Rochester Fund Municipals

0001193125-14-427380.txt : 20141128 0001193125-14-427380.hdr.sgml : 20141127 20141126174501 ACCESSION NUMBER: 0001193125-14-427380 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140930 FILED AS OF DATE: 20141128 DATE AS OF CHANGE: 20141126 EFFECTIVENESS DATE: 20141128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 IRS NUMBER: 160473255 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03614 FILM NUMBER: 141254596 BUSINESS ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 BUSINESS PHONE: 7163838700 MAIL ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS INC DATE OF NAME CHANGE: 19920521 FORMER COMPANY: FORMER CONFORMED NAME: MARTEK INVESTORS INC/NY DATE OF NAME CHANGE: 19860302

0000093621 S000008503 OPPENHEIMER ROCHESTER FUND MUNICIPALS

C000023347 A

C000023348 B

C000023349 C

C000023350 Y

N-Q 1 d815091dnq.htm ROCHESTER FUND MUNICIPALS Rochester Fund Municipals

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.

225 Liberty Street, 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: 9/30/2014

Item 1.

Schedule of Investments.

STATEMENT OF INVESTMENTS September 30, 2014 Unaudited


Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—108.9%
	New York—80.5
	$1,700,000	Albany County, NY IDA (Albany College of Pharmacy)		5.625	%		12/01/2034	$	1,705,100

	1,035,000	Albany County, NY IDA (Albany College of Pharmacy)		5.375			12/01/2024		1,038,819

	605,000	Albany County, NY IDA (Wildwood Programs)		4.900			07/01/2021		606,972

	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.625			07/01/2031		1,468,276

	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.375			07/01/2026		1,706,261

	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.875			07/01/2041		9,118,835

	1,420,000	Albany, NY Hsg. Authority (Lark Drive)		5.500			12/01/2028		1,421,945

	600,000	Albany, NY IDA (Albany Rehabilitation)		8.375			06/01/2023		600,138

	3,125,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2027		3,143,969

	1,350,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2032		1,351,255

	900,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2037		891,603

	900,000	Albany, NY IDA (New Covenant Charter School)¹		7.000			05/01/2025		11,268

	1,760,000	Albany, NY IDA (Sage Colleges)		5.300			04/01/2029		1,691,483

	1,360,000	Albany, NY Parking Authority		1.232	²		11/01/2017		1,177,148

	5,000,000	Amherst, NY IDA (Beechwood Health Care Center)		5.200			01/01/2040		5,031,800

	545,000	Blauvelt, NY Volunteer Fire Company		6.250			10/15/2017		546,471

	2,735,000	Brookhaven, NY IDA (Enecon Corp.)		6.300			11/01/2033		2,642,174

	1,625,000	Brookhaven, NY IDA (Stony Brook Foundation)		6.500			11/01/2020		1,628,315

	1,000,000	Broome County, NY IDA (University Plaza)		5.100			08/01/2030		1,001,810

	1,250,000	Broome County, NY IDA (University Plaza)		5.100			08/01/2036		1,252,262

	3,030,000	Broome County, NY IDA (University Plaza)		5.000			08/01/2036		3,035,393

	95,000	Broome County, NY IDA (University Plaza)		5.000			08/01/2025		95,169

	3,000,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2030		3,005,550

	4,450,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2036		4,458,232

	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)		5.375			10/01/2041		1,951,779

	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)		6.000			10/01/2031		1,023,042

	500,000	Build NYC Resource Corp. (New York Methodist Hospital)³		5.000			07/01/2030		561,490

	860,000	Build NYC Resource Corp. (YMCA of Greater New York)		5.000			08/01/2032		936,325

	3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750			11/01/2030		3,042,810

	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)		5.000			05/01/2040		1,077,320

	250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2039		264,325

	200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2034		213,570

	830,000	Cattaraugus County, NY IDA (St. Bonaventure University)		5.450			09/15/2019		830,971

	105,000	Chautauqua, NY Utility District		5.000			06/01/2025		108,390

	95,000	Chautauqua, NY Utility District		5.000			06/01/2023		98,410

1 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)

	$1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)		5.000	%		07/01/2033	$	1,517,106

	775,000	Chemung County, NY IDA (Hathorn Redevel. Company)		4.850			07/01/2023		777,457

	1,515,000	Clifton Springs, NY Hospital & Clinic		8.000			01/01/2020		1,515,621

	255,000	Columbia County, NY IDA (Berkshire Farms)		7.500			12/30/2014		254,702

	2,200,000	Dutchess County, NY IDA (Elant Fishkill)		5.250			01/01/2037		2,018,280

	650,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)		5.750			07/01/2040		723,781

	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.400	²		06/01/2027		682,610

	2,055,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)		6.750			03/01/2030		2,056,932

	2,460,000	East Rochester, NY Hsg. Authority (Woodland Village)		5.500			08/01/2033		2,484,329

	2,745,000	Elmira, NY Hsg. Authority (Eastgate Apartments)		6.250			06/01/2044		2,620,322

	7,050,000	Erie County, NY IDA (Charter School Applied Tech)		6.875			06/01/2035		7,207,567

	2,845,000	Erie County, NY IDA (Global Concepts Charter School)³		6.250			10/01/2037		2,980,706

	715,000	Erie County, NY IDA (The Episcopal Church Home)		6.000			02/01/2028		715,994

	135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	²		06/01/2050		3,267,054

	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.196	²		06/01/2055		1,748,700

	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	²		06/01/2060		4,239,360

	25,330,000	Erie County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2038		20,327,832

	72,595,000	Erie County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2045		55,662,216

	93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	²		06/01/2047		3,325,680

	1,410,000	Essex County, NY IDA (International Paper Company)		4.600			03/01/2027		1,430,910

	1,500,000	Essex County, NY IDA (International Paper Company)		6.625			09/01/2032		1,688,085

	1,100,000	Essex County, NY IDA (North Country Community College Foundation)		5.300			06/01/2035		1,107,557

	410,000	Essex County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		414,379

	975,000	Essex County, NY IDA (North Country Community College Foundation)		5.000			06/01/2020		991,867

	1,235,000	Essex County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		1,250,487

	320,000	Essex County, NY IDA (North Country Community College Foundation)		5.000			06/01/2020		324,896

	185,000	Fishkill, NY GO		5.000			04/15/2029		185,335

	900,000	Franklin County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		911,286

2 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)

	$100,000	Glens Falls, NY GO		6.000	%		02/01/2040	$	113,421

	1,945,000	Hempstead, NY IDA (Adelphi University)		5.000			10/01/2030		2,039,994

	3,665,000	Hempstead, NY IDA (Peninsula Counseling Center)		6.500			11/01/2038		3,557,066

	34,450,000	Hudson Yards, NY Infrastructure Corp.		5.750			02/15/2047		39,805,941

	4,840,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2047		5,128,367

	3,400,000	L.I., NY Power Authority, Series A		5.000			05/01/2036		3,746,936

	20,000,000	L.I., NY Power Authority, Series A		5.000			09/01/2042		21,705,800

	29,735,000	L.I., NY Power Authority, Series A		5.000			09/01/2037		32,441,480

	10,475,000	L.I., NY Power Authority, Series A		5.750			04/01/2039		11,975,229

	7,000,000	L.I., NY Power Authority, Series B		5.000			09/01/2029		7,882,980

	1,900,000	L.I., NY Power Authority, Series B		5.750			04/01/2033		2,182,834

	65,000	L.I., NY Power Authority, Series B		5.000			12/01/2035		68,608

	100,000	Madison County, NY IDA (Commons II Student Hsg.)		5.000			06/01/2033		103,635

	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)		5.000			06/01/2040		5,457,940

	860,000	Madison County, NY IDA (Morrisville State College Foundation)		5.000			06/01/2028		873,640

	1,100,000	Madison County, NY IDA (Morrisville State College Foundation)		5.000			06/01/2032		1,113,189

	570,000	Middletown, NY IDA (Flanagan Design & Display)¹		7.500			11/01/2018		447,074

	2,390,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)		6.500			12/01/2042		2,433,402

	3,660,000	Monroe County, NY IDA (Summit at Brighton)		5.500			07/01/2027		2,936,381

	2,345,000	Monroe County, NY IDA (Summit at Brighton)		5.375			07/01/2032		1,701,297

	375,000	Monroe County, NY IDA (Volunteers of America)		5.700			08/01/2018		372,551

	2,765,000	Monroe County, NY IDA (Volunteers of America)		5.750			08/01/2028		2,673,921

	850,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)		5.000			01/15/2038		942,165

	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.500			10/01/2041		2,001,846

	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.000			10/01/2026		925,964

	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.250			10/01/2031		541,495

	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		6.000			06/01/2034		1,672,053

	500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.000			06/01/2029		554,770

	1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.000			06/01/2044		1,604,855

	960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.500			06/01/2034		1,083,446

	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.625			06/01/2026		955,272

	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)		5.750			08/15/2035		18,137,516

	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	²		06/01/2061		2,645,500

3 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)

