N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3614

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: 6/30/2013

Item 1. Reports to Stockholders.

6 30 2013

SEMIANNUAL REPORT

Oppenheimer Rochester Fund Municipals

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	11
Fund Expenses	15
Statement of Investments	17
Statement of Assets and Liabilities	46
Statement of Operations	48
Statements of Changes in Net Assets	49
Statement of Cash Flows	50
Financial Highlights	51
Notes to Financial Statements	55
Special Shareholder Meetings	75
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	76
Trustees and Officers	77
Privacy Policy Notice	78

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 6/28/13*

	Class A Shares of the Fund						Barclays Municipal Bond Index
	Without Sales Charge			With Sales Charge
6-Month		–2.72	%		–7.34	%		–2.69	%
1-Year		1.64			–3.18			0.24
5-Year		5.65			4.63			5.33
10-Year		5.24			4.73			4.42

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 4.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. Returns for periods of less than one year are cumulative, not annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

The Fund’s name was changed to Oppenheimer Rochester Fund Municipals, from Rochester Fund Municipals, on March 28, 2013.

OppenheimerFunds/Rochester is using social media to provide timely information related to muni market developments at www.twitter.com/RochesterFunds.

*June 28, 2013, was the last business day of the Fund’s reporting period. Index returns are calculated through June 30, 2013.

2 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Fund Performance Discussion

At the end of June—a month in which the U.S. bond market reacted strongly to Federal Reserve testimony about the potential for future adjustments to its $85 billion-a-month bond purchasing initiative—Oppenheimer Rochester Fund Municipals generated a tax-free distribution yield of 6.16% (without sales charge). The Fund’s monthly dividend held steady throughout the reporting period, which ended June 28, 2013, and payouts totaled 48 cents per share. However, in the aftermath of the Fed’s announcement, net asset values in the industry and in this Fund dropped sharply, and total returns followed suit. This Fund’s cumulative total return (without sales charge) for the reporting period remained in line with the Fund’s benchmark through June 30, 2013.

MARKET OVERVIEW

By the time Fed Chairman Ben S. Bernanke and other Fed officials tried to correct the market’s interpretation of what had been communicated in June, a sell-off had occurred in the equity and bond markets. Prices of municipal bonds fell, and municipal bond fund outflows mounted late in this reporting period. As a result, yields rose, effectively turning the investors’ fears about future interest rates into a current reality.

All of this occurred because investors and some analysts believed that they heard the

Fed signal an imminent change in approach. In fact, the Fed said that it was “prepared to increase or reduce the pace of its purchases” and that the short-term Fed Funds target rate, which it controls, would remain at the “exceptionally low range” of zero to 0.25%.

Heading into this reporting period, the Fed’s expectation was that the rate would likely remain very low until mid-2015. At his news conference in June, Chairman Bernanke emphasized the Fed’s intention to be responsive to economic developments, saying

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES

Dividend Yield w/o sales charge	6.16	%
Dividend Yield with sales charge	5.87
Standardized Yield	5.31
Taxable Equivalent Yield	10.29
Last distribution (6/25/13)	$0.08
Total distributions (1/01/13 to 6/30/13)	$0.48

Endnotes for this discussion begin on page 12 of this report

OPPENHEIMER ROCHESTER FUND MUNICIPALS 3

The Rochester portfolio management team

“If you draw the conclusion that I’ve just said that our policies, our purchases, will end in the middle of next year, you’ve drawn the wrong conclusion.”

Given the current Fed Funds rate, the only plausible change would be an increase. We remind investors that a change in the Fed Funds rate does not automatically translate into a change in longer-term interest rates, which are determined by the marketplace. Additionally, the Fund’s investment team believes that its focus on finding value in the marketplace and producing competitive levels of tax-free income is well suited for the market conditions that existed at the end of this reporting period.

AAA-rated municipal securities remained “cheap to Treasuries” for virtually all of this reporting period, a condition that exists

when nominal, pre-tax muni yields exceed available Treasury yields. This condition allows investors to earn higher nominal yields on their muni holdings than on Treasuries and to benefit further from the federal, state and, where applicable, local tax exemptions on municipal investment income.

As of June 28, 2013, the average yield on 30-year, AAA-rated muni bonds was 3.95%, up 106 basis points from December 31, 2012. On June 28, 2013, the average yield on 10-year, AAA-rated muni bonds was 2.72%, up 93 basis points from the December 2012 date, and the average yield on 1-year, AAA-rated muni bonds was 0.28%, up 8 basis points from the December 2012 date.

Hurricane Sandy relief, which was a prominent talking point among New York’s

4 OPPENHEIMER ROCHESTER FUND MUNICIPALS

The Rochester credit research team

elected officials following the storm’s pummeling of the New York City metropolitan area on October 29, 2012, remained a significant factor during this reporting period for the state. In his January 2013 State of the State Address, for example, Gov. Andrew M. Cuomo proposed a $1 billion program to build or preserve 14,000 housing units over the next 5 years. New York City Mayor Michael Bloomberg, in his final State of the City Address in February 2013, also focused on rebuilding efforts, calling it “the single most important piece of unfinished business that lies ahead of us in 2013.”

For the third consecutive year, New York State lawmakers passed a budget ahead of schedule. The $141 billion spending plan calls for a 4% increase in spending,

including the added spending based on the federal aid received for post-Sandy rebuilding. The state budget process, according to news reports, was “one of the smoothest state budget negotiations” in years. A high-tax bracket, first approved as a temporary measure at the end of 2011, was extended by 3 years to 2017.

In April 2013, the governor proposed a capital program to increase debt issuance by 12% in fiscal year 2014. In the six months ended June 30, 2013, according to The BondBuyer, the Empire State issued $15.3 billion in debt securities, 40% less than had been issued in the corresponding period of 2012. Despite this decline, New York was the third largest issuer in the first half of 2013, trailing only California and Texas.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 5

In other bond-related state news, the New York Metropolitan Transportation Authority set into place plans to generate $600 million in cost savings or new revenues by reducing office space and maximizing the value of its real estate holdings. It has been reported that this project will involve demolishing its three current buildings and redeveloping this location, which is a full block from 44th to 45th Streets in Midtown Manhattan.

Late in the reporting period, the New York State legislature agreed to create the Financial Restructuring Board for Local Governments. The 10-member board will provide local governments across the state with plans and strategies to overcome financial challenges. Municipalities and counties that join this initiative will be contractually committed to follow the plans set out by the board. One goal of this project is to reduce pressure on taxpayers for payment of public services and debt.

Also in June, Mayor Bloomberg and New York City Council Speaker Christine Quinn enacted a $70 billion budget for fiscal year 2014. The spending plan includes $250 million for storm resiliency and $58 million for the Housing Authority to offset cuts experienced due to federal sequestration.

At the end of this reporting period, New York State’s general obligation (G.O.) debt was rated Aa2 by Moody’s Investors Service and AA by Standard & Poor’s and Fitch Ratings.

Successful investors, we have found, maintain a long-term perspective regardless of the specific developments associated with any given reporting period. To maximize the benefits of municipal bond fund investing, many investors reinvest their dividends and allow the income generated from their investments to compound over time.

The average distribution yield for Lipper’s New York Municipal Debt Funds category was 3.44% at the end of this reporting period. At 6.16%, the distribution yield for the Fund’s Class A shares was 272 basis points higher than the category average.

FUND PERFORMANCE

Oppenheimer Rochester Fund Municipals held nearly 900 securities as of June 28, 2013. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

The Class A distribution yield of 6.16% at net asset value as of June 28, 2013, was 272 basis points higher than the average in Lipper’s New York Municipal Debt Funds category, which was 3.44%. Additionally, for a taxable investment to provide a greater benefit than an investment in this Fund, it would have to yield more than 10.29%, based on the Fund’s standardized yield as of June 30, 2013, and current federal and New York State income tax rates.

6 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Refundings were a common occurrence during this reporting period and led to increased dividend pressure throughout the muni bond fund industry. In refundings, municipal issuers seek to reduce their debt service obligations by exercising the call feature on their higher coupon bonds and then borrowing at lower interest rates. During this reporting period, these transactions made it difficult for this Fund to replace the called bonds with bonds that had equally attractive yields.

Refundings tend to become less popular in higher-rate environments, as the savings on debt service payments may not be sufficient to justify the process’s costs. However, when interest rates are low, as they were for most of this reporting period, refundings generally put dividends of longer-term funds under pressure.

Despite the market conditions, the Fund maintained a steady dividend of 8 cents per Class A share throughout this reporting period.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 28.9% of the Fund’s net assets at the end of this reporting period. The Fund’s holdings, some of which are insured, include G.O. debt and securities from many different sectors. Most of the Fund’s investments in securities issued in Puerto Rico are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education.

During this reporting period, Gov. Alejandro Garcia Padilla agreed to privatize the island’s main airport and pushed through sweeping pension reform. He won approval for a $9.8 billion budget that calls for $1.4 billion in additional taxes in fiscal 2014.

All three national credit ratings agencies— S&P, Moody’s and Fitch—maintained investment-grade ratings for the Commonwealth’s G.O. debt this reporting period. In March 2013, however, S&P downgraded the revenue-backed bonds issued by the Puerto Rico Aqueduct and Sewer Authority (PRASA), a decision that we believe is at odds with the authority’s current and projected financial health. This decision was particularly surprising, we note, in light of PRASA’s move to raise rates substantially. During this reporting period, we continued to identify what we believe to be attractive values in Puerto Rico.

Municipal bonds backed by proceeds from the tobacco Master Settlement Agreement (the MSA), the national litigation settlement with U.S. tobacco manufacturers, represented 19.8% of the Fund’s total assets at the end of this reporting period.

We like that “tobacco bonds” can provide tax-exempt income for investors as well as benefits to the issuing states and territories. We believe the securities we hold in this sector are fundamentally sound credits. Our long-term view of the sector remains bullish and, given attractive valuations, we believe that it is likely we will continue to hold a

OPPENHEIMER ROCHESTER FUND MUNICIPALS 7

greater percentage of tobacco bonds in our portfolios than our peers. As in prior reporting periods, the tobacco bonds this Fund held during this reporting period made all scheduled payments of interest and principal on time and in full. Investors should note that we believe the sector is well positioned to provide high levels of tax-free income to the long-term benefit of our yield-seeking investors.

The Fund’s holdings in municipal bonds issued by utilities represented 13.5% of total assets at the end of this reporting period. As of June 28, 2013, this set of holdings included electric utilities, with 6.6% of the Fund’s total assets, sewer utilities with 4.0%, and water utilities with 2.9%. Our holdings in this sector consist of securities in the mid-range of the credit spectrum.

As of June 28, 2013, the sales tax revenue sector represented 8.2% of the Fund’s total assets. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenues. An investment in this sector requires Fund managers to consider the economic conditions that a municipality has experienced (and will likely experience) as well as the aggregate face value of the sales tax revenue bonds being issued relative to the municipality’s historic and likely sales tax balances. The Fund’s investments in this sector included bonds issued in Guam, New York, Puerto Rico and the U.S. Virgin Islands.

The Fund’s airline holdings represented 7.8% of total assets as of June 28, 2013. Many of the Fund’s holdings are backed by a security interest in the airport terminal buildings or maintenance facilities whose construction they finance, and we believe that these bonds offer investors valuable collateral.

G.O. debt backed by the full faith and taxing authority of state and local governments represented 7.2% of total assets at the end of this reporting period. The Fund’s G.O. holdings include bonds issued in Guam, Puerto Rico and many municipalities in New York.

Our approach to municipal bond investing is flexible and responsive to market conditions.

The Fund was also invested in securities used to finance marine and aviation facilities this reporting period. Like our holdings in the airline sector, many of the securities in this sector are backed by the valuable collateral of the projects whose construction they finance. At the end of the reporting period, 5.4% of the Fund’s total assets were invested in securities in the marine/aviation facilities sector, including many highly rated bonds.

During this reporting period, the Fund remained invested in municipal inverse-floating rate securities, which are tax-exempt

8 OPPENHEIMER ROCHESTER FUND MUNICIPALS

securities with interest payments that move inversely to changes in short-term interest rates. “Inverse floaters” generally offer higher tax-free yields than fixed-rate bonds of comparable maturity and credit quality, but they face greater price volatility, too. During this reporting period, “inverse floaters” provided attractive levels of tax-free income.

Our approach to municipal bond investing is flexible and responsive to market conditions. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment objectives or cause it to pay any capital gain distributions. In closing, we believe that our time-tested strategies and the Fund’s structure and sector composition will continue to benefit fixed-income investors through interest rate and economic cycles.

INVESTMENT STRATEGY

The Rochester investment team focuses exclusively on municipal bonds and has consistently used a time-tested, value-oriented and security-specific approach to fund management. We know that market conditions can and do fluctuate, but we do not waver in our belief in the power of tax-free yield to help investors achieve their long-term objectives.

The Fund invests primarily in investment-grade municipal securities and may invest up to 25% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets is measured

at the time of purchase and the credit quality of the securities is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings.

Our team continually searches for undervalued bonds that we believe will provide a meaningful level of tax-free income until maturity. Rather than making allocation shifts based on expected market conditions, we search the marketplace for what we believe to be the best values for generating income. It remains important to note that we do not manage our funds based on predictions of interest rate changes.

Instead, our investment approach involves scouring the market for municipal securities that meet our stringent credit criteria and buying bonds that we believe will deliver above-average yields relative to peer funds. We focus on identifying inefficiencies in market pricing that can lead to investment advantages. We seek to maintain a thoughtful mix of industry sectors, maturities and credit ratings in this Fund’s portfolio.

The Rochester team also prospects for yield-enhancing opportunities in the secondary market, often picking up odd lots that we believe can add significant incremental yield to our portfolios. We will also look for non-rated issues with solid credit qualities, which we believe can often help enhance a fund’s tax-free yield. Investors should note that non-rated or unrated securities may or may

OPPENHEIMER ROCHESTER FUND MUNICIPALS 9

not be the equivalent of investment-grade securities.

The Rochester Way, we believe, distinguishes our approach to municipal investing from those of our competitors.

Daniel G. Loughran,

Senior Vice President, Senior Portfolio Manager and Team Leader, on behalf of the rest of the Rochester portfolio management team: Scott S. Cottier, Troy E. Willis, Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and research analyst Elizabeth S. Mossow.

10 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Top Holdings and Allocations

TOP TEN CATEGORIES
Tobacco-Master Settlement Agreement	19.8	%
Sales Tax Revenue	8.2
Airlines	7.8
General Obligation	7.2
Electric Utilities	6.6
Marine/Aviation Facilities	5.4
Highways/Commuter Facilities	5.3
Hospital/Healthcare	4.1
Sewer Utilities	4.0
Municipal Leases	3.7

Portfolio holdings are subject to change. Percentages are as of June 28, 2013, and are based on total assets. June 28, 2013, was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements.

