Oppenheimer Rochester Fund Municipals

0001193125-16-605711.txt : 20160527 0001193125-16-605711.hdr.sgml : 20160527 20160527120811 ACCESSION NUMBER: 0001193125-16-605711 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160527 DATE AS OF CHANGE: 20160527 EFFECTIVENESS DATE: 20160527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 IRS NUMBER: 160473255 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03614 FILM NUMBER: 161681064 BUSINESS ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 BUSINESS PHONE: 7163838700 MAIL ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS INC DATE OF NAME CHANGE: 19920521 FORMER COMPANY: FORMER CONFORMED NAME: MARTEK INVESTORS INC/NY DATE OF NAME CHANGE: 19860302

0000093621 S000008503 OPPENHEIMER ROCHESTER FUND MUNICIPALS

C000023347 A

C000023348 B

C000023349 C

C000023350 Y

N-Q 1 d170970dnq.htm OPPENHEIMER ROCHESTER FUND MUNICIPALS Oppenheimer Rochester Fund Municipals

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3614

Oppenheimer Rochester Fund Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

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: 3/31/2016

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS March 31, 2016 Unaudited


Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—106.3%
	New York—81.4%
	$605,000	Albany County, NY IDA (Wildwood Programs)		4.900	%		07/01/2021	$	605,956
	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.875			07/01/2041		9,172,153
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.625			07/01/2031		1,479,704
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.375			07/01/2026		1,733,300
	1,420,000	Albany, NY Hsg. Authority (Lark Drive)		5.500			12/01/2028		1,422,641
	550,000	Albany, NY IDA (Albany Rehabilitation)		8.375			06/01/2023		551,171
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2032		1,178,388
	900,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2037		749,214
	3,125,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2027		2,878,344
	1,760,000	Albany, NY IDA (Sage Colleges)		5.300			04/01/2029		1,674,270
	630,000	Albany, NY Parking Authority		1.232	¹		11/01/2017		591,652
	4,465,000	Amherst, NY IDA (Beechwood Health Care Center)		5.200			01/01/2040		4,534,297
	290,000	Blauvelt, NY Volunteer Fire Company		6.250			10/15/2017		291,514
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)		6.300			11/01/2033		2,747,745
	1,230,000	Brookhaven, NY IDA (Stony Brook Foundation)		6.500			11/01/2020		1,232,841
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)		5.375			10/01/2041		1,976,470
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)		6.000			10/01/2031		1,023,703
	500,000	Buffalo & Erie County, NY Industrial Land Devel. (CathHS/KMHosp/SOCHOB Obligated Group)		5.250			07/01/2035		583,445
	210,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2031		249,293
	245,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2032		289,303
	300,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2029		361,314
	150,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2030		179,220
	1,100,000	Build NYC Resource Corp. (New York Methodist Hospital)		5.000			07/01/2026		1,299,793
	500,000	Build NYC Resource Corp. (New York Methodist Hospital)		5.000			07/01/2030		578,120
	3,250,000	Build NYC Resource Corp. (Pratt Paper)		5.000			01/01/2035		3,524,982
	1,500,000	Build NYC Resource Corp. (Pratt Paper)		4.500			01/01/2025		1,639,710
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)		5.000			08/01/2032		962,185
	3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750			11/01/2030		3,091,410
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)		5.000			05/01/2040		1,117,900
	510,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2030		586,673
	540,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2031		617,188
	250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2039		271,897
	200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2034		222,232

1 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$680,000	Cattaraugus County, NY IDA (St. Bonaventure University)		5.450	%		09/15/2019	$	680,945
	105,000	Chautauqua, NY Utility District		5.000			06/01/2025		105,416
	95,000	Chautauqua, NY Utility District		5.000			06/01/2023		95,414
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)		5.000			07/01/2033		1,517,803
	665,000	Chemung County, NY IDA (Hathorn Redevel. Company)		4.850			07/01/2023		667,188
	1,085,000	Clifton Springs, NY Hospital & Clinic		8.000			01/01/2020		1,086,996
	2,335,000	Dutchess County, NY IDA (Marist College)		5.000			07/01/2036		2,711,729
	650,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)		5.750			07/01/2040		742,397
	1,195,000	Dutchess County, NY Local Devel. Corp. (Health Quest System/PHCtr/NDH/VBHosp Obligated Group)		5.000			07/01/2044		1,337,408
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.400	¹		06/01/2027		772,430
	1,875,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)		6.750			03/01/2030		1,877,681
	2,560,000	East Rochester, NY Hsg. Authority (Woodland Village)		5.500			08/01/2033		2,591,923
	2,530,000	Elmira, NY Hsg. Authority (Eastgate Apartments)		6.250			06/01/2044		2,565,901
	2,015,000	Erie County, NY IDA (Buffalo City School District)		5.750			05/01/2022		2,125,563
	7,050,000	Erie County, NY IDA (Charter School Applied Tech)		6.875			06/01/2035		7,163,575
	2,790,000	Erie County, NY IDA (Global Concepts Charter School)		6.250			10/01/2037		2,909,775
	715,000	Erie County, NY IDA (The Episcopal Church Home)		6.000			02/01/2028		716,301
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.196	¹		06/01/2055		1,645,721
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	¹		06/01/2060		3,901,440
	25,330,000	Erie County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2038		25,328,987
	93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	¹		06/01/2047		5,088,960
	135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	¹		06/01/2050		3,188,493
	1,410,000	Essex County, NY IDA (International Paper Company)		4.600			03/01/2027		1,423,451
	1,500,000	Essex County, NY IDA (International Paper Company)		6.625			09/01/2032		1,645,665
	1,235,000	Essex County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		1,237,915
	975,000	Essex County, NY IDA (North Country Community College Foundation)		5.000			06/01/2020		977,642
	1,100,000	Essex County, NY IDA (North Country Community College Foundation)		5.300			06/01/2035		1,102,134
	320,000	Essex County, NY IDA (North Country Community College Foundation)		5.000			06/01/2020		320,848
	410,000	Essex County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		410,968
	900,000	Franklin County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		902,124
	300,000	Franklin County, NY Solid Waste Management Authority		5.000			06/01/2025		336,078
	55,000	Genesee County, NY IDA (United Memorial Medical Center)		5.000			12/01/2032		55,049
	100,000	Glens Falls, NY GO		6.000			02/01/2040		108,495
	1,250,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2039		1,397,537
	1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2044		1,110,410