	$580,000	Monroe, NY Newpower Corp		5.625	%		01/01/2026	$	581,699

	2,305,000	Monroe, NY Newpower Corp.		5.500			01/01/2034		2,310,301

	700,000	Mount Vernon, NY IDA (Kings Court)		5.200			12/01/2033		707,581

	2,600,000	Mount Vernon, NY IDA (Meadowview)		6.200			06/01/2029		2,602,158

	1,385,000	Mount Vernon, NY IDA (Meadowview)		6.150			06/01/2019		1,387,687

	802,824	Municipal Assistance Corp. for Troy, NY		5.733	²		07/15/2021		696,329

	1,218,573	Municipal Assistance Corp. for Troy, NY		5.741	²		01/15/2022		1,035,507

	490,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022		487,491

	100,000	Nassau County, NY IDA (ALIA-ACDS)		7.500			06/01/2015		100,254

	310,000	Nassau County, NY IDA (ALIA-HH)		7.125			06/01/2017		310,298

	240,000	Nassau County, NY IDA (ALIA-HHS)		7.125			06/01/2017		240,230

	15,000	Nassau County, NY IDA (ALIA-LVH)		7.500			06/01/2015		15,038

	7,765,000	Nassau County, NY IDA (Amsterdam at Harborside)⁴		6.700			01/01/2043		5,668,450

	2,245,000	Nassau County, NY IDA (CNGCS)		8.150			06/01/2030		2,247,986

	75,000	Nassau County, NY IDA (CNGCS)		7.500			06/01/2015		75,190

	3,805,000	Nassau County, NY IDA (CSMR)		5.950			11/01/2022		3,785,518

	465,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		462,619

	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500			11/01/2037		1,663,519

	3,150,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)		5.250			06/01/2027		3,162,096

	515,000	Nassau County, NY IDA (Life’s WORCA)		5.950			11/01/2022		512,363

	3,535,000	Nassau County, NY IDA (New York Water Service Corp.)		5.000			12/01/2035		3,581,061

	1,695,000	Nassau County, NY IDA (North Shore CFGA)		6.750			05/01/2024		1,695,695

	860,000	Nassau County, NY IDA (PLUS Group Home)		6.150			11/01/2022		865,108

	645,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.500			11/01/2037		650,360

	460,000	Nassau County, NY IDA, Series A-A		6.000			06/01/2021		464,301

	4,800,000	Nassau County, NY IDA, Series A-B		6.000			06/01/2021		4,844,880

	465,000	Nassau County, NY IDA, Series A-C		6.000			06/01/2021		469,348

	515,000	Nassau County, NY IDA, Series A-D		6.000			06/01/2021		519,815

	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		5.646	²		06/01/2060		5,423,805

	40,000,000	Nassau County, NY Tobacco Settlement Corp.		6.350	²		06/01/2060		165,600

	5,400,000	Nassau County, NY Tobacco Settlement Corp.		5.250			06/01/2026		5,247,774

	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	²		06/01/2046		3,536,386

	122,875,000	Nassau County, NY Tobacco Settlement Corp.		5.125			06/01/2046		92,409,373

	20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	²		06/01/2046		727,000

	22,780,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.000			06/01/2035		18,999,431

	3,670,000	New Rochelle, NY IDA (Soundview Apartments)		5.375			04/01/2036		3,739,290

	1,500,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		1,502,610

	1,480,000	Niagara County, NY Tobacco Asset Securitization Corp.		6.250			05/15/2034		1,485,994

	6,295,000	Niagara County, NY Tobacco Asset Securitization Corp.		6.250			05/15/2040		6,320,495

	125,000	Niagara Falls, NY Public Water Authority		5.500			07/15/2034		126,801

4 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)

	$500,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000	%		05/01/2035	$	532,590

	850,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2042		902,547

	2,270,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)		7.375			12/15/2021		2,670,201

	19,230,000	NY Counties Tobacco Trust I		6.625			06/01/2042		19,157,503

	6,245,000	NY Counties Tobacco Trust I		6.500			06/01/2035		6,244,188

	3,720,000	NY Counties Tobacco Trust I		6.250			06/01/2028		3,719,516

	53,880,000	NY Counties Tobacco Trust II (TASC)		5.750			06/01/2043		53,078,804

	29,770,000	NY Counties Tobacco Trust II (TASC)		5.625			06/01/2035		29,767,321

	245,000	NY Counties Tobacco Trust III		6.000			06/01/2043		244,975

	7,000,000	NY Counties Tobacco Trust IV		5.000			06/01/2038		5,653,760

	304,690,000	NY Counties Tobacco Trust IV		5.373	²		06/01/2055		4,268,707

	608,700,000	NY Counties Tobacco Trust IV		5.823	²		06/01/2060		2,520,018

	131,335,000	NY Counties Tobacco Trust IV		4.866	²		06/01/2050		3,178,307

	82,500,000	NY Counties Tobacco Trust IV (TASC)		6.250			06/01/2041		72,220,500

	52,535,000	NY Counties Tobacco Trust IV (TASC)		5.000			06/01/2042		39,648,690

	38,275,000	NY Counties Tobacco Trust IV (TASC)		5.000			06/01/2045		28,680,223

	236,140,000	NY Counties Tobacco Trust V		6.070	²		06/01/2038		42,578,403

	643,195,000	NY Counties Tobacco Trust V		6.850	²		06/01/2055		7,737,636

	3,486,000,000	NY Counties Tobacco Trust V		6.736	²		06/01/2060		14,432,040

	598,653,613	NY Counties Tobacco Trust V		5.170	²		06/01/2050		16,534,813

	62,345,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)⁵		5.625			01/15/2046		70,376,262

	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)⁵		5.125			01/15/2044		16,528,950

	2,199,995	NY Liberty Devel. Corp. (National Sports Museum)¹		6.125			02/15/2019		22

	500,000	NY MTA, Series A		5.000			11/15/2027		583,860

	3,400,000	NY MTA, Series A		5.000			11/15/2029		3,911,870

	500,000	NY MTA, Series A		5.000			11/15/2026		588,105

	6,800,000	NY MTA, Series A		5.250			11/15/2038		7,679,308

	4,000,000	NY MTA, Series C		5.000			11/15/2038		4,447,920

	1,100,000	NY MTA, Series D		5.250			11/15/2032		1,294,810

	1,100,000	NY MTA, Series D		5.250			11/15/2033		1,290,014

	1,100,000	NY MTA, Series D		5.250			11/15/2031		1,298,660

	2,150,000	NY MTA, Series D		5.000			11/15/2032		2,437,218

	27,675,000	NY MTA, Series D		5.000			11/15/2030		31,606,787

	10,000,000	NY MTA, Series D		5.000			11/15/2027		11,487,100

	1,225,000	NY MTA, Series D		5.250			11/15/2034		1,372,674

	1,375,000	NY MTA, Series D		5.250			11/15/2026		1,664,602

	585,000	NY MTA, Series D		5.250			11/15/2027		703,416

	690,000	NY MTA, Series D		5.250			11/15/2028		823,129

	1,100,000	NY MTA, Series D		5.250			11/15/2030		1,305,425

	1,100,000	NY MTA, Series D		5.250			11/15/2029		1,307,372

	8,000,000	NY MTA, Series D-1		5.000			11/01/2027		9,324,160

	3,500,000	NY MTA, Series D-1		5.000			11/01/2028		4,046,805

	61,110,000	NY MTA, Series F		5.000			11/15/2030		69,791,898

	3,000,000	NY MTA, Series H		5.000			11/15/2025		3,556,500

5 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)

	$2,100,000	NY MTA, Series H		5.000	%		11/15/2033	$	2,372,496

	2,100,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2030		2,437,743

	3,200,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2029		3,689,664

	303,515,000	NY TSASC, Inc. (TFABs)		5.125			06/01/2042		246,709,133

	250,510,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2034		207,650,244

	3,950,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2026		3,871,790

	5,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)		7.250	⁶		11/01/2042		5,027,450