CREDIT ALLOCATION
	NRSRO- Rated			Manager- Rated			Total
AAA		2.0	%		0.0	%		2.0	%
AA		27.6			0.6			28.2
A		12.4			0.3			12.7
BBB		22.7			11.6			34.3
BB or lower		16.9			5.9			22.8
Total		81.6	%		18.4	%		100.0	%

The percentages above are based on the market value of the securities as of June 28, 2013, and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For any security rated by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, OppenheimerFunds, Inc. uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that OppenheimerFunds, Inc.’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs’ four highest categories—AAA, AA, A and BBB—are investment-grade securities. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 11

Performance

DISTRIBUTION YIELDS
As of 6/28/13
	Without Sales Charge			With Sales Charge
Class A		6.16	%		5.87	%
Class B		5.24			N/A
Class C		5.31			N/A
Class Y		6.29			N/A

STANDARDIZED YIELDS			TAXABLE EQUIVALENT YIELDS
For the 30 Days Ended 6/30/13			As of 6/30/13
Class A	5.31	%	Class A	10.29	%
Class B	4.61		Class B	8.93
Class C	4.68		Class C	9.07
Class Y	5.74		Class Y	11.12

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 6/28/13

		Inception Date		6-Month			1-Year			5-Year			10-Year			Since Inception
CLASS A	(RMUNX)		5/15/86		–2.72	%		1.64	%		5.65	%		5.24	%		6.56	%
CLASS B	(RMUBX)		3/17/97		–3.11			0.77			4.68			4.69			5.04
CLASS C	(RMUCX)		3/17/97		–3.14			0.77			4.75			4.33			4.46
CLASS Y	(RMUYX)		4/28/00		–2.66			1.77			5.79			5.38			5.81
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 6/28/13
		Inception Date		6-Month			1-Year			5-Year			10-Year			Since Inception
CLASS A	(RMUNX)		5/15/86		–7.34	%		–3.18	%		4.63	%		4.73	%		6.37	%
CLASS B	(RMUBX)		3/17/97		–7.83			–4.03			4.36			4.69			5.04
CLASS C	(RMUCX)		3/17/97		–4.09			–0.19			4.75			4.33			4.46
CLASS Y	(RMUYX)		4/28/00		–2.66			1.77			5.79			5.38			5.81

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investments. Returns for periods of less than one year are cumulative, not

12 OPPENHEIMER ROCHESTER FUND MUNICIPALS

annualized. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion.

June 28, 2013, was the last business day of the Fund’s reporting period. See Note 1 of the accompanying Notes to Financial Statements. Index returns are calculated through June 30, 2013.

The Fund’s performance is compared to the performance of the Barclays Municipal Bond Index, an unmanaged index of a broad range of investment-grade municipal bonds that is a measure of the general municipal bond market. Indices are unmanaged and cannot be purchased by investors. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.080 for the 28-day accrual period ended June 25, 2013. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on June 25, 2013; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B, C, and Y are annualized based on dividends of $0.0679, $0.0689 and $0.0817, respectively, for the 28-day accrual period ended June 25, 2013, and on the corresponding net asset values on that date.

Standardized yield is based on the Fund’s net investment income for the 30-day period ended June 30, 2013, and either that date’s maximum offering price (for Class A shares) or net asset value (for the other classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.

The average distribution yield in this Fund’s Lipper category was calculated based on the distributions and the final net asset values (NAVs) of the reporting period for the funds in each category. The average yield at NAV in Lipper’s New York Municipal Debt Funds category is based on 102 NAVs, one for each class of each fund in the category; a fund can have up to 4 classes. Lipper yields do not include sales charges – which, if included, would reduce results.

Taxable equivalent yield is based on the standardized yield and the 2013 combined federal and New York tax rate of 48.4%. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable

OPPENHEIMER ROCHESTER FUND MUNICIPALS 13

as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

The average yields for AAA-rated municipal securities are provided by Municipal Market Advisors and are based on its benchmark of general obligation bonds structured with a 5% coupon. The MMA 5% benchmark is constructed using yields from the leading underwriters, who represent a significant percentage of the primary activity of the top 10 underwriters and therefore the total issuance. The benchmark that was used in shareholder reports before December 31, 2012, was based on par coupon yields and included a broader set of participants; the 5% benchmark is now considered the industry standard.

Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

14 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 28, 2013.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 15

Fund Expenses  Continued

Actual	Beginning Account Value January 1, 2013		Ending Account Value June 28, 2013		Expenses Paid During 6 Months Ended June 28, 2013
Class A	$	1,000.00	$	972.80	$	4.17
Class B		1,000.00		968.90		8.73
Class C		1,000.00		968.60		8.39
Class Y		1,000.00		973.40		3.54
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.30		4.27
Class B		1,000.00		1,015.84		8.94
Class C		1,000.00		1,016.09		8.59
Class Y		1,000.00		1,020.94		3.62

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 179/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended June 28, 2013 are as follows:

Class	Expense Ratios
Class A		0.86	%
Class B		1.77
Class C		1.72
Class Y		0.73

The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

16 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS    June 28, 2013* / (Unaudited)

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—109.2%
	New York—78.9%
	$       1,035,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.375	%		12/01/2024	$	1,054,054
	1,700,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.625			12/01/2034		1,715,827
	605,000	Albany County, NY IDA (Wildwood Programs)		4.900			07/01/2021		576,275
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.375			07/01/2026		1,623,378
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.625			07/01/2031		1,390,008
	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.875			07/01/2041		8,609,666
	1,420,000	Albany, NY Hsg. Authority (Lark Drive)		5.500			12/01/2028		1,421,463
	645,000	Albany, NY IDA (Albany Rehabilitation)		8.375			06/01/2023		645,000
	3,125,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2027		3,004,469
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2032		1,244,781
	900,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2037		804,501
	900,000	Albany, NY IDA (New Covenant Charter School)2		7.000			05/01/2025		134,775
	850,000	Albany, NY IDA (Sage Colleges)1		5.250			04/01/2019		838,738
	1,760,000	Albany, NY IDA (Sage Colleges)1		5.300			04/01/2029		1,571,011
	70,000	Albany, NY IDA (St. Peter’s Hospital)1		5.250			11/15/2032		72,527
	1,770,000	Albany, NY Parking Authority		7.052	3		11/01/2017		1,444,249
	345,000	Amherst, NY IDA (Asbury Pointe)		5.800			02/01/2015		345,473
	45,000	Amherst, NY IDA (Asbury Pointe)		6.000			02/01/2023		45,015
	3,000,000	Amherst, NY IDA (Asbury Pointe)		6.000			02/01/2029		2,999,820
	5,200,000	Amherst, NY IDA (Beechwood Health Care Center)		5.200			01/01/2040		4,574,544
	660,000	Blauvelt, NY Volunteer Fire Company		6.250			10/15/2017		659,967
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)		6.300			11/01/2033		2,555,283
	1,805,000	Brookhaven, NY IDA (Stony Brook Foundation)		6.500			11/01/2020		1,814,693
	95,000	Broome County, NY IDA (University Plaza)		5.000			08/01/2025		90,356
	3,030,000	Broome County, NY IDA (University Plaza)		5.000			08/01/2036		2,653,795
	1,000,000	Broome County, NY IDA (University Plaza)		5.100			08/01/2030		918,580
	1,250,000	Broome County, NY IDA (University Plaza)		5.100			08/01/2036		1,110,313
	3,000,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2030		2,787,840
	4,450,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2036		4,007,937
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.375			10/01/2041		1,893,068
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		6.000			10/01/2031		984,396
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)1		5.000			08/01/2032		880,150

OPPENHEIMER ROCHESTER FUND MUNICIPALS 17

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$       3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750	%		11/01/2030	$	2,855,970
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1		5.000			05/01/2040		1,038,050
	1,105,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.450			09/15/2019		1,105,575
	8,160,000	Cayuga County, NY COP (Auburn Memorial Hospital)		6.000			01/01/2021		8,170,771
	95,000	Chautauqua, NY Utility District1		5.000			06/01/2023		98,987
	105,000	Chautauqua, NY Utility District1		5.000			06/01/2025		108,530
	870,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		4.850			07/01/2023		895,830
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		5.000			07/01/2033		1,534,559
	1,705,000	Clifton Springs, NY Hospital & Clinic		8.000			01/01/2020		1,658,488
	25,000	Cohoes, NY GO		6.250			03/15/2014		25,095
	25,000	Cohoes, NY GO		6.250			03/15/2015		25,096
	25,000	Cohoes, NY GO1		6.250			03/15/2016		25,089
	490,000	Columbia County, NY IDA (Berkshire Farms)		7.500			12/30/2014		485,546
	3,300,000	Corinth, NY IDA (International Paper Company)1		5.750			02/01/2022		3,303,036
	7,000,000	Dutchess County, NY IDA (Bard College)1		5.000			08/01/2046		6,940,430
	2,200,000	Dutchess County, NY IDA (Elant Fishkill)		5.250			01/01/2037		1,910,150
	800,000	Dutchess County, NY IDA (St. Francis Hospital)		7.500			03/01/2029		813,152
	650,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)1		5.750			07/01/2040		703,443
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.400	3		06/01/2027		581,620
	2,135,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)		6.750			03/01/2030		2,135,320
	2,460,000	East Rochester, NY Hsg. Authority (Woodland Village)		5.500			08/01/2033		2,311,883
	2,875,000	Elmira, NY Hsg. Authority (Eastgate Apartments)		6.250			06/01/2044		2,496,909
	1,735,000	Erie County, NY IDA (Buffalo City School District)1		5.250			05/01/2030		1,879,647
	1,465,000	Erie County, NY IDA (Buffalo City School District)1		5.250			05/01/2031		1,582,024
	865,000	Erie County, NY IDA (Buffalo City School District)1		5.250			05/01/2032		929,884
	7,050,000	Erie County, NY IDA (Charter School Applied Tech)1		6.875			06/01/2035		7,353,714
	2,950,000	Erie County, NY IDA (Global Concepts Charter School)1		6.250			10/01/2037		3,013,868
	715,000	Erie County, NY IDA (The Episcopal Church Home)		6.000			02/01/2028		715,608
	25,330,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2038		20,656,868

18 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$     72,595,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000	%		06/01/2045	$	57,166,385
	93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	3		06/01/2047		3,126,660
	135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	3		06/01/2050		3,078,779
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.196	3		06/01/2055		1,737,042
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	3		06/01/2060		4,249,600
	1,410,000	Essex County, NY IDA (International Paper Company)1		4.600			03/01/2027		1,372,226
	2,300,000	Essex County, NY IDA (International Paper Company)1		6.450			11/15/2023		2,303,335
	1,500,000	Essex County, NY IDA (International Paper Company)1		6.625			09/01/2032		1,640,520
	975,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		1,005,245
	320,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		330,170
	1,235,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		1,255,649
	410,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		417,081
	1,100,000	Essex County, NY IDA (North Country Community College Foundation)1		5.300			06/01/2035		1,102,563
	220,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.200			03/01/2028		221,859
	1,850,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.500			08/15/2022		1,850,703
	1,625,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.500			10/01/2026		1,626,024
	185,000	Fishkill, NY GO1		5.000			04/15/2029		187,044
	900,000	Franklin County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		915,543
	100,000	Glens Falls, NY GO1		6.000			02/01/2040		108,746
	960,000	Green Island, NY Power Authority1		5.125			12/15/2024		911,654
	1,865,000	Green Island, NY Power Authority1		6.000			12/15/2020		1,888,406
	1,695,000	Green Island, NY Power Authority1		6.000			12/15/2025		1,708,340
	1,945,000	Hempstead, NY IDA (Adelphi University)1		5.000			10/01/2030		2,049,077
	3,665,000	Hempstead, NY IDA (Peninsula Counseling Center)		6.500			11/01/2038		3,363,774
	5,150,000	Hempstead, NY IDA (South Shore Y JCC)		6.750			11/01/2024		5,150,000
	815,000	Herkimer County, NY IDA (Folts Adult Home)		5.500			03/20/2040		905,180
	1,000,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.250			08/01/2034		1,000,640
	4,840,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		4,893,676

OPPENHEIMER ROCHESTER FUND MUNICIPALS 19

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$     34,450,000	Hudson Yards, NY Infrastructure Corp.1		5.750	%		02/15/2047	$	37,849,526
	90,000	Huntington, NY Hsg. Authority (GJSR)		5.875			05/01/2019		90,094
	840,000	Huntington, NY Hsg. Authority (GJSR)		6.000			05/01/2029		840,244
	8,500,000	Huntington, NY Hsg. Authority (GJSR)		6.000			05/01/2039		8,500,085
	9,695,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		8,948,873
	1,125,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		1,054,316
	3,400,000	L.I., NY Power Authority, Series A1		5.000			05/01/2036		3,527,024
	32,235,000	L.I., NY Power Authority, Series A1		5.000			09/01/2037		33,189,156
	26,395,000	L.I., NY Power Authority, Series A1		5.000			05/01/2038		27,152,009
	23,515,000	L.I., NY Power Authority, Series A1		5.000			09/01/2042		24,051,847
	9,800,000	L.I., NY Power Authority, Series A1		5.750			04/01/2039		10,965,318
	7,000,000	L.I., NY Power Authority, Series B1		5.000			09/01/2029		7,416,850
	65,000	L.I., NY Power Authority, Series B1		5.000			12/01/2035		66,736
	1,900,000	L.I., NY Power Authority, Series B1		5.750			04/01/2033		2,147,779
	300,000	L.I., NY Power Authority, Series C1		5.000			09/01/2033		301,659
	100,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2033		99,632
	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2040		5,121,019
	850,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000			06/01/2028		840,718
	1,100,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000			06/01/2032		1,056,385
	1,320,000	Madison County, NY IDA (Oneida Healthcare Center)1		5.300			02/01/2021		1,320,739
	5,500,000	Madison County, NY IDA (Oneida Healthcare Center)1		5.350			02/01/2031		5,501,265
	570,000	Middletown, NY IDA (Flanagan Design & Display)2		7.500			11/01/2018		421,834
	50,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.750			05/01/2023		50,024
	860,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.875			05/01/2033		860,034
	2,420,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)		6.500			12/01/2042		2,327,992
	2,345,000	Monroe County, NY IDA (Summit at Brighton)		5.375			07/01/2032		1,796,200
	3,660,000	Monroe County, NY IDA (Summit at Brighton)		5.500			07/01/2027		3,054,197
	530,000	Monroe County, NY IDA (Volunteers of America)		5.700			08/01/2018		515,287
	2,765,000	Monroe County, NY IDA (Volunteers of America)		5.750			08/01/2028		2,551,044
	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000			10/01/2026		886,737

20 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$            50,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000	%		10/01/2031	$	50,104
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.250			10/01/2031		509,010
	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.500			10/01/2041		1,903,038
	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.625			06/01/2026		918,408
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000			06/01/2034		1,590,516
	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.750			08/15/2035		16,759,339
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	3		06/01/2061		2,671,500
	580,000	Monroe, NY Newpower Corp1		5.625			01/01/2026		582,946
	2,265,000	Monroe, NY Newpower Corp.1		5.500			01/01/2034		2,249,032
	600,000	Mount Vernon, NY IDA (Kings Court)1		5.200			12/01/2033		608,094
	1,655,000	Mount Vernon, NY IDA (Meadowview)		6.150			06/01/2019		1,656,423
	2,600,000	Mount Vernon, NY IDA (Meadowview)		6.200			06/01/2029		2,600,468
	802,824	Municipal Assistance Corp. for Troy, NY		5.733	3		07/15/2021		629,013
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.741	3		01/15/2022		927,115
	560,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022		532,230
	195,000	Nassau County, NY IDA (ALIA-ACDS)		7.500			06/01/2015		195,419
	2,405,000	Nassau County, NY IDA (ALIA-ACLD)		6.250			09/01/2022		2,336,361
	400,000	Nassau County, NY IDA (ALIA-HH)		7.125			06/01/2017		402,216
	310,000	Nassau County, NY IDA (ALIA-HHS)		7.125			06/01/2017		311,717
	25,000	Nassau County, NY IDA (ALIA-LVH)		7.500			06/01/2015		25,054
	7,765,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2043		4,385,439
	145,000	Nassau County, NY IDA (CNGCS)		7.500			06/01/2015		145,312
	2,245,000	Nassau County, NY IDA (CNGCS)		8.150			06/01/2030		2,247,110
	4,180,000	Nassau County, NY IDA (CSMR)		5.950			11/01/2022		3,972,714
	525,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		498,965
	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500			11/01/2037		1,525,723
	3,150,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)1		5.250			06/01/2027		3,158,631
	575,000	Nassau County, NY IDA (Life’s WORCA)		5.950			11/01/2022		546,486
	3,385,000	Nassau County, NY IDA (Little Village School)		7.500			12/01/2031		3,393,767
	3,535,000	Nassau County, NY IDA (New York Water Service Corp.)1		5.000			12/01/2035		3,594,317