2 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,700,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000	%		07/01/2029	$	1,971,031
	1,500,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2034		1,700,160
	34,450,000	Hudson Yards, NY Infrastructure Corp.		5.750			02/15/2047		40,005,407
	4,840,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2047		4,989,556
	10,475,000	L.I., NY Power Authority, Series A		5.750			04/01/2039		11,709,269
	12,315,000	L.I., NY Power Authority, Series A		5.000			09/01/2039		14,223,825
	14,530,000	L.I., NY Power Authority, Series A		5.000			09/01/2044		16,665,329
	29,735,000	L.I., NY Power Authority, Series A		5.000			09/01/2037		34,325,787
	20,000,000	L.I., NY Power Authority, Series A		5.000			09/01/2042		22,883,000
	3,400,000	L.I., NY Power Authority, Series A		5.000			05/01/2036		3,873,008
	1,900,000	L.I., NY Power Authority, Series B		5.750			04/01/2033		2,170,636
	65,000	L.I., NY Power Authority, Series B		5.000			12/01/2035		65,489
	7,000,000	L.I., NY Power Authority, Series B		5.000			09/01/2029		8,250,900
	90,000	L.I., NY Power Authority, Series C		5.000			09/01/2035		91,651
	70,000	L.I., NY Power Authority, Series C		5.000			09/01/2035		71,284
	435,000	Lockport City, NY GO		5.000			10/15/2020		483,629
	480,000	Lockport City, NY GO		5.000			10/15/2022		546,043
	530,000	Lockport City, NY GO		5.000			10/15/2024		606,113
	505,000	Lockport City, NY GO		5.000			10/15/2023		578,382
	455,000	Lockport City, NY GO		5.000			10/15/2021		513,622
	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)		5.000			06/01/2040		5,757,390
	100,000	Madison County, NY IDA (Commons II Student Hsg.)		5.000			06/01/2033		108,630
	2,345,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)		6.500			12/01/2042		2,389,109
	1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)		5.000			05/01/2031		1,812,480
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)		5.000			05/01/2030		1,217,120
	3,660,000	Monroe County, NY IDA (Summit at Brighton)		5.500			07/01/2027		3,531,754
	2,505,000	Monroe County, NY IDA (Summit at Brighton)		5.375			07/01/2032		2,324,765
	180,000	Monroe County, NY IDA (University of Rochester)		5.000			07/01/2028		222,989
	2,785,000	Monroe County, NY IDA (Volunteers of America)		5.750			08/01/2028		2,784,944
	285,000	Monroe County, NY IDA (Volunteers of America)		5.700			08/01/2018		285,043
	375,000	Monroe County, NY Industrial Devel. Corp. (Highland Hospital of Rochester)		5.000			07/01/2034		430,440
	850,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)		5.000			01/15/2038		959,701
	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.500			10/01/2041		2,059,751
	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.000			10/01/2026		962,302
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.250			10/01/2031		561,770
	2,010,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)		5.000			12/01/2042		2,229,934
	500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.000			06/01/2029		580,715
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		6.000			06/01/2034		1,728,250

3 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.625	%		06/01/2026	$	983,628
	1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.000			06/01/2044		1,683,089
	960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.500			06/01/2034		1,128,854
	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)		5.750			08/15/2035		17,864,206
	1,000,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)		5.000			07/01/2033		1,200,710
	1,500,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)		5.000			07/01/2032		1,809,300
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	¹		06/01/2061		2,411,500
	580,000	Monroe, NY Newpower Corp		5.625			01/01/2026		582,477
	2,305,000	Monroe, NY Newpower Corp.		5.500			01/01/2034		2,312,653
	700,000	Mount Vernon, NY IDA (Kings Court)		5.200			12/01/2033		700,952
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.741	¹		01/15/2022		1,102,991
	802,824	Municipal Assistance Corp. for Troy, NY		5.733	¹		07/15/2021		737,314
	6,475,000	Nassau County, NY GO		5.000			04/01/2031		7,657,594
	1,000,000	Nassau County, NY GO		5.000			01/01/2038		1,158,770
	7,045,000	Nassau County, NY GO		5.000			04/01/2032		8,298,094
	4,025,000	Nassau County, NY GO		5.000			04/01/2030		4,788,261
	370,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022		374,592
	215,000	Nassau County, NY IDA (ALIA-HH)		7.125			06/01/2017		215,292
	165,000	Nassau County, NY IDA (ALIA-HHS)		7.125			06/01/2017		165,224
	5,823,750	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2049		5,799,931
	2,101,661	Nassau County, NY IDA (Amsterdam at Harborside)²		2.000			01/01/2049		262,708
	3,155,000	Nassau County, NY IDA (CSMR)		5.950			11/01/2022		3,194,154
	370,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		374,592
	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500			11/01/2037		1,674,060
	370,000	Nassau County, NY IDA (Life’s WORCA)³		5.950			11/01/2022		374,592
	600,000	Nassau County, NY IDA (PLUS Group Home)³		6.150			11/01/2022		610,878
	345,000	Nassau County, NY IDA, Series A-A		6.000			06/01/2021		348,843
	4,200,000	Nassau County, NY IDA, Series A-B		6.000			06/01/2021		4,246,788
	410,000	Nassau County, NY IDA, Series A-C		6.000			06/01/2021		414,567
	450,000	Nassau County, NY IDA, Series A-D		6.000			06/01/2021		455,013
	300,000	Nassau County, NY Local Economic Assistance Corp. (CHSLI / SCSMC / CHS / SANC / SAR / SJRNC / SJR / VMNRC / CHFTEH / VMHCS / CHHSB Obligated Group)		5.000			07/01/2033		340,614
	40,000,000	Nassau County, NY Tobacco Settlement Corp.		6.350	¹		06/01/2060		152,400
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		5.646	¹		06/01/2060		5,086,136
	25,375,000	Nassau County, NY Tobacco Settlement Corp.		5.125			06/01/2046		23,592,660
	20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	¹		06/01/2046		722,800
	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	¹		06/01/2046		3,531,087
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)		5.375			04/01/2036		3,682,918
	1,200,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		1,202,184

