Black River School) 5.800 09/01/2030 437,567
- --------------------------------------------------------------------------------------------------------------------
2,000,000 MI Public Educational Facilities Authority
(Old Redford Academy) 2 6.000 12/01/2035 1,998,460
- --------------------------------------------------------------------------------------------------------------------
360,000 MI Strategic Fund Limited Obligation
(Clark Retirement Community/Clark Retirement
Community Foundation Obligated Group) 5.650 09/01/2029 366,628
- --------------------------------------------------------------------------------------------------------------------
8,000,000 MI Strategic Fund Limited Obligation
(Detroit Edison Company) 7 5.500 06/01/2030 8,187,440
- --------------------------------------------------------------------------------------------------------------------
5,505,000 MI Strategic Fund Limited Obligation
(Ford Motor Company), Series A 2 6.550 10/01/2022 5,455,840
- --------------------------------------------------------------------------------------------------------------------
4,730,000 MI Strategic Fund Pollution Control
(General Motors Corp.) 2 6.200 09/01/2020 4,475,053
- --------------------------------------------------------------------------------------------------------------------
15,375,000 MI Strategic Fund Pollution Control
(General Motors Corp.) 6 7.000 3 04/01/2008 15,375,000
- --------------------------------------------------------------------------------------------------------------------
27,895,000 MI Strategic Fund Pollution Control
(General Motors Corp.) 6 7.000 3 12/01/2008 27,895,000
- --------------------------------------------------------------------------------------------------------------------
4,600,000 MI Strategic Fund Solid Waste (Genesee Power Station) 7.500 01/01/2021 4,491,026
- --------------------------------------------------------------------------------------------------------------------
414,590,000 MI Tobacco Settlement Finance Authority 7.250 5 06/01/2052 18,192,209
48 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
MICHIGAN Continued
$ 3,765,000 Wayne Charter County, MI Airport Facilities
(Northwest Airlines) 2 6.000% 12/01/2029 $ 3,492,565
--------------
172,158,960
- --------------------------------------------------------------------------------------------------------------------
MINNESOTA--2.0%
1,375,000 Aitkin, MN Health Care Facilities
(Riverwood Healthcare Center) 5.600 02/01/2032 1,287,963
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Apple Valley, MN EDA (Evercare Senior Living) 6.000 12/01/2025 1,456,740
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Apple Valley, MN EDA (Evercare Senior Living) 2 6.125 06/01/2035 5,870,940
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Buffalo, MN Health Care (Central Minnesota Senior Hsg.) 5.500 09/01/2033 1,597,925
- --------------------------------------------------------------------------------------------------------------------
1,430,000 Burnsville, MN Commercial Devel. (Holiday Inn) 5.900 04/01/2008 1,428,327
- --------------------------------------------------------------------------------------------------------------------
3,500,000 Chippewa County, MN Gross Revenue
(Montevideo Hospital) 5.500 03/01/2037 3,182,445
- --------------------------------------------------------------------------------------------------------------------
35,000 Chisago City, MN Hsg. Devel (Bungalows of Chisago City) 7.500 05/01/2027 33,570
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Cokato, MN Senior Hsg. (Cokato Charitable Trust) 5.400 12/01/2036 894,780
- --------------------------------------------------------------------------------------------------------------------
6,000,000 Cottage Grove, MN Senior Hsg. 5.250 12/01/2046 5,142,780
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Cottage Grove, MN Senior Hsg. 6.000 12/01/2046 1,689,940
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Crookston, MN Health Care Facilities
(Riverview Health Assoc.) 5.300 05/01/2032 1,348,590
- --------------------------------------------------------------------------------------------------------------------
475,000 Cuyuna Range, MN Hospital District Health Facilities 5.200 06/01/2025 431,120
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Cuyuna Range, MN Hospital District Health Facilities 5.500 06/01/2035 1,141,463
- --------------------------------------------------------------------------------------------------------------------
100,000 Eagan, MN Ice Arena 5.500 04/01/2019 100,044
- --------------------------------------------------------------------------------------------------------------------
200,000 Eden Prairie, MN Multifamily Hsg. (Sterling Ponds) 6.250 12/01/2029 194,076
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Elysian, MN Senior Hsg. (Kingsway Ministries) 5.350 05/01/2042 1,735,500
- --------------------------------------------------------------------------------------------------------------------
750,000 Eveleth, MN Health Care
(Arrowhead Senior Living Community) 5.200 10/01/2027 673,620
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Eveleth, MN Multifamily (Manor House Woodland) 5.500 10/01/2025 946,940
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Eveleth, MN Multifamily (Manor House Woodland) 5.700 10/01/2036 1,815,780
- --------------------------------------------------------------------------------------------------------------------
130,000 Grand Rapids, MN Hsg. and Redevel. Authority (Lakeshore) 5.700 10/01/2029 132,375
- --------------------------------------------------------------------------------------------------------------------
2,160,000 Green Isle, MN Senior Hsg. (Kingsway Ministries) 5.500 05/01/2042 1,916,892
- --------------------------------------------------------------------------------------------------------------------
3,000,000 Hopkins, MN Hsg. and Redevel. Authority
(Excelsior Crossings) 5.050 02/01/2030 2,580,750
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Inner Grove Heights, MN Nursing Home
(Presbyterian Homes) 5.500 10/01/2041 909,280
- --------------------------------------------------------------------------------------------------------------------
525,000 International Falls, MN Pollution Control
(Boise Cascade Corp.) 5.500 04/01/2023 500,761
- --------------------------------------------------------------------------------------------------------------------
3,250,000 International Falls, MN Pollution Control
(Boise Cascade Corp.) 5.650 12/01/2022 3,135,893
- --------------------------------------------------------------------------------------------------------------------
6,370,000 International Falls, MN Solid Waste Disposal
(Boise Cascade Corp.) 6.850 12/01/2029 6,572,056
- --------------------------------------------------------------------------------------------------------------------
530,000 Lake Crystal, MN Hsg. (Ecumen-Second Century) 5.550 09/01/2026 508,164
- --------------------------------------------------------------------------------------------------------------------
1,135,000 Lake Crystal, MN Hsg. (Ecumen-Second Century) 5.700 09/01/2036 1,060,533
49 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
MINNESOTA Continued
$ 1,215,000 Mahtomedi, MN Multifamily (Briarcliff) 7.350% 06/01/2036 $ 1,220,370
- --------------------------------------------------------------------------------------------------------------------
9,545,000 Mankato, MN Industrial Devel.
(Environ Biocomposites Holdings) 2 7.250 12/01/2025 7,955,185
- --------------------------------------------------------------------------------------------------------------------
7,946,747 Minneapolis & St. Paul, MN Hsg. Finance Board
(Single Family Mtg.) 1 5.000 11/01/2038 7,720,269
- --------------------------------------------------------------------------------------------------------------------
47,015,000 Minneapolis & St. Paul, MN Metropolitan Airports
Commission (Northwest Airlines) 6,8,10 7.000 04/01/2025 4,702
- --------------------------------------------------------------------------------------------------------------------
16,400,000 Minneapolis & St. Paul, MN Metropolitan Airports
Commission (Northwest Airlines) 6,8,10 7.375 04/01/2025 1,640
- --------------------------------------------------------------------------------------------------------------------
35,000 Minneapolis, MN (Walker Methodist Senior Services) 5.875 11/15/2018 34,707
- --------------------------------------------------------------------------------------------------------------------
145,000 Minneapolis, MN (Walker Methodist Senior Services) 6.000 11/15/2028 144,813
- --------------------------------------------------------------------------------------------------------------------
15,000 Minneapolis, MN (Walker Methodist Senior Services) 6.000 11/15/2028 14,719
- --------------------------------------------------------------------------------------------------------------------
100,000 Minneapolis, MN Multifamily Hsg. (Belmont Apartments) 7.625 11/01/2027 100,472
- --------------------------------------------------------------------------------------------------------------------
730,000 Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments) 5.400 04/01/2028 669,914
- --------------------------------------------------------------------------------------------------------------------
5,340,000 Minneapolis, MN Multifamily Hsg. (Blaisdell Apartments) 5.500 04/01/2042 4,766,698
- --------------------------------------------------------------------------------------------------------------------
500,000 Minneapolis, MN Tax Increment (Ivy Tower) 5.500 02/01/2022 483,660
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Minneapolis, MN Tax Increment (Ivy Tower) 5.700 02/01/2029 943,850
- --------------------------------------------------------------------------------------------------------------------
25,000 MN HFA (Single Family Mtg.) 5.900 07/01/2025 25,747
- --------------------------------------------------------------------------------------------------------------------
935,000 MN Seaway Port Authority of Duluth
(Northstar Aerospace) 5.000 04/01/2017 887,736
- --------------------------------------------------------------------------------------------------------------------
210,000 MN Seaway Port Authority of Duluth
(Northstar Aerospace) 5.200 04/01/2027 191,222
- --------------------------------------------------------------------------------------------------------------------
375,000 Moorhead, MN EDA (Eventide) 5.150 06/01/2029 330,941
- --------------------------------------------------------------------------------------------------------------------
900,000 New Hope, MN Hsg. & Health Care Facilities
(Minnesota Masonic Home North Ridge) 5.900 03/01/2019 887,445
- --------------------------------------------------------------------------------------------------------------------
80,000 New Hope, MN Multifamily (Chardon Court) 7.250 06/01/2026 77,059
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Northfield, MN Hsg. & Redevel. Authority
(Northfield Retirement) 5.375 12/01/2036 897,100
- --------------------------------------------------------------------------------------------------------------------
25,000 Northfield, MN Lease (Village School of Northfield) 6,8,10 6.500 12/01/2014 7,587
- --------------------------------------------------------------------------------------------------------------------
330,000 Northfield, MN Lease (Village School of Northfield) 6,8,10 7.500 12/01/2024 99,073
- --------------------------------------------------------------------------------------------------------------------
2,100,000 Northwest MN Multi-County Hsg. and Redevel. Authority 5.450 07/01/2041 1,861,461
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Oronoco, MN Multifamily Hsg.
(Wedum Shorewood Campus) 5.400 06/01/2041 4,466,900
- --------------------------------------------------------------------------------------------------------------------
10,170,000 Otter Tail County, MN GO 2 7.500 11/01/2019 9,164,390
- --------------------------------------------------------------------------------------------------------------------
400,000 Owatonna, MN Senior Hsg. (Owatonna Senior Living) 5.800 10/01/2029 389,012
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Owatonna, MN Senior Hsg. (Owatonna Senior Living) 6.000 04/01/2041 1,228,688
- --------------------------------------------------------------------------------------------------------------------
400,000 Park Rapids, MN Health Facilities
(Mankato Lutheran Homes) 5.600 08/01/2036 362,996
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Pine City, MN (Lakes International Language Academy) 6.250 05/01/2035 958,920
- --------------------------------------------------------------------------------------------------------------------
820,000 Pine City, MN Health Care & Hsg. (North Branch) 6.000 10/20/2036 792,710
50 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
MINNESOTA Continued
$ 1,715,000 Pine City, MN Health Care & Hsg. (North Branch) 6.125% 10/20/2047 $ 1,654,306
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Prior Lake, MN Senior Hsg. (Shepherds Path Senior Hsg.) 5.625 08/01/2026 1,451,475
- --------------------------------------------------------------------------------------------------------------------
1,875,000 Prior Lake, MN Senior Hsg. (Shepherds Path Senior Hsg.) 5.750 08/01/2041 1,767,806
- --------------------------------------------------------------------------------------------------------------------
6,200,000 Richfield, MN Senior Hsg. (Richfield Senior Hsg.) 6.625 12/01/2039 6,267,332
- --------------------------------------------------------------------------------------------------------------------
675,000 Rochester, MN Multifamily Hsg. (Eastridge Estates) 7.750 12/15/2034 675,027
- --------------------------------------------------------------------------------------------------------------------
4,300,000 Sartell, MN Health Care & Hsg. Facilities
(The Foundation for Health Care Continuums) 2 6.625 09/01/2029 4,371,380
- --------------------------------------------------------------------------------------------------------------------
830,000 St. Anthony, MN Hsg. & Redevel. Authority
(Silver Lake Village) 5.375 08/01/2021 798,419
- --------------------------------------------------------------------------------------------------------------------
790,000 St. Anthony, MN Hsg. & Redevel. Authority
(Silver Lake Village) 5.625 02/01/2031 731,090
- --------------------------------------------------------------------------------------------------------------------
95,000 St. Cloud, MN Hsg. & Redevel. Authority (Germain Towers) 5.900 09/01/2020 92,006
- --------------------------------------------------------------------------------------------------------------------
1,000,000 St. Louis Park, MN (Roitenberg Family) 5.700 08/15/2041 934,790
- --------------------------------------------------------------------------------------------------------------------
1,295,000 St. Paul, MN Hsg. & Redevel. Authority
(Bridgecreek Senior Place) 7.000 09/15/2037 1,250,271
- --------------------------------------------------------------------------------------------------------------------
2,000,000 St. Paul, MN Hsg. & Redevel. Authority
(Episcopal Nursing Home) 5.630 10/01/2033 1,841,100
- --------------------------------------------------------------------------------------------------------------------
3,000,000 St. Paul, MN Hsg. & Redevel. Authority
(Great Northern Lofts) 6.250 03/01/2029 3,018,600
- --------------------------------------------------------------------------------------------------------------------
1,000,000 St. Paul, MN Hsg. & Redevel. Authority
(HealthEast Obligated Group) 6.000 11/15/2035 1,005,140
- --------------------------------------------------------------------------------------------------------------------
3,945,000 St. Paul, MN Hsg. & Redevel. Authority (HealthEast) 2 6.000 11/15/2025 4,013,249
- --------------------------------------------------------------------------------------------------------------------
400,000 St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy) 5.750 09/01/2026 397,496
- --------------------------------------------------------------------------------------------------------------------
650,000 St. Paul, MN Hsg. & Redevel. Authority (Hmong Academy) 6.000 09/01/2036 643,383
- --------------------------------------------------------------------------------------------------------------------
1,500,000 St. Paul, MN Hsg. & Redevel. Authority
(Rossy & Richard Shaller) 5.250 10/01/2042 1,325,670
- --------------------------------------------------------------------------------------------------------------------
2,000,000 St. Paul, MN Hsg. & Redevel. Authority (Upper Landing) 6.800 03/01/2029 2,054,700
- --------------------------------------------------------------------------------------------------------------------
2,130,000 St. Paul, MN Hsg. & Redevel. Authority (Upper Landing) 7.000 03/01/2029 2,205,061
- --------------------------------------------------------------------------------------------------------------------
1,770,000 St. Paul, MN Port Authority (Great Northern) 6.000 03/01/2030 1,728,653
- --------------------------------------------------------------------------------------------------------------------
3,400,000 St. Paul, MN Port Authority (Healtheast Midway Campus) 2 6.000 05/01/2030 3,425,432
- --------------------------------------------------------------------------------------------------------------------
560,000 St. Paul, MN Port Authority Parking Revenue
(4th Parking Ramp) 8.000 12/01/2027 469,521
- --------------------------------------------------------------------------------------------------------------------
1,655,000 Wadena, MN Hsg. & Redevel. Authority
(Humphrey Manor East) 6.000 02/01/2019 1,676,598
- --------------------------------------------------------------------------------------------------------------------
3,600,000 Washington County, MN Hsg. & Redevel.