OPPENHEIMER ROCHESTER FUND MUNICIPALS 21

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$       1,810,000	Nassau County, NY IDA (North Shore CFGA)		6.750	%		05/01/2024	$	1,807,448
	985,000	Nassau County, NY IDA (PLUS Group Home)		6.150			11/01/2022		949,639
	680,000	Nassau County, NY IDA (United Cerebral Palsy)		6.250			11/01/2014		673,560
	645,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.500			11/01/2037		592,826
	460,000	Nassau County, NY IDA, Series A-A		6.000			07/02/2021		442,870
	5,300,000	Nassau County, NY IDA, Series A-B		6.000			07/01/2021		5,102,628
	515,000	Nassau County, NY IDA, Series A-C		6.000			07/01/2021		495,821
	575,000	Nassau County, NY IDA, Series A-D		6.000			07/01/2021		553,587
	2,400,000	Nassau County, NY Local Economic Assistance Corp. (Winthrop University Hospital)4		5.000			07/01/2032		2,398,536
	4,490,000	Nassau County, NY Local Economic Assistance Corp. (Winthrop University Hospital)1		5.000			07/01/2037		4,431,271
	122,875,000	Nassau County, NY Tobacco Settlement Corp.1		5.125			06/01/2046		98,411,816
	9,000,000	Nassau County, NY Tobacco Settlement Corp.1		5.250			06/01/2026		8,487,360
	20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	3		06/01/2046		685,000
	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	3		06/01/2046		3,366,826
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		6.537	3		06/01/2060		5,307,731
	40,000,000	Nassau County, NY Tobacco Settlement Corp.		7.351	3		06/01/2060		166,000
	22,780,000	Nassau County, NY Tobacco Settlement Corp. (TASC)1		5.000			06/01/2035		18,711,720
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)1		5.375			04/01/2036		3,751,437
	1,800,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		1,814,256
	20,000	Niagara County, NY Tobacco Asset Securitization Corp.1		5.750			05/15/2022		19,834
	1,480,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2034		1,446,167
	6,295,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2040		5,906,410
	125,000	Niagara Falls, NY Public Water Authority		5.500			07/15/2034		127,256
	500,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000			05/01/2035		491,485
	850,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000			05/01/2042		846,082
	385,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000			04/01/2028		358,131
	2,025,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.625			04/01/2029		2,047,478
	2,470,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)		7.375			12/15/2021		2,936,287
	5,185,000	NY Counties Tobacco Trust I1		6.250			06/01/2028		5,135,120
	6,245,000	NY Counties Tobacco Trust I1		6.500			06/01/2035		5,998,323

22 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$     19,230,000	NY Counties Tobacco Trust I1		6.625	%		06/01/2042	$	19,045,392
	29,835,000	NY Counties Tobacco Trust II (TASC)1		5.625			06/01/2035		28,760,343
	53,880,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043		54,954,367
	245,000	NY Counties Tobacco Trust III1		6.000			06/01/2043		245,875
	7,000,000	NY Counties Tobacco Trust IV1		5.000			06/01/2038		5,820,990
	131,335,000	NY Counties Tobacco Trust IV		5.920	3		06/01/2050		2,995,751
	304,690,000	NY Counties Tobacco Trust IV		6.395	3		06/01/2055		4,101,127
	608,700,000	NY Counties Tobacco Trust IV		6.816	3		06/01/2060		2,526,105
	52,535,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2042		42,575,940
	38,275,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2045		30,651,003
	82,500,000	NY Counties Tobacco Trust IV (TASC)1		6.250			06/01/2041		76,321,575
	236,140,000	NY Counties Tobacco Trust V		6.070	3		06/01/2038		18,359,885
	598,653,613	NY Counties Tobacco Trust V		6.210	3		06/01/2050		14,858,583
	643,195,000	NY Counties Tobacco Trust V		6.850	3		06/01/2055		7,094,441
	3,845,000,000	NY Counties Tobacco Trust V		7.846	3		06/01/2060		15,956,750
	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)5		5.125			01/15/2044		15,760,500
	62,345,000	NY Liberty Devel. Corp. (Bank of America Tower)5		5.625			01/15/2046		67,382,880
	6,105,000	NY Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.250			10/01/2035		6,529,847
	2,199,995	NY Liberty Devel. Corp. (National Sports Museum)2		6.125			02/15/2019		22
	6,510,000	NY MTA, Series 2008C1		6.500			11/15/2028		7,693,518
	500,000	NY MTA, Series A1		5.000			11/15/2026		545,795
	500,000	NY MTA, Series A1		5.000			11/15/2027		540,565
	3,400,000	NY MTA, Series A1		5.000			11/15/2029		3,609,474
	340,000	NY MTA, Series A1		5.000			11/15/2032		344,342
	23,800,000	NY MTA, Series A1		5.000			11/15/2038		24,605,154
	4,250,000	NY MTA, Series A1		5.000			11/15/2041		4,363,943
	3,865,000	NY MTA, Series A1		5.000			11/15/2043		3,977,162
	6,800,000	NY MTA, Series A1		5.250			11/15/2038		7,118,580
	10,000,000	NY MTA, Series B1		5.000			11/15/2043		10,290,200
	16,745,000	NY MTA, Series B-21		5.000			11/15/2033		18,025,490
	230,000	NY MTA, Series C1		5.000			11/15/2031		242,673
	4,000,000	NY MTA, Series C1		5.000			11/15/2038		4,135,320
	21,400,000	NY MTA, Series D1		5.000			11/15/2027		23,223,066
	27,675,000	NY MTA, Series D1		5.000			11/15/2030		29,419,909
	2,150,000	NY MTA, Series D1		5.000			11/15/2032		2,251,545
	15,395,000	NY MTA, Series D1		5.000			11/15/2036		15,883,329
	33,690,000	NY MTA, Series D1		5.250			11/15/2040		35,260,291

OPPENHEIMER ROCHESTER FUND MUNICIPALS 23

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$       8,000,000	NY MTA, Series D-11		5.000	%		11/01/2027	$	8,711,360
	3,500,000	NY MTA, Series D-11		5.000			11/01/2028		3,778,915
	1,500,000	NY MTA, Series E		5.000			11/15/2042		1,542,915
	9,220,000	NY MTA, Series F1		5.000			11/15/2026		10,150,851
	9,000,000	NY MTA, Series F1		5.000			11/15/2027		9,802,530
	56,970,000	NY MTA, Series F1		5.000			11/15/2030		60,561,959
	3,000,000	NY MTA, Series H1		5.000			11/15/2025		3,336,480
	2,100,000	NY MTA, Series H1		5.000			11/15/2033		2,195,886
	1,700,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2029		1,857,879
	2,100,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2030		2,302,419
	1,500,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2031		1,635,915
	150,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2032		152,717
	1,000,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2034		1,075,100
	6,470,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2037		6,739,411
	13,950,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2026		13,058,735
	250,510,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2034		210,235,507
	322,515,000	NY TSASC, Inc. (TFABs)1		5.125			06/01/2042		261,262,951
	5,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)		7.250			11/01/2042		5,002,350
	35,590,000	NYC GO1		4.950	6		12/15/2033		36,330,628
	15,000	NYC GO		5.000			06/01/2020		16,283
	25,000	NYC GO1		5.000			10/15/2027		25,354
	39,990,000	NYC GO1		5.000			08/01/2028		44,256,533
	3,000,000	NYC GO1		5.000			08/01/2029		3,279,300
	5,000,000	NYC GO1		5.000			08/01/2029		5,443,800
	24,700,000	NYC GO1		5.000			08/01/2029		27,104,792
	2,500,000	NYC GO1		5.000			10/01/2029		2,736,250
	10,920,000	NYC GO5		5.000			08/01/2030		11,559,584
	4,000,000	NYC GO1		5.000			08/01/2030		4,343,520
	2,250,000	NYC GO1		5.000			10/01/2030		2,446,133
	9,760,000	NYC GO1		5.000			08/01/2031		10,611,853
	8,000,000	NYC GO1		5.000			10/01/2031		8,677,920
	5,135,000	NYC GO1		5.000			10/01/2032		5,545,235
	4,250,000	NYC GO1		5.000			03/01/2033		4,584,433
	155,000	NYC GO		5.000			10/15/2033		157,193
	9,265,000	NYC GO5		5.000			12/01/2033		9,679,915
	10,000,000	NYC GO1		5.000			10/01/2034		10,653,400
	8,915,000	NYC GO5		5.000			03/01/2035		9,333,805
	5,000	NYC GO		5.000			04/01/2035		5,398

24 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$            70,000	NYC GO1		5.000	%		04/01/2035	$	73,429
	5,400,000	NYC GO5		5.000			08/01/2035		5,705,694
	3,800,000	NYC GO1		5.000			08/01/2035		4,030,660
	4,405,000	NYC GO1		5.000			05/15/2036		4,731,234
	20,000,000	NYC GO5		5.250			03/01/2021		23,070,000
	240,000	NYC GO1		5.250			06/01/2027		240,730
	5,000	NYC GO1		5.250			01/15/2033		5,016
	20,000	NYC GO1		5.320			01/15/2028		20,062
	5,000	NYC GO1		5.375			12/01/2026		5,021
	395,000	NYC GO1		5.375			06/01/2032		396,280
	40,000	NYC GO1		5.500			08/01/2022		40,131
	5,000	NYC GO1		5.500			12/01/2031		5,017
	15,000	NYC GO1		5.500			11/15/2037		15,050
	5,000	NYC GO1		5.950			08/01/2014		5,022
	2,000,000	NYC GO1		6.250			12/15/2031		2,336,460
	5,000	NYC GO1		7.250			08/15/2024		5,023
	5,000	NYC GO1		7.750			08/15/2028		5,040
	1,475,000	NYC GO ROLs7		18.393	8		05/15/2031		1,996,088
	5,395,000	NYC GO ROLs7		18.404	8		05/15/2036		6,993,215
	875,000	NYC GO ROLs7		18.408	8		05/15/2033		1,152,095
	890,000	NYC HDC (Multifamily Hsg.)1		4.950			11/01/2039		917,234
	780,000	NYC HDC (Multifamily Hsg.)1		5.000			11/01/2030		798,712
	3,500,000	NYC HDC (Multifamily Hsg.)5		5.000			11/01/2037		3,544,240
	4,685,000	NYC HDC (Multifamily Hsg.)5		5.050			11/01/2039		4,744,998
	2,435,000	NYC HDC (Multifamily Hsg.)5		5.100			11/01/2027		2,540,240
	3,000,000	NYC HDC (Multifamily Hsg.)5		5.125			11/01/2032		3,092,250
	5,100,000	NYC HDC (Multifamily Hsg.)		5.150			11/01/2037		5,390,139
	1,675,000	NYC HDC (Multifamily Hsg.)1		5.200			11/01/2035		1,713,475
	8,035,000	NYC HDC (Multifamily Hsg.)5		5.200			11/01/2040		8,259,398
	14,110,000	NYC HDC (Multifamily Hsg.)5		5.250			11/01/2030		14,252,024
	7,205,000	NYC HDC (Multifamily Hsg.)1		5.250			11/01/2045		7,389,016
	5,140,000	NYC HDC (Multifamily Hsg.)1		5.350			11/01/2037		5,328,381
	1,215,000	NYC HDC (Multifamily Hsg.)1		5.350			05/01/2041		1,259,311
	3,735,000	NYC HDC (Multifamily Hsg.)1		5.450			11/01/2040		3,880,740
	2,670,000	NYC HDC (Multifamily Hsg.)1		5.450			11/01/2046		2,713,067
	3,090,000	NYC HDC (Multifamily Hsg.)5		5.500			11/01/2034		3,281,828
	2,840,000	NYC HDC (Multifamily Hsg.)5		5.550			11/01/2039		3,010,968
	25,000	NYC HDC (Multifamily Hsg.)1		5.550			11/01/2039		26,505

OPPENHEIMER ROCHESTER FUND MUNICIPALS 25

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$     10,910,000	NYC HDC (Multifamily Hsg.)5		5.700	%		11/01/2046	$	11,592,937
	70,000	NYC HDC (Multifamily Hsg.), Series A1		5.500			11/01/2034		70,379
	30,000,000	NYC HDC (Multifamily Hsg.), Series B5		5.350			05/01/2049		30,879,112
	11,250,000	NYC HDC (Multifamily Hsg.), Series C5		5.050			11/01/2036		11,414,335
	8,365,000	NYC HDC (Multifamily Hsg.), Series C5		5.125			05/01/2040		8,497,046
	13,180,000	NYC HDC (Multifamily Hsg.), Series G-15		4.875			11/01/2039		13,372,528
	1,345,000	NYC HDC (Multifamily Hsg.), Series H-21		5.200			11/01/2038		1,358,880
	3,400,000	NYC HDC (Multifamily Hsg.), Series H-21		5.250			05/01/2046		3,431,382
	15,510,000	NYC HDC (Multifamily Hsg.), Series I-25		5.200			11/01/2038		15,736,563
	30,000	NYC HDC, Series B-21		5.300			05/01/2036		30,170
	2,750,000	NYC HDC, Series C5		5.000			11/01/2026		2,822,215
	85,000	NYC IDA (Allied Metal)		6.375			12/01/2014		84,375
	940,000	NYC IDA (Allied Metal)		7.125			12/01/2027		914,883
	2,335,000	NYC IDA (Amboy Properties)		6.750			06/01/2020		2,169,449
	2,905,000	NYC IDA (American Airlines)2		5.400			07/01/2019		3,195,500
	32,580,000	NYC IDA (American Airlines)2		5.400			07/01/2020		35,838,000
	30,810,000	NYC IDA (American Airlines)2		6.900			08/01/2024		33,891,000
	540,000	NYC IDA (American Airlines)		7.500			08/01/2016		568,264
	18,200,000	NYC IDA (American Airlines)		7.625			08/01/2025		20,693,946
	59,350,000	NYC IDA (American Airlines)		7.750			08/01/2031		67,548,609
	39,860,000	NYC IDA (American Airlines)		8.000			08/01/2028		45,758,084
	338,060,000	NYC IDA (American Airlines)		8.500			08/01/2028		371,764,582
	3,530,000	NYC IDA (American National Red Cross)		5.000			02/01/2036		3,429,783
	3,115,000	NYC IDA (Atlantic Paste & Glue Company)		6.625			11/01/2019		3,122,601
	675,000	NYC IDA (Atlantic Veal & Lamb)		8.375			12/01/2016		671,848
	1,015,000	NYC IDA (Bark Frameworks)		6.750			11/01/2019		983,190
	5,500,000	NYC IDA (Beth Abraham Health Services)		6.500			02/15/2022		5,685,405
	1,035,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2027		1,070,190
	4,220,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2034		4,342,042
	97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.650			10/01/2028		76,807,490
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.750			10/01/2036		115,122,828
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		6.200			10/01/2022		19,836,104
	16,205,000	NYC IDA (Calhoun School)		6.625			12/01/2034		16,724,694
	4,145,000	NYC IDA (Calhoun School)		6.625			12/01/2034		4,327,795
	2,895,000	NYC IDA (Center for Elimination of Family Violence)		7.375			11/01/2036		2,936,746

