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: 3/31/2015

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS March 31, 2015 Unaudited

Principal     Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—106.3%
	New York—79.4%
	$605,000	Albany County, NY IDA (Wildwood Programs)		4.900	%		07/01/2021	$	608,969
	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.875			07/01/2041		9,210,447
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.625			07/01/2031		1,475,667
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.375			07/01/2026		1,720,673
	1,420,000	Albany, NY Hsg. Authority (Lark Drive)		5.500			12/01/2028		1,422,130
	600,000	Albany, NY IDA (Albany Rehabilitation)		8.375			06/01/2023		600,318
	900,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2037		804,987
	3,125,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2027		2,973,250
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2032		1,238,341
	1,760,000	Albany, NY IDA (Sage Colleges)		5.300			04/01/2029		1,684,549
	985,000	Albany, NY Parking Authority		7.242	1		11/01/2017		884,688
	4,740,000	Amherst, NY IDA (Beechwood Health Care Center)		5.200			01/01/2040		4,817,831
	420,000	Blauvelt, NY Volunteer Fire Company		6.250			10/15/2017		421,924
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)		6.300			11/01/2033		2,739,267
	1,435,000	Brookhaven, NY IDA (Stony Brook Foundation)		6.500			11/01/2020		1,438,157
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)		5.375			10/01/2041		1,990,471
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)		6.000			10/01/2031		1,034,560
	500,000	Build NYC Resource Corp. (New York Methodist Hospital)		5.000			07/01/2030		569,400
	1,500,000	Build NYC Resource Corp. (Pratt Paper)		4.500			01/01/2025		1,633,290
	3,250,000	Build NYC Resource Corp. (Pratt Paper)		5.000			01/01/2035		3,523,715
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)		5.000			08/01/2032		945,097
	3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750			11/01/2030		3,072,330
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)		5.000			05/01/2040		1,111,050
	250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2039		269,072
	200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2034		217,482
	830,000	Cattaraugus County, NY IDA (St. Bonaventure University)		5.450			09/15/2019		831,104
	105,000	Chautauqua, NY Utility District		5.000			06/01/2025		107,689
	95,000	Chautauqua, NY Utility District		5.000			06/01/2023		97,599
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)		5.000			07/01/2033		1,517,409
	740,000	Chemung County, NY IDA (Hathorn Redevel. Company)		4.850			07/01/2023		742,449
	1,310,000	Clifton Springs, NY Hospital & Clinic		8.000			01/01/2020		1,312,227
	2,200,000	Dutchess County, NY IDA (Elant Fishkill)		5.250			01/01/2037		2,106,324
	650,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)		5.750			07/01/2040		748,813

1  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,000,000	Dutchess County, NY Water & Wastewater Authority		5.400	%1		06/01/2027	$	717,990
	1,970,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)		6.750			03/01/2030		1,972,462
	2,460,000	East Rochester, NY Hsg. Authority (Woodland Village)		5.500			08/01/2033		2,503,788
	2,675,000	Elmira, NY Hsg. Authority (Eastgate Apartments)		6.250			06/01/2044		2,682,463
	7,050,000	Erie County, NY IDA (Charter School Applied Tech)		6.875			06/01/2035		7,203,831
	2,845,000	Erie County, NY IDA (Global Concepts Charter School)		6.250			10/01/2037		2,998,545
	715,000	Erie County, NY IDA (The Episcopal Church Home)		6.000			02/01/2028		716,187
	135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	1		06/01/2050		3,231,837
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.196	1		06/01/2055		1,737,042
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	1		06/01/2060		4,188,160
	25,330,000	Erie County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2038		23,844,902
	72,595,000	Erie County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2045		64,994,303
	93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	1		06/01/2047		5,194,980
	1,410,000	Essex County, NY IDA (International Paper Company)		4.600			03/01/2027		1,435,324
	1,500,000	Essex County, NY IDA (International Paper Company)		6.625			09/01/2032		1,706,925
	1,100,000	Essex County, NY IDA (North Country Community College Foundation)		5.300			06/01/2035		1,103,113
	410,000	Essex County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		411,554
	975,000	Essex County, NY IDA (North Country Community College Foundation)		5.000			06/01/2020		979,582
	1,235,000	Essex County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		1,239,681
	320,000	Essex County, NY IDA (North Country Community College Foundation)		5.000			06/01/2020		321,504
	185,000	Fishkill, NY GO		5.000			04/15/2029		185,364
	900,000	Franklin County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		903,411
	300,000	Franklin County, NY Solid Waste Management Authority		5.000			06/01/2025		343,086
	100,000	Glens Falls, NY GO		6.000			02/01/2040		112,224
	1,945,000	Hempstead, NY IDA (Adelphi University)		5.000			10/01/2030		1,991,972
	3,665,000	Hempstead, NY IDA (Peninsula Counseling Center)		6.500			11/01/2038		2,227,624
	1,250,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2039		1,361,925

2  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000	%		07/01/2044	$	1,085,480
	1,700,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2029		1,901,348
	1,500,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2034		1,651,485
	34,450,000	Hudson Yards, NY Infrastructure Corp.		5.750			02/15/2047		40,186,614
	4,840,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2047		5,138,096
	10,475,000	L.I., NY Power Authority, Series A		5.750			04/01/2039		11,935,739
	12,315,000	L.I., NY Power Authority, Series A		5.000			09/01/2039		13,869,892
	1,250,000	L.I., NY Power Authority, Series A		5.000			09/01/2044		1,402,475
	29,735,000	L.I., NY Power Authority, Series A		5.000			09/01/2037		32,850,336
	20,000,000	L.I., NY Power Authority, Series A		5.000			09/01/2042		22,012,800
	3,400,000	L.I., NY Power Authority, Series A		5.000			05/01/2036		3,819,696
	1,900,000	L.I., NY Power Authority, Series B		5.750			04/01/2033		2,174,569
	65,000	L.I., NY Power Authority, Series B		5.000			12/01/2035		68,026
	7,000,000	L.I., NY Power Authority, Series B		5.000			09/01/2029		7,875,000
	435,000	Lockport City, NY GO		5.000			10/15/2020		484,777
	455,000	Lockport City, NY GO		5.000			10/15/2021		510,510
	530,000	Lockport City, NY GO		5.000			10/15/2024		593,229
	505,000	Lockport City, NY GO		5.000			10/15/2023		569,357
	480,000	Lockport City, NY GO		5.000			10/15/2022		540,168
	3,000,000	Madison County, NY IDA (Colgate University)		5.000			07/01/2040		3,036,240
	100,000	Madison County, NY IDA (Commons II Student Hsg.)		5.000			06/01/2033		104,317
	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)		5.000			06/01/2040		5,499,810
	860,000	Madison County, NY IDA (Morrisville State College Foundation)		5.000			06/01/2028		870,363
	1,100,000	Madison County, NY IDA (Morrisville State College Foundation)		5.000			06/01/2032		1,112,881
	570,000	Middletown, NY IDA (Flanagan Design & Display)2		7.500			11/01/2018		285,000
	2,375,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)		6.500			12/01/2042		2,437,035
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)		5.000			05/01/2030		1,188,210
	1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)		5.000			05/01/2031		1,775,100
	2,345,000	Monroe County, NY IDA (Summit at Brighton)		5.375			07/01/2032		1,697,686
	3,660,000	Monroe County, NY IDA (Summit at Brighton)		5.500			07/01/2027		2,936,162
	2,765,000	Monroe County, NY IDA (Volunteers of America)		5.750			08/01/2028		2,763,479
	375,000	Monroe County, NY IDA (Volunteers of America)		5.700			08/01/2018		375,011
	850,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)		5.000			01/15/2038		954,592
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.250			10/01/2031		545,620
	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.000			10/01/2026		938,621
	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.500			10/01/2041		2,025,343

