UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3614

Oppenheimer Rochester Fund Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

Two World Financial Center, New York, New York 10281-1008

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: 3/28/2013

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	Municipal Bonds and Notes–109.7%
	New York–80.1%
	$    1,035,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.375	%	12/01/2024	$	1,070,014
	1,700,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.625		12/01/2034		1,744,557
	605,000	Albany County, NY IDA (Wildwood Programs)		4.900		07/01/2021		599,089
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.375		07/01/2026		1,706,399
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.625		07/01/2031		1,467,856
	3,670,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.875		07/01/2041		4,100,418
	1,420,000	Albany, NY Hsg. Authority (Lark Drive)		5.500		12/01/2028		1,421,960
	685,000	Albany, NY IDA (Albany Rehabilitation)		8.375		06/01/2023		685,384
	3,125,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000		04/01/2027		3,147,531
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000		04/01/2032		1,341,806
	900,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000		04/01/2037		881,514
	900,000	Albany, NY IDA (New Covenant Charter School)2		7.000		05/01/2025		134,883
	850,000	Albany, NY IDA (Sage Colleges)1		5.250		04/01/2019		850,068
	1,760,000	Albany, NY IDA (Sage Colleges)1		5.300		04/01/2029		1,704,648
	70,000	Albany, NY IDA (St. Peter’s Hospital)1		5.250		11/15/2032		75,924
	1,770,000	Albany, NY Parking Authority		7.052	3	11/01/2017		1,443,400
	345,000	Amherst, NY IDA (Asbury Pointe)		5.800		02/01/2015		345,593
	45,000	Amherst, NY IDA (Asbury Pointe)		6.000		02/01/2023		45,039
	3,000,000	Amherst, NY IDA (Asbury Pointe)		6.000		02/01/2029		3,001,560
	5,200,000	Amherst, NY IDA (Beechwood Health Care Center)		5.200		01/01/2040		5,076,240
	660,000	Blauvelt, NY Volunteer Fire Company		6.250		10/15/2017		662,330
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)		6.300		11/01/2033		2,740,525
	1,805,000	Brookhaven, NY IDA (Stony Brook Foundation)		6.500		11/01/2020		1,808,411
	95,000	Broome County, NY IDA (University Plaza)		5.000		08/01/2025		95,177
	3,030,000	Broome County, NY IDA (University Plaza)		5.000		08/01/2036		2,960,431
	1,000,000	Broome County, NY IDA (University Plaza)		5.100		08/01/2030		1,000,830
	1,250,000	Broome County, NY IDA (University Plaza)		5.100		08/01/2036		1,238,125

1 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    3,000,000	Broome County, NY IDA (University Plaza)		5.200	%	08/01/2030	$	3,006,330
	4,450,000	Broome County, NY IDA (University Plaza)		5.200		08/01/2036		4,451,380
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.375		10/01/2041		2,004,649
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		6.000		10/01/2031		1,043,957
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)1		5.000		08/01/2032		971,877
	3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750		11/01/2030		3,020,460
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1		5.000		05/01/2040		1,087,880
	1,105,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.450		09/15/2019		1,106,028
	8,160,000	Cayuga County, NY COP (Auburn Memorial Hospital)		6.000		01/01/2021		8,174,443
	95,000	Chautauqua, NY Utility District1		5.000		06/01/2023		101,119
	105,000	Chautauqua, NY Utility District1		5.000		06/01/2025		111,020
	870,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		4.850		07/01/2023		907,488
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		5.000		07/01/2033		1,577,615
	1,705,000	Clifton Springs, NY Hospital & Clinic		8.000		01/01/2020		1,702,477
	25,000	Cohoes, NY GO		6.250		03/15/2014		25,097
	25,000	Cohoes, NY GO		6.250		03/15/2015		25,100
	25,000	Cohoes, NY GO		6.250		03/15/2016		25,096
	490,000	Columbia County, NY IDA (Berkshire Farms)		7.500		12/30/2014		489,780
	3,300,000	Corinth, NY IDA (International Paper Company)1		5.750		02/01/2022		3,312,375
	7,000,000	Dutchess County, NY IDA (Bard College)1		5.000		08/01/2046		7,290,850
	2,200,000	Dutchess County, NY IDA (Elant Fishkill)		5.250		01/01/2037		2,114,684
	800,000	Dutchess County, NY IDA (St. Francis Hospital)		7.500		03/01/2029		818,992
	650,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)1		5.750		07/01/2040		753,142
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.400	3	06/01/2027		634,520

2 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$        3,000,000	East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.)		7.750	%	10/01/2032	$	3,020,430
	2,135,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)		6.750		03/01/2030		2,136,836
	2,460,000	East Rochester, NY Hsg. Authority (Woodland Village)		5.500		08/01/2033		2,484,723
	2,940,000	Elmira, NY Hsg. Authority (Eastgate Apartments)		6.250		06/01/2044		2,838,188
	1,735,000	Erie County, NY IDA (Buffalo City School District)1		5.250		05/01/2030		1,976,790
	1,465,000	Erie County, NY IDA (Buffalo City School District)1		5.250		05/01/2031		1,662,482
	865,000	Erie County, NY IDA (Buffalo City School District)1		5.250		05/01/2032		975,063
	7,000,000	Erie County, NY IDA (Charter School Applied Tech)1		6.875		06/01/2035		7,411,320
	1,690,000	Erie County, NY IDA (Global Concepts Charter School)1		6.250		10/01/2037		1,808,452
	715,000	Erie County, NY IDA (The Episcopal Church Home)		6.000		02/01/2028		715,822
	25,330,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000		06/01/2038		21,824,581
	72,595,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000		06/01/2045		60,683,612
	93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	3	06/01/2047		3,755,340
	135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	3	06/01/2050		3,762,801
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.196	3	06/01/2055		2,193,647
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	3	06/01/2060		5,529,600
	1,410,000	Essex County, NY IDA (International Paper Company)1		4.600		03/01/2027		1,467,697
	2,300,000	Essex County, NY IDA (International Paper Company)1		6.450		11/15/2023		2,309,959
	1,500,000	Essex County, NY IDA (International Paper Company)1		6.625		09/01/2032		1,715,790
	975,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000		06/01/2020		1,023,506
	320,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000		06/01/2020		335,920
	1,235,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200		06/01/2025		1,283,091

3 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$      410,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200	%	06/01/2025	$	425,965
	1,100,000	Essex County, NY IDA (North Country Community College Foundation)1		5.300		06/01/2035		1,133,957
	60,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.200		03/01/2028		61,216
	1,850,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.500		08/15/2022		1,851,702
	1,625,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.500		10/01/2026		1,630,753
	185,000	Fishkill, NY GO1		5.000		04/15/2029		189,275
	900,000	Franklin County, NY IDA (North Country Community College Foundation)1		5.200		06/01/2025		935,046
	100,000	Glens Falls, NY GO1		6.000		02/01/2040		113,108
	960,000	Green Island, NY Power Authority1		5.125		12/15/2024		961,248
	1,865,000	Green Island, NY Power Authority1		6.000		12/15/2020		1,877,701
	1,695,000	Green Island, NY Power Authority1		6.000		12/15/2025		1,703,848
	1,945,000	Hempstead, NY IDA (Adelphi University)1		5.000		10/01/2030		2,089,786
	3,665,000	Hempstead, NY IDA (Peninsula Counseling Center)		6.500		11/01/2038		3,616,182
	5,150,000	Hempstead, NY IDA (South Shore Y JCC)		6.750		11/01/2024		5,040,151
	815,000	Herkimer County, NY IDA (Folts Adult Home)		5.500		03/20/2040		909,573
	1,000,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.250		08/01/2034		1,005,160
	4,840,000	Hudson Yards, NY Infrastructure Corp.1		5.000		02/15/2047		5,149,760
	34,450,000	Hudson Yards, NY Infrastructure Corp.1		5.750		02/15/2047		40,399,171
	105,000	Huntington, NY Hsg. Authority (GJSR)		5.875		05/01/2019		105,156
	840,000	Huntington, NY Hsg. Authority (GJSR)		6.000		05/01/2029		840,731
	8,500,000	Huntington, NY Hsg. Authority (GJSR)		6.000		05/01/2039		8,505,695
	9,695,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250		12/01/2031		9,537,747
	1,125,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250		12/01/2031		1,124,258

4 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    3,400,000	L.I., NY Power Authority, Series A1		5.000	%	05/01/2036	$	3,755,334
	29,310,000	L.I., NY Power Authority, Series A1		5.000		09/01/2037		32,403,964
	26,395,000	L.I., NY Power Authority, Series A1		5.000		05/01/2038		28,649,661
	23,515,000	L.I., NY Power Authority, Series A1		5.000		09/01/2042		25,859,446
	9,800,000	L.I., NY Power Authority, Series A1		5.750		04/01/2039		11,606,826
	7,000,000	L.I., NY Power Authority, Series B1		5.000		09/01/2029		7,941,850
	65,000	L.I., NY Power Authority, Series B1		5.000		12/01/2035		70,120
	1,900,000	L.I., NY Power Authority, Series B1		5.750		04/01/2033		2,250,303
	300,000	L.I., NY Power Authority, Series C1		5.000		09/01/2033		304,917
	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000		06/01/2040		5,475,165
	850,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000		06/01/2028		871,233
	1,100,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000		06/01/2032		1,119,294
	1,320,000	Madison County, NY IDA (Oneida Healthcare Center)1		5.300		02/01/2021		1,321,452
	5,500,000	Madison County, NY IDA (Oneida Healthcare Center)1		5.350		02/01/2031		5,524,915
	570,000	Middletown, NY IDA (Flanagan Design & Display)2		7.500		11/01/2018		428,868
	50,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.750		05/01/2023		50,056
	165,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.875		05/01/2033		165,942
	860,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.875		05/01/2033		860,602
	2,430,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)		6.500		12/01/2042		2,480,617
	2,175,000	Monroe County, NY IDA (Summit at Brighton)		5.375		07/01/2032		1,887,095
	3,660,000	Monroe County, NY IDA (Summit at Brighton)		5.500		07/01/2027		3,383,524
	530,000	Monroe County, NY IDA (Volunteers of America)		5.700		08/01/2018		528,871
	2,765,000	Monroe County, NY IDA (Volunteers of America)		5.750		08/01/2028		2,705,525

5 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$        850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000	%	10/01/2026	$	939,497
	15,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000		10/01/2031		15,016
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.250		10/01/2031		557,480
	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.500		10/01/2041		2,031,102
	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.625		06/01/2026		972,213
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000		06/01/2034		1,694,732
	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.750		08/15/2035		18,129,513
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	3	06/01/2061		3,503,500
	580,000	Monroe, NY Newpower Corp1		5.625		01/01/2026		590,573
	2,265,000	Monroe, NY Newpower Corp.1		5.500		01/01/2034		2,288,669
	600,000	Mount Vernon, NY IDA (Kings Court)1		5.200		12/01/2033		611,220
	1,865,000	Mount Vernon, NY IDA (Meadowview)		6.150		06/01/2019		1,867,798
	2,600,000	Mount Vernon, NY IDA (Meadowview)		6.200		06/01/2029		2,602,132
	802,824	Municipal Assistance Corp. for Troy, NY		5.733	3	07/15/2021		666,858
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.741	3	01/15/2022		985,302
	595,000	Nassau County, NY IDA (ACDS)		5.950		11/01/2022		589,948
	285,000	Nassau County, NY IDA (ALIA–ACDS)		7.500		06/01/2015		285,761
	2,405,000	Nassau County, NY IDA (ALIA–ACLD)		6.250		09/01/2022		2,414,740
	485,000	Nassau County, NY IDA (ALIA–HH)		7.125		06/01/2017		490,359
	375,000	Nassau County, NY IDA (ALIA–HHS)		7.125		06/01/2017		379,144
	60,000	Nassau County, NY IDA (ALIA–LVH)		7.500		06/01/2015		60,160
	7,765,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700		01/01/2043		5,252,867
	210,000	Nassau County, NY IDA (CNGCS)		7.500		06/01/2015		210,561
	2,245,000	Nassau County, NY IDA (CNGCS)		8.150		06/01/2030		2,248,278
	4,305,000	Nassau County, NY IDA (CSMR)		5.950		11/01/2022		4,268,451
	555,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950		11/01/2022		550,288
	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500		11/01/2037		1,638,437