26 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$     14,400,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375	%		08/01/2027	$	12,808,944
	3,400,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		3,024,334
	18,000,000	NYC IDA (Chapin School)		5.000			11/01/2038		17,080,380
	1,490,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		1,534,462
	3,145,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		3,145,409
	3,520,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		3,529,363
	1,395,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		1,398,474
	875,000	NYC IDA (Comprehensive Care Management)		7.875			12/01/2016		875,796
	1,150,000	NYC IDA (Cool Wind Ventilation)		5.450			11/01/2017		1,122,170
	1,035,000	NYC IDA (Cool Wind Ventilation)		5.450			11/01/2017		1,009,953
	5,685,000	NYC IDA (Cool Wind Ventilation)		6.075			11/01/2027		5,212,406
	5,500,000	NYC IDA (Family Support Systems)2		7.500			11/01/2034		2,749,725
	490,000	NYC IDA (Good Shepherd Services)1		5.875			06/01/2014		491,034
	2,670,000	NYC IDA (Gourmet Boutique)		5.750			05/01/2021		1,990,779
	7,290,000	NYC IDA (Guttmacher Institute)		5.750			12/01/2036		6,539,859
	1,745,000	NYC IDA (Herbert G. Birch Childhood Project)		8.375			02/01/2022		1,748,891
	700,000	NYC IDA (Independent Living Assoc.)		6.200			07/01/2020		700,266
	1,240,000	NYC IDA (Liberty-IAC/Interactive Corp.)1		5.000			09/01/2035		1,240,546
	1,920,000	NYC IDA (Little Red Schoolhouse)		6.750			11/01/2018		1,924,877
	3,745,000	NYC IDA (Manhattan Community Access Corp.)		6.000			12/01/2036		3,652,686
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		1,900,192
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		9,200,140
	15,560,000	NYC IDA (MediSys Health Network)		6.250			03/15/2024		13,746,482
	8,405,000	NYC IDA (Metro Biofuels)2		6.000			11/01/2028		4,053,143
	2,095,000	NYC IDA (Metropolitan College of New York)		5.750			03/01/2020		2,146,537
	40,000,000	NYC IDA (NYU)5		5.250			07/01/2048		42,354,056
	2,935,000	NYC IDA (Petrocelli Electric)		8.000			11/01/2017		2,785,403
	805,000	NYC IDA (Petrocelli Electric)		8.000			11/01/2018		759,703
	1,750,000	NYC IDA (PSCH)		6.375			07/01/2033		1,723,383
	6,800,000	NYC IDA (Reece School)		7.500			12/01/2037		7,169,988
	1,000,000	NYC IDA (Roundabout Theatre)		5.000			10/01/2023		931,380
	3,125,000	NYC IDA (Sahadi Fine Foods)		6.750			11/01/2019		3,049,281
	200,000	NYC IDA (Samaritan Aids Services)1		5.000			11/01/2024		200,312
	875,000	NYC IDA (SFTU/YAI/CRV Obligated Group)		5.000			07/01/2026		757,120
	4,380,000	NYC IDA (Showman Fabricators)		7.500			11/01/2028		3,525,988
	1,625,000	NYC IDA (Special Needs Facilities Pooled Program)		4.750			07/01/2020		1,515,524
	995,000	NYC IDA (Special Needs Facilities Pooled Program)		5.250			07/01/2022		901,281

OPPENHEIMER ROCHESTER FUND MUNICIPALS 27

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$          600,000	NYC IDA (Special Needs Facilities Pooled Program)		6.650	%		07/01/2023	$	600,978
	405,000	NYC IDA (Special Needs Facilities Pooled Program)		7.875			08/01/2025		405,093
	475,000	NYC IDA (St. Francis College)1		5.000			10/01/2034		478,392
	5,760,000	NYC IDA (Stallion)		5.500			11/01/2036		4,883,904
	955,000	NYC IDA (Stallion)		6.000			11/01/2027		893,250
	225,000	NYC IDA (Streamline Plastics)		7.750			12/01/2015		225,020
	1,275,000	NYC IDA (Streamline Plastics)		8.125			12/01/2025		1,270,193
	6,808,500	NYC IDA (Studio School)2		7.000			11/01/2038		4,224,266
	605,000	NYC IDA (Surprise Plastics)2		7.500			11/01/2013		555,596
	2,480,000	NYC IDA (Surprise Plastics)2		8.500			11/01/2023		2,046,223
	1,500,000	NYC IDA (Terminal One Group Assoc.)1		5.500			01/01/2021		1,619,010
	380,000	NYC IDA (The Bank Street College)		5.250			12/01/2021		382,584
	1,000,000	NYC IDA (The Bank Street College)		5.250			12/01/2030		1,001,520
	8,800,000	NYC IDA (The Child School)		7.550			06/01/2033		8,870,488
	3,655,000	NYC IDA (Therapy & Learning Center)		8.250			09/01/2031		3,661,506
	8,610,000	NYC IDA (Tides Two Rivers Foundation)		5.650			12/01/2039		6,463,269
	9,580,000	NYC IDA (TIP/AeFM/AeH/AeHC/AeJFK/AeKC/AeL Obligated Group)1		5.000			07/01/2028		9,539,956
	32,040,000	NYC IDA (Unicef)		5.300			11/01/2038		30,784,352
	10,000,000	NYC IDA (United Jewish Appeal-Federal Jewish Philanthropies)1		5.000			07/01/2034		10,678,000
	3,640,000	NYC IDA (Urban Resource Institute)		7.375			11/01/2033		3,493,672
	6,700,000	NYC IDA (Visy Paper)		7.800			01/01/2016		6,707,437
	70,500,000	NYC IDA (Visy Paper)		7.950			01/01/2028		70,518,330
	1,930,000	NYC IDA (Vocational Instruction)2		7.750			02/01/2033		1,061,404
	1,335,000	NYC IDA (W & W Jewelers)		8.250			02/01/2021		1,338,605
	5,930,000	NYC IDA (Weizmann Institute)		5.900			11/01/2034		5,741,545
	2,900,000	NYC IDA (Weizmann Institute)		5.900			11/01/2034		2,807,838
	1,125,000	NYC IDA (World Casing Corp.)		6.700			11/01/2019		1,087,054
	100,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2031		100,957
	70,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2036		70,362
	36,110,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2046		36,253,718
	16,500,000	NYC IDA (Yankee Stadium)1		7.000			03/01/2049		19,550,520
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)		5.725			11/01/2037		22,251,950
	1,220,000	NYC IDA (YMCA of Greater New York)1		5.000			08/01/2036		1,239,837
	25,000	NYC Municipal Water Finance Authority1		5.000			06/15/2024		26,445
	7,500,000	NYC Municipal Water Finance Authority1		5.000			06/15/2031		7,858,275
	8,950,000	NYC Municipal Water Finance Authority1		5.000			06/15/2031		9,550,814
	10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2032		10,753,800

28 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$            20,000	NYC Municipal Water Finance Authority1		5.000	%		06/15/2035	$	20,917
	280,000	NYC Municipal Water Finance Authority1		5.000			06/15/2035		287,812
	3,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2035		3,234,270
	20,995,000	NYC Municipal Water Finance Authority1		5.000			06/15/2036		21,761,318
	1,575,000	NYC Municipal Water Finance Authority1		5.000			06/15/2037		1,643,229
	4,495,000	NYC Municipal Water Finance Authority1		5.000			06/15/2039		4,574,921
	19,740,000	NYC Municipal Water Finance Authority1		5.000			06/15/2039		20,267,650
	2,715,000	NYC Municipal Water Finance Authority1		5.000			06/15/2039		2,825,202
	10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2043		10,536,600
	7,500,000	NYC Municipal Water Finance Authority1		5.000			06/15/2044		7,892,100
	41,950,000	NYC Municipal Water Finance Authority1		5.000			06/15/2047		44,239,212
	10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2047		10,545,700
	7,350,000	NYC Municipal Water Finance Authority1		5.250			06/15/2040		7,809,081
	21,570,000	NYC Municipal Water Finance Authority1		5.375			06/15/2043		23,322,563
	31,750,000	NYC Municipal Water Finance Authority5		5.500			06/15/2043		34,710,688
	2,650,000	NYC Municipal Water Finance Authority1		5.750			06/15/2040		2,990,499
	3,000,000	NYC Sales Tax Asset Receivables Corp., Series A1		5.000			10/15/2032		3,130,980
	15,475,000	NYC Transitional Finance Authority1		5.000			11/01/2039		16,359,551
	700,000	NYC Transitional Finance Authority1		5.125			01/15/2034		740,243
	7,685,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2033		8,127,887
	15,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2037		15,906,750
	7,910,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2040		8,255,746
	15,000,000	NYC Transitional Finance Authority (Building Aid)1		5.250			07/15/2037		16,118,700
	1,700,000	NYC Transitional Finance Authority (Building Aid)1		5.500			01/15/2039		1,879,435
	15,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000			05/01/2034		16,153,350
	20,000,000	NYC Transitional Finance Authority (Future Tax)1		5.250			11/01/2027		22,841,000
	6,000,000	NYC Trust for Cultural Resources (Wildlife Conservation Society)1		5.000			08/01/2033		6,519,960
	1,845,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2035		1,906,549
	850,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2027		899,912
	850,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2028		892,755
	430,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2029		446,744
	430,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2030		443,205
	4,000,000	NYS DA (Buena Vida Nursing Home)1		5.250			07/01/2028		4,055,920
	500,000	NYS DA (Catholic Health System)1		5.000			07/01/2032		499,695
	260,000	NYS DA (Catholic Health System)1		5.000			07/01/2032		259,841
	3,335,000	NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)1		5.000			07/01/2027		3,374,386
	300,000	NYS DA (Culinary Institute of America)1		5.000			07/01/2034		293,886

OPPENHEIMER ROCHESTER FUND MUNICIPALS 29

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$          285,000	NYS DA (Fordham University)1		5.000	%		07/01/2038	$	299,615
	5,300,000	NYS DA (Interagency Council Pooled Loan Program)		7.000			07/01/2031		5,453,382
	5,700,000	NYS DA (Interagency Council)		7.000			07/01/2035		5,633,823
	3,000,000	NYS DA (Iona College)1		5.000			07/01/2032		2,981,790
	1,000,000	NYS DA (Jewish Board of Family and Children’s Services)1		5.000			07/01/2033		1,000,010
	3,490,000	NYS DA (Manhattan College)		5.300			07/01/2037		3,509,335
	18,230,000	NYS DA (Memorial Sloan-Kettering)5		5.000			07/01/2035		18,989,865
	12,070,000	NYS DA (Mental Health Services Facilities)1		5.000			02/15/2035		12,576,457
	150,000	NYS DA (Mental Health Services Facilities)1		5.000			02/15/2037		153,944
	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)1		5.000			07/01/2029		887,666
	135,000	NYS DA (New School University)1		5.000			07/01/2033		135,351
	5,000,000	NYS DA (New School University)1		5.000			07/01/2041		5,001,100
	1,000,000	NYS DA (New School University)1		5.750			07/01/2050		1,095,160
	150,000	NYS DA (New York Methodist Hospital)1		5.250			07/01/2033		151,370
	6,000,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.000			05/01/2039		6,187,800
	3,685,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.000			05/01/2039		3,786,817
	5,830,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.000			05/01/2039		5,991,083
	10,310,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.000			05/01/2041		10,506,921
	11,500,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.250			05/01/2034		12,013,705
	23,075,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2036		23,770,942
	2,000,000	NYS DA (NYU Hospitals Center)1		5.625			07/01/2037		2,068,720
	6,035,000	NYS DA (Providence Rest)		5.000			07/01/2035		5,487,867
	2,700,000	NYS DA (Providence Rest)		5.125			07/01/2030		2,577,582
	3,100,000	NYS DA (Providence Rest)		5.250			07/01/2025		3,070,085
	1,750,000	NYS DA (School District Bond Financing Program), Series C1		7.250			10/01/2028		2,122,960
	2,645,000	NYS DA (School District Bond Financing Program), Series C1		7.375			10/01/2033		3,183,892
	1,525,000	NYS DA (School District Bond Financing Program), Series C1		7.500			04/01/2039		1,844,869
	15,000	NYS DA (School District Financing)1		5.750			10/01/2018		15,062
	1,895,000	NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)1		5.100			07/01/2034		1,911,013
	5,770,000	NYS DA (Smithtown Special Library District)1		6.000			07/01/2028		6,615,651
	50,000	NYS DA (St. Barnabas Hospital)		5.125			02/01/2022		50,161
	35,000	NYS DA (St. Barnabas Hospital)		5.450			08/01/2035		35,037
	1,235,000	NYS DA (St. John’s University)1		5.000			07/01/2027		1,357,043
	270,000	NYS DA (St. John’s University)1		5.000			07/01/2028		293,660

30 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$     10,750,000	NYS DA (St. John’s University)1		5.000	%		07/01/2030	$	11,531,203
	3,500,000	NYS DA (St. Joseph’s College)1		5.250			07/01/2035		3,524,430
	49,200,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		51,397,272
	1,575,000	NYS DA (St. Thomas Aquinas College)		5.250			07/01/2028		1,575,536
	5,620,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2034		6,013,793
	15,915,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2034		16,928,786
	3,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2034		3,211,860
	3,000,000	NYS DA (State University of New York)1		5.000			07/01/2035		3,153,450
	3,000,000	NYS DA (State University of New York)1		5.000			07/01/2040		3,114,870
	2,500,000	NYS DA (Teachers College)1		5.000			07/01/2034		2,644,875
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			02/15/2035		5,805,186
	4,395,000	NYS DA (The New School)1		5.000			07/01/2031		4,632,022
	1,000,000	NYS DA (University of Rochester)1		0.000	9		07/01/2039		1,015,450
	60,000	NYS DA (University of Rochester)1		5.000			07/01/2034		61,794
	11,695,000	NYS DA (Vassar College)5		5.000			07/01/2046		12,103,248
	3,105,000	NYS DA (Yeshiva University)1		5.000			11/01/2031		3,305,086
	2,185,000	NYS DA (Yeshiva University)1		5.000			09/01/2038		2,293,638
	1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2037		1,490,129
	5,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.125			06/15/2038		5,458,300
	430,000	NYS EFC (NYC Municipal Water Finance Authority)1		5.000			06/15/2034		443,713
	250,000	NYS EFC (United Waterworks)		5.150			03/01/2034		250,675
	25,000	NYS ERDA (Brooklyn Union Gas Company)1		4.700			02/01/2024		25,511
	15,000	NYS ERDA (Brooklyn Union Gas Company)1		5.500			01/01/2021		15,056
	7,000,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		12.371	8		04/01/2020		7,022,540
	16,300,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		13.457	8		07/01/2026		16,448,656
	350,000	NYS ERDA (LILCO)1		5.300			10/01/2024		352,401
	150,000	NYS ERDA (LILCO)1		5.300			08/01/2025		150,477
	95,000	NYS ERDA (LILCO)1		5.300			08/01/2025		95,302
	1,350,000	NYS ERDA (Rochester Gas & Electric)1		0.240	6		08/01/2032		1,163,859
	2,000,000	NYS HFA (Affordable Hsg.)1		5.000			11/01/2042		2,072,500
	2,365,000	NYS HFA (Affordable Hsg.)1		5.250			11/01/2038		2,428,311
	10,220,000	NYS HFA (Affordable Hsg.)5		5.450			11/01/2045		10,549,099
	1,080,000	NYS HFA (Affordable Hsg.)1		6.450			11/01/2029		1,202,548
	150,000	NYS HFA (Affordable Hsg.)		6.750			11/01/2038		174,525
	1,485,000	NYS HFA (Children’s Rescue)		7.625			05/01/2018		1,484,748
	935,000	NYS HFA (Friendship)1		5.100			08/15/2041		946,697

