UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3614

Oppenheimer Rochester Fund Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: 3/31/2014

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTSMarch 31, 2014 / Unaudited

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—111.9%
	New York—83.3%
	$1,700,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.625	%		12/01/2034	$	1,713,583
	1,035,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.375			12/01/2024		1,047,120
	605,000	Albany County, NY IDA (Wildwood Programs)1		4.900			07/01/2021		595,719
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.625			07/01/2031		1,398,029
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.375			07/01/2026		1,637,865
	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.875			07/01/2041		8,660,534
	1,420,000	Albany, NY Hsg. Authority (Lark Drive)1		5.500			12/01/2028		1,421,406
	645,000	Albany, NY IDA (Albany Rehabilitation)1		8.375			06/01/2023		644,948
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2032		1,248,790
	900,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2037		807,084
	3,125,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2027		3,006,500
	900,000	Albany, NY IDA (New Covenant Charter School)2		7.000			05/01/2025		135,018
	1,760,000	Albany, NY IDA (Sage Colleges)1		5.300			04/01/2029		1,614,800
	1,360,000	Albany, NY Parking Authority		7.242	3		11/01/2017		1,160,678
	5,000,000	Amherst, NY IDA (Beechwood Health Care Center)1		5.200			01/01/2040		4,613,500
	545,000	Blauvelt, NY Volunteer Fire Company		6.250			10/15/2017		545,136
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)1		6.300			11/01/2033		2,535,126
	1,625,000	Brookhaven, NY IDA (Stony Brook Foundation)1		6.500			11/01/2020		1,627,535
	1,000,000	Broome County, NY IDA (University Plaza)1		5.100			08/01/2030		993,360
	1,250,000	Broome County, NY IDA (University Plaza)1		5.100			08/01/2036		1,217,400
	3,030,000	Broome County, NY IDA (University Plaza)1		5.000			08/01/2036		2,911,588
	95,000	Broome County, NY IDA (University Plaza)1		5.000			08/01/2025		95,047
	3,000,000	Broome County, NY IDA (University Plaza)1		5.200			08/01/2030		2,999,850
	4,450,000	Broome County, NY IDA (University Plaza)1		5.200			08/01/2036		4,391,794
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.375			10/01/2041		1,887,829
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		6.000			10/01/2031		989,825
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)		5.000			08/01/2032		906,363
	3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)1		5.750			11/01/2030		2,979,270
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1		5.000			05/01/2040		1,051,010
	970,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.450			09/15/2019		970,844
	105,000	Chautauqua, NY Utility District1		5.000			06/01/2025		108,244
	95,000	Chautauqua, NY Utility District1		5.000			06/01/2023		98,409
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		5.000			07/01/2033		1,518,803

1 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$810,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		4.850	%		07/01/2023	$	816,820
	1,515,000	Clifton Springs, NY Hospital & Clinic1		8.000			01/01/2020		1,443,901
	255,000	Columbia County, NY IDA (Berkshire Farms)1		7.500			12/30/2014		253,664
	7,000,000	Dutchess County, NY IDA (Bard College)1		5.000			08/01/2046		6,121,780
	2,200,000	Dutchess County, NY IDA (Elant Fishkill)1		5.250			01/01/2037		1,866,194
	800,000	Dutchess County, NY IDA (St. Francis Hospital)4		7.500			03/01/2029		728,000
	650,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)1		5.750			07/01/2040		704,086
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.400	3		06/01/2027		627,370
	2,055,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)		6.750			03/01/2030		2,055,678
	2,460,000	East Rochester, NY Hsg. Authority (Woodland Village)1		5.500			08/01/2033		2,309,448
	2,810,000	Elmira, NY Hsg. Authority (Eastgate Apartments)1		6.250			06/01/2044		2,504,750
	865,000	Erie County, NY IDA (Buffalo City School District)1		5.250			05/01/2032		946,440
	1,465,000	Erie County, NY IDA (Buffalo City School District)1		5.250			05/01/2031		1,608,658
	1,735,000	Erie County, NY IDA (Buffalo City School District)1		5.250			05/01/2030		1,915,388
	7,050,000	Erie County, NY IDA (Charter School Applied Tech)1		6.875			06/01/2035		7,248,739
	2,900,000	Erie County, NY IDA (Global Concepts Charter School)1		6.250			10/01/2037		2,985,405
	715,000	Erie County, NY IDA (The Episcopal Church Home)1		6.000			02/01/2028		715,572
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	3		06/01/2060		3,983,360
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.196	3		06/01/2055		1,647,664
	72,595,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2045		54,789,624
	25,330,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2038		19,879,744
	135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	3		06/01/2050		3,054,397
	93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	3		06/01/2047		3,117,360
	1,410,000	Essex County, NY IDA (International Paper Company)1		4.600			03/01/2027		1,409,944
	1,500,000	Essex County, NY IDA (International Paper Company)1		6.625			09/01/2032		1,661,745
	975,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		995,602
	1,235,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		1,251,067
	1,100,000	Essex County, NY IDA (North Country Community College Foundation)1		5.300			06/01/2035		1,105,632

2 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$320,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000	%		06/01/2020	$	326,909
	410,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		415,473
	220,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.200			03/01/2028		220,077
	185,000	Fishkill, NY GO1		5.000			04/15/2029		185,259
	900,000	Franklin County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		912,015
	100,000	Glens Falls, NY GO1		6.000			02/01/2040		108,348
	905,000	Green Island, NY Power Authority1		5.125			12/15/2024		877,026
	1,695,000	Green Island, NY Power Authority1		6.000			12/15/2025		1,701,458
	1,675,000	Green Island, NY Power Authority1		6.000			12/15/2020		1,685,284
	1,945,000	Hempstead, NY IDA (Adelphi University)1		5.000			10/01/2030		2,032,194
	3,665,000	Hempstead, NY IDA (Peninsula Counseling Center)1		6.500			11/01/2038		3,365,093
	805,000	Herkimer County, NY IDA (Folts Adult Home)1		5.500			03/20/2040		887,995
	1,000,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.250			08/01/2034		1,000,780
	34,450,000	Hudson Yards, NY Infrastructure Corp.1		5.750			02/15/2047		37,892,244
	4,840,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		4,913,326
	3,400,000	L.I., NY Power Authority, Series A1		5.000			05/01/2036		3,568,232
	3,825,000	L.I., NY Power Authority, Series A1		5.000			05/01/2038		4,026,233
	10,475,000	L.I., NY Power Authority, Series A1		5.750			04/01/2039		11,763,425
	29,735,000	L.I., NY Power Authority, Series A		5.000			09/01/2037		31,308,874
	23,515,000	L.I., NY Power Authority, Series A		5.000			09/01/2042		24,607,037
	65,000	L.I., NY Power Authority, Series B1		5.000			12/01/2035		68,299
	7,000,000	L.I., NY Power Authority, Series B		5.000			09/01/2029		7,555,520
	1,900,000	L.I., NY Power Authority, Series B1		5.750			04/01/2033		2,139,780
	100,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2033		100,572
	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2040		5,257,600
	860,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000			06/01/2028		861,780
	1,100,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000			06/01/2032		1,078,693
	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		5,520,075
	570,000	Middletown, NY IDA (Flanagan Design & Display)2		7.500			11/01/2018		433,987
	2,405,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)1		6.500			12/01/2042		2,373,951
	2,345,000	Monroe County, NY IDA (Summit at Brighton)1		5.375			07/01/2032		1,705,612
	3,660,000	Monroe County, NY IDA (Summit at Brighton)1		5.500			07/01/2027		2,933,051
	455,000	Monroe County, NY IDA (Volunteers of America)1		5.700			08/01/2018		443,903
	2,765,000	Monroe County, NY IDA (Volunteers of America)1		5.750			08/01/2028		2,556,242

3 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.500	%		10/01/2041	$	1,939,875
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.250			10/01/2031		524,785
	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000			10/01/2026		902,207
	960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.500			06/01/2034		1,039,133
	1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000			06/01/2044		1,528,726
	500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000			06/01/2029		532,155
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000			06/01/2034		1,618,517
	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.625			06/01/2026		934,592
	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.750			08/15/2035		17,584,403
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	3		06/01/2061		2,489,500
	580,000	Monroe, NY Newpower Corp.1		5.625			01/01/2026		582,372
	2,265,000	Monroe, NY Newpower Corp.1		5.500			01/01/2034		2,269,892
	700,000	Mount Vernon, NY IDA (Kings Court)1		5.200			12/01/2033		707,336
	1,655,000	Mount Vernon, NY IDA (Meadowview)1		6.150			06/01/2019		1,656,423
	2,600,000	Mount Vernon, NY IDA (Meadowview)1		6.200			06/01/2029		2,600,338
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.741	3		01/15/2022		980,903
	802,824	Municipal Assistance Corp. for Troy, NY		5.733	3		07/15/2021		663,518
	525,000	Nassau County, NY IDA (ACDS)1		5.950			11/01/2022		506,273
	195,000	Nassau County, NY IDA (ALIA-ACDS)1		7.500			06/01/2015		195,419
	400,000	Nassau County, NY IDA (ALIA-HH)1		7.125			06/01/2017		400,476
	310,000	Nassau County, NY IDA (ALIA-HHS)1		7.125			06/01/2017		310,369
	25,000	Nassau County, NY IDA (ALIA-LVH)1		7.500			06/01/2015		25,054
	7,765,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2043		4,116,226
	145,000	Nassau County, NY IDA (CNGCS)1		7.500			06/01/2015		145,312
	2,245,000	Nassau County, NY IDA (CNGCS)		8.150			06/01/2030		2,247,110
	3,950,000	Nassau County, NY IDA (CSMR)1		5.950			11/01/2022		3,809,103
	495,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)1		5.950			11/01/2022		477,343
	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)1		6.500			11/01/2037		1,663,818
	3,150,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)1		5.250			06/01/2027		3,161,655
	545,000	Nassau County, NY IDA (Life’s WORCA)1		5.950			11/01/2022		525,560
	3,535,000	Nassau County, NY IDA (New York Water Service Corp.)1		5.000			12/01/2035		3,562,007
	1,810,000	Nassau County, NY IDA (North Shore CFGA)1		6.750			05/01/2024		1,810,036
	925,000	Nassau County, NY IDA (PLUS Group Home)1		6.150			11/01/2022		905,122
	645,000	Nassau County, NY IDA (United Veteran’s Beacon House)1		6.500			11/01/2037		624,392
	460,000	Nassau County, NY IDA, Series A-A1		6.000			06/01/2021		455,354