6 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$        3,150,000	Nassau County, NY IDA (Keyspan–Glenwood Energy Center)1		5.250	%	06/01/2027	$	3,172,113
	600,000	Nassau County, NY IDA (Life’s WORCA)		5.950		11/01/2022		594,906
	3,385,000	Nassau County, NY IDA (Little Village School)		7.500		12/01/2031		3,412,452
	3,535,000	Nassau County, NY IDA (New York Water Service Corp.)1		5.000		12/01/2035		3,750,282
	1,920,000	Nassau County, NY IDA (North Shore CFGA)		6.750		05/01/2024		1,920,864
	1,040,000	Nassau County, NY IDA (PLUS Group Home)		6.150		11/01/2022		1,044,524
	680,000	Nassau County, NY IDA (United Cerebral Palsy)		6.250		11/01/2014		678,620
	645,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.500		11/01/2037		636,621
	515,000	Nassau County, NY IDA, Series A–A		6.000		07/02/2021		514,758
	5,800,000	Nassau County, NY IDA, Series A–B		6.000		07/01/2021		5,797,274
	565,000	Nassau County, NY IDA, Series A–C		6.000		07/01/2021		564,734
	630,000	Nassau County, NY IDA, Series A–D		6.000		07/01/2021		629,704
	122,875,000	Nassau County, NY Tobacco Settlement Corp.1		5.125		06/01/2046		103,917,845
	9,000,000	Nassau County, NY Tobacco Settlement Corp.1		5.250		06/01/2026		8,823,330
	20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	3	06/01/2046		823,600
	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	3	06/01/2046		4,045,066
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		6.537	3	06/01/2060		6,943,315
	40,000,000	Nassau County, NY Tobacco Settlement Corp.		7.351	3	06/01/2060		216,000
	22,780,000	Nassau County, NY Tobacco Settlement Corp. (TASC)1		5.000		06/01/2035		19,704,244
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)1		5.375		04/01/2036		3,879,410
	2,200,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750		06/01/2018		2,234,034
	20,000	Niagara County, NY Tobacco Asset Securitization Corp.1		5.750		05/15/2022		19,939
	1,480,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250		05/15/2034		1,479,867
	6,295,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250		05/15/2040		6,094,945
	125,000	Niagara Falls, NY Public Water Authority		5.500		07/15/2034		129,919

7 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$          500,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000	%	05/01/2035	$	544,740
	850,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000		05/01/2042		923,338
	385,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)		5.000		04/01/2028		379,210
	2,025,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.625		04/01/2029		2,047,842
	2,470,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)		7.375		12/15/2021		3,021,946
	5,980,000	NY Counties Tobacco Trust I1		6.250		06/01/2028		5,980,777
	6,245,000	NY Counties Tobacco Trust I1		6.500		06/01/2035		6,245,500
	19,230,000	NY Counties Tobacco Trust I1		6.625		06/01/2042		19,232,308
	29,840,000	NY Counties Tobacco Trust II (TASC)1		5.625		06/01/2035		29,837,016
	53,880,000	NY Counties Tobacco Trust II (TASC)1		5.750		06/01/2043		54,957,061
	245,000	NY Counties Tobacco Trust III1		6.000		06/01/2043		247,154
	7,000,000	NY Counties Tobacco Trust IV1		5.000		06/01/2038		6,153,700
	131,335,000	NY Counties Tobacco Trust IV		5.920	3	06/01/2050		3,661,620
	304,690,000	NY Counties Tobacco Trust IV		6.395	3	06/01/2055		5,216,293
	608,700,000	NY Counties Tobacco Trust IV		6.816	3	06/01/2060		3,286,980
	52,535,000	NY Counties Tobacco Trust IV (TASC)1		5.000		06/01/2042		45,142,800
	38,275,000	NY Counties Tobacco Trust IV (TASC)1		5.000		06/01/2045		32,557,481
	82,500,000	NY Counties Tobacco Trust IV (TASC)1		6.250		06/01/2041		80,569,500
	236,140,000	NY Counties Tobacco Trust V		6.070	3	06/01/2038		20,985,762
	598,653,613	NY Counties Tobacco Trust V		6.210	3	06/01/2050		18,336,760
	643,195,000	NY Counties Tobacco Trust V		6.850	3	06/01/2055		9,011,162
	3,845,000,000	NY Counties Tobacco Trust V		7.846	3	06/01/2060		20,763,000
	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)4		5.125		01/15/2044		16,658,700
	62,345,000	NY Liberty Devel. Corp. (Bank of America Tower)4		5.625		01/15/2046		71,204,623
	49,355,000	NY Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.250		10/01/2035		57,846,034
	2,199,995	NY Liberty Devel. Corp. (National Sports Museum)2		6.125		02/15/2019		22
	2,100,000	NY MTA, Series1		5.000		11/15/2033		2,369,304

8 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    6,510,000	NY MTA, Series 2008C1		6.500	%	11/15/2028	$	8,137,630
	500,000	NY MTA, Series A1		5.000		11/15/2026		588,985
	500,000	NY MTA, Series A1		5.000		11/15/2027		583,835
	340,000	NY MTA, Series A1		5.000		11/15/2032		348,911
	21,800,000	NY MTA, Series A1		5.000		11/15/2038		24,360,846
	4,250,000	NY MTA, Series A1		5.000		11/15/2041		4,676,275
	6,800,000	NY MTA, Series A1		5.250		11/15/2038		7,639,120
	16,745,000	NY MTA, Series B–21		5.000		11/15/2033		19,253,736
	230,000	NY MTA, Series C1		5.000		11/15/2031		261,315
	23,400,000	NY MTA, Series D1		5.000		11/15/2027		26,736,606
	37,675,000	NY MTA, Series D1		5.000		11/15/2030		43,004,506
	2,150,000	NY MTA, Series D1		5.000		11/15/2032		2,423,824
	15,395,000	NY MTA, Series D1		5.000		11/15/2036		17,071,516
	33,690,000	NY MTA, Series D1		5.250		11/15/2040		37,618,928
	8,000,000	NY MTA, Series D–11		5.000		11/01/2027		9,301,680
	3,500,000	NY MTA, Series D–11		5.000		11/01/2028		4,033,890
	9,220,000	NY MTA, Series F1		5.000		11/15/2026		10,824,649
	9,000,000	NY MTA, Series F1		5.000		11/15/2027		10,444,950
	56,970,000	NY MTA, Series F1		5.000		11/15/2030		65,028,976
	3,000,000	NY MTA, Series H1		5.000		11/15/2025		3,550,890
	10,000,000	NY MTA, Series H1		5.000		11/15/2042		11,032,000
	1,700,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2029		1,986,161
	2,100,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2030		2,471,070
	1,500,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2031		1,755,420
	150,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2032		154,437
	1,000,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2034		1,156,660
	6,470,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2037		7,278,297
	13,950,000	NY TSASC, Inc. (TFABs)1		5.000		06/01/2026		13,789,994
	250,510,000	NY TSASC, Inc. (TFABs)1		5.000		06/01/2034		227,082,305
	322,515,000	NY TSASC, Inc. (TFABs)1		5.125		06/01/2042		285,041,947
	5,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)		7.250		11/01/2042		5,003,500
	35,590,000	NYC GO1		4.950	5	12/15/2033		36,642,040
	10,000	NYC GO1		5.000		06/01/2020		10,995
	5,000	NYC GO1		5.000		06/01/2020		5,486
	25,000	NYC GO1		5.000		10/15/2027		25,659
	39,990,000	NYC GO1		5.000		08/01/2028		47,077,828
	3,000,000	NYC GO1		5.000		08/01/2029		3,489,510

9 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    5,000,000	NYC GO1		5.000	%	08/01/2029	$	5,777,700
	24,700,000	NYC GO1		5.000		08/01/2029		28,916,290
	2,500,000	NYC GO1		5.000		10/01/2029		2,914,325
	10,920,000	NYC GO4		5.000		08/01/2030		11,819,371
	20,205,000	NYC GO1		5.000		08/01/2030		23,541,452
	4,000,000	NYC GO1		5.000		08/01/2030		4,631,480
	2,250,000	NYC GO1		5.000		10/01/2030		2,610,765
	9,760,000	NYC GO1		5.000		08/01/2031		11,335,654
	8,000,000	NYC GO1		5.000		10/01/2031		9,254,160
	5,135,000	NYC GO1		5.000		10/01/2032		5,921,733
	4,250,000	NYC GO1		5.000		03/01/2033		4,905,775
	155,000	NYC GO		5.000		10/15/2033		159,087
	12,455,000	NYC GO4		5.000		12/01/2033		13,271,985
	10,000,000	NYC GO1		5.000		10/01/2034		11,399,400
	2,875,000	NYC GO1		5.000		10/01/2034		3,297,625
	12,765,000	NYC GO4		5.000		03/01/2035		13,639,619
	75,000	NYC GO1		5.000		04/01/2035		80,338
	5,400,000	NYC GO4		5.000		08/01/2035		5,837,813
	3,800,000	NYC GO1		5.000		08/01/2035		4,313,532
	8,405,000	NYC GO1		5.000		05/15/2036		9,568,168
	15,000,000	NYC GO1		5.000		03/01/2037		17,136,000
	20,000,000	NYC GO4		5.250		03/01/2021		24,483,200
	240,000	NYC GO1		5.250		06/01/2027		240,898
	5,000	NYC GO1		5.250		01/15/2033		5,019
	5,000	NYC GO1		5.375		12/01/2026		5,021
	395,000	NYC GO1		5.375		06/01/2032		396,552
	40,000	NYC GO1		5.500		08/01/2022		40,178
	5,000	NYC GO1		5.500		12/01/2031		5,020
	15,000	NYC GO1		5.500		11/15/2037		15,061
	5,000	NYC GO1		5.950		08/01/2014		5,025
	2,000,000	NYC GO1		6.250		12/15/2031		2,451,760
	5,000	NYC GO1		7.250		08/15/2024		5,029
	5,000	NYC GO1		7.750		08/15/2028		5,132
	1,475,000	NYC GO ROLs6		15.259	7	05/15/2031		2,408,262
	5,395,000	NYC GO ROLs6		15.268	7	05/15/2036		8,381,456
	875,000	NYC GO ROLs6		15.271	7	05/15/2033		1,408,470
	890,000	NYC HDC (Multifamily Hsg.)1		4.950		11/01/2039		952,754
	780,000	NYC HDC (Multifamily Hsg.)1		5.000		11/01/2030		816,044
	3,500,000	NYC HDC (Multifamily Hsg.)4		5.000		11/01/2037		3,588,445
	4,685,000	NYC HDC (Multifamily Hsg.)4		5.050		11/01/2039		4,804,223
	2,435,000	NYC HDC (Multifamily Hsg.)4		5.100		11/01/2027		2,584,916
	3,000,000	NYC HDC (Multifamily Hsg.)4		5.125		11/01/2032		3,154,680