OPPENHEIMER ROCHESTER FUND MUNICIPALS 31

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$       1,215,000	NYS HFA (Golden Age Apartments)1		5.000	%		02/15/2037	$	1,232,520
	150,000	NYS HFA (Highland Avenue Senior Apartments)1		5.000			02/15/2039		152,429
	120,000	NYS HFA (Horizons at Wawayanda)1		5.150			11/01/2040		124,475
	3,660,000	NYS HFA (Multifamily Hsg.)1		4.850			02/15/2038		3,708,532
	2,080,000	NYS HFA (Multifamily Hsg.)1		5.375			02/15/2035		2,081,498
	2,075,000	NYS HFA (Multifamily Hsg.)1		5.500			08/15/2030		2,076,992
	1,710,000	NYS HFA (Multifamily Hsg.)1		5.650			02/15/2034		1,711,659
	2,120,000	NYS HFA (Multifamily Hsg.)1		5.700			08/15/2033		2,122,205
	1,255,000	NYS HFA (Multifamily Hsg.)1		6.400			11/15/2027		1,257,410
	385,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2013		387,191
	470,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2014		470,000
	495,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2015		497,589
	535,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2016		537,573
	590,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2017		592,714
	630,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2018		632,734
	1,250,000	NYS HFA (State Personal Income Tax Authority)1		5.000			03/15/2036		1,282,700
	510,000	NYS LGSC (SCSB)		7.375			12/15/2016		513,177
	910,000	NYS LGSC (SCSB)		7.750			12/15/2021		924,069
	5,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000			11/15/2031		5,272,650
	3,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000			11/15/2044		3,051,210
	20,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.750			11/15/2051		22,170,000
	10,000,000	NYS Liberty Devel. Corp. (7 World Trade Center)1		5.000			09/15/2040		10,466,600
	110,000	NYS Medcare (Hospital & Nursing Home)1		7.400			11/01/2016		110,580
	40,000	NYS Medcare (Hospital & Nursing Home)1		9.375			11/01/2016		40,298
	5,000,000	NYS Power Authority1		5.000			11/15/2038		5,341,800
	5,540,000	NYS Thruway Authority1		5.000			04/01/2031		5,967,356
	7,650,000	NYS Thruway Authority1		5.000			01/01/2032		8,157,272
	50,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		4.625			09/15/2030		47,105
	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		5.000			09/15/2035		790,882
	350,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)		5.300			03/15/2019		342,689
	1,060,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)		5.350			03/15/2029		973,737
	1,185,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2030		1,223,904
	1,115,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2037		1,136,486
	545,000	Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)1		6.250			12/01/2034		545,850
	42,834,598	Onondaga County, NY Res Rec		0.000	9		05/01/2022		37,803,246

32 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$     13,570,000	Onondaga County, NY Res Rec		5.000	%		05/01/2015	$	13,265,489
	1,540,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)1		5.000			07/01/2042		1,509,939
	3,465,000	Onondaga, NY Civic Devel Corp. (Upstate Properties)1		5.250			12/01/2041		3,598,645
	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.375			07/01/2040		2,061,740
	1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000			07/01/2042		1,472,683
	2,315,000	Orange County, NY IDA (Arden Hill Life Care Center)		7.000			08/01/2021		2,315,671
	2,325,000	Orange County, NY IDA (Arden Hill Life Care Center)		7.000			08/01/2031		2,324,907
	2,090,000	Orange County, NY IDA (Arden Hill Life Care Center)		7.000			08/01/2031		2,089,916
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2021		1,716,578
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		6,330,950
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		2,235,335
	10,910,000	Peekskill, NY IDA (Drum Hill)		6.375			10/01/2028		10,909,236
	27,735,000	Port Authority NY/NJ (Continental Airlines)		9.125			12/01/2015		28,422,828
	16,435,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		16,822,702
	31,910,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2025		32,544,371
	45,300,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2019		44,063,763
	250,000	Port Authority NY/NJ, 131st Series1		4.750			06/15/2033		251,603
	95,000	Port Authority NY/NJ, 132nd Series1		5.000			09/01/2038		96,473
	250,000	Port Authority NY/NJ, 135th Series1		5.000			03/15/2039		254,393
	33,025,000	Port Authority NY/NJ, 136th Series5		5.125			05/01/2034		34,198,758
	5,050,000	Port Authority NY/NJ, 136th Series1		5.125			05/01/2034		5,229,376
	19,175,000	Port Authority NY/NJ, 136th Series5		5.375			11/01/2028		19,890,651
	22,855,000	Port Authority NY/NJ, 136th Series5		5.500			11/01/2029		23,734,196
	26,000,000	Port Authority NY/NJ, 138th Series5		4.750			12/01/2034		26,269,100
	27,255,000	Port Authority NY/NJ, 141st Series5		4.500			09/01/2029		27,526,337
	47,910,000	Port Authority NY/NJ, 143rd Series5		5.000			10/01/2030		50,762,561
	35,000	Port Authority NY/NJ, 143rd Series1		5.000			04/01/2036		35,766
	17,500,000	Port Authority NY/NJ, 144th Series1		5.000			10/01/2035		18,975,950
	12,840,000	Port Authority NY/NJ, 146th Series5		4.500			12/01/2034		12,867,566
	10,000	Port Authority NY/NJ, 146th Series1		4.500			12/01/2034		10,022

OPPENHEIMER ROCHESTER FUND MUNICIPALS 33

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$     26,100,000	Port Authority NY/NJ, 146th Series5		4.750	%		12/01/2027	$	26,776,199
	10,000	Port Authority NY/NJ, 146th Series1		4.750			12/01/2027		10,262
	13,005,000	Port Authority NY/NJ, 147th Series5		4.750			10/15/2028		13,201,757
	17,790,000	Port Authority NY/NJ, 147th Series5		5.000			10/15/2027		18,796,363
	20,000,000	Port Authority NY/NJ, 147th Series5		5.000			10/15/2032		20,879,560
	82,000,000	Port Authority NY/NJ, 151st Series5		5.750			03/15/2035		90,671,155
	15,000,000	Port Authority NY/NJ, 151st Series5		6.000			09/15/2028		16,752,450
	101,940,000	Port Authority NY/NJ, 152nd Series5		5.250			11/01/2035		106,944,235
	13,715,000	Port Authority NY/NJ, 152nd Series5		5.250			05/01/2038		14,314,538
	22,500,000	Port Authority NY/NJ, 152nd Series5		5.750			11/01/2030		24,816,375
	15,300,000	Port Authority NY/NJ, 161st Series5		5.000			10/15/2031		17,108,460
	20,250,000	Port Authority NY/NJ, 163rd Series5		5.000			07/15/2039		21,444,143
	21,515,000	Port Authority NY/NJ, 166th Series5		5.000			01/15/2041		22,646,426
	15,000,000	Port Authority NY/NJ, 166th Series5		5.250			07/15/2036		16,508,250
	400,000	Port Authority NY/NJ, 172nd Series1		5.000			10/01/2034		420,824
	50,660,000	Port Authority NY/NJ, 37th Series5		5.250			07/15/2034		52,832,301
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		6.000			08/01/2032		2,757,480
	2,525,000	Ramapo, NY Local Devel. Corp.1		5.000			03/15/2033		2,601,230
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375			12/01/2036		1,511,580
	6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.625			06/01/2035		6,368,718
	7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.750			06/01/2043		7,372,635
	4,820,000	Rensselaer, NY City School District COP		5.000			06/01/2036		4,825,013
	1,120,000	Riverhead, NY IDA (Michael Reilly Design)		8.875			08/01/2021		1,128,915
	1,195,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)		4.900			07/01/2021		1,087,868
	9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.625			08/15/2035		9,202,307
	13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.750			08/15/2043		13,090,286
	30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.875	3		08/15/2045		1,107,900
	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.668	3		08/15/2060		2,016,900
	20,000	Sanford Town, NY GO		5.250			04/15/2015		21,135
	20,000	Sanford Town, NY GO		5.250			04/15/2016		21,564
	25,000	Sanford Town, NY GO		5.250			04/15/2017		26,789
	25,000	Sanford Town, NY GO		5.250			04/15/2018		26,559
	25,000	Sanford Town, NY GO		5.250			04/15/2019		26,420

34 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$            25,000	Sanford Town, NY GO		5.250	%		04/15/2020	$	26,312
	30,000	Sanford Town, NY GO		5.250			04/15/2021		31,376
	30,000	Sanford Town, NY GO		5.250			04/15/2022		31,247
	30,000	Sanford Town, NY GO		5.250			04/15/2023		31,121
	30,000	Sanford Town, NY GO		5.250			04/15/2024		30,989
	35,000	Sanford Town, NY GO		5.250			04/15/2025		36,002
	35,000	Sanford Town, NY GO		5.250			04/15/2026		35,900
	40,000	Sanford Town, NY GO		5.250			04/15/2027		40,957
	40,000	Sanford Town, NY GO		5.250			04/15/2028		40,872
	40,000	Sanford Town, NY GO		5.250			04/15/2029		40,830
	45,000	Sanford Town, NY GO		5.250			04/15/2030		45,875
	45,000	Sanford Town, NY GO		5.250			04/15/2031		45,827
	50,000	Sanford Town, NY GO		5.250			04/15/2032		50,867
	50,000	Sanford Town, NY GO		5.250			04/15/2033		50,828
	55,000	Sanford Town, NY GO		5.250			04/15/2034		55,867
	60,000	Sanford Town, NY GO		5.250			04/15/2035		60,883
	60,000	Sanford Town, NY GO		5.250			04/15/2036		60,836
	2,650,000	Seneca County, NY IDA (New York Chiropractic College)1		5.000			10/01/2027		2,703,742
	22,850,000	SONYMA, Series 1065		5.250			04/01/2034		22,861,666
	28,260,000	SONYMA, Series 1095		4.950			10/01/2034		28,302,909
	27,320,000	SONYMA, Series 1161		4.800			10/01/2034		28,239,864
	9,510,000	SONYMA, Series 1335		5.050			10/01/2026		9,686,117
	22,640,000	SONYMA, Series 1375		4.700			10/01/2031		22,876,797
	13,430,000	SONYMA, Series 1405		4.750			10/01/2037		13,460,981
	8,455,000	SONYMA, Series 1435		4.900			10/01/2037		8,565,410
	3,965,000	SONYMA, Series 1455		5.125			10/01/2037		4,045,744
	975,000	SONYMA, Series 1451		5.125			10/01/2037		994,861
	1,955,000	SONYMA, Series 1485		5.150			10/01/2027		2,012,379
	1,855,000	SONYMA, Series 1485		5.200			10/01/2032		1,889,336
	410,000	SONYMA, Series 691		5.500			10/01/2028		410,418
	1,050,000	SONYMA, Series 715		5.400			04/01/2029		1,051,224
	35,000	SONYMA, Series 711		5.400			04/01/2029		35,037
	5,000	SONYMA, Series 711		5.400			04/01/2029		5,004
	430,000	SONYMA, Series 771		5.150			04/01/2029		430,348
	220,000	SONYMA, Series 795		5.300			04/01/2029		220,230
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)1		5.000			09/01/2041		1,575,761

OPPENHEIMER ROCHESTER FUND MUNICIPALS 35

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$    4,775,000	St. Lawrence County, NY IDA (Clarkson University)1		5.375	%		09/01/2041	$	5,101,610
	520,000	St. Lawrence County, NY IDA (Clarkson University)1		6.000			09/01/2034		585,312
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)		7.250			12/01/2029		3,609,426
	1,980,000	St. Lawrence County, NY IDA (Edwards John Noble Hospital)		5.250			10/01/2020		2,117,887
	5,440,000	St. Lawrence County, NY IDA (Edwards John Noble Hospital)		6.250			10/01/2040		5,620,118
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000			07/01/2030		1,380,403
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000			07/01/2031		1,455,744
	11,850,000	Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)1		5.000			07/01/2028		12,575,931
	1,075,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.000			12/01/2019		1,050,039
	1,005,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.750			06/01/2027		979,754
	4,250,000	Suffolk County, NY Economic Devel. Corp., Series A		7.375			12/01/2040		4,350,938
	635,000	Suffolk County, NY IDA (ACLD)		6.000			12/01/2019		620,255
	1,660,000	Suffolk County, NY IDA (ALIA-ACLD)		5.950			10/01/2021		1,590,695
	80,000	Suffolk County, NY IDA (ALIA-ADD)		6.950			12/01/2014		80,146
	215,000	Suffolk County, NY IDA (ALIA-ADD)		7.125			06/01/2017		216,191
	105,000	Suffolk County, NY IDA (ALIA-ADD)		7.500			09/01/2015		105,495
	845,000	Suffolk County, NY IDA (ALIA-Adelante)		6.500			11/01/2037		776,648
	2,300,000	Suffolk County, NY IDA (ALIA-DDI)		5.950			10/01/2021		2,251,677
	645,000	Suffolk County, NY IDA (ALIA-FREE)		5.950			10/01/2021		618,071
	460,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			10/01/2021		440,795
	665,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		632,023
	355,000	Suffolk County, NY IDA (ALIA-IGHL)		6.000			10/01/2031		318,669
	615,000	Suffolk County, NY IDA (ALIA-NYS ARC)		5.950			11/01/2022		584,502
	275,000	Suffolk County, NY IDA (ALIA-NYS ARC)		7.500			09/01/2015		276,295
	120,000	Suffolk County, NY IDA (ALIA-Pederson-Krag Center)		8.375			06/01/2016		121,111
	215,000	Suffolk County, NY IDA (ALIA-SMCFS)		7.500			09/01/2015		216,013
	190,000	Suffolk County, NY IDA (ALIA-Suffolk Hostels)		7.500			09/01/2015		190,771
	1,545,000	Suffolk County, NY IDA (ALIA-UCPAGS)		5.950			10/01/2021		1,480,496
	35,000	Suffolk County, NY IDA (ALIA-UCPAGS)		6.375			06/01/2014		35,046
	290,000	Suffolk County, NY IDA (ALIA-UCPAGS)		6.950			12/01/2014		290,206
	295,000	Suffolk County, NY IDA (ALIA-UCPAGS)		7.000			06/01/2016		295,988
	140,000	Suffolk County, NY IDA (ALIA-UCPAGS)		7.500			09/01/2015		140,659

36 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$    3,530,000	Suffolk County, NY IDA (ALIA-UVBH)		6.500	%		11/01/2037	$	3,244,458
	600,000	Suffolk County, NY IDA (ALIA-WORCA)		5.950			11/01/2022		570,246
	440,000	Suffolk County, NY IDA (Catholic Charities)		6.000			10/01/2020		427,328
	115,000	Suffolk County, NY IDA (DDI)		6.000			12/01/2019		112,330
	375,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		364,200
	390,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		378,768
	560,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		497,073
	2,600,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)		5.375			01/01/2027		2,482,246
	2,040,000	Suffolk County, NY IDA (Federation of Organizations)		8.125			04/01/2030		2,042,264
	2,450,000	Suffolk County, NY IDA (Gurwin Jewish-Phase II)		6.700			05/01/2039		2,504,905
	2,420,000	Suffolk County, NY IDA (Huntington First Aid Squad)		6.650			11/01/2017		2,422,444
	170,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			12/01/2019		166,053
	815,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			10/01/2020		791,528
	5,600,000	Suffolk County, NY IDA (Jefferson’s Ferry)1		5.000			11/01/2028		5,731,880
	4,065,000	Suffolk County, NY IDA (L.I. Network Community Services)		7.550			02/01/2034		4,254,673
	7,680,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)		6.375			01/01/2039		7,061,683
	1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		1,869,252
	635,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		635,076
	2,000,000	Suffolk County, NY IDA (New York Institute of Technology)1		5.000			03/01/2026		2,020,620
	26,425,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)		5.500			01/01/2023		25,459,431
	4,800,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.200			02/01/2035		4,434,384
	2,365,000	Suffolk County, NY IDA (Pederson-Krager Center)		8.125			04/01/2030		2,365,922
	930,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)		5.250			07/01/2022		842,403
	2,290,000	Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)		8.000			04/01/2030		2,293,550
	370,000	Suffolk County, NY IDA (Suffolk Hotels)		6.000			10/01/2020		359,344
	1,240,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		6.000			12/01/2019		1,211,207
	3,200,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		7.875			09/01/2041		3,287,648