(Birchwood & Woodbury) 2 5.625 06/01/2037 3,221,532
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Worthington, MN Hsg. Authority
(Meadows Worthington) 5.375 05/01/2037 890,370
--------------
142,889,640
51 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
MISSISSIPPI--0.6%
$ 125,000 Claiborne County, MS Pollution Control
(System Energy Resources) 6.200% 02/01/2026 $ 125,859
- --------------------------------------------------------------------------------------------------------------------
50,000 Gulfport, MS Hospital Facility
(Memorial Hospital at Gulfport) 6.125 07/01/2015 50,100
- --------------------------------------------------------------------------------------------------------------------
175,000 Jackson, MS Hsg. Authority (Elton Park Apartments) 5.400 04/01/2039 178,138
- --------------------------------------------------------------------------------------------------------------------
50,000 Jones County, MS Solid Waste Disposal
(International Paper Company) 5.800 10/01/2021 50,283
- --------------------------------------------------------------------------------------------------------------------
12,585,000 MS Business Finance Corp. (System Energy Resources) 2 5.875 04/01/2022 12,647,925
- --------------------------------------------------------------------------------------------------------------------
6,430,000 MS Business Finance Corp. (System Energy Resources) 2 5.900 05/01/2022 6,462,150
- --------------------------------------------------------------------------------------------------------------------
1,320,000 MS Home Corp. (Madonna Manor Apartments) 5.250 01/20/2038 1,315,037
- --------------------------------------------------------------------------------------------------------------------
2,820,000 MS Home Corp. (Madonna Manor Apartments) 5.375 01/20/2049 2,801,444
- --------------------------------------------------------------------------------------------------------------------
16,410,000 Stonebridge, MS Public Improvement District
Special Assessment 7.500 10/01/2042 16,425,425
- --------------------------------------------------------------------------------------------------------------------
345,000 Warren County, MS Environmental Improvement
(International Paper Company) 5.550 08/15/2022 345,435
- --------------------------------------------------------------------------------------------------------------------
175,000 Warren County, MS Environmental Improvement
(International Paper Company) 6.250 09/01/2023 179,407
--------------
40,581,203
- --------------------------------------------------------------------------------------------------------------------
MISSOURI--1.9%
250,000 Belton, MO Tax Increment (Belton Town Center) 5.500 03/01/2020 245,343
- --------------------------------------------------------------------------------------------------------------------
400,000 Belton, MO Tax Increment (Belton Town Center) 5.625 03/01/2025 383,052
- --------------------------------------------------------------------------------------------------------------------
325,000 Branson Hills, MO Infrastructure Facilities 5.000 04/01/2010 328,936
- --------------------------------------------------------------------------------------------------------------------
580,000 Branson Hills, MO Infrastructure Facilities 5.000 04/01/2012 586,148
- --------------------------------------------------------------------------------------------------------------------
500,000 Branson Hills, MO Infrastructure Facilities 5.000 04/01/2016 488,990
- --------------------------------------------------------------------------------------------------------------------
500,000 Branson Hills, MO Infrastructure Facilities 5.000 04/01/2017 483,370
- --------------------------------------------------------------------------------------------------------------------
730,000 Branson Hills, MO Infrastructure Facilities 5.500 04/01/2022 705,895
- --------------------------------------------------------------------------------------------------------------------
750,000 Branson Hills, MO Infrastructure Facilities 5.500 04/01/2027 696,683
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Branson, MO Commerce Park Community
Improvement District 5.750 06/01/2026 4,832,050
- --------------------------------------------------------------------------------------------------------------------
2,485,000 Branson, MO IDA (Branson Hills Redevel.) 5.750 05/01/2026 2,401,703
- --------------------------------------------------------------------------------------------------------------------
13,000,000 Branson, MO IDA (Branson Hills Redevel.) 7.050 05/01/2027 13,747,500
- --------------------------------------------------------------------------------------------------------------------
2,045,000 Branson, MO IDA (Branson Landing) 2 5.250 06/01/2021 1,944,120
- --------------------------------------------------------------------------------------------------------------------
2,470,000 Branson, MO IDA (Branson Landing) 5.500 06/01/2029 2,265,336
- --------------------------------------------------------------------------------------------------------------------
24,545,000 Branson, MO IDA (Branson Shoppe Redevel.) 5.950 11/01/2029 23,886,212
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Branson, MO Regional Airport (Branson Airport) 2 6.000 07/01/2025 4,781,400
- --------------------------------------------------------------------------------------------------------------------
570,000 Broadway-Fairview, MO Transportation Devel. District
(Columbia) 6.125 12/01/2036 519,253
- --------------------------------------------------------------------------------------------------------------------
75,000 Cape Girardeau County, MO IDA
(Procter & Gamble Company) 5.300 05/15/2028 75,554
- --------------------------------------------------------------------------------------------------------------------
1,215,000 Chillicothe, MO Tax Increment (South U.S. 65) 5.500 04/01/2021 1,194,260
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Chillicothe, MO Tax Increment (South U.S. 65) 5.625 04/01/2027 1,050,280
52 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
MISSOURI Continued
$ 2,530,000 Clay County, MO IDA (Oak Creek) 6.300% 01/20/2038 $ 2,659,991
- --------------------------------------------------------------------------------------------------------------------
200,000 Jackson County, MO IDA (Avila College) 6.500 12/02/2025 203,668
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Jennings, MO Tax Increment & Community Improvement
(Northland Redevel. Area) 5.000 11/01/2023 1,139,700
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Kansas City, MO IDA (Plaza Library) 5.900 03/01/2024 992,360
- --------------------------------------------------------------------------------------------------------------------
1,377,000 Kansas City, MO IDA (West Paseo) 6.750 07/01/2036 1,296,831
- --------------------------------------------------------------------------------------------------------------------
555,000 Kansas City, MO IDA (Woodbridge Apartments) 6.700 08/01/2015 556,793
- --------------------------------------------------------------------------------------------------------------------
3,750,000 Kansas City, MO Tax Increment (Briarcliff West) 5.400 06/01/2024 3,526,763
- --------------------------------------------------------------------------------------------------------------------
1,735,000 Lees Summit, MO IDA (Kensington Farms) 5.500 03/01/2021 1,713,434
- --------------------------------------------------------------------------------------------------------------------
750,000 Lees Summit, MO IDA (Kensington Farms) 5.750 03/01/2029 725,513
- --------------------------------------------------------------------------------------------------------------------
3,065,000 Liberty, MO Tax Increment (Liberty Triangle) 5.875 10/01/2029 3,087,191
- --------------------------------------------------------------------------------------------------------------------
3,325,000 MO Dardenne Town Square Transportation Devel. District 5.000 05/01/2026 2,933,714
- --------------------------------------------------------------------------------------------------------------------
3,825,000 MO Dardenne Town Square Transportation Devel. District 5.000 05/01/2036 3,170,007
- --------------------------------------------------------------------------------------------------------------------
2,815,000 MO Enright Arlington Community Improvement District 2 5.400 03/01/2026 2,655,164
- --------------------------------------------------------------------------------------------------------------------
50,000 MO Environmental Improvement & Energy
Resources Authority 5.450 01/01/2018 50,557
- --------------------------------------------------------------------------------------------------------------------
70,000 MO Environmental Improvement & Energy Resources
Authority (Missouri-American Water Company) 5.900 03/01/2030 71,330
- --------------------------------------------------------------------------------------------------------------------
2,475,000 MO Environmental Improvement & Energy Resources
Authority (Union Electric Company) 2 5.450 10/01/2028 2,461,140
- --------------------------------------------------------------------------------------------------------------------
2,000,000 MO Good Shepard Nursing Home District 5.900 08/15/2023 1,971,180
- --------------------------------------------------------------------------------------------------------------------
245,000 MO Grindstone Plaza Transportation Devel. District 5.250 10/01/2021 232,716
- --------------------------------------------------------------------------------------------------------------------
400,000 MO Grindstone Plaza Transportation Devel. District 5.400 10/01/2026 370,484
- --------------------------------------------------------------------------------------------------------------------
600,000 MO Grindstone Plaza Transportation Devel. District 5.550 10/01/2036 540,654
- --------------------------------------------------------------------------------------------------------------------
3,915,000 MO HDC (Mansion Apartments Phase II) 2 6.170 04/01/2032 3,941,270
- --------------------------------------------------------------------------------------------------------------------
40,000 MO HDC (Multifamily Hsg.) 5.625 01/01/2040 40,631
- --------------------------------------------------------------------------------------------------------------------
10,000 MO HDC (Single Family Mtg.) 5.500 09/01/2033 10,426
- --------------------------------------------------------------------------------------------------------------------
420,000 MO HDC (Single Family Mtg.) 6.350 09/01/2034 453,730
- --------------------------------------------------------------------------------------------------------------------
55,000 MO HDC (Single Family Mtg.) 6.400 03/01/2029 56,851
- --------------------------------------------------------------------------------------------------------------------
10,000 MO HDC (Single Family Mtg.) 7.200 09/01/2026 10,366
- --------------------------------------------------------------------------------------------------------------------
789,000 Northwoods, MO Transportation Devel. District 5.850 02/01/2031 667,415
- --------------------------------------------------------------------------------------------------------------------
115,000 St. Charles County, MO IDA (Ashwood Apartments) 5.600 04/01/2030 115,588
- --------------------------------------------------------------------------------------------------------------------
2,500,000 St. Joseph, MO IDA (Living Community of St. Joseph) 2 7.000 08/15/2032 2,377,475
- --------------------------------------------------------------------------------------------------------------------
750,000 St. Joseph, MO IDA (Shoppes at North Village) 5.375 11/01/2024 702,705
- --------------------------------------------------------------------------------------------------------------------
2,500,000 St. Joseph, MO IDA (Shoppes at North Village) 5.500 11/01/2027 2,319,425
- --------------------------------------------------------------------------------------------------------------------
10,000 St. Louis County, MO IDA (Century Garden Apartments) 5.700 08/20/2039 10,060
- --------------------------------------------------------------------------------------------------------------------
14,000,000 St. Louis County, MO IDA (Ventura Village Apartments) 6.450 08/15/2034 13,815,760
- --------------------------------------------------------------------------------------------------------------------
2,466,000 St. Louis, MO Tax Increment (1601 Washington Redevel.) 6.000 08/21/2026 2,386,915
- --------------------------------------------------------------------------------------------------------------------
2,150,000 St. Louis, MO Tax Increment (Pet Building Redevel.) 5.500 05/29/2028 1,907,072
- --------------------------------------------------------------------------------------------------------------------
1,660,000 St. Louis, MO Tax Increment (Printers Lofts) 6.000 08/21/2026 1,606,764
53 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------------------------------
MISSOURI Continued
$ 3,345,000 St. Louis, MO Tax Increment (Security Building Redevel.) 2 6.300% 04/01/2027 $ 3,298,203
- -------------------------------------------------------------------------------------------------------------------
2,540,000 St. Louis, MO Tax Increment
(Washington East Condominiums) 5.500 01/20/2028 2,306,853
- -------------------------------------------------------------------------------------------------------------------
1,600,000 St. Louis, MO Tax Increment
(Washington East Condominiums) 5.500 01/20/2028 1,453,136
- -------------------------------------------------------------------------------------------------------------------
1,115,000 St. Louis, MO Tax Increment Financing, Series A 5.500 09/02/2028 1,011,049
- -------------------------------------------------------------------------------------------------------------------
1,865,000 Stone Canyon, MO Improvement District (Infrastructure) 5.700 04/01/2022 1,812,799
- -------------------------------------------------------------------------------------------------------------------
975,000 Stone Canyon, MO Improvement District (Infrastructure) 5.750 04/01/2027 919,328
-------------
132,199,096
- -------------------------------------------------------------------------------------------------------------------
MONTANA--0.2%
4,360,000 Hardin, MT Tax Increment Industrial Infrastructure Devel.
(Rocky Mountain Power) 0.000 9 09/01/2031 2,989,652
- -------------------------------------------------------------------------------------------------------------------
90,000 MT Board of Hsg. (Single Family Mtg.) 5.550 06/01/2033 95,767
- -------------------------------------------------------------------------------------------------------------------
6,800,000 MT Board of Investment Exempt Facilities
(Stillwater Mining Company) 2 8.000 07/01/2020 6,747,640
- -------------------------------------------------------------------------------------------------------------------
1,125,000 MT Facilities Finance Authority (St. John's Lutheran) 6.000 05/15/2025 1,117,710
- -------------------------------------------------------------------------------------------------------------------
1,650,000 MT Facilities Finance Authority (St. John's Lutheran) 6.125 05/15/2036 1,648,713
- -------------------------------------------------------------------------------------------------------------------
1,925,000 MT Health Facilities Authority (CoMC) 6.375 06/01/2018 1,932,296
- -------------------------------------------------------------------------------------------------------------------
190,000 MT Higher Education Student Assistance Corp. 5.500 12/01/2031 191,469
-------------
14,723,247
- -------------------------------------------------------------------------------------------------------------------
MULTI STATES--0.1%
8,000,000 Munimae TE Bond Subsidiary 5.900 11/29/2049 8,384,080
- -------------------------------------------------------------------------------------------------------------------
NEBRASKA--2.0%
1,360,000 Beatrice, NE Community Redevel. Authority
(Beatrice Biodiesel) 6.625 12/01/2021 1,226,978
- -------------------------------------------------------------------------------------------------------------------
138,250,000 Central Plains, NE Gas Energy 1 4.083 3 12/01/2026 111,780,784
- -------------------------------------------------------------------------------------------------------------------
50,000 Dawson County, NE Sanitation & Improvement District 5.650 02/01/2022 48,612
- -------------------------------------------------------------------------------------------------------------------
250,000 Douglas County, NE Hsg. Authority (Orchard Gardens) 5.100 10/01/2027 234,033
- -------------------------------------------------------------------------------------------------------------------
1,200,000 Douglas County, NE Hsg. Authority (Orchard Gardens) 5.150 10/01/2032 1,109,328
- -------------------------------------------------------------------------------------------------------------------
1,250,000 Mead Village, NE Tax Increment (Biofuels-Mead) 5.750 01/01/2022 1,100,938
- -------------------------------------------------------------------------------------------------------------------
2,400,000 NE Educational Facilities Authority
(Midland Lutheran College) 2 5.600 09/15/2029 2,286,336
- -------------------------------------------------------------------------------------------------------------------
20,000 NE Investment Finance Authority (Single Family Hsg.) 5.850 09/01/2028 20,171
- -------------------------------------------------------------------------------------------------------------------
110,000 NE Student Loan (Nebhelp) 6.000 06/01/2028 111,735
- -------------------------------------------------------------------------------------------------------------------
65,000 NE Student Loan (Nebhelp) 6.250 06/01/2018 69,859
- -------------------------------------------------------------------------------------------------------------------
20,000 NE Student Loan (Nebhelp) 6.450 06/01/2018 21,790
- -------------------------------------------------------------------------------------------------------------------
250,000 NE Student Loan (Nebhelp) 6.659 5 12/15/2015 143,505
- -------------------------------------------------------------------------------------------------------------------
45,745,000 Saunders County, NE Individual Devel. (Mead Biofuels) 8 7.000 12/01/2026 24,726,087
-------------
142,880,156
54 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------------------------------
NEVADA--1.0%
$ 1,000,000 Clark County, NV Improvement District 5.000% 02/01/2026 $ 868,490
- -------------------------------------------------------------------------------------------------------------------
770,000 Clark County, NV Improvement District 5.050 02/01/2031 644,505
- -------------------------------------------------------------------------------------------------------------------
495,000 Clark County, NV Industrial Devel.
(Nevada Power Company) 5.600 10/01/2030 460,474
- -------------------------------------------------------------------------------------------------------------------
41,135,000 Clark County, NV Industrial Devel.
(Nevada Power Company) 5.900 10/01/2030 39,858,170
- -------------------------------------------------------------------------------------------------------------------
7,255,000 Clark County, NV Industrial Devel.
(Nevada Power Company), Series A 5.900 11/01/2032 7,033,215
- -------------------------------------------------------------------------------------------------------------------
8,260,000 Clark County, NV Industrial Devel. (Southwest Gas Corp.) 1 5.550 12/01/2038 8,540,262
- -------------------------------------------------------------------------------------------------------------------
25,000 Clark County, NV Pollution Control
(Nevada Power Company) 5.450 10/01/2023 23,361
- -------------------------------------------------------------------------------------------------------------------
135,000 Mesquite, NV Special Improvement District (Canyon Creek) 5.400 08/01/2020 129,493
- -------------------------------------------------------------------------------------------------------------------
530,000 Mesquite, NV Special Improvement District (Canyon Creek) 5.500 08/01/2025 492,052
- -------------------------------------------------------------------------------------------------------------------
2,000,000 Mesquite, NV Special Improvement District No. 07-01
(Anthem at Mesquite) 6.150 08/01/2037 1,928,680
- -------------------------------------------------------------------------------------------------------------------
10,000,000 NV Director of the State Dept. of Business & Industry
(Las Ventanas Retirement) 7.000 11/15/2034 8,102,900
- -------------------------------------------------------------------------------------------------------------------
185,000 NV Hsg. Division (Diamond Creek) 5.900 10/01/2018 191,723
- -------------------------------------------------------------------------------------------------------------------
3,390,000 NV Hsg. Division (Single Family Mtg.) 5.300 04/01/2047 3,351,625
-------------
71,624,950
- -------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE--0.1%
2,155,000 NH Business Finance Authority (Air Cargo at Pease) 2 6.750 04/01/2024 2,148,449
- -------------------------------------------------------------------------------------------------------------------
70,000 NH Business Finance Authority
(Connecticut Light & Power) 5.850 12/01/2022 71,646
- -------------------------------------------------------------------------------------------------------------------
4,000,000 NH H&EFA (Franklin Pierce College) 2 6.050 10/01/2034 3,890,840
- -------------------------------------------------------------------------------------------------------------------
535,000 NH HE&HFA (New England College) 5.750 03/01/2009 537,729
- -------------------------------------------------------------------------------------------------------------------
45,000 NH HFA (Single Family Mtg.) 5.300 07/01/2033 45,901
-------------
6,694,565
- -------------------------------------------------------------------------------------------------------------------
NEW JERSEY--10.6%
95,000 NJ EDA (Cascade Corp.) 8.250 02/01/2026 95,406
- -------------------------------------------------------------------------------------------------------------------
19,205,000 NJ EDA (Cigarette Tax) 5.750 06/15/2029 19,140,279
- -------------------------------------------------------------------------------------------------------------------
3,000,000 NJ EDA (Cigarette Tax) 2 5.750 06/15/2034 2,990,070
- -------------------------------------------------------------------------------------------------------------------
1,320,000 NJ EDA (Continental Airlines) 5.500 04/01/2028 1,082,440
- -------------------------------------------------------------------------------------------------------------------
5,865,000 NJ EDA (Continental Airlines) 2 6.250 09/15/2019 5,678,904
- -------------------------------------------------------------------------------------------------------------------
39,520,000 NJ EDA (Continental Airlines) 6.250 09/15/2029 37,136,154
- -------------------------------------------------------------------------------------------------------------------
16,135,000 NJ EDA (Continental Airlines) 6.400 09/15/2023 15,510,737
- -------------------------------------------------------------------------------------------------------------------
1,500,000 NJ EDA (Continental Airlines) 6.625 09/15/2012 1,493,385
- -------------------------------------------------------------------------------------------------------------------
24,355,000 NJ EDA (Continental Airlines) 7.000 11/15/2030 24,553,737
- -------------------------------------------------------------------------------------------------------------------
16,920,000 NJ EDA (Continental Airlines) 7.200 11/15/2030 17,148,758
- -------------------------------------------------------------------------------------------------------------------
16,500,000 NJ EDA (Continental Airlines) 2,7 9.000 06/01/2033 18,336,615
55 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------------------------------
NEW JERSEY Continued
$ 12,500,000 NJ EDA (Converted Organics of Woodbridge) 2 8.000% 08/01/2027 $ 11,255,500
- -------------------------------------------------------------------------------------------------------------------
1,405,000 NJ EDA (Empowerment Zone-Cumberland) 8 7.750 08/01/2021 898,498
- -------------------------------------------------------------------------------------------------------------------
9,000,000 NJ EDA (GMT Realty) 2 6.875 01/01/2037 9,240,840
- -------------------------------------------------------------------------------------------------------------------