10 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    5,100,000	NYC HDC (Multifamily Hsg.)		5.150	%	11/01/2037	$	5,444,760
	1,675,000	NYC HDC (Multifamily Hsg.)1		5.200		11/01/2035		1,751,179
	8,035,000	NYC HDC (Multifamily Hsg.)4		5.200		11/01/2040		8,412,290
	14,110,000	NYC HDC (Multifamily Hsg.)4		5.250		11/01/2030		14,400,851
	7,205,000	NYC HDC (Multifamily Hsg.)1		5.250		11/01/2045		7,524,398
	5,140,000	NYC HDC (Multifamily Hsg.)1		5.350		11/01/2037		5,440,176
	1,215,000	NYC HDC (Multifamily Hsg.)1		5.350		05/01/2041		1,287,693
	3,735,000	NYC HDC (Multifamily Hsg.)1		5.450		11/01/2040		3,960,781
	2,670,000	NYC HDC (Multifamily Hsg.)1		5.450		11/01/2046		2,770,499
	3,090,000	NYC HDC (Multifamily Hsg.)4		5.500		11/01/2034		3,408,618
	2,840,000	NYC HDC (Multifamily Hsg.)4		5.550		11/01/2039		3,124,114
	25,000	NYC HDC (Multifamily Hsg.)1		5.550		11/01/2039		27,501
	10,910,000	NYC HDC (Multifamily Hsg.)4		5.700		11/01/2046		12,010,954
	70,000	NYC HDC (Multifamily Hsg.), Series A1		5.500		11/01/2034		70,400
	30,290,000	NYC HDC (Multifamily Hsg.), Series B4		5.350		05/01/2049		31,767,339
	11,250,000	NYC HDC (Multifamily Hsg.), Series C4		5.050		11/01/2036		11,629,894
	8,365,000	NYC HDC (Multifamily Hsg.), Series C4		5.125		05/01/2040		8,605,559
	13,180,000	NYC HDC (Multifamily Hsg.), Series G–14		4.875		11/01/2039		13,625,067
	1,345,000	NYC HDC (Multifamily Hsg.), Series H–21		5.200		11/01/2038		1,371,160
	3,400,000	NYC HDC (Multifamily Hsg.), Series H–21		5.250		05/01/2046		3,461,268
	15,510,000	NYC HDC (Multifamily Hsg.), Series I–24		5.200		11/01/2038		16,033,747
	30,000	NYC HDC, Series B–21		5.300		05/01/2036		30,367
	2,750,000	NYC HDC, Series C4		5.000		11/01/2026		2,856,453
	10,100,000	NYC Health & Hospital Corp. (Health System)1		5.000		02/15/2030		11,303,718
	85,000	NYC IDA (Allied Metal)		6.375		12/01/2014		84,997
	940,000	NYC IDA (Allied Metal)		7.125		12/01/2027		940,291
	2,520,000	NYC IDA (Amboy Properties)		6.750		06/01/2020		2,439,335
	2,905,000	NYC IDA (American Airlines)2		5.400		07/01/2019		3,297,175
	32,580,000	NYC IDA (American Airlines)2		5.400		07/01/2020		36,978,300
	30,810,000	NYC IDA (American Airlines)2		6.900		08/01/2024		34,199,408
	540,000	NYC IDA (American Airlines)		7.500		08/01/2016		574,398
	18,200,000	NYC IDA (American Airlines)		7.625		08/01/2025		20,771,114
	59,350,000	NYC IDA (American Airlines)		7.750		08/01/2031		68,104,719
	39,860,000	NYC IDA (American Airlines)		8.000		08/01/2028		45,789,972
	338,060,000	NYC IDA (American Airlines)		8.500		08/01/2028		373,556,300
	3,530,000	NYC IDA (American National Red Cross)		5.000		02/01/2036		3,597,141
	3,115,000	NYC IDA (Atlantic Paste & Glue Company)		6.625		11/01/2019		3,230,629
	675,000	NYC IDA (Atlantic Veal & Lamb)		8.375		12/01/2016		675,513

11 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    1,015,000	NYC IDA (Bark Frameworks)		6.750	%	11/01/2019	$	1,014,838
	5,500,000	NYC IDA (Beth Abraham Health Services)		6.500		02/15/2022		5,720,770
	1,035,000	NYC IDA (Beth Abraham Health Services)		6.500		11/15/2027		1,077,300
	4,220,000	NYC IDA (Beth Abraham Health Services)		6.500		11/15/2034		4,383,314
	97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.650		10/01/2028		82,515,820
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.750		10/01/2036		125,527,511
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		6.200		10/01/2022		20,882,534
	16,205,000	NYC IDA (Calhoun School)		6.625		12/01/2034		17,081,204
	4,145,000	NYC IDA (Calhoun School)		6.625		12/01/2034		4,478,051
	2,895,000	NYC IDA (Center for Elimination of Family Violence)		7.375		11/01/2036		3,031,412
	14,400,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375		08/01/2027		13,761,072
	3,400,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375		08/01/2027		3,249,142
	18,000,000	NYC IDA (Chapin School)		5.000		11/01/2038		18,272,700
	1,490,000	NYC IDA (Comprehensive Care Management)		6.000		05/01/2026		1,560,373
	3,145,000	NYC IDA (Comprehensive Care Management)		6.125		11/01/2035		3,146,478
	3,520,000	NYC IDA (Comprehensive Care Management)		6.375		11/01/2028		3,523,414
	1,395,000	NYC IDA (Comprehensive Care Management)		6.375		11/01/2028		1,396,256
	875,000	NYC IDA (Comprehensive Care Management)		7.875		12/01/2016		876,199
	1,150,000	NYC IDA (Cool Wind Ventilation)		5.450		11/01/2017		1,150,207
	1,035,000	NYC IDA (Cool Wind Ventilation)		5.450		11/01/2017		1,035,186
	5,685,000	NYC IDA (Cool Wind Ventilation)		6.075		11/01/2027		5,537,133
	5,500,000	NYC IDA (Family Support Systems)2		7.500		11/01/2034		2,749,890
	950,000	NYC IDA (Good Shepherd Services)1		5.875		06/01/2014		951,948
	2,670,000	NYC IDA (Gourmet Boutique)		5.750		05/01/2021		2,050,427
	7,290,000	NYC IDA (Guttmacher Institute)		5.750		12/01/2036		7,042,650
	1,745,000	NYC IDA (Herbert G. Birch Childhood Project)		8.375		02/01/2022		1,763,672
	700,000	NYC IDA (Independent Living Assoc.)		6.200		07/01/2020		715,064
	1,240,000	NYC IDA (Liberty–IAC/Interactive Corp.)1		5.000		09/01/2035		1,294,014
	1,920,000	NYC IDA (Little Red Schoolhouse)		6.750		11/01/2018		1,922,246
	3,745,000	NYC IDA (Manhattan Community Access Corp.)		6.000		12/01/2036		3,827,877

12 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375	%	11/01/2038	$	1,971,198
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375		11/01/2038		9,543,927
	15,560,000	NYC IDA (MediSys Health Network)		6.250		03/15/2024		14,411,983
	8,405,000	NYC IDA (Metro Biofuels)2		6.000		11/01/2028		4,230,909
	2,095,000	NYC IDA (Metropolitan College of New York)		5.750		03/01/2020		2,171,342
	40,000,000	NYC IDA (NYU)4		5.250		07/01/2048		44,831,440
	2,935,000	NYC IDA (Petrocelli Electric)		8.000		11/01/2017		2,842,313
	805,000	NYC IDA (Petrocelli Electric)		8.000		11/01/2018		778,524
	1,750,000	NYC IDA (PSCH)		6.375		07/01/2033		1,759,485
	6,800,000	NYC IDA (Reece School)		7.500		12/01/2037		7,333,596
	1,000,000	NYC IDA (Roundabout Theatre)		5.000		10/01/2023		976,060
	3,125,000	NYC IDA (Sahadi Fine Foods)		6.750		11/01/2019		3,125,250
	200,000	NYC IDA (Samaritan Aids Services)1		5.000		11/01/2024		200,404
	875,000	NYC IDA (SFTU/YAI/CRV Obligated Group)		5.000		07/01/2026		799,050
	4,380,000	NYC IDA (Showman Fabricators)		7.500		11/01/2028		3,715,729
	2,785,000	NYC IDA (South Bronx Overall Economic Devel.)		8.625		12/01/2025		2,785,000
	1,625,000	NYC IDA (Special Needs Facilities Pooled Program)		4.750		07/01/2020		1,567,898
	995,000	NYC IDA (Special Needs Facilities Pooled Program)		5.250		07/01/2022		938,633
	2,000,000	NYC IDA (Special Needs Facilities Pooled Program)		6.650		07/01/2023		2,004,320
	405,000	NYC IDA (Special Needs Facilities Pooled Program)		7.875		08/01/2025		406,430
	475,000	NYC IDA (St. Francis College)1		5.000		10/01/2034		486,044
	5,760,000	NYC IDA (Stallion)		5.500		11/01/2036		5,285,261
	955,000	NYC IDA (Stallion)		6.000		11/01/2027		948,993
	225,000	NYC IDA (Streamline Plastics)		7.750		12/01/2015		225,144
	1,275,000	NYC IDA (Streamline Plastics)		8.125		12/01/2025		1,275,523
	6,808,500	NYC IDA (Studio School)		7.000		11/01/2038		4,450,308
	605,000	NYC IDA (Surprise Plastics)2		7.500		11/01/2013		555,614
	2,480,000	NYC IDA (Surprise Plastics)2		8.500		11/01/2023		2,046,298
	1,500,000	NYC IDA (Terminal One Group Assoc.)1		5.500		01/01/2021		1,658,265
	380,000	NYC IDA (The Bank Street College)		5.250		12/01/2021		384,469
	1,000,000	NYC IDA (The Bank Street College)		5.250		12/01/2030		1,008,850
	8,800,000	NYC IDA (The Child School)		7.550		06/01/2033		8,987,704
	3,655,000	NYC IDA (Therapy & Learning Center)		8.250		09/01/2031		3,680,475
	8,610,000	NYC IDA (Tides Two Rivers Foundation)		5.650		12/01/2039		6,941,124

13 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    7,580,000	NYC IDA (TIP/AeFM/AeH/AeHC/AeJFK/AeKC/AeL Obligated Group)1		5.000	%	07/01/2028	$	8,040,712
	32,040,000	NYC IDA (Unicef)		5.300		11/01/2038		32,364,245
	12,500,000	NYC IDA (United Jewish Appeal-Federal Jewish Philanthropies)1		5.000		07/01/2034		14,334,625
	3,640,000	NYC IDA (Urban Resource Institute)		7.375		11/01/2033		3,667,482
	7,900,000	NYC IDA (Visy Paper)		7.800		01/01/2016		7,913,904
	70,500,000	NYC IDA (Visy Paper)		7.950		01/01/2028		70,563,450
	1,930,000	NYC IDA (Vocational Instruction)2		7.750		02/01/2033		1,061,461
	1,450,000	NYC IDA (W & W Jewelers)		8.250		02/01/2021		1,463,195
	5,930,000	NYC IDA (Weizmann Institute)		5.900		11/01/2034		5,931,067
	2,900,000	NYC IDA (Weizmann Institute)		5.900		11/01/2034		2,900,522
	1,125,000	NYC IDA (World Casing Corp.)		6.700		11/01/2019		1,123,178
	50,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2031		52,145
	70,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2036		72,547
	36,110,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2046		37,095,803
	16,500,000	NYC IDA (Yankee Stadium)1		7.000		03/01/2049		20,334,930
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)		5.725		11/01/2037		24,022,203
	1,220,000	NYC IDA (YMCA of Greater New York)1		5.000		08/01/2036		1,269,556
	25,000	NYC Municipal Water Finance Authority1		5.000		06/15/2024		27,011
	5,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2028		5,889,900
	10,755,000	NYC Municipal Water Finance Authority1		5.000		06/15/2029		12,613,572
	7,500,000	NYC Municipal Water Finance Authority1		5.000		06/15/2031		8,102,475
	8,950,000	NYC Municipal Water Finance Authority1		5.000		06/15/2031		10,316,755
	10,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2032		11,457,800
	20,000	NYC Municipal Water Finance Authority1		5.000		06/15/2035		21,157
	280,000	NYC Municipal Water Finance Authority1		5.000		06/15/2035		293,549
	20,945,000	NYC Municipal Water Finance Authority1		5.000		06/15/2036		22,349,991
	1,575,000	NYC Municipal Water Finance Authority1		5.000		06/15/2037		1,698,653
	38,500,000	NYC Municipal Water Finance Authority1		5.000		06/15/2038		43,172,360