4 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$150,000	Niagara Falls, NY Public Water Authority		5.500	%		07/15/2034	$	150,308
	500,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2035		556,980
	850,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2042		933,946
	1,820,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)		7.375			12/15/2021		2,093,382
	3,175,000	NY Counties Tobacco Trust I		6.250			06/01/2028		3,176,175
	6,245,000	NY Counties Tobacco Trust I		6.500			06/01/2035		6,247,248
	19,230,000	NY Counties Tobacco Trust I		6.625			06/01/2042		19,236,731
	53,880,000	NY Counties Tobacco Trust II (TASC)		5.750			06/01/2043		54,160,715
	29,705,000	NY Counties Tobacco Trust II (TASC)		5.625			06/01/2035		29,756,984
	245,000	NY Counties Tobacco Trust III (TASC)		6.000			06/01/2043		245,093
	131,335,000	NY Counties Tobacco Trust IV		4.866	¹		06/01/2050		3,100,819
	608,700,000	NY Counties Tobacco Trust IV		5.823	¹		06/01/2060		2,319,147
	7,000,000	NY Counties Tobacco Trust IV		5.000			06/01/2038		6,731,970
	304,690,000	NY Counties Tobacco Trust IV		5.373	¹		06/01/2055		4,043,236
	38,275,000	NY Counties Tobacco Trust IV (TASC)		5.000			06/01/2045		35,665,028
	47,535,000	NY Counties Tobacco Trust IV (TASC)		5.000			06/01/2042		45,074,588
	596,125,000	NY Counties Tobacco Trust V		5.171	¹		06/01/2050		15,916,538
	643,195,000	NY Counties Tobacco Trust V		6.850	¹		06/01/2055		7,377,447
	3,179,100,000	NY Counties Tobacco Trust V		6.736	¹		06/01/2060		13,066,101
	62,345,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)⁴		5.625			01/15/2046		71,110,316
	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)⁴		5.125			01/15/2044		16,795,050
	2,199,995	NY Liberty Devel. Corp. (National Sports Museum)²		6.125			02/15/2019		22
	450,000	NY MTA		5.000			11/15/2025		462,604
	795,000	NY MTA, Series A		5.000			11/15/2025		938,068
	6,800,000	NY MTA, Series A		5.250			11/15/2038		8,055,960
	1,980,000	NY MTA, Series A		5.000			11/15/2025		2,035,460
	500,000	NY MTA, Series A		5.000			11/15/2026		604,270
	500,000	NY MTA, Series A		5.000			11/15/2027		599,745
	5,900,000	NY MTA, Series A		5.000			11/15/2029		7,037,048
	8,350,000	NY MTA, Series A-1		5.000			11/15/2046		9,750,629
	1,545,000	NY MTA, Series B		5.000			11/15/2021		1,652,455
	4,035,000	NY MTA, Series B		5.000			11/15/2029		4,296,993
	9,000,000	NY MTA, Series B		5.250			11/15/2055		10,550,430
	5,985,000	NY MTA, Series B		5.000			11/15/2024		6,390,184
	5,135,000	NY MTA, Series B		5.250			11/15/2039		6,108,853
	4,000,000	NY MTA, Series C		5.000			11/15/2038		4,623,200
	8,385,000	NY MTA, Series D		5.000			11/15/2023		8,961,133
	2,150,000	NY MTA, Series D		5.000			11/15/2032		2,557,532
	3,390,000	NY MTA, Series D		5.000			11/15/2026		4,116,511
	27,675,000	NY MTA, Series D		5.000			11/15/2030		32,996,626
	1,225,000	NY MTA, Series D		5.250			11/15/2034		1,428,117
	1,100,000	NY MTA, Series D		5.250			11/15/2032		1,334,223
	1,100,000	NY MTA, Series D		5.250			11/15/2031		1,340,262
	1,100,000	NY MTA, Series D		5.250			11/15/2033		1,329,075
	10,000,000	NY MTA, Series D		5.000			11/15/2027		11,396,900
	2,525,000	NY MTA, Series D		5.000			11/15/2024		2,695,942

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	$	845,947
	585,000	NY MTA, Series D		5.250			11/15/2027		720,527
	1,375,000	NY MTA, Series D		5.250			11/15/2026		1,704,807
	1,100,000	NY MTA, Series D		5.250			11/15/2030		1,344,695
	1,100,000	NY MTA, Series D		5.250			11/15/2029		1,348,501
	8,000,000	NY MTA, Series D-1		5.000			11/01/2027		9,644,000
	3,500,000	NY MTA, Series D-1		5.000			11/01/2028		4,205,530
	16,845,000	NY MTA, Series F		5.000			11/15/2027		20,322,650
	77,670,000	NY MTA, Series F		5.000			11/15/2030		92,605,164
	4,580,000	NY MTA, Series F		5.000			11/15/2025		5,576,791
	3,000,000	NY MTA, Series H		5.000			11/15/2025		3,642,930
	2,100,000	NY MTA, Series H		5.000			11/15/2033		2,498,055
	5,000,000	NY MTA, Series H		5.000			11/15/2030		5,961,450
	2,340,000	NY Tobacco Settlement Financing Corp. (TASC)		5.000			06/01/2022		2,452,975
	10,000,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2041		11,917,400
	400,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2028		488,748
	3,200,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2029		3,828,384
	2,100,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2030		2,528,442
	267,515,000	NY TSASC, Inc. (TFABs)		5.125			06/01/2042		252,603,714
	250,510,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2034		244,362,485
	2,500,000	NYC GO		5.000			10/01/2029		2,978,950
	350,000	NYC GO		5.000			10/01/2030		415,520
	1,915,000	NYC GO		5.000			10/01/2034		2,267,073
	5,135,000	NYC GO		5.000			10/01/2032		6,079,070
	3,300,000	NYC GO		5.000			10/01/2033		3,906,705
	3,000,000	NYC GO		5.000			08/01/2029		3,563,730
	8,750,000	NYC GO		5.000			03/01/2033		10,338,475
	1,955,000	NYC GO		6.250			12/15/2031		2,238,514
	5,760,000	NYC GO		5.000			08/01/2031		6,850,310
	3,800,000	NYC GO		5.000			08/01/2035		4,414,612
	5,000,000	NYC GO		5.000			08/01/2029		5,882,850
	45,000	NYC GO		6.250			12/15/2031		51,594
	5,000	NYC GO		5.320	⁵		01/15/2028		5,021
	10,000	NYC GO		5.500			11/15/2037		10,042
	25,000	NYC GO		5.000			08/01/2023		25,397
	20,000,000	NYC GO⁴		5.250			03/01/2021		22,654,200
	10,000,000	NYC GO⁴		5.000			10/01/2034		11,660,000
	5,000	NYC GO		7.750			08/15/2028		5,137
	10,495,000	NYC GO		5.000			06/01/2034		12,527,777
	10,000,000	NYC GO		5.000			06/01/2035		11,883,100
	1,340,000	NYC GO		5.000			05/15/2036		1,495,293
	230,000	NYC GO		5.250			06/01/2027		230,950
	380,000	NYC GO		5.375			06/01/2032		381,585
	1,475,000	NYC GO Tender Option Bond Series 2015-XF2142 Trust⁷		18.483	⁸		5/15/2031		2,193,178
	875,000	NYC GO Tender Option Bond Series 2015-XF2142-2 Trust⁷		18.498	⁸		5/15/2033		1,288,630