4 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$5,300,000	Nassau County, NY IDA, Series A-B1		6.000	%		06/01/2021	$	5,246,470
	515,000	Nassau County, NY IDA, Series A-C1		6.000			06/01/2021		509,798
	575,000	Nassau County, NY IDA, Series A-D1		6.000			06/01/2021		569,192
	40,000,000	Nassau County, NY Tobacco Settlement Corp.		7.351	3		06/01/2060		155,600
	122,875,000	Nassau County, NY Tobacco Settlement Corp.1		5.125			06/01/2046		88,390,131
	9,000,000	Nassau County, NY Tobacco Settlement Corp.1		5.250			06/01/2026		7,880,670
	20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	3		06/01/2046		681,800
	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	3		06/01/2046		3,342,451
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		6.537	3		06/01/2060		5,107,241
	22,780,000	Nassau County, NY Tobacco Settlement Corp. (TASC)1		5.000			06/01/2035		17,213,707
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)1		5.375			04/01/2036		3,793,752
	1,800,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		1,804,716
	1,480,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2034		1,428,999
	20,000	Niagara County, NY Tobacco Asset Securitization Corp.1		5.750			05/15/2022		19,756
	6,295,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2040		5,903,136
	125,000	Niagara Falls, NY Public Water Authority1		5.500			07/15/2034		127,010
	500,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2035		513,865
	850,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2042		870,111
	2,025,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.625			04/01/2029		2,039,195
	385,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000			04/01/2028		377,408
	2,270,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)1		7.375			12/15/2021		2,691,108
	6,245,000	NY Counties Tobacco Trust I1		6.500			06/01/2035		6,244,126
	19,230,000	NY Counties Tobacco Trust I1		6.625			06/01/2042		18,964,626
	5,185,000	NY Counties Tobacco Trust I1		6.250			06/01/2028		5,184,430
	53,880,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043		52,464,034
	29,835,000	NY Counties Tobacco Trust II (TASC)1		5.625			06/01/2035		29,832,912
	245,000	NY Counties Tobacco Trust III1		6.000			06/01/2043		244,988
	7,000,000	NY Counties Tobacco Trust IV1		5.000			06/01/2038		5,584,460
	304,690,000	NY Counties Tobacco Trust IV		6.395	3		06/01/2055		3,988,392
	131,335,000	NY Counties Tobacco Trust IV		5.920	3		06/01/2050		2,970,798
	608,700,000	NY Counties Tobacco Trust IV		6.816	3		06/01/2060		2,367,843
	38,275,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2045		28,199,872
	52,535,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2042		39,118,086
	82,500,000	NY Counties Tobacco Trust IV (TASC)1		6.250			06/01/2041		72,053,850
	3,845,000,000	NY Counties Tobacco Trust V		7.846	3		06/01/2060		14,957,050
	643,195,000	NY Counties Tobacco Trust V		6.850	3		06/01/2055		7,216,648
	598,653,613	NY Counties Tobacco Trust V		6.210	3		06/01/2050		15,511,115
	236,140,000	NY Counties Tobacco Trust V		6.070	3		06/01/2038		35,971,206
	62,345,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)5		5.625			01/15/2046		67,013,145

5 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)5		5.125	%		01/15/2044	$	15,623,400
	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		7,726,589
	3,400,000	NY MTA, Series A		5.000			11/15/2029		3,718,750
	500,000	NY MTA, Series A		5.000			11/15/2027		556,575
	6,800,000	NY MTA, Series A1		5.250			11/15/2038		7,309,456
	500,000	NY MTA, Series A		5.000			11/15/2026		560,040
	4,000,000	NY MTA, Series C		5.000			11/15/2038		4,241,800
	1,375,000	NY MTA, Series D		5.250			11/15/2026		1,590,325
	1,225,000	NY MTA, Series D1		5.250			11/15/2034		1,321,750
	13,400,000	NY MTA, Series D		5.000			11/15/2027		14,836,614
	585,000	NY MTA, Series D		5.250			11/15/2027		671,744
	1,100,000	NY MTA, Series D		5.250			11/15/2030		1,238,358
	1,100,000	NY MTA, Series D		5.250			11/15/2029		1,245,981
	690,000	NY MTA, Series D		5.250			11/15/2028		786,993
	2,150,000	NY MTA, Series D		5.000			11/15/2032		2,311,078
	1,100,000	NY MTA, Series D		5.250			11/15/2031		1,229,844
	1,100,000	NY MTA, Series D		5.250			11/15/2033		1,218,613
	1,100,000	NY MTA, Series D		5.250			11/15/2032		1,224,212
	27,675,000	NY MTA, Series D		5.000			11/15/2030		30,000,807
	3,500,000	NY MTA, Series D-1		5.000			11/01/2028		3,873,940
	8,000,000	NY MTA, Series D-1		5.000			11/01/2027		8,917,280
	41,970,000	NY MTA, Series F1		5.000			11/15/2030		45,497,159
	2,100,000	NY MTA, Series H1		5.000			11/15/2033		2,262,099
	3,000,000	NY MTA, Series H1		5.000			11/15/2025		3,400,680
	3,200,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2029		3,536,416
	2,100,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2030		2,345,049
	13,950,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2026		12,700,220
	317,515,000	NY TSASC, Inc. (TFABs)1		5.125			06/01/2042		246,921,890
	250,510,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2034		199,528,710
	5,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)1		7.250	6		11/01/2042		4,999,800
	350,000	NYC GO		5.000			10/01/2030		385,472
	3,000,000	NYC GO1		5.000			08/01/2029		3,319,260
	3,800,000	NYC GO1		5.000			08/01/2035		4,052,928
	3,300,000	NYC GO1		5.000			10/01/2033		3,579,114
	1,915,000	NYC GO		5.000			10/01/2034		2,071,207
	2,500,000	NYC GO1		5.000			10/01/2029		2,770,750
	8,750,000	NYC GO		5.000			03/01/2033		9,485,875
	5,000	NYC GO1		5.000			04/01/2035		5,239
	70,000	NYC GO1		5.000			04/01/2035		72,504
	5,000,000	NYC GO1		5.000			08/01/2029		5,504,350
	5,760,000	NYC GO		5.000			08/01/2031		6,303,686
	15,000	NYC GO1		5.000			06/01/2020		15,832
	5,000	NYC GO1		7.250			08/15/2024		5,027
	10,920,000	NYC GO5		5.000			08/01/2030		11,444,706
	5,000	NYC GO		5.950			08/01/2014		5,024
	5,000	NYC GO1		5.320			01/15/2028		5,020