14 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    4,495,000	NYC Municipal Water Finance Authority1		5.000	%	06/15/2039	$	4,712,513
	19,740,000	NYC Municipal Water Finance Authority1		5.000		06/15/2039		20,695,219
	2,715,000	NYC Municipal Water Finance Authority1		5.000		06/15/2039		2,926,906
	10,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2043		11,006,000
	7,500,000	NYC Municipal Water Finance Authority1		5.000		06/15/2044		8,237,700
	16,035,000	NYC Municipal Water Finance Authority1		5.000		06/15/2047		17,823,063
	45,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2047		50,313,600
	7,350,000	NYC Municipal Water Finance Authority1		5.250		06/15/2040		8,435,669
	21,570,000	NYC Municipal Water Finance Authority1		5.375		06/15/2043		24,984,962
	31,750,000	NYC Municipal Water Finance Authority4		5.500		06/15/2043		37,080,825
	2,650,000	NYC Municipal Water Finance Authority1		5.750		06/15/2040		3,132,406
	3,000,000	NYC Sales Tax Asset Receivables Corp., Series A1		5.000		10/15/2032		3,187,590
	3,675,000	NYC Transitional Finance Authority1		5.000		11/01/2039		4,105,784
	3,000,000	NYC Transitional Finance Authority1		5.125		01/15/2034		3,395,430
	7,685,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2033		8,730,621
	15,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2037		16,994,550
	7,910,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2040		8,808,813
	15,000,000	NYC Transitional Finance Authority (Building Aid)1		5.250		07/15/2037		17,195,100
	1,700,000	NYC Transitional Finance Authority (Building Aid)1		5.500		01/15/2039		1,973,071
	15,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000		05/01/2034		17,236,200
	20,000,000	NYC Transitional Finance Authority (Future Tax)1		5.250		11/01/2027		23,904,800
	6,000,000	NYC Trust for Cultural Resources (Wildlife Conservation Society)1		5.000		08/01/2033		7,086,300
	1,700,000	NYC Trust for Cultural Resources (Wildlife Conservation Society)1		5.000		08/01/2042		1,947,384
	1,845,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000		11/15/2035		1,991,530
	850,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2027		969,893

15 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    850,000	NYS DA (Brooklyn Law School)1		5.000	%	07/01/2028	$	961,172
	430,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2029		485,143
	430,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2030		482,598
	4,000,000	NYS DA (Buena Vida Nursing Home)1		5.250		07/01/2028		4,058,200
	500,000	NYS DA (Catholic Health System)1		5.000		07/01/2032		534,545
	260,000	NYS DA (Catholic Health System)1		5.000		07/01/2032		277,963
	3,335,000	NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)1		5.000		07/01/2027		3,422,244
	300,000	NYS DA (Culinary Institute of America)1		5.000		07/01/2034		327,003
	285,000	NYS DA (Fordham University)1		5.000		07/01/2038		312,175
	5,300,000	NYS DA (Interagency Council Pooled Loan Program)		7.000		07/01/2031		5,694,055
	5,815,000	NYS DA (Interagency Council)		7.000		07/01/2035		5,978,692
	3,000,000	NYS DA (Iona College)1		5.000		07/01/2032		3,272,490
	865,000	NYS DA (Jewish Board of Family and Children’s Services)1		5.000		07/01/2033		867,007
	430,000	NYS DA (Maimonides Medical Center)1		5.750		08/01/2035		431,832
	3,490,000	NYS DA (Manhattan College)		5.300		07/01/2037		3,639,407
	18,230,000	NYS DA (Memorial Sloan–Kettering)4		5.000		07/01/2035		19,975,121
	10,640,000	NYS DA (Mental Health Services Facilities)1		5.000		02/15/2030		11,278,826
	12,070,000	NYS DA (Mental Health Services Facilities)1		5.000		02/15/2035		12,815,443
	150,000	NYS DA (Mental Health Services Facilities)1		5.000		02/15/2037		159,128
	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)1		5.000		07/01/2029		933,659
	10,000	NYS DA (Mount St. Mary College)1		5.000		07/01/2032		10,122
	130,000	NYS DA (New School University)1		5.000		07/01/2033		130,413
	5,000,000	NYS DA (New School University)1		5.000		07/01/2041		5,004,400
	1,000,000	NYS DA (New School University)1		5.750		07/01/2050		1,137,910
	150,000	NYS DA (New York Methodist Hospital)1		5.250		07/01/2033		153,279
	6,000,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.000		05/01/2039		6,717,780
	3,685,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.000		05/01/2039		4,125,837
	4,690,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.000		05/01/2039		5,290,086
	10,310,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.000		05/01/2041		11,502,867

16 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    11,500,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.250	%	05/01/2034	$	13,128,975
	23,075,000	NYS DA (NYU Hospitals Center)1		5.000		07/01/2036		24,352,663
	2,000,000	NYS DA (NYU Hospitals Center)1		5.625		07/01/2037		2,176,160
	6,035,000	NYS DA (Providence Rest)		5.000		07/01/2035		5,624,198
	2,700,000	NYS DA (Providence Rest)		5.125		07/01/2030		2,663,280
	3,100,000	NYS DA (Providence Rest)		5.250		07/01/2025		3,118,414
	6,260,000	NYS DA (Rochester General Hospital)		5.000		12/01/2025		7,004,502
	17,660,000	NYS DA (Rochester General Hospital)		5.000		12/01/2035		19,760,304
	1,750,000	NYS DA (School District Bond Financing Program), Series C1		7.250		10/01/2028		2,214,100
	2,645,000	NYS DA (School District Bond Financing Program), Series C1		7.375		10/01/2033		3,324,844
	1,525,000	NYS DA (School District Bond Financing Program), Series C1		7.500		04/01/2039		1,926,761
	15,000	NYS DA (School District Financing)1		5.750		10/01/2018		15,065
	1,875,000	NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)1		5.100		07/01/2034		1,919,175
	5,770,000	NYS DA (Smithtown Special Library District)1		6.000		07/01/2028		6,881,360
	50,000	NYS DA (St. Barnabas Hospital)		5.125		02/01/2022		50,174
	35,000	NYS DA (St. Barnabas Hospital)		5.450		08/01/2035		35,125
	1,235,000	NYS DA (St. John’s University)1		5.000		07/01/2027		1,434,947
	270,000	NYS DA (St. John’s University)1		5.000		07/01/2028		311,588
	10,750,000	NYS DA (St. John’s University)1		5.000		07/01/2030		12,331,110
	3,500,000	NYS DA (St. Joseph’s College)1		5.250		07/01/2035		3,866,975
	50,000,000	NYS DA (St. Mary’s Hospital for Children)		7.875		11/15/2041		54,130,500
	1,575,000	NYS DA (St. Thomas Aquinas College)		5.250		07/01/2028		1,576,843
	5,795,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2028		6,773,718
	10,640,000	NYS DA (State Personal Income Tax Authority)1		5.000		03/15/2028		12,451,992
	5,620,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2034		6,412,757
	15,915,000	NYS DA (State Personal Income Tax Authority)1		5.000		03/15/2034		17,956,417
	3,000,000	NYS DA (State University of New York)1		5.000		07/01/2035		3,406,500
	3,000,000	NYS DA (State University of New York)1		5.000		07/01/2040		3,307,320
	2,500,000	NYS DA (Teachers College)1		5.000		07/01/2034		2,824,850

17 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250	%	02/15/2035	$	6,165,541
	4,395,000	NYS DA (The New School)1		5.000		07/01/2031		4,912,511
	1,000,000	NYS DA (University of Rochester)1		0.000	8	07/01/2039		1,050,390
	60,000	NYS DA (University of Rochester)1		5.000		07/01/2034		62,757
	11,695,000	NYS DA (Vassar College)4		5.000		07/01/2046		12,936,750
	3,105,000	NYS DA (Yeshiva University)1		5.000		11/01/2031		3,520,604
	1,500,000	NYS DA (Yeshiva University)1		5.000		09/01/2038		1,654,275
	1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000		06/15/2037		1,585,767
	5,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.125		06/15/2038		5,808,300
	430,000	NYS EFC (NYC Municipal Water Finance Authority)1		5.000		06/15/2034		451,130
	200,000	NYS EFC (United Waterworks)		5.150		03/01/2034		200,648
	25,000	NYS ERDA (Brooklyn Union Gas Company)1		4.700		02/01/2024		26,941
	15,000	NYS ERDA (Brooklyn Union Gas Company)1		5.500		01/01/2021		15,061
	7,000,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		12.313	7	04/01/2020		7,025,900
	16,300,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		13.469	7	07/01/2026		16,457,784
	350,000	NYS ERDA (LILCO)1		5.300		10/01/2024		356,311
	150,000	NYS ERDA (LILCO)1		5.300		08/01/2025		150,518
	95,000	NYS ERDA (LILCO)1		5.300		08/01/2025		95,328
	610,000	NYS ERDA (NYS Electric & Gas Corp.)1		5.350		12/01/2028		610,976
	1,350,000	NYS ERDA (Rochester Gas & Electric)1		0.240	5	08/01/2032		1,055,364
	370,000	NYS ERDA (Rochester Gas & Electric)1		5.375		05/15/2032		372,235
	2,000,000	NYS HFA (Affordable Hsg.)1		5.000		11/01/2042		2,159,520
	2,365,000	NYS HFA (Affordable Hsg.)1		5.250		11/01/2038		2,478,993
	10,220,000	NYS HFA (Affordable Hsg.)4		5.450		11/01/2045		10,763,008
	1,080,000	NYS HFA (Affordable Hsg.)1		6.450		11/01/2029		1,245,046
	150,000	NYS HFA (Affordable Hsg.)1		6.750		11/01/2038		169,517
	1,620,000	NYS HFA (Children’s Rescue)		7.625		05/01/2018		1,620,373
	935,000	NYS HFA (Friendship)1		5.100		08/15/2041		957,767
	1,215,000	NYS HFA (Golden Age Apartments)1		5.000		02/15/2037		1,249,166
	150,000	NYS HFA (Highland Avenue Senior Apartments)1		5.000		02/15/2039		155,036
	120,000	NYS HFA (Horizons at Wawayanda)1		5.150		11/01/2040		127,204
	3,660,000	NYS HFA (Multifamily Hsg.)1		4.850		02/15/2038		3,772,765
	2,080,000	NYS HFA (Multifamily Hsg.)1		5.375		02/15/2035		2,082,309
	2,075,000	NYS HFA (Multifamily Hsg.)1		5.500		08/15/2030		2,077,781