34,740,000 NJ Health Care Facilities Financing Authority
(Catholic Health East) 1 4.062 3 11/15/2033 28,801,809
- -------------------------------------------------------------------------------------------------------------------
540,000 NJ Health Care Facilities Financing Authority
(Catholic Health East/Mercy Medical/McCauley
Center Obligated Group) 4.086 3 11/15/2033 445,743
- -------------------------------------------------------------------------------------------------------------------
2,545,000 NJ Health Care Facilities Financing Authority
(Columbus Hospital) 2 7.500 07/01/2021 2,320,989
- -------------------------------------------------------------------------------------------------------------------
5,100,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 2 7.250 07/01/2027 5,153,040
- -------------------------------------------------------------------------------------------------------------------
103,120,000 NJ Tobacco Settlement Financing Corp. 4.750 06/01/2034 87,056,998
- -------------------------------------------------------------------------------------------------------------------
96,125,000 NJ Tobacco Settlement Financing Corp. 5.000 06/01/2029 85,110,036
- -------------------------------------------------------------------------------------------------------------------
426,020,000 NJ Tobacco Settlement Financing Corp. 5.000 06/01/2041 362,990,341
- -------------------------------------------------------------------------------------------------------------------
51,500,000 NJ Tobacco Settlement Financing Corp. 5.647 5 06/01/2041 5,498,655
-------------
741,938,934
- -------------------------------------------------------------------------------------------------------------------
NEW MEXICO--0.2%
581,000 Dona Ana County, NM Multifamily
(Montana Meadows Apartments) 8.500 12/01/2015 606,390
- -------------------------------------------------------------------------------------------------------------------
5,475,000 Eldorado, NM Area Water and Sanitation District 2 6.000 02/01/2025 5,324,547
- -------------------------------------------------------------------------------------------------------------------
2,500,000 Farmington, NM Pollution Control
(Public Service Company of New Mexico) 2 6.300 12/01/2016 2,528,750
- -------------------------------------------------------------------------------------------------------------------
50,000 Farmington, NM Pollution Control
(Public Service Company of New Mexico) 6.600 10/01/2029 52,874
- -------------------------------------------------------------------------------------------------------------------
1,100,000 Mariposa East, NM Public Improvement District 5.500 09/01/2016 1,124,475
- -------------------------------------------------------------------------------------------------------------------
500,000 Mariposa East, NM Public Improvement District 5.750 09/01/2021 503,845
- -------------------------------------------------------------------------------------------------------------------
500,000 Mariposa East, NM Public Improvement District 6.000 09/01/2032 490,835
- -------------------------------------------------------------------------------------------------------------------
900,000 Montecito Estates, NM Public Improvement District 7.000 10/01/2037 898,317
- -------------------------------------------------------------------------------------------------------------------
20,000 NM Educational Assistance Foundation 6.650 11/01/2025 20,652
- -------------------------------------------------------------------------------------------------------------------
5,000 NM Mtg. Finance Authority, Series C 6.500 07/01/2025 5,200
- -------------------------------------------------------------------------------------------------------------------
220,000 NM Regional Hsg. Authority (Wildewood Apartments) 8.750 12/01/2020 229,948
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Ventana West, NM Public Improvement
District Special Levy 6.875 08/01/2033 1,044,620
-------------
12,830,453
- -------------------------------------------------------------------------------------------------------------------
NEW YORK--1.5%
3,000,000 Albany, NY IDA (New Covenant Charter School) 2 7.000 05/01/2035 2,433,600
- -------------------------------------------------------------------------------------------------------------------
62,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.656 5 06/01/2055 1,754,600
- -------------------------------------------------------------------------------------------------------------------
412,100,000 NY Counties Tobacco Trust V 7.151 5 06/01/2060 8,002,982
- -------------------------------------------------------------------------------------------------------------------
500,000,000 NY Counties Tobacco Trust V 7.836 5 06/01/2060 9,030,000
- -------------------------------------------------------------------------------------------------------------------
2,815,000 NYC IDA (American Airlines) 2 5.400 07/01/2020 2,423,180
56 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 11,055,000 NYC IDA (American Airlines) 6.900% 08/01/2024 $ 10,852,583
- -------------------------------------------------------------------------------------------------------------------
4,750,000 NYC IDA (American Airlines) 2 7.625 08/01/2025 5,087,060
- -------------------------------------------------------------------------------------------------------------------
46,150,000 NYC IDA (American Airlines) 7.750 08/01/2031 49,842,462
- -------------------------------------------------------------------------------------------------------------------
10,500,000 NYC IDA (American Airlines) 2 8.000 08/01/2028 11,560,605
- -------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (JFK International Airport) 8.000 08/01/2012 529,715
-------------
101,516,787
- -------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA--1.0%
34,580,000 Charlotte, NC Douglas International Airport Special
Facilities (US Airways) 5.600 07/01/2027 31,141,019
- -------------------------------------------------------------------------------------------------------------------
2,755,000 Charlotte, NC Douglas International Airport Special
Facilities (US Airways) 7.750 02/01/2028 2,833,710
- -------------------------------------------------------------------------------------------------------------------
1,725,000 Durham, NC Hsg. Authority (Naples Terrace Apartments) 5.700 06/01/2033 1,753,428
- -------------------------------------------------------------------------------------------------------------------
1,025,000 Elizabeth City, NC Multifamily Hsg. (Walker Landing) 5.125 03/20/2049 989,545
- -------------------------------------------------------------------------------------------------------------------
28,115,000 Gaston, NC IF&PCFA (National Gypsum) 5.750 08/01/2035 26,621,250
- -------------------------------------------------------------------------------------------------------------------
1,900,000 NC Medical Care Commission (Glenaire/The Presbyterian
Homes Obligated Group) 5.500 10/01/2031 1,856,832
- -------------------------------------------------------------------------------------------------------------------
1,100,000 NC Medical Care Commission (Glenaire/The Presbyterian
Homes Obligated Group) 5.600 10/01/2036 1,082,169
- -------------------------------------------------------------------------------------------------------------------
1,400,000 NC Medical Care Commission (United Methodist) 5.500 10/01/2032 1,320,648
- -------------------------------------------------------------------------------------------------------------------
2,775,000 NC Medical Care Commission Retirement Facilities
(Village at Brookwood) 5.250 01/01/2032 2,362,996
-------------
69,961,597
- -------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA--0.1%
1,000,000 Cando, ND Nursing Facility
(Towner County Medical Center) 7.125 08/01/2022 1,000,140
- -------------------------------------------------------------------------------------------------------------------
100,000 Cass County, ND Industrial Devel. Revenue (Fraser Ltd.) 7.000 11/01/2015 100,070
- -------------------------------------------------------------------------------------------------------------------
10,000 ND HFA (Home Mtg.) 5.400 01/01/2034 10,763
- -------------------------------------------------------------------------------------------------------------------
10,000 ND HFA (Home Mtg.) 5.550 07/01/2022 10,437
- -------------------------------------------------------------------------------------------------------------------
2,935,000 Richland County, ND Hsg. (Birchwood Properties) 6.750 05/01/2029 2,865,118
-------------
3,986,528
- -------------------------------------------------------------------------------------------------------------------
OHIO--4.5%
2,345,000,000 Buckeye, OH Tobacco Settlement Financing Authority
(TASC) 7.501 5 06/01/2052 90,821,850
- -------------------------------------------------------------------------------------------------------------------
1,445,000 Butler County, OH Hsg. (Anthony Wayne Apartments) 6.500 09/01/2030 1,446,951
- -------------------------------------------------------------------------------------------------------------------
6,495,000 Centerville, OH Health Care (Bethany Lutheran Village) 6.000 11/01/2038 6,197,009
- -------------------------------------------------------------------------------------------------------------------
21,475,000 Cleveland, OH Airport (Continental Airlines) 5.375 09/15/2027 18,766,358
- -------------------------------------------------------------------------------------------------------------------
35,000 Cleveland, OH Airport (Continental Airlines) 5.500 12/01/2008 34,774
- -------------------------------------------------------------------------------------------------------------------
18,645,000 Cleveland, OH Airport (Continental Airlines) 5.700 12/01/2019 17,286,898
- -------------------------------------------------------------------------------------------------------------------
1,000,000 Cleveland-Cuyahoga County, OH Port Authority
(St. Clarence) 6.250 05/01/2038 994,500
57 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
OHIO Continued
$ 3,170,000 Cuyahoga County, OH Multifamily (Allerton Apartments) 5.400% 08/20/2048 $ 3,096,519
- --------------------------------------------------------------------------------------------------------------------
3,035,000 Dublin, OH Industrial Devel. (Dublin Health Care Corp.) 7.500 12/01/2016 3,062,588
- --------------------------------------------------------------------------------------------------------------------
7,500,000 Grove City, OH Tax Increment Financing 2 5.375 12/01/2031 6,496,050
- --------------------------------------------------------------------------------------------------------------------
845,000 Lorain County, OH Port Authority (Alumalloy LLC) 6.000 11/15/2025 814,867
- --------------------------------------------------------------------------------------------------------------------
24,075,000 Mahoning County, OH Hospital Facilities
(Forum Health Obligated Group) 2 6.000 11/15/2032 22,074,849
- --------------------------------------------------------------------------------------------------------------------
960,000 Moraine, OH Solid Waste Disposal (General Motors Corp.) 5.650 07/01/2024 860,928
- --------------------------------------------------------------------------------------------------------------------
3,225,000 Moraine, OH Solid Waste Disposal (General Motors Corp.) 6.750 07/01/2014 3,239,867
- --------------------------------------------------------------------------------------------------------------------
14,300,000 OH Air Quality Devel. Authority (Fostoria Ethanol) 7 8.500 02/01/2020 14,300,000
- --------------------------------------------------------------------------------------------------------------------
14,300,000 OH Air Quality Devel. Authority (Marion Ethanol) 7 8.500 02/01/2020 14,300,000
- --------------------------------------------------------------------------------------------------------------------
50,000 OH Environmental Facilities (Ford Motor Company) 5.750 04/01/2035 44,978
- --------------------------------------------------------------------------------------------------------------------
520,000 OH Environmental Facilities (Ford Motor Company) 5.950 09/01/2029 484,468
- --------------------------------------------------------------------------------------------------------------------
100,000 OH Environmental Facilities (Ford Motor Company) 6.150 06/01/2030 95,386
- --------------------------------------------------------------------------------------------------------------------
5,170,000 OH HFA (Uptown Towers Apartments) 5.250 04/20/2048 5,081,955
- --------------------------------------------------------------------------------------------------------------------
550,000 OH Pollution Control (General Motors Corp.) 5.625 03/01/2015 521,648
- --------------------------------------------------------------------------------------------------------------------
2,050,000 OH Port Authority of Columbiana Solid Waste
(A&L Salvage) 14.500 07/01/2028 2,445,794
- --------------------------------------------------------------------------------------------------------------------
16,320,000 OH Port Authority of Columbiana Solid Waste
(Apex Environmental) 2 7.250 08/01/2034 16,607,232
- --------------------------------------------------------------------------------------------------------------------
14,000,000 OH Solid Waste (General Motors Corp.) 2 6.300 12/01/2032 13,172,600
- --------------------------------------------------------------------------------------------------------------------
29,515,000 OH Solid Waste Disposal (USG Corp.) 5.600 08/01/2032 27,456,329
- --------------------------------------------------------------------------------------------------------------------
38,910,000 OH Solid Waste Disposal (USG Corp.) 2 5.650 03/01/2033 36,413,145
- --------------------------------------------------------------------------------------------------------------------
6,640,000 OH Solid Waste Disposal (USG Corp.) 6.050 08/01/2034 6,549,430
- --------------------------------------------------------------------------------------------------------------------
532,000 OH Water Devel. Authority (General Motors Corp.) 5.900 06/15/2008 530,441
- --------------------------------------------------------------------------------------------------------------------
70,000 Pike County, OH Hospital Facilities (Pike Health Services) 7.000 07/01/2022 70,139
--------------
313,267,553
- --------------------------------------------------------------------------------------------------------------------
OKLAHOMA--1.1%
1,700,000 Ardmore, OK Devel. Authority (Airpark Increment District) 5.750 11/01/2022 1,675,758
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Atoka County, OK Healthcare Authority
(Atoka Memorial Hospital) 6.625 10/01/2037 1,527,660
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Cleveland County, OK IDA (Vaughn Foods) 6.750 12/01/2012 1,967,840
- --------------------------------------------------------------------------------------------------------------------
2,365,000 Cleveland County, OK IDA (Vaughn Foods) 7.100 12/01/2024 2,252,970
- --------------------------------------------------------------------------------------------------------------------
2,280,000 Ellis County, OK Industrial Authority
(W.B. Johnston Grain of Shattuck) 2 7.100 08/01/2023 2,345,732
- --------------------------------------------------------------------------------------------------------------------
2,760,000 Ellis County, OK Industrial Authority
(W.B. Johnston Grain of Shattuck) 2 7.500 08/01/2023 2,842,855
- --------------------------------------------------------------------------------------------------------------------
410,000 Grady County, OK Industrial Authority
(Correctional Facilities) 7.000 11/01/2011 292,564
- --------------------------------------------------------------------------------------------------------------------
3,260,000 Jackson County, OK Memorial Hospital Authority
(Jackson County Memorial) 7.300 08/01/2015 3,275,224
- --------------------------------------------------------------------------------------------------------------------
9,000,000 OK Devel. Finance Authority (Doane Products Company) 2 6.250 07/15/2023 8,892,720
58 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
OKLAHOMA Continued
$ 95,000 OK HFA (Single Family) 5.686% 5 09/01/2030 $ 26,649
- --------------------------------------------------------------------------------------------------------------------
125,000 OK Ordnance Works Authority Sewer & Solid Waste
Disposal Facilities (Ralston Purina Group) 6.500 09/01/2026 126,259
- --------------------------------------------------------------------------------------------------------------------
30,000 OK Student Loan Authority 5.300 12/01/2032 30,483
- --------------------------------------------------------------------------------------------------------------------
1,500,000 Oklahoma City, OK Industrial & Cultural Facilities
(Aero Obligated Group) 6.750 01/01/2023 1,536,000
- --------------------------------------------------------------------------------------------------------------------
2,950,000 Oklahoma County, OK Finance Authority
(Var-Sail Association) 5.250 05/15/2041 2,993,749
- --------------------------------------------------------------------------------------------------------------------
7,310,000 Oklahoma County, OK HFA (Single Family Mtg.) 1 5.400 10/01/2038 7,754,910
- --------------------------------------------------------------------------------------------------------------------
24,334,000 Tulsa County, OK Home Finance Authority
(Single Family Mtg.) 1 5.250 12/01/2038 25,227,638
- --------------------------------------------------------------------------------------------------------------------
285,000 Tulsa, OK Municipal Airport Trust (American Airlines) 6.250 06/01/2020 276,524
- --------------------------------------------------------------------------------------------------------------------
15,500,000 Tulsa, OK Municipal Airport Trust (American Airlines) 2 7.750 06/01/2035 16,540,205
--------------
79,585,740
- --------------------------------------------------------------------------------------------------------------------
OREGON--0.3%
3,500,000 Clackamas County, OR Hsg. Authority (Easton Ridge) 5.900 12/01/2026 3,499,895
- --------------------------------------------------------------------------------------------------------------------
20,000 Lane County, OR Hsg. Authority & Community Services
(Firewood) 6.600 11/01/2015 20,088
- --------------------------------------------------------------------------------------------------------------------
1,095,000 OR Economic Devel. (Georgia-Pacific Corp.) 5.700 12/01/2025 976,171
- --------------------------------------------------------------------------------------------------------------------
2,325,000 OR Economic Devel. (Georgia-Pacific Corp.) 2 6.350 08/01/2025 2,240,719
- --------------------------------------------------------------------------------------------------------------------
10,000 OR GO (Elderly & Disabled Hsg.) 5.250 08/01/2031 10,021
- --------------------------------------------------------------------------------------------------------------------
140,000 OR GO (Elderly & Disabled Hsg.) 5.800 08/01/2027 140,529
- --------------------------------------------------------------------------------------------------------------------
55,000 OR Hsg. & Community Services Dept. (Multifamily Hsg.) 6.000 07/01/2031 55,535
- --------------------------------------------------------------------------------------------------------------------
230,000 OR Hsg. & Community Services Dept. (Single Family Mtg.),
Series A 6.450 07/01/2026 230,251
- --------------------------------------------------------------------------------------------------------------------
8,270,000 OR Solid Waste Disposal (USG Corp.) 2 6.400 12/01/2029 8,337,401
- --------------------------------------------------------------------------------------------------------------------
50,000 Port Astoria, OR Pollution Control (James River) 6.550 02/01/2015 49,986
- --------------------------------------------------------------------------------------------------------------------
5,000 Port of St. Helen's, OR 6.250 03/01/2010 5,009
- --------------------------------------------------------------------------------------------------------------------
3,655,000 Port of St. Helen's, OR Pollution Control
(Boise Cascade Corp.) 2 5.650 12/01/2027 3,503,391
- --------------------------------------------------------------------------------------------------------------------
15,000 Portland, OR Hsg. Authority (Berry Ridge) 6.300 05/01/2029 15,136
- --------------------------------------------------------------------------------------------------------------------
25,000 Portland, OR Hsg. Authority (Lovejoy Station Apartments) 5.900 07/01/2023 25,551
- --------------------------------------------------------------------------------------------------------------------
1,465,000 Western Generation, OR Agency Cogeneration
(Wauna Cogeneration) 5.000 01/01/2021 1,379,092
--------------
20,488,775
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--4.6%
1,250,000 Allegheny County, PA HDA (The Covenant at South Hills) 8,10 8.750 02/01/2031 637,500
- --------------------------------------------------------------------------------------------------------------------
35,000 Beaver County, PA IDA (J. Ray McDermott and Company) 6.800 02/01/2009 35,085
- --------------------------------------------------------------------------------------------------------------------
10,000 Erie County, PA IDA (International Paper Company) 5.850 12/01/2020 10,083
- --------------------------------------------------------------------------------------------------------------------
42,355,000 Lehigh County, PA GPA (St. Lukes Hospital Bethlehem) 1 4.185 3 08/15/2033 30,362,299
59 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 24,000,000 Lehigh County, PA GPA (St. Lukes Hospital Bethlehem) 1 4.282% 3 08/15/2042 $ 17,128,320
- --------------------------------------------------------------------------------------------------------------------
515,000 New Morgan, PA IDA (Browning-Ferris Industries) 6.500 04/01/2019 514,938
- --------------------------------------------------------------------------------------------------------------------
25,000,000 PA EDFA (Bionol Clearfield) 7 8.500 07/15/2015 24,937,500
- --------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (National Gypsum Company) 2 6.250 11/01/2027 5,001,600
- --------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (Northampton Generating) 2 6.500 01/01/2013 5,064,400
- --------------------------------------------------------------------------------------------------------------------
5,000,000 PA EDFA (Northampton Generating) 2 6.600 01/01/2019 5,002,250
- --------------------------------------------------------------------------------------------------------------------
89,425,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 91,466,573
- --------------------------------------------------------------------------------------------------------------------
28,500,000 PA EDFA (Reliant Energy) 2 6.750 12/01/2036 29,150,655
- --------------------------------------------------------------------------------------------------------------------
29,675,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 30,414,501
- --------------------------------------------------------------------------------------------------------------------
17,500,000 PA EDFA (Reliant Energy) 6.750 12/01/2036 17,936,100
- --------------------------------------------------------------------------------------------------------------------
11,270,000 PA EDFA (USG Corp.) 2 6.000 06/01/2031 11,081,453
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Sayre, PA Health Care Facilities Authority
(Guthrie Healthcare System) 1 4.213 3 12/01/2024 8,760,300
- --------------------------------------------------------------------------------------------------------------------
53,750,000 Sayre, PA Health Care Facilities Authority
(Guthrie Healthcare System) 1,6 4.263 3 12/01/2031 43,686,919
--------------
321,190,476
- --------------------------------------------------------------------------------------------------------------------
RHODE ISLAND--2.9%
45,000,000 Central Falls, RI Detention Facility 7.250 07/15/2035 48,093,750
- --------------------------------------------------------------------------------------------------------------------
25,000 Providence, RI Hsg. Authority (Lockwood Plaza) 5.700 09/01/2033 25,555
- --------------------------------------------------------------------------------------------------------------------
50,000 RI Health & Educational Building Corp.