6 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$5,400,000	NYC GO5		5.000	%		08/01/2035	$	5,644,531
	9,265,000	NYC GO5		5.000			12/01/2033		9,534,007
	8,915,000	NYC GO5		5.000			03/01/2035		9,210,705
	20,000,000	NYC GO5		5.250			03/01/2021		23,535,400
	10,000,000	NYC GO5		5.000			10/01/2034		10,732,900
	15,000	NYC GO1		5.500			11/15/2037		15,063
	2,000,000	NYC GO1		6.250			12/15/2031		2,329,540
	3,340,000	NYC GO1		5.000			05/15/2036		3,706,097
	5,135,000	NYC GO		5.000			10/01/2032		5,600,436
	5,000	NYC GO1		7.750			08/15/2028		5,136
	240,000	NYC GO1		5.250			06/01/2027		240,886
	395,000	NYC GO1		5.375			06/01/2032		396,623
	5,395,000	NYC GO ROLs7		15.507	8		05/15/2036		7,760,384
	875,000	NYC GO ROLs7		18.498	8		05/15/2033		1,284,045
	1,475,000	NYC GO ROLs7		18.483	8		05/15/2031		2,187,248
	780,000	NYC HDC (Multifamily Hsg.)1		5.000			11/01/2030		791,263
	2,670,000	NYC HDC (Multifamily Hsg.)1		5.450			11/01/2046		2,685,406
	1,215,000	NYC HDC (Multifamily Hsg.)1		5.350			05/01/2041		1,243,127
	1,675,000	NYC HDC (Multifamily Hsg.)1		5.200			11/01/2035		1,695,217
	3,735,000	NYC HDC (Multifamily Hsg.)1		5.450			11/01/2040		3,831,176
	5,100,000	NYC HDC (Multifamily Hsg.)1		5.150			11/01/2037		5,192,922
	890,000	NYC HDC (Multifamily Hsg.)1		4.950			11/01/2039		915,926
	5,140,000	NYC HDC (Multifamily Hsg.)1		5.350			11/01/2037		5,265,827
	7,205,000	NYC HDC (Multifamily Hsg.)1		5.250			11/01/2045		7,317,182
	2,840,000	NYC HDC (Multifamily Hsg.)5		5.550			11/01/2039		2,993,956
	10,910,000	NYC HDC (Multifamily Hsg.)5		5.700			11/01/2046		11,526,762
	4,685,000	NYC HDC (Multifamily Hsg.)5		5.050			11/01/2039		4,713,431
	3,090,000	NYC HDC (Multifamily Hsg.)5		5.500			11/01/2034		3,261,740
	8,035,000	NYC HDC (Multifamily Hsg.)5		5.200			11/01/2040		8,155,651
	14,110,000	NYC HDC (Multifamily Hsg.)5		5.250			11/01/2030		14,167,743
	3,500,000	NYC HDC (Multifamily Hsg.)5		5.000			11/01/2037		3,521,805
	2,435,000	NYC HDC (Multifamily Hsg.)5		5.100			11/01/2027		2,508,316
	3,000,000	NYC HDC (Multifamily Hsg.)5		5.125			11/01/2032		3,058,290
	25,000	NYC HDC (Multifamily Hsg.)1		5.550			11/01/2039		26,355
	70,000	NYC HDC (Multifamily Hsg.), Series A1		5.500			11/01/2034		70,296
	29,700,000	NYC HDC (Multifamily Hsg.), Series B5		5.350			05/01/2049		30,226,707
	8,365,000	NYC HDC (Multifamily Hsg.), Series C5		5.125			05/01/2040		8,421,430
	11,250,000	NYC HDC (Multifamily Hsg.), Series C5		5.050			11/01/2036		11,323,765
	13,180,000	NYC HDC (Multifamily Hsg.), Series G-15		4.875			11/01/2039		13,266,420
	3,400,000	NYC HDC (Multifamily Hsg.), Series H-21		5.250			05/01/2046		3,410,370
	1,345,000	NYC HDC (Multifamily Hsg.), Series H-21		5.200			11/01/2038		1,349,264
	15,510,000	NYC HDC (Multifamily Hsg.), Series I-25		5.200			11/01/2038		15,611,698
	30,000	NYC HDC, Series B-21		5.300			05/01/2036		30,010
	2,750,000	NYC HDC, Series C5		5.000			11/01/2026		2,792,955
	45,000	NYC IDA (Allied Metal)1		6.375			12/01/2014		44,813
	940,000	NYC IDA (Allied Metal)1		7.125			12/01/2027		888,601
	2,335,000	NYC IDA (Amboy Properties)1		6.750			06/01/2020		2,185,583
	18,200,000	NYC IDA (American Airlines)1		7.625			08/01/2025		19,915,532
	59,350,000	NYC IDA (American Airlines)1		7.750			08/01/2031		64,943,738
	39,860,000	NYC IDA (American Airlines)1		8.000			08/01/2028		43,711,273

7 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$340,000	NYC IDA (American Airlines)1		7.500	%		08/01/2016	$	360,553
	338,060,000	NYC IDA (American Airlines)1		8.500			08/01/2028		359,239,459
	3,530,000	NYC IDA (American National Red Cross)1		5.000			02/01/2036		3,522,764
	525,000	NYC IDA (Atlantic Veal & Lamb)		8.375			12/01/2016		521,913
	900,000	NYC IDA (Bark Frameworks)		6.750			11/01/2019		896,634
	5,100,000	NYC IDA (Beth Abraham Health Services)		6.500			02/15/2022		5,259,579
	4,220,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2034		4,350,778
	1,035,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2027		1,067,458
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.750			10/01/2036		122,511,950
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		6.200			10/01/2022		20,925,486
	97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.650			10/01/2028		81,788,316
	2,895,000	NYC IDA (Center for Elimination of Family Violence)1		7.375			11/01/2036		2,931,998
	13,900,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375			08/01/2027		12,246,734
	3,400,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375			08/01/2027		2,995,604
	18,000,000	NYC IDA (Chapin School)1		5.000			11/01/2038		18,003,960
	3,385,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		3,387,031
	1,490,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		1,530,632
	1,340,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		1,340,697
	680,000	NYC IDA (Comprehensive Care Management)		7.875			12/01/2016		680,700
	3,145,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		3,145,377
	725,000	NYC IDA (Cool Wind Ventilation)1		5.450			11/01/2017		708,144
	5,685,000	NYC IDA (Cool Wind Ventilation)1		6.075			11/01/2027		5,187,392
	805,000	NYC IDA (Cool Wind Ventilation)1		5.450			11/01/2017		786,284
	5,500,000	NYC IDA (Family Support Systems)2		7.500			11/01/2034		2,198,735
	490,000	NYC IDA (Good Shepherd Services)		5.875			06/01/2014		491,299
	2,670,000	NYC IDA (Gourmet Boutique)1		5.750			05/01/2021		1,894,392
	7,290,000	NYC IDA (Guttmacher Institute)1		5.750			12/01/2036		6,896,996
	700,000	NYC IDA (Independent Living Assoc.)1		6.200			07/01/2020		700,042
	1,240,000	NYC IDA (Liberty-IAC/Interactive Corp.)1		5.000			09/01/2035		1,241,004
	3,745,000	NYC IDA (Manhattan Community Access Corp.)1		6.000			12/01/2036		3,651,824
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		9,183,349
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		1,896,724
	14,745,000	NYC IDA (MediSys Health Network)		6.250			03/15/2024		13,498,900
	8,405,000	NYC IDA (Metro Biofuels)2		6.000			11/01/2028		6,092,953
	1,945,000	NYC IDA (Metropolitan College of New York)1		5.750			03/01/2020		1,986,059
	40,000,000	NYC IDA (NYU)5		5.250			07/01/2048		43,273,276
	805,000	NYC IDA (Petrocelli Electric)1		8.000			11/01/2018		751,572
	2,935,000	NYC IDA (Petrocelli Electric)		8.000			11/01/2017		2,767,235
	1,750,000	NYC IDA (PSCH)1		6.375			07/01/2033		1,747,288
	6,800,000	NYC IDA (Reece School)1		7.500			12/01/2037		7,144,012
	1,000,000	NYC IDA (Roundabout Theatre)1		5.000			10/01/2023		948,140
	2,760,000	NYC IDA (Sahadi Fine Foods)1		6.750			11/01/2019		2,749,733
	200,000	NYC IDA (Samaritan Aids Services)1		5.000			11/01/2024		200,328
	875,000	NYC IDA (SFTU/YAI/CRV Obligated Group)1		5.000			07/01/2026		796,583

8 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$500,000	NYC IDA (Special Needs Facilities Pooled Program)1		6.650	%		07/01/2023	$	498,465
	280,000	NYC IDA (Special Needs Facilities Pooled Program)1		7.875			08/01/2025		280,280
	1,625,000	NYC IDA (Special Needs Facilities Pooled Program)1		4.750			07/01/2020		1,524,786
	995,000	NYC IDA (Special Needs Facilities Pooled Program)1		5.250			07/01/2022		906,823
	475,000	NYC IDA (St. Francis College)1		5.000			10/01/2034		477,176
	5,760,000	NYC IDA (Stallion)1		5.500			11/01/2031		4,846,234
	955,000	NYC IDA (Stallion)1		6.000			11/01/2027		888,379
	1,275,000	NYC IDA (Streamline Plastics)		8.125			12/01/2025		1,262,314
	155,000	NYC IDA (Streamline Plastics)		7.750			12/01/2015		155,003
	6,808,500	NYC IDA (Studio School)2		7.000			11/01/2038		5,236,962
	2,480,000	NYC IDA (Surprise Plastics)2		8.500			11/01/2023		2,479,975
	605,000	NYC IDA (Surprise Plastics)2		7.500			11/01/2013		604,994
	1,500,000	NYC IDA (Terminal One Group Assoc.)1		5.500	6		01/01/2021		1,602,810
	1,000,000	NYC IDA (The Bank Street College)1		5.250			12/01/2030		1,000,370
	380,000	NYC IDA (The Bank Street College)1		5.250			12/01/2021		380,562
	8,800,000	NYC IDA (The Child School)1		7.550			06/01/2033		8,843,208
	3,570,000	NYC IDA (Therapy & Learning Center)1		8.250			09/01/2031		3,540,440
	9,580,000	NYC IDA (TIP/AeFM/AeH/AeHC/AeJFK/AeKC/AeL Obligated Group)		5.000			07/01/2028		9,839,905
	32,040,000	NYC IDA (Unicef)1		5.300			11/01/2038		30,781,148
	5,000,000	NYC IDA (United Jewish Appeal-Federal Jewish Philanthropies)		5.000			07/01/2034		5,421,950
	3,640,000	NYC IDA (Urban Resource Institute)1		7.375			11/01/2033		3,521,008
	5,500,000	NYC IDA (Visy Paper)1		7.800			01/01/2016		5,506,435
	70,500,000	NYC IDA (Visy Paper)1		7.950			01/01/2028		70,614,210
	1,930,000	NYC IDA (Vocational Instruction)2		7.750			02/01/2033		1,057,640
	1,210,000	NYC IDA (W & W Jewelers)1		8.250			02/01/2021		1,210,085
	2,900,000	NYC IDA (Weizmann Institute)1		5.900			11/01/2034		2,887,849
	5,930,000	NYC IDA (Weizmann Institute)1		5.900			11/01/2034		5,905,153
	995,000	NYC IDA (World Casing Corp.)1		6.700			11/01/2019		960,911
	16,500,000	NYC IDA (Yankee Stadium)1		7.000			03/01/2049		19,279,590
	28,110,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2046		28,232,560
	70,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2036		71,023
	6,800,000	NYC IDA (Yankee Stadium)1		1.804			03/01/2022		6,210,644
	100,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2031		101,438
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)1		5.725			11/01/2037		23,065,480
	31,750,000	NYC Municipal Water Finance Authority5		5.500			06/15/2043		36,031,805
	21,570,000	NYC Municipal Water Finance Authority5		5.375			06/15/2043		24,236,047
	2,650,000	NYC Municipal Water Finance Authority1		5.750			06/15/2040		2,993,467
	8,950,000	NYC Municipal Water Finance Authority1		5.000			06/15/2031		9,903,354
	7,350,000	NYC Municipal Water Finance Authority1		5.250			06/15/2040		8,082,060
	225,000	NYC Municipal Water Finance Authority1		5.000			06/15/2035		226,949
	75,000	NYC Municipal Water Finance Authority1		5.000			06/15/2035		75,753
	19,740,000	NYC Municipal Water Finance Authority1		5.000			06/15/2039		19,927,530
	7,405,000	NYC Municipal Water Finance Authority1		5.250			06/15/2044		7,985,182
	25,000	NYC Municipal Water Finance Authority1		5.000			06/15/2024		25,845