18 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    1,710,000	NYS HFA (Multifamily Hsg.)1		5.650	%	02/15/2034	$	1,712,377
	2,120,000	NYS HFA (Multifamily Hsg.)1		5.700		08/15/2033		2,123,053
	1,255,000	NYS HFA (Multifamily Hsg.)1		6.400		11/15/2027		1,257,849
	3,735,000	NYS HFA (Multifamily Hsg.)1		6.750		11/15/2036		3,936,578
	385,000	NYS HFA (Nonprofit Hsg.)1		8.400		11/01/2013		387,198
	470,000	NYS HFA (Nonprofit Hsg.)		8.400		11/01/2014		470,000
	495,000	NYS HFA (Nonprofit Hsg.)		8.400		11/01/2015		497,648
	535,000	NYS HFA (Nonprofit Hsg.)1		8.400		11/01/2016		537,712
	590,000	NYS HFA (Nonprofit Hsg.)1		8.400		11/01/2017		592,885
	630,000	NYS HFA (Nonprofit Hsg.)1		8.400		11/01/2018		632,936
	1,250,000	NYS HFA (State Personal Income Tax Authority)1		5.000		03/15/2036		1,360,325
	510,000	NYS LGSC (SCSB)		7.375		12/15/2016		512,127
	910,000	NYS LGSC (SCSB)		7.750		12/15/2021		931,567
	5,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000		11/15/2031		5,655,750
	3,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000		11/15/2044		3,300,900
	10,000,000	NYS Liberty Devel. Corp. (7 World Trade Center)1		5.000		09/15/2040		11,264,300
	13,500,000	NYS Liberty Devel. Corp. (7 World Trade Center)1		5.000		09/15/2043		14,747,535
	110,000	NYS Medcare (Hospital & Nursing Home)1		7.400		11/01/2016		110,612
	40,000	NYS Medcare (Hospital & Nursing Home)1		9.375		11/01/2016		40,304
	5,000,000	NYS Power Authority1		5.000		11/15/2038		5,700,150
	10,500,000	NYS Thruway Authority1		5.000		01/01/2030		12,067,230
	5,540,000	NYS Thruway Authority1		5.000		04/01/2031		6,342,691
	7,650,000	NYS Thruway Authority1		5.000		01/01/2032		8,709,831
	21,250,000	NYS Thruway Authority1		5.000		01/01/2037		23,610,025
	50,000	Oneida County, NY IDA (Civic Facilities–Mohawk Valley)		4.625		09/15/2030		50,103
	830,000	Oneida County, NY IDA (Civic Facilities–Mohawk Valley)		5.000		09/15/2035		834,465
	350,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)		5.300		03/15/2019		350,018
	1,060,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)		5.350		03/15/2029		1,036,076
	1,185,000	Onondaga County, NY IDA (Free Library)1		5.125		03/01/2030		1,268,341
	1,115,000	Onondaga County, NY IDA (Free Library)1		5.125		03/01/2037		1,172,322
	545,000	Onondaga County, NY IDA Sewage Waste Facilities (Anheuser–Busch Companies)1		6.250		12/01/2034		546,204

19 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    42,834,598	Onondaga County, NY Res Rec		0.000	%8	05/01/2022	$	37,184,286
	13,570,000	Onondaga County, NY Res Rec		5.000		05/01/2015		13,409,331
	1,540,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)1		5.000		07/01/2042		1,652,543
	3,465,000	Onondaga, NY Civic Devel Corp. (Upstate Properties)1		5.250		12/01/2041		3,786,275
	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.375		07/01/2040		2,189,420
	2,315,000	Orange County, NY IDA (Arden Hill Life Care Center)		7.000		08/01/2021		2,322,593
	2,325,000	Orange County, NY IDA (Arden Hill Life Care Center)		7.000		08/01/2031		2,329,859
	2,090,000	Orange County, NY IDA (Arden Hill Life Care Center)		7.000		08/01/2031		2,094,368
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375		12/01/2021		1,717,641
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375		12/01/2026		6,335,887
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375		12/01/2026		2,237,079
	10,910,000	Peekskill, NY IDA (Drum Hill)		6.375		10/01/2028		10,914,037
	27,735,000	Port Authority NY/NJ (Continental Airlines)		9.125		12/01/2015		28,427,820
	16,435,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750		12/01/2022		16,440,588
	31,910,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750		12/01/2025		31,917,658
	45,300,000	Port Authority NY/NJ (KIAC)		6.750		10/01/2019		45,294,564
	150,000	Port Authority NY/NJ, 131st Series1		4.750		06/15/2033		152,015
	95,000	Port Authority NY/NJ, 132nd Series1		5.000		09/01/2038		97,441
	250,000	Port Authority NY/NJ, 135th Series1		5.000		03/15/2039		260,955
	33,025,000	Port Authority NY/NJ, 136th Series4		5.125		05/01/2034		34,666,015
	5,050,000	Port Authority NY/NJ, 136th Series1		5.125		05/01/2034		5,300,783
	19,175,000	Port Authority NY/NJ, 136th Series4		5.375		11/01/2028		20,192,878
	22,855,000	Port Authority NY/NJ, 136th Series4		5.500		11/01/2029		24,102,470
	26,000,000	Port Authority NY/NJ, 138th Series4		4.750		12/01/2034		26,817,700
	27,255,000	Port Authority NY/NJ, 141st Series4		4.500		09/01/2029		28,014,197

20 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    47,910,000	Port Authority NY/NJ, 143rd Series4		5.000	%	10/01/2030	$	52,002,472
	35,000	Port Authority NY/NJ, 143rd Series1		5.000		04/01/2036		36,943
	17,500,000	Port Authority NY/NJ, 144th Series1		5.000		10/01/2035		19,590,200
	12,840,000	Port Authority NY/NJ, 146th Series4		4.500		12/01/2034		13,280,594
	10,000	Port Authority NY/NJ, 146th Series1		4.500		12/01/2034		10,347
	26,100,000	Port Authority NY/NJ, 146th Series4		4.750		12/01/2027		28,168,060
	10,000	Port Authority NY/NJ, 146th Series1		4.750		12/01/2027		10,800
	13,005,000	Port Authority NY/NJ, 147th Series4		4.750		10/15/2028		13,889,582
	17,790,000	Port Authority NY/NJ, 147th Series4		5.000		10/15/2027		19,651,862
	20,000,000	Port Authority NY/NJ, 147th Series4		5.000		10/15/2032		21,913,780
	82,000,000	Port Authority NY/NJ, 151st Series4		5.750		03/15/2035		95,138,784
	15,000,000	Port Authority NY/NJ, 151st Series4		6.000		09/15/2028		17,608,500
	101,940,000	Port Authority NY/NJ, 152nd Series4		5.250		11/01/2035		111,508,088
	13,715,000	Port Authority NY/NJ, 152nd Series4		5.250		05/01/2038		14,921,343
	22,500,000	Port Authority NY/NJ, 152nd Series4		5.750		11/01/2030		26,082,450
	15,300,000	Port Authority NY/NJ, 161st Series4		5.000		10/15/2031		18,026,307
	20,250,000	Port Authority NY/NJ, 163rd Series4		5.000		07/15/2039		22,625,325
	21,515,000	Port Authority NY/NJ, 166th Series4		5.000		01/15/2041		23,955,632
	15,000,000	Port Authority NY/NJ, 166th Series4		5.250		07/15/2036		17,517,600
	400,000	Port Authority NY/NJ, 172nd Series1		5.000		10/01/2034		448,476
	50,660,000	Port Authority NY/NJ, 37th Series4		5.250		07/15/2034		53,614,998
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		6.000		08/01/2032		2,760,124
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375		12/01/2036		1,583,070
	6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.625		06/01/2035		6,245,999
	7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.750		06/01/2043		7,373,000
	4,820,000	Rensselaer, NY City School District COP		5.000		06/01/2036		4,939,681
	1,120,000	Riverhead, NY IDA (Michael Reilly Design)		8.875		08/01/2021		1,140,126

21 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    1,195,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)		4.900	%	07/01/2021	$	1,129,227
	9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.625		08/15/2035		9,023,434
	13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.750		08/15/2043		12,885,218
	30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.875	3	08/15/2045		1,325,100
	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.668	3	08/15/2060		2,624,400
	20,000	Sanford Town, NY GO		5.250		04/15/2015		21,364
	20,000	Sanford Town, NY GO		5.250		04/15/2016		21,913
	25,000	Sanford Town, NY GO		5.250		04/15/2017		27,270
	25,000	Sanford Town, NY GO		5.250		04/15/2018		27,084
	25,000	Sanford Town, NY GO		5.250		04/15/2019		26,953
	25,000	Sanford Town, NY GO		5.250		04/15/2020		26,841
	30,000	Sanford Town, NY GO		5.250		04/15/2021		32,045
	30,000	Sanford Town, NY GO		5.250		04/15/2022		31,910
	30,000	Sanford Town, NY GO		5.250		04/15/2023		31,762
	30,000	Sanford Town, NY GO		5.250		04/15/2024		31,642
	35,000	Sanford Town, NY GO		5.250		04/15/2025		36,788
	35,000	Sanford Town, NY GO		5.250		04/15/2026		36,706
	40,000	Sanford Town, NY GO		5.250		04/15/2027		41,906
	40,000	Sanford Town, NY GO		5.250		04/15/2028		41,882
	40,000	Sanford Town, NY GO		5.250		04/15/2029		41,858
	45,000	Sanford Town, NY GO		5.250		04/15/2030		47,078
	45,000	Sanford Town, NY GO		5.250		04/15/2031		47,065
	50,000	Sanford Town, NY GO		5.250		04/15/2032		52,279
	50,000	Sanford Town, NY GO		5.250		04/15/2033		52,265
	55,000	Sanford Town, NY GO		5.250		04/15/2034		57,491
	60,000	Sanford Town, NY GO		5.250		04/15/2035		62,682
	60,000	Sanford Town, NY GO		5.250		04/15/2036		62,647
	2,650,000	Seneca County, NY IDA (New York Chiropractic College)1		5.000		10/01/2027		2,812,180
	22,850,000	SONYMA, Series 1064		5.250		04/01/2034		22,871,274
	30,225,000	SONYMA, Series 1094		4.950		10/01/2034		30,396,376
	17,495,000	SONYMA, Series 1131		5.200		10/01/2030		18,433,782
	27,005,000	SONYMA, Series 1161		4.750		10/01/2029		27,952,605
	28,445,000	SONYMA, Series 1161		4.800		10/01/2034		29,470,442
	9,510,000	SONYMA, Series 1334		5.050		10/01/2026		9,783,272
	22,915,000	SONYMA, Series 1374		4.700		10/01/2031		23,427,944
	15,030,000	SONYMA, Series 1404		4.750		10/01/2037		15,261,023

22 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    8,990,000	SONYMA, Series 1434		4.900	%	10/01/2037	$	9,280,122
	4,430,000	SONYMA, Series 1454		5.125		10/01/2037		4,602,704
	1,090,000	SONYMA, Series 1451		5.125		10/01/2037		1,132,456
	1,955,000	SONYMA, Series 1484		5.150		10/01/2027		2,085,085
	6,150,000	SONYMA, Series 1484		5.200		10/01/2032		6,504,978
	440,000	SONYMA, Series 691		5.500		10/01/2028		440,603
	1,070,000	SONYMA, Series 714		5.400		04/01/2029		1,071,694
	35,000	SONYMA, Series 711		5.400		04/01/2029		35,050
	5,000	SONYMA, Series 711		5.400		04/01/2029		5,006
	450,000	SONYMA, Series 771		5.150		04/01/2029		450,522
	220,000	SONYMA, Series 794		5.300		04/01/2029		220,327
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)1		5.000		09/01/2041		1,674,364
	4,775,000	St. Lawrence County, NY IDA (Clarkson University)1		5.375		09/01/2041		5,406,494
	520,000	St. Lawrence County, NY IDA (Clarkson University)1		6.000		09/01/2034		620,620
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)		7.250		12/01/2029		3,818,314
	1,980,000	St. Lawrence County, NY IDA (Edwards John Noble Hospital)		5.250		10/01/2020		2,192,850
	5,440,000	St. Lawrence County, NY IDA (Edwards John Noble Hospital)		6.250		10/01/2040		5,919,862
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2030		1,481,626
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2031		1,562,274
	11,850,000	Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)1		5.000		07/01/2028		13,418,822
	1,010,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.750		06/01/2027		1,034,957
	4,250,000	Suffolk County, NY Economic Devel. Corp., Series A		7.375		12/01/2040		4,562,375
	635,000	Suffolk County, NY IDA (ACLD)		6.000		12/01/2019		638,131
	1,660,000	Suffolk County, NY IDA (ALIA–ACLD)		5.950		10/01/2021		1,653,393
	80,000	Suffolk County, NY IDA (ALIA–ADD)		6.950		12/01/2014		80,186
	260,000	Suffolk County, NY IDA (ALIA–ADD)		7.125		06/01/2017		262,873
	105,000	Suffolk County, NY IDA (ALIA–ADD)		7.500		09/01/2015		106,473
	845,000	Suffolk County, NY IDA (ALIA–Adelante)		6.500		11/01/2037		834,023
	2,300,000	Suffolk County, NY IDA (ALIA–DDI)		5.950		10/01/2021		2,329,417