(Roger Williams General Hospital) 5.500 07/01/2018 50,340
- --------------------------------------------------------------------------------------------------------------------
11,500,000 RI Hsg. & Mtg. Finance Corp. 1 5.000 10/01/2048 10,882,105
- --------------------------------------------------------------------------------------------------------------------
12,835,000 RI Hsg. & Mtg. Finance Corp.
(Homeownership Opportunity) 1 5.200 10/01/2047 12,434,392
- --------------------------------------------------------------------------------------------------------------------
50,000 RI Hsg. & Mtg. Finance Corp.
(Homeownership Opportunity) 5.100 10/01/2029 50,012
- --------------------------------------------------------------------------------------------------------------------
7,090,000 RI Hsg. & Mtg. Finance Corp. (Rental Hsg.) 1 5.150 10/01/2022 7,164,092
- --------------------------------------------------------------------------------------------------------------------
80,000 RI Industrial Finance Corp. (Ultrafine Powder Technology) 8.000 06/01/2015 80,215
- --------------------------------------------------------------------------------------------------------------------
52,090,000 RI Tobacco Settlement Financing Corp. (TASC) 6.125 5 06/01/2052 2,288,314
- --------------------------------------------------------------------------------------------------------------------
42,525,000 RI Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2042 42,608,349
- --------------------------------------------------------------------------------------------------------------------
1,275,245,000 RI Tobacco Settlement Financing Corp. (TASC) 6.436 5 06/01/2052 61,556,076
- --------------------------------------------------------------------------------------------------------------------
16,225,000 RI Tobacco Settlement Financing Corp. (TASC) 6.750 5 06/01/2052 489,508
- --------------------------------------------------------------------------------------------------------------------
18,130,000 RI Tobacco Settlement Financing Corp. (TASC), Series A 6.125 06/01/2032 18,216,299
--------------
203,939,007
- --------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--0.8%
45,000 Charleston County, SC Hospital Facilities
(Medical Society Health) 5.500 10/01/2019 45,599
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Georgetown County, SC Environmental Improvement
(International Paper Company) 5.550 12/01/2029 1,926,620
60 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA Continued
$ 15,000 Georgetown County, SC Environmental Improvement
(International Paper Company) 6.250% 09/01/2023 $ 15,378
- --------------------------------------------------------------------------------------------------------------------
170,000 Greenville County, SC Airport
(Donaldson Industrial Air Park) 6.125 10/01/2017 169,590
- --------------------------------------------------------------------------------------------------------------------
5,000 Horry County, SC Airport 5.600 07/01/2017 5,094
- --------------------------------------------------------------------------------------------------------------------
4,815,000 Lancaster County, SC (Edenmoor Improvement District) 5.750 12/01/2037 4,269,557
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Myrtle Beach, SC Tax Increment
(Myrtle Beach Air Force Base) 5.250 11/01/2026 904,410
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Myrtle Beach, SC Tax Increment
(Myrtle Beach Air Force Base) 5.300 11/01/2035 1,726,600
- --------------------------------------------------------------------------------------------------------------------
500,000 Richland County, SC Environmental Improvement 5.950 09/01/2031 498,400
- --------------------------------------------------------------------------------------------------------------------
200,000 SC Connector 2000 Assoc. Toll Road, Series B 6.300 5 01/01/2026 48,008
- --------------------------------------------------------------------------------------------------------------------
7,620,000 SC Connector 2000 Assoc. Toll Road, Series B 2 6.453 5 01/01/2020 2,716,606
- --------------------------------------------------------------------------------------------------------------------
8,500,000 SC Connector 2000 Assoc. Toll Road, Series B 2 6.621 5 01/01/2024 2,281,995
- --------------------------------------------------------------------------------------------------------------------
10,820,000 SC Hsg. Finance & Devel. Authority, Series A-2 1 5.200 07/01/2034 10,834,146
- --------------------------------------------------------------------------------------------------------------------
50,000 SC Jobs-EDA
(JDAM/LH/Franke Home/LS Obligated Group) 5.650 05/01/2018 47,423
- --------------------------------------------------------------------------------------------------------------------
370,000 SC Jobs-EDA
(JDAM/LH/Franke Home/LS Obligated Group) 5.700 05/01/2026 340,367
- --------------------------------------------------------------------------------------------------------------------
600,000 SC Jobs-EDA (Lutheran Homes) 5.500 05/01/2028 550,254
- --------------------------------------------------------------------------------------------------------------------
500,000 SC Jobs-EDA (Lutheran Homes) 5.625 05/01/2042 451,165
- --------------------------------------------------------------------------------------------------------------------
18,840,000 SC Tobacco Settlement Management Authority, Series B 6.375 05/15/2028 19,176,294
- --------------------------------------------------------------------------------------------------------------------
6,510,000 SC Tobacco Settlement Management Authority, Series B 2 6.375 05/15/2030 6,602,442
- --------------------------------------------------------------------------------------------------------------------
5,035,000 York County, SC (Hoechst Celanese Corp.) 5.700 01/01/2024 4,519,164
- --------------------------------------------------------------------------------------------------------------------
875,000 York County, SC Pollution Control (Bowater) 7.400 01/01/2010 871,973
--------------
58,001,085
- --------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA--0.9%
19,000,000 Brown County, SD Solid Waste Facilities
(Heartland Grain Fuels) 8.250 01/01/2018 17,621,550
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Lower Brule, SD Sioux Tribe, Series B 5.500 05/01/2019 946,120
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Lower Brule, SD Sioux Tribe, Series B 5.600 05/01/2020 943,600
- --------------------------------------------------------------------------------------------------------------------
37,405,000 SD Educational Enhancement Funding Corp.
Tobacco Settlement 6.500 06/01/2032 37,997,121
- --------------------------------------------------------------------------------------------------------------------
5,410,910 Sioux Falls, SD Economic Devel. (City Centre Hotel) 2 7.000 3 11/01/2016 5,223,097
- --------------------------------------------------------------------------------------------------------------------
1,425,000 Turner County, SD Tax Increment 5.000 12/15/2026 1,276,344
--------------
64,007,832
- --------------------------------------------------------------------------------------------------------------------
TENNESSEE--1.3%
1,675,000 Blount County, TN H&EFB (Asbury) 5.125 04/01/2023 1,543,563
- --------------------------------------------------------------------------------------------------------------------
895,000 Chattanooga, TN HE&HFB
(Campus Devel. Foundation Phase I) 5.500 10/01/2020 876,957
61 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
TENNESSEE Continued
$ 1,800,000 Chattanooga, TN HE&HFB
(Campus Devel. Foundation Phase I) 6.000% 10/01/2035 $ 1,719,324
- --------------------------------------------------------------------------------------------------------------------
2,535,000 Chattanooga, TN HE&HFB (John Calvin Apartments) 5.350 09/20/2047 2,477,329
- --------------------------------------------------------------------------------------------------------------------
21,630,000 Maury County, TN Industrial Devel. Board
(General Motors Corp.) 2 6.500 09/01/2024 21,087,303
- --------------------------------------------------------------------------------------------------------------------
7,400,000 Maury County, TN Industrial Devel. Board
(General Motors Corp.) 6 7.000 3 06/01/2027 7,400,000
- --------------------------------------------------------------------------------------------------------------------
7,000,000 Maury County, TN Industrial Devel. Board
(General Motors Corp.) 6 8.000 3 09/01/2027 7,000,000
- --------------------------------------------------------------------------------------------------------------------
11,930,000 McMinn County, TN Industrial Devel. Board Pollution
Control (Calhoun Newsprint) 2 7.625 03/01/2016 11,831,339
- --------------------------------------------------------------------------------------------------------------------
19,545,000 McMinn County, TN Industrial Devel. Board Solid Waste
(Calhoun Newsprint) 2 7.400 12/01/2022 19,429,294
- --------------------------------------------------------------------------------------------------------------------
1,840,000 Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland
Hsg./NTH/VH Obligated Group) 6 3.550 3 04/01/2042 1,748,000
- --------------------------------------------------------------------------------------------------------------------
9,080,000 Memphis, TN HE&HFB (NH/Mendenhall Hsg./Highland
Hsg./NTH/VH Obligated Group) 5.750 04/01/2042 8,573,336
- --------------------------------------------------------------------------------------------------------------------
215,000 Memphis-Shelby County, TN Airport Authority
(Express Airlines) 6.125 12/01/2016 191,797
- --------------------------------------------------------------------------------------------------------------------
7,870,000 Metropolitan Knoxville, TN Airport Authority
(Northwest Airlines) 8.000 04/01/2032 8,120,581
- --------------------------------------------------------------------------------------------------------------------
525,000 Shelby County, TN HE&HF (Lapaloma Apartments) 7.750 12/01/2029 515,445
- --------------------------------------------------------------------------------------------------------------------
55,000 TN Hsg. Devel. Authority (Homeownership) 5.450 01/01/2033 58,653
--------------
92,572,921
- --------------------------------------------------------------------------------------------------------------------
TEXAS--28.4%
65,000 Abilene, TX HFDC (Hendrick Medical Center) 6.000 09/01/2013 65,177
- --------------------------------------------------------------------------------------------------------------------
20,000 Abilene, TX HFDC (Hendrick Medical Center) 6.000 09/01/2013 20,054
- --------------------------------------------------------------------------------------------------------------------
50,625,000 Alliance Airport Authority, TX (American Airlines) 5.250 12/01/2029 38,764,069
- --------------------------------------------------------------------------------------------------------------------
93,500,000 Alliance Airport Authority, TX (American Airlines) 5.750 12/01/2029 77,038,390
- --------------------------------------------------------------------------------------------------------------------
305,000 Alliance Airport Authority, TX (American Airlines) 7.000 12/01/2011 301,895
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Austin, TX Convention Enterprises (Convention Center) 2 5.750 01/01/2034 3,740,320
- --------------------------------------------------------------------------------------------------------------------
230,000 Beaumont, TX Multifamily HDC
(Madison on the Lake Apartments) 7.750 12/01/2028 223,611
- --------------------------------------------------------------------------------------------------------------------
370,000 Bexar County, TX HFC (American Opportunity Hsg.) 7.500 01/01/2013 354,697
- --------------------------------------------------------------------------------------------------------------------
980,000 Bexar County, TX HFC (American Opportunity Hsg.) 8.000 01/01/2031 848,033
- --------------------------------------------------------------------------------------------------------------------
1,195,000 Bexar County, TX HFC (American Opportunity Hsg.) 8.250 12/01/2037 999,402
- --------------------------------------------------------------------------------------------------------------------
970,000 Bexar County, TX HFC (American Opportunity Hsg.) 9.250 12/01/2037 805,624
- --------------------------------------------------------------------------------------------------------------------
1,130,000 Bexar County, TX HFC
(American Opportunity Hsg.-Nob Hill Apartments) 8 8.500 06/01/2031 676,881
- --------------------------------------------------------------------------------------------------------------------
1,010,000 Bexar County, TX HFC (Doral Club) 8.750 10/01/2036 920,534
- --------------------------------------------------------------------------------------------------------------------
210,000 Bexar County, TX HFC (Honey Creek LLC) 8.000 04/01/2030 199,859
62 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 100,000 Bexar County, TX HFC (Honey Creek LLC) 9.000% 04/01/2030 $ 92,078
- --------------------------------------------------------------------------------------------------------------------
1,460,000 Bexar County, TX HFC (Perrin Square) 9.750 11/20/2031 1,488,441
- --------------------------------------------------------------------------------------------------------------------
14,080,000 Brazos River Authority, TX (TXU Energy Company) 6.750 04/01/2038 13,984,678
- --------------------------------------------------------------------------------------------------------------------
13,500,000 Brazos River Authority, TX Pollution Control
(TXU Energy Company) 1 5.400 05/01/2029 11,251,440
- --------------------------------------------------------------------------------------------------------------------
37,100,000 Brazos River Authority, TX Pollution Control
(TXU Energy Company) 5.000 03/01/2041 27,175,379
- --------------------------------------------------------------------------------------------------------------------
2,345,000 Brazos River Authority, TX Pollution Control
(TXU Energy Company) 2 6.300 07/01/2032 2,153,765
- --------------------------------------------------------------------------------------------------------------------
11,420,000 Brazos River Authority, TX Pollution Control
(TXU Energy Company) 6.750 10/01/2038 11,123,308
- --------------------------------------------------------------------------------------------------------------------
21,720,000 Brazos River Authority, TX Pollution Control
(TXU Energy Company) 7.700 04/01/2033 22,517,124
- --------------------------------------------------------------------------------------------------------------------
17,220,000 Cambridge, TX Student Hsg.
(Cambridge Student Hsg. Devel.) 7.000 11/01/2039 17,951,678
- --------------------------------------------------------------------------------------------------------------------
190,000 Cass County, TX IDC (International Paper Company) 6.600 03/15/2024 195,445
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Dallas-Fort Worth, TX International Airport 1 5.000 11/01/2035 9,969,500
- --------------------------------------------------------------------------------------------------------------------
65,000 Dallas-Fort Worth, TX International Airport 5.000 11/01/2035 64,801
- --------------------------------------------------------------------------------------------------------------------
25,000 Dallas-Fort Worth, TX International Airport 5.500 11/01/2035 25,258
- --------------------------------------------------------------------------------------------------------------------
20,000 Dallas-Fort Worth, TX International Airport 5.750 11/01/2030 20,481
- --------------------------------------------------------------------------------------------------------------------
32,500,000 Dallas-Fort Worth, TX International Airport
(American Airlines/AMR Corp. Obligated Group) 5.500 11/01/2030 26,056,550
- --------------------------------------------------------------------------------------------------------------------
320,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 6.000 11/01/2014 302,400
- --------------------------------------------------------------------------------------------------------------------
63,880,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 6.375 05/01/2035 56,548,492
- --------------------------------------------------------------------------------------------------------------------
305,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 8.250 11/01/2036 319,265
- --------------------------------------------------------------------------------------------------------------------
22,100,000 Dallas-Fort Worth, TX International Airport Facility
Improvement Corp. 9.000 05/01/2029 24,400,168
- --------------------------------------------------------------------------------------------------------------------
45,945,000 Dallas-Fort Worth, TX International Airport Facility
Improvement Corp. 9.125 05/01/2029 50,715,010
- --------------------------------------------------------------------------------------------------------------------
12,330,000 Dallas-Fort Worth, TX International Airport Facility
Improvement Corp. (Learjet) 6.150 01/01/2016 12,039,382
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Danbury, TX Higher Education Authority
(AW Brown Fellowship Charter) 5.125 08/15/2036 961,590
- --------------------------------------------------------------------------------------------------------------------
2,115,000 Danbury, TX Higher Education Finance Corp.