OPPENHEIMER ROCHESTER FUND MUNICIPALS 37

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$          645,000	Suffolk County, NY IDA (WORCA)		6.000	%		10/01/2020	$	626,424
	10,080,000	Suffolk, NY Tobacco Asset Securitization Corp.1		5.375			06/01/2028		9,426,312
	29,915,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2048		25,785,533
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.625			06/01/2044		113,082,116
	287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	3		06/01/2048		7,908,405
	3,005,000	Sullivan County, NY Community College COP2		5.750			08/15/2025		2,567,682
	6,442,500	Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)		8.500			11/01/2031		6,533,017
	2,345,000	Syracuse, NY Hsg. Authority (Pavilion on James)		7.500			11/01/2042		2,134,630
	203,935,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2036		198,824,389
	1,000,000	Syracuse, NY IDA (Crouse Irving Health Hospital)		5.375			01/01/2023		1,000,170
	5,585,000	Syracuse, NY IDA (James Square)		7.197	3		08/01/2025		2,561,337
	615,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375			03/01/2021		598,469
	2,050,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375			03/01/2031		1,915,807
	1,700,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)1		5.000			07/01/2038		1,666,697
	35,000	Tompkins, NY Health Care Corp. (Reconstruction Home)1		10.800			02/01/2028		35,984
	2,000,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000			09/01/2030		2,118,440
	185,000	Ulster County, NY Res Rec1		5.000			03/01/2020		193,257
	3,180,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2040		2,941,023
	1,925,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.250			06/01/2025		1,924,885
	3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.450			06/01/2040		2,805,708
	3,550,000	Utica, NY IDA (Utica College Civic Facility)		6.850			12/01/2031		3,567,644
	1,280,000	Warren & Washington Counties, NY IDA (GFH/GFHF Obligated Group)1		5.000			12/01/2035		1,281,370
	1,385,000	Wayne County, NY IDA (ARC)		8.375			03/01/2018		1,386,011
	20,000	Westchester County, NY GO1		5.375			12/15/2014		20,460
	10,645,000	Westchester County, NY Healthcare Corp., Series A1		5.000			11/01/2030		11,097,625
	1,700,000	Westchester County, NY Healthcare Corp., Series B1		5.125			11/01/2041		1,748,688
	1,215,000	Westchester County, NY IDA (Clearview School)		7.250			01/01/2035		1,219,848
	1,300,000	Westchester County, NY IDA (Guiding Eyes for the Blind)1		5.375			08/01/2024		1,341,912
	755,000	Westchester County, NY IDA (JDAM)1		6.750			04/01/2016		757,937

38 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York Continued
	$       3,400,000	Westchester County, NY IDA (Lawrence Hospital)1		5.000	%		01/01/2028	$	3,374,024
	460,000	Westchester County, NY IDA (Lawrence Hospital)		5.125			01/01/2018		460,773
	600,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2013		607,512
	1,710,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2033		1,778,913
	4,500,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2026		4,472,325
	59,400,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2038		56,588,004
	52,815,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2045		43,301,434
	3,155,000	Yonkers, NY IDA (Hudson Scenic Studio)		6.625			11/01/2019		3,061,612
	3,770,000	Yonkers, NY IDA (Michael Malotz Skilled Nursing Pavilion)1		5.650			02/01/2039		3,773,921
	1,455,000	Yonkers, NY IDA (Philipsburgh Hall Associates)		7.500			11/01/2030		1,143,819
	1,050,000	Yonkers, NY IDA (Sarah Lawrence College)1		6.000			06/01/2041		1,125,999
	1,200,000	Yonkers, NY IDA (St. Joseph’s Hospital)		6.150			03/01/2015		1,200,852
	460,000	Yonkers, NY IDA (St. Joseph’s Hospital)		8.500			12/30/2013		462,953
	1,900,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-A		6.150			03/01/2015		1,901,349
	500,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-B		6.150			03/01/2015		500,355
	685,000	Yonkers, NY Parking Authority		6.000			06/15/2018		685,062
	1,215,000	Yonkers, NY Parking Authority		6.000			06/15/2024		1,132,696
									6,099,251,534
	U.S. Possessions—30.3%
	825,000	Guam Education Financing Foundation COP1		5.000			10/01/2023		829,513
	6,000,000	Guam GO1		6.750			11/15/2029		6,405,180
	10,000,000	Guam GO1		7.000			11/15/2039		10,752,700
	2,400,000	Guam Government Business Privilege1		5.000			01/01/2031		2,503,008
	5,400,000	Guam Government Business Privilege1		5.250			01/01/2036		5,671,944
	345,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750			09/01/2031		367,190
	1,230,000	Guam Power Authority, Series A1		5.000			10/01/2023		1,365,521
	1,560,000	Guam Power Authority, Series A1		5.000			10/01/2024		1,703,910
	2,790,000	Guam Power Authority, Series A1		5.000			10/01/2030		2,918,145
	3,540,000	Guam Power Authority, Series A1		5.000			10/01/2034		3,616,075
	5,200,000	Guam Power Authority, Series A1		5.500			10/01/2030		5,515,276
	7,700,000	Guam Power Authority, Series A1		5.500			10/01/2040		8,045,653
	1,915,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		1,702,473
	31,250,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2030		24,277,500
	7,795,000	Northern Mariana Islands Ports Authority, Series A1		6.250			03/15/2028		5,568,280

OPPENHEIMER ROCHESTER FUND MUNICIPALS 39

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions Continued
	$     15,130,000	Northern Mariana Islands Ports Authority, Series A1		6.600	%		03/15/2028	$	13,900,234
	1,950,000	Puerto Rico Aqueduct & Sewer Authority1		5.000			07/01/2033		1,675,811
	19,000,000	Puerto Rico Aqueduct & Sewer Authority5		5.125			07/01/2047		18,247,410
	30,000,000	Puerto Rico Aqueduct & Sewer Authority1		5.125			07/01/2047		28,811,700
	10,000,000	Puerto Rico Aqueduct & Sewer Authority1		5.250			07/01/2024		9,529,700
	1,580,000	Puerto Rico Aqueduct & Sewer Authority1		5.250			07/01/2029		1,454,564
	3,360,000	Puerto Rico Aqueduct & Sewer Authority1		5.250			07/01/2042		2,884,694
	16,250,000	Puerto Rico Aqueduct & Sewer Authority1		5.750			07/01/2037		15,113,313
	80,800,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2038		78,359,840
	101,270,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		97,685,042
	5,000,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		4,823,000
	15,350,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2047		14,584,342
	55,825,000	Puerto Rico Aqueduct & Sewer Authority1		6.125			07/01/2024		57,249,096
	56,685,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		56,189,006
	168,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.627	3		05/15/2050		12,330,830
	745,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.165	3		05/15/2055		23,504,750
	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	3		05/15/2057		50,651,073
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	3		05/15/2057		32,586,800
	2,000,000	Puerto Rico Commonwealth GO1		5.000			07/01/2033		1,762,440
	29,890,000	Puerto Rico Commonwealth GO1		5.125			07/01/2031		27,034,011
	3,315,000	Puerto Rico Commonwealth GO1		5.125			07/01/2031		2,998,252
	2,200,000	Puerto Rico Commonwealth GO1		5.250			07/01/2026		2,069,474
	2,920,000	Puerto Rico Commonwealth GO1		5.250			07/01/2030		2,700,241
	14,500,000	Puerto Rico Commonwealth GO1		5.250			07/01/2031		13,312,450
	2,500,000	Puerto Rico Commonwealth GO1		5.250			07/01/2032		2,281,150
	10,230,000	Puerto Rico Commonwealth GO1		5.250			07/01/2034		9,297,842
	43,385,000	Puerto Rico Commonwealth GO1		5.250			07/01/2037		38,817,861
	5,000,000	Puerto Rico Commonwealth GO1		5.375			07/01/2033		4,622,300
	1,000,000	Puerto Rico Commonwealth GO1		5.500			07/01/2026		963,140
	7,850,000	Puerto Rico Commonwealth GO1		5.500			07/01/2029		7,511,901
	76,300,000	Puerto Rico Commonwealth GO1		5.500			07/01/2032		71,760,913
	38,095,000	Puerto Rico Commonwealth GO1		5.500			07/01/2039		34,901,496
	3,205,000	Puerto Rico Commonwealth GO1		5.625			07/01/2033		3,055,294
	5,000,000	Puerto Rico Commonwealth GO1		5.750			07/01/2028		4,916,200
	30,000,000	Puerto Rico Commonwealth GO1		5.750			07/01/2036		28,817,700
	10,455,000	Puerto Rico Commonwealth GO1		5.750			07/01/2041		9,872,970
	770,000	Puerto Rico Commonwealth GO1		5.875			07/01/2036		751,505
	1,270,000	Puerto Rico Commonwealth GO1		6.000			07/01/2028		1,283,640

40 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions Continued
	$       1,000,000	Puerto Rico Commonwealth GO1		6.000	%		07/01/2028	$	1,005,040
	2,700,000	Puerto Rico Commonwealth GO1		6.000			07/01/2035		2,701,674
	390,000	Puerto Rico Commonwealth GO1		6.000			07/01/2039		386,451
	3,670,000	Puerto Rico Commonwealth GO1		6.000			07/01/2040		3,636,053
	6,000,000	Puerto Rico Commonwealth GO1		6.500			07/01/2037		6,128,220
	5,675,000	Puerto Rico Commonwealth GO1		6.500			07/01/2040		5,827,941
	10,105,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2029		9,611,270
	510,000	Puerto Rico Electric Power Authority, Series RR		5.000			07/01/2024		485,510
	3,550,000	Puerto Rico Electric Power Authority, Series TT1		5.000			07/01/2037		3,167,559
	60,000,000	Puerto Rico Electric Power Authority, Series UU1		0.710	6		07/01/2029		43,866,000
	170,000	Puerto Rico Electric Power Authority, Series WW1		5.500			07/01/2038		162,233
	9,515,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2028		8,652,275
	4,845,000	Puerto Rico Highway & Transportation Authority1		5.250			07/01/2030		4,398,485
	4,945,000	Puerto Rico Highway & Transportation Authority1		5.300			07/01/2035		4,441,698
	4,000,000	Puerto Rico Highway & Transportation Authority1		5.500			07/01/2029		3,772,480
	270,000	Puerto Rico Highway & Transportation Authority1		5.750			07/01/2020		270,743
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000			07/01/2033		7,913,356
	1,840,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000			07/01/2042		1,550,936
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H1		5.450			07/01/2035		1,038,834
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2027		5,935,930
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2030		1,028,485
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2023		2,491,606
	915,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2030		830,674
	10,000	Puerto Rico Highway & Transportation Authority, Series M		5.000			07/01/2046		11,523
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M1		5.000			07/01/2046		64,902,774
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2032		2,986,031
	57,615,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2039		51,132,160
	25,255,000	Puerto Rico Infrastructure1		5.000			07/01/2031		22,420,884
	675,000	Puerto Rico Infrastructure1		5.000			07/01/2037		575,255
	17,490,000	Puerto Rico Infrastructure1		5.000			07/01/2037		14,905,503

OPPENHEIMER ROCHESTER FUND MUNICIPALS 41

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions Continued
	$   142,985,000	Puerto Rico Infrastructure1		5.000	%		07/01/2041	$	120,480,591
	41,740,000	Puerto Rico Infrastructure1		5.000			07/01/2046		34,337,411
	1,295,000	Puerto Rico Infrastructure1		5.500			07/01/2026		1,247,266
	15,000,000	Puerto Rico Infrastructure1		5.500			07/01/2027		14,405,700
	16,955,000	Puerto Rico Infrastructure		5.650	3		07/01/2029		5,839,980
	65,725,000	Puerto Rico Infrastructure		5.730	3		07/01/2045		6,822,912
	25,000,000	Puerto Rico Infrastructure		5.800	3		07/01/2032		6,912,500
	5,000,000	Puerto Rico Infrastructure1		6.000			12/15/2026		5,032,800
	1,680,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		1,677,749
	1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			04/01/2027		1,272,888
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		5,511,128
	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.125			04/01/2032		795,830
	1,355,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			12/01/2021		1,357,629
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			04/01/2042		1,087,092
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.500			12/01/2031		6,033,225
	23,000,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026		21,761,220
	5,000,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)1		6.250			07/01/2026		5,463,450
	650,000	Puerto Rico ITEMECF (International American University)1		5.000			10/01/2031		641,524
	550,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.600			05/01/2014		550,341
	5,250,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.700			05/01/2024		5,154,450
	7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)		5.750			06/01/2029		4,919,740
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.000			10/01/2042		179,512
	5,490,000	Puerto Rico ITEMECF (University Plaza)1		5.000			07/01/2033		4,645,967
	4,990,000	Puerto Rico Municipal Finance Agency, Series A1		5.250			08/01/2025		4,723,833
	90,355,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2036		77,552,600
	7,500,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2037		6,391,725
	18,585,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2029		17,308,211
	121,570,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2033		110,240,892
	9,450,000	Puerto Rico Public Buildings Authority1		5.375			07/01/2033		8,705,246
	850,000	Puerto Rico Public Buildings Authority1		5.500			07/01/2037		777,172
	2,110,000	Puerto Rico Public Buildings Authority1		5.625			07/01/2039		1,949,176
	1,980,000	Puerto Rico Public Buildings Authority1		5.875			07/01/2039		1,897,394
	29,385,000	Puerto Rico Public Buildings Authority1		6.000			07/01/2041		28,799,357
	1,500,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2021		1,568,160
	7,500,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2031		7,679,700
	8,000,000	Puerto Rico Public Buildings Authority1		6.500			07/01/2030		8,325,840

42 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions Continued
	$       7,500,000	Puerto Rico Public Buildings Authority1		6.750	%		07/01/2036	$	7,830,075
	11,810,000	Puerto Rico Public Finance Corp., Series B1		5.500			08/01/2031		10,875,475
	296,445,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.250			08/01/2057		297,912,403
	643,700,000	Puerto Rico Sales Tax Financing Corp., Series A		5.401	3		08/01/2054		48,837,519
	75,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.500			08/01/2037		75,780
	221,800,000	Puerto Rico Sales Tax Financing Corp., Series A		5.939	3		08/01/2056		14,352,678
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500	3		08/01/2042		5,258,100
	5,775,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500			08/01/2044		6,187,220
	80,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	3		08/01/2043		13,157,600
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-11		5.250			08/01/2043		9,969,500
	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C1		0.000	9		08/01/2032		38,441,412
	7,500,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.250			08/01/2041		7,499,625
	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.375			08/01/2036		4,022,040
	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.750			08/01/2057		98,482,887
	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2039		1,516,236
	250,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2042		260,050
	4,525,000	University of Puerto Rico1		5.000			06/01/2026		4,142,230
	5,280,000	University of Puerto Rico, Series P1		5.000			06/01/2030		4,561,656
	24,375,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		21,058,781
	67,190,000	University of Puerto Rico, Series Q1		5.000			06/01/2036		56,238,661
	7,390,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000			10/01/2032		7,661,065
	590,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		6.000			10/01/2039		620,350
	6,160,000	V.I. Public Finance Authority (Matching Fund Loan Notes)1		5.000			10/01/2032		6,385,949
	750,000	V.I. Public Finance Authority, Series A1		5.250			10/01/2024		773,895
	11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	3		05/15/2035		1,419,135
	1,015,000	V.I. Water & Power Authority, Series A1		5.000			07/01/2031		984,520
									2,346,366,989
	Total Municipal Bonds and Notes (Cost $9,134,893,273)								8,445,618,523
Shares
	Common Stocks—0.1%
	1,401	CMS Liquidating Trust10 (Cost $4,483,200)							4,483,200
	Total Investments, at Value (Cost $9,139,376,473)—109.3%								8,450,101,723
	Liabilities in Excess of Other Assets—(9.3)								(721,616,059	)
	Net Assets—100.0%								$  7,728,485,664

OPPENHEIMER ROCHESTER FUND MUNICIPALS 43

STATEMENT OF INVESTMENTS    (Unaudited) / Continued

Footnotes to Statement of Investments

*June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of accompanying Notes.

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 6 of the accompanying Notes.

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 Note 1 of the accompanying Notes.

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

4. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 28, 2013. See Note 1 of the accompanying Notes.

5. 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 Note 1 of the accompanying Notes.

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

7. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement. See Note 1 of the accompanying Notes.

8. Represents the current interest rate for an inverse floating rate security. See Note 1 of the accompanying Notes.

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

10. Non-income producing security.

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
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 Income 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
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

44 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Footnotes to Statement of Investments Continued

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.