	5,000,000	NYC GO		5.000			08/01/2029		5,773,150

	5,760,000	NYC GO		5.000			08/01/2031		6,601,594

	15,000	NYC GO		5.000			06/01/2020		15,492

	3,800,000	NYC GO		5.000			08/01/2035		4,264,930

	2,500,000	NYC GO		5.000			10/01/2029		2,918,200

	350,000	NYC GO		5.000			10/01/2030		403,914

	3,000,000	NYC GO		5.000			08/01/2029		3,492,330

	10,000,000	NYC GO⁵		5.000			10/01/2034		11,252,100

	9,265,000	NYC GO⁵		5.000			12/01/2033		9,341,728

	4,750,000	NYC GO⁵		5.000			03/01/2035		4,830,036

	20,000,000	NYC GO⁵		5.250			03/01/2021		23,421,600

	8,750,000	NYC GO		5.000			03/01/2033		9,942,188

	60,000	NYC GO		5.000			04/01/2035		61,479

	15,000	NYC GO		5.000			04/01/2035		15,301

	1,915,000	NYC GO		5.000			10/01/2034		2,164,601

	15,000	NYC GO		5.500			11/15/2037		15,063

	5,000	NYC GO		7.750			08/15/2028		5,137

	230,000	NYC GO		5.250			06/01/2027		230,918

	5,000	NYC GO		5.320			01/15/2028		5,020

	7,565,000	NYC GO⁵		5.000			08/01/2030		7,838,353

	5,400,000	NYC GO⁵		5.000			08/01/2035		5,574,984

	5,000	NYC GO		7.250			08/15/2024		5,029

	380,000	NYC GO		5.375			06/01/2032		381,562

	5,135,000	NYC GO		5.000			10/01/2032		5,851,076

	3,300,000	NYC GO		5.000			10/01/2033		3,742,629

	2,000,000	NYC GO		6.250			12/15/2031		2,367,960

	1,340,000	NYC GO		5.000			05/15/2036		1,520,337

	1,475,000	NYC GO ROLs⁷		18.483	⁸		05/15/2031		2,330,913

	875,000	NYC GO ROLs⁷		18.498	⁸		05/15/2033		1,366,015

	5,395,000	NYC GO ROLs⁷		18.464	⁸		05/15/2036		8,299,236

	2,670,000	NYC HDC (Multifamily Hsg.)		5.450			11/01/2046		2,719,422

	780,000	NYC HDC (Multifamily Hsg.)		5.000			11/01/2030		802,768

	5,100,000	NYC HDC (Multifamily Hsg.)		5.150			11/01/2037		5,171,757

	3,500,000	NYC HDC (Multifamily Hsg.)⁵		5.000			11/01/2037		3,529,855

	7,205,000	NYC HDC (Multifamily Hsg.)		5.250			11/01/2045		7,372,300

	5,140,000	NYC HDC (Multifamily Hsg.)		5.350			11/01/2037		5,309,209

	3,735,000	NYC HDC (Multifamily Hsg.)		5.450			11/01/2040		3,862,102

	10,910,000	NYC HDC (Multifamily Hsg.)⁵		5.700			11/01/2046		11,720,373

	8,035,000	NYC HDC (Multifamily Hsg.)⁵		5.200			11/01/2040		8,215,755

	3,090,000	NYC HDC (Multifamily Hsg.)⁵		5.500			11/01/2034		3,315,835

	2,840,000	NYC HDC (Multifamily Hsg.)⁵		5.550			11/01/2039		3,042,464

	1,215,000	NYC HDC (Multifamily Hsg.)		5.350			05/01/2041		1,256,565

6 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)

	$1,675,000	NYC HDC (Multifamily Hsg.)		5.200	%		11/01/2035	$	1,716,121

	2,435,000	NYC HDC (Multifamily Hsg.)⁵		5.100			11/01/2027		2,570,350

	3,000,000	NYC HDC (Multifamily Hsg.)⁵		5.125			11/01/2032		3,080,370

	4,685,000	NYC HDC (Multifamily Hsg.)⁵		5.050			11/01/2039		4,724,429

	25,000	NYC HDC (Multifamily Hsg.)		5.550			11/01/2039		26,782

	890,000	NYC HDC (Multifamily Hsg.)		4.950			11/01/2039		932,871

	70,000	NYC HDC (Multifamily Hsg.), Series A		5.500			11/01/2034		70,256

	29,385,000	NYC HDC (Multifamily Hsg.), Series B⁵		5.350			05/01/2049		30,122,527

	11,250,000	NYC HDC (Multifamily Hsg.), Series C⁵		5.050			11/01/2036		11,378,566

	8,365,000	NYC HDC (Multifamily Hsg.), Series C⁵		5.125			05/01/2040		8,439,362

	13,180,000	NYC HDC (Multifamily Hsg.), Series G-1⁵		4.875			11/01/2039		13,330,622

	1,345,000	NYC HDC (Multifamily Hsg.), Series H-2		5.200			11/01/2038		1,346,009

	3,400,000	NYC HDC (Multifamily Hsg.), Series H-2		5.250			05/01/2046		3,402,516

	15,510,000	NYC HDC (Multifamily Hsg.), Series I-2⁵		5.200			11/01/2038		15,687,250

	2,750,000	NYC HDC, Series C⁵		5.000			11/01/2026		2,792,818

	45,000	NYC IDA (Allied Metal)		6.375			12/01/2014		44,969

	940,000	NYC IDA (Allied Metal)		7.125			12/01/2027		916,425

	2,130,000	NYC IDA (Amboy Properties)		6.750			06/01/2020		2,076,899

	59,350,000	NYC IDA (American Airlines)		7.750			08/01/2031		65,343,757

	39,860,000	NYC IDA (American Airlines)		8.000			08/01/2028		43,928,510

	338,060,000	NYC IDA (American Airlines)		8.500			08/01/2028		352,738,565

	200,000	NYC IDA (American Airlines)		7.500			08/01/2016		210,446

	18,200,000	NYC IDA (American Airlines)		7.625			08/01/2025		19,787,950

	525,000	NYC IDA (Atlantic Veal & Lamb)		8.375			12/01/2016		525,047

	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		6.200			10/01/2022		21,574,220

	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.750			10/01/2036		128,351,046

	97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.650			10/01/2028		83,762,969

	2,895,000	NYC IDA (Center for Elimination of Family Violence)		7.375			11/01/2036		2,987,379

	13,600,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		12,424,280

	3,400,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		3,106,070

	18,000,000	NYC IDA (Chapin School)		5.000			11/01/2038		18,239,040

	3,145,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		3,148,019

	680,000	NYC IDA (Comprehensive Care Management)		7.875			12/01/2016		682,305

	3,385,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		3,389,807

	1,340,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		1,341,822

	1,490,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		1,576,346

	805,000	NYC IDA (Cool Wind Ventilation)		5.450			11/01/2017		796,934

	5,685,000	NYC IDA (Cool Wind Ventilation)		6.075			11/01/2027		5,375,224

	725,000	NYC IDA (Cool Wind Ventilation)		5.450			11/01/2017		717,736

	5,500,000	NYC IDA (Family Support Systems)¹		7.500			11/01/2034		2,198,955

	2,670,000	NYC IDA (Gourmet Boutique)		10.000			05/01/2021		1,922,961

	7,290,000	NYC IDA (Guttmacher Institute)		5.750			12/01/2036		7,295,759

	600,000	NYC IDA (Independent Living Assoc.)		6.200			07/01/2020		606,888

	1,240,000	NYC IDA (Liberty-IAC/Interactive Corp.)		5.000			09/01/2035		1,265,271

	3,745,000	NYC IDA (Manhattan Community Access Corp.)		6.000			12/01/2036		3,788,217

7 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)

	$1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375	%		11/01/2038	$	1,925,623

	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		9,323,268

	14,745,000	NYC IDA (MediSys Health Network)		6.250			03/15/2024		13,881,828

	8,405,000	NYC IDA (Metro Biofuels)¹		6.000			11/01/2028		7,228,300

	1,945,000	NYC IDA (Metropolitan College of New York)		5.750			03/01/2020		1,978,260

	1,750,000	NYC IDA (PSCH)		6.375			07/01/2033		1,750,420

	6,800,000	NYC IDA (Reece School)		7.500			12/01/2037		7,166,588

	1,000,000	NYC IDA (Roundabout Theatre)		5.000			10/01/2023		968,660

	2,760,000	NYC IDA (Sahadi Fine Foods)		6.750			11/01/2019		2,760,497

	200,000	NYC IDA (Samaritan Aids Services)		5.000			11/01/2024		200,394

	875,000	NYC IDA (SFTU/YAI/CRV Obligated Group)		5.000			07/01/2026		831,609

	145,000	NYC IDA (Special Needs Facilities Pooled Program)		7.875			08/01/2025		145,318

	500,000	NYC IDA (Special Needs Facilities Pooled Program)		6.650			07/01/2023		500,385

	995,000	NYC IDA (Special Needs Facilities Pooled Program)		5.250			07/01/2022		937,579

	1,625,000	NYC IDA (Special Needs Facilities Pooled Program)		4.750			07/01/2020		1,567,085

	475,000	NYC IDA (St. Francis College)		5.000			10/01/2034		475,565

	5,760,000	NYC IDA (Stallion)		5.500			11/01/2031		5,077,786

	955,000	NYC IDA (Stallion)		6.000			11/01/2027		920,057

	155,000	NYC IDA (Streamline Plastics)		7.750			12/01/2015		155,050

	1,275,000	NYC IDA (Streamline Plastics)		8.125			12/01/2025		1,275,115

	6,808,500	NYC IDA (Studio School)¹		7.000			11/01/2038		5,406,426

	1,500,000	NYC IDA (Terminal One Group Assoc.)		5.500	⁶		01/01/2021		1,584,675

	1,000,000	NYC IDA (The Bank Street College)		5.250			12/01/2030		1,001,060

	380,000	NYC IDA (The Bank Street College)		5.250			12/01/2021		380,749

	8,700,000	NYC IDA (The Child School)		7.550			06/01/2033		8,751,156

	3,475,000	NYC IDA (Therapy & Learning Center)		8.250			09/01/2031		3,480,039

	32,040,000	NYC IDA (Unicef)		5.300			11/01/2038		32,140,285

	5,000,000	NYC IDA (United Jewish Appeal-Federal Jewish Philanthropies)		5.000			07/01/2034		5,586,750