6 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$5,395,000	NYC GO Tender Option Bond Series 2015-XF2142-3 Trust⁷		14.414	%⁸		5/15/2036	$	7,895,313
	3,000,000	NYC HDC (Multifamily Hsg.)⁴		5.125			11/01/2032		3,053,280
	2,670,000	NYC HDC (Multifamily Hsg.)		5.450			11/01/2046		2,724,415
	780,000	NYC HDC (Multifamily Hsg.)		5.000			11/01/2030		804,320
	3,735,000	NYC HDC (Multifamily Hsg.)		5.450			11/01/2040		3,830,728
	7,205,000	NYC HDC (Multifamily Hsg.)		5.250			11/01/2045		7,313,435
	5,140,000	NYC HDC (Multifamily Hsg.)		5.350			11/01/2037		5,271,070
	5,100,000	NYC HDC (Multifamily Hsg.)		5.150			11/01/2037		5,179,560
	10,910,000	NYC HDC (Multifamily Hsg.)⁴		5.700			11/01/2046		11,621,875
	2,840,000	NYC HDC (Multifamily Hsg.)⁴		5.550			11/01/2039		3,028,036
	3,090,000	NYC HDC (Multifamily Hsg.)⁴		5.500			11/01/2034		3,358,917
	8,035,000	NYC HDC (Multifamily Hsg.)⁴		5.200			11/01/2040		8,155,089
	1,675,000	NYC HDC (Multifamily Hsg.)		5.200			11/01/2035		1,720,091
	1,215,000	NYC HDC (Multifamily Hsg.)		5.350			05/01/2041		1,253,710
	2,435,000	NYC HDC (Multifamily Hsg.)⁴		5.100			11/01/2027		2,492,293
	25,000	NYC HDC (Multifamily Hsg.)		5.550			11/01/2039		26,655
	890,000	NYC HDC (Multifamily Hsg.)		4.950			11/01/2039		929,498
	45,000	NYC HDC (Multifamily Hsg.), Series A		5.500			11/01/2034		45,059
	28,395,000	NYC HDC (Multifamily Hsg.), Series B⁴		5.350			05/01/2049		28,843,795
	13,180,000	NYC HDC (Multifamily Hsg.), Series G-1⁴		4.875			11/01/2039		13,328,614
	890,000	NYC IDA (Allied Metal)		7.125			12/01/2027		889,929
	1,905,000	NYC IDA (Amboy Properties)		6.750			06/01/2020		1,899,799
	2,000,000	NYC IDA (American Airlines)		2.000	⁹		08/01/2028		2,004,740
	100,000	NYC IDA (American Airlines)		7.500			08/01/2016		102,166
	39,860,000	NYC IDA (American Airlines)		8.000			08/01/2028		41,214,443
	18,200,000	NYC IDA (American Airlines)		7.625			08/01/2025		18,795,686
	59,350,000	NYC IDA (American Airlines)		7.750			08/01/2031		61,317,453
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		6.200			10/01/2022		21,528,819
	97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.650			10/01/2028		83,117,055
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.750			10/01/2036		130,302,020
	2,895,000	NYC IDA (Center for Elimination of Family Violence)		7.375			11/01/2036		2,998,380
	12,800,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		12,259,328
	3,400,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		3,256,384
	18,000,000	NYC IDA (Chapin School)		5.000			11/01/2038		18,166,500
	280,000	NYC IDA (Community Resource Center for the Developmentally Disabled)		5.250			07/01/2022		273,039
	245,000	NYC IDA (Comprehensive Care Management)		7.875			12/01/2016		245,931
	3,145,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		3,149,372
	1,490,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		1,551,135
	1,225,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		1,227,205
	3,095,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		3,100,726
	425,000	NYC IDA (Cool Wind Ventilation)		5.450			11/01/2017		425,506
	380,000	NYC IDA (Cool Wind Ventilation)		5.450			11/01/2017		380,452
	5,685,000	NYC IDA (Cool Wind Ventilation)		6.075			11/01/2027		5,597,337
	280,000	NYC IDA (EIISFAC/SFUMP/YAI/AFSFBM/SNP Obligated Group)		4.750			07/01/2020		277,444
	2,145,000	NYC IDA (Gourmet Boutique)		10.000			05/01/2021		1,974,438

7 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$7,290,000	NYC IDA (Guttmacher Institute)		5.750	%		12/01/2036	$	7,408,317
	600,000	NYC IDA (Independent Living Assoc.)		6.200			07/01/2020		606,378
	2,500,000	NYC IDA (Manhattan Community Access Corp.)		6.000			12/01/2036		2,560,850
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		1,966,006
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		9,518,787
	12,870,000	NYC IDA (MediSys Health Network)		6.250			03/15/2024		12,873,990
	905,000	NYC IDA (Roundabout Theatre)		5.000			10/01/2023		905,208
	1,955,000	NYC IDA (Sahadi Fine Foods)		6.750			11/01/2019		1,956,095
	180,000	NYC IDA (Samaritan Aids Services)³		5.000			11/01/2024		180,709
	455,000	NYC IDA (Special Needs Facilities Pooled Program)		6.650			07/01/2023		455,883
	1,275,000	NYC IDA (Streamline Plastics)		8.125			12/01/2025		1,275,548
	1,000,000	NYC IDA (The Bank Street College)		5.250			12/01/2030		1,001,800
	380,000	NYC IDA (The Bank Street College)		5.250			12/01/2021		381,037
	8,600,000	NYC IDA (The Child School)		7.550			06/01/2033		8,618,920
	3,375,000	NYC IDA (Therapy & Learning Center)		8.250			09/01/2031		3,386,036
	32,040,000	NYC IDA (UNICEF)		5.300			11/01/2038		32,228,716
	5,000,000	NYC IDA (United Jewish Appeal-Federal Jewish Philanthropies)		5.000			07/01/2034		5,671,150
	705,000	NYC IDA (World Casing Corp.)		6.700			11/01/2019		704,986
	335,000	NYC IDA (YAI/SFTU Obligated Group)		5.000			07/01/2026		335,124
	16,500,000	NYC IDA (Yankee Stadium)		7.000			03/01/2049		19,183,395
	18,110,000	NYC IDA (Yankee Stadium)		5.000			03/01/2046		18,333,115
	220,000	NYC IDA (Yankee Stadium)		5.000			03/01/2036		223,474
	6,800,000	NYC IDA (Yankee Stadium)¹⁰		2.213			03/01/2022		6,586,684
	100,000	NYC IDA (Yankee Stadium)		5.000			03/01/2031		101,354
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)		5.725			11/01/2037		24,700,550
	7,405,000	NYC Municipal Water Finance Authority		5.250			06/15/2044		8,736,863
	31,750,000	NYC Municipal Water Finance Authority⁴		5.500			06/15/2043		37,209,042
	21,570,000	NYC Municipal Water Finance Authority⁴		5.375			06/15/2043		25,157,297
	1,000,000	NYC Municipal Water Finance Authority		5.625			06/15/2027		1,107,600
	6,115,000	NYC Municipal Water Finance Authority		5.000			06/15/2036		7,262,541
	7,525,000	NYC Municipal Water Finance Authority		5.250			06/15/2040		8,454,714
	10,000,000	NYC Municipal Water Finance Authority		5.000			06/15/2038		12,063,600
	900,000	NYC Municipal Water Finance Authority		5.625			06/15/2027		996,696
	665,000	NYC Municipal Water Finance Authority		5.125			06/15/2030		727,191
	8,950,000	NYC Municipal Water Finance Authority		5.000			06/15/2031		10,257,327
	5,000,000	NYC Municipal Water Finance Authority		5.000			06/15/2036		5,938,300
	6,265,000	NYC Municipal Water Finance Authority		5.750			06/15/2040		6,924,454
	335,000	NYC Municipal Water Finance Authority		5.000			06/15/2037		364,252
	700,000	NYC Transitional Finance Authority		5.125			01/15/2034		771,120
	25,000,000	NYC Transitional Finance Authority (Building Aid)⁴		5.000			07/15/2037		28,914,500
	10,500,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2043		12,190,605
	4,165,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2043		4,901,705
	10,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2040		11,660,700
	6,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2036		7,121,400
	8,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2034		9,575,120