See accompanying Notes to Financial Statements.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 45

STATEMENT OF ASSETS AND LIABILITIES    June 28, 2013¹ / Unaudited

Assets
Investments, at value (cost $9,139,376,473)—see accompanying statement of investments	$	8,450,101,723
Cash		64,987,837
Receivables and other assets:
Interest		133,120,155
Shares of beneficial interest sold		116,863,705
Investments sold		17,291,814
Other		1,272,950
Total assets		8,783,638,184
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		902,275,000
Payable on borrowings (See Note 6)		86,100,000
Investments purchased (including $2,479,032 purchased on a when-issued or delayed delivery basis)		31,280,711
Shares of beneficial interest redeemed		25,139,306
Dividends		6,483,102
Trustees’ compensation		1,621,210
Distribution and service plan fees		1,060,394
Transfer and shareholder servicing agent fees		656,054
Shareholder communications		329,100
Interest expense on borrowings		8,298
Other		199,345
Total liabilities		1,055,152,520
Net Assets	$	7,728,485,664
Composition of Net Assets
Paid-in capital	$	9,259,156,722
Accumulated net investment income		57,124,490
Accumulated net realized loss on investments		(898,520,798	)
Net unrealized depreciation on investments		(689,274,750	)
Net Assets	$	7,728,485,664

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

46 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $6,332,005,923 and 393,676,595 shares of beneficial interest outstanding)	$	16.08
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	16.88
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $67,823,620 and 4,221,739 shares of beneficial interest outstanding)	$	16.07
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,120,748,451 and 69,816,529 shares of beneficial interest outstanding)	$	16.05
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $207,907,670 and 12,925,696 shares of beneficial interest outstanding)	$	16.08

See accompanying Notes to Financial Statements.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 47

STATEMENT OF OPERATIONS    For the Six Months Ended June 28, 2013¹/Unaudited

Investment Income
Interest	$	270,464,919
Expenses
Management fees		19,075,281
Distribution and service plan fees:
Class A		4,993,502
Class B		409,155
Class C		6,070,421
Transfer and shareholder servicing agent fees:
Class A		2,141,137
Class B		36,958
Class C		429,970
Class Y		79,293
Shareholder communications:
Class A		429,603
Class B		18,114
Class C		121,696
Class Y		19,844
Interest expense and fees on short-term floating rate notes issued (See Note 1)		4,574,982
Borrowing fees		1,468,742
Accounting service fees		625,750
Trustees’ compensation		96,045
Custodian fees and expenses		35,581
Interest expense		25,890
Other		376,742
Total expenses		41,028,706
Less waivers and reimbursements of expenses		(13,860	)
Net expenses		41,014,846
Net Investment Income		229,450,073
Realized and Unrealized Gain (Loss)
Net realized gain on investments		5,025,130
Net change in unrealized appreciation/depreciation on investments		(450,983,092	)
Net Decrease in Net Assets Resulting from Operations	$	(216,507,889	)

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

48 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS    

	Six Months Ended June 28, 20131 (Unaudited)			Year Ended December 31, 2012
Operations
Net investment income	$	229,450,073		$	442,621,077
Net realized gain		5,025,130			15,064,654
Net change in unrealized appreciation/depreciation		(450,983,092	)		489,927,983
Net increase (decrease) in net assets resulting from operations		(216,507,889	)		947,613,714
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(197,918,632	)		(384,065,493	)
Class B		(2,027,753	)		(5,745,070	)
Class C		(30,230,664	)		(58,473,713	)
Class Y		(6,296,105	)		(10,693,230	)
		(236,473,154	)		(458,977,506	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(23,153,032	)		209,512,039
Class B		(22,834,730	)		(46,595,065	)
Class C		(35,167,829	)		83,939,442
Class Y		20,493,034			65,472,787
		(60,662,557	)		312,329,203
Net Assets
Total increase (decrease)		(513,643,600	)		800,965,411
Beginning of period		8,242,129,264			7,441,163,853
End of period (including accumulated net investment income of $57,124,490 and $64,147,571, respectively)	$	7,728,485,664		$	8,242,129,264

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 49

STATEMENT OF CASH FLOWS    For the Six Months Ended June 28, 2013¹ / Unaudited

Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(216,507,889	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(565,577,689	)
Proceeds from disposition of investment securities		784,019,432
Short-term investment securities, net		49,130,764
Premium amortization		11,994,290
Discount accretion		(37,151,184	)
Net realized gain on investments		(5,025,130	)
Net change in unrealized appreciation/depreciation on investments		450,983,092
Change in assets:
Decrease in interest receivable		2,354,512
Increase in other assets		(389,986	)
Increase in receivable for securities sold		(11,557,919	)
Change in liabilities:
Increase in other liabilities		443,677
Decrease in payable for securities purchased		(65,543,106	)
Net cash provided by operating activities		397,172,864
Cash Flows from Financing Activities
Proceeds from bank borrowings		631,300,000
Payments on bank borrowings		(569,800,000	)
Payments on short-term floating rate notes issued		(9,710,000	)
Proceeds from shares sold		643,827,274
Payments on shares redeemed		(1,004,774,354	)
Cash distributions paid		(40,382,635	)
Net cash used in financing activities		(349,539,715	)
Net increase in cash		47,633,149
Cash, beginning balance		17,354,688
Cash, ending balance	$	64,987,837
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $189,608,139.
Cash paid for interest on bank borrowings—$19,452.
Cash paid for interest on short-term floating rate notes issued—$4,574,982.

1. June 28, 2013 represents the last business day of the Fund’s semiannual period. See Note 1 of the accompanying Notes.

See accompanying Notes to Financial Statements.

50 OPPENHEIMER ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS    

Class A	Six Months Ended June 28, 20131 (Unaudited)			Year Ended December 31, 2012			Year Ended December 30, 20111			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period	$	17.02		$	15.98		$	15.33		$	15.70		$	11.54		$	17.67
Income (loss) from investment operations:
Net investment income2		.48			.95			1.02			.98			.98			.94
Net realized and unrealized gain (loss)		(.94	)		1.08			.66			(.38	)		4.09			(6.19	)
Total from investment operations		(.46	)		2.03			1.68			.60			5.07			(5.25	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.48	)		(.99	)		(1.03	)		(.97	)		(.91	)		(.88	)
Net asset value, end of period	$	16.08		$	17.02		$	15.98		$	15.33		$	15.70		$	11.54
Total Return, at Net Asset Value3		(2.72	)%		12.94	%		11.50	%		3.63	%		45.07	%		(30.84	)%
Ratios/Supplemental Data
Net assets, end of period (in millions)		$6,332			$6,725			$6,115			$6,295			$6,913			$5,158
Average net assets (in millions)		$6,845			$6,537			$5,937			$7,013			$6,360			$7,688
Ratios to average net assets:4
Net investment income		5.66	%		5.67	%		6.65	%		6.01	%		6.96	%		5.96	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.71	%		0.67	%		0.69	%		0.67	%		0.70	%		0.70	%
Interest and fees from borrowings		0.04	%		0.05	%		0.06	%		0.08	%		0.45	%		0.22	%
Interest and fees on short-term floating rate notes issued5		0.11	%		0.14	%		0.15	%		0.18	%		0.27	%		0.68	%
Total expenses		0.86	%		0.86	%		0.90	%		0.93	%		1.42	%		1.60	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.86	%		0.86	%		0.90	%		0.93	%		1.42	%		1.60	%
Portfolio turnover rate		6	%		10	%		11	%		7	%		8	%		23	%

1. June 28, 2013 and December 30, 2011 represent the last business days of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 51

FINANCIAL HIGHLIGHTS    Continued

Class B	Six Months Ended June 28, 20131 (Unaudited)			Year Ended December 31, 2012			Year Ended December 30, 20111			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period	$	17.00		$	15.96		$	15.31		$	15.68		$	11.53		$	17.66
Income (loss) from investment operations:
Net investment income2		.40			.80			.87			.82			.85			.80
Net realized and unrealized gain (loss)		(.93	)		1.07			.67			(.37	)		4.07			(6.19	)
Total from investment operations		(.53	)		1.87			1.54			.45			4.92			(5.39	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.40	)		(.83	)		(.89	)		(.82	)		(.77	)		(.74	)
Net asset value, end of period	$	16.07		$	17.00		$	15.96		$	15.31		$	15.68		$	11.53
Total Return, at Net Asset Value3		(3.11	)%		11.91	%		10.47	%		2.67	%		43.66	%		(31.50	)%
Ratios/Supplemental Data
Net assets, end of period (in millions)		$68			$94			$133			$181			$246			$237
Average net assets (in millions)		$82			$115			$146			$220			$248			$424
Ratios to average net assets:4
Net investment income		4.74	%		4.76	%		5.72	%		5.07	%		6.05	%		4.99	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.62	%		1.61	%		1.65	%		1.62	%		1.67	%		1.58	%
Interest and fees from borrowings		0.04	%		0.05	%		0.06	%		0.08	%		0.45	%		0.22	%
Interest and fees on short-term floating rate notes issued5		0.11	%		0.14	%		0.15	%		0.18	%		0.27	%		0.68	%
Total expenses		1.77	%		1.80	%		1.86	%		1.88	%		2.39	%		2.48	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.77	%		1.80	%		1.86	%		1.88	%		2.39	%		2.48	%
Portfolio turnover rate		6	%		10	%		11	%		7	%		8	%		23	%

1. June 28, 2013 and December 30, 2011 represent the last business days of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

52 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Class C	Six Months Ended June 28, 20131 (Unaudited)			Year Ended December 31, 2012			Year Ended December 30, 20111			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period	$	16.99		$	15.95		$	15.30		$	15.67		$	11.52		$	17.65
Income (loss) from investment operations:
Net investment income2		.41			.81			.88			.83			.86			.80
Net realized and unrealized gain (loss)		(.94	)		1.07			.67			(.37	)		4.07			(6.19	)
Total from investment operations		(.53	)		1.88			1.55			.46			4.93			(5.39	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.41	)		(.84	)		(.90	)		(.83	)		(.78	)		(.74	)
Net asset value, end of period	$	16.05		$	16.99		$	15.95		$	15.30		$	15.67		$	11.52
Total Return, at Net Asset Value3		(3.14	)%		12.00	%		10.56	%		2.75	%		43.82	%		(31.49	)%
Ratios/Supplemental Data
Net assets, end of period (in millions)		$1,120			$1,223			$1,069			$1,120			$1,250			$905
Average net assets (in millions)		$1,224			$1,167			$1,039			$1,271			$1,131			$1,350
Ratios to average net assets:4
Net investment income		4.80	%		4.79	%		5.77	%		5.14	%		6.09	%		5.09	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.57	%		1.54	%		1.57	%		1.54	%		1.57	%		1.57	%
Interest and fees from borrowings		0.04	%		0.05	%		0.06	%		0.08	%		0.45	%		0.22	%
Interest and fees on short-term floating rate notes issued5		0.11	%		0.14	%		0.15	%		0.18	%		0.27	%		0.68	%
Total expenses		1.72	%		1.73	%		1.78	%		1.80	%		2.29	%		2.47	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.72	%		1.73	%		1.78	%		1.80	%		2.29	%		2.47	%
Portfolio turnover rate		6	%		10	%		11	%		7	%		8	%		23	%

1. June 28, 2013 and December 30, 2011 represent the last business days of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 53

FINANCIAL HIGHLIGHTS    Continued

Class Y	Six Months Ended June 28, 20131 (Unaudited)			Year Ended December 31, 2012			Year Ended December 30, 20111			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008
Per Share Operating Data
Net asset value, beginning of period	$	17.02		$	15.98		$	15.33		$	15.69		$	11.54		$	17.67
Income (loss) from investment operations:
Net investment income2		.49			.97			1.04			.99			1.00			.96
Net realized and unrealized gain (loss)		(.94	)		1.08			.66			(.36	)		4.08			(6.19	)
Total from investment operations		(.45	)		2.05			1.70			.63			5.08			(5.23	)
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.49	)		(1.01	)		(1.05	)		(.99	)		(.93	)		(.90	)
Net asset value, end of period	$	16.08		$	17.02		$	15.98		$	15.33		$	15.69		$	11.54
Total Return, at Net Asset Value3		(2.66	)%		13.10	%		11.64	%		3.84	%		45.18	%		(30.74	)%
Ratios/Supplemental Data
Net assets, end of period (in millions)		$208			$200			$124			$101			$65			$44
Average net assets (in millions)		$214			$179			$109			$100			$57			$61
Ratios to average net assets:4
Net investment income		5.80	%		5.78	%		6.76	%		6.14	%		7.09	%		6.14	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.58	%		0.54	%		0.56	%		0.54	%		0.55	%		0.57	%
Interest and fees from borrowings		0.04	%		0.05	%		0.06	%		0.08	%		0.45	%		0.22	%
Interest and fees on short-term floating rate notes issued5		0.11	%		0.14	%		0.15	%		0.18	%		0.27	%		0.68	%
Total expenses		0.73	%		0.73	%		0.77	%		0.80	%		1.27	%		1.47	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.73	%		0.73	%		0.77	%		0.80	%		1.27	%		1.47	%
Portfolio turnover rate		6	%		10	%		11	%		7	%		8	%		23	%

1. June 28, 2013 and December 30, 2011 represent the last business days of the Fund’s reporting periods. See Note 1 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

54 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS    

1. Significant Accounting Policies

Oppenheimer Rochester Fund Municipals (the “Fund”), formerly Rochester Fund Municipals is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund’s investment objective is to seek to provide as high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management while seeking preservation of shareholders’ capital. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

The Fund offers Class A, Class C and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

The following is a summary of significant accounting policies consistently followed by the Fund.

Semiannual and Annual Periods. The Fund’s financial statements are presented through the last day the New York Stock Exchange was open for trading during each reporting period. 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.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 55

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

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 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

56 OPPENHEIMER ROCHESTER FUND MUNICIPALS

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 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

OPPENHEIMER ROCHESTER FUND MUNICIPALS 57

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting PoliciesContinued

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 June 28, 2013, the Fund’s maximum exposure under such agreements is estimated at $478,425,000.

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 (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 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, while interest payable on the related short-term floating rate securities is recorded as interest expense. At June 28, 2013, municipal bond holdings with a value of $1,586,796,890 shown on the Fund’s Statement of

58 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Investments are held by such Trusts and serve as the underlying municipal bonds for the related $902,275,000 in short-term floating rate securities issued and outstanding at that date.