(Island Foundation) 6.250 02/15/2036 2,004,174
- --------------------------------------------------------------------------------------------------------------------
450,000 Decatur, TX Hospital Authority
(Wise Regional Health System) 5.625 09/01/2013 453,510
- --------------------------------------------------------------------------------------------------------------------
22,950,000 Donna, TX GO 2 6.250 02/15/2037 22,913,280
- --------------------------------------------------------------------------------------------------------------------
4,473,785 El Paso, TX HFC (Single Family) 2 6.180 04/01/2033 4,925,279
63 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 55,000 Gainesville, TX Hsg. Authority 6.800% 12/01/2020 $ 57,038
- --------------------------------------------------------------------------------------------------------------------
25,000 Galveston County, TX HFC (Friendswood) 6.200 10/01/2021 25,319
- --------------------------------------------------------------------------------------------------------------------
1,440,000 Galveston County, TX HFC (Single Family) 6.300 09/15/2031 1,483,416
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Grapevine, TX IDC (Air Cargo) 6.500 01/01/2024 1,025,650
- --------------------------------------------------------------------------------------------------------------------
30,000 Greater Kelly, TX Devel. Authority (The Boeing Company) 5.350 06/01/2018 30,023
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Guadalupe-Blanco, TX River Authority
(E.I. Dupont De Nemours) 2 6.400 04/01/2026 4,012,440
- --------------------------------------------------------------------------------------------------------------------
4,660,000 Gulf Coast, TX IDA (Citgo Petroleum Corp.) 2 7.500 05/01/2025 4,976,740
- --------------------------------------------------------------------------------------------------------------------
31,000,000 Gulf Coast, TX IDA (Microgy Holdings) 7.000 12/01/2036 29,228,350
- --------------------------------------------------------------------------------------------------------------------
70,000 Gulf Coast, TX Waste Disposal Authority (FMC Corp.) 7.050 10/01/2009 70,728
- --------------------------------------------------------------------------------------------------------------------
5,755,000 Gulf Coast, TX Waste Disposal Authority
(International Paper Company) 2 6.100 08/01/2024 5,876,085
- --------------------------------------------------------------------------------------------------------------------
2,335,000 Gulf Coast, TX Waste Disposal Authority
(Valero Energy Corp.) 5.600 04/01/2032 2,243,725
- --------------------------------------------------------------------------------------------------------------------
150,000 Gulf Coast, TX Waste Disposal Authority
(Valero Energy Corp.) 5.700 04/01/2032 145,212
- --------------------------------------------------------------------------------------------------------------------
5,975,000 Harris County, TX IDC (Continental Airlines) 5.375 07/01/2019 5,356,468
- --------------------------------------------------------------------------------------------------------------------
1,750,000 HFDC of Central TX
(Legacy at Willow Bend Retirement Community) 5.625 11/01/2026 1,629,093
- --------------------------------------------------------------------------------------------------------------------
2,750,000 HFDC of Central TX
(Legacy at Willow Bend Retirement Community) 5.750 11/01/2036 2,527,828
- --------------------------------------------------------------------------------------------------------------------
2,000,000 HFDC of Central TX
(Lutheran Social Services of the South) 6.875 02/15/2032 2,032,900
- --------------------------------------------------------------------------------------------------------------------
4,000,000 HFDC of Central TX (Villa De San Antonio) 6.250 05/15/2036 3,806,480
- --------------------------------------------------------------------------------------------------------------------
115,000 Houston, TX Airport Special Facilities (Continental Airlines) 5.500 07/15/2017 115,121
- --------------------------------------------------------------------------------------------------------------------
7,915,000 Houston, TX Airport Special Facilities (Continental Airlines) 5.700 07/15/2029 7,057,647
- --------------------------------------------------------------------------------------------------------------------
7,290,000 Houston, TX Airport Special Facilities (Continental Airlines) 5.700 07/15/2029 6,500,347
- --------------------------------------------------------------------------------------------------------------------
21,165,000 Houston, TX Airport Special Facilities (Continental Airlines) 6.125 07/15/2017 20,588,254
- --------------------------------------------------------------------------------------------------------------------
18,610,000 Houston, TX Airport Special Facilities (Continental Airlines) 6.125 07/15/2027 17,609,713
- --------------------------------------------------------------------------------------------------------------------
17,415,000 Houston, TX Airport Special Facilities (Continental Airlines) 6.125 07/15/2027 16,466,231
- --------------------------------------------------------------------------------------------------------------------
20,750,000 Houston, TX Airport Special Facilities (Continental
Airlines) 7 6.750 07/01/2021 20,992,360
- --------------------------------------------------------------------------------------------------------------------
59,445,000 Houston, TX Airport Special Facilities (Continental Airlines) 6.750 07/01/2029 59,894,345
- --------------------------------------------------------------------------------------------------------------------
100,000 Houston, TX Airport Special Facilities (Continental Airlines) 7.000 07/01/2029 102,212
- --------------------------------------------------------------------------------------------------------------------
3,110,000 Houston, TX Airport Special Facilities (Continental
Airlines) 7 7.375 07/01/2022 3,209,178
- --------------------------------------------------------------------------------------------------------------------
75,000 Houston, TX Airport System 5.000 07/01/2027 75,233
- --------------------------------------------------------------------------------------------------------------------
9,860,000 Houston, TX HFC (Hometowne on Bellfort) 1,6 5.250 12/01/2040 9,775,450
- --------------------------------------------------------------------------------------------------------------------
2,064,000 Houston, TX HFC (RRG Houston Apartments) 6.250 09/20/2035 2,143,959
- --------------------------------------------------------------------------------------------------------------------
405,000 Houston, TX IDC (Air Cargo) 6.375 01/01/2023 413,254
- --------------------------------------------------------------------------------------------------------------------
1,000,000 IAH TX Public Facility Corp. 6.000 05/01/2016 975,490
- --------------------------------------------------------------------------------------------------------------------
1,500,000 IAH TX Public Facility Corp. 6.125 05/01/2026 1,415,010
- --------------------------------------------------------------------------------------------------------------------
2,200,000 IAH TX Public Facility Corp. 7.750 05/01/2026 2,220,130
64 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 730,000 Laredo, TX HFC 6.950% 10/01/2027 $ 742,133
- --------------------------------------------------------------------------------------------------------------------
9,000,000 Lewisville, TX GO 6.125 09/01/2029 8,946,180
- --------------------------------------------------------------------------------------------------------------------
1,840,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 6.000 07/01/2032 1,623,082
- --------------------------------------------------------------------------------------------------------------------
25,000 Lubbock, TX HFC, Series A 6.150 10/01/2030 26,137
- --------------------------------------------------------------------------------------------------------------------
575,000 Matagorda County, TX Navigation District (Reliant Energy) 5.950 05/01/2030 562,528
- --------------------------------------------------------------------------------------------------------------------
390,000 Maverick County, TX Public Facility Corp. 6.375 02/01/2029 362,380
- --------------------------------------------------------------------------------------------------------------------
70,000 Midland County, TX Hospital District 5.375 06/01/2016 70,151
- --------------------------------------------------------------------------------------------------------------------
715,000 Midlothian, TX Devel. Authority Tax Increment 5.125 11/15/2026 681,366
- --------------------------------------------------------------------------------------------------------------------
3,500,000 Mission, TX EDC (Allied Waste Industries) 2 5.200 04/01/2018 3,196,165
- --------------------------------------------------------------------------------------------------------------------
1,380,000 Newton County, TX Public Facility Corp. 8.000 03/01/2019 1,400,272
- --------------------------------------------------------------------------------------------------------------------
100,000 Northwest Harris County, TX Municipal Utility District
(Waterworks & Sewer) 6.100 04/01/2012 100,146
- --------------------------------------------------------------------------------------------------------------------
6,120,000 Port of Bay City, TX (Hoechst Celanese Corp.) 2 6.500 05/01/2026 5,953,720
- --------------------------------------------------------------------------------------------------------------------
15,000,000 Port of Corpus Christi, TX Authority (CNA Holdings) 6.700 11/01/2030 14,894,100
- --------------------------------------------------------------------------------------------------------------------
12,196,329 Sabine Neches, TX HFC (Single Family Mtg.) 1 4.875 12/01/2039 12,365,166
- --------------------------------------------------------------------------------------------------------------------
4,100,000 Sabine, TX River Authority Pollution Control
(TXU Electric Company) 2 6.150 08/01/2022 3,854,902
- --------------------------------------------------------------------------------------------------------------------
1,785,000 Sabine, TX River Authority Pollution Control
(TXU Electric Company) 6.450 06/01/2021 1,707,263
- --------------------------------------------------------------------------------------------------------------------
42,260,000 San Antonio, TX Convention Center Hotel Finance
Corp. (Empowerment Zone) 1 5.000 07/15/2039 41,773,504
- --------------------------------------------------------------------------------------------------------------------
385,000 San Antonio, TX HFC (Encinal Apartments) 7.500 09/01/2027 382,817
- --------------------------------------------------------------------------------------------------------------------
25,000 San Antonio, TX HFC (La Risa Apartments) 8.250 01/01/2026 23,801
- --------------------------------------------------------------------------------------------------------------------
7,000,000 San Antonio, TX HFC (Midcrowne Senior Apartments) 1 5.150 06/20/2047 6,537,755
- --------------------------------------------------------------------------------------------------------------------
25,000 San Antonio, TX HFC (Point East Section 8) 8 7.500 08/01/2023 17,657
- --------------------------------------------------------------------------------------------------------------------
4,978,856 San Antonio, TX Hsg. Trust Finance Corp.
(Single Family Mtg.) 4.950 3 10/01/2039 5,133,201
- --------------------------------------------------------------------------------------------------------------------
3,600,000 Southeast TX HFC (Forest View Apartments) 2 6.750 07/01/2037 3,363,444
- --------------------------------------------------------------------------------------------------------------------
90,000 Southeast TX HFC. (Hsg. Assistance Foundation) 8,10 7.500 09/01/2028 67,787
- --------------------------------------------------------------------------------------------------------------------
310,000 Springhill, TX Courtland Heights Public Facility Corp. 5.125 12/01/2008 311,522
- --------------------------------------------------------------------------------------------------------------------
6,030,000 Springhill, TX Courtland Heights Public Facility Corp. 5.850 12/01/2028 5,856,396
- --------------------------------------------------------------------------------------------------------------------
4,250,000 Tarrant County, TX Cultural Education Facilities Finance
Corp. (Buckingham Senior Living Community) 5.750 11/15/2037 3,850,118
- --------------------------------------------------------------------------------------------------------------------
10,755,000 Tarrant County, TX HFC (Lindberg Park) 1 5.150 10/20/2047 10,106,064
- --------------------------------------------------------------------------------------------------------------------
10,935,000 Tarrant County, TX HFC (Multifamily Hsg.) 1 5.200 12/20/2048 10,618,998
- --------------------------------------------------------------------------------------------------------------------
14,920,000 Tarrant County, TX HFC (Village Creek Apartments) 1 5.000 04/20/2048 13,982,800
- --------------------------------------------------------------------------------------------------------------------
1,600,000 Travis County, TX HFDC (Querencia Barton Creek) 5.650 11/15/2035 1,486,896
- --------------------------------------------------------------------------------------------------------------------
8,400,000 Trinity, TX River Authority (General Motors Corp.) 6 7.000 3 04/01/2009 8,400,000
- --------------------------------------------------------------------------------------------------------------------
2,495,000 Trinity, TX River Authority (TXU Energy Company) 2 6.250 05/01/2028 2,305,106
- --------------------------------------------------------------------------------------------------------------------
20,500,000 Trophy Club, TX Public Improvement
(Highlands Trophy Club) 2 7.750 10/01/2037 20,589,175
65 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 2,320,000 TX Affordable Hsg. Corp.
(American Hsg. Foundation) 8,10 8.000% 03/01/2032 $ 503,556
- --------------------------------------------------------------------------------------------------------------------
2,965,000 TX Affordable Hsg. Corp.
(Ashton Place & Woodstock Apartments) 2,8 6.300 08/01/2033 2,248,775
- --------------------------------------------------------------------------------------------------------------------
6,255,000 TX Affordable Hsg. Corp.
(South Texas Affordable Properties Corp.) 2 8.000 03/01/2032 5,955,511
- --------------------------------------------------------------------------------------------------------------------
36,000,000 TX Angelina & Neches River Authority (Aspen Power) 6.500 11/01/2029 31,657,320
- --------------------------------------------------------------------------------------------------------------------
20,000 TX Angelina & Neches River Authority Solid Waste
(Champion International Corp.) 6.300 04/01/2018 20,026
- --------------------------------------------------------------------------------------------------------------------
250,000 TX Angelina & Neches River Authority Waste Disposal
(Temple-Inland) 6.950 05/01/2023 249,010
- --------------------------------------------------------------------------------------------------------------------
15,000 TX Dept. of Hsg. & Community Affairs 5.350 07/01/2033 16,026
- --------------------------------------------------------------------------------------------------------------------
105,000 TX Dept. of Hsg. & Community Affairs
(Pebble Brook Apartments) 5.600 12/01/2030 106,215
- --------------------------------------------------------------------------------------------------------------------
160,000 TX Dept. of Hsg. & Community Affairs
(Sugar Creek Apartments) 6.000 01/01/2042 167,842
- --------------------------------------------------------------------------------------------------------------------
6,750,000 TX Dept. of Hsg. & Community Affairs
(Summit Point Apartments) 1 5.250 06/20/2047 6,617,335
- --------------------------------------------------------------------------------------------------------------------
40,000,000 TX Dept. of Hsg. & Community Affairs, Series A 1 5.000 07/01/2034 38,996,600
- --------------------------------------------------------------------------------------------------------------------
10,000 TX GO 5.750 08/01/2020 10,083
- --------------------------------------------------------------------------------------------------------------------
300,000 TX Lower CO River Authority Pollution Control
(Samsung Electronics Company) 6.375 04/01/2027 301,590
- --------------------------------------------------------------------------------------------------------------------
38,380,000 TX Multifamily Housing Options (Affordable Hsg.) 6 4.865 3 01/01/2039 38,322,430
- --------------------------------------------------------------------------------------------------------------------
1,780,000 TX Multifamily Hsg. Revenue Bond Pass-Thru Certificates
(MS Loveland/American International Group
Obligated Group) 6.000 9 11/01/2033 1,832,866
- --------------------------------------------------------------------------------------------------------------------
1,510,000 TX Multifamily Hsg. Revenue Bond Pass-Thru Certificates
(Skyway Villas) 5.950 11/01/2034 1,575,504
- --------------------------------------------------------------------------------------------------------------------
351,000,000 TX Municipal Gas Acquisition & Supply Corp. 1 3.894 3 12/15/2017 319,374,900
- --------------------------------------------------------------------------------------------------------------------
722,955,000 TX Municipal Gas Acquisition & Supply Corp. 1 4.044 3 12/15/2026 605,399,265
- --------------------------------------------------------------------------------------------------------------------
39,960,000 TX Municipal Gas Acquisition & Supply Corp. 1 4.214 3 09/15/2027 34,763,250
- --------------------------------------------------------------------------------------------------------------------
15,000,000 TX Municipal Gas Acquisition & Supply Corp. 1 4.794 3 12/15/2026 13,123,401
- --------------------------------------------------------------------------------------------------------------------
40,000 TX Municipal Gas Acquisition & Supply Corp. 4.214 3 09/15/2027 34,800
- --------------------------------------------------------------------------------------------------------------------
4,360,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 8,10 6.750 03/01/2031 1,689,936
- --------------------------------------------------------------------------------------------------------------------
3,075,000 TX Public Finance Authority Charter School Finance Corp.
(Cosmos Foundation) 2 5.375 02/15/2037 2,656,062
- --------------------------------------------------------------------------------------------------------------------
1,600,000 TX Public Finance Authority Charter School Finance Corp.
(Ed-Burnham Wood) 6.250 09/01/2036 1,565,504
- --------------------------------------------------------------------------------------------------------------------
50,000 TX Student Hsg. Corp. (Midwestern State University) 6.500 09/01/2022 52,956
- --------------------------------------------------------------------------------------------------------------------
50,000 TX Student Hsg. Corp. (University of North Texas) 6.000 07/01/2011 49,369
- --------------------------------------------------------------------------------------------------------------------
635,000 TX Student Hsg. Corp. (University of North Texas) 6.750 07/01/2021 605,650
- --------------------------------------------------------------------------------------------------------------------
200,000 TX Student Hsg. Corp. (University of North Texas) 6.850 07/01/2031 184,606
66 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 100,000 TX Veterans Hsg. Assistance 6.100% 06/01/2021 $ 103,985
- --------------------------------------------------------------------------------------------------------------------
10,000,000 TX Veterans Hsg. Assistance GO 1 6.150 12/01/2028 10,221,900
- --------------------------------------------------------------------------------------------------------------------
50,000 TX Veterans Hsg. Assistance, Series B 5.800 12/01/2014 51,989
--------------
1,988,443,445
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--1.1%
55,000 Guam GO 5.400 11/15/2018 55,008
- --------------------------------------------------------------------------------------------------------------------
700,000 Northern Mariana Islands Commonwealth, Series A 6.750 10/01/2033 740,817
- --------------------------------------------------------------------------------------------------------------------
94,500,000 Puerto Rico Sales Tax Financing Corp., Series A 1 4.221 3 08/01/2057 79,703,190
--------------
80,499,015
- --------------------------------------------------------------------------------------------------------------------
UTAH--0.2%
650,000 Carbon County, UT Solid Waste Disposal
(Allied Waste Industries) 7.450 07/01/2017 660,413
- --------------------------------------------------------------------------------------------------------------------
2,085,000 Carbon County, UT Solid Waste Disposal
(Allied Waste Industries) 2 7.500 02/01/2010 2,091,526
- --------------------------------------------------------------------------------------------------------------------
2,800,000 Carbon County, UT Solid Waste Disposal
(Sunnyside Cogeneration) 7.100 08/15/2023 2,912,252
- --------------------------------------------------------------------------------------------------------------------
85,000 Emery County, UT Pollution Control (Pacificorp) 5.625 11/01/2023 87,406
- --------------------------------------------------------------------------------------------------------------------
70,000 Tooele County, UT Hazardous Waste Treatment
(Union Pacific Corp.) 5.700 11/01/2026 70,367
- --------------------------------------------------------------------------------------------------------------------
1,935,000 UT HFA (RHA Community Service of Utah) 6.875 07/01/2027 1,936,045
- --------------------------------------------------------------------------------------------------------------------
25,000 UT State Building Ownership Authority, Series A 5.750 08/15/2011 25,420
- --------------------------------------------------------------------------------------------------------------------
1,315,000 Utah County, UT Charter School (Lincoln Academy) 5.875 06/15/2037 1,262,045
- --------------------------------------------------------------------------------------------------------------------
825,000 Utah County, UT Charter School (Renaissance Academy) 5.625 07/15/2037 762,168
- --------------------------------------------------------------------------------------------------------------------
4,425,000 West Valley City, UT Sewer (East Hollywood High School) 2 5.625 06/15/2037 4,088,125
--------------
13,895,767
- --------------------------------------------------------------------------------------------------------------------
VERMONT--0.1%
2,000,000 VT EDA (Wake Robin Corp.) 5.375 05/01/2036 1,752,300
- --------------------------------------------------------------------------------------------------------------------
50,000 VT EDA (Wake Robin Corp.) 6.000 03/01/2022 49,529
- --------------------------------------------------------------------------------------------------------------------
2,889,900 VT Educational & Health Buildings Financing Agency
(Marlboro College) 2 3.570 04/01/2019 2,612,268
- --------------------------------------------------------------------------------------------------------------------
60,000 VT HFA (Single Family), Series 9 5.400 05/01/2037 60,586
--------------
4,474,683
- --------------------------------------------------------------------------------------------------------------------
VIRGINIA--1.4%
570,000 Bedford County, VA IDA (Georgia-Pacific Corp.) 5.600 12/01/2025 502,284
- --------------------------------------------------------------------------------------------------------------------
595,000 Bedford County, VA IDA (Georgia-Pacific Corp.) 6.300 12/01/2025 567,112
- --------------------------------------------------------------------------------------------------------------------
2,535,000 Bedford County, VA IDA (Georgia-Pacific Corp.) 2 6.550 12/01/2025 2,481,283
- --------------------------------------------------------------------------------------------------------------------
12,250,000 Farms New Kent, VA Community Devel. Authority
Special Assessment 2 5.125 03/01/2036 9,880,973
- --------------------------------------------------------------------------------------------------------------------
7,000,000 Farms New Kent, VA Community Devel. Authority
Special Assessment 5.450 03/01/2036 5,894,910
67 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
VIRGINIA Continued
$ 3,206,000 Farms New Kent, VA Community Devel.