8 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$5,405,000	NYC Transitional Finance Authority (Building Aid)		5.000	%		07/15/2035	$	6,439,679
	5,065,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2035		5,988,198
	1,700,000	NYC Transitional Finance Authority (Building Aid)		5.500			01/15/2039		1,910,511
	15,000,000	NYC Transitional Finance Authority (Building Aid)⁴		5.250			07/15/2037		17,556,150
	5,410,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2040		6,225,774
	6,500,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2034		7,718,425
	3,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2030		3,637,050
	20,335,000	NYC Transitional Finance Authority (Future Tax)⁴		5.000			02/01/2030		24,369,439
	15,000,000	NYC Transitional Finance Authority (Future Tax)⁴		5.000			05/01/2034		17,772,900
	8,190,000	NYC Transitional Finance Authority (Future Tax)		5.000			02/01/2035		9,620,056
	5,695,000	NYC Transitional Finance Authority (Future Tax)		5.000			02/01/2041		6,640,142
	2,400,000	NYC Transitional Finance Authority (Future Tax)		5.250			02/01/2030		2,824,776
	7,575,000	NYC Transitional Finance Authority (Future Tax)		5.500			11/01/2035		8,965,543
	30,220,000	NYC Trust for Cultural Resources (New York Botanical Gardens)		0.500	⁹		07/01/2032		30,220,000
	3,935,000	NYS Convention Center Devel. Corp. (Hotel Unit)		5.000			11/15/2040		4,613,551
	11,920,000	NYS DA (ALIA-PSCH)		5.350			12/01/2035		12,251,853
	5,420,000	NYS DA (ALIA-PSCH)		4.800			12/01/2023		5,545,039
	5,205,000	NYS DA (ALIA-PSCH)		6.175			12/01/2031		5,303,895
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2029		487,306
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2027		973,556
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2030		485,195
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2028		966,952
	1,010,000	NYS DA (Cabrini of Westchester)		5.200			02/15/2041		1,072,600
	500,000	NYS DA (Catholic Health System)		5.000			07/01/2032		556,430
	260,000	NYS DA (Catholic Health System)		5.000			07/01/2032		289,344
	300,000	NYS DA (Culinary Institute of America)		5.000			07/01/2034		336,126
	200,000	NYS DA (Fordham University)		5.000			07/01/2030		235,184
	285,000	NYS DA (Fordham University)		5.000			07/01/2038		308,436
	5,600,000	NYS DA (Interagency Council)		7.000			07/01/2035		6,993,224
	3,000,000	NYS DA (Iona College)		5.000			07/01/2032		3,361,260
	3,490,000	NYS DA (Manhattan College)		5.300			07/01/2037		3,664,465
	18,230,000	NYS DA (Memorial Sloan-Kettering)⁴		5.000			07/01/2035		18,439,392
	150,000	NYS DA (Mental Health Services Facilities)		5.000			02/15/2037		154,914
	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)		5.000			07/01/2029		920,424
	100,000	NYS DA (Montefiore Medical Center)		5.000			02/01/2028		100,370
	1,000,000	NYS DA (New School University)		5.750			07/01/2050		1,139,760
	2,100,000	NYS DA (New School)		5.000			07/01/2040		2,418,654
	20,000,000	NYS DA (New York University)		5.250			07/01/2048		21,963,800
	11,500,000	NYS DA (North Shore L.I. Jewish Obligated Group)		5.250			05/01/2034		13,342,990
	1,515,000	NYS DA (NSLIJ / LIJMC / NSUH / GCH / NSUHSFCEC&R / NSLIJHC / FrankHosp / HHA / LHH / SHosp / SIUH / PlainHlth / FHH Obligated Group)		5.000			05/01/2033		1,785,306
	2,000,000	NYS DA (NYU Hospitals Center)		5.625			07/01/2037		2,125,080
	1,000,000	NYS DA (NYU Hospitals Center)		5.000			07/01/2036		1,158,230
	5,890,000	NYS DA (NYU)		5.000			07/01/2045		6,829,985
	1,000,000	NYS DA (Pratt Institute)		5.000			07/01/2034		1,156,230
	3,100,000	NYS DA (Providence Rest)		5.250			07/01/2025		3,103,782