3  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.000	%		06/01/2044	$	1,637,473
	500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.000			06/01/2029		560,440
	960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.500			06/01/2034		1,102,099
	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.625			06/01/2026		965,676
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		6.000			06/01/2034		1,685,583
	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)		5.750			08/15/2035		18,093,877
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	1		06/01/2061		2,606,500
	580,000	Monroe, NY Newpower Corp		5.625			01/01/2026		582,221
	2,305,000	Monroe, NY Newpower Corp.		5.500			01/01/2034		2,312,145
	700,000	Mount Vernon, NY IDA (Kings Court)		5.200			12/01/2033		704,228
	1,385,000	Mount Vernon, NY IDA (Meadowview)		6.150			06/01/2019		1,388,061
	2,600,000	Mount Vernon, NY IDA (Meadowview)		6.200			06/01/2029		2,602,860
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.741	1		01/15/2022		1,061,146
	802,824	Municipal Assistance Corp. for Troy, NY		5.733	1		07/15/2021		711,952
	450,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022		454,860
	100,000	Nassau County, NY IDA (ALIA-ACDS)		7.500			06/01/2015		100,283
	310,000	Nassau County, NY IDA (ALIA-HH)		7.125			06/01/2017		310,391
	240,000	Nassau County, NY IDA (ALIA-HHS)		7.125			06/01/2017		240,302
	5,823,750	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2049		5,815,189
	2,101,661	Nassau County, NY IDA (Amsterdam at Harborside)2		2.000			01/01/2049		91,443
	3,665,000	Nassau County, NY IDA (CSMR)		5.950			11/01/2022		3,704,582
	435,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		439,698
	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500			11/01/2037		1,674,392
	3,150,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)		5.250			06/01/2027		3,162,442
	445,000	Nassau County, NY IDA (Life’s WORCA)3		5.950			11/01/2022		449,806
	3,535,000	Nassau County, NY IDA (New York Water Service Corp.)		5.000			12/01/2035		3,622,385
	1,695,000	Nassau County, NY IDA (North Shore CFGA)		6.750			05/01/2024		1,696,186
	735,000	Nassau County, NY IDA (PLUS Group Home)3		6.150			11/01/2022		749,340
	645,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.500			11/01/2037		658,848
	460,000	Nassau County, NY IDA, Series A-A		6.000			06/01/2021		467,567
	4,800,000	Nassau County, NY IDA, Series A-B		6.000			06/01/2021		4,878,960
	465,000	Nassau County, NY IDA, Series A-C		6.000			06/01/2021		472,649
	515,000	Nassau County, NY IDA, Series A-D		6.000			06/01/2021		523,472
	40,000,000	Nassau County, NY Tobacco Settlement Corp.		7.351	1		06/01/2060		163,600
	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	1		06/01/2046		3,528,967
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		6.537	1		06/01/2060		5,307,731
	20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	1		06/01/2046		724,400

4  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$122,875,000	Nassau County, NY Tobacco Settlement Corp.		5.125	%		06/01/2046	$	100,202,105
	22,780,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.000			06/01/2035		19,592,622
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)		5.375			04/01/2036		3,683,359
	1,500,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		1,502,565
	125,000	Niagara Falls, NY Public Water Authority		5.500			07/15/2034		125,748
	850,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2042		915,535
	500,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2035		540,165
	2,055,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)		7.375			12/15/2021		2,390,684
	6,245,000	NY Counties Tobacco Trust I		6.500			06/01/2035		6,246,124
	3,720,000	NY Counties Tobacco Trust I		6.250			06/01/2028		3,720,670
	19,230,000	NY Counties Tobacco Trust I		6.625			06/01/2042		19,232,500
	29,770,000	NY Counties Tobacco Trust II (TASC)		5.625			06/01/2035		29,817,037
	53,880,000	NY Counties Tobacco Trust II (TASC)		5.750			06/01/2043		54,135,930
	245,000	NY Counties Tobacco Trust III		6.000			06/01/2043		245,051
	7,000,000	NY Counties Tobacco Trust IV		5.000			06/01/2038		6,012,160
	304,690,000	NY Counties Tobacco Trust IV		6.395	1		06/01/2055		4,186,441
	131,335,000	NY Counties Tobacco Trust IV		5.920	1		06/01/2050		3,144,160
	608,700,000	NY Counties Tobacco Trust IV		6.816	1		06/01/2060		2,489,583
	38,275,000	NY Counties Tobacco Trust IV (TASC)		5.000			06/01/2045		32,128,800
	52,535,000	NY Counties Tobacco Trust IV (TASC)		5.000			06/01/2042		44,601,690
	643,195,000	NY Counties Tobacco Trust V		6.850	1		06/01/2055		7,602,565
	3,179,100,000	NY Counties Tobacco Trust V		7.850	1		06/01/2060		14,051,622
	596,125,000	NY Counties Tobacco Trust V		6.211	1		06/01/2050		16,250,367
	62,345,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)4		5.625			01/15/2046		71,184,189
	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)4		5.125			01/15/2044		16,753,950
	2,199,995	NY Liberty Devel. Corp. (National Sports Museum)2		6.125			02/15/2019		22
	795,000	NY MTA, Series A		5.000			11/15/2025		932,877
	500,000	NY MTA, Series A		5.000			11/15/2026		590,305
	500,000	NY MTA, Series A		5.000			11/15/2027		587,645
	6,800,000	NY MTA, Series A		5.250			11/15/2038		7,905,272
	3,400,000	NY MTA, Series A		5.000			11/15/2029		3,953,350
	1,980,000	NY MTA, Series A		5.000			11/15/2025		2,127,312
	4,035,000	NY MTA, Series B		5.000			11/15/2029		4,432,770
	5,985,000	NY MTA, Series B		5.000			11/15/2024		6,620,787
	4,000,000	NY MTA, Series C		5.000			11/15/2038		4,532,680
	2,150,000	NY MTA, Series D		5.000			11/15/2032		2,476,219
	27,675,000	NY MTA, Series D		5.000			11/15/2030		32,169,420
	10,000,000	NY MTA, Series D		5.000			11/15/2027		11,526,300
	1,100,000	NY MTA, Series D		5.250			11/15/2029		1,313,510
	1,225,000	NY MTA, Series D		5.250			11/15/2034		1,414,189
	1,100,000	NY MTA, Series D		5.250			11/15/2030		1,308,857
	585,000	NY MTA, Series D		5.250			11/15/2027		705,422

5  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$690,000	NY MTA, Series D		5.250	%		11/15/2028	$	826,061
	1,100,000	NY MTA, Series D		5.250			11/15/2033		1,291,334
	1,375,000	NY MTA, Series D		5.250			11/15/2026		1,663,516
	1,100,000	NY MTA, Series D		5.250			11/15/2031		1,304,215
	1,100,000	NY MTA, Series D		5.250			11/15/2032		1,295,921
	8,000,000	NY MTA, Series D-1		5.000			11/01/2027		9,421,920
	3,500,000	NY MTA, Series D-1		5.000			11/01/2028		4,106,200
	6,700,000	NY MTA, Series F		5.000			11/15/2030		6,888,203
	61,110,000	NY MTA, Series F		5.000			11/15/2030		71,034,264
	3,000,000	NY MTA, Series H		5.000			11/15/2025		3,599,850
	2,100,000	NY MTA, Series H		5.000			11/15/2033		2,412,879
	2,100,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2030		2,480,604
	400,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2028		478,736
	3,200,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2029		3,729,664
	303,515,000	NY TSASC, Inc. (TFABs)		5.125			06/01/2042		261,626,895
	250,510,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2034		230,476,715
	5,000,000	NYC GO		5.000			08/01/2029		5,780,550
	3,800,000	NYC GO		5.000			08/01/2035		4,324,248
	1,915,000	NYC GO		5.000			10/01/2034		2,205,218
	3,300,000	NYC GO		5.000			10/01/2033		3,809,784
	2,500,000	NYC GO		5.000			10/01/2029		2,925,025
	3,000,000	NYC GO		5.000			08/01/2029		3,499,590
	350,000	NYC GO		5.000			10/01/2030		407,680
	5,760,000	NYC GO		5.000			08/01/2031		6,606,317
	235,000	NYC GO		5.000			08/01/2030		238,755
	1,175,000	NYC GO		5.000			08/01/2035		1,193,776
	5,135,000	NYC GO		5.000			10/01/2032		5,939,552
	15,000	NYC GO		5.000			04/01/2035		15,058
	15,000	NYC GO		5.000			06/01/2020		15,120
	8,750,000	NYC GO		5.000			03/01/2033		10,001,337
	60,000	NYC GO		5.000			04/01/2035		60,000
	1,340,000	NYC GO		5.000			05/15/2036		1,516,679
	15,000	NYC GO		5.500			11/15/2037		15,065
	5,000	NYC GO		7.750			08/15/2028		5,135
	230,000	NYC GO		5.250			06/01/2027		230,943
	5,000	NYC GO		5.320			01/15/2028		5,020
	7,330,000	NYC GO4		5.000			08/01/2030		7,445,521
	4,225,000	NYC GO4		5.000			08/01/2035		4,289,638
	9,455,000	NYC GO		0.130	5		11/01/2026		9,455,000
	10,000,000	NYC GO4		5.000			10/01/2034		11,475,800
	4,750,000	NYC GO4		5.000			03/01/2035		4,769,089
	5,000	NYC GO		7.250			08/15/2024		5,030
	20,000,000	NYC GO4		5.250			03/01/2021		23,069,800
	380,000	NYC GO		5.375			06/01/2032		381,626
	8,750,000	NYC GO		0.110	5		04/01/2035		8,750,000
	2,000,000	NYC GO		6.250			12/15/2031		2,379,040
	5,395,000	NYC GO ROLs6,7		15.627	8		05/15/2036		8,240,323
	1,475,000	NYC GO ROLs6,7		18.483	8		05/15/2031		2,270,615
	875,000	NYC GO ROLs6,7		18.498	8		05/15/2033		1,342,460
	1,675,000	NYC HDC (Multifamily Hsg.)		5.200			11/01/2035		1,723,994