At June 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 Rate2			Maturity Date		Value
	$23,960,000	NY Austin Trust Various States Inverse Certificates		8.029	%		11/1/38	$	24,543,426
	16,400,000	NY Austin Trust Various States Inverse Certificates		11.990			7/1/48		18,754,056
	31,175,000	NY Liberty Devel. Corp. (One Bryant Park) ROLs3		10.745			1/15/46		36,212,880
	7,500,000	NY Liberty Devel. Corp. ROLs3		9.752			1/15/44		8,260,500
	15,660,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.558			12/1/27		16,336,199
	7,700,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.140			12/1/34		7,727,566
	23,955,000	NY/NJ Port Authority Austin Trust Inverse Certificates		9.393			10/1/30		26,807,561
	4,170,000	NYC GO DRIVERS		10.309			12/1/33		4,584,915
	5,460,000	NYC GO DRIVERS		9.353			8/1/30		6,099,584
	2,430,000	NYC GO DRIVERS		10.311			8/1/35		2,735,694
	4,015,000	NYC GO DRIVERS		10.303			3/1/35		4,433,805
	5,000,000	NYC GO ROLs		19.272			3/1/21		8,070,000
	1,375,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.313			11/1/26		1,447,215
	1,225,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.461			11/1/27		1,330,240
	1,500,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.565			11/1/32		1,592,250
	1,750,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.313			11/1/37		1,794,240
	2,340,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.423			11/1/39		2,399,998
	4,180,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.571			5/1/40		4,312,046
	775,000	NYC HDC (Multifamily Hsg.) DRIVERS3		19.957			11/1/34		966,828
	710,000	NYC HDC (Multifamily Hsg.) DRIVERS3		20.222			11/1/39		880,968
	2,730,000	NYC HDC (Multifamily Hsg.) DRIVERS3		20.810			11/1/46		3,412,937
	4,015,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.723			11/1/40		4,239,398
	3,955,000	NYC HDC (Multifamily Hsg.) ROLs3		17.209			11/1/30		4,097,024
	11,420,000	NYC HDC (Multifamily Hsg.) ROLs3		13.052			5/1/49		12,299,112
	15,875,000	NYC Municipal Water Finance Authority ROLs3		10.553			6/15/43		18,835,688
	8,205,000	NYS DA (Memorial Sloan-Kettering) DRIVERS		10.309			7/1/35		8,964,865
	5,265,000	NYS DA (Vassar College) DRIVERS		10.307			7/1/46		5,673,248
	3,410,000	NYS HFA ROLs3		14.813			11/1/45		3,739,099
	3,750,000	Port Authority NY/NJ ROLs3		22.133			9/15/28		5,502,450
	4,895,000	Port Authority NY/NJ, 11588th Series ROLs		16.912			10/15/27		5,901,363
	3,580,000	Port Authority NY/NJ, 11588th Series ROLs		15.984			10/15/28		3,776,757
	5,500,000	Port Authority NY/NJ, 11588th Series ROLs		16.922			10/15/32		6,379,560
	9,090,000	Port Authority NY/NJ, 11589th Series ROLs		12.531			9/1/29		9,361,337

OPPENHEIMER ROCHESTER FUND MUNICIPALS 59

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting PoliciesContinued

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$11,880,000	Port Authority NY/NJ, 136th Series DRIVERS		8.276	%		11/1/28	$	12,595,651
	11,430,000	Port Authority NY/NJ, 136th Series DRIVERS		10.322			11/1/29		12,309,196
	11,015,000	Port Authority NY/NJ, 136th Series DRIVERS		13.971			5/1/34		12,188,758
	13,000,000	Port Authority NY/NJ, 138th Series DRIVERS		8.807			12/1/34		13,269,100
	24,005,000	Port Authority NY/NJ, 151st Series DRIVERS		15.857			3/15/35		31,618,426
	4,570,000	Port Authority NY/NJ, 152nd Series DRIVERS		14.348			5/1/38		5,169,538
	10,755,000	Port Authority NY/NJ, 166th Series		9.380			1/15/41		11,886,426
	20,000,000	Port Authority NY/NJ, 3090th Series DRIVERS		9.828			11/1/35		21,963,600
	7,500,000	Port Authority NY/NJ, 3114th Series DRIVERS		15.875			11/1/30		9,816,375
	30,970,000	Port Authority NY/NJ, 3114th Series DRIVERS		9.828			11/1/35		34,010,635
	3,335,000	Port Authority NY/NJ, 3115th Series DRIVERS		15.867			3/15/35		4,392,729
	7,500,000	Port Authority NY/NJ, 3249th Series ROLs3		9.986			7/15/36		9,008,250
	7,650,000	Port Authority NY/NJ, 3264th Series ROLs3		9.479			10/15/31		9,458,460
	10,125,000	Port Authority NY/NJ, 3266th Series3		9.509			7/15/39		11,319,143
	25,330,000	Port Authority NY/NJ, 37th Series DRIVERS		9.818			7/15/34		27,502,301
	4,750,000	Puerto Rico Aqueduct & Sewer Authority ROLs3		18.165			7/1/47		3,997,410
	98,815,000	Puerto Rico Sales Tax Financing Corp. ROLs3		14.619			8/1/57		100,282,403
	23,815,000	Puerto Rico Sales Tax Financing Corp. ROLs3		21.206			8/1/57		27,052,887
	16,960,000	SONYMA ROLs3		7.806			10/1/34		17,002,909
	230,000	SONYMA ROLs3		13.763			4/1/29		230,731
	90,000	SONYMA ROLs3		11.941			4/1/29		90,230
	155,000	SONYMA ROLs3		13.123			4/1/29		155,493
	7,625,000	SONYMA ROLs3		14.304			4/1/34		7,636,666
	3,175,000	SONYMA ROLs3		13.690			10/1/26		3,351,117
	4,240,000	SONYMA ROLs3		9.082			10/1/37		4,350,410
	11,330,000	SONYMA ROLs3		8.694			10/1/31		11,566,797
	6,735,000	SONYMA ROLs3		8.778			10/1/37		6,765,981
	1,980,000	SONYMA, Series 145 DRIVERS		9.576			10/1/37		2,060,744
	980,000	SONYMA, Series 148 DRIVERS		9.593			10/1/27		1,037,379
	925,000	SONYMA, Series 148 DRIVERS		9.741			10/1/32		959,336
								$	684,521,890

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

60 OPPENHEIMER ROCHESTER FUND MUNICIPALS

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, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

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 $902,275,000 or 10.27% of its total assets as of June 28, 2013.

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 June 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	$	2,479,032

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

OPPENHEIMER ROCHESTER FUND MUNICIPALS 61

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of June 28, 2013 is as follows:

Cost	$	92,965,470
Market Value	$	90,739,170
Market Value as a % of Net Assets		1.17	%

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.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended December 31, 2012, the Fund utilized $7,361,424 of capital loss carryforward to offset capital gains realized in that fiscal year. Details of the fiscal year ended December 31, 2012 capital loss carryforwards are included in the table below. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. Capital losses with no expiration will be carried forward to future years if not offset by gains.

Expiring
2016	$	443,946,792
2017		324,022,087
No expiration		128,842,584
Total	$	896,811,463

As of June 28, 2013, it is estimated that the capital loss carryforwards would be $767,968,879 expiring by 2017 and $123,817,454 which will not expire. The estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 28, 2013, it is estimated that the Fund will utilize $5,025,130 of capital loss carryforward to offset realized capital gains.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the

62 OPPENHEIMER ROCHESTER FUND MUNICIPALS

fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 28, 2013 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	8,236,208,585	1
Gross unrealized appreciation	$	298,177,234
Gross unrealized depreciation		(997,735,804	)
Net unrealized depreciation	$	(699,558,570	)

1. The Federal tax cost of securities does not include cost of $913,451,708, 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 above.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the six months ended June 28, 2013, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	22,350
Payments Made to Retired Trustees		155,894
Accumulated Liability as of June 28, 2013		1,146,072

The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 63

NOTES TO FINANCIAL STATEMENTS    Continued

1. Significant Accounting Policies Continued

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. 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.

64 OPPENHEIMER ROCHESTER FUND MUNICIPALS

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 debt securities with a

OPPENHEIMER ROCHESTER FUND MUNICIPALS 65

NOTES TO FINANCIAL STATEMENTS    Continued

2. Securities Valuation Continued

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 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

66 OPPENHEIMER ROCHESTER FUND MUNICIPALS

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 that are included in the Fund’s Statement of Assets and Liabilities as of June 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		$	—		$	6,099,116,737		$	134,797		$	6,099,251,534
U.S. Possessions			—			2,346,366,989			—			2,346,366,989
Common Stocks			—			4,483,200			—			4,483,200
Total Assets		$	—		$	8,449,966,926		$	134,797		$	8,450,101,723

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.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 67

NOTES TO FINANCIAL STATEMENTS    Continued

3. Shares of Beneficial Interest

The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Six Months Ended June 28, 2013						Year Ended December 31, 2012
	Shares			Amount			Shares			Amount
Class A
Sold		36,810,870		$	620,703,559			43,752,207		$	736,429,794
Dividends and/or distributions reinvested		9,305,099			157,099,417			18,605,792			312,929,359
Redeemed		(47,458,862	)		(800,956,008	)		(49,921,605	)		(839,847,114	)
Net increase (decrease)		(1,342,893	)	$	(23,153,032	)		12,436,394		$	209,512,039
Class B
Sold		17,906		$	306,758			468,895		$	7,802,437
Dividends and/or distributions reinvested		99,057			1,673,625			289,236			4,849,418
Redeemed		(1,455,687	)		(24,815,113	)		(3,538,715	)		(59,246,920	)
Net decrease		(1,338,724	)	$	(22,834,730	)		(2,780,584	)	$	(46,595,065	)
Class C
Sold		4,404,824		$	75,136,706			10,698,099		$	179,792,612
Dividends and/or distributions reinvested		1,506,711			25,385,414			2,973,587			49,918,988
Redeemed		(8,077,601	)		(135,689,949	)		(8,675,224	)		(145,772,158	)
Net increase (decrease)		(2,166,066	)	$	(35,167,829	)		4,996,462		$	83,939,442
Class Y
Sold		2,961,352		$	50,540,835			5,916,661		$	98,693,710
Dividends and/or distributions reinvested		322,938			5,449,683			555,844			9,360,263
Redeemed		(2,099,242	)		(35,497,484	)		(2,521,904	)		(42,581,186	)
Net increase		1,185,048		$	20,493,034			3,950,601		$	65,472,787

4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended June 28, 2013, were as follows:

	Purchases		Sales
Investment securities	$	565,577,689	$	784,019,432

68 OPPENHEIMER ROCHESTER FUND MUNICIPALS

5. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $100 million	0.54	%
Next $150 million	0.52
Next $1.75 billion	0.47
Next $3 billion	0.46
Next $3 billion	0.45
Next $6 billion	0.44
Over $14 billion	0.42

Accounting Service Fees. Accounting service fees paid to the Manager were in accordance with the accounting services agreement with the Fund which provides for an annual fee of $12,000 for the first $30 million of average daily net assets and $9,000 for each additional $30 million of average daily net assets. The fee arrangement associated with

these services was terminated effective April 1, 2013.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. Fees incurred by the Fund with respect to these services are detailed in the Statement of Operations.

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an

OPPENHEIMER ROCHESTER FUND MUNICIPALS 69

NOTES TO FINANCIAL STATEMENTS    Continued

5. Fees and Other Transactions with Affiliates Continued

annual rate of up to 0.15% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2013 were as follows:

Class B	$	33,640,101
Class C		37,619,683

Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

Six Months Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
June 28, 2013	$	709,269	$	141,554	$	50,850	$	46,952

Waivers and Reimbursements of Expenses. The Transfer Agent has voluntarily agreed to limit transfer and shareholder servicing agent fees for Classes B, C and Y shares to 0.35% of average annual net assets per class and for Class A shares to 0.30% of average annual net assets of the class.

The Manager has voluntarily agreed to reimburse the Fund for a portion of the legal costs and fees incurred in connection with the pending litigation matters discussed in the

70 OPPENHEIMER ROCHESTER FUND MUNICIPALS

“Pending Litigation” note which appears later in this report. During the six months ended June 28, 2013, the Manager reimbursed the Fund $13,860 for legal costs and fees.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

6. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 1 (Inverse Floating Rate Securities) for additional information.

The Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.0 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.1670% as of June 28, 2013). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and

OPPENHEIMER ROCHESTER FUND MUNICIPALS 71

NOTES TO FINANCIAL STATEMENTS    Continued

6. Borrowings Continued

interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended June 28, 2013 equal 0.03% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of June 28, 2013, the Fund had borrowings outstanding at an interest rate of 0.1670%. Details of the borrowings for the six months ended June 28, 2013 are as follows:

Average Daily Loan Balance	$	28,681,215
Average Daily Interest Rate		0.179	%
Fees Paid	$	1,445,839
Interest Paid	$	19,452

7. Reverse Repurchase Agreements

The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the six months ended June 28, 2013 are included in expenses on the Fund’s Statement of Operations and equal 0.01% of the Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds

72 OPPENHEIMER ROCHESTER FUND MUNICIPALS

received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare the first or fifteenth day of any calendar month as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

The Fund executed no transactions under the Facility during the six months ended June 28, 2013.

Details of reverse repurchase agreement transactions for the six months ended June 28, 2013 are as follows:

Fees Paid $ 290,230

8. Pending Litigation

Since 2009, a number of class action lawsuits have been pending in federal courts against OFI, OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds – including the Fund – advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of OFI and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal

OPPENHEIMER ROCHESTER FUND MUNICIPALS 73

NOTES TO FINANCIAL STATEMENTS    Continued

8. Pending Litigation Continued

from the court’s order approving the settlement. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.

On April 16, 2010, a lawsuit was filed in New York state court against (i) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. On May 9, 2013, plaintiffs filed a notice of appeal from the court’s dismissal order. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

OFI believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, OFI believes that these suits should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.

74 OPPENHEIMER ROCHESTER FUND MUNICIPALS

SPECIAL SHAREHOLDER MEETINGS    (Unaudited)

On June 21, 2013, a first shareholder meeting of Oppenheimer Rochester Fund Municipals (the “Fund”) was held at which the twelve Trustees identified below were elected to the Fund (Proposal No. 1). The following is a report of the votes cast:

Nominee/Proposal	For		Withheld
Trustees
Brian F. Wruble		449,558,743		11,745,912
David K. Downes		449,062,442		12,242,213
Matthew P. Fink		449,068,805		12,235,850
Edmund Giambastiani, Jr.		450,140,248		11,164,407
Phillip A. Griffiths		448,744,668		12,559,987
Mary F. Miller		449,724,859		11,579,796
Joel W. Motley		450,054,891		11,249,764
Joanne Pace		450,357,169		10,947,486
Mary Ann Tynan		450,005,455		11,299,200
Joseph M. Wikler		449,186,455		12,118,200
Peter I. Wold		449,964,380		11,340,275
William F. Glavin, Jr.		450,045,540		11,259,115

OPPENHEIMER ROCHESTER FUND MUNICIPALS 75

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENTS OF INVESTMENTS    Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31^st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

76 OPPENHEIMER ROCHESTER FUND MUNICIPALS

OPPENHEIMER ROCHESTER® FUND MUNICIPALS

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee David K. Downes, Trustee Matthew P. Fink, Trustee Edmund P. Giambastiani, Jr., Trustee Phillip A. Griffiths, Trustee Mary F. Miller, Trustee Joel W. Motley, Trustee Joanne Pace, Trustee Mary Ann Tynan, Trustee Joseph M. Wikler, Trustee Peter I. Wold, Trustee William F. Glavin, Jr., Trustee, President and Principal Executive Officer Daniel G. Loughran, Vice President Scott S. Cottier, Vice President Troy E. Willis, Vice President Mark R. DeMitry, Vice President Michael L. Camarella, Vice President Charles S. Pulire, Vice President Richard Stein, Vice President Arthur S. Gabinet, Secretary and Chief Legal Officer Christina M. Nasta, Vice President and Chief Business Officer Mark S. Vandehey, Vice President and Chief Compliance Officer Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc. DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
Legal Counsel	Kramer Levin Naftalis & Frankel LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

^©2013 OppenheimerFunds, Inc. All rights reserved.

OPPENHEIMER ROCHESTER FUND MUNICIPALS 77

PRIVACY POLICY

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

l Applications or other forms

l When you create a user ID and password for online account access

l When you enroll in eDocs Direct, our electronic document delivery service

l Your transactions with us, our affiliates or others

l A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

l When you set up challenge questions to reset your password online

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

78 OPPENHEIMER ROCHESTER FUND MUNICIPALS

PRIVACY POLICY

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

l All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

l Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

l You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., and each of its financial institution subsidiaries, the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2012. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

OPPENHEIMER ROCHESTER FUND MUNICIPALS 79

Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 1.800.CALL OPP (1.800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon-Fri 8am-8pm ET.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.

RS0365.001.0613 August 20, 2013

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 6/28/2013, 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 registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable to semiannual reports.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Rochester Fund Municipals

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	8/9/2013

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:	8/9/2013

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	8/9/2013

EX-99.CERT

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, William F. Glavin, Jr., certify that:

1. I have reviewed this report on Form N-CSR of Rochester Fund Municipals;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 8/9/2013

/s/ William F. Glavin, Jr.

William F. Glavin, Jr.

Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1. I have reviewed this report on Form N-CSR of Rochester Fund Municipals;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 8/9/2013

/s/ Brian W. Wixted

Brian W. Wixted

Principal Financial Officer

EX-99.906CERT

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

William F. Glavin, Jr., Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Rochester Fund Municipals (the “Registrant”), each certify to the best of his knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended 6/28/2013 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

Principal Executive Officer	Principal Financial Officer
Rochester Fund Municipals	Rochester Fund Municipals
/s/ William F. Glavin, Jr.	/s/ Brian W. Wixted
William F. Glavin, Jr.	Brian W. Wixted
Date: 8/9/2013	Date: 8/9/2013