	3,635,000	NYC IDA (Urban Resource Institute)		7.375			11/01/2033		3,636,745

	4,200,000	NYC IDA (Visy Paper)		7.800			01/01/2016		4,207,266

	70,500,000	NYC IDA (Visy Paper)		7.950			01/01/2028		70,653,690

	1,930,000	NYC IDA (Vocational Instruction)¹		7.750			02/01/2033		1,154,854

	1,210,000	NYC IDA (W & W Jewelers)		8.250			02/01/2021		1,211,452

	2,900,000	NYC IDA (Weizmann Institute)		5.900			11/01/2034		2,900,725

	5,930,000	NYC IDA (Weizmann Institute)		5.900			11/01/2034		5,931,483

	995,000	NYC IDA (World Casing Corp.)		6.700			11/01/2019		978,105

	70,000	NYC IDA (Yankee Stadium)		5.000			03/01/2036		71,584

	100,000	NYC IDA (Yankee Stadium)		5.000			03/01/2031		102,338

	16,500,000	NYC IDA (Yankee Stadium)		7.000			03/01/2049		20,147,820

	6,800,000	NYC IDA (Yankee Stadium)		2.832			03/01/2022		6,349,432

	18,110,000	NYC IDA (Yankee Stadium)		5.000			03/01/2046		18,449,019

	24,270,000	NYC IDA (Yeled Yalda Early Childhood)		5.725			11/01/2037		24,337,713

	21,570,000	NYC Municipal Water Finance Authority⁵		5.375			06/15/2043		25,308,249

8 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)

	$31,750,000	NYC Municipal Water Finance Authority⁵		5.500	%		06/15/2043	$	37,540,804

	2,650,000	NYC Municipal Water Finance Authority		5.750			06/15/2040		3,050,521

	8,950,000	NYC Municipal Water Finance Authority		5.000			06/15/2031		10,206,222

	7,405,000	NYC Municipal Water Finance Authority		5.250			06/15/2044		8,301,523

	25,000	NYC Municipal Water Finance Authority		5.000			06/15/2024		25,254

	1,900,000	NYC Municipal Water Finance Authority		5.625			06/15/2027		2,226,363

	7,350,000	NYC Municipal Water Finance Authority		5.250			06/15/2040		8,349,380

	50,000	NYC Transitional Finance Authority		5.000			02/01/2033		50,188

	700,000	NYC Transitional Finance Authority		5.125			01/15/2034		784,917

	15,000,000	NYC Transitional Finance Authority (Building Aid)⁵		5.250			07/15/2037		17,133,450

	1,700,000	NYC Transitional Finance Authority (Building Aid)		5.500			01/15/2039		1,952,552

	5,410,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2040		6,022,683

	25,000,000	NYC Transitional Finance Authority (Building Aid)⁵		5.000			07/15/2037		27,998,000

	8,190,000	NYC Transitional Finance Authority (Future Tax)		5.000			02/01/2035		9,298,598

	15,000,000	NYC Transitional Finance Authority (Future Tax)⁵		5.000			05/01/2034		17,180,250

	20,335,000	NYC Transitional Finance Authority (Future Tax)⁵		5.000			02/01/2030		23,533,262

	1,845,000	NYS Convention Center Devel. Corp. (Hotel Unit)		5.000			11/15/2035		1,912,158

	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2028		936,785

	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2030		469,625

	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2027		941,358

	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2029		471,147

	260,000	NYS DA (Catholic Health System)		5.000			07/01/2032		284,604

	500,000	NYS DA (Catholic Health System)		5.000			07/01/2032		547,315

	300,000	NYS DA (Culinary Institute of America)		5.000			07/01/2034		324,276

	285,000	NYS DA (Fordham University)		5.000			07/01/2038		317,453

	200,000	NYS DA (Fordham University)		5.000			07/01/2030		228,414

	5,300,000	NYS DA (Interagency Council Pooled Loan Program)		7.000			07/01/2031		5,509,668

	5,700,000	NYS DA (Interagency Council)		7.000			07/01/2035		7,154,868

	3,000,000	NYS DA (Iona College)		5.000			07/01/2032		3,219,810

	3,490,000	NYS DA (Manhattan College)		5.300			07/01/2037		3,603,704

	18,230,000	NYS DA (Memorial Sloan-Kettering)⁵		5.000			07/01/2035		19,290,824

	150,000	NYS DA (Mental Health Services Facilities)		5.000			02/15/2037		156,945

	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)		5.000			07/01/2029		921,438

	135,000	NYS DA (New School University)		5.000			07/01/2033		135,163

	5,150,000	NYS DA (New School University)³		5.000			07/01/2041		5,154,893

	1,000,000	NYS DA (New School University)		5.750			07/01/2050		1,130,440

	150,000	NYS DA (New York Methodist Hospital)		5.250			07/01/2033		150,321

	40,000,000	NYS DA (New York University)		5.250			07/01/2048		44,915,600

	11,500,000	NYS DA (North Shore L.I. Jewish Obligated Group)		5.250			05/01/2034		12,702,785

	8,575,000	NYS DA (NYU Hospitals Center)		5.000			07/01/2036		8,952,900

	2,000,000	NYS DA (NYU Hospitals Center)		5.625			07/01/2037		2,186,700

	6,035,000	NYS DA (Providence Rest)		5.000			07/01/2035		6,026,792

	3,100,000	NYS DA (Providence Rest)		5.250			07/01/2025		3,116,337

	2,700,000	NYS DA (Providence Rest)		5.125			07/01/2030		2,705,805

9 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)

	$1,750,000	NYS DA (School District Bond Financing Program), Series C		7.250	%		10/01/2028	$	2,130,555

	1,525,000	NYS DA (School District Bond Financing Program), Series C		7.500			04/01/2039		1,862,559

	2,645,000	NYS DA (School District Bond Financing Program), Series C		7.375			10/01/2033		3,217,748

	5,770,000	NYS DA (Smithtown Special Library District)		6.000			07/01/2028		6,688,757

	2,480,000	NYS DA (Special Surgery Hospital)		6.000			08/15/2038		2,869,186

	270,000	NYS DA (St. John’s University)		5.000			07/01/2028		306,194

	10,750,000	NYS DA (St. John’s University)		5.000			07/01/2030		12,088,375

	3,500,000	NYS DA (St. Joseph’s College)		5.250			07/01/2035		3,718,015

	47,500,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		51,338,950

	5,620,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2034		6,360,491

	15,915,000	NYS DA (State Personal Income Tax Authority)⁵		5.000			03/15/2034		18,054,767

	3,000,000	NYS DA (State University of New York)		5.000			07/01/2040		3,319,080

	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)		6.250			02/15/2035		6,008,394

	4,395,000	NYS DA (The New School)		5.000			07/01/2031		4,847,949

	60,000	NYS DA (University of Rochester)		5.000			07/01/2034		60,216

	1,000,000	NYS DA (University of Rochester)		0.000	⁹		07/01/2039		1,160,820

	11,695,000	NYS DA (Vassar College)⁵		5.000			07/01/2046		12,802,230

	3,000,000	NYS DA (Yeshiva University)		5.000			09/01/2034		3,008,280

	6,565,000	NYS DA (Yeshiva University)		5.000			09/01/2038		6,519,439

	3,105,000	NYS DA (Yeshiva University)		5.000			11/01/2031		3,132,479

	1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.000			06/15/2037		1,579,515

	215,000	NYS EFC (NYC Municipal Water Finance Authority)		5.000			06/15/2034		215,808

	250,000	NYS EFC (United Waterworks)		5.150			03/01/2034		250,245

	15,000	NYS ERDA (Brooklyn Union Gas Company)		5.500			01/01/2021		15,063

	25,000	NYS ERDA (Brooklyn Union Gas Company)		4.700			02/01/2024		26,136

	16,300,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		13.516	⁸		07/01/2026		16,465,282

	7,000,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		12.313	⁸		04/01/2020		7,019,740

	600,000	NYS HFA (Affordable Hsg.)		5.200			11/01/2030		633,888

	150,000	NYS HFA (Affordable Hsg.)		6.750			11/01/2038		176,354

	2,000,000	NYS HFA (Affordable Hsg.)		5.000			11/01/2042		2,119,200

	10,220,000	NYS HFA (Affordable Hsg.)⁵		5.450			11/01/2045		10,518,716

	2,365,000	NYS HFA (Affordable Hsg.)		5.250			11/01/2038		2,427,814

	1,080,000	NYS HFA (Affordable Hsg.)		6.450			11/01/2029		1,199,891

	1,205,000	NYS HFA (Children’s Rescue)		7.625			05/01/2018		1,205,337

	920,000	NYS HFA (Friendship)		5.100			08/15/2041		926,247

	1,125,000	NYS HFA (Golden Age Apartments)		5.000			02/15/2037		1,137,150

	150,000	NYS HFA (Highland Avenue Senior Apartments)		5.000			02/15/2039		152,340

	120,000	NYS HFA (Horizons at Wawayanda)		5.150			11/01/2040		123,578

	1,255,000	NYS HFA (Multifamily Hsg.)		6.400			11/15/2027		1,257,711

	1,710,000	NYS HFA (Multifamily Hsg.)		5.650			02/15/2034		1,712,001

	2,080,000	NYS HFA (Multifamily Hsg.)		5.375			02/15/2035		2,081,851

	490,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2015		492,793

	465,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2014		467,753

	585,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2017		588,001

	530,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2016		532,867

10 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	New York (Continued)