6  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$5,100,000	NYC HDC (Multifamily Hsg.)		5.150	%		11/01/2037	$	5,225,715
	890,000	NYC HDC (Multifamily Hsg.)		4.950			11/01/2039		933,841
	2,670,000	NYC HDC (Multifamily Hsg.)		5.450			11/01/2046		2,735,629
	780,000	NYC HDC (Multifamily Hsg.)		5.000			11/01/2030		804,827
	3,735,000	NYC HDC (Multifamily Hsg.)		5.450			11/01/2040		3,870,730
	7,205,000	NYC HDC (Multifamily Hsg.)		5.250			11/01/2045		7,383,756
	5,140,000	NYC HDC (Multifamily Hsg.)		5.350			11/01/2037		5,319,386
	1,215,000	NYC HDC (Multifamily Hsg.)		5.350			05/01/2041		1,263,126
	8,035,000	NYC HDC (Multifamily Hsg.)4		5.200			11/01/2040		8,231,293
	2,435,000	NYC HDC (Multifamily Hsg.)4		5.100			11/01/2027		2,542,041
	2,840,000	NYC HDC (Multifamily Hsg.)4		5.550			11/01/2039		3,071,545
	3,090,000	NYC HDC (Multifamily Hsg.)4		5.500			11/01/2034		3,401,434
	4,685,000	NYC HDC (Multifamily Hsg.)4		5.050			11/01/2039		4,714,554
	10,910,000	NYC HDC (Multifamily Hsg.)4		5.700			11/01/2046		11,806,669
	3,000,000	NYC HDC (Multifamily Hsg.)4		5.125			11/01/2032		3,078,360
	3,500,000	NYC HDC (Multifamily Hsg.)4		5.000			11/01/2037		3,521,875
	25,000	NYC HDC (Multifamily Hsg.)		5.550			11/01/2039		27,038
	70,000	NYC HDC (Multifamily Hsg.), Series A		5.500			11/01/2034		70,187
	29,070,000	NYC HDC (Multifamily Hsg.), Series B4		5.350			05/01/2049		29,836,293
	11,250,000	NYC HDC (Multifamily Hsg.), Series C4		5.050			11/01/2036		11,351,027
	8,365,000	NYC HDC (Multifamily Hsg.), Series C4		5.125			05/01/2040		8,419,842
	13,180,000	NYC HDC (Multifamily Hsg.), Series G-14		4.875			11/01/2039		13,298,359
	2,750,000	NYC HDC, Series C4		5.000			11/01/2026		2,776,895
	940,000	NYC IDA (Allied Metal)		7.125			12/01/2027		939,803
	2,130,000	NYC IDA (Amboy Properties)		6.750			06/01/2020		2,111,575
	39,860,000	NYC IDA (American Airlines)		8.000			08/01/2028		43,602,455
	59,350,000	NYC IDA (American Airlines)		7.750			08/01/2031		64,746,102
	338,060,000	NYC IDA (American Airlines)		8.500			08/01/2028		347,275,512
	200,000	NYC IDA (American Airlines)		7.500			08/01/2016		210,668
	18,200,000	NYC IDA (American Airlines)		7.625			08/01/2025		19,818,890
	365,000	NYC IDA (Atlantic Veal & Lamb)		8.375			12/01/2016		365,241
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.750			10/01/2036		128,871,818
	97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.650			10/01/2028		83,852,329
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		6.200			10/01/2022		21,304,489
	2,895,000	NYC IDA (Center for Elimination of Family Violence)		7.375			11/01/2036		3,017,980
	13,300,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		12,526,339
	3,400,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		3,202,222
	18,000,000	NYC IDA (Chapin School)		5.000			11/01/2038		18,341,280
	280,000	NYC IDA (Community Resource Center for the Developmentally Disabled)		5.250			07/01/2022		270,208
	3,145,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		3,148,931
	470,000	NYC IDA (Comprehensive Care Management)		7.875			12/01/2016		471,720
	3,245,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		3,250,516
	1,285,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		1,287,107
	1,490,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		1,574,230
	555,000	NYC IDA (Cool Wind Ventilation)		5.450			11/01/2017		555,055

7  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$620,000	NYC IDA (Cool Wind Ventilation)		5.450	%		11/01/2017	$	620,062
	5,685,000	NYC IDA (Cool Wind Ventilation)		6.075			11/01/2027		5,550,550
	280,000	NYC IDA (EIISFAC/SFUMP/YAI/AFSFBM/SNP Obligated Group)		4.750			07/01/2020		275,148
	2,670,000	NYC IDA (Gourmet Boutique)		5.750			05/01/2021		1,945,869
	7,290,000	NYC IDA (Guttmacher Institute)		5.750			12/01/2036		7,399,423
	600,000	NYC IDA (Independent Living Assoc.)		6.200			07/01/2020		606,996
	2,140,000	NYC IDA (Liberty-IAC/Interactive Corp.)		5.000			09/01/2035		2,171,180
	3,745,000	NYC IDA (Manhattan Community Access Corp.)		6.000			12/01/2036		3,838,625
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		9,511,447
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		1,964,490
	13,890,000	NYC IDA (MediSys Health Network)		6.250			03/15/2024		13,421,212
	1,750,000	NYC IDA (PSCH)		6.375			07/01/2033		1,750,927
	6,800,000	NYC IDA (Reece School)		7.500			12/01/2037		7,118,104
	1,000,000	NYC IDA (Roundabout Theatre)		5.000			10/01/2023		999,920
	2,370,000	NYC IDA (Sahadi Fine Foods)		6.750			11/01/2019		2,371,138
	200,000	NYC IDA (Samaritan Aids Services)		5.000			11/01/2024		200,442
	145,000	NYC IDA (Special Needs Facilities Pooled Program)		7.875			08/01/2025		145,483
	500,000	NYC IDA (Special Needs Facilities Pooled Program)		6.650			07/01/2023		500,820
	5,760,000	NYC IDA (Stallion)		5.500			11/01/2031		5,744,678
	955,000	NYC IDA (Stallion)		6.000			11/01/2027		959,269
	1,275,000	NYC IDA (Streamline Plastics)		8.125			12/01/2025		1,275,484
	80,000	NYC IDA (Streamline Plastics)		7.750			12/01/2015		80,049
	6,808,500	NYC IDA (Studio School)2		7.000			11/01/2038		5,447,821
	1,500,000	NYC IDA (Terminal One Group Assoc.)		5.500	5		01/01/2021		1,555,830
	1,000,000	NYC IDA (The Bank Street College)		5.250			12/01/2030		1,001,380
	380,000	NYC IDA (The Bank Street College)		5.250			12/01/2021		380,863
	8,600,000	NYC IDA (The Child School)		7.550			06/01/2033		8,617,028
	3,475,000	NYC IDA (Therapy & Learning Center)		8.250			09/01/2031		3,484,660
	32,040,000	NYC IDA (UNICEF)		5.300			11/01/2038		32,483,113
	5,000,000	NYC IDA (United Jewish Appeal-Federal Jewish Philanthropies)		5.000			07/01/2034		5,662,200
	3,515,000	NYC IDA (Urban Resource Institute)3		7.375			11/01/2033		3,533,876
	1,075,000	NYC IDA (W & W Jewelers)		8.250			02/01/2021		1,077,515
	2,900,000	NYC IDA (Weizmann Institute)		5.900			11/01/2034		2,906,467
	5,930,000	NYC IDA (Weizmann Institute)		5.900			11/01/2034		5,943,165
	855,000	NYC IDA (World Casing Corp.)		6.700			11/01/2019		853,632
	335,000	NYC IDA (YAI/SFTU Obligated Group)		5.000			07/01/2026		335,332
	100,000	NYC IDA (Yankee Stadium)		5.000			03/01/2031		102,864
	18,110,000	NYC IDA (Yankee Stadium)		5.000			03/01/2046		18,585,387
	16,500,000	NYC IDA (Yankee Stadium)		7.000			03/01/2049		19,694,895
	6,800,000	NYC IDA (Yankee Stadium)9		0.751			03/01/2022		6,571,928
	70,000	NYC IDA (Yankee Stadium)		5.000			03/01/2036		73,569
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)		5.725			11/01/2037		24,679,435
	31,750,000	NYC Municipal Water Finance Authority4		5.500			06/15/2043		37,534,774
	2,650,000	NYC Municipal Water Finance Authority		5.750			06/15/2040		3,039,842