9 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$6,035,000	NYS DA (Providence Rest)		5.000	%		07/01/2035	$	6,035,724
	2,700,000	NYS DA (Providence Rest)		5.125			07/01/2030		2,700,513
	20,735,000	NYS DA (Sales Tax)		5.000			03/15/2032		24,950,840
	2,645,000	NYS DA (School District Bond Financing Program), Series C		7.375			10/01/2033		3,070,290
	1,750,000	NYS DA (School District Bond Financing Program), Series C		7.250			10/01/2028		2,025,993
	1,525,000	NYS DA (School District Bond Financing Program), Series C		7.500			04/01/2039		1,774,917
	245,000	NYS DA (Siena College)		5.125			07/01/2039		263,596
	5,770,000	NYS DA (Smithtown Special Library District)		6.000			07/01/2028		6,442,436
	2,480,000	NYS DA (Special Surgery Hospital)		6.000			08/15/2038		2,867,599
	10,750,000	NYS DA (St. John’s University)		5.000			07/01/2030		12,427,000
	400,000	NYS DA (St. John’s University)		5.000			07/01/2034		471,972
	270,000	NYS DA (St. John’s University)		5.000			07/01/2028		315,201
	3,500,000	NYS DA (St. Joseph’s College)		5.250			07/01/2035		3,825,045
	45,100,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		48,877,125
	10,705,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2027		12,775,240
	5,620,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2034		6,641,828
	5,000,000	NYS DA (State Personal Income Tax Authority)		5.000			03/15/2036		5,953,950
	15,915,000	NYS DA (State Personal Income Tax Authority)⁴		5.000			03/15/2034		18,382,759
	10,000,000	NYS DA (State Personal Income Tax Authority)		5.000			03/15/2031		12,101,800
	2,295,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2027		2,798,248
	1,585,000	NYS DA (State University of New York)		5.000			07/01/2035		1,808,691
	3,000,000	NYS DA (State University of New York)		5.000			07/01/2040		3,399,600
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)		6.250			02/15/2035		5,892,904
	4,395,000	NYS DA (The New School)		5.000			07/01/2031		4,999,576
	4,375,000	NYS DA (Touro College and University System)		5.500			01/01/2039		4,846,669
	20,000	NYS DA (UCPHCAS / Jawonio / FRC / CPW / UCPANYS / UCP Obligated Group)		5.000			07/01/2034		20,069
	1,000,000	NYS DA (University of Rochester)		5.750	⁵		07/01/2039		1,133,290
	11,695,000	NYS DA (Vassar College)⁴		5.000			07/01/2046		12,264,778
	1,150,000	NYS DA (Yeshiva University)		5.000			09/01/2038		1,301,145
	615,000	NYS DA (Yeshiva University)		5.000			09/01/2034		695,829
	1,960,000	NYS DA (Yeshiva University)		5.000			11/01/2031		2,010,098
	1,145,000	NYS DA (Yeshiva University)		5.000			11/01/2031		1,362,539
	5,415,000	NYS DA (Yeshiva University)		5.000			09/01/2038		5,447,219
	2,885,000	NYS DA (Yeshiva University)		5.000			09/01/2034		2,922,101
	1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.000			06/15/2037		1,528,008
	6,150,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.000			10/15/2035		6,300,552
	8,340,000	NYS EFC (NYC Municipal Water Finance Authority)		5.000			06/15/2034		8,500,545
	30,995,000	NYS HFA		0.400	⁹		09/15/2021		30,995,000
	1,080,000	NYS HFA (Affordable Hsg.)		6.450			11/01/2029		1,169,748
	10,220,000	NYS HFA (Affordable Hsg.)⁴		5.450			11/01/2045		10,452,494
	150,000	NYS HFA (Affordable Hsg.)		6.750			11/01/2038		166,910
	2,365,000	NYS HFA (Affordable Hsg.)		5.250			11/01/2038		2,417,314
	2,000,000	NYS HFA (Affordable Hsg.)		5.000			11/01/2042		2,103,060
	600,000	NYS HFA (Affordable Hsg.)		5.200			11/01/2030		626,100
	585,000	NYS HFA (Children’s Rescue)³		7.625			05/01/2018		585,176

10 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$895,000	NYS HFA (Friendship)		5.100	%		08/15/2041	$	895,904
	1,030,000	NYS HFA (Golden Age Apartments)		5.000			02/15/2037		1,031,082
	150,000	NYS HFA (Highland Avenue Senior Apartments)		5.000			02/15/2039		151,530
	135,000	NYS HFA (Horizons at Wawayanda)		5.150			11/01/2040		138,156
	1,710,000	NYS HFA (Multifamily Hsg.)		5.650			02/15/2034		1,712,839
	2,080,000	NYS HFA (Multifamily Hsg.)		5.375			02/15/2035		2,082,870
	315,000	NYS HFA (State Personal Income Tax Authority)		5.000			03/15/2021		321,738
	670,000	NYS LGSC (SCSB)		7.750			12/15/2021		671,199
	140,000	NYS LGSC (SCSB)		7.375			12/15/2016		140,652
	20,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.750			11/15/2051		23,549,600
	1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.000			11/15/2031		1,175,040
	7,000,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)		5.250			10/01/2035		8,777,720
	11,500,000	NYS Thruway Authority		5.000			05/01/2019		12,898,170
	7,650,000	NYS Thruway Authority		5.000			01/01/2032		8,949,429
	25,000,000	NYS Thruway Authority		5.000			01/01/2028		29,560,500
	2,000,000	NYS Thruway Authority Highway & Bridge Trust Fund		5.000			04/01/2029		2,368,700
	10,000,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2035		11,972,500
	20,000,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2025		25,237,400
	10,015,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2043		11,645,943
	20,000,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2026		25,561,800
	4,000,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2035		4,821,680
	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		5.000			09/15/2035		830,315
	65,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		4.625			09/15/2030		65,018
	1,115,000	Onondaga County, NY IDA (Free Library)		5.125			03/01/2037		1,154,772
	1,185,000	Onondaga County, NY IDA (Free Library)		5.125			03/01/2030		1,234,047
	1,000,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)		5.000			07/01/2032		1,128,350
	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)		5.375			07/01/2040		2,171,460
	3,465,000	Onondaga, NY Civic Devel. Corp. (Upstate Properties)		5.250			12/01/2041		4,052,214
	1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)		5.000			07/01/2042		1,591,343
	1,320,000	Orange County, NY Funding Corp. (Mount St. Mary College)		5.000			07/01/2037		1,474,163
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		6,353,168
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2021		1,719,802
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		2,240,051
	32,175,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		33,010,585
	345,000	Port Authority NY/NJ (JFK International Air Terminal)		6.500			12/01/2028		348,429
	16,615,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2022		16,984,019
	28,800,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2019		28,802,880
	35,000	Port Authority NY/NJ, 143rd Series		5.000			04/01/2036		35,105
	47,910,000	Port Authority NY/NJ, 143rd Series⁴		5.000			10/01/2030		48,079,122
	3,000,000	Port Authority NY/NJ, 143rd Series		5.000			10/01/2030		3,010,590
	26,100,000	Port Authority NY/NJ, 146th Series⁴		4.750			12/01/2027		26,755,528