	$620,000	NYS HFA (Nonprofit Hsg.)		8.400	%		11/01/2018	$	623,038

	1,145,000	NYS HFA (State Personal Income Tax Authority)		5.000			03/15/2036		1,191,189

	105,000	NYS HFA (State Personal Income Tax Authority)		5.000			03/15/2036		109,905

	395,000	NYS LGSC (SCSB)		7.375			12/15/2016		396,477

	835,000	NYS LGSC (SCSB)		7.750			12/15/2021		837,948

	1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.000			11/15/2031		1,111,480

	20,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.750			11/15/2051		23,039,800

	7,650,000	NYS Thruway Authority		5.000			01/01/2032		8,589,879

	50,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		4.625			09/15/2030		49,720

	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		5.000			09/15/2035		830,631

	1,185,000	Onondaga County, NY IDA (Free Library)		5.125			03/01/2030		1,244,760

	1,115,000	Onondaga County, NY IDA (Free Library)		5.125			03/01/2037		1,162,644

	42,834,598	Onondaga County, NY Res Rec		0.000	⁹		05/01/2022		38,463,327

	4,635,000	Onondaga County, NY Res Rec		5.000			05/01/2015		4,637,457

	1,000,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)		5.000			07/01/2032		1,069,820

	3,465,000	Onondaga, NY Civic Devel Corp. (Upstate Properties)		5.250			12/01/2041		3,765,069

	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)		5.375			07/01/2040		2,143,660

	1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)		5.000			07/01/2042		1,503,909

	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		2,236,967

	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2021		1,717,264

	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		6,352,282

	19,290,000	Port Authority NY/NJ (Continental Airlines)		9.125			12/01/2015		19,603,463

	32,120,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		32,211,221

	16,540,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2022		16,639,240

	345,000	Port Authority NY/NJ (JFK International Air Terminal)		6.500			12/01/2028		365,942

	34,400,000	Port Authority NY/NJ (KIAC)³		6.750			10/01/2019		34,279,256

	26,000,000	Port Authority NY/NJ, 138th Series⁵		4.750			12/01/2034		26,309,660

	27,255,000	Port Authority NY/NJ, 141st Series⁵		4.500			09/01/2029		27,736,043

	47,910,000	Port Authority NY/NJ, 143rd Series⁵		5.000			10/01/2030		49,511,152

	35,000	Port Authority NY/NJ, 143rd Series		5.000			04/01/2036		36,013

	26,100,000	Port Authority NY/NJ, 146th Series⁵		4.750			12/01/2027		27,985,934

	10,000	Port Authority NY/NJ, 146th Series		4.500			12/01/2034		10,202

	10,000	Port Authority NY/NJ, 146th Series		4.750			12/01/2027		10,730

	13,005,000	Port Authority NY/NJ, 147th Series⁵		4.750			10/15/2028		13,935,370

	17,790,000	Port Authority NY/NJ, 147th Series⁵		5.000			10/15/2027		19,160,894

	20,000,000	Port Authority NY/NJ, 147th Series⁵		5.000			10/15/2032		20,849,365

	82,000,000	Port Authority NY/NJ, 151st Series⁵		5.750			03/15/2035		92,357,232

	15,000,000	Port Authority NY/NJ, 151st Series⁵		6.000			09/15/2028		17,093,700

	13,715,000	Port Authority NY/NJ, 152nd Series		5.250			05/01/2038		15,212,678

11 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	New York (Continued)

	$22,500,000	Port Authority NY/NJ, 152nd Series⁵		5.750	%		11/01/2030	$	25,537,950

	101,940,000	Port Authority NY/NJ, 152nd Series⁵		5.250			11/01/2035		113,243,107

	15,300,000	Port Authority NY/NJ, 161st Series⁵		5.000			10/15/2031		17,707,455

	20,250,000	Port Authority NY/NJ, 163rd Series⁵		5.000			07/15/2039		23,231,807

	15,000,000	Port Authority NY/NJ, 166th Series⁵		5.250			07/15/2036		17,119,800

	21,515,000	Port Authority NY/NJ, 166th Series⁵		5.000			01/15/2041		24,088,779

	400,000	Port Authority NY/NJ, 172nd Series		5.000			10/01/2034		442,488

	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)		6.000			08/01/2032		2,760,069

	2,525,000	Ramapo, NY Local Devel. Corp.		5.000			03/15/2033		2,764,370

	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)		5.375			12/01/2036		1,503,840

	7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.		5.750			06/01/2043		7,299,343

	6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.		5.625			06/01/2035		6,344,328

	4,820,000	Rensselaer, NY City School District COP		5.000			06/01/2036		4,880,877

	975,000	Riverhead, NY IDA (Michael Reilly Design)		8.875			08/01/2021		978,296

	1,195,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)		4.900			07/01/2021		1,161,468

	30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.875	²		08/15/2045		1,178,100

	13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.750			08/15/2043		13,082,953

	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.596	²		08/15/2060		2,002,320

	9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.625			08/15/2035		9,224,170

	25,000	Sanford Town, NY GO		5.250			04/15/2017		26,345

	25,000	Sanford Town, NY GO		5.250			04/15/2018		26,234

	25,000	Sanford Town, NY GO		5.250			04/15/2019		26,092

	20,000	Sanford Town, NY GO		5.250			04/15/2016		21,160

	20,000	Sanford Town, NY GO		5.250			04/15/2015		20,440

	40,000	Sanford Town, NY GO		5.250			04/15/2028		41,036

	25,000	Sanford Town, NY GO		5.250			04/15/2020		26,017

	35,000	Sanford Town, NY GO		5.250			04/15/2026		35,949

	30,000	Sanford Town, NY GO		5.250			04/15/2024		30,898

	35,000	Sanford Town, NY GO		5.250			04/15/2025		35,989

	30,000	Sanford Town, NY GO		5.250			04/15/2021		31,083

	30,000	Sanford Town, NY GO		5.250			04/15/2022		31,011

	30,000	Sanford Town, NY GO		5.250			04/15/2023		30,955

	40,000	Sanford Town, NY GO		5.250			04/15/2029		40,996

	60,000	Sanford Town, NY GO		5.250			04/15/2035		61,276

	40,000	Sanford Town, NY GO		5.250			04/15/2027		41,051

	55,000	Sanford Town, NY GO		5.250			04/15/2034		56,219

	50,000	Sanford Town, NY GO		5.250			04/15/2032		51,124

	50,000	Sanford Town, NY GO		5.250			04/15/2033		51,101

	45,000	Sanford Town, NY GO		5.250			04/15/2031		46,032

	45,000	Sanford Town, NY GO		5.250			04/15/2030		46,072

	60,000	Sanford Town, NY GO		5.250			04/15/2036		61,267

12 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	New York (Continued)

	$24,470,000	SONYMA, Series 109⁵		4.950	%		10/01/2034	$	24,486,159

	22,320,000	SONYMA, Series 137⁵		4.700			10/01/2031		22,488,667

	10,930,000	SONYMA, Series 140⁵		4.750			10/01/2037		10,982,108

	7,345,000	SONYMA, Series 143⁵		4.900			10/01/2037		7,657,193

	1,510,000	St. Lawrence County, NY IDA (Clarkson University)		5.000			09/01/2041		1,657,361

	520,000	St. Lawrence County, NY IDA (Clarkson University)		6.000			09/01/2034		609,892

	4,775,000	St. Lawrence County, NY IDA (Clarkson University)		5.375			09/01/2041		5,336,397

	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)		7.250			12/01/2029		3,720,562

	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2031		1,513,413

	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2030		1,437,491

	25,075,000	Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)		5.000			07/01/2028		27,476,182

	1,005,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.750			06/01/2027		1,017,311

	945,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.000			12/01/2019		955,357

	4,230,000	Suffolk County, NY Economic Devel. Corp., Series A		7.375			12/01/2040		4,427,118

	545,000	Suffolk County, NY IDA (ACLD)		6.000			12/01/2019		550,973

	1,425,000	Suffolk County, NY IDA (ALIA-ACLD)³		5.950			10/01/2021		1,448,156

	165,000	Suffolk County, NY IDA (ALIA-ADD)		7.125			06/01/2017		165,157

	40,000	Suffolk County, NY IDA (ALIA-ADD)		6.950			12/01/2014		40,088

	845,000	Suffolk County, NY IDA (ALIA-Adelante)		6.500			11/01/2037		852,647

	1,955,000	Suffolk County, NY IDA (ALIA-DDI)³		5.950			10/01/2021		1,986,769

	555,000	Suffolk County, NY IDA (ALIA-FREE)³		5.950			10/01/2021		564,019

	395,000	Suffolk County, NY IDA (ALIA-IGHL)³		5.950			10/01/2021		401,419

	590,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		599,334

	340,000	Suffolk County, NY IDA (ALIA-IGHL)³		6.000			10/01/2031		333,237

	35,000	Suffolk County, NY IDA (ALIA-NYS ARC)		7.500			09/01/2015		35,463

	545,000	Suffolk County, NY IDA (ALIA-NYS ARC)		5.950			11/01/2022		553,622

	80,000	Suffolk County, NY IDA (ALIA-Pederson-Krag Center)		8.375			06/01/2016		80,356