8  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$7,405,000	NYC Municipal Water Finance Authority		5.250	%		06/15/2044	$	8,548,406
	5,000,000	NYC Municipal Water Finance Authority		5.000			06/15/2036		5,788,050
	21,570,000	NYC Municipal Water Finance Authority4		5.375			06/15/2043		25,330,261
	8,950,000	NYC Municipal Water Finance Authority		5.000			06/15/2031		10,268,693
	7,350,000	NYC Municipal Water Finance Authority		5.250			06/15/2040		8,429,715
	1,900,000	NYC Municipal Water Finance Authority		5.625			06/15/2027		2,182,112
	6,115,000	NYC Municipal Water Finance Authority		5.000			06/15/2036		7,078,785
	700,000	NYC Transitional Finance Authority		5.125			01/15/2034		784,511
	5,065,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2035		5,902,194
	10,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2040		11,561,200
	3,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2030		3,565,800
	5,410,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2040		6,093,391
	10,500,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2043		12,100,935
	15,000,000	NYC Transitional Finance Authority (Building Aid)4		5.250			07/15/2037		17,381,400
	25,000,000	NYC Transitional Finance Authority (Building Aid)4		5.000			07/15/2037		28,576,000
	1,700,000	NYC Transitional Finance Authority (Building Aid)		5.500			01/15/2039		1,960,865
	2,400,000	NYC Transitional Finance Authority (Future Tax)		5.250			02/01/2030		2,820,744
	20,335,000	NYC Transitional Finance Authority (Future Tax)4		5.000			02/01/2030		24,049,593
	8,190,000	NYC Transitional Finance Authority (Future Tax)		5.000			02/01/2035		9,443,561
	15,000,000	NYC Transitional Finance Authority (Future Tax)4		5.000			05/01/2034		17,393,850
	1,845,000	NYS Convention Center Devel. Corp. (Hotel Unit)		5.000			11/15/2035		1,896,402
	26,900,000	NYS Convention Center Devel. Corp. (Hotel Unit)		5.000			11/15/2044		27,649,434
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2029		474,729
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2027		951,771
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2028		944,486
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2030		472,987
	975,000	NYS DA (Cabrini of Westchester)3		5.200			02/15/2041		1,067,001
	260,000	NYS DA (Catholic Health System)		5.000			07/01/2032		288,192
	500,000	NYS DA (Catholic Health System)		5.000			07/01/2032		554,215
	300,000	NYS DA (Culinary Institute of America)		5.000			07/01/2034		327,777
	285,000	NYS DA (Fordham University)		5.000			07/01/2038		315,518
	200,000	NYS DA (Fordham University)		5.000			07/01/2030		230,348
	5,300,000	NYS DA (Interagency Council Pooled Loan Program)		7.000			07/01/2031		5,594,733
	5,700,000	NYS DA (Interagency Council)		7.000			07/01/2035		7,008,321
	3,000,000	NYS DA (Iona College)		5.000			07/01/2032		3,251,820
	3,490,000	NYS DA (Manhattan College)		5.300			07/01/2037		3,613,476
	18,230,000	NYS DA (Memorial Sloan-Kettering)4		5.000			07/01/2035		19,173,165
	150,000	NYS DA (Mental Health Services Facilities)		5.000			02/15/2037		156,294
	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)		5.000			07/01/2029		925,085
	1,000,000	NYS DA (New School University)		5.750			07/01/2050		1,151,760
	135,000	NYS DA (New School University)		5.000			07/01/2033		135,189
	5,150,000	NYS DA (New School University)		5.000			07/01/2041		5,156,180
	40,000,000	NYS DA (New York University)		5.250			07/01/2048		44,490,800
	11,500,000	NYS DA (North Shore L.I. Jewish Obligated Group)		5.250			05/01/2034		12,979,820
	8,575,000	NYS DA (NYU Hospitals Center)		5.000			07/01/2036		9,401,716
	2,000,000	NYS DA (NYU Hospitals Center)		5.625			07/01/2037		2,220,680

9  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,000,000	NYS DA (NYU Hospitals Center)		5.000	%		07/01/2036	$	1,137,510
	1,000,000	NYS DA (Pratt Institute)		5.000			07/01/2034		1,148,270
	6,035,000	NYS DA (Providence Rest)		5.000			07/01/2035		6,043,751
	2,700,000	NYS DA (Providence Rest)		5.125			07/01/2030		2,706,102
	3,100,000	NYS DA (Providence Rest)		5.250			07/01/2025		3,110,292
	3,000,000	NYS DA (Sales Tax)		5.000			03/15/2035		3,482,820
	1,750,000	NYS DA (School District Bond Financing Program), Series C		7.250			10/01/2028		2,096,990
	2,645,000	NYS DA (School District Bond Financing Program), Series C		7.375			10/01/2033		3,172,175
	1,525,000	NYS DA (School District Bond Financing Program), Series C		7.500			04/01/2039		1,835,414
	5,770,000	NYS DA (Smithtown Special Library District)		6.000			07/01/2028		6,645,309
	2,480,000	NYS DA (Special Surgery Hospital)		6.000			08/15/2038		2,935,105
	10,750,000	NYS DA (St. John’s University)		5.000			07/01/2030		12,208,560
	270,000	NYS DA (St. John’s University)		5.000			07/01/2028		309,007
	400,000	NYS DA (St. John’s University)3		5.000			07/01/2034		460,964
	3,500,000	NYS DA (St. Joseph’s College)		5.250			07/01/2035		3,773,805
	46,700,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		50,904,868
	15,915,000	NYS DA (State Personal Income Tax Authority)4		5.000			03/15/2034		18,403,933
	6,000,000	NYS DA (State Personal Income Tax Authority)		5.000			03/15/2035		7,040,220
	5,620,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2034		6,503,857
	10,000,000	NYS DA (State Personal Income Tax Authority)		5.000			03/15/2031		11,875,900
	3,000,000	NYS DA (State University of New York)		5.000			07/01/2040		3,423,840
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)		6.250			02/15/2035		6,048,742
	4,395,000	NYS DA (The New School)		5.000			07/01/2031		4,868,561
	1,000,000	NYS DA (University of Rochester)		5.750	10		07/01/2039		1,157,560
	60,000	NYS DA (University of Rochester)		5.000			07/01/2034		61,214
	11,695,000	NYS DA (Vassar College)4		5.000			07/01/2046		12,673,026
	6,565,000	NYS DA (Yeshiva University)		5.000			09/01/2038		6,669,712
	3,500,000	NYS DA (Yeshiva University)		5.000			09/01/2034		3,562,825
	3,105,000	NYS DA (Yeshiva University)		5.000			11/01/2031		3,187,189
	1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.000			06/15/2037		1,567,727
	215,000	NYS EFC (NYC Municipal Water Finance Authority)		5.000			06/15/2034		218,915
	250,000	NYS EFC (United Waterworks)		5.150			03/01/2034		250,325
	15,000	NYS ERDA (Brooklyn Union Gas Company)		5.500			01/01/2021		15,065
	25,000	NYS ERDA (Brooklyn Union Gas Company)		4.700			02/01/2024		25,788
	16,300,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		13.527	8		07/01/2026		16,468,542
	7,000,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		12.336	8		04/01/2020		7,016,660
	2,365,000	NYS HFA (Affordable Hsg.)		5.250			11/01/2038		2,435,903
	2,000,000	NYS HFA (Affordable Hsg.)		5.000			11/01/2042		2,119,420
	600,000	NYS HFA (Affordable Hsg.)		5.200			11/01/2030		630,552
	150,000	NYS HFA (Affordable Hsg.)		6.750			11/01/2038		171,816
	10,220,000	NYS HFA (Affordable Hsg.)4		5.450			11/01/2045		10,547,053
	1,080,000	NYS HFA (Affordable Hsg.)		6.450			11/01/2029		1,187,762
	905,000	NYS HFA (Children’s Rescue)3		7.625			05/01/2018		905,308
	910,000	NYS HFA (Friendship)		5.100			08/15/2041		913,649
	1,095,000	NYS HFA (Golden Age Apartments)		5.000			02/15/2037		1,105,227