11 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$10,000	Port Authority NY/NJ, 146th Series		4.750	%		12/01/2027	$	10,251
	10,000	Port Authority NY/NJ, 146th Series		4.500			12/01/2034		10,161
	17,790,000	Port Authority NY/NJ, 147th Series⁴		5.000			10/15/2027		18,456,944
	20,000,000	Port Authority NY/NJ, 147th Series⁴		5.000			10/15/2032		20,656,590
	13,005,000	Port Authority NY/NJ, 147th Series⁴		4.750			10/15/2028		13,456,402
	72,000,000	Port Authority NY/NJ, 151st Series		5.750			03/15/2035		77,857,200
	15,000,000	Port Authority NY/NJ, 151st Series⁴		6.000			09/15/2028		16,484,550
	10,000,000	Port Authority NY/NJ, 151st Series⁴		5.750			03/15/2035		10,813,473
	22,500,000	Port Authority NY/NJ, 152nd Series⁴		5.750			11/01/2030		24,587,100
	101,940,000	Port Authority NY/NJ, 152nd Series⁴		5.250			11/01/2035		109,751,645
	1,200,000	Port Authority NY/NJ, 152nd Series		5.750			11/01/2030		1,311,312
	15,300,000	Port Authority NY/NJ, 161st Series⁴		5.000			10/15/2031		17,433,279
	20,250,000	Port Authority NY/NJ, 163rd Series⁴		5.000			07/15/2039		22,903,110
	15,000,000	Port Authority NY/NJ, 166th Series⁴		5.250			07/15/2036		17,482,050
	21,515,000	Port Authority NY/NJ, 166th Series⁴		5.000			01/15/2041		24,806,998
	2,720,000	Port Authority NY/NJ, 169th Series		5.000			10/15/2036		3,050,235
	400,000	Port Authority NY/NJ, 172nd Series		5.000			10/01/2034		452,064
	11,000,000	Port Authority NY/NJ, 184th Series		5.000			09/01/2032		13,214,080
	8,340,000	Port Authority NY/NJ, 186th Series		5.000			10/15/2033		9,669,896
	9,170,000	Port Authority NY/NJ, 186th Series		5.000			10/15/2034		10,594,743
	13,715,000	Port Authority NY/NJ, Series 2014-XF0001⁴		5.250			05/01/2038		14,765,952
	100,000	Poughkeepsie, NY GO		4.400			06/01/2024		100,440
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)		6.000			08/01/2032		2,761,419
	2,525,000	Ramapo, NY Local Devel. Corp.		5.000			03/15/2033		2,824,743
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)		5.375			12/01/2036		1,502,595
	7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.		5.750			06/01/2043		7,302,847
	6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.		5.625			06/01/2035		6,387,490
	4,820,000	Rensselaer, NY City School District COP		5.000			06/01/2036		4,831,182
	1,195,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)		4.900			07/01/2021		1,196,697
	30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.875	¹		08/15/2045		1,176,900
	13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.750			08/15/2043		13,100,107
	9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.625			08/15/2035		9,228,598
	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.596	¹		08/15/2060		1,841,940
	20,000	Sanford Town, NY GO		5.250			04/15/2016		20,034
	6,925,000	SONYMA, Series 140⁴		4.750			10/01/2037		6,930,061
	1,075,000	SONYMA, Series 196		1.250			04/01/2019		1,070,130
	1,095,000	SONYMA, Series 196		1.350			10/01/2019		1,089,416
	520,000	St. Lawrence County, NY IDA (Clarkson University)		6.000			09/01/2034		618,322
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)		5.000			09/01/2041		1,676,900
	4,775,000	St. Lawrence County, NY IDA (Clarkson University)		5.375			09/01/2041		5,587,610

12 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)		7.250	%		12/01/2029	$	4,126,348
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2031		1,570,540
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2030		1,490,112
	3,670,000	Suffolk County, NY Economic Devel. Corp. (CHSLI \ CHFTEH \ SANC \ SAR \ SJRNC \ SJR \ VMNRC \ VMHCS \ CHHSB \ CHS \ SCOSMC Obligated Group)		5.000			07/01/2028		4,392,953
	21,405,000	Suffolk County, NY Economic Devel. Corp. (CHSLI \ CHFTEH \ SANC \ SAR \ SJRNC \ SJR \ VMNRC \ VMHCS \ CHHSB \ CHS \ SCOSMC Obligated Group)		5.000			07/01/2028		24,021,761
	1,005,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.750			06/01/2027		1,044,195
	4,200,000	Suffolk County, NY Economic Devel. Corp., Series A		7.375			12/01/2040		4,467,918
	350,000	Suffolk County, NY IDA (ACLD)		6.000			12/01/2019		352,387
	1,165,000	Suffolk County, NY IDA (ALIA-ACLD)³		5.950			10/01/2021		1,183,244
	115,000	Suffolk County, NY IDA (ALIA-ADD)		7.125			06/01/2017		115,316
	845,000	Suffolk County, NY IDA (ALIA-Adelante)		6.500			11/01/2037		861,317
	1,595,000	Suffolk County, NY IDA (ALIA-DDI)³		5.950			10/01/2021		1,619,978
	460,000	Suffolk County, NY IDA (ALIA-FREE)³		5.950			10/01/2021		467,204
	330,000	Suffolk County, NY IDA (ALIA-IGHL)³		5.950			10/01/2021		335,168
	320,000	Suffolk County, NY IDA (ALIA-IGHL)³		6.000			10/01/2031		325,059
	480,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		490,368
	385,000	Suffolk County, NY IDA (ALIA-NYS ARC)³		5.950			11/01/2022		393,316
	1,085,000	Suffolk County, NY IDA (ALIA-UCPAGS)³		5.950			10/01/2021		1,101,991
	370,000	Suffolk County, NY IDA (ALIA-WORCA)³		5.950			11/01/2022		377,992
	165,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		166,940
	55,000	Suffolk County, NY IDA (DDI)		6.000			12/01/2019		55,375
	155,000	Suffolk County, NY IDA (DDI)		6.000			10/01/2020		156,823
	130,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		110,895
	1,065,000	Suffolk County, NY IDA (Huntington First Aid Squad)		6.650			11/01/2017		1,067,513
	105,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			12/01/2019		105,716
	530,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			10/01/2020		536,233
	7,240,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)		6.375			01/01/2039		7,401,597
	1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		1,897,376
	745,000	Suffolk County, NY IDA (New York Institute of Technology)		5.000			03/01/2026		756,182
	20,605,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)		5.500			01/01/2023		20,611,594
	185,000	Suffolk County, NY IDA (Suffolk Hotels)		6.000			10/01/2020		187,176
	3,095,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		7.875			09/01/2041		3,167,144
	730,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		6.000			12/01/2019		734,979
	510,000	Suffolk County, NY IDA (WORCA)		6.000			10/01/2020		515,998
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.625	⁵		06/01/2044		121,548,483
	10,080,000	Suffolk, NY Tobacco Asset Securitization Corp.		5.375			06/01/2028		10,144,008
	8,915,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.000			06/01/2048		8,932,919