9 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$700,000	NYC Transitional Finance Authority1		5.125	%		01/15/2034	$	754,033
	1,700,000	NYC Transitional Finance Authority (Building Aid)1		5.500			01/15/2039		1,918,994
	15,000,000	NYC Transitional Finance Authority (Building Aid)5		5.250			07/15/2037		16,347,600
	25,000,000	NYC Transitional Finance Authority (Building Aid)5		5.000			07/15/2037		26,647,500
	5,410,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2040		5,747,043
	15,000,000	NYC Transitional Finance Authority (Future Tax)5		5.000			05/01/2034		16,312,950
	20,335,000	NYC Transitional Finance Authority (Future Tax)5		5.000			02/01/2030		22,675,524
	8,190,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2035		8,852,899
	1,845,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2035		1,907,564
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2028		910,724
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2029		456,677
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2030		454,209
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2027		916,938
	260,000	NYS DA (Catholic Health System)		5.000			07/01/2032		265,265
	500,000	NYS DA (Catholic Health System)		5.000			07/01/2032		510,125
	300,000	NYS DA (Culinary Institute of America)		5.000			07/01/2034		306,588
	285,000	NYS DA (Fordham University)1		5.000			07/01/2038		307,940
	200,000	NYS DA (Fordham University)1,9		5.000			07/01/2030		221,012
	5,300,000	NYS DA (Interagency Council Pooled Loan Program)1		7.000			07/01/2031		5,406,106
	5,700,000	NYS DA (Interagency Council)1		7.000			07/01/2035		7,167,294
	3,000,000	NYS DA (Iona College)		5.000			07/01/2032		3,111,630
	3,490,000	NYS DA (Manhattan College)1		5.300			07/01/2037		3,525,458
	18,230,000	NYS DA (Memorial Sloan-Kettering)5		5.000			07/01/2035		19,068,223
	150,000	NYS DA (Mental Health Services Facilities)1		5.000			02/15/2037		154,292
	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)		5.000			07/01/2029		899,483
	135,000	NYS DA (New School University)1		5.000			07/01/2033		135,099
	5,000,000	NYS DA (New School University)1		5.000			07/01/2041		5,002,200
	1,000,000	NYS DA (New School University)1		5.750			07/01/2050		1,080,080
	150,000	NYS DA (New York Methodist Hospital)1		5.250			07/01/2033		150,437
	11,500,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.250			05/01/2034		12,305,460
	8,575,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2036		8,788,689
	2,000,000	NYS DA (NYU Hospitals Center)1		5.625			07/01/2037		2,185,720
	3,100,000	NYS DA (Providence Rest)1		5.250			07/01/2025		3,112,369
	6,035,000	NYS DA (Providence Rest)1		5.000			07/01/2035		5,805,308
	2,700,000	NYS DA (Providence Rest)1		5.125			07/01/2030		2,700,594
	1,525,000	NYS DA (School District Bond Financing Program), Series C1		7.500			04/01/2039		1,840,401
	1,750,000	NYS DA (School District Bond Financing Program), Series C1		7.250			10/01/2028		2,121,648
	2,645,000	NYS DA (School District Bond Financing Program), Series C1		7.375			10/01/2033		3,178,100
	1,920,000	NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)1		5.100			07/01/2034		1,925,894
	5,770,000	NYS DA (Smithtown Special Library District)1		6.000			07/01/2028		6,635,789

10 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$2,480,000	NYS DA (Special Surgery Hospital)1		6.000	%		08/15/2038	$	2,807,707
	270,000	NYS DA (St. John’s University)		5.000			07/01/2028		296,052
	10,750,000	NYS DA (St. John’s University)		5.000			07/01/2030		11,667,513
	3,500,000	NYS DA (St. Joseph’s College)1		5.250			07/01/2035		3,617,285
	48,400,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		50,625,916
	1,575,000	NYS DA (St. Thomas Aquinas College)1		5.250			07/01/2028		1,575,819
	5,620,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2034		6,100,791
	15,915,000	NYS DA (State Personal Income Tax Authority)5		5.000			03/15/2034		17,239,265
	3,000,000	NYS DA (State University of New York)1		5.000			07/01/2040		3,175,320
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			02/15/2035		5,781,344
	4,395,000	NYS DA (The New School)1		5.000			07/01/2031		4,716,143
	60,000	NYS DA (University of Rochester)1		5.000			07/01/2034		60,652
	1,000,000	NYS DA (University of Rochester)1		0.000	11		07/01/2039		1,061,100
	11,695,000	NYS DA (Vassar College)5		5.000			07/01/2046		12,398,615
	3,000,000	NYS DA (Yeshiva University)1		5.000			09/01/2034		2,877,570
	2,565,000	NYS DA (Yeshiva University)1		5.000			09/01/2038		2,416,666
	3,105,000	NYS DA (Yeshiva University)1		5.000			11/01/2031		3,023,401
	1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2037		1,541,159
	430,000	NYS EFC (NYC Municipal Water Finance Authority)1		5.000			06/15/2034		434,012
	250,000	NYS EFC (United Waterworks)1		5.150			03/01/2034		250,100
	15,000	NYS ERDA (Brooklyn Union Gas Company)		5.500			01/01/2021		15,060
	25,000	NYS ERDA (Brooklyn Union Gas Company)1		4.700			02/01/2024		26,275
	16,300,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		13.539	8		07/01/2026		16,453,872
	7,000,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		12.371	8		04/01/2020		7,022,120
	1,350,000	NYS ERDA (Rochester Gas & Electric)1		0.080	6		08/01/2032		1,163,391
	2,365,000	NYS HFA (Affordable Hsg.)1		5.250			11/01/2038		2,405,773
	150,000	NYS HFA (Affordable Hsg.)1		6.750			11/01/2038		169,298
	10,220,000	NYS HFA (Affordable Hsg.)5		5.450			11/01/2045		10,423,986
	2,000,000	NYS HFA (Affordable Hsg.)1		5.000			11/01/2042		2,068,220
	1,080,000	NYS HFA (Affordable Hsg.)1		6.450			11/01/2029		1,187,914
	600,000	NYS HFA (Affordable Hsg.)1		5.200			11/01/2030		627,066
	1,350,000	NYS HFA (Children’s Rescue)1		7.625			05/01/2018		1,350,041
	925,000	NYS HFA (Friendship)1		5.100			08/15/2041		929,995
	1,155,000	NYS HFA (Golden Age Apartments)1		5.000			02/15/2037		1,163,547
	150,000	NYS HFA (Highland Avenue Senior Apartments)1		5.000			02/15/2039		151,188
	120,000	NYS HFA (Horizons at Wawayanda)1		5.150			11/01/2040		122,510
	1,710,000	NYS HFA (Multifamily Hsg.)1		5.650			02/15/2034		1,711,385
	2,080,000	NYS HFA (Multifamily Hsg.)1		5.375			02/15/2035		2,081,144
	1,255,000	NYS HFA (Multifamily Hsg.)1		6.400			11/15/2027		1,257,246
	2,075,000	NYS HFA (Multifamily Hsg.)1		5.500			08/15/2030		2,076,743
	630,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2018		632,904
	495,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2015		497,782
	535,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2016		537,830
	590,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2017		592,891
	470,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2014		472,768
	1,250,000	NYS HFA (State Personal Income Tax Authority)1		5.000			03/15/2036		1,309,763
	835,000	NYS LGSC (SCSB)		7.750			12/15/2021		842,231
	395,000	NYS LGSC (SCSB)		7.375			12/15/2016		396,082