10  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$150,000	NYS HFA (Highland Avenue Senior Apartments)		5.000	%		02/15/2039	$	152,687
	120,000	NYS HFA (Horizons at Wawayanda)		5.150			11/01/2040		123,931
	2,080,000	NYS HFA (Multifamily Hsg.)		5.375			02/15/2035		2,082,350
	1,255,000	NYS HFA (Multifamily Hsg.)		6.400			11/15/2027		1,257,912
	1,710,000	NYS HFA (Multifamily Hsg.)		5.650			02/15/2034		1,712,360
	1,145,000	NYS HFA (State Personal Income Tax Authority)		5.000			03/15/2036		1,170,213
	105,000	NYS HFA (State Personal Income Tax Authority)		5.000			03/15/2036		107,312
	755,000	NYS LGSC (SCSB)		7.750			12/15/2021		756,261
	270,000	NYS LGSC (SCSB)		7.375			12/15/2016		271,191
	1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.000			11/15/2031		1,135,990
	20,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.750			11/15/2051		23,424,400
	7,650,000	NYS Thruway Authority		5.000			01/01/2032		8,716,104
	2,000,000	NYS Thruway Authority Highway & Bridge Trust Fund		5.000			04/01/2029		2,336,740
	10,015,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2043		11,404,081
	50,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		4.625			09/15/2030		50,063
	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		5.000			09/15/2035		831,577
	1,185,000	Onondaga County, NY IDA (Free Library)		5.125			03/01/2030		1,242,781
	1,115,000	Onondaga County, NY IDA (Free Library)		5.125			03/01/2037		1,166,056
	42,834,598	Onondaga County, NY Res Rec		0.000	10		05/01/2022		42,648,696
	4,635,000	Onondaga County, NY Res Rec		5.000			05/01/2015		4,638,754
	1,000,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)		5.000			07/01/2032		1,080,630
	3,465,000	Onondaga, NY Civic Devel Corp. (Upstate Properties)		5.250			12/01/2041		3,910,426
	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)		5.375			07/01/2040		2,173,320
	1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)		5.000			07/01/2042		1,527,242
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2021		1,717,624
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		2,237,459
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		6,353,358
	10,065,000	Port Authority NY/NJ (Continental Airlines)		9.125			12/01/2015		10,224,430
	16,585,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2022		16,677,710
	345,000	Port Authority NY/NJ (JFK International Air Terminal)		6.500			12/01/2028		358,186
	32,140,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		32,239,634
	34,400,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2019		34,401,032
	27,255,000	Port Authority NY/NJ, 141st Series4		4.500			09/01/2029		27,493,431
	47,910,000	Port Authority NY/NJ, 143rd Series4		5.000			10/01/2030		49,479,532
	35,000	Port Authority NY/NJ, 143rd Series		5.000			04/01/2036		35,845
	26,100,000	Port Authority NY/NJ, 146th Series4		4.750			12/01/2027		27,591,145
	10,000	Port Authority NY/NJ, 146th Series		4.500			12/01/2034		10,204
	10,000	Port Authority NY/NJ, 146th Series		4.750			12/01/2027		10,577

11  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$13,005,000	Port Authority NY/NJ, 147th Series4		4.750	%		10/15/2028	$	13,828,078
	17,790,000	Port Authority NY/NJ, 147th Series4		5.000			10/15/2027		18,982,618
	20,000,000	Port Authority NY/NJ, 147th Series4		5.000			10/15/2032		21,207,360
	82,000,000	Port Authority NY/NJ, 151st Series4		5.750			03/15/2035		91,567,163
	15,000,000	Port Authority NY/NJ, 151st Series4		6.000			09/15/2028		16,968,300
	22,500,000	Port Authority NY/NJ, 152nd Series4		5.750			11/01/2030		25,370,775
	101,940,000	Port Authority NY/NJ, 152nd Series4		5.250			11/01/2035		112,237,823
	1,200,000	Port Authority NY/NJ, 152nd Series		5.750			11/01/2030		1,353,108
	15,300,000	Port Authority NY/NJ, 161st Series4		5.000			10/15/2031		17,695,521
	20,250,000	Port Authority NY/NJ, 163rd Series4		5.000			07/15/2039		23,126,104
	15,000,000	Port Authority NY/NJ, 166th Series4		5.250			07/15/2036		17,166,300
	21,515,000	Port Authority NY/NJ, 166th Series4		5.000			01/15/2041		24,235,692
	2,720,000	Port Authority NY/NJ, 169th Series		5.000			10/15/2036		2,988,246
	400,000	Port Authority NY/NJ, 172nd Series		5.000			10/01/2034		444,836
	10,000,000	Port Authority NY/NJ, 184th Series		5.000			09/01/2035		11,728,400
	11,000,000	Port Authority NY/NJ, 184th Series		5.000			09/01/2032		13,000,680
	8,340,000	Port Authority NY/NJ, 186th Series		5.000			10/15/2033		9,572,986
	9,170,000	Port Authority NY/NJ, 186th Series		5.000			10/15/2034		10,493,231
	13,715,000	Port Authority NY/NJ, Series 2014-XF00014		5.250			05/01/2038		15,100,446
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)		6.000			08/01/2032		2,760,593
	2,525,000	Ramapo, NY Local Devel. Corp.		5.000			03/15/2033		2,785,984
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)		5.375			12/01/2036		1,502,220
	7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.		5.750			06/01/2043		7,301,606
	6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.		5.625			06/01/2035		6,386,022
	4,820,000	Rensselaer, NY City School District COP		5.000			06/01/2036		4,883,479
	1,195,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)		4.900			07/01/2021		1,201,907
	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.596	1		08/15/2060		1,978,020
	30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.668	1		08/15/2045		1,175,700
	13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.750			08/15/2043		13,097,488
	9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.625			08/15/2035		9,227,030
	25,000	Sanford Town, NY GO		5.250			04/15/2017		25,869
	20,000	Sanford Town, NY GO		5.250			04/15/2016		20,774
	25,000	Sanford Town, NY GO		5.250			04/15/2019		25,707
	25,000	Sanford Town, NY GO		5.250			04/15/2018		25,763
	60,000	Sanford Town, NY GO		5.250			04/15/2036		61,098
	50,000	Sanford Town, NY GO		5.250			04/15/2032		50,920
	20,000	Sanford Town, NY GO		5.250			04/15/2015		20,032
	60,000	Sanford Town, NY GO		5.250			04/15/2035		61,098
	25,000	Sanford Town, NY GO		5.250			04/15/2020		25,683
	45,000	Sanford Town, NY GO		5.250			04/15/2030		45,837
	40,000	Sanford Town, NY GO		5.250			04/15/2029		40,752

12  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$40,000	Sanford Town, NY GO		5.250	%		04/15/2028	$	40,779
	50,000	Sanford Town, NY GO		5.250			04/15/2033		50,910
	55,000	Sanford Town, NY GO		5.250			04/15/2034		56,007
	45,000	Sanford Town, NY GO		5.250			04/15/2031		45,828
	40,000	Sanford Town, NY GO		5.250			04/15/2027		40,803
	30,000	Sanford Town, NY GO		5.250			04/15/2021		30,784
	30,000	Sanford Town, NY GO		5.250			04/15/2023		30,703
	30,000	Sanford Town, NY GO		5.250			04/15/2022		30,739
	35,000	Sanford Town, NY GO		5.250			04/15/2025		35,762
	35,000	Sanford Town, NY GO		5.250			04/15/2026		35,723
	30,000	Sanford Town, NY GO		5.250			04/15/2024		30,679
	21,925,000	SONYMA, Series 1374		4.700			10/01/2031		22,031,677
	10,065,000	SONYMA, Series 1404		4.750			10/01/2037		10,125,256
	7,135,000	SONYMA, Series 1434		4.900			10/01/2037		7,370,850
	520,000	St. Lawrence County, NY IDA (Clarkson University)		6.000			09/01/2034		623,210
	4,775,000	St. Lawrence County, NY IDA (Clarkson University)		5.375			09/01/2041		5,407,019
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)		5.000			09/01/2041		1,679,392
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)		7.250			12/01/2029		3,843,732
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2030		1,464,358
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2031		1,545,120
	25,075,000	Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)		5.000			07/01/2028		27,739,470
	810,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.000			12/01/2019		819,469
	1,005,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.750			06/01/2027		1,039,904
	4,215,000	Suffolk County, NY Economic Devel. Corp., Series A		7.375			12/01/2040		4,492,136
	450,000	Suffolk County, NY IDA (ACLD)		6.000			12/01/2019		455,261
	1,340,000	Suffolk County, NY IDA (ALIA-ACLD)3		5.950			10/01/2021		1,372,884
	165,000	Suffolk County, NY IDA (ALIA-ADD)		7.125			06/01/2017		165,437
	845,000	Suffolk County, NY IDA (ALIA-Adelante)		6.500			11/01/2037		863,489
	1,835,000	Suffolk County, NY IDA (ALIA-DDI)3		5.950			10/01/2021		1,880,031
	525,000	Suffolk County, NY IDA (ALIA-FREE)3		5.950			10/01/2021		537,884
	375,000	Suffolk County, NY IDA (ALIA-IGHL)3		5.950			10/01/2021		384,203
	335,000	Suffolk County, NY IDA (ALIA-IGHL)3		6.000			10/01/2031		343,462
	555,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		569,169
	465,000	Suffolk County, NY IDA (ALIA-NYS ARC)3		5.950			11/01/2022		476,871
	35,000	Suffolk County, NY IDA (ALIA-NYS ARC)		7.500			09/01/2015		35,459
	80,000	Suffolk County, NY IDA (ALIA-Pederson-Krag Center)		8.375			06/01/2016		80,590
	45,000	Suffolk County, NY IDA (ALIA-SMCFS)		7.500			09/01/2015		45,590
	200,000	Suffolk County, NY IDA (ALIA-UCPAGS)		7.000			06/01/2016		201,022
	1,245,000	Suffolk County, NY IDA (ALIA-UCPAGS)3		5.950			10/01/2021		1,275,552