Authority Special Assessment 5.800% 03/01/2036 $ 2,822,691
- --------------------------------------------------------------------------------------------------------------------
475,000 Giles County, VA IDA (Hoechst Celanese Corp.) 5.950 12/01/2025 435,423
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Giles County, VA IDA (Hoechst Celanese Corp.) 6.450 05/01/2026 9,676,400
- --------------------------------------------------------------------------------------------------------------------
7,930,000 Giles County, VA IDA (Hoechst Celanese Corp.) 2 6.625 12/01/2022 7,724,930
- --------------------------------------------------------------------------------------------------------------------
235,000 Goochland County, VA IDA (Georgia-Pacific Corp.) 5.650 12/01/2025 206,302
- --------------------------------------------------------------------------------------------------------------------
7,000,000 Halifax County, VA IDA
(Old Dominion Electric Cooperative) 1 5.625 06/01/2028 7,357,700
- --------------------------------------------------------------------------------------------------------------------
3,325,000 Hampton, VA Redevel. and Hsg. Authority (Olde Hampton) 6.500 07/01/2016 3,183,954
- --------------------------------------------------------------------------------------------------------------------
1,990,000 Isle Wight County, VA IDA Environmental Improvement
(International Paper Company) 6.600 05/01/2024 2,055,909
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Lewistown, VA Commerce Center Community
Devel. Authority 6.050 03/01/2027 3,867,640
- --------------------------------------------------------------------------------------------------------------------
350,000 Lynchburg, VA IDA
(Westminster-Canterbury Residential Care Facility) 5.000 07/01/2031 318,108
- --------------------------------------------------------------------------------------------------------------------
3,000,000 New Port, VA CDA 5.600 09/01/2036 2,636,100
- --------------------------------------------------------------------------------------------------------------------
2,050,000 Norfolk, VA EDA, Series A 2 6.000 11/01/2036 1,905,844
- --------------------------------------------------------------------------------------------------------------------
1,085,000 Norfolk, VA Redevel. & Hsg. Authority
(First Mtg.-Retirement Community) 6.125 01/01/2035 1,064,602
- --------------------------------------------------------------------------------------------------------------------
9,675,000 Peninsula, VA Town Center Community Devel. Authority
Special Obligation 6.450 09/01/2037 9,655,263
- --------------------------------------------------------------------------------------------------------------------
6,300,000 VA Celebrate South CDA Special Assessment 6.250 03/01/2037 6,090,966
- --------------------------------------------------------------------------------------------------------------------
3,400,000 VA H2O Community Devel. Authority 5.200 09/01/2037 2,801,260
- --------------------------------------------------------------------------------------------------------------------
15,000,000 VA Hsg. Devel. Authority 1 5.100 10/01/2035 14,812,800
- --------------------------------------------------------------------------------------------------------------------
2,500,000 West Point, VA IDA Solid Waste (Chesapeake Corp.) 2 6.375 03/01/2019 2,090,375
--------------
98,032,829
- --------------------------------------------------------------------------------------------------------------------
WASHINGTON--1.0%
12,000,000 Chelan County, WA Public Utility District No. 001
(Chelan Hydropower) 1 5.600 01/01/2036 12,479,400
- --------------------------------------------------------------------------------------------------------------------
30,000 Chelan County, WA Public Utility District No. 1
(Chelan Hydro System) 5.250 07/01/2037 30,320
- --------------------------------------------------------------------------------------------------------------------
25,000 King County, WA Hsg. Authority (Cascadian Apartments) 6.800 07/01/2019 25,144
- --------------------------------------------------------------------------------------------------------------------
70,000 King County, WA Hsg. Authority
(Eastwood Square Apartments) 5.450 01/01/2041 70,327
- --------------------------------------------------------------------------------------------------------------------
15,000 King County, WA Hsg. Authority (Kona Village) 6.700 01/01/2020 15,396
- --------------------------------------------------------------------------------------------------------------------
125,000 King County, WA Hsg. Authority
(Southwood Square Apartments) 6.100 10/01/2021 127,578
- --------------------------------------------------------------------------------------------------------------------
725,000 King County, WA Hsg. Authority (Southwood Square
Apartments) 6.200 10/01/2031 734,171
- --------------------------------------------------------------------------------------------------------------------
40,000 King County, WA Hsg. Authority (Woodridge Park) 6.250 05/01/2015 40,150
- --------------------------------------------------------------------------------------------------------------------
50,000 King County, WA Hsg. Authority (Woodridge Park) 6.350 05/01/2025 50,167
68 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
WASHINGTON Continued
$ 2,000,000 Kitsap County, WA Consolidated Hsg. Authority 5.500% 06/01/2027 $ 1,968,280
- --------------------------------------------------------------------------------------------------------------------
2,350,000 Kitsap County, WA Consolidated Hsg. Authority 5.600 06/01/2037 2,286,151
- --------------------------------------------------------------------------------------------------------------------
50,000 Kitsap County, WA Consolidated Hsg. Authority
(Heritage Apartments) 6.100 10/01/2031 50,457
- --------------------------------------------------------------------------------------------------------------------
2,465,000 Port Camas, WA Public Industrial Corp.
(James River Corp. of Virginia) 2 6.700 04/01/2023 2,463,546
- --------------------------------------------------------------------------------------------------------------------
65,000 Port of Seattle, WA GO 5.100 04/01/2024 65,104
- --------------------------------------------------------------------------------------------------------------------
1,600,000 Port of Seattle, WA Special Facility (Northwest Airlines) 7.125 04/01/2020 1,632,000
- --------------------------------------------------------------------------------------------------------------------
50,000 Snohomish County, WA Hsg. Authority 6.400 04/01/2026 50,174
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Snohomish County, WA Hsg. Authority
(Westwood Crossing Apartments) 5.250 05/01/2037 2,322,125
- --------------------------------------------------------------------------------------------------------------------
100,000 Snohomish County, WA Hsg. Authority
(Whispering Pines Apartments) 5.100 09/01/2015 101,687
- --------------------------------------------------------------------------------------------------------------------
1,675,000 Snohomish County, WA Hsg. Authority
(Whispering Pines Apartments) 5.600 09/01/2025 1,687,764
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Snohomish County, WA Hsg. Authority
(Whispering Pines Apartments) 5.750 09/01/2030 1,257,938
- --------------------------------------------------------------------------------------------------------------------
75,000 Tacoma, WA Hsg. Authority
(Polynesia Village Apartments) 5.850 12/01/2022 75,053
- --------------------------------------------------------------------------------------------------------------------
105,000 Tacoma, WA Hsg. Authority
(Polynesia Village Apartments) 5.900 12/01/2027 105,063
- --------------------------------------------------------------------------------------------------------------------
85,000 Tacoma, WA Port Authority 5.300 12/01/2017 85,065
- --------------------------------------------------------------------------------------------------------------------
20,000 Vancouver, WA Hsg. Authority 5.625 03/01/2028 19,939
- --------------------------------------------------------------------------------------------------------------------
13,160,000 WA HFC (Single Family Programs) 1 5.150 06/01/2037 12,992,407
- --------------------------------------------------------------------------------------------------------------------
10,760,000 WA Kalispel Tribe Indians Priority District 6.750 01/01/2038 10,775,710
- --------------------------------------------------------------------------------------------------------------------
4,460,000 WA Tobacco Settlement Authority (TASC) 2 6.500 06/01/2026 4,597,903
- --------------------------------------------------------------------------------------------------------------------
14,285,000 WA Tobacco Settlement Authority (TASC) 2 6.625 06/01/2032 14,591,270
--------------
70,700,289
- --------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA--0.5%
21,700,000 Braxton County, WV Solid Waste Disposal
(Weyerhaeuser Company) 1 5.400 05/01/2025 20,444,004
- --------------------------------------------------------------------------------------------------------------------
25,000 Kingswood, WV Sewage System 6.000 10/01/2025 25,288
- --------------------------------------------------------------------------------------------------------------------
600,000 Ohio County, WV Commission Special District
Excise Tax (Fort Henry Centre) 5.625 03/01/2036 560,364
- --------------------------------------------------------------------------------------------------------------------
15,000 WV Hospital Finance Authority
(Charleston Area Medical Center) 7.250 10/01/2014 15,041
- --------------------------------------------------------------------------------------------------------------------
7,250,000 WV Hsg. Devel. Fund 1 5.200 05/01/2038 7,167,599
- --------------------------------------------------------------------------------------------------------------------
8,465,000 WV State Hsg. Devel. Fund, Series D 1 5.350 11/01/2032 8,783,138
--------------
36,995,434
69 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
WISCONSIN--1.7%
$ 28,000,000 Aztalan, WI Exempt Facility (Renew Energy) 7.500% 05/01/2018 $ 24,990,280
- --------------------------------------------------------------------------------------------------------------------
65,000 Badger, WI Tobacco Asset Securitization Corp. 6.125 06/01/2027 66,730
- --------------------------------------------------------------------------------------------------------------------
39,195,000 Badger, WI Tobacco Asset Securitization Corp. 6.375 06/01/2032 39,603,412
- --------------------------------------------------------------------------------------------------------------------
6,510,000 Kaukauna, WI Environmental Improvement
(International Paper Company) 5.250 06/01/2029 6,033,143
- --------------------------------------------------------------------------------------------------------------------
660,000 Milwaukee, WI (Aero Milwaukee) 6.500 01/01/2025 676,929
- --------------------------------------------------------------------------------------------------------------------
1,220,000 Milwaukee, WI (Air Cargo) 7.500 01/01/2025 1,286,087
- --------------------------------------------------------------------------------------------------------------------
4,120,000 Necedah, WI Community Devel. Authority Exempt
Facility (Castle Rock Renewable Fuels) 2 7.500 03/01/2018 3,738,776
- --------------------------------------------------------------------------------------------------------------------
165,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 6 6.800 11/01/2012 165,021
- --------------------------------------------------------------------------------------------------------------------
160,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 6 6.850 05/01/2013 160,010
- --------------------------------------------------------------------------------------------------------------------
1,595,000 New Berlin, WI Hsg. Authority (Pinewood Creek) 6 7.125 05/01/2024 1,594,856
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Onalaska, WI Community Devel. Authority
(Bethany Lutheran Homes) 5.250 01/01/2042 1,725,800
- --------------------------------------------------------------------------------------------------------------------
200,000 Reedsburg, WI Industrial Devel. Revenue (Seats, Inc.) 6.250 05/01/2019 199,576
- --------------------------------------------------------------------------------------------------------------------
1,750,000 Sokaogon, WI Chippewa Community (Gaming) 7.000 01/01/2026 1,651,580
- --------------------------------------------------------------------------------------------------------------------
1,800,000 Sokaogon, WI Chippewa Community (Gaming) 8.250 01/01/2017 1,736,370
- --------------------------------------------------------------------------------------------------------------------
100,000 WI GO 5.350 05/01/2028 100,051
- --------------------------------------------------------------------------------------------------------------------
35,000 WI GO 5.350 05/01/2028 35,014
- --------------------------------------------------------------------------------------------------------------------
20,000 WI GO 6.000 05/01/2027 20,031
- --------------------------------------------------------------------------------------------------------------------
55,000 WI H&EFA (Aurora Health Care) 5.625 02/15/2029 54,596
- --------------------------------------------------------------------------------------------------------------------
1,600,000 WI H&EFA (Catholic Residential Services) 5.250 05/01/2028 1,376,384
- --------------------------------------------------------------------------------------------------------------------
1,000,000 WI H&EFA (Eastcastle Place) 6.125 12/01/2034 957,450
- --------------------------------------------------------------------------------------------------------------------
20,000 WI H&EFA (Marshfield Clinic) 5.750 02/15/2027 20,226
- --------------------------------------------------------------------------------------------------------------------
70,000 WI H&EFA (Marshfield Clinic) 6.250 02/15/2029 73,103
- --------------------------------------------------------------------------------------------------------------------
8,000,000 WI H&EFA (Ministry Health Care) 1 5.250 02/15/2032 8,125,280
- --------------------------------------------------------------------------------------------------------------------
1,650,000 WI H&EFA (St. Clare Terrance) 5.750 12/01/2036 1,506,483
- --------------------------------------------------------------------------------------------------------------------
7,335,000 WI H&EFA (Wellington Homes) 2 6.750 09/01/2037 7,062,431
- --------------------------------------------------------------------------------------------------------------------
1,300,000 WI H&EFA (Wisconsin Illinois Senior Hsg.) 5.650 08/01/2021 1,249,716
- --------------------------------------------------------------------------------------------------------------------
2,385,000 WI H&EFA (Wisconsin Illinois Senior Hsg.) 5.800 08/01/2029 2,254,159
- --------------------------------------------------------------------------------------------------------------------
15,685,000 WI Hsg. & Economic Devel. Authority 1 5.100 09/01/2024 15,703,166
- --------------------------------------------------------------------------------------------------------------------
40,000 WI Hsg. & EDA 5.150 11/01/2045 38,831
---------------
122,205,491
- --------------------------------------------------------------------------------------------------------------------
WYOMING--0.0%
20,000 Afton, WY National Rural Utilities
(Lower Valley Power & Light) 5.875 05/01/2026 20,226
---------------
Total Municipal Bonds and Notes (Cost $10,881,494,149) 10,029,350,769
70 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
SHARES VALUE
- --------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--0.1%
- --------------------------------------------------------------------------------------------------------------------
332,610 Northwest Airlines Corp. 12 (Cost $5,937,921) $ 6,223,133
PRINCIPAL
AMOUNT COUPON MATURITY
- --------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES--0.2%
- --------------------------------------------------------------------------------------------------------------------
$ 20,081,234 Delta Air Lines, Inc., Sr. Unsec. Nts. 6 8.000% 12/01/2015 17,410,430
(Cost $19,880,423)
- --------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $10,907,312,493)--143.7% 10,052,984,332
- --------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(43.7) (3,058,901,096)
---------------
NET ASSETS--100.0% $ 6,994,083,236
===============
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Security represents the underlying municipal bond on an inverse floating rate
security. The bond was purchased by the Fund and subsequently segregated and
transferred to a trust. See Note 1 of accompanying Notes.
2. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 7 of accompanying Notes.
3. Represents the current interest rate for a variable or increasing rate
security.
4. Security is subject to a deferred-interest forebearance agreement. Rate shown
is current rate.
5. Zero coupon bond reflects effective yield on the date of purchase.
6. Illiquid security. The aggregate value of illiquid securities as of January
31, 2008 was $647,366,588, which represents 9.26% of the Fund's net assets. See
Note 6 of accompanying Notes.
7. When-issued security or delayed delivery to be delivered and settled after
January 31, 2008. See Note 1 of accompanying Notes.
8. Issue is in default. See Note 1 of accompanying Notes.
9. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
10. Non-income producing security.
11. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $6,281,040 or 0.09% of the Fund's net
assets as of January 31, 2008.
12. A sufficient amount of liquid assets has been designated to cover
outstanding written call options.
71 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ADA Atlanta Devel. Authority
AHF American Housing Foundation
CAU Clark Atlanta University
CCRC Continuing Care Retirement Community
CDA Communities Devel. Authority
CFGH Central Florida Group Homes
COP Certificates of Participation
CoMC Community Medical Center
EDA Economic Devel. Authority
EDC Economic Devel. Corp.
EDFA Economic Devel. Finance Authority
EF&CD Environmental Facilities and Community Devel.
FMC Flagstaff Medical Center
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.
IDA Industrial Devel. Agency
IDC Industrial Devel. Corp.
IF&PCFA Industrial Facilities & Pollution Control Financing Authority
JDAM Julia Dyckman Andrus Memorial
JFK John Fitzgerald Kennedy
JGCCF Jewish Geriatric & Convalescent Center Foundation
LH Lowman Home
LS Lutheran Services
NH Northgate Housing
NTH North Terrace Housing
NYC New York City
RHA Resource Healthcare of America
Res Rec Resource Recovery Facility
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
SHS Sunnyside Health Services
SPS Sunnyside Properties Sarasota
SR Sunnyside Retirement
TASC Tobacco Settlement Asset-Backed Bonds
VH Village Housing
VS Village Shalom
VSCF Village Shalom Charitable Foundation
WSREC West Suburban Recycling and Energy Corp.
- --------------------------------------------------------------------------------
WRITTEN OPTIONS AS OF JANUARY 31, 2008 ARE AS FOLLOWS:
- --------------------------------------------------------------------------------
NUMBER OF EXPIRATION EXERCISE PREMIUM
DESCRIPTION TYPE CONTRACTS DATE PRICE RECEIVED VALUE
- -------------------------------------------------------------------------------------------------
Northwest Airlines Corp. Call 1,425 2/18/08 $ 15.00 $ 172,858 $ 498,750
Northwest Airlines Corp. Call 600 2/18/08 12.50 82,799 366,000
Northwest Airlines Corp. Call 1,300 2/18/08 17.50 173,673 253,500
------------------------
$ 429,330 $1,118,250
========================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
72 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2008
- -------------------------------------------------------------------------------------------------------------------
ASSETS
- -------------------------------------------------------------------------------------------------------------------
Investments, at value (cost $10,907,312,493)--see accompanying statement of investments $ 10,052,984,332
- -------------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 104,170,644
Shares of beneficial interest sold 68,900,255
Investments sold (including $2,230,169 sold on a when-issued or delayed delivery basis) 15,306,632
Other 1,832,342
-----------------
Total assets 10,243,194,205
- -------------------------------------------------------------------------------------------------------------------
LIABILITIES
- -------------------------------------------------------------------------------------------------------------------
Bank overdraft 9,008,680
- -------------------------------------------------------------------------------------------------------------------
Options written, at value (premiums received $429,330)--see accompanying statement
of investments 1,118,250
- -------------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 2,729,887,431
Payable on borrowings (See Note 7) 298,600,000
Investments purchased (including $165,009,839 purchased on a when-issued or
delayed delivery basis) 170,392,360
Shares of beneficial interest redeemed 27,403,470
Dividends 8,826,204
Interest expense on borrowings 1,727,796
Distribution and service plan fees 828,455
Trustees' compensation 548,250
Transfer and shareholder servicing agent fees 264,042
Other 506,031
-----------------
Total liabilities 3,249,110,969
- -------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 6,994,083,236
=================
- -------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------------------------------------
Paid-in capital $ 8,025,182,068
- -------------------------------------------------------------------------------------------------------------------
Accumulated net investment income 5,932,594
- -------------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (182,014,345)
- -------------------------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (855,017,081)
-----------------
NET ASSETS $ 6,994,083,236
=================
73 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net
assets of $4,766,900,147 and 442,833,433 shares of beneficial
interest outstanding) $ 10.76
Maximum offering price per share (net asset value plus sales
charge of 4.75% of offering price) $ 11.30
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $466,345,310 and 43,207,740 shares of beneficial
interest outstanding) $ 10.79
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $1,760,837,779 and 163,879,205 shares of beneficial
interest outstanding) $ 10.74
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
74 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2008
- -------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- -------------------------------------------------------------------------------------------------------------------
Interest $ 313,328,683
- -------------------------------------------------------------------------------------------------------------------
Other income 1,532
-----------------
Total investment income 313,330,215
- -------------------------------------------------------------------------------------------------------------------
EXPENSES
- -------------------------------------------------------------------------------------------------------------------
Management fees 14,167,464
- -------------------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 3,831,478
Class B 2,342,946
Class C 8,671,094
- -------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 1,114,597
Class B 225,886
Class C 559,509
- -------------------------------------------------------------------------------------------------------------------
Shareholder communications:
Class A 17,662
Class B 3,406
Class C 9,247
- -------------------------------------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued (See Note 1) 52,351,791
- -------------------------------------------------------------------------------------------------------------------
Interest expense on borrowings 7,059,637
- -------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 128,284
- -------------------------------------------------------------------------------------------------------------------
Trustees' compensation 88,383
- -------------------------------------------------------------------------------------------------------------------
Other 692,063
-----------------
Total expenses 91,263,447
Less reduction to custodian expenses (22,802)
-----------------
Net expenses 91,240,645
- -------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 222,089,570
- -------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- -------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on:
Investments (including premiums on options exercised) (175,476,679)
Closing and expiration of option contracts written 2,183,094
Increase from payment by affiliate 986
-----------------
Net realized loss (173,292,599)
- -------------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation on:
Investments (966,947,259)
Option contracts written (688,920)
-----------------
Net change in unrealized depreciation (967,636,179)
- -------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (918,839,208)
=================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
75 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2008 JULY 31,
(UNAUDITED) 2007
- -------------------------------------------------------------------------------------------------------------------
OPERATIONS
- -------------------------------------------------------------------------------------------------------------------
Net investment income $ 222,089,570 $ 356,520,993
- -------------------------------------------------------------------------------------------------------------------
Net realized loss (173,292,599) (157,388)
- -------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) (967,636,179) (99,963,807)
------------------------------------
Net increase (decrease) in net assets resulting from operations (918,839,208) 256,399,798
- -------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -------------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (152,825,340) (256,665,435)
Class B (13,060,515) (26,861,031)
Class C (48,778,630) (80,586,640)
------------------------------------
(214,664,485) (364,113,106)
- -------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from beneficial interest
transactions:
Class A (344,771,369) 2,525,127,317
Class B (44,109,380) 31,071,724
Class C (81,906,581) 852,372,073
------------------------------------
(470,787,330) 3,408,571,114
- -------------------------------------------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------------------------------------------
Total increase (decrease) (1,604,291,023) 3,300,857,806
- -------------------------------------------------------------------------------------------------------------------
Beginning of period 8,598,374,259 5,297,516,453
------------------------------------
End of period (including accumulated net investment income
(loss) of $5,932,594 and $(1,492,491), respectively) $ 6,994,083,236 $ 8,598,374,259
====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
76 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
STATEMENT OF CASH FLOWS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2008
- -------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- -------------------------------------------------------------------------------------------------
Net decrease in net assets from operations $ (918,839,208)
- -------------------------------------------------------------------------------------------------
Adjustments to reconcile net decrease in net assets from operations
to net cash provided by operating activities:
Purchase of investment securities (1,313,636,381)
Proceeds from disposition of investment securities 2,390,233,405
Short-term investment securities, net (521,281,713)
Premium amortization 6,499,558
Discount accretion (30,395,524)
Net realized loss on investments 173,292,599
Net change in unrealized depreciation on investments 967,636,179
Increase in interest receivable (2,276,934)
Decrease in receivable for securities sold 65,819,584
Increase in other assets (1,688,312)
Increase in payable for securities purchased 80,725,224
Increase in payable for accrued expenses 988,117
-----------------
Net cash provided by operating activities 897,076,594
- -------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- -------------------------------------------------------------------------------------------------
Proceeds from bank borrowings 1,564,000,000
Payments on bank borrowings (1,417,700,000)
Payments from short-term floating rate notes issued (340,309,837)
Proceeds from shares sold 1,951,655,539
Proceeds from bank overdraft 9,008,680
Payments on bank overdraft (4,150,712)
Payment on shares redeemed (2,580,851,574)
Cash distributions paid (87,737,370)
-----------------
Net cash used in financing activities (906,085,274)
- -------------------------------------------------------------------------------------------------
Net decrease in cash (9,008,680)
- -------------------------------------------------------------------------------------------------
Cash, beginning balance --
-----------------
Cash, ending balance $ --
=================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $125,301,197.