	45,000	Suffolk County, NY IDA (ALIA-SMCFS)		7.500			09/01/2015		45,595

	1,325,000	Suffolk County, NY IDA (ALIA-UCPAGS)³		5.950			10/01/2021		1,346,531

	150,000	Suffolk County, NY IDA (ALIA-UCPAGS)		6.950			12/01/2014		150,165

	200,000	Suffolk County, NY IDA (ALIA-UCPAGS)		7.000			06/01/2016		200,416

	3,530,000	Suffolk County, NY IDA (ALIA-UVBH)		6.500			11/01/2037		3,561,947

	530,000	Suffolk County, NY IDA (ALIA-WORCA)		5.950			11/01/2022		538,385

	285,000	Suffolk County, NY IDA (Catholic Charities)³		6.000			10/01/2020		289,349

	245,000	Suffolk County, NY IDA (DDI)³		6.000			10/01/2020		248,739

	230,000	Suffolk County, NY IDA (DDI)³		6.000			10/01/2020		233,510

	95,000	Suffolk County, NY IDA (DDI)		6.000			12/01/2019		96,041

	130,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		114,483

	1,980,000	Suffolk County, NY IDA (Federation of Organizations)		8.125			04/01/2030		1,982,970

13 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	New York (Continued)

	$1,995,000	Suffolk County, NY IDA (Huntington First Aid Squad)		6.650	%		11/01/2017	$	1,996,197

	600,000	Suffolk County, NY IDA (Independent Group Home Living)³		6.000			10/01/2020		609,156

	150,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			12/01/2019		151,644

	7,555,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)		6.375			01/01/2039		7,615,667

	1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		1,905,713

	24,580,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)		5.500			01/01/2023		24,580,246

	2,295,000	Suffolk County, NY IDA (Pederson-Krager Center)		8.125			04/01/2030		2,194,548

	4,800,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.200			02/01/2035		4,059,744

	660,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)		5.250			07/01/2022		645,975

	250,000	Suffolk County, NY IDA (Suffolk Hotels)³		6.000			10/01/2020		254,525

	3,130,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		7.875			09/01/2041		3,226,310

	1,080,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		6.000			12/01/2019		1,091,837

	530,000	Suffolk County, NY IDA (WORCA)³		6.000			10/01/2020		538,088

	287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	²		06/01/2048		8,241,633

	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.625			06/01/2044		112,544,096

	10,080,000	Suffolk, NY Tobacco Asset Securitization Corp.		5.375			06/01/2028		9,701,597

	29,915,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.000			06/01/2048		24,941,930

	203,935,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2036		206,321,040

	1,000,000	Syracuse, NY IDA (Crouse Irving Health Hospital)		5.375			01/01/2023		1,000,750

	3,830,000	Syracuse, NY IDA (James Square)		2.552	²		08/01/2025		1,899,795

	560,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375			03/01/2021		563,774

	2,050,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375			03/01/2031		2,063,817

	2,425,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2032		2,543,073

	1,700,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2038		1,767,677

	22,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)		5.000			09/01/2030		24,661,178

	185,000	Ulster County, NY Res Rec		5.000			03/01/2020		193,436

	3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.450			06/01/2040		3,020,776

	1,730,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.250			06/01/2025		1,729,412

	3,180,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.000			06/01/2040		3,112,489

	1,280,000	Warren & Washington Counties, NY IDA (GFH/GFHF Obligated Group)		5.000			12/01/2035		1,282,010

	20,000	Westchester County, NY GO		5.375			12/15/2014		20,220

14 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	New York (Continued)

	$6,245,000	Westchester County, NY Healthcare Corp., Series A		5.000	%		11/01/2030	$	6,828,221

	687,344	Westchester County, NY Healthcare Corp., Series A		5.000			11/01/2044		756,697

	1,700,000	Westchester County, NY Healthcare Corp., Series B		5.125			11/01/2041		1,839,825

	1,190,000	Westchester County, NY IDA (Clearview School)		7.250			01/01/2035		1,206,017

	1,145,000	Westchester County, NY IDA (Guiding Eyes for the Blind)		5.375			08/01/2024		1,169,904

	520,000	Westchester County, NY IDA (JDAM)		6.750			04/01/2016		526,323

	3,400,000	Westchester County, NY IDA (Lawrence Hospital)		5.000			01/01/2028		3,408,500

	385,000	Westchester County, NY IDA (Lawrence Hospital)		5.125			01/01/2018		386,459

	1,470,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2033		1,515,923

	4,500,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2026		4,383,675

	59,400,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.125			06/01/2038		54,907,578

	52,815,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.125			06/01/2045		41,885,464

	2,785,000	Yonkers, NY IDA (Hudson Scenic Studio)		6.625			11/01/2019		2,747,597

	1,415,000	Yonkers, NY IDA (Philipsburgh Hall Associates)		7.500			11/01/2030		1,273,175

	1,050,000	Yonkers, NY IDA (Sarah Lawrence College)		6.000			06/01/2041		1,158,077

	600,000	Yonkers, NY IDA (St. Joseph’s Hospital)		6.150			03/01/2015		600,360

	1,000,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-A		6.150			03/01/2015		1,000,600

	200,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-B		6.150			03/01/2015		200,120

	565,000	Yonkers, NY Parking Authority		6.000			06/15/2018		565,638

	1,215,000	Yonkers, NY Parking Authority		6.000			06/15/2024		1,121,822

									4,999,578,774

	U.S. Possessions—28.4%
	825,000	Guam Education Financing Foundation COP		5.000			10/01/2023		853,751

	3,600,000	Guam Government Business Privilege		5.000			01/01/2031		3,860,784

	6,000,000	Guam Government Business Privilege		5.000			01/01/2032		6,415,080

	345,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750			09/01/2031		391,237

	1,560,000	Guam Power Authority, Series A		5.000			10/01/2024		1,842,516

	2,790,000	Guam Power Authority, Series A		5.000			10/01/2030		3,191,844

	1,230,000	Guam Power Authority, Series A		5.000			10/01/2023		1,451,043

	29,920,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2030		25,731,499

	1,700,000	Northern Mariana Islands Commonwealth, Series A³		5.000			10/01/2022		1,637,049

	7,465,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		6,513,735

	14,500,000	Northern Mariana Islands Ports Authority, Series A		6.600			03/15/2028		14,233,780

	49,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125			07/01/2047		47,818,610

15 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	U.S. Possessions (Continued)

	$4,000,000	Puerto Rico Aqueduct & Sewer Authority		6.000	%		07/01/2044	$	2,993,000

	55,825,000	Puerto Rico Aqueduct & Sewer Authority		6.125			07/01/2024		44,901,722

	80,800,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		60,326,088

	1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		1,181,761

	1,950,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033		1,387,503

	15,350,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		11,350,557

	52,635,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		38,977,797

	10,000,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2024		7,783,400

	56,685,000	Puerto Rico Children’s Trust Fund (TASC)		5.625			05/15/2043		52,624,087

	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	²		05/15/2057		53,009,393

	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	²		05/15/2057		33,254,432

	168,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.627	²		05/15/2050		12,352,735

	745,000,000	Puerto Rico Children’s Trust Fund (TASC)		6.324	²		05/15/2055		17,634,150

	30,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2036		22,278,300

	3,205,000	Puerto Rico Commonwealth GO		5.625			07/01/2033		2,401,282

	2,700,000	Puerto Rico Commonwealth GO		6.000			07/01/2035		2,061,558

	3,670,000	Puerto Rico Commonwealth GO		6.000			07/01/2040		2,797,751

	5,675,000	Puerto Rico Commonwealth GO		6.500			07/01/2040		4,410,894

	1,000,000	Puerto Rico Commonwealth GO		5.500			07/01/2026		781,980

	7,850,000	Puerto Rico Commonwealth GO		5.500			07/01/2029		6,093,170

	5,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2028		3,849,350

	3,315,000	Puerto Rico Commonwealth GO		5.125			07/01/2031		2,537,202

	13,300,000	Puerto Rico Commonwealth GO		5.125			07/01/2031		9,788,268

	2,920,000	Puerto Rico Commonwealth GO		5.250			07/01/2030		2,152,858

	2,500,000	Puerto Rico Commonwealth GO		5.250			07/01/2032		1,855,725

	2,200,000	Puerto Rico Commonwealth GO		5.250			07/01/2026		1,688,500

	2,000,000	Puerto Rico Commonwealth GO		5.000			07/01/2033		1,480,940

	14,500,000	Puerto Rico Commonwealth GO		5.250			07/01/2031		10,709,990

	10,230,000	Puerto Rico Commonwealth GO		5.250			07/01/2034		7,597,207

	4,965,000	Puerto Rico Commonwealth GO		5.250			07/01/2037		3,655,084

	5,050,000	Puerto Rico Commonwealth GO		6.500			07/01/2037		3,943,747

	390,000	Puerto Rico Commonwealth GO		6.000			07/01/2039		298,389

	1,000,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		788,610

	770,000	Puerto Rico Commonwealth GO		5.875			07/01/2036		575,236

	76,300,000	Puerto Rico Commonwealth GO		5.500			07/01/2032		56,738,969

	1,270,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		1,289,888

	5,000,000	Puerto Rico Commonwealth GO		5.375			07/01/2033		3,743,400

	3,620,000	Puerto Rico Electric Power Authority, Series A		7.000	¹⁰		07/01/2033		2,153,864