13  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	New York (Continued)
	$3,530,000	Suffolk County, NY IDA (ALIA-UVBH)		6.500	%		11/01/2037	$	3,607,236
	455,000	Suffolk County, NY IDA (ALIA-WORCA)3		5.950			11/01/2022		466,616
	285,000	Suffolk County, NY IDA (Catholic Charities)		6.000			10/01/2020		290,746
	230,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		234,637
	245,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		249,939
	75,000	Suffolk County, NY IDA (DDI)		6.000			12/01/2019		75,877
	130,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		120,237
	1,915,000	Suffolk County, NY IDA (Federation of Organizations)3		8.125			04/01/2030		1,921,645
	1,545,000	Suffolk County, NY IDA (Huntington First Aid Squad)		6.650			11/01/2017		1,548,492
	600,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			10/01/2020		612,096
	130,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			12/01/2019		131,520
	7,410,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)		6.375			01/01/2039		7,517,890
	1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		1,969,309
	22,690,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)		5.500			01/01/2023		22,695,899
	2,220,000	Suffolk County, NY IDA (Pederson-Krager Center)3		8.125			04/01/2030		2,220,244
	4,800,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.200			02/01/2035		4,384,032
	250,000	Suffolk County, NY IDA (Suffolk Hotels)		6.000			10/01/2020		255,040
	3,130,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		7.875			09/01/2041		3,233,822
	910,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		6.000			12/01/2019		920,638
	530,000	Suffolk County, NY IDA (WORCA)		6.000			10/01/2020		540,685
	10,080,000	Suffolk, NY Tobacco Asset Securitization Corp.		5.375			06/01/2028		10,055,707
	287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	1		06/01/2048		8,187,053
	29,915,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.000			06/01/2048		27,485,304
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.625			06/01/2044		120,552,369
	203,935,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2036		207,008,300
	1,000,000	Syracuse, NY IDA (Crouse Irving Health Hospital)		5.375			01/01/2023		1,001,420
	3,280,000	Syracuse, NY IDA (James Square)		7.197	1		08/01/2025		1,672,570
	1,700,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2038		1,797,529
	2,425,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2032		2,576,320
	22,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)		5.000			09/01/2030		25,360,065
	185,000	Ulster County, NY Res Rec		5.000			03/01/2020		190,398
	3,180,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.000			06/01/2040		3,180,159
	3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.450			06/01/2040		3,050,586
	1,730,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.250			06/01/2025		1,730,294

14  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,280,000	Warren & Washington Counties, NY IDA (GFH/GFHF Obligated Group)		5.000	%		12/01/2035	$	1,282,957
	687,344	Westchester County, NY Healthcare Corp., Series A		5.000			11/01/2044		775,695
	6,245,000	Westchester County, NY Healthcare Corp., Series A		5.000			11/01/2030		6,898,227
	1,700,000	Westchester County, NY Healthcare Corp., Series B		5.125			11/01/2041		1,872,159
	1,165,000	Westchester County, NY IDA (Clearview School)		7.250			01/01/2035		1,183,675
	1,145,000	Westchester County, NY IDA (Guiding Eyes for the Blind)		5.375			08/01/2024		1,170,201
	270,000	Westchester County, NY IDA (JDAM)3		6.750			04/01/2016		273,707
	3,400,000	Westchester County, NY IDA (Lawrence Hospital)		5.000			01/01/2028		3,408,976
	300,000	Westchester County, NY IDA (Lawrence Hospital)		5.125			01/01/2018		301,107
	1,425,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2033		1,470,301
	11,105,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.125			06/01/2045		10,478,789
	59,400,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.125			06/01/2038		58,485,240
	4,500,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2026		4,505,760
	2,390,000	Yonkers, NY IDA (Hudson Scenic Studio)		6.625			11/01/2019		2,389,952
	1,370,000	Yonkers, NY IDA (Philipsburgh Hall Associates)		7.500			11/01/2030		1,232,548
	1,050,000	Yonkers, NY IDA (Sarah Lawrence College)		6.000			06/01/2041		1,201,274
	1,215,000	Yonkers, NY Parking Authority		6.000			06/15/2024		1,152,731
	565,000	Yonkers, NY Parking Authority		6.000			06/15/2018		565,814
									4,947,508,679
	U.S. Possessions—26.9%
	825,000	Guam Education Financing Foundation COP		5.000			10/01/2023		851,235
	3,600,000	Guam Government Business Privilege		5.000			01/01/2031		4,013,532
	6,000,000	Guam Government Business Privilege		5.000			01/01/2032		6,666,060
	345,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750			09/01/2031		380,431
	1,560,000	Guam Power Authority, Series A		5.000			10/01/2024		1,867,336
	1,230,000	Guam Power Authority, Series A		5.000			10/01/2023		1,472,322
	2,790,000	Guam Power Authority, Series A		5.000			10/01/2030		3,227,137
	1,700,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		1,663,943
	29,920,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2030		26,393,629
	7,120,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		6,431,069
	13,830,000	Northern Mariana Islands Ports Authority, Series A		6.600			03/15/2028		14,021,822
	52,635,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		36,019,710
	49,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125			07/01/2047		48,996,080
	55,825,000	Puerto Rico Aqueduct & Sewer Authority		6.125			07/01/2024		41,874,891
	1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		1,096,947
	1,950,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033		1,317,127
	15,350,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		10,447,977

15  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$80,800,000	Puerto Rico Aqueduct & Sewer Authority		6.000	%		07/01/2038	$	56,304,672
	10,000,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2024		7,447,900
	56,685,000	Puerto Rico Children’s Trust Fund (TASC)		5.625			05/15/2043		56,757,557
	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	1		05/15/2057		53,502,176
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	1		05/15/2057		32,523,216
	168,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.627	1		05/15/2050		13,720,955
	745,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.165	1		05/15/2055		21,955,150
	2,700,000	Puerto Rico Commonwealth GO		6.000			07/01/2035		1,887,921
	30,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2036		20,452,500
	5,675,000	Puerto Rico Commonwealth GO		6.500			07/01/2040		4,068,294
	1,000,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		729,140
	3,670,000	Puerto Rico Commonwealth GO		6.000			07/01/2040		2,520,629
	1,000,000	Puerto Rico Commonwealth GO		5.500			07/01/2026		724,010
	7,850,000	Puerto Rico Commonwealth GO		5.500			07/01/2029		5,923,845
	5,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2028		3,557,800
	3,205,000	Puerto Rico Commonwealth GO		5.625			07/01/2033		2,209,078
	13,300,000	Puerto Rico Commonwealth GO		5.125			07/01/2031		9,200,807
	2,000,000	Puerto Rico Commonwealth GO		5.000			07/01/2033		1,353,680
	2,920,000	Puerto Rico Commonwealth GO		5.250			07/01/2030		2,027,035
	2,500,000	Puerto Rico Commonwealth GO		5.250			07/01/2032		1,704,325
	4,965,000	Puerto Rico Commonwealth GO		5.250			07/01/2037		3,336,381
	3,315,000	Puerto Rico Commonwealth GO		5.125			07/01/2031		2,390,579
	14,500,000	Puerto Rico Commonwealth GO		5.250			07/01/2031		9,957,875
	10,230,000	Puerto Rico Commonwealth GO		5.250			07/01/2034		6,949,955
	770,000	Puerto Rico Commonwealth GO		5.875			07/01/2036		528,821
	5,050,000	Puerto Rico Commonwealth GO		6.500			07/01/2037		3,645,393
	390,000	Puerto Rico Commonwealth GO		6.000			07/01/2039		268,815
	5,000,000	Puerto Rico Commonwealth GO		5.375			07/01/2033		3,421,400
	2,200,000	Puerto Rico Commonwealth GO		5.250			07/01/2026		1,587,630
	76,300,000	Puerto Rico Commonwealth GO		5.500			07/01/2032		52,244,899
	1,270,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		1,331,087
	3,620,000	Puerto Rico Electric Power Authority, Series A6		7.000			07/01/2033		2,117,953
	2,000,000	Puerto Rico Electric Power Authority, Series A6		5.000			07/01/2029		1,170,780
	23,480,000	Puerto Rico Electric Power Authority, Series A6		7.000			07/01/2043		13,736,974
	18,990,000	Puerto Rico Electric Power Authority, Series A6		6.750			07/01/2036		11,111,239
	1,095,000	Puerto Rico Electric Power Authority, Series A6		5.000			07/01/2042		641,079
	10,105,000	Puerto Rico Electric Power Authority, Series AAA6		5.250			07/01/2029		5,915,568
	9,625,000	Puerto Rico Electric Power Authority, Series AAA6		5.250			07/01/2031		5,633,994
	9,000,000	Puerto Rico Electric Power Authority, Series AAA6		5.250			07/01/2022		5,287,500
	1,430,000	Puerto Rico Electric Power Authority, Series AAA6		5.250			07/01/2027		838,909
	20,170,000	Puerto Rico Electric Power Authority, Series CCC6		5.250			07/01/2027		11,832,731
	13,295,000	Puerto Rico Electric Power Authority, Series CCC6		5.250			07/01/2028		7,799,645
	510,000	Puerto Rico Electric Power Authority, Series RR		5.000			07/01/2024		509,954
	6,885,000	Puerto Rico Electric Power Authority, Series TT6		5.000			07/01/2037		4,031,167
	6,320,000	Puerto Rico Electric Power Authority, Series TT6		5.000			07/01/2032		3,700,107
	33,350,000	Puerto Rico Electric Power Authority, Series WW6		5.500			07/01/2038		19,521,089
	3,700,000	Puerto Rico Electric Power Authority, Series WW6		5.000			07/01/2028		2,170,642
	7,000,000	Puerto Rico Electric Power Authority, Series XX6		5.250			07/01/2040		4,098,010
	7,590,000	Puerto Rico Electric Power Authority, Series ZZ6		5.250			07/01/2025		4,452,673
	10,000,000	Puerto Rico Electric Power Authority, Series ZZ6		5.250			07/01/2024		5,867,100