23 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    645,000	Suffolk County, NY IDA (ALIA–FREE)		5.950	%	10/01/2021	$	642,433
	460,000	Suffolk County, NY IDA (ALIA–IGHL)		5.950		10/01/2021		458,169
	700,000	Suffolk County, NY IDA (ALIA–IGHL)		5.950		11/01/2022		694,057
	355,000	Suffolk County, NY IDA (ALIA–IGHL)		6.000		10/01/2031		339,774
	655,000	Suffolk County, NY IDA (ALIA–NYS ARC)		5.950		11/01/2022		649,439
	275,000	Suffolk County, NY IDA (ALIA–NYS ARC)		7.500		09/01/2015		278,858
	160,000	Suffolk County, NY IDA (ALIA–Pederson–Krag Center)		8.375		06/01/2016		160,779
	215,000	Suffolk County, NY IDA (ALIA–SMCFS)		7.500		09/01/2015		218,016
	190,000	Suffolk County, NY IDA (ALIA–Suffolk Hostels)		7.500		09/01/2015		192,364
	1,545,000	Suffolk County, NY IDA (ALIA–UCPAGS)		5.950		10/01/2021		1,538,851
	70,000	Suffolk County, NY IDA (ALIA–UCPAGS)		6.375		06/01/2014		70,128
	290,000	Suffolk County, NY IDA (ALIA–UCPAGS)		6.950		12/01/2014		290,354
	380,000	Suffolk County, NY IDA (ALIA–UCPAGS)		7.000		06/01/2016		380,916
	140,000	Suffolk County, NY IDA (ALIA–UCPAGS)		7.500		09/01/2015		141,964
	3,530,000	Suffolk County, NY IDA (ALIA–UVBH)		6.500		11/01/2037		3,484,145
	635,000	Suffolk County, NY IDA (ALIA–WORCA)		5.950		11/01/2022		629,609
	440,000	Suffolk County, NY IDA (Catholic Charities)		6.000		10/01/2020		441,681
	115,000	Suffolk County, NY IDA (DDI)		6.000		12/01/2019		115,567
	375,000	Suffolk County, NY IDA (DDI)		6.000		10/01/2020		376,433
	390,000	Suffolk County, NY IDA (DDI)		6.000		10/01/2020		391,490
	1,485,000	Suffolk County, NY IDA (Dowling College)		5.000		06/01/2036		1,422,021
	2,600,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)		5.375		01/01/2027		2,623,062
	1,075,000	Suffolk County, NY IDA (Family Residences)		6.000		12/01/2019		1,080,300
	2,040,000	Suffolk County, NY IDA (Federation of Organizations)		8.125		04/01/2030		2,043,305
	2,500,000	Suffolk County, NY IDA (Gurwin Jewish–Phase II)		6.700		05/01/2039		2,590,100
	2,420,000	Suffolk County, NY IDA (Huntington First Aid Squad)		6.650		11/01/2017		2,421,888
	170,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000		12/01/2019		170,838

24 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    815,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000	%	10/01/2020	$	818,113
	3,275,000	Suffolk County, NY IDA (Innovative Realty I)		6.000		11/01/2037		3,433,707
	8,600,000	Suffolk County, NY IDA (Jefferson’s Ferry)1		5.000		11/01/2028		8,785,158
	4,065,000	Suffolk County, NY IDA (L.I. Network Community Services)		7.550		02/01/2034		4,541,012
	7,680,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)		6.375		01/01/2039		7,700,890
	1,865,000	Suffolk County, NY IDA (Nassau–Suffolk Services for Autism)		6.750		11/01/2036		1,929,827
	635,000	Suffolk County, NY IDA (Nassau–Suffolk Services for Autism)		6.750		11/01/2036		635,337
	2,000,000	Suffolk County, NY IDA (New York Institute of Technology)1		5.000		03/01/2026		2,052,780
	26,425,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)		5.500		01/01/2023		26,423,943
	4,800,000	Suffolk County, NY IDA (Pederson–Krager Center)		7.200		02/01/2035		4,773,600
	2,365,000	Suffolk County, NY IDA (Pederson–Krager Center)		8.125		04/01/2030		2,367,318
	930,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)		5.250		07/01/2022		877,316
	2,355,000	Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)		8.000		04/01/2030		2,359,875
	370,000	Suffolk County, NY IDA (Suffolk Hotels)		6.000		10/01/2020		371,413
	1,240,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		6.000		12/01/2019		1,246,113
	3,200,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		7.875		09/01/2041		3,362,560
	645,000	Suffolk County, NY IDA (WORCA)		6.000		10/01/2020		647,464
	10,080,000	Suffolk, NY Tobacco Asset Securitization Corp.1		5.375		06/01/2028		9,929,203
	29,915,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.000		06/01/2048		26,872,944
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.625		06/01/2044		117,808,584
	287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	3	06/01/2048		9,629,123
	3,005,000	Sullivan County, NY Community College COP2		5.750		08/15/2025		2,704,650
	6,480,000	Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)		8.500		11/01/2031		6,662,606
	2,345,000	Syracuse, NY Hsg. Authority (Pavilion on James)		7.500		11/01/2042		2,266,536
	203,935,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2036		207,059,284
	1,000,000	Syracuse, NY IDA (Crouse Irving Health Hospital)		5.375		01/01/2023		1,000,710
	5,585,000	Syracuse, NY IDA (James Square)		7.197	3	08/01/2025		2,548,882

25 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    615,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375	%	03/01/2021	$	614,914
	2,050,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375		03/01/2031		2,015,888
	1,700,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)1		5.000		07/01/2038		1,789,828
	35,000	Tompkins, NY Health Care Corp. (Reconstruction Home)1		10.800		02/01/2028		36,846
	2,000,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000		09/01/2030		2,236,900
	185,000	Ulster County, NY Res Rec1		5.000		03/01/2020		196,951
	3,180,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.000		06/01/2040		2,974,222
	1,985,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.250		06/01/2025		1,985,139
	3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.450		06/01/2040		2,836,149
	3,550,000	Utica, NY IDA (Utica College Civic Facility)		6.850		12/01/2031		3,591,038
	250,000	Warren & Washington Counties, NY IDA (GFH/GFHF Obligated Group)1		5.000		12/01/2035		252,243
	1,385,000	Wayne County, NY IDA (ARC)		8.375		03/01/2018		1,386,648
	20,000	Westchester County, NY GO1		5.375		12/15/2014		20,211
	10,645,000	Westchester County, NY Healthcare Corp., Series A1		5.000		11/01/2030		11,758,254
	1,700,000	Westchester County, NY Healthcare Corp., Series B1		5.125		11/01/2041		1,863,081
	1,215,000	Westchester County, NY IDA (Clearview School)		7.250		01/01/2035		1,244,209
	1,300,000	Westchester County, NY IDA (Guiding Eyes for the Blind)1		5.375		08/01/2024		1,358,539
	755,000	Westchester County, NY IDA (JDAM)1		6.750		04/01/2016		761,999
	3,375,000	Westchester County, NY IDA (Lawrence Hospital)1		5.000		01/01/2028		3,376,958
	460,000	Westchester County, NY IDA (Lawrence Hospital)1		5.125		01/01/2018		461,030
	600,000	Westchester County, NY IDA (Schnurmacher Center)		6.500		11/01/2013		614,298
	1,710,000	Westchester County, NY IDA (Schnurmacher Center)		6.500		11/01/2033		1,802,819
	2,750,000	Westchester County, NY IDA (Winward School)		5.250		10/01/2031		2,752,750
	1,500,000	Westchester County, NY Local Devel. Corp. (Kendalon Hudson)9		5.000		01/01/2034		1,614,465

26 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	New York Continued
	$    4,500,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000	%	06/01/2026	$	4,465,395
	59,400,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125		06/01/2038		56,456,136
	52,815,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125		06/01/2045		45,722,474
	3,155,000	Yonkers, NY IDA (Hudson Scenic Studio)		6.625		11/01/2019		3,154,968
	3,770,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)1		5.650		02/01/2039		3,776,861
	1,455,000	Yonkers, NY IDA (Philipsburgh Hall Associates)		7.500		11/01/2030		1,197,698
	1,050,000	Yonkers, NY IDA (Sarah Lawrence College)1		6.000		06/01/2041		1,178,163
	1,200,000	Yonkers, NY IDA (St. Joseph’s Hospital)		6.150		03/01/2015		1,201,620
	460,000	Yonkers, NY IDA (St. Joseph’s Hospital)		8.500		12/30/2013		462,130
	1,900,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98–A		6.150		03/01/2015		1,902,565
	500,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98–B		6.150		03/01/2015		500,675
	800,000	Yonkers, NY Parking Authority		6.000		06/15/2018		800,392
	1,215,000	Yonkers, NY Parking Authority		6.000		06/15/2024		1,190,639
								6,703,253,543
	U.S. Possessions–29.6%
	825,000	Guam Education Financing Foundation COP1		5.000		10/01/2023		850,418
	6,000,000	Guam GO1		6.750		11/15/2029		6,736,920
	10,000,000	Guam GO1		7.000		11/15/2039		11,308,700
	2,400,000	Guam Government Business Privilege1		5.000		01/01/2031		2,660,808
	5,400,000	Guam Government Business Privilege1		5.250		01/01/2036		6,027,372
	345,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750		09/01/2031		370,627
	1,230,000	Guam Power Authority, Series A1		5.000		10/01/2023		1,484,167
	1,560,000	Guam Power Authority, Series A1		5.000		10/01/2024		1,854,356
	2,790,000	Guam Power Authority, Series A1		5.000		10/01/2030		3,168,296
	3,540,000	Guam Power Authority, Series A1		5.000		10/01/2034		3,899,204
	5,200,000	Guam Power Authority, Series A1		5.500		10/01/2030		5,848,596
	7,700,000	Guam Power Authority, Series A1		5.500		10/01/2040		8,511,580
	1,915,000	Northern Mariana Islands Commonwealth, Series A		5.000		10/01/2022		1,718,636
	32,515,000	Northern Mariana Islands Commonwealth, Series A		5.000		06/01/2030		26,748,790

27 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	U.S. Possessions Continued
	$      7,795,000	Northern Mariana Islands Ports Authority, Series A1		6.250	%	03/15/2028	$	5,927,630
	15,130,000	Northern Mariana Islands Ports Authority, Series A1		6.600		03/15/2028		14,902,294
	2,950,000	Puerto Rico Aqueduct & Sewer Authority1		5.000		07/01/2033		2,711,788
	1,820,000	Puerto Rico Aqueduct & Sewer Authority1		5.125		07/01/2037		1,668,685
	19,000,000	Puerto Rico Aqueduct & Sewer Authority4		5.125		07/01/2047		18,786,630
	30,000,000	Puerto Rico Aqueduct & Sewer Authority1		5.125		07/01/2047		29,663,100
	10,000,000	Puerto Rico Aqueduct & Sewer Authority1		5.250		07/01/2024		9,861,400
	5,580,000	Puerto Rico Aqueduct & Sewer Authority1		5.250		07/01/2029		5,416,283
	3,360,000	Puerto Rico Aqueduct & Sewer Authority1		5.250		07/01/2042		3,072,283
	11,750,000	Puerto Rico Aqueduct & Sewer Authority1		5.750		07/01/2037		11,665,283
	80,800,000	Puerto Rico Aqueduct & Sewer Authority1		6.000		07/01/2038		81,532,856
	105,770,000	Puerto Rico Aqueduct & Sewer Authority1		6.000		07/01/2044		106,491,351
	5,000,000	Puerto Rico Aqueduct & Sewer Authority1		6.000		07/01/2044		5,034,100
	11,960,000	Puerto Rico Aqueduct & Sewer Authority1		6.000		07/01/2047		12,064,291
	55,690,000	Puerto Rico Aqueduct & Sewer Authority1		6.125		07/01/2024		58,985,177
	56,685,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625		05/15/2043		57,323,273
	168,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.627	3	05/15/2050		13,190,180
	745,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.165	3	05/15/2055		25,426,850
	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	3	05/15/2057		65,434,569
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	3	05/15/2057		41,965,440
	2,000,000	Puerto Rico Commonwealth GO1		5.000		07/01/2033		1,861,260
	29,890,000	Puerto Rico Commonwealth GO1		5.125		07/01/2031		28,556,607
	3,315,000	Puerto Rico Commonwealth GO1		5.125		07/01/2031		3,167,118
	2,200,000	Puerto Rico Commonwealth GO1		5.250		07/01/2026		2,189,440
	2,920,000	Puerto Rico Commonwealth GO1		5.250		07/01/2030		2,837,452
	14,500,000	Puerto Rico Commonwealth GO1		5.250		07/01/2031		14,060,070
	2,500,000	Puerto Rico Commonwealth GO1		5.250		07/01/2032		2,416,025