	2,000,000	Puerto Rico Electric Power Authority, Series A		5.000	¹⁰		07/01/2029		1,191,120

	23,480,000	Puerto Rico Electric Power Authority, Series A		7.000	¹⁰		07/01/2043		13,968,252

	18,990,000	Puerto Rico Electric Power Authority, Series A		6.750	¹⁰		07/01/2036		11,298,480

	1,095,000	Puerto Rico Electric Power Authority, Series A		5.000	¹⁰		07/01/2042		651,853

	10,105,000	Puerto Rico Electric Power Authority, Series AAA		5.250	¹⁰		07/01/2029		6,017,325

	9,625,000	Puerto Rico Electric Power Authority, Series AAA		5.250	¹⁰		07/01/2031		5,730,725

	9,000,000	Puerto Rico Electric Power Authority, Series AAA		5.250	¹⁰		07/01/2022		5,375,070

	1,430,000	Puerto Rico Electric Power Authority, Series AAA		5.250	¹⁰		07/01/2027		851,780

	20,170,000	Puerto Rico Electric Power Authority, Series CCC		5.250	¹⁰		07/01/2027		12,014,261

	13,295,000	Puerto Rico Electric Power Authority, Series CCC		5.250	¹⁰		07/01/2028		7,917,704

	510,000	Puerto Rico Electric Power Authority, Series RR		5.000	¹⁰		07/01/2024		504,920

	6,885,000	Puerto Rico Electric Power Authority, Series TT		5.000	¹⁰		07/01/2037		4,098,640

16 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	U.S. Possessions (Continued)

	$6,320,000	Puerto Rico Electric Power Authority, Series TT		5.000%	¹⁰		07/01/2032	$	3,763,054

	33,350,000	Puerto Rico Electric Power Authority, Series WW		5.500	¹⁰		07/01/2038		19,848,920

	3,700,000	Puerto Rico Electric Power Authority, Series WW		5.000	¹⁰		07/01/2028		2,203,757

	7,000,000	Puerto Rico Electric Power Authority, Series XX		5.250	¹⁰		07/01/2040		4,166,610

	7,590,000	Puerto Rico Electric Power Authority, Series ZZ		5.250	¹⁰		07/01/2025		4,522,198

	10,000,000	Puerto Rico Electric Power Authority, Series ZZ		5.250	¹⁰		07/01/2024		5,967,400

	270,000	Puerto Rico Highway & Transportation Authority		5.750			07/01/2020		166,074

	4,000,000	Puerto Rico Highway & Transportation Authority		5.500			07/01/2029		3,839,600

	4,945,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		3,445,083

	4,845,000	Puerto Rico Highway & Transportation Authority		5.250			07/01/2030		4,496,208

	9,515,000	Puerto Rico Highway & Transportation Authority		5.000			07/01/2028		5,062,836

	8,980,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2033		4,776,731

	1,840,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2042		977,886

	1,120,000	Puerto Rico Highway & Transportation Authority, Series H		5.450			07/01/2035		595,616

	1,145,000	Puerto Rico Highway & Transportation Authority, Series K		5.000			07/01/2030		609,129

	6,500,000	Puerto Rico Highway & Transportation Authority, Series K		5.000			07/01/2027		3,459,040

	915,000	Puerto Rico Highway & Transportation Authority, Series L		5.250			07/01/2030		632,604

	2,600,000	Puerto Rico Highway & Transportation Authority, Series L		5.250			07/01/2023		2,705,248

	10,000	Puerto Rico Highway & Transportation Authority, Series M		5.000			07/01/2046		11,204

	78,610,000	Puerto Rico Highway & Transportation Authority, Series M		5.000			07/01/2046		41,772,568

	57,615,000	Puerto Rico Highway & Transportation Authority, Series N		5.250			07/01/2039		38,992,104

	3,190,000	Puerto Rico Highway & Transportation Authority, Series N		5.250			07/01/2032		3,182,440

	5,000,000	Puerto Rico Infrastructure		6.000			12/15/2026		3,675,550

	142,985,000	Puerto Rico Infrastructure		5.000			07/01/2041		85,312,000

	675,000	Puerto Rico Infrastructure		5.000			07/01/2037		406,168

	65,725,000	Puerto Rico Infrastructure		5.730	²		07/01/2045		5,988,205

	1,295,000	Puerto Rico Infrastructure		5.500			07/01/2026		1,270,732

	17,490,000	Puerto Rico Infrastructure		5.000			07/01/2037		10,524,258

	25,255,000	Puerto Rico Infrastructure		5.000			07/01/2031		15,328,522

	15,000,000	Puerto Rico Infrastructure		5.500			07/01/2027		14,557,500

	41,740,000	Puerto Rico Infrastructure		5.000			07/01/2046		24,900,832

	16,955,000	Puerto Rico Infrastructure		5.650	²		07/01/2029		5,786,063

	25,000,000	Puerto Rico Infrastructure		5.800	²		07/01/2032		5,455,750

	1,680,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		1,008,890

	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.500			12/01/2031		5,551,643

	1,235,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			12/01/2021		1,206,472

	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			03/01/2036		5,042,267

17 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	U.S. Possessions (Continued)

	$1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000	%		04/01/2027	$	1,198,625

	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		987,228

	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		741,405

	3,280,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		3,090,744

	5,000,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)		6.250			07/01/2026		5,151,000

	650,000	Puerto Rico ITEMECF (International American University)		5.000			10/01/2031		608,062

	5,250,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)		6.700			05/01/2024		5,049,030

	7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)		5.750			06/01/2029		2,799,860

	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2042		156,436

	5,490,000	Puerto Rico ITEMECF (University Plaza)		5.000			07/01/2033		4,790,354

	4,990,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2025		3,077,084

	9,450,000	Puerto Rico Public Buildings Authority		5.375			07/01/2033		6,892,924

	31,050,000	Puerto Rico Public Buildings Authority		6.000			07/01/2041		23,471,005

	2,110,000	Puerto Rico Public Buildings Authority		5.625			07/01/2039		1,549,310

	90,355,000	Puerto Rico Public Buildings Authority		5.000			07/01/2036		63,830,386

	1,500,000	Puerto Rico Public Buildings Authority		6.250			07/01/2021		1,229,400

	7,500,000	Puerto Rico Public Buildings Authority		6.250			07/01/2031		5,875,650

	850,000	Puerto Rico Public Buildings Authority		5.500			07/01/2037		620,457

	18,585,000	Puerto Rico Public Buildings Authority		5.250			07/01/2029		13,674,471

	7,500,000	Puerto Rico Public Buildings Authority		5.000			07/01/2037		5,291,175

	121,570,000	Puerto Rico Public Buildings Authority		5.250			07/01/2033		88,151,623

	7,500,000	Puerto Rico Public Buildings Authority		6.750			07/01/2036		5,972,625

	8,000,000	Puerto Rico Public Buildings Authority		6.500			07/01/2030		6,254,880

	11,810,000	Puerto Rico Public Finance Corp., Series B		5.500			08/01/2031		6,034,201

	15,265,000	Puerto Rico Sales Tax Financing Corp., Series A		7.890	²		08/01/2034		2,632,449

	8,205,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500			08/01/2044		6,910,169

	75,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2037		58,309

	296,445,000	Puerto Rico Sales Tax Financing Corp., Series A⁵		5.250			08/01/2057		233,363,399

	1,490,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2043		1,067,421

	409,990,000	Puerto Rico Sales Tax Financing Corp., Series A		5.606	²		08/01/2054		32,569,606

	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500	²		08/01/2042		5,083,500

	80,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	²		08/01/2043		12,718,400

	3,130,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2024		2,615,146

	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-1		5.250			08/01/2043		7,367,100

	250,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2042		201,993

	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C		0.000	⁹		08/01/2032		30,152,317

	9,985,000	Puerto Rico Sales Tax Financing Corp., Series C		5.250			08/01/2041		7,385,605

	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C		5.750			08/01/2057		81,022,064

	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C		5.375			08/01/2036		3,072,160

	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2039		1,181,431

	4,525,000	University of Puerto Rico		5.000			06/01/2026		2,799,437

	7,280,000	University of Puerto Rico, Series P		5.000			06/01/2030		4,383,142

	67,190,000	University of Puerto Rico, Series Q		5.000			06/01/2036		39,753,635

	24,375,000	University of Puerto Rico, Series Q		5.000			06/01/2030		14,675,700

18 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value

	U.S. Possessions (Continued)

	$590,000	V.I. Public Finance Authority (Matching Fund Loan Note)		6.000	%		10/01/2039	$	657,585

	1,425,000	V.I. Public Finance Authority, Series A		5.000			10/01/2032		1,594,689

	11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	²		05/15/2035		1,512,819

									1,767,497,018

	Total Municipal Bonds and Notes (Cost $7,747,753,431)								6,767,075,792

Shares
	Common Stocks—0.1%

	1,401	CMS Liquidating Trust^11,12(Cost $4,483,200)							4,696,152

	Total Investments, at Value (Cost $7,752,236,631)—109.0%								6,771,771,944

	Net Other Assets (Liabilities)—(9.0)								(558,529,583)

	Net Assets—100.0%							$	6,213,242,361

Footnotes to Statement of Investments

1. 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.