11 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$5,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000	%		11/15/2031	$	5,371,350
	20,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.750			11/15/2051		21,846,400
	7,650,000	NYS Thruway Authority		5.000			01/01/2032		8,263,530
	50,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)1		4.625			09/15/2030		47,163
	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)1		5.000			09/15/2035		791,131
	1,185,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2030		1,229,153
	1,115,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2037		1,144,759
	13,570,000	Onondaga County, NY Res Rec		5.000			05/01/2015		13,569,593
	42,834,598	Onondaga County, NY Res Rec		0.000	11		05/01/2022		38,423,919
	1,000,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)		5.000			07/01/2032		1,033,720
	3,465,000	Onondaga, NY Civic Devel Corp. (Upstate Properties)1		5.250			12/01/2041		3,632,845
	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.375			07/01/2040		2,073,880
	1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000			07/01/2042		1,447,929
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2021		1,716,561
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2026		6,332,722
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2026		2,235,961
	19,290,000	Port Authority NY/NJ (Continental Airlines)1		9.125			12/01/2015		19,687,567
	32,015,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2025		32,164,190
	16,505,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		16,607,496
	40,000,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2019		38,755,200
	33,025,000	Port Authority NY/NJ, 136th Series5		5.125			05/01/2034		33,383,208
	19,175,000	Port Authority NY/NJ, 136th Series5		5.375			11/01/2028		19,438,261
	5,050,000	Port Authority NY/NJ, 136th Series1		5.125			05/01/2034		5,104,742
	22,855,000	Port Authority NY/NJ, 136th Series5		5.500			11/01/2029		23,171,497
	26,000,000	Port Authority NY/NJ, 138th Series5		4.750			12/01/2034		26,347,100
	27,255,000	Port Authority NY/NJ, 141st Series5		4.500			09/01/2029		27,614,691
	47,910,000	Port Authority NY/NJ, 143rd Series5		5.000			10/01/2030		49,403,355
	35,000	Port Authority NY/NJ, 143rd Series1		5.000			04/01/2036		35,900
	10,000	Port Authority NY/NJ, 146th Series1		4.500			12/01/2034		10,078
	26,100,000	Port Authority NY/NJ, 146th Series5		4.750			12/01/2027		27,417,006
	10,000	Port Authority NY/NJ, 146th Series1		4.750			12/01/2027		10,510
	12,840,000	Port Authority NY/NJ, 146th Series5		4.500			12/01/2034		12,939,330
	17,790,000	Port Authority NY/NJ, 147th Series5		5.000			10/15/2027		19,158,936
	20,000,000	Port Authority NY/NJ, 147th Series5		5.000			10/15/2032		20,609,950
	13,005,000	Port Authority NY/NJ, 147th Series5		4.750			10/15/2028		13,471,080
	82,000,000	Port Authority NY/NJ, 151st Series5		5.750			03/15/2035		89,471,476
	15,000,000	Port Authority NY/NJ, 151st Series5		6.000			09/15/2028		16,766,100
	13,715,000	Port Authority NY/NJ, 152nd Series5		5.250			05/01/2038		14,666,246
	101,940,000	Port Authority NY/NJ, 152nd Series5		5.250			11/01/2035		109,412,202

12 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$22,500,000	Port Authority NY/NJ, 152nd Series5		5.750	%		11/01/2030	$	24,846,975
	15,300,000	Port Authority NY/NJ, 161st Series5		5.000			10/15/2031		17,156,043
	20,250,000	Port Authority NY/NJ, 163rd Series5		5.000			07/15/2039		21,428,348
	15,000,000	Port Authority NY/NJ, 166th Series5		5.250			07/15/2036		16,606,650
	21,515,000	Port Authority NY/NJ, 166th Series5		5.000			01/15/2041		22,867,119
	400,000	Port Authority NY/NJ, 172nd Series1		5.000			10/01/2034		423,084
	50,660,000	Port Authority NY/NJ, 37th Series5		5.250			07/15/2034		51,337,324
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		6.000			08/01/2032		2,758,471
	2,525,000	Ramapo, NY Local Devel. Corp.1		5.000			03/15/2033		2,665,744
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375			12/01/2036		1,509,165
	6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.625			06/01/2035		6,283,606
	7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.750			06/01/2043		7,299,343
	4,820,000	Rensselaer, NY City School District COP1		5.000			06/01/2036		4,840,774
	1,025,000	Riverhead, NY IDA (Michael Reilly Design)		8.875			08/01/2021		1,027,245
	1,195,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)1		4.900			07/01/2021		1,127,578
	30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.875	3		08/15/2045		1,104,900
	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.668	3		08/15/2060		1,885,680
	13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.750			08/15/2043		12,929,348
	9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.625			08/15/2035		9,224,262
	35,000	Sanford Town, NY GO1		5.250			04/15/2025		35,927
	25,000	Sanford Town, NY GO1		5.250			04/15/2018		26,434
	35,000	Sanford Town, NY GO1		5.250			04/15/2026		35,888
	40,000	Sanford Town, NY GO1		5.250			04/15/2028		40,923
	40,000	Sanford Town, NY GO1		5.250			04/15/2027		40,974
	25,000	Sanford Town, NY GO1		5.250			04/15/2019		26,275
	30,000	Sanford Town, NY GO1		5.250			04/15/2024		30,865
	30,000	Sanford Town, NY GO1		5.250			04/15/2023		30,951
	30,000	Sanford Town, NY GO1		5.250			04/15/2022		31,037
	25,000	Sanford Town, NY GO1		5.250			04/15/2020		26,111
	30,000	Sanford Town, NY GO1		5.250			04/15/2021		31,144
	25,000	Sanford Town, NY GO1		5.250			04/15/2017		26,627
	60,000	Sanford Town, NY GO1		5.250			04/15/2035		60,954
	55,000	Sanford Town, NY GO1		5.250			04/15/2034		55,917
	45,000	Sanford Town, NY GO1		5.250			04/15/2031		45,847
	50,000	Sanford Town, NY GO1		5.250			04/15/2033		50,863
	50,000	Sanford Town, NY GO1		5.250			04/15/2032		50,902
	20,000	Sanford Town, NY GO1		5.250			04/15/2016		21,456
	45,000	Sanford Town, NY GO1		5.250			04/15/2030		45,909
	60,000	Sanford Town, NY GO1		5.250			04/15/2036		60,919
	40,000	Sanford Town, NY GO1		5.250			04/15/2029		40,871
	20,000	Sanford Town, NY GO1		5.250			04/15/2015		20,814

13 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$2,650,000	Seneca County, NY IDA (New York Chiropractic College)1		5.000	%		10/01/2027	$	2,712,275
	28,260,000	SONYMA, Series 1095		4.950			10/01/2034		28,268,480
	22,640,000	SONYMA, Series 1375		4.700			10/01/2031		22,742,650
	12,600,000	SONYMA, Series 1405		4.750			10/01/2037		12,476,381
	7,785,000	SONYMA, Series 1435		4.900			10/01/2037		7,832,563
	520,000	St. Lawrence County, NY IDA (Clarkson University)1		6.000			09/01/2034		587,756
	4,775,000	St. Lawrence County, NY IDA (Clarkson University)1		5.375			09/01/2041		5,071,384
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)		5.000			09/01/2041		1,569,449
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)1		7.250			12/01/2029		3,598,264
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2030		1,397,837
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2031		1,470,270
	25,075,000	Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)1		5.000			07/01/2028		26,412,250
	945,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)1		6.000			12/01/2019		949,271
	1,005,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)1		6.750			06/01/2027		980,116
	4,230,000	Suffolk County, NY Economic Devel. Corp., Series A1		7.375			12/01/2040		4,303,729
	545,000	Suffolk County, NY IDA (ACLD)1		6.000			12/01/2019		547,463
	1,505,000	Suffolk County, NY IDA (ALIA-ACLD)1		5.950			10/01/2021		1,504,549
	215,000	Suffolk County, NY IDA (ALIA-ADD)1		7.125			06/01/2017		215,252
	30,000	Suffolk County, NY IDA (ALIA-ADD)		7.500			09/01/2015		30,336
	40,000	Suffolk County, NY IDA (ALIA-ADD)1		6.950			12/01/2014		40,072
	845,000	Suffolk County, NY IDA (ALIA-Adelante)1		6.500			11/01/2037		819,650
	2,085,000	Suffolk County, NY IDA (ALIA-DDI)1		5.950			10/01/2021		2,084,375
	585,000	Suffolk County, NY IDA (ALIA-FREE)1		5.950			10/01/2021		584,825
	630,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950			11/01/2022		625,584
	345,000	Suffolk County, NY IDA (ALIA-IGHL)1		6.000			10/01/2031		321,744
	420,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950			10/01/2021		419,874
	160,000	Suffolk County, NY IDA (ALIA-NYS ARC)		7.500			09/01/2015		161,792
	580,000	Suffolk County, NY IDA (ALIA-NYS ARC)1		5.950			11/01/2022		575,934
	120,000	Suffolk County, NY IDA (ALIA-Pederson-Krag Center)1		8.375			06/01/2016		120,432
	135,000	Suffolk County, NY IDA (ALIA-SMCFS)		7.500			09/01/2015		136,512
	100,000	Suffolk County, NY IDA (ALIA-Suffolk Hostels)		7.500			09/01/2015		100,965
	65,000	Suffolk County, NY IDA (ALIA-UCPAGS)		7.500			09/01/2015		65,728
	295,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		7.000			06/01/2016		295,375
	35,000	Suffolk County, NY IDA (ALIA-UCPAGS)		6.375			06/01/2014		35,046
	150,000	Suffolk County, NY IDA (ALIA-UCPAGS)		6.950			12/01/2014		150,107
	1,400,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		5.950			10/01/2021		1,399,580
	3,530,000	Suffolk County, NY IDA (ALIA-UVBH)1		6.500			11/01/2037		3,424,100
	565,000	Suffolk County, NY IDA (ALIA-WORCA)1		5.950			11/01/2022		561,039
	365,000	Suffolk County, NY IDA (Catholic Charities)1		6.000			10/01/2020		366,595