28 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	U.S. Possessions Continued
	$    10,230,000	Puerto Rico Commonwealth GO1		5.250	%	07/01/2034	$	9,793,486
	43,385,000	Puerto Rico Commonwealth GO1		5.250		07/01/2037		41,132,017
	5,000,000	Puerto Rico Commonwealth GO1		5.375		07/01/2033		4,879,050
	7,850,000	Puerto Rico Commonwealth GO1		5.500		07/01/2029		7,861,854
	76,300,000	Puerto Rico Commonwealth GO1		5.500		07/01/2032		75,978,777
	38,095,000	Puerto Rico Commonwealth GO1		5.500		07/01/2039		36,833,675
	5,000,000	Puerto Rico Commonwealth GO1		5.750		07/01/2028		5,112,900
	30,000,000	Puerto Rico Commonwealth GO1		5.750		07/01/2036		30,261,600
	5,215,000	Puerto Rico Commonwealth GO1		5.750		07/01/2041		5,236,590
	85,000	Puerto Rico Commonwealth GO1		5.875		07/01/2036		85,257
	1,270,000	Puerto Rico Commonwealth GO1		6.000		07/01/2028		1,320,533
	1,000,000	Puerto Rico Commonwealth GO1		6.000		07/01/2028		1,037,090
	2,700,000	Puerto Rico Commonwealth GO1		6.000		07/01/2035		2,785,671
	390,000	Puerto Rico Commonwealth GO1		6.000		07/01/2039		397,792
	3,670,000	Puerto Rico Commonwealth GO1		6.000		07/01/2040		3,737,712
	6,000,000	Puerto Rico Commonwealth GO1		6.500		07/01/2037		6,370,440
	5,675,000	Puerto Rico Commonwealth GO1		6.500		07/01/2040		6,107,435
	1,000,000	Puerto Rico Electric Power Authority, Series A1		5.000		07/01/2042		921,470
	10,105,000	Puerto Rico Electric Power Authority, Series AAA1		5.250		07/01/2029		10,011,529
	3,550,000	Puerto Rico Electric Power Authority, Series TT1		5.000		07/01/2037		3,315,771
	60,000,000	Puerto Rico Electric Power Authority, Series UU1		0.726	5	07/01/2029		43,528,200
	170,000	Puerto Rico Electric Power Authority, Series WW1		5.500		07/01/2038		169,640
	30,000	Puerto Rico HFC1		5.100		12/01/2018		30,411
	9,515,000	Puerto Rico Highway & Transportation Authority1		5.000		07/01/2028		9,088,633
	4,845,000	Puerto Rico Highway & Transportation Authority1		5.250		07/01/2030		4,723,827
	4,945,000	Puerto Rico Highway & Transportation Authority1		5.300		07/01/2035		4,803,029
	4,000,000	Puerto Rico Highway & Transportation Authority1		5.500		07/01/2029		4,023,160
	270,000	Puerto Rico Highway & Transportation Authority1		5.750		07/01/2020		272,454
	105,000	Puerto Rico Highway & Transportation Authority, Series G		5.000		07/01/2033		106,310
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000		07/01/2033		8,357,057
	80,000	Puerto Rico Highway & Transportation Authority, Series G		5.000		07/01/2042		80,998

29 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	U.S. Possessions Continued
	$    1,840,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000	%	07/01/2042	$	1,661,134
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H1		5.450		07/01/2035		1,099,370
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000		07/01/2027		6,258,850
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000		07/01/2030		1,081,006
	$2,600,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250		07/01/2023		2,648,334
	915,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250		07/01/2030		892,116
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M1		5.000		07/01/2046		69,694,840
	10,000	Puerto Rico Highway & Transportation Authority, Series M		5.000		07/01/2046		11,815
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250		07/01/2032		3,097,554
	57,615,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250		07/01/2039		54,588,484
	25,255,000	Puerto Rico Infrastructure1		5.000		07/01/2031		23,657,369
	675,000	Puerto Rico Infrastructure1		5.000		07/01/2037		615,310
	17,490,000	Puerto Rico Infrastructure1		5.000		07/01/2037		15,943,359
	142,985,000	Puerto Rico Infrastructure1		5.000		07/01/2041		128,723,676
	41,740,000	Puerto Rico Infrastructure1		5.000		07/01/2046		37,090,164
	1,295,000	Puerto Rico Infrastructure1		5.500		07/01/2026		1,305,813
	15,000,000	Puerto Rico Infrastructure1		5.500		07/01/2027		15,020,700
	16,955,000	Puerto Rico Infrastructure		5.650	3	07/01/2029		6,448,665
	65,725,000	Puerto Rico Infrastructure		5.730	3	07/01/2045		7,936,294
	25,000,000	Puerto Rico Infrastructure		5.800	3	07/01/2032		7,685,000
	5,000,000	Puerto Rico Infrastructure1		6.000		12/15/2026		5,347,800
	1,680,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500		10/01/2037		1,718,052
	1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000		04/01/2027		1,364,634
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000		03/01/2036		6,142,205

30 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	U.S. Possessions Continued
	$      875,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.125	%	04/01/2032	$	876,558
	1,355,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375		12/01/2021		1,364,417
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375		04/01/2042		1,210,656
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.500		12/01/2031		6,332,303
	23,000,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625		06/01/2026		22,999,080
	5,000,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)1		6.250		07/01/2026		5,622,400
	650,000	Puerto Rico ITEMECF (International American University)1		5.000		10/01/2031		676,702
	1,075,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.600		05/01/2014		1,076,355
	5,250,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.700		05/01/2024		5,251,418
	7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)		5.750		06/01/2029		5,583,900
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.000		10/01/2042		202,262
	5,490,000	Puerto Rico ITEMECF (University Plaza)1		5.000		07/01/2033		5,028,181
	4,990,000	Puerto Rico Municipal Finance Agency, Series A1		5.250		08/01/2025		4,990,599
	90,355,000	Puerto Rico Public Buildings Authority1		5.000		07/01/2036		81,554,423
	7,500,000	Puerto Rico Public Buildings Authority1		5.000		07/01/2037		6,745,800
	18,585,000	Puerto Rico Public Buildings Authority1		5.250		07/01/2029		17,828,033
	121,570,000	Puerto Rico Public Buildings Authority1		5.250		07/01/2033		114,548,117
	3,205,000	Puerto Rico Public Buildings Authority1		5.250		07/01/2042		2,951,485
	9,450,000	Puerto Rico Public Buildings Authority1		5.375		07/01/2033		9,044,595
	1,980,000	Puerto Rico Public Buildings Authority1		5.875		07/01/2039		1,984,435
	27,565,000	Puerto Rico Public Buildings Authority1		6.000		07/01/2041		27,964,968
	1,500,000	Puerto Rico Public Buildings Authority1		6.250		07/01/2021		1,641,900
	7,500,000	Puerto Rico Public Buildings Authority1		6.250		07/01/2031		7,950,300

31 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount			Coupon			Maturity	Value
	U.S. Possessions Continued
	$      8,000,000	Puerto Rico Public Buildings Authority1		6.500	%	07/01/2030	$	8,675,280
	7,500,000	Puerto Rico Public Buildings Authority1		6.750		07/01/2036		8,107,275
	14,550,000	Puerto Rico Public Finance Corp., Series B1		5.500		08/01/2031		14,383,403
	296,445,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.250		08/01/2057		304,659,491
	643,700,000	Puerto Rico Sales Tax Financing Corp., Series A		5.401	3	08/01/2054		52,010,960
	221,800,000	Puerto Rico Sales Tax Financing Corp., Series A		5.939	3	08/01/2056		15,854,264
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500	3	08/01/2042		5,511,000
	5,775,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500		08/01/2044		6,468,173
	80,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	3	08/01/2043		13,773,600
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A–11		5.250		08/01/2043		10,157,900
	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C1		0.000	8	08/01/2032		40,862,107
	7,500,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.250		08/01/2041		7,606,650
	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.375		08/01/2036		4,126,880
	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C4		5.750		08/01/2057		101,647,425
	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000		08/01/2039		1,569,060
	4,525,000	University of Puerto Rico1		5.000		06/01/2026		4,341,149
	5,280,000	University of Puerto Rico, Series P1		5.000		06/01/2030		4,946,779
	24,375,000	University of Puerto Rico, Series Q1		5.000		06/01/2030		22,836,694
	67,190,000	University of Puerto Rico, Series Q1		5.000		06/01/2036		60,816,357
	5,000	V.I. HFA, Series A		6.450		03/01/2016		5,016
	7,390,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000		10/01/2032		8,144,815
	590,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		6.000		10/01/2039		646,941
	6,160,000	V.I. Public Finance Authority (Matching Fund Loan Notes)1		5.000		10/01/2032		6,789,182
	750,000	V.I. Public Finance Authority, Series A1		5.250		10/01/2024		787,013
	11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	3	05/15/2035		1,595,514
	1,015,000	V.I. Water & Power Authority, Series A1		5.000		07/01/2031		1,047,297
								2,476,595,929
	Total Municipal Bonds and Notes (Cost $9,426,041,177)							9,179,849,472

32 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Shares			Value
	Common Stocks–0.1%
	1,401	CMS Liquidating Trust10 (Cost $ 4,483,200)	$	4,483,200
	Total Investments, at Value (Cost $9,430,524,377)–109.8%			9,184,332,672
	Liabilities in Excess of Other Assets–(9.8)			(818,941,707	)
	Net Assets–100.0%		$	8,365,390,965

Footnotes to Statement of Investments

*March 28, 2013 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

1. All or a portion of the security position has been segregated for collateral to cover borrowings.

2. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes.

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

4. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See accompanying Notes.

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

6. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement. See accompanying Notes.

7. Represents the current interest rate for an inverse floating rate security. See accompanying Notes.

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

9. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 28, 2013. See accompanying Notes.