16  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$270,000	Puerto Rico Highway & Transportation Authority		5.750	%		07/01/2020	$	182,903
	4,000,000	Puerto Rico Highway & Transportation Authority		5.500			07/01/2029		4,021,240
	4,945,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		3,683,481
	4,845,000	Puerto Rico Highway & Transportation Authority		5.250			07/01/2030		4,747,519
	9,515,000	Puerto Rico Highway & Transportation Authority		5.000			07/01/2028		5,584,353
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2033		5,270,003
	1,840,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2042		1,079,767
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H		5.450			07/01/2035		657,149
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K		5.000			07/01/2030		671,955
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K		5.000			07/01/2027		3,847,935
	915,000	Puerto Rico Highway & Transportation Authority, Series L		5.250			07/01/2030		683,578
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L		5.250			07/01/2023		2,728,388
	10,000	Puerto Rico Highway & Transportation Authority, Series M		5.000			07/01/2046		10,978
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M		5.000			07/01/2046		46,128,348
	57,615,000	Puerto Rico Highway & Transportation Authority, Series N		5.250			07/01/2039		42,334,350
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N		5.250			07/01/2032		3,297,662
	5,000,000	Puerto Rico Infrastructure		6.000			12/15/2026		3,220,900
	142,985,000	Puerto Rico Infrastructure		5.000			07/01/2041		78,144,162
	675,000	Puerto Rico Infrastructure		5.000			07/01/2037		368,874
	65,725,000	Puerto Rico Infrastructure		5.730	1		07/01/2045		7,180,456
	1,295,000	Puerto Rico Infrastructure		5.500			07/01/2026		1,281,519
	17,490,000	Puerto Rico Infrastructure		5.000			07/01/2037		9,557,935
	25,255,000	Puerto Rico Infrastructure		5.000			07/01/2031		14,432,980
	15,000,000	Puerto Rico Infrastructure		5.500			07/01/2027		14,821,200
	41,740,000	Puerto Rico Infrastructure		5.000			07/01/2046		22,810,910
	16,955,000	Puerto Rico Infrastructure		5.650	1		07/01/2029		6,011,904
	25,000,000	Puerto Rico Infrastructure		5.800	1		07/01/2032		5,835,250
	1,680,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		1,005,934
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.500			12/01/2031		5,865,309
	1,105,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			12/01/2021		1,104,890
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			03/01/2036		5,284,302
	1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			04/01/2027		1,236,762
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		1,037,400
	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		773,658
	3,280,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		3,149,620
	5,000,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)		6.250			07/01/2026		5,126,550
	650,000	Puerto Rico ITEMECF (International American University)		5.000			10/01/2031		654,726
	5,250,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)		6.700			05/01/2024		5,165,738

17  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)		5.750	%		06/01/2029	$	2,712,360
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2042		165,326
	5,490,000	Puerto Rico ITEMECF (University Plaza)		5.000			07/01/2033		5,396,066
	4,990,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2025		2,950,737
	9,450,000	Puerto Rico Public Buildings Authority		5.375			07/01/2033		6,229,723
	31,050,000	Puerto Rico Public Buildings Authority		6.000			07/01/2041		20,546,095
	2,110,000	Puerto Rico Public Buildings Authority		5.625			07/01/2039		1,375,066
	90,355,000	Puerto Rico Public Buildings Authority		5.000			07/01/2036		57,994,357
	1,500,000	Puerto Rico Public Buildings Authority		6.250			07/01/2021		1,093,260
	7,500,000	Puerto Rico Public Buildings Authority		6.250			07/01/2031		5,178,075
	850,000	Puerto Rico Public Buildings Authority		5.500			07/01/2037		553,936
	18,585,000	Puerto Rico Public Buildings Authority		5.250			07/01/2029		12,249,745
	7,500,000	Puerto Rico Public Buildings Authority		5.000			07/01/2037		4,738,050
	121,570,000	Puerto Rico Public Buildings Authority		5.250			07/01/2033		79,535,957
	7,500,000	Puerto Rico Public Buildings Authority		6.750			07/01/2036		5,249,400
	8,000,000	Puerto Rico Public Buildings Authority		6.500			07/01/2030		5,582,800
	11,810,000	Puerto Rico Public Finance Corp., Series B		5.500			08/01/2031		6,063,372
	296,445,000	Puerto Rico Sales Tax Financing Corp.		5.250			08/01/2057		208,237,790
	75,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2037		45,773
	8,205,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500			08/01/2044		5,245,703
	1,490,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2043		890,975
	15,265,000	Puerto Rico Sales Tax Financing Corp., Series A		7.890	1		08/01/2034		2,456,902
	80,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500	1		08/01/2043		12,280,000
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	1		08/01/2042		4,919,700
	3,130,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2024		2,037,974
	409,990,000	Puerto Rico Sales Tax Financing Corp., Series A		6.177	1		08/01/2054		30,400,759
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-1		5.250			08/01/2043		6,041,600
	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2039		930,277
	9,985,000	Puerto Rico Sales Tax Financing Corp., Series C		5.250			08/01/2041		6,082,762
	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C		0.000	10		08/01/2032		26,110,194
	250,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2042		159,155
	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C		5.375			08/01/2036		2,426,200
	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C		5.750			08/01/2057		70,822,277
	4,525,000	University of Puerto Rico		5.000			06/01/2026		2,542,643
	7,280,000	University of Puerto Rico, Series P		5.000			06/01/2030		4,077,237
	24,375,000	University of Puerto Rico, Series Q		5.000			06/01/2030		13,651,463
	67,190,000	University of Puerto Rico, Series Q		5.000			06/01/2036		37,434,237
	590,000	V.I. Public Finance Authority (Matching Fund Loan Note)		6.000			10/01/2039		653,248
	1,555,000	V.I. Public Finance Authority, Series A		5.000			10/01/2032		1,779,324

18  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal     Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	%1		05/15/2035	$	1,594,293
									1,678,847,286
	Total Municipal Bonds and Notes (Cost $7,591,397,754)								6,626,355,965
Shares
	Common Stocks—0.1%
	1,401	CMS Liquidating Trust11,12 (Cost $4,483,200)							3,992,710
	Total Investments, at Value (Cost $7,595,880,954)—106.4%								6,630,348,675
	Net Other Assets (Liabilities)—(6.4)								(396,434,712	)
	Net Assets—100.0%							$	6,233,913,963

Footnotes to Statement of Investments

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

2. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and or principal payments. The rate shown is the original contractual interest rate. See Note 3 of the accompanying Notes.

3. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after March 31, 2015. See Note 3 of the accompanying Notes.

4. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 3 of the accompanying Notes.

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

6. Subject to a forbearance agreement. Rate shown is the original contractual interest rate. See Note 3 of the accompanying Notes.

7. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement. See Note 3 of the accompanying Notes.