14 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$95,000	Suffolk County, NY IDA (DDI)1		6.000	%		12/01/2019	$	95,429
	305,000	Suffolk County, NY IDA (DDI)1		6.000			10/01/2020		306,333
	320,000	Suffolk County, NY IDA (DDI)1		6.000			10/01/2020		321,398
	130,000	Suffolk County, NY IDA (Dowling College)1		5.000			06/01/2036		117,407
	2,455,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)1		5.375			01/01/2027		2,357,389
	1,980,000	Suffolk County, NY IDA (Federation of Organizations)1		8.125			04/01/2030		1,982,198
	1,995,000	Suffolk County, NY IDA (Huntington First Aid Squad)		6.650			11/01/2017		1,995,379
	760,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			10/01/2020		763,321
	150,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			12/01/2019		150,678
	4,065,000	Suffolk County, NY IDA (L.I. Network Community Services)1		7.550			02/01/2034		4,165,202
	7,555,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)1		6.375			01/01/2039		7,484,436
	1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)1		6.750			11/01/2036		1,868,394
	635,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)1		6.750			11/01/2036		634,981
	24,580,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1		5.500			01/01/2023		24,443,089
	4,800,000	Suffolk County, NY IDA (Pederson-Krager Center)1		7.200			02/01/2035		4,109,952
	2,295,000	Suffolk County, NY IDA (Pederson-Krager Center)1		8.125			04/01/2030		2,220,114
	930,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)1		5.250			07/01/2022		881,854
	310,000	Suffolk County, NY IDA (Suffolk Hotels)1		6.000			10/01/2020		314,185
	1,080,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1		6.000			12/01/2019		1,084,882
	3,165,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		7.875			09/01/2041		3,237,257
	640,000	Suffolk County, NY IDA (WORCA)1		6.000			10/01/2020		642,797
	287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	3		06/01/2048		7,796,372
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.625			06/01/2044		108,845,951
	10,080,000	Suffolk, NY Tobacco Asset Securitization Corp.1		5.375			06/01/2028		9,257,976
	29,915,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2048		24,258,074
	3,005,000	Sullivan County, NY Community College COP2,10		5.750			08/15/2025		2,567,592
	6,367,500	Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)1		8.500			11/01/2031		6,496,760
	203,935,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2036		203,249,778
	1,000,000	Syracuse, NY IDA (Crouse Irving Health Hospital)1		5.375			01/01/2023		1,000,280
	4,390,000	Syracuse, NY IDA (James Square)		7.197	3		08/01/2025		2,111,414
	2,050,000	Syracuse, NY IDA (Jewish Home of Central New York)1		7.375			03/01/2031		1,848,198
	560,000	Syracuse, NY IDA (Jewish Home of Central New York)1		7.375			03/01/2021		535,349

15 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,700,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000	%		07/01/2038	$	1,659,030
	2,425,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2032		2,417,628
	22,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000			09/01/2030		23,783,246
	185,000	Ulster County, NY Res Rec1		5.000			03/01/2020		192,026
	1,925,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.250			06/01/2025		1,888,483
	3,180,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2040		2,842,189
	3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.450			06/01/2040		2,714,747
	1,280,000	Warren & Washington Counties, NY IDA (GFH/GFHF Obligated Group)1		5.000			12/01/2035		1,280,666
	20,000	Westchester County, NY GO1		5.375			12/15/2014		20,216
	9,245,000	Westchester County, NY Healthcare Corp., Series A1		5.000			11/01/2030		9,617,204
	1,700,000	Westchester County, NY Healthcare Corp., Series B1		5.125			11/01/2041		1,755,420
	1,215,000	Westchester County, NY IDA (Clearview School)1		7.250			01/01/2035		1,220,638
	1,225,000	Westchester County, NY IDA (Guiding Eyes for the Blind)1		5.375			08/01/2024		1,254,951
	520,000	Westchester County, NY IDA (JDAM)1		6.750			04/01/2016		525,205
	3,400,000	Westchester County, NY IDA (Lawrence Hospital)1		5.000			01/01/2028		3,400,578
	375,000	Westchester County, NY IDA (Lawrence Hospital)1		5.125			01/01/2018		375,713
	1,470,000	Westchester County, NY IDA (Schnurmacher Center)1		6.500			11/01/2033		1,518,451
	59,400,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2038		50,271,408
	4,500,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2026		4,195,980
	52,815,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2045		40,973,877
	2,785,000	Yonkers, NY IDA (Hudson Scenic Studio)1		6.625			11/01/2019		2,699,946
	1,415,000	Yonkers, NY IDA (Philipsburgh Hall Associates)1		7.500			11/01/2030		1,237,403
	1,050,000	Yonkers, NY IDA (Sarah Lawrence College)1		6.000			06/01/2041		1,131,081
	600,000	Yonkers, NY IDA (St. Joseph’s Hospital)1		6.150			03/01/2015		599,988
	1,000,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-A1		6.150			03/01/2015		999,980
	200,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-B1		6.150			03/01/2015		199,996
	1,215,000	Yonkers, NY Parking Authority1		6.000			06/15/2024		1,089,661
	685,000	Yonkers, NY Parking Authority1		6.000			06/15/2018		685,329
									5,204,120,935
	U.S. Possessions—28.6%
	825,000	Guam Education Financing Foundation COP1		5.000			10/01/2023		833,489
	10,000,000	Guam GO1		7.000			11/15/2039		10,612,100

16 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$2,400,000	Guam Government Business Privilege1		5.000	%		01/01/2031	$	2,472,072
	345,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		378,562
	1,560,000	Guam Power Authority, Series A		5.000			10/01/2024		1,734,985
	2,790,000	Guam Power Authority, Series A		5.000			10/01/2030		2,961,501
	1,230,000	Guam Power Authority, Series A		5.000			10/01/2023		1,389,236
	31,250,000	Northern Mariana Islands Commonwealth, Series A1		5.000			06/01/2030		24,502,812
	1,865,000	Northern Mariana Islands Commonwealth, Series A1		5.000			10/01/2022		1,685,512
	7,465,000	Northern Mariana Islands Ports Authority, Series A1		6.250			03/15/2028		5,395,702
	14,500,000	Northern Mariana Islands Ports Authority, Series A1		6.600			03/15/2028		13,386,690
	1,950,000	Puerto Rico Aqueduct & Sewer Authority1		5.000			07/01/2033		1,311,277
	15,350,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2047		11,014,392
	1,580,000	Puerto Rico Aqueduct & Sewer Authority1		5.250			07/01/2029		1,131,564
	10,000,000	Puerto Rico Aqueduct & Sewer Authority1		5.250			07/01/2024		7,478,000
	4,000,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		2,891,320
	80,800,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2038		59,658,680
	55,825,000	Puerto Rico Aqueduct & Sewer Authority1		6.125			07/01/2024		43,703,718
	84,470,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		61,057,450
	16,250,000	Puerto Rico Aqueduct & Sewer Authority		5.750			07/01/2037		11,711,050
	49,000,000	Puerto Rico Aqueduct & Sewer Authority1		5.125			07/01/2047		44,277,870
	745,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.165	3		05/15/2055		19,101,800
	168,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.627	3		05/15/2050		10,809,275
	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	3		05/15/2057		48,503,946
	56,685,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		48,301,288
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	3		05/15/2057		31,410,496
	3,670,000	Puerto Rico Commonwealth GO1		6.000			07/01/2040		2,842,819
	1,000,000	Puerto Rico Commonwealth GO1		6.000			07/01/2028		829,380
	390,000	Puerto Rico Commonwealth GO1		6.000			07/01/2039		303,131
	5,675,000	Puerto Rico Commonwealth GO1		6.500			07/01/2040		4,650,662
	3,205,000	Puerto Rico Commonwealth GO1		5.625			07/01/2033		2,481,439
	30,000,000	Puerto Rico Commonwealth GO1		5.750			07/01/2036		22,905,000
	2,700,000	Puerto Rico Commonwealth GO1		6.000			07/01/2035		2,124,576
	5,050,000	Puerto Rico Commonwealth GO1		6.500			07/01/2037		4,172,815
	3,315,000	Puerto Rico Commonwealth GO1		5.125			07/01/2031		2,512,306
	13,300,000	Puerto Rico Commonwealth GO1		5.125			07/01/2031		9,773,771
	10,230,000	Puerto Rico Commonwealth GO1		5.250			07/01/2034		7,528,257
	14,500,000	Puerto Rico Commonwealth GO1		5.250			07/01/2031		10,823,815
	1,000,000	Puerto Rico Commonwealth GO1		5.500			07/01/2026		812,980
	7,850,000	Puerto Rico Commonwealth GO1		5.500			07/01/2029		6,207,544
	1,095,000	Puerto Rico Commonwealth GO		5.500			07/01/2039		822,597
	5,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2028		4,078,600
	43,385,000	Puerto Rico Commonwealth GO1		5.250			07/01/2037		31,847,193
	1,270,000	Puerto Rico Commonwealth GO1		6.000			07/01/2028		1,270,851
	76,300,000	Puerto Rico Commonwealth GO1		5.500			07/01/2032		58,263,443
	770,000	Puerto Rico Commonwealth GO1		5.875			07/01/2036		595,818
	5,000,000	Puerto Rico Commonwealth GO1		5.375			07/01/2033		3,768,900
	2,920,000	Puerto Rico Commonwealth GO1		5.250			07/01/2030		2,205,126