10. Non-income producing security.

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

ACDS	Assoc. for Children with Down Syndrome
ACLD	Adults and Children with Learning and Developmental Disabilities
ADD	Aid to the Developmentally Disabled
ALIA	Alliance of Long Island Agencies
ARC	Assoc. of Retarded Citizens
AeFM	Aero Ft. Myers
AeH	Aero Harrisburg
AeHC	Aero Houston Central
AeJFK	Aero JFK
AeKC	Aero Kansas City

33 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

AeL	Aero Lauderdale
CFGA	Child and Family Guidance Assoc.
CHSLI	Catholic Health Services of Long Island
CNGCS	Central Nassau Guidance and Counseling Services
COP	Certificates of Participation
CRV	Crystal Run Village
CSMR	Community Services for the Mentally Retarded
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
DRIVERS	Derivative Inverse Tax Exempt Receipts
EFC	Environmental Facilities Corp.
ERDA	Energy Research and Devel. Authority
FREE	Family Residences and Essential Enterprises
GFH	Glens Falls Hospital
GFHF	Glens Falls Hospital Foundation
GJSR	Gurwin Jewish Senior Residences
GO	General Obligation
GSHMC	Good Samaritan Hospital Medical Center
HDC	Housing Devel. Corp.
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
HH	Harmony Heights, Inc.
HHS	Harmony Heights School
IDA	Industrial Devel. Agency
IGHL	Independent Group Home for Living
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JCC	Jewish Community Center
JDAM	Julia Dyckman Andrus Memorial
JFK	John Fitzgerald Kennedy
L.I.	Long Island
LGSC	Local Government Services Corp.
LILCO	Long Island Lighting Corp.
LVH	Little Village House
MMC	Mercy Medical Center
MTA	Metropolitan Transportation Authority
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
NYU	New York University
PSCH	Professional Service Centers for the Handicapped, Inc.
RIBS	Residual Interest Bonds
ROLs	Residual Option Longs
Res Rec	Resource Recovery Facility
SCHRC	St. Charles Hospital and Rehabilitation Center
SCSB	Schuyler Community Services Board
SFH	St. Francis Hospital
SFTU	Services for the Underserved
SMCFS	St. Mary’s Children and Family Services
SONYMA	State of New York Mortgage Agency
SUNY	State University of New York
TASC	Tobacco Settlement Asset–Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
TIP	Transportation Infrastructure Properties
UCPAGS	United Cerebral Palsy Assoc. of Greater Suffolk
UVBH	United Veteran’s Beacon House
V.I.	United States Virgin Islands
WORCA	Working Organization for Retarded Children and Adults
YAI	Young Adult Institute
YMCA	Young Men’s Christian Assoc.

34 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Notes to Statement of Investments

The fund has changed its name to Oppenheimer Rochester Fund Municipals from Rochester Fund Municipals.

Quarterly Period. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

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. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a broker dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the underlying municipal bond. The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

Because holders of the short-term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear short-term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal

35 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related to the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund may have the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Similarly, the Fund may have the right to directly purchase the underlying municipal bond from the Trust by paying to the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. Through the exercise of either of these rights, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a

36 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Sub-Adviser 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 related inverse floating rate securities, if it deems it appropriate to do so. As of March 28, 2013, the Fund’s maximum exposure under such agreements is estimated at $480,615,000.

37 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities in the annual and semiannual reports (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities in the annual and semiannual reports equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations in the annual and semiannual reports, while interest payable on the related short-term floating rate securities is recorded as interest expense. At March 28, 2013, municipal bond holdings with a value of $1,656,806,587 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $910,715,000 in short-term floating rate securities issued and outstanding at that date.

At March 28, 2013, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal Amount		Inverse Floater1	Coupon Rate 2			Maturity Date	Value
	$ 23,960,000	NY Austin Trust Various States Inverse Certificates		6.763	%	11/1/38	$	25,308,708
	16,400,000	NY Austin Trust Various States Inverse Certificates		10.035		7/1/48		21,231,440
	31,175,000	NY Liberty Devel. Corp. (One Bryant Park) ROLs3		9.056		1/15/46		40,034,623
	7,500,000	NY Liberty Devel. Corp. ROLs3		8.208		1/15/44		9,158,700
	15,660,000	NY/NJ Port Authority Austin Trust Inverse Certificates		6.365		12/1/27		17,728,060
	7,700,000	NY/NJ Port Authority Austin Trust Inverse Certificates		6.007		12/1/34		8,140,594
	23,955,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.875		10/1/30		28,047,472
	5,605,000	NYC GO DRIVERS		8.632		12/1/33		6,421,985
	5,460,000	NYC GO DRIVERS		7.848		8/1/30		6,359,371
	2,430,000	NYC GO DRIVERS		8.633		8/1/35		2,867,813
	5,745,000	NYC GO DRIVERS		8.632		3/1/35		6,619,619
	5,000,000	NYC GO ROLs		16.050		3/1/21		9,483,200
	1,375,000	NYC HDC (Multifamily Hsg.) DRIVERS		7.807		11/1/26		1,481,453
	1,225,000	NYC HDC (Multifamily Hsg.) DRIVERS		7.936		11/1/27		1,374,916
	1,500,000	NYC HDC (Multifamily Hsg.) DRIVERS		8.023		11/1/32		1,654,680
	1,750,000	NYC HDC (Multifamily Hsg.) DRIVERS		7.807		11/1/37		1,838,445

38 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount		Inverse Floater1	Coupon Rate 2			Maturity Date	Value
	$    2,340,000	NYC HDC (Multifamily Hsg.) DRIVERS		7.901	%	11/1/39	$	2,459,223
	4,180,000	NYC HDC (Multifamily Hsg.) DRIVERS		8.028		5/1/40		4,420,559
	775,000	NYC HDC (Multifamily Hsg.) DRIVERS3		16.607		11/1/34		1,093,618
	710,000	NYC HDC (Multifamily Hsg.) DRIVERS3		16.832		11/1/39		994,114
	2,730,000	NYC HDC (Multifamily Hsg.) DRIVERS3		17.336		11/1/46		3,830,954
	4,015,000	NYC HDC (Multifamily Hsg.) DRIVERS		8.158		11/1/40		4,392,290
	3,955,000	NYC HDC (Multifamily Hsg.) ROLs3		14.342		11/1/30		4,245,851
	11,530,000	NYC HDC (Multifamily Hsg.) ROLs3		10.919		5/1/49		13,007,339
	15,875,000	NYC Municipal Water Finance Authority ROLs3		8.899		6/15/43		21,205,825
	8,205,000	NYS DA (Memorial Sloan–Kettering) DRIVERS		8.631		7/1/35		9,950,121
	5,265,000	NYS DA (Vassar College) DRIVERS		8.629		7/1/46		6,506,750
	3,410,000	NYS HFA ROLs3		12.328		11/1/45		3,953,008
	3,750,000	Port Authority NY/NJ ROLs3		18.477		9/15/28		6,358,500
	4,895,000	Port Authority NY/NJ, 11588th Series ROLs		14.122		10/15/27		6,756,862
	3,580,000	Port Authority NY/NJ, 11588th Series ROLs		13.327		10/15/28		4,464,582
	5,500,000	Port Authority NY/NJ, 11588th Series ROLs		14.130		10/15/32		7,413,780
	9,090,000	Port Authority NY/NJ, 11589th Series ROLs		10.457		9/1/29		9,849,197
	11,880,000	Port Authority NY/NJ, 136th Series DRIVERS		6.985		11/1/28		12,897,878
	11,430,000	Port Authority NY/NJ, 136th Series DRIVERS		8.673		11/1/29		12,677,470
	11,015,000	Port Authority NY/NJ, 136th Series DRIVERS		11.630		5/1/34		12,656,015
	13,000,000	Port Authority NY/NJ, 138th Series DRIVERS		7.375		12/1/34		13,817,700
	24,005,000	Port Authority NY/NJ, 151st Series DRIVERS		13.245		3/15/35		35,541,083
	4,570,000	Port Authority NY/NJ, 152nd Series DRIVERS		11.952		5/1/38		5,776,343
	10,755,000	Port Authority NY/NJ, 166th Series		9.200		1/15/41		13,195,632
	20,000,000	Port Authority NY/NJ, 3090th Series DRIVERS		8.250		11/1/35		23,754,400
	7,500,000	Port Authority NY/NJ, 3114th Series DRIVERS		13.260		11/1/30		11,082,450
	30,970,000	Port Authority NY/NJ, 3114th Series DRIVERS		8.250		11/1/35		36,783,688
	3,335,000	Port Authority NY/NJ, 3115th Series DRIVERS		13.254		3/15/35		4,937,701
	7,500,000	Port Authority NY/NJ, 3249th Series ROLs3		8.405		7/15/36		10,017,600
	7,650,000	Port Authority NY/NJ, 3264th Series ROLs3		7.971		10/15/31		10,376,307

39 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Principal Amount		Inverse Floater1	Coupon Rate 2			Maturity Date	Value
	$10,125,000	Port Authority NY/NJ, 3266th Series3		8.001	%	7/15/39	$	12,500,325
	25,330,000	Port Authority NY/NJ, 37th Series DRIVERS		8.241		7/15/34		28,284,998
	4,750,000	Puerto Rico Aqueduct & Sewer Authority ROLs3		15.016		7/1/47		4,536,630
	98,815,000	Puerto Rico Sales Tax Financing Corp. ROLs3		12.217		8/1/57		107,029,491
	23,815,000	Puerto Rico Sales Tax Financing Corp. ROLs3		17.695		8/1/57		30,217,425
	18,135,000	SONYMA ROLs3		5.677		10/1/34		18,306,376
	235,000	SONYMA ROLs3		9.794		4/1/29		236,008
	90,000	SONYMA ROLs3		8.570		4/1/29		90,327
	160,000	SONYMA ROLs3		9.339		4/1/29		160,686
	7,625,000	SONYMA ROLs3		10.196		4/1/34		7,646,274
	3,175,000	SONYMA ROLs3		9.736		10/1/26		3,448,272
	4,505,000	SONYMA ROLs3		6.550		10/1/37		4,795,122
	11,465,000	SONYMA ROLs3		6.254		10/1/31		11,977,944
	7,535,000	SONYMA ROLs3		6.320		10/1/37		7,766,023
	2,215,000	SONYMA, Series 145 DRIVERS		8.023		10/1/37		2,387,704
	980,000	SONYMA, Series 148 DRIVERS		8.048		10/1/27		1,110,085
	3,075,000	SONYMA, Series 148 DRIVERS		8.153		10/1/32		3,429,978
							$	746,091,587

1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

2. Represents the current interest rate for the inverse floating rate security.

3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities in the annual and semiannual reports, and interest on the security is recorded as investment income on the Fund’s Statement of Operations in the annual and semiannual reports.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $910,715,000 as of March 28, 2013.

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STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

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 may also sell securities that it purchased on a when–issued basis or forward commitment prior to settlement of the original purchase.

As of March 28, 2013, the Fund had purchased securities issued on a when–issued or delayed delivery basis as follows:

	When–Issued or Delayed Delivery Basis  Transactions
Purchased securities	$1,610,805

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 that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 28, 2013 is as follows:

Cost	$85,980,319
Market Value	$88,387,478
Market Value as a % of Net Assets	1.06%

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

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.

41 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day–to–day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange–traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, 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 current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event–linked bonds, loans, mortgage–backed securities, collateralized mortgage obligations, and asset–backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker–dealers who may use matrix pricing methods to determine the evaluated prices.

Short–term money market type debt securities with a remaining maturity 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. Short–term

42 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker–dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third–party pricing vendors
Corporate debt, government debt, municipal, mortgage–backed and asset–backed securities	Reported trade data, broker–dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker–dealer price quotations.
Event–linked bonds	Information obtained from market participants regarding reported trade data and broker–dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security–specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those

43 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

    1) Level 1–unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

    2) Level 2–inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

    3) Level 3–significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of March 28, 2013 based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New York	$	—	$	6,703,118,638	$	134,905	$	6,703,253,543
U.S. Possessions		—		2,476,595,929		—		2,476,595,929
Common Stocks		—		4,483,200		—		4,483,200
Total Assets	$	—	$	9,184,197,767	$	134,905	$	9,184,332,672

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

44 Oppenheimer Rochester Fund Municipals

STATEMENT OF INVESTMENTS March 28, 2013* (Unaudited)

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 28, 2013 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	8,520,475,109	1
Gross unrealized appreciation	$	468,930,804
Gross unrealized depreciation		(725,426,640	)
Net unrealized depreciation	$	(256,495,836	)

1. The Federal tax cost of securities does not include cost of $920,353,399, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note.

45 Oppenheimer Rochester Fund Municipals

Item 2. Controls and Procedures.

(a) 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 3/28/2013, 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 the 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.

(b) There have been no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Exhibits 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.

Rochester Fund Municipals
By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	5/8/2013

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/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	5/8/2013
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	5/8/2013