Cash paid for interest on bank borrowings--$5,957,119.
Cash paid for interest on short-term floating rate notes issued--$52,351,791.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
77 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS A (UNAUDITED) 2007 2006 2005 2004 2003
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.43 $ 12.47 $ 12.69 $ 11.13 $ 10.64 $ 11.28
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .35 1 .67 1 .69 1 .78 1 .85 .92
Net realized and unrealized gain
(loss) (1.69) (.03) (.24) 1.59 .50 (.67)
---------------------------------------------------------------------------------------
Total from investment operations (1.34) .64 .45 2.37 1.35 .25
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.33) (.68) (.67) (.81) (.86) (.89)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.76 $ 12.43 $ 12.47 $ 12.69 $ 11.13 $ 10.64
=======================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (10.83)% 5.16% 3.79% 21.97% 12.78% 2.36%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in thousands) $ 4,766,900 $ 5,886,284 $ 3,439,135 $ 2,309,856 $ 731,565 $ 306,857
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 5,206,151 $ 4,813,462 $ 2,721,861 $ 1,366,113 $ 506,440 $ 252,496
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 6.02% 5.23% 5.60% 6.46% 7.54% 8.44%
Expenses excluding interest and
fees on short-term floating rate
notes issued 0.76% 0.63% 0.67% 0.69% 0.80% 1.04%
Interest and fees on short-term
floating rate notes issued 4 1.36% 0.84% 0.81% 0.39% 0.37% 0.51%
---------------------------------------------------------------------------------------
Total expenses 2.12% 5 1.47% 5 1.48% 1.08% 5 1.17% 5,6 1.55% 5
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 16% 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.
78 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS B (UNAUDITED) 2007 2006 2005 2004 2003
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.46 $ 12.50 $ 12.72 $ 11.15 $ 10.66 $ 11.30
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .30 1 .57 1 .60 1 .70 1 .77 .83
Net realized and unrealized gain
(loss) (1.68) (.02) (.24) 1.59 .49 (.66)
-------------------------------------------------------------------------------------
Total from investment operations (1.38) .55 .36 2.29 1.26 .17
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.29) (.59) (.58) (.72) (.77) (.81)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.79 $ 12.46 $ 12.50 $ 12.72 $ 11.15 $ 10.66
=====================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (11.16)% 4.34% 2.97% 21.09% 11.89% 1.57%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in thousands) $ 466,345 $ 586,763 $ 558,386 $ 528,192 $ 308,778 $ 188,645
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 515,965 $ 587,412 $ 533,869 $ 410,031 $ 256,425 $ 141,819
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.24% 4.49% 4.84% 5.80% 6.80% 7.67%
Expenses excluding interest and
fees on short-term floating rate
notes issued 1.57% 1.41% 1.46% 1.48% 1.56% 1.81%
Interest and fees on short-term
floating rate notes issued 4 1.36% 0.84% 0.81% 0.39% 0.37% 0.51%
-------------------------------------------------------------------------------------
Total expenses 2.93% 5 2.25% 5 2.27% 1.87% 5 1.93% 5,6 2.32% 5
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 16% 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.
79 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
CLASS C (UNAUDITED) 2007 2006 2005 2004 2003
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.41 $ 12.45 $ 12.67 $ 11.11 $ 10.63 $ 11.27
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .30 1 .57 1 .60 1 .68 1 .76 .83
Net realized and unrealized gain
(loss) (1.68) (.02) (.24) 1.60 .49 (.66)
-------------------------------------------------------------------------------------
Total from investment operations (1.38) .55 .36 2.28 1.25 .17
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.29) (.59) (.58) (.72) (.77) (.81)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.74 $ 12.41 $ 12.45 $ 12.67 $ 11.11 $ 10.63
=======================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 (11.20)% 4.38% 3.01% 21.08% 11.83% 1.59%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in thousands) $ 1,760,838 $ 2,125,327 $ 1,299,995 $ 868,108 $ 265,340 $ 111,710
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 1,909,344 $ 1,756,797 $ 1,050,344 $ 488,562 $ 193,845 $ 85,483
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.26% 4.47% 4.83% 5.68% 6.76% 7.68%
Expenses excluding interest and fees
on short-term floating rate notes
issued 1.54% 1.39% 1.44% 1.46% 1.56% 1.80%
Interest and fees on short-term
floating rate notes issued 4 1.36% 0.84% 0.81% 0.39% 0.37% 0.51%
-------------------------------------------------------------------------------------
Total expenses 2.90% 5 2.23% 5 2.25% 1.85% 5 1.93% 5,6 2.31% 5
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 16% 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.
80 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Rochester National Municipals (the "Fund") is a separate series of
Oppenheimer Multi-State Municipal Trust, an open-end management investment
company registered under the Investment Company Act of 1940, as amended. The
Fund's investment objective is to seek a high level of current income exempt
from federal income taxes for individual investors by investing in a diversified
portfolio of high-yield municipal securities. The Fund's investment adviser is
OppenheimerFunds, Inc. (the "Manager").
The Fund offers Class A, Class B and Class C shares. Class A shares are
sold at their offering price, which is normally net asset value plus a front-end
sales charge. Class B and Class C shares are sold without a front-end sales
charge but may be subject to a contingent deferred sales charge ("CDSC"). All
classes of shares have identical rights and voting privileges with respect to
the Fund in general and exclusive voting rights on matters that affect that
class alone. Earnings, net assets and net asset value per share may differ due
to each class having its own expenses, such as transfer and shareholder
servicing agent fees and shareholder communications, directly attributable to
that class. Class A, B and C have separate distribution and/or service plans.
Class B shares will automatically convert to Class A shares 72 months after the
date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for trading. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities traded on a registered U.S.
securities exchange are valued based on the last sale price of the security
traded on that exchange prior to the time when the Fund's assets are valued.
Securities whose principal exchange is NASDAQ(R) are valued based on the closing
price reported by NASDAQ prior to the time when the Fund's assets are valued. In
the absence of a sale, the security is valued at the last sale price on the
prior trading day, if it is within the spread of the closing "bid" and "asked"
prices, and if not, at the closing bid price. Securities traded on foreign
exchanges are valued based on the last sale price on the principal exchange on
which the security is traded, as identified by the portfolio pricing service,
prior to the time when the Fund's assets are valued. In the absence of a sale,
the security is valued at the official closing price on the principal exchange.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of sixty days and all mortgage-backed securities, collateralized
mortgage obligations and other asset-backed securities will be valued at the
mean between the "bid" and "asked" prices. Securities for which market
quotations are not readily available are valued at their fair value. Securities
whose values have been materially affected by what the Manager identifies as a
significant event occurring before the Fund's assets are valued but after the
close of their respective exchanges will be fair valued. Fair value is
81 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
determined in good faith using consistently applied procedures under the
supervision of the Board of Trustees. Shares of a registered investment company
that are not traded on an exchange are valued at the acquired investment
company's net asset value per share. "Money market-type" debt instruments with
remaining maturities of sixty days or less are valued at cost adjusted by the
amortization of discount or premium to maturity (amortized cost), which
approximates market value.
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase
securities on a "when-issued" basis, and may purchase or sell securities on a
"delayed delivery" basis. "When-issued" or "delayed delivery" refers to
securities whose terms and indenture are available and for which a market
exists, but which are not available for immediate delivery. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis
normally takes place within six months and possibly as long as two years or more
after the trade date. During this period, such securities do not earn interest,
are subject to market fluctuation and may increase or decrease in value prior to
their delivery. The purchase of securities on a when-issued basis may increase
the volatility of the Fund's net asset value to the extent the Fund executes
such transactions while remaining substantially fully invested. When the Fund
engages in when-issued or delayed delivery transactions, it relies on the buyer
or seller, as the case may be, to complete the transaction. Their failure to do
so may cause the Fund to lose the opportunity to obtain or dispose of the
security at a price and yield it considers advantageous. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase.
As of January 31, 2008, the Fund had purchased securities issued on a
when-issued or delayed delivery basis and sold securities issued on a delayed
delivery basis:
WHEN-ISSUED OR DELAYED DELIVERY
BASIS TRANSACTIONS
----------------------------------------------------------
Purchased securities $165,009,839
Sold securities 2,230,169
- --------------------------------------------------------------------------------
INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate
securities that pay interest at a rate that varies inversely with short-term
interest rates. Certain of these securities may be leveraged, whereby the
interest rate varies inversely at a multiple of the change in short-term rates.
As interest rates rise, inverse floaters produce less current income. The price
of such securities is more volatile than comparable fixed rate securities. The
Fund may invest up to 35% of its total assets (which includes the effects of
leverage) in inverse floaters. Inverse floaters, including the effects of
leverage, amount to $2,469,178,005 as of January 31, 2008, which represents
24.11% of the Fund's total assets.
82 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
Certain inverse floating rate securities are created when the Fund
purchases and subsequently transfers a municipal bond security (the "municipal
bond") to a broker dealer. The municipal bond is typically a fixed rate
security. The broker dealer (the "sponsor") creates a trust (the "Trust") and
deposits the municipal bond. The Trust issues short-term floating rate notes
available to third parties and a residual interest in the municipal bond
(referred to as an "inverse floating rate security") to the Fund. The terms of
these inverse floating rate securities grant the Fund the right to require that
the Trust issuing the inverse floating rate security compel a tender of the
short-term floating rate notes to facilitate the Fund's repurchase of the
underlying municipal bond. Following such a request, the Fund pays the sponsor
the principal amount due to the holders of the short-term floating rate notes
issued by the Trust and exchanges the inverse floating rate security for the
underlying municipal bond. These transactions are considered secured borrowings
for financial reporting purposes. As a result of such accounting treatments, the
Fund includes the municipal bond position on its Statement of Investments (but
does not separately include the inverse floating rate securities received). The
Fund also includes the value of the municipal bond and a payable amount equal to
the short-term floating rate notes issued by the Trust on its Statement of
Assets and Liabilities. The interest rates on these short-term floating rate
notes reset periodically, usually weekly. The holders of these short-term
floating rate notes have the option to tender their investment, to the sponsor
or the Trust's liquidity provider, for redemption at par at each reset date.
Income from the municipal bond position and the interest expense on the payable
for the short-term floating rate notes issued by the Trust are recorded on the
Fund's Statement of Operations. At January 31, 2008, municipal bond holdings
with a value of $3,126,469,657 shown on the Fund's Statement of Investments are
held by such Trusts and serve as collateral for the $2,729,887,431 in short-term
floating rate notes issued and outstanding at that date.
At January 31, 2008, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- ----------------------------------------------------------------------------------------------
$ 1,815,000 AK HFC ROLs 13.190% 12/1/37 $ 1,733,141
6,320,000 AL HFA ROLs 11.280 10/1/32 6,464,981
AR Devel. Finance Authority
1,750,000 (Single Family Mtg.) ROLs 13.200 1/1/38 1,712,935
9,480,000 Aurora, IL Single Family Mtg. ROLs 14.400 12/1/39 11,561,618
41,500,000 AZ Health Facilities Authority ROLs 3 10.410 1/1/37 7,266,650
4,460,000 AZ Health Facilities Authority ROLs 3 10.410 1/1/37 780,946
13,570,000 AZ Health Facilities Authority ROLs 3 10.410 1/1/37 2,376,107
AZ Reset Optional Certificates
2,550,000 Trust II ROLs 3 9.099 3/1/28 1,550,502
83 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
PRINCIPAL COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- ----------------------------------------------------------------------------------------------
Braxton County, WV Solid Waste
$ 5,425,000 Disposal ROLs 3 10.894% 5/1/25 $ 4,169,004
Brazos River Authority, TX Pollution
3,375,000 Control (TXU Energy Company) 3 10.759 5/1/29 1,126,440
CA Educational Funding
7,500,000 Services ROLs 3 16.950 12/1/42 8,350,950
CA Golden State Tobacco
88,245,000 Securitization Corp. RITES 8.856 6/1/47 77,307,915
23,315,000 Central Plains, NE Gas Energy ROLs 4 6.526 12/1/26 4,217,684
5,000,000 Central Plains, NE Gas Energy ROLs 12.000 12/1/26 904,500
4,000,000 Central Plains, NE Gas Energy ROLs 12.000 12/1/26 723,600
Chelan County, WA Public
3,000,000 Utility District RITES 11.902 1/1/36 3,479,400
Chicago, IL O'Hare International
8,050,000 Airport RITES 11.078 1/1/29 9,882,502
Chicago, IL O'Hare International
2,000,000 Airport ROLs 5.189 1/1/34 1,784,440
Clark County, NV Industrial
2,065,000 Devel. RITES 8.944 12/1/38 2,345,262
Dallas-Fort Worth, TX International
2,500,000 Airport ROLs 9.709 11/1/35 2,469,500
5,130,000 Detroit, MI Sewer Disposal System 6.075 7/1/32 2,695,097
Detroit, MI Sewer Disposal
7,045,000 System ROLs 7.573 7/1/10 2,865,202
2,595,000 District of Columbia HFA RITES 9.011 12/1/21 2,170,458
6,060,000 FL HFC ROLs 13.000 7/1/37 5,644,526
2,500,000 FL HFC ROLs 10.231 7/1/38 2,371,000
7,360,000 Fulton County, GA RITES 6.730 11/15/28 1,432,330
GA George L. Smith II World
6,185,000 Congress Center Authority ROLs 11.670 7/1/20 7,055,848
1,750,000 Halifax County, VA IDA RITES 9.244 6/1/28 2,107,700
2,125,000 HI Dept. of Budget & Finance RITES 7.144 9/1/32 2,165,970
Hialeah Gardens, FL Health Facilities
Authority (Catholic Health Services
3,000,000 Facilities) RITES 13.834 8/15/31 3,188,700
2,465,000 Houston, TX HFC ROLs 13.400 12/1/40 2,380,451
Hunstville, AL Health Care
18,495,000 Authority RITES 6.700 6/1/32 5,523,347
IA Tobacco Settlement
20,000,000 Authority ROLs 3 9.519 6/1/46 16,251,000
84 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
PRINCIPAL COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- ----------------------------------------------------------------------------------------------
Jacksonville, FL Health Facilities
$ 4,500,000 Authority ROLs 10.800% 11/15/32 $ 4,817,430
3,115,000 Lehigh County, PA GPA ROLs 3 9.036 5/15/28 (316,733)
13,475,000 Lehigh County, PA GPA ROLs 3 9.248 8/15/42 (1,957,648)
Long Beach, CA Bond Finance
19,650,000 Authority Natural Gas ROLs 3 15.840 11/15/33 5,403,750
3,250,000 Long Beach, CA Harbor DRIVERS 12.190 5/15/27 3,509,350
2,460,000 MA H&EFA RITES 6.680 11/15/32 796,646
13,020,000 MA HFA RITES 3 13.893 7/1/25 13,838,698
2,625,000 MA HFA ROLs 4 13.600 6/1/49 2,528,610
2,085,000 MA HFA ROLs 13.990 12/1/49 2,069,780
965,000 ME Hsg. Authority Mtg. ROLs 10.063 11/15/22 1,010,741
MI Higher Education Student Loan
2,475,000 Authority RITES 8.544 9/1/26 2,802,245
1,875,000 MI Hsg. Devel. Authority ROLs 13.200 6/1/39 1,845,788
Milledgeville-Baldwin County, GA
Devel. Authority (Georgia College &
9,960,000 State University Foundation) ROLs 3 8.360 10/1/33 (2,801,350)
Minneapolis & St. Paul, MN Hsg.
Finance Board (Single Family Mtg.)