17 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$2,000,000	Puerto Rico Commonwealth GO1		5.000	%		07/01/2033	$	1,443,260
	2,200,000	Puerto Rico Commonwealth GO1		5.250			07/01/2026		1,745,920
	2,500,000	Puerto Rico Commonwealth GO1		5.250			07/01/2032		1,849,500
	23,480,000	Puerto Rico Electric Power Authority, Series A		7.000			07/01/2043		16,468,168
	9,000,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2022		6,432,120
	10,105,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2029		6,514,087
	20,170,000	Puerto Rico Electric Power Authority, Series CCC1		5.250			07/01/2027		13,348,506
	510,000	Puerto Rico Electric Power Authority, Series RR1		5.000			07/01/2024		482,909
	3,550,000	Puerto Rico Electric Power Authority, Series TT1		5.000			07/01/2037		2,117,007
	20,670,000	Puerto Rico Electric Power Authority, Series WW1		5.500			07/01/2038		12,427,424
	1,695,000	Puerto Rico Electric Power Authority, Series XX1		5.250			07/01/2040		1,016,695
	7,590,000	Puerto Rico Electric Power Authority, Series ZZ1		5.250			07/01/2025		5,096,154
	4,845,000	Puerto Rico Highway & Transportation Authority1		5.250			07/01/2030		4,163,841
	4,000,000	Puerto Rico Highway & Transportation Authority1		5.500			07/01/2029		3,569,960
	4,945,000	Puerto Rico Highway & Transportation Authority1		5.300			07/01/2035		3,580,675
	9,515,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2028		5,245,715
	270,000	Puerto Rico Highway & Transportation Authority1		5.750			07/01/2020		148,937
	1,840,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000			07/01/2042		1,014,318
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000			07/01/2033		4,959,115
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H1		5.450			07/01/2035		618,453
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2030		632,338
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2027		3,615,885
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2023		2,538,432
	915,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2030		540,975
	10,000	Puerto Rico Highway & Transportation Authority, Series M1		5.000			07/01/2046		11,381
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M1		5.000			07/01/2046		43,332,976
	57,615,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2039		33,210,438
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2032		2,939,776
	5,000,000	Puerto Rico Infrastructure1		6.000			12/15/2026		3,534,700
	41,740,000	Puerto Rico Infrastructure1		5.000			07/01/2046		22,799,223
	142,985,000	Puerto Rico Infrastructure1		5.000			07/01/2041		78,817,622
	675,000	Puerto Rico Infrastructure1		5.000			07/01/2037		376,913
	17,490,000	Puerto Rico Infrastructure1		5.000			07/01/2037		9,766,241
	25,255,000	Puerto Rico Infrastructure1		5.000			07/01/2031		14,997,682
	15,000,000	Puerto Rico Infrastructure1		5.500			07/01/2027		13,766,850
	1,295,000	Puerto Rico Infrastructure1		5.500			07/01/2026		1,193,822
	65,725,000	Puerto Rico Infrastructure		5.730	3		07/01/2045		3,727,922
	16,955,000	Puerto Rico Infrastructure		5.650	3		07/01/2029		4,956,116
	25,000,000	Puerto Rico Infrastructure		5.800	3		07/01/2032		3,548,500

18 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$1,680,000	Puerto Rico Infrastructure (Mepsi Campus)1		6.500	%		10/01/2037	$	1,012,133
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		4,799,980
	1,235,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			12/01/2021		1,177,585
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.500			12/01/2031		5,362,445
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		931,908
	1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			04/01/2027		1,142,465
	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		704,725
	23,000,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026		21,271,090
	5,000,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)1		6.250			07/01/2026		5,044,700
	650,000	Puerto Rico ITEMECF (International American University)		5.000			10/01/2031		578,227
	5,250,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.700			05/01/2024		4,913,895
	550,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.600			05/01/2014		549,995
	7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)		5.750			06/01/2029		3,850,700
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2042		153,298
	5,490,000	Puerto Rico ITEMECF (University Plaza)1		5.000			07/01/2033		4,867,709
	4,990,000	Puerto Rico Municipal Finance Agency, Series A1		5.250			08/01/2025		3,726,083
	7,500,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2037		5,093,475
	7,500,000	Puerto Rico Public Buildings Authority1		6.750			07/01/2036		6,177,600
	850,000	Puerto Rico Public Buildings Authority1		5.500			07/01/2037		618,027
	2,110,000	Puerto Rico Public Buildings Authority1		5.625			07/01/2039		1,546,503
	18,585,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2029		14,018,294
	121,570,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2033		88,242,800
	8,000,000	Puerto Rico Public Buildings Authority1		6.500			07/01/2030		6,584,720
	9,450,000	Puerto Rico Public Buildings Authority1		5.375			07/01/2033		6,973,722
	1,500,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2021		1,270,725
	7,500,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2031		6,173,100
	1,980,000	Puerto Rico Public Buildings Authority1		5.875			07/01/2039		1,487,059
	31,050,000	Puerto Rico Public Buildings Authority1		6.000			07/01/2041		23,566,329
	90,355,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2036		61,812,759
	11,810,000	Puerto Rico Public Finance Corp., Series B1		5.500			08/01/2031		7,627,489
	15,265,000	Puerto Rico Sales Tax Financing Corp., Series A		7.890	3		08/01/2034		3,019,722
	8,205,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500			08/01/2044		7,071,397
	75,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.500			08/01/2037		58,038
	296,445,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.250			08/01/2057		240,119,500
	1,490,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.000			08/01/2043		1,063,949
	80,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	3		08/01/2043		11,641,600
	409,990,000	Puerto Rico Sales Tax Financing Corp., Series A		6.177	3		08/01/2054		28,957,594
	106,150,000	Puerto Rico Sales Tax Financing Corp., Series A		6.000	3		08/01/2056		6,057,981
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500	3		08/01/2042		4,662,000
	3,130,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.000			08/01/2024		2,689,171
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-11		5.250			08/01/2043		7,410,100
	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.750			08/01/2057		82,153,575
	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C1		0.000	11		08/01/2032		29,691,308

19 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$250,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000	%		08/01/2042	$	205,428
4,000,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.375			08/01/2036		3,110,160
1,450,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2039		1,193,481
9,985,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.250			08/01/2041		7,453,104
4,525,000	University of Puerto Rico1		5.000			06/01/2026		2,785,409
7,280,000	University of Puerto Rico, Series P1		5.000			06/01/2030		4,257,198
24,375,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		14,254,013
67,190,000	University of Puerto Rico, Series Q1		5.000			06/01/2036		37,819,235
5,140,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000			10/01/2032		5,177,162
590,000	V.I. Public Finance Authority (Matching Fund Loan Notes)1		6.000			10/01/2039		612,473
3,160,000	V.I. Public Finance Authority (Matching Fund Loan Notes)		5.000			10/01/2032		3,182,626
11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	3		05/15/2035		1,439,004
1,015,000	V.I. Water & Power Authority, Series A1		5.000			07/01/2031		830,991
								1,783,282,125
Total Municipal Bonds and Notes (Cost $8,135,472,827)								6,987,403,060

Shares
Common Stocks—0.1%
1,401	CMS Liquidating Trust12,13 (Cost $4,483,200)		4,836,252
Total Investments, at Value (Cost $8,139,956,027)—112.0%			6,992,239,312
Liabilities in Excess of Other Assets—(12.0)			(747,877,353	)
Net Assets—100.0%		$	6,244,361,959

Footnotes to Statement of Investments

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

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

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

4. Subject to a forbearance agreement. Rate shown is the original contractual interest rate. See 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 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 accompanying Notes.

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

9. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 31, 2014. See accompanying Notes.

20 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Footnotes to Statement of Investments (Continued)

10. Restricted security. The aggregate value of restricted securities as of March 31, 2014 was $2,567,592, which represents 0.04% of the Fund’s net assets. See accompanying Notes. Information concerning restricted securities is as follows:

Security	Acquisition Date		Cost		Value		Unrealized Depreciation
Sullivan County, NY Community College COP		3/23/07	$	3,005,000	$	2,567,592	$	437,408

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

12. Non-income producing security.

13. Received as a result of a corporate action

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
AeFM	Aero Ft. Myers
AeH	Aero Harrisburg
AeHC	Aero Houston Central
AeJFK	Aero JFK
AeKC	Aero Kansas City
AeL	Aero Lauderdale
ALIA	Alliance of Long Island Agencies
ARC	Assoc. of Retarded Citizens
CFGA	Child and Family Guidance Assoc.
CNGCS	Central Nassau Guidance and Counseling Services
COP	Certificates of Participation
CRV	Crystal Run Village
CSMR	Community Services for the Mentally Retarded
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
DRIVERS	Derivative Inverse Tax Exempt Receipts
EFC	Environmental Facilities Corp.
ERDA	Energy Research and Devel. Authority
FREE	Family Residences and Essential Enterprises
GFH	Glens Falls Hospital
GFHF	Glens Falls Hospital Foundation
GO	General Obligation
GSHMC	Good Sumaritan 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
JDAM	Julia Dyckman Andrus Memorial
JFK	John Fitzgerald Kennedy
L.I.	Long Island

21 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTSUnaudited / Continued

Footnotes to Statement of Investments (Continued)

LGSC	Local Government Services Corp.
LIFERS	Long Inverse Floating Exempt Receipts
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.
Res Rec	Resource Recovery Facility
RIBS	Residual Interest Bonds
ROLs	Residual Option Longs
SCHRC	St. Charles Hospital and Rehabilitation Center
SCSB	Schuyler Community Services Board
SFH	St. Francis Hospital
SFTU	Services for the Underserved
SMCFS	St. Mary’s Children and Family Services
SONYMA	State of New York Mortgage Agency
SUNY	State University of New York
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
TIP	Transportation Infrastructure Properties
UCPAGS	United Cerebral Palsy Assoc. of Greater Suffolk
UVBH	United Veteran’s Beacon House
V.I.	United States Virgin Islands
WORCA	Working Organization for Retarded Children and Adults
YAI	Young Adult Institute
YMCA	Young Men’s Christian Assoc.