8. Represents the current interest rate for the inverse floating rate security. See Note 3 of the accompanying Notes.

9. Denotes an inflation-indexed security: coupon or principal are indexed to a consumer price index.

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

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
AFSFBM	Advocates for Services for the Blind Multihandicapped
ALIA	Alliance of Long Island Agencies
ARC	Assoc. of Retarded Citizens
CFGA	Child and Family Guidance Assoc.
COP	Certificates of Participation
CRV	Crystal Run Village
CSMR	Community Services for the Mentally Retarded
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
EFC	Environmental Facilities Corp.
EIISFAC	Eden II School for Austic Children
ERDA	Energy Research and Devel. Authority

19  OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Abbreviations (Continued)

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
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
SFUMP	Services for the Underserved - MR Programs
SMCFS	St. Mary’s Children and Family Services
SNP	Special Needs Program
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
UDC	Urban Development Corporation
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 March 31, 2015 Unaudited

1. Organization

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.

2. Securities Valuation

The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

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

21  OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

2. Securities Valuation (Continued)

exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

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

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

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
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

22  OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

2. Securities Valuation (Continued)

restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

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

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

The table below categorizes amounts as of March 31, 2015 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	$	—	$	4,947,508,657	$	22	$	4,947,508,679
U.S. Possessions		—		1,678,847,286		—		1,678,847,286
Common Stock		—		3,992,710		—		3,992,710
Total Assets	$	—	$	6,630,348,653	$	22	$	6,630,348,675

23  OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

2. Securities Valuation (Continued)

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.

The table below shows the transfers between Level 2 and Level 3. The Fund’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

	Transfers into Level 2*		Transfers out of Level 2**		Transfers into Level 3**		Transfers out of Level 3*
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New York	$	—	$	(22)	$	22	$	—
Common Stocks		4,048,890		—		—		(4,048,890)
Total Assets	$	4,048,890	$	(22)	$	22	$	(4,048,890)

* Transferred from Level 3 to Level 2 due to the availability of market data for this security.

** Transferred from Level 2 to Level 3 because of the lack of observable market data.

3. Investments and Risks

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 trust (the “Trust”). 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 must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

24  OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

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

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

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund typically has 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. Through the exercise of this right, 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, relative to the par value of the underlying municipal bond. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage,

25  OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

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

26  OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTSUnaudited / Continued

3. Investments and Risks (Continued)

rate securities, if it deems it appropriate to do so. As of March 31, 2015, the Fund’s maximum exposure under such agreements is estimated at $167,995,923.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities in the annual and semiannual reports (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities in the annual and semiannual reports equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations in the annual and semiannual reports, while interest payable on the related short-term floating rate securities is recorded as interest expense. At March 31, 2015, municipal bond holdings with a value of $997,679,300 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $507,725,000 in short-term floating rate securities issued and outstanding at that date.

At March 31, 2015, 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
	$14,655,000	NY Austin Trust Various States Inverse Certificates		6.736	%		11/1/39	$	14,874,385
	15,585,000	NY Liberty Devel. Corp. (Bank of America at One Byrant Park) LIFERS		18.915			1/15/46		24,424,189
	7,500,000	NY Liberty Devel. Corp. ROLs3		8.318			1/15/44		9,253,950
	23,955,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.955			10/1/30		25,524,532
	15,660,000	NY/NJ Port Authority Austin Trust Inverse Certificates		6.418			12/1/27		17,151,145
	2,140,000	NYC GO ROLs		8.840			3/1/35		2,159,089
	1,900,000	NYC GO ROLs		8.860			8/1/35		1,964,638
	3,665,000	NYC GO ROLs		8.030			8/1/30		3,780,521
	2,500,000	NYC GO ROLs3		15.751			10/1/34		3,975,800
	5,000,000	NYC GO ROLs		16.170			3/1/21		8,069,800
	1,225,000	NYC HDC, Series B-1 ROLs		8.110			11/1/27		1,332,041
	1,500,000	NYC HDC, Series B-1 ROLs		8.200			11/1/32		1,578,360
	4,180,000	NYC HDC, Series C ROLs		8.210			5/1/40		4,234,842
	1,375,000	NYC HDC, Series C ROLs		7.990			11/1/26		1,401,895
	2,730,000	NYC HDC, Series C-1 ROLs		17.850			11/1/46		3,626,669
	710,000	NYC HDC, Series C-1 ROLs		17.350			5/1/29		941,545
	775,000	NYC HDC, Series C-1 ROLs		17.120			11/1/34		1,086,434
	4,015,000	NYC HDC, Series J-2-C ROLs		8.340			11/1/40		4,211,293
	1,750,000	NYC HDC, Series K ROLs		7.990			11/1/37		1,771,875
	2,340,000	NYC HDC, Series L ROLs		8.080			11/1/39		2,369,554
	11,080,000	NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs3		11.084			5/1/49		11,846,293
	5,395,000	NYC Municipal Water Finance Authority3		17.047			6/15/43		9,155,261
	7,935,000	NYC Municipal Water Finance Authority LIFERS		20.061			6/15/43		13,719,774
	3,750,000	NYC Transitional Finance Authority (Building Aid) ROLs3		16.620			7/15/37		6,131,400

27  OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTSUnaudited / Continued

3. Investments and Risks (Continued)

Principal     Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	6,250,000	NYC Transitional Finance Authority (Building Aid) ROLs3		15.751	%		7/15/37	$	9,826,000
	7,500,000	NYC Transitional Finance Authority (Future Tax) ROLs3		8.140			5/1/34		9,893,850
	10,170,000	NYC Transitional Finance Authority (Future Tax) ROLs3		8.139			2/1/30		13,884,593
	8,205,000	NYS DA (Memorial Sloan-Kettering) ROLs		8.850			7/1/35		9,148,165
	5,265,000	NYS DA (Vassar College) ROLs		8.850			7/1/46		6,243,026
	3,980,000	NYS DA ROLs3		15.746			3/15/34		6,468,933
	3,410,000	NYS HFA ROLs3		12.847			11/1/45		3,737,053
	3,750,000	Port Authority NY/NJ ROLs3		18.837			9/15/28		5,718,300
	4,895,000	Port Authority NY/NJ, 11588th Series ROLs3		14.412			10/15/27		6,087,618
	3,580,000	Port Authority NY/NJ, 11588th Series ROLs3		13.617			10/15/28		4,403,078
	5,500,000	Port Authority NY/NJ, 11588th Series ROLs3		14.420			10/15/32		6,707,360
	9,090,000	Port Authority NY/NJ, 11589th Series ROLs3		10.677			9/1/29		9,328,431
	62,000,000	Port Authority NY/NJ, 151st Series LIFERS		5.761			3/15/35		70,400,380
	3,335,000	Port Authority NY/NJ, 151st Series ROLs		13.640			3/15/35		4,501,783
	38,970,000	Port Authority NY/NJ, 152nd Series LIFERS		8.817			11/1/35		45,227,023
		Port Authority NY/NJ, 152nd Series ROLs		13.733			11/1/30		10,370,775
	6,860,000	Port Authority NY/NJ, 152nd Series ROLs		8.410			5/1/38		8,245,446
	20,000,000	Port Authority NY/NJ, 152nd Series ROLs		8.440			11/1/35		24,040,800
	5,060,000	Port Authority NY/NJ, 163rd Series LIFERS		18.098			7/15/39		7,936,104
	10,755,000	Port Authority NY/NJ, 166th Series		9.320			1/15/41		13,475,692
	7,500,000	Port Authority NY/NJ, 3249th Series ROLs3		8.525			7/15/36		9,666,300
	7,650,000	Port Authority NY/NJ, 3264th Series ROLs3		8.090			10/15/31		10,045,521
	3,580,000	SONYMA ROLs3		7.566			10/1/37		3,815,851
	10,975,000	SONYMA ROLs3		7.246			10/1/31		11,081,677
	5,055,000	SONYMA ROLs3		7.307			10/1/37		5,115,256
								$	489,954,300

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

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

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

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

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

28  OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTSUnaudited / Continued

3. Investments and Risks (Continued)

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 $507,725,000 as of March 31, 2015.

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

As of March 31, 2015, 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		$3,863,639
Sold securities		3,566,743

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. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

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.

29  OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTSUnaudited / Continued

3. Investments and Risks (Continued)

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 31, 2015 is as follows:

Cost	$	7,378,500
Market Value	$	5,824,286
Market Value as % of Net Assets		0.09%

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 March 31, 2015, securities with an aggregate market value of $277,923,081, representing 4.46% 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.

4. Federal Taxes

The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2015 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.

Total tax cost of securities	$	7,045,783,294	1
Gross unrealized appreciation	$	292,255,361
Gross unrealized depreciation		(1,268,352,572	)
Net unrealized depreciation	$	(976,097,211	)

1. The Federal tax cost of securities does not include cost of $560,662,592, 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 3/31/2015, 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:	5/12/2015

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:	5/12/2015

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	5/12/2015