1,993,645 ROLs 10.843 11/1/38 1,767,167
8,505,000 NJ Health Care RITES 6.610 11/15/33 2,566,809
North Little Rock, AR Residential
2,110,000 Hsg. Facilities Board RITES 14.580 2/20/17 2,250,610
31,000,000 Northern CA Gas Authority ROLs 3 11.870 7/1/27 (282,100)
Oklahoma County, OK Finance
1,830,000 Authority ROLs 13.980 10/1/38 2,274,910
Puerto Rico Sales Tax Financing
9,450,000 Corp. ROLs 3 22.840 8/1/57 (5,346,810)
1,770,000 RI Hsg. & Mtg. Finance Corp. RITES 10.696 10/1/22 1,844,092
3,210,000 RI Hsg. & Mtg. Finance Corp. ROLs 10.403 10/1/47 2,809,392
2,875,000 RI Hsg. & Mtg. Finance Corp. ROLs 12.400 10/1/48 2,257,105
Sabine Neches, TX HFC
3,052,000 (Single Family Mtg.) ROLs 10.352 12/1/39 3,220,837
San Antonio, TX Convention Center
14,085,000 ROLs 8.510 7/15/39 13,598,504
San Antonio, TX HFC
1,750,000 (Multifamily Hsg.) ROLs 10.231 7/20/47 1,287,755
Sayre, PA Health Care Facilities
18,875,000 (Guthrie Health) RITES 3 4.270 12/23/26 11,807,445
85 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
PRINCIPAL COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- ----------------------------------------------------------------------------------------------
Sayre, PA Health Care Facilities
Authority (Guthrie Healthcare
$ 1,000,000 System) ROLs 3 19.259% 12/1/24 $ (239,700)
2,670,000 Sayre, PA Health Care Facilities ROLs 3 12.805 12/1/31 (325,526)
SC Hsg. Finance & Devel.
2,710,000 Authority ROLs 10.371 7/1/34 2,724,146
Southern CA Public Power
10,145,000 Authority Natural Gas ROLs 3 20.510 11/1/38 (3,350,894)
St. Joseph County, IN Hospital
11,020,000 Authority ROLs 8.688 8/15/46 3,018,929
Tarrant County, TX HFC
3,730,000 (Village Creek Apartments) RITES 12.494 4/20/48 2,792,800
2,735,000 Tarrant County, TX HFC ROLs 13.200 12/20/48 2,418,998
2,690,000 Tarrant County, TX HFC ROLs 10.228 12/20/47 2,041,064
Tulsa County, OK Home Finance
6,080,000 Authority (Single Family Mtg.) ROLs 13.410 12/1/38 6,973,638
TX Dept. of Hsg. & Community
1,690,000 Affairs (Multifamily Hsg.) ROLs 4 13.380 6/20/47 1,557,335
TX Dept. of Hsg. & Community
10,000,000 Affairs RITES 12.763 7/1/34 8,996,600
2,500,000 TX GO RITES 15.338 12/1/28 2,721,900
TX Municipal Gas Acquisition &
5,450,000 Supply Corp. RITES 8.290 12/15/26 3,573,402
TX Municipal Gas Acquisition &
7,995,000 Supply Corp. ROLs 3 12.280 9/15/27 2,798,250
TX Municipal Gas Acquisition &
70,200,000 Supply Corp. ROLs 3 10.690 12/15/17 38,574,900
TX Municipal Gas Acquisition &
144,595,000 Supply Corp. ROLs 3,4 11.440 12/15/26 27,039,265
3,750,000 VA Hsg. Devel. Authority ROLs 10.057 10/1/35 3,562,800
3,290,000 WA HFC ROLs 10.231 6/1/37 3,122,407
2,000,000 WI H&EFA RITES 11.807 2/15/32 2,125,280
2,610,000 WI Hsg. & EDA RITES 18.540 9/1/24 2,628,166
2,115,000 WV Hsg. Devel. Fund RITES 14.275 11/1/32 2,433,138
1,815,000 WV Hsg. Devel. Fund ROLs 10.395 5/1/38 1,732,599
--------------
$ 396,582,226
==============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 72 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond.
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.
86 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
The Fund enters into shortfall and forbearance agreements with the sponsors of
certain inverse floaters held by the Fund. These agreements commit the Fund to
reimburse the sponsor of the inverse floater, in certain circumstances, for the
amount of the difference between the liquidation value of the underlying
security (which is the basis of the inverse floater) and the principal amount
due to the holders of the short-term floating rate notes issued by the Trust in
conjunction with the inverse floating rate security. Under the standard terms of
an inverse floating rate security, absent such a shortfall and forbearance
agreement, the Fund would not be required to make such a reimbursement. The
Manager monitors the Fund's potential exposure with respect to these agreements
on a daily basis and intends to take action to terminate the Fund's investment
in such inverse floating rate securities, if it deems it appropriate to do so.
As of January 31, 2008, in addition to the exposure detailed in the preceding
table, the Fund's maximum exposure under such agreements is estimated at
approximately $1,774,640,000.
- --------------------------------------------------------------------------------
CREDIT RISK. The Fund invests in high-yield, non-investment-grade bonds, which
may be subject to a greater degree of credit risk. Credit risk relates to the
ability of the issuer to meet interest or principal payments or both as they
become due. The Fund may acquire securities in default, and is not obligated to
dispose of securities whose issuers subsequently default. As of January 31,
2008, securities with an aggregate market value of $52,735,938, representing
0.75% 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 January 31, 2008, securities with an aggregate
market value of $1,437,260, representing 0.02% 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 $453,750.
- --------------------------------------------------------------------------------
INVESTMENTS WITH OFF-BALANCE SHEET RISK. The Fund enters into financial
instrument transactions (such as swaps, futures, options and other derivatives)
that may have off-balance sheet market risk. Off-balance sheet market risk
exists when the maximum potential loss on a particular financial instrument is
greater than the value of such financial instrument, as reflected in the Fund's
Statement of Assets and Liabilities.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders. Therefore, no federal income or excise tax provision is
required. The Fund files income tax returns in U.S. federal and applicable state
jurisdictions. The statute of limitations on the Fund's tax return filings
generally remain open for the three preceding fiscal reporting period ends.
87 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund.
As of January 31, 2008, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $180,341,359 expiring by
2016. This estimated capital loss carryforward represents carryforward as of the
end of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital losses
or gains realized in the first six months of the current fiscal year. During the
six months ended January 31, 2008, it is estimated that the Fund will not
utilize any capital loss carryforward to offset realized capital gains. 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.
As of July 31, 2007, the Fund had available for federal income tax purposes
post-October losses of $6,861,396 and unused capital loss carryforwards as
follows:
EXPIRING
-----------------------
2014 $ 187,364
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the six months ended January 31, 2008, the
Fund's projected benefit obligations, payments to retired trustees and
accumulated liability were as follows:
Projected Benefit Obligations Increased $ 3,017
Payments Made to Retired Trustees 45,494
Accumulated Liability as of January 31, 2008 357,177
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
88 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
deferred compensation liability. Such assets are included as a component of
"Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund's assets, liabilities or net
investment income per share. Amounts will be deferred until distributed in
accordance to the compensation deferral plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations and
may differ from U.S. generally accepted accounting principles, are recorded on
the ex-dividend date. Income distributions, if any, are declared daily and paid
monthly. Capital gain distributions, if any, are declared and paid annually.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Interest income is recognized on an accrual basis. Discount
and premium, which are included in interest income on the Statement of
Operations, are amortized or accreted daily.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts, to the extent they are not
offset by positive cash balances maintained by the Fund, at a rate equal to the
Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item,
if applicable, represents earnings on cash balances maintained by the Fund
during the period. Such interest expense and other custodian fees may be paid
with these earnings.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Fund's organizational documents provide current and former
trustees and officers with a limited indemnification against liabilities arising
in connection with the performance of their duties to the Fund. In the normal
course of business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates.
89 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
SIX MONTHS ENDED JANUARY 31, 2008 YEAR ENDED JULY 31, 2007
SHARES AMOUNT SHARES AMOUNT
- ----------------------------------------------------------------------------------------------------------
CLASS A
Sold 134,211,054 $ 1,519,602,940 255,415,514 $ 3,256,685,389
Dividends and/or
distributions reinvested 8,181,388 92,720,816 11,963,388 152,344,833
Redeemed (173,159,405) (1,957,095,125) (69,607,414) (883,902,905)
---------------------------------------------------------------------
Net increase (decrease) (30,766,963) $ (344,771,369) 197,771,488 $ 2,525,127,317
=====================================================================
- ----------------------------------------------------------------------------------------------------------
CLASS B
Sold 2,467,572 $ 28,159,587 8,035,188 $ 102,699,207
Dividends and/or
distributions reinvested 594,777 6,752,427 1,045,429 13,351,514
Redeemed (6,945,161) (79,021,394) (6,664,299) (84,978,997)
---------------------------------------------------------------------
Net increase (decrease) (3,882,812) $ (44,109,380) 2,416,318 $ 31,071,724
=====================================================================
- ----------------------------------------------------------------------------------------------------------
CLASS C
Sold 38,861,157 $ 438,324,678 83,679,098 $ 1,065,448,699
Dividends and/or
distributions reinvested 2,284,937 25,827,954 3,260,844 41,455,752
Redeemed (48,580,204) (546,059,213) (20,061,528) (254,532,378)
---------------------------------------------------------------------
Net increase (decrease) (7,434,110) $ (81,906,581) 66,878,414 $ 852,372,073
=====================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended January 31, 2008, were as
follows:
PURCHASES SALES
- ------------------------------------------------------------------
Investment securities $ 1,313,636,381 $ 2,390,233,405
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Under the investment advisory agreement, the Fund pays the
Manager a management fee based on the daily net assets of the Fund at an annual
rate as shown in the following table:
FEE SCHEDULE
---------------------------------
Up to $200 million 0.60%
Next $100 million 0.55
Next $200 million 0.50
Next $250 million 0.45
Next $250 million 0.40
Over $1 billion 0.35
90 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services ("OFS"), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund. The
Fund pays OFS a per account fee. For the six months ended January 31, 2008, the
Fund paid $1,934,534 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 (the
"Plan") for Class A shares under Rule 12b-1 of the Investment Company Act of
1940. Under the Plan, the Fund reimburses the Distributor for a portion of its
costs incurred for services provided to accounts that hold Class A shares.
Reimbursement is made periodically at an annual rate of up to 0.15% of the
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 (the "Plans") for Class B and Class C
shares under Rule 12b-1 of the Investment Company Act of 1940 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's aggregate uncompensated expenses under the Plans at December 31,
2007 for Class B and Class C shares were $15,318,376 and $25,618,751,
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
91 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
applicable. The sales charges retained by the Distributor from the sale of
shares and the CDSC retained by the Distributor on the redemption of shares is
shown in the following table for the period indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ---------------------------------------------------------------------------------
January 31, 2008 $ 1,574,563 $ 1,227,742 $ 882,746 $ 563,069
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS OF EXPENSES. OFS has voluntarily agreed to limit
transfer and shareholder servicing agent fees for all classes to 0.35% of
average annual net assets per class. This undertaking may be amended or
withdrawn at any time.
During the six months ended January 31, 2008, the Manager voluntarily
reimbursed the Fund $986 for certain transactions. The payment increased the
Fund's total returns by less than 0.01%.
- --------------------------------------------------------------------------------
5. OPTION ACTIVITY
The Fund may buy and sell put and call options, or write put and covered call
options. When an option is written, the Fund receives a premium and becomes
obligated to sell or purchase the underlying security at a fixed price, upon
exercise of the option.
Options are valued daily based upon the last sale price on the principal
exchange on which the option is traded. The difference between the premium
received or paid, and market value of the option, is recorded as unrealized
appreciation or depreciation. The net change in unrealized appreciation or
depreciation is reported in the Statement of Operations. When an option is
exercised, the cost of the security purchased or the proceeds of the security
sale are adjusted by the amount of premium received or paid. Upon the expiration
or closing of the option transaction, a gain or loss is reported in the
Statement of Operations.
Securities designated to cover outstanding call or put options are noted
in the Statement of Investments where applicable. Options written are reported
in a schedule following the Statement of Investments and as a liability in the
Statement of Assets and Liabilities.
The risk in writing a call option is that the Fund gives up the
opportunity for profit if the market price of the security increases and the
option is exercised. The risk in writing a put option is that the Fund may incur
a loss if the market price of the security decreases and the option is
exercised. The risk in buying an option is that the Fund pays a premium whether
or not the option is exercised. The Fund also has the additional risk that there
may be an illiquid market where the Fund is unable to close the contract.
92 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
Written option activity for the six months ended January 31, 2008 was as
follows:
CALL OPTIONS
------------------------
NUMBER OF AMOUNT OF
CONTRACTS PREMIUMS
------------------------------------------------------------
Options outstanding as of
July 31, 2007 -- $ --
Options written 34,880 4,019,447
Options closed or expired (15,904) (2,183,093)
Options exercised (15,651) (1,407,024)
------------------------
Options outstanding as of
January 31, 2008 3,325 $ 429,330
========================
- --------------------------------------------------------------------------------
6. ILLIQUID SECURITIES
As of January 31, 2008, investments in securities included issues that are
illiquid. Investments may be illiquid because they do not have an active trading
market, making it difficult to value them or dispose of them promptly at an
acceptable price. The Fund will not invest more than 15% of its net assets
(determined at the time of purchase and reviewed periodically) in illiquid
securities. Securities that are illiquid are marked with an applicable footnote
on the Statement of Investments.
- --------------------------------------------------------------------------------
7. BORROWINGS
The Fund can borrow money from banks in amounts up to one third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings to purchase portfolio securities, to meet redemption
obligations or for temporary and emergency purposes. The purchase of securities
with borrowed funds creates leverage in the Fund. The use of leverage will
subject the Fund to greater costs than funds that do not borrow for leverage,
and may also make the Fund's share price more sensitive to interest changes. The
interest on borrowed money is an expense that might reduce the Fund's yield.
Expenses incurred by the Fund with respect to interest on borrowings and
commitment fees are disclosed separately or as other expenses on the Statement
of Operations.
The Fund entered into a Revolving Credit and Security Agreement (the
"Agreement") with a conduit lender and a bank which enables it to participate
with certain other Oppenheimer funds in a committed, secured borrowing facility
that permits borrowings of up to $1,250,000,000, collectively. To secure the
loan, the Fund pledges investment securities in accordance with the terms of the
Agreement. Interest is charged to the Fund, based on its borrowings, at current
commercial paper issuance rates (4.6038% as of January 31, 2008). The Fund pays
additional fees annually to its lender on its outstanding borrowings to manage
and administer the facility and is allocated its pro-rata share of an annual
commitment fee on the amount of the unused portion of total facility size. The
Fund has the right to prepay such loans and terminate its participation in the
conduit loan facility at any time upon prior notice.
93 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. BORROWINGS Continued
As of January 31, 2008, the Fund had borrowings outstanding at an interest rate
of 4.6038%. Details of the borrowings for the six months ended January 31, 2008
are listed in the following table.
Average Daily Loan Balance $ 263,643,478
Average Daily Interest Rate 5.274%
Fees Paid $ 445,860
Interest Paid $ 5,957,119
- --------------------------------------------------------------------------------
8. RECENT ACCOUNTING PRONOUNCEMENT
In September 2006, Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE
MEASUREMENTS. This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and expands
disclosures about fair value measurements. SFAS No. 157 applies to fair value
measurements already required or permitted by existing standards. SFAS No. 157
is effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. As of January
31, 2008, the Manager does not believe the adoption of SFAS No. 157 will
materially impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements on changes in net assets for the
period.
94 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information, that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information about the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel who provide such services. The Manager's duties
include providing the Fund with the services of the portfolio managers and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
95 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took account of the fact that the Manager has had over forty
years of experience as an investment adviser and that its assets under
management rank it among the top mutual fund managers in the United States. The
Board evaluated the Manager's administrative, accounting, legal and compliance
services, and information the Board has received regarding the experience and
professional qualifications of the Manager's personnel and the size and
functions of its staff. In its evaluation of the quality of the portfolio
management services provided, the Board considered the experience of Ronald H.
Fielding, Daniel G. Loughran, Scott S. Cottier, Troy E. Willis, Mark R. DeMitry,
and Marcus V. Franz, the portfolio managers for the Fund, and the Manager's
Rochester Municipal Bond investment team and analysts. The Board members also
considered their experiences with the Manager and its officers and other
personnel through their service on the Boards of the Fund and other funds
advised by the Manager. The Board considered information regarding the quality
of services provided by affiliates of the Manager, which its members have become
knowledgeable about in connection with the renewal of the Fund's service
agreements. In light of the foregoing, the Board concluded that the Fund
benefits from the services provided under the Agreement and from the Manager's
experience, reputation, personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the investment performance of the Fund and the
Manager at each regular quarterly Board meeting, including comparative
performance information. The Board also reviewed information, prepared by the
Manager and by the independent consultant, comparing the Fund's historical
performance to relevant market indices and to the performance of other retail
front-end load and no-load high yield municipal debt funds advised by other
investment advisers. The Board noted that the Fund's one-year, three-year,
five-year and ten-year performance were better than its peer group median at the
time of its annual review.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also considered the comparability of the fees charged and the services provided
to the Fund to the fees and services for other clients or accounts advised by
the Manager. The independent consultant provided comparative data in regard to
the fees and expenses of the Fund, other high yield municipal debt funds and
other funds with comparable asset levels and distribution features. The Board
noted that the Fund's contractual and actual management fees and total expenses
are lower than its peer group median.
96 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, the extent to
which those economies of scale benefit the Fund's shareholders and the current
level of Fund assets in relation to the Fund's breakpoint schedule for its
management fees. The Board also noted the Fund's breakpoints, which are intended
to share economies of scale that may exist as the Fund grows with its
shareholders.
BENEFITS TO THE MANAGER. The Board considered information regarding the
Manager's costs in serving as the Fund's investment adviser, including the costs
associated with the personnel and systems necessary to manage the Fund, and
information regarding the Manager's profitability from its relationship with the
Fund. The Board considered that the Manager must be able to pay and retain
experienced professional personnel at competitive rates to provide services to
the Fund and that maintaining the financial viability of the Manager is
important in order for the Manager to continue to provide significant services
to the Fund and its shareholders. In addition to considering the profits
realized by the Manager, the Board considered information regarding the direct
and indirect benefits the Manager receives as a result of its relationship with
the Fund, including compensation paid to the Manager's affiliates for services
provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the Agreement for
another year. In arriving at this decision, the Board did not single out any
factor or factors as being more important than others, but considered all of the
factors together. The Board judged the terms and conditions of the Agreement,
including the management fee, in light of all of the surrounding circumstances.
97 | 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.
98 | OPPENHEIMER ROCHESTER NATIONAL MUNICIPALS
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to semiannual reports.
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 01/31/2008, the registrant's principal executive officer and
principal financial officer found the registrant's disclosure controls and
procedures to provide reasonable assurances that information required to be
disclosed by the registrant in the reports that it files under the Securities
Exchange Act of 1934 (a) is accumulated and communicated to registrant's
management, including its principal executive officer and principal financial
officer, to allow timely decisions regarding required disclosure, and (b) is
recorded, processed, summarized and reported, within the time periods specified
in the rules and forms adopted by the U.S. Securities and Exchange Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer Multi-State Municipal Trust
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 03/11/2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 03/11/2008
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 03/11/2008