22 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTSUnaudited

Oppenheimer Rochester Fund Municipals (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment objective is to seek tax-free income. 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.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of March 31, 2014, 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		$219,840

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 31, 2014 is as follows:

Cost	$30,540,755
Market Value	$20,807,878
Market value as % of Net Assets	0.33%

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.

23 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS  Unaudited / Continued

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

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

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

24 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS  Unaudited / Continued

purchase the underlying municipal bond from the Trust by paying to the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. Through the exercise of either of these rights, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities

25 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS  Unaudited / Continued

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 Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. As of March 31, 2014, the Fund’s maximum exposure under such agreements is estimated at $388,505,000.

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 in the annual and semiannual reports (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities in the annual and semiannual reports equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations in the annual and semiannual reports, while interest payable on the related short-term floating rate securities is recorded as interest expense. At March 31, 2014, municipal bond holdings with a value of $1,501,896,725 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $823,280,000 in short-term floating rate securities issued and outstanding at that date.

At March 31, 2014, 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		6.790	%		11/1/39	$	24,221,884
	16,400,000	NY Austin Trust Various States Inverse Certificates		10.092			7/1/48		19,673,276

26 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTSUnaudited / Continued

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$  31,175,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park) LIFERS		9.586	%		1/15/46	$	35,843,145
	7,500,000	NY Liberty Devel. Corp. ROLs3		8.268			1/15/44		8,123,400
	7,700,000	NY/NJ Port Authority Austin Trust Inverse Certificates		6.033			12/1/34		7,799,330
	23,955,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.915			10/1/30		25,448,355
	15,660,000	NY/NJ Port Authority Austin Trust Inverse Certificates		6.392			12/1/27		16,977,006
	4,015,000	NYC GO DRIVERS		8.695			3/1/35		4,310,705
	4,170,000	NYC GO DRIVERS		8.700			12/1/33		4,439,007
	2,430,000	NYC GO DRIVERS		8.702			8/1/35		2,674,531
	5,460,000	NYC GO DRIVERS		7.904			8/1/30		5,984,706
	5,000,000	NYC GO ROLs		16.230			3/1/21		8,535,400
	2,500,000	NYC GO ROLs3		15.601			10/1/34		3,232,900
	710,000	NYC HDC (Multifamily Hsg.) DRIVERS		17.006			11/1/39		863,956
	1,500,000	NYC HDC (Multifamily Hsg.) DRIVERS		8.081			11/1/32		1,558,290
	775,000	NYC HDC (Multifamily Hsg.) DRIVERS		16.781			11/1/34		946,740
	1,375,000	NYC HDC (Multifamily Hsg.) DRIVERS		7.864			11/1/26		1,417,955
	2,730,000	NYC HDC (Multifamily Hsg.) DRIVERS		17.511			11/1/46		3,346,762
	4,015,000	NYC HDC (Multifamily Hsg.) DRIVERS		8.215			11/1/40		4,135,651
	1,225,000	NYC HDC (Multifamily Hsg.) DRIVERS		7.993			11/1/27		1,298,316
	2,340,000	NYC HDC (Multifamily Hsg.) DRIVERS		7.958			11/1/39		2,368,431
	1,750,000	NYC HDC (Multifamily Hsg.) DRIVERS		7.864			11/1/37		1,771,805
	4,180,000	NYC HDC (Multifamily Hsg.) DRIVERS		8.085			5/1/40		4,236,430
	3,955,000	NYC HDC (Multifamily Hsg.) ROLs3		14.496			11/1/30		4,012,743
	11,310,000	NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs3		11.012			5/1/49		11,836,707
	5,395,000	NYC Municipal Water Finance Authority3		16.897			6/15/43		8,061,047
	15,875,000	NYC Municipal Water Finance Authority LIFERS		10.387			6/15/43		20,156,805
	6,250,000	NYC Transitional Finance Authority (Building Aid) ROLs3		15.631			7/15/37		7,897,500
	3,750,000	NYC Transitional Finance Authority (Building Aid) ROLs3		16.500			7/15/37		5,097,600
	10,170,000	NYC Transitional Finance Authority (Future Tax) ROLs3		8.089			2/1/30		12,510,524
	7,500,000	NYC Transitional Finance Authority (Future Tax) ROLs3		8.090			5/1/34		8,812,950
	8,205,000	NYS DA (Memorial Sloan-Kettering) DRIVERS		8.700			7/1/35		9,043,223
	5,265,000	NYS DA (Vassar College) DRIVERS		8.698			7/1/46		5,968,615
	3,980,000	NYS DA ROLs3		15.596			3/15/34		5,304,265
	3,410,000	NYS HFA ROLs3		12.627			11/1/45		3,613,986
	3,750,000	Port Authority NY/NJ ROLs3		18.657			9/15/28		5,516,100
	5,500,000	Port Authority NY/NJ, 11588th Series ROLs3		14.288			10/15/32		6,109,950
	3,580,000	Port Authority NY/NJ, 11588th Series ROLs3		13.485			10/15/28		4,046,080
	4,895,000	Port Authority NY/NJ, 11588th Series ROLs3		14.280			10/15/27		6,263,936
	9,090,000	Port Authority NY/NJ, 11589th Series ROLs3		10.577			9/1/29		9,449,691
	11,015,000	Port Authority NY/NJ, 136th Series DRIVERS		11.746			5/1/34		11,373,208
	11,430,000	Port Authority NY/NJ, 136th Series DRIVERS		8.729			11/1/29		11,746,497
	11,880,000	Port Authority NY/NJ, 136th Series DRIVERS		7.019			11/1/28		12,143,261
	13,000,000	Port Authority NY/NJ, 138th Series DRIVERS		7.431			12/1/34		13,347,100
	24,000,000	Port Authority NY/NJ, 151st Series LIFERS		14.541			3/15/35		30,559,920
	4,570,000	Port Authority NY/NJ, 152nd Series DRIVERS		12.066			5/1/38		5,521,246
	30,970,000	Port Authority NY/NJ, 152nd Series LIFERS		8.895			11/1/35		35,510,202
	10,125,000	Port Authority NY/NJ, 163rd Series LIFERS		9.389			7/15/39		11,303,348

27 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS  Unaudited / Continued

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$  10,755,000	Port Authority NY/NJ, 166th Series		9.270	%		1/15/41	$	12,107,119
	20,000,000	Port Authority NY/NJ, 3090th Series DRIVERS		8.307			11/1/35		22,932,000
	7,500,000	Port Authority NY/NJ, 3114th Series DRIVERS		13.376			11/1/30		9,846,975
	3,335,000	Port Authority NY/NJ, 3115th Series DRIVERS		13.370			3/15/35		4,246,555
	7,500,000	Port Authority NY/NJ, 3249th Series ROLs3		8.475			7/15/36		9,106,650
	7,650,000	Port Authority NY/NJ, 3264th Series ROLs3		8.040			10/15/31		9,506,043
	25,330,000	Port Authority NY/NJ, 37th Series DRIVERS		8.297			7/15/34		26,007,324
	148,225,000	Puerto Rico Sales Tax Financing Corp. LIFERS3		8.698			8/1/57		91,899,500
	11,330,000	SONYMA ROLs3		6.879			10/1/31		11,432,650
	3,905,000	SONYMA ROLs3		7.188			10/1/37		3,952,563
	16,960,000	SONYMA ROLs3		6.194			10/1/34		16,968,480
	6,320,000	SONYMA ROLs3		6.946			10/1/37		6,196,381
								$	678,616,725

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

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

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

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

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $823,280,000 as of March 31, 2014.

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.

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,

28 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTSUnaudited / Continued

Securities Valuation (Continued)

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 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.

29 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTSUnaudited / Continued

Securities Valuation (Continued)
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 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)

30 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTSUnaudited / Continued

Securities Valuation (Continued)

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

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

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

The table below categorizes amounts as of March 31, 2014 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	$	—	$	5,202,928,277	$	1,192,658	$	5,204,120,935
U.S. Possessions		—		1,783,282,125		—		1,783,282,125
Common Stock		—		—		4,836,252		4,836,252
Total Assets	$	—	$	6,986,210,402	$	6,028,910	$	6,992,239,312

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.

Restricted Securities

As of March 31, 2014, investments in securities included issues that are restricted. A restricted security may have a contractual restriction on its resale and is valued under methods approved by the Board of Trustees as reflecting fair value. Securities that are restricted are marked with an applicable footnote on the Statement of Investments. Restricted securities are reported on a schedule following the Statement of Investments.

Federal Taxes

The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2014 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	7,305,818,739	1
Gross unrealized appreciation	$	221,152,017
Gross unrealized depreciation		(1,386,310,094	)
Net unrealized depreciation	$	(1,165,158,077	)

31 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTSUnaudited / Continued

1. The Federal tax cost of securities does not include cost of $851,578,650, 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.

32 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 3/31/2014, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 3. Exhibits.

Exhibits attached hereto.

SIGNATURES

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

Oppenheimer Rochester Fund Municipals
By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	5/13/2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	5/13/2014

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	5/13/2014