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

3. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after September 30, 2014. See accompanying Notes.

4. This security is accruing partial income at an anticipated effective rate based on expected interest and/or principal payments. The rate shown is the original contractual interest rate.

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

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

11. Non-income producing security.

12. 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
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

19 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Abbreviations (Continued)


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
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
LGSC		Local Government Services Corp.
LIFERS		Long Inverse Floating Exempt Receipts
LVH		Little Village House
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		Reset Option Longs
SCSB		Schuyler Community Services Board
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
UCPAGS		United Cerebral Palsy Assoc. of Greater Suffolk
UNICEF		United Nations Children’s Fund
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.

20 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS September 30, 2014 Unaudited

Oppenheimer Rochester Fund Municipals (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), 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.

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

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 September 30, 2014, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$555,180
Sold securities		8,321,131

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

21 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

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 September 30, 2014 is as follows:


Cost			$24,329,348
Market Value			$16,446,899
Market value as % of Net Assets			0.26%

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. As of September 30, 2014, securities with an aggregate market value of $112,245,933, representing 1.81% of the Fund’s net assets, were subject to these forbearance agreements.

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.

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

22 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

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 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

23 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

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

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The 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 September 30, 2014, the Fund’s maximum exposure under such agreements is estimated at $345,775,000.

24 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

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 September 30, 2014, municipal bond holdings with a value of $1,295,320,915 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $701,230,000 in short-term floating rate securities issued and outstanding at that date.

At September 30, 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		8.022	%		11/1/39	$	24,416,438
	15,585,000	NY Liberty Devel. Corp. (Bank of America at One Byrant Park) LIFERS		22.264			1/15/46		23,616,262
	7,500,000	NY Liberty Devel. Corp. ROLs³		9.772			1/15/44		9,028,950
	23,955,000	NY/NJ Port Authority Austin Trust Inverse Certificates		9.383			10/1/30		25,556,152
	15,660,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.552			12/1/27		17,545,934
	2,430,000	NYC GO DRIVERS		10.313			8/1/35		2,604,984
	3,785,000	NYC GO DRIVERS		9.162			8/1/30		4,058,353
	2,140,000	NYC GO DRIVERS		10.324			3/1/35		2,220,036
	4,170,000	NYC GO DRIVERS		10.334			12/1/33		4,246,728
	2,500,000	NYC GO ROLs³		18.588			10/1/34		3,752,100
	5,000,000	NYC GO ROLs		19.332			3/1/21		8,421,600
	710,000	NYC HDC (Multifamily Hsg.) DRIVERS³		20.282			11/1/39		912,464
	1,750,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.343			11/1/37		1,779,855
	1,375,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.343			11/1/26		1,417,818
	2,730,000	NYC HDC (Multifamily Hsg.) DRIVERS³		20.87			11/1/46		3,540,373
	1,225,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.491			11/1/27		1,360,350
	4,015,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.662			11/1/40		4,195,755
	1,500,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.595			11/1/32		1,580,370
	4,180,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.601			5/1/40		4,254,362
	775,000	NYC HDC (Multifamily Hsg.) DRIVERS³		20.017			11/1/34		1,000,835
	2,340,000	NYC HDC (Multifamily Hsg.) DRIVERS		9.453			11/1/39		2,379,429
	11,195,000	NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs³		13.074			5/1/49		11,932,527
	5,395,000	NYC Municipal Water Finance Authority³		20.1			6/15/43		9,133,249
	7,935,000	NYC Municipal Water Finance Authority LIFERS		20.271			6/15/43		13,725,804
	3,750,000	NYC Transitional Finance Authority (Building Aid) ROLs³		19.602			7/15/37		5,883,450

25 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Inverse Floater¹	Coupon Rate²			Maturity Date		Value
	$ 6,250,000	NYC Transitional Finance Authority (Building Aid) ROLs³		18.588	%		7/15/37	$	9,248,000
	10,170,000	NYC Transitional Finance Authority (Future Tax) ROLs³		9.567			2/1/30		13,368,262
	7,500,000	NYC Transitional Finance Authority (Future Tax) ROLs³		9.569			5/1/34		9,680,250
	8,205,000	NYS DA (Memorial Sloan-Kettering) DRIVERS		10.334			7/1/35		9,265,824
	5,265,000	NYS DA (Vassar College) DRIVERS		10.331			7/1/46		6,372,230
	3,980,000	NYS DA ROLs³		18.582			3/15/34		6,119,767
	3,410,000	NYS HFA ROLs³		15.153			11/1/45		3,708,716
	3,750,000	Port Authority NY/NJ ROLs³		22.223			9/15/28		5,843,700
	3,580,000	Port Authority NY/NJ, 11588^thSeries ROLs³		16.037			10/15/28		4,510,370
	4,895,000	Port Authority NY/NJ, 11588^thSeries ROLs³		16.965			10/15/27		6,265,894
	5,500,000	Port Authority NY/NJ, 11588^thSeries ROLs³		16.974			10/15/32		6,349,365
	9,090,000	Port Authority NY/NJ, 11589th Series ROLs³		12.571			9/1/29		9,571,043
	13,000,000	Port Authority NY/NJ, 138th Series DRIVERS		8.847			12/1/34		13,309,660
	24,000,000	Port Authority NY/NJ, 151st Series LIFERS		17.08			3/15/35		33,093,600
	30,970,000	Port Authority NY/NJ, 152nd Series LIFERS		10.436			11/1/35		37,837,907
	5,060,000	Port Authority NY/NJ, 163rd Series LIFERS		18.278			7/15/39		8,041,807
	10,755,000	Port Authority NY/NJ, 166th Series		9.4			1/15/41		13,328,779
	20,000,000	Port Authority NY/NJ, 3090th Series DRIVERS		9.868			11/1/35		24,435,200
	7,500,000	Port Authority NY/NJ, 3114th Series DRIVERS		15.955			11/1/30		10,537,950
	3,335,000	Port Authority NY/NJ, 3115th Series DRIVERS		15.947			3/15/35		4,598,632
	7,500,000	Port Authority NY/NJ, 3249th Series ROLs³		10.026			7/15/36		9,619,800
	7,650,000	Port Authority NY/NJ, 3264th Series ROLs³		9.519			10/15/31		10,057,455
	177,865,000	Puerto Rico Sales Tax Financing Corp. LIFERS³		7.215			8/1/57		114,783,399
	5,485,000	SONYMA ROLs³		8.882			10/1/37		5,537,108
	14,690,000	SONYMA ROLs³		7.877			10/1/34		14,706,159
	3,685,000	SONYMA ROLs³		9.187			10/1/37		3,997,193
	11,170,000	SONYMA ROLs³		8.803			10/1/31		11,338,667

								$	594,090,915

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

26 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

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 $701,230,000 as of September 30, 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, 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

27 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Securities Valuation (Continued)

“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.
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

28 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

Securities Valuation (Continued)

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)

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 September 30, 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	$	—	$	4,998,412,652	$	1,166,122	$	4,999,578,774
U.S. Possessions		—		1,767,497,018		—		1,767,497,018
Common Stock		—		—		4,696,152		4,696,152

Total Assets	$	—	$	6,765,909,670	$	5,862,274	$	6,771,771,944

Forward currency exchange contracts and futures contracts, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

29 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

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 September 30, 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	$	7,040,693,215¹

Gross unrealized appreciation	$	264,748,174
Gross unrealized depreciation		(1,247,898,042)

Net unrealized depreciation	$	(983,149,868)

1. The Federal tax cost of securities does not include cost of $714,228,597, 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.

30 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 9/30/2014, 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/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer

Date:		11/10/2014

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/ Arthur P. Steinmetz
		Arthur P. Steinmetz
		Principal Executive Officer

Date:		11/10/2014


By:		/s/ Brian W. Wixted
		Brian W. Wixted
		Principal Financial Officer

Date:		11/10/2014

EX-99.CERT 2 d815091dex99cert.htm SECTION 302 CERTIFICATIONS Section 302 Certifications

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Arthur P. Steinmetz, certify that:

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

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

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

(a)

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

(b)

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

(c)

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

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a)

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

(b)

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

/s/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

Date: 11/10/2014

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

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

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

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

(a)

(b)

(c)

(d)

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

(a)

(b)

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

/s/ Brian W. Wixted

Brian W. Wixted

Principal Financial Officer

Date: 11/10/2014