13 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	%¹		06/01/2048	$	8,118,109
	203,935,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2036		206,086,514
	2,245,000	Syracuse, NY IDA (James Square)		2.552	¹		08/01/2025		1,206,059
	1,700,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2038		1,820,139
	2,425,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2032		2,633,089
	22,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)		5.000			09/01/2030		25,336,926
	185,000	Ulster County, NY Res Rec		5.000			03/01/2020		185,537
	3,180,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.000			06/01/2040		3,180,890
	1,590,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.250	⁵		06/01/2025		1,590,588
	3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.450	⁵		06/01/2040		3,053,951
	677,344	Westchester County, NY Healthcare Corp., Series A		5.000			11/01/2044		762,865
	6,245,000	Westchester County, NY Healthcare Corp., Series A		5.000			11/01/2030		7,014,509
	1,700,000	Westchester County, NY Healthcare Corp., Series B		5.125			11/01/2041		1,883,940
	1,115,000	Westchester County, NY IDA (Clearview School)		7.250			01/01/2035		1,123,864
	270,000	Westchester County, NY IDA (JDAM)		6.750			04/01/2016		270,000
	3,400,000	Westchester County, NY IDA (Lawrence Hospital)		5.000			01/01/2028		3,410,438
	215,000	Westchester County, NY IDA (Lawrence Hospital)		5.125			01/01/2018		215,841
	1,400,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2033		1,430,758
	1,500,000	Westchester County, NY Local Devel. Corp. (Wartburg Senior Hsg.)		5.000			06/01/2030		1,550,040
	4,500,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2026		4,503,645
	59,400,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.125			06/01/2038		59,408,910
	1,970,000	Yonkers, NY IDA (Hudson Scenic Studio)		6.625			11/01/2019		1,970,099
	1,325,000	Yonkers, NY IDA (Philipsburg Hall Associates)		7.500			11/01/2030		1,287,132
	5,100,000	Yonkers, NY IDA (Sarah Lawrence College)		6.000			06/01/2041		5,738,724
	435,000	Yonkers, NY Parking Authority		6.000			06/15/2018		435,661
	1,215,000	Yonkers, NY Parking Authority		6.000			06/15/2024		1,164,043
									4,559,143,890
	U.S. Possessions—24.9%
	825,000	Guam Education Financing Foundation COP		5.000			10/01/2023		834,380
	3,600,000	Guam Government Business Privilege		5.000			01/01/2031		4,029,948
	6,000,000	Guam Government Business Privilege		5.000			01/01/2032		6,699,660
	345,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750			09/01/2031		373,849
	2,790,000	Guam Power Authority, Series A		5.000			10/01/2030		3,308,549
	1,560,000	Guam Power Authority, Series A		5.000			10/01/2024		1,882,452
	1,230,000	Guam Power Authority, Series A		5.000			10/01/2023		1,478,362
	28,525,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2030		25,798,295
	1,520,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		1,501,608
	6,745,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		6,186,244
	13,115,000	Northern Mariana Islands Ports Authority, Series A		6.600			03/15/2028		13,435,924
	1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		1,065,647
	15,350,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		10,332,852
	49,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125			07/01/2047		49,571,830

14 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$10,000,000	Puerto Rico Aqueduct & Sewer Authority		5.250	%		07/01/2024	$	6,769,800
	80,800,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		55,801,288
	55,825,000	Puerto Rico Aqueduct & Sewer Authority		6.125	⁵		07/01/2024		39,721,720
	1,950,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033		1,272,882
	52,635,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		35,627,052
	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	¹		05/15/2057		60,717,930
	68,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.667	¹		05/15/2050		6,170,480
	56,685,000	Puerto Rico Children’s Trust Fund (TASC)		5.625			05/15/2043		56,831,247
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	¹		05/15/2057		31,283,328
	1,000,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		607,860
	3,670,000	Puerto Rico Commonwealth GO		6.000			07/01/2040		2,226,222
	5,050,000	Puerto Rico Commonwealth GO		6.500			07/01/2037		3,081,611
	390,000	Puerto Rico Commonwealth GO		6.000			07/01/2039		236,570
	30,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2036		18,201,300
	3,205,000	Puerto Rico Commonwealth GO		5.625			07/01/2033		1,920,949
	5,675,000	Puerto Rico Commonwealth GO		6.500			07/01/2040		3,463,339
	2,700,000	Puerto Rico Commonwealth GO		6.000			07/01/2035		1,637,901
	14,500,000	Puerto Rico Commonwealth GO		5.250			07/01/2031		8,658,530
	3,315,000	Puerto Rico Commonwealth GO		5.125			07/01/2031		2,338,500
	4,965,000	Puerto Rico Commonwealth GO		5.250			07/01/2037		2,956,111
	10,230,000	Puerto Rico Commonwealth GO		5.250			07/01/2034		6,098,103
	1,000,000	Puerto Rico Commonwealth GO		5.500			07/01/2026		601,350
	7,850,000	Puerto Rico Commonwealth GO		5.500			07/01/2029		5,742,039
	13,300,000	Puerto Rico Commonwealth GO		5.125			07/01/2031		7,924,805
	5,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2028		3,020,600
	1,270,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		1,291,996
	76,300,000	Puerto Rico Commonwealth GO		5.500			07/01/2032		45,728,116
	770,000	Puerto Rico Commonwealth GO		5.875			07/01/2036		467,151
	5,000,000	Puerto Rico Commonwealth GO		5.375			07/01/2033		2,983,900
	2,920,000	Puerto Rico Commonwealth GO		5.250			07/01/2030		1,744,583
	2,000,000	Puerto Rico Commonwealth GO		5.000			07/01/2033		1,190,060
	2,200,000	Puerto Rico Commonwealth GO		5.250			07/01/2026		1,319,670
	2,500,000	Puerto Rico Commonwealth GO		5.250			07/01/2032		1,491,750
	3,620,000	Puerto Rico Electric Power Authority, Series A⁶		7.000			07/01/2033		2,245,233
	18,990,000	Puerto Rico Electric Power Authority, Series A⁶		6.750			07/01/2036		11,773,610
	23,480,000	Puerto Rico Electric Power Authority, Series A⁶		7.000			07/01/2043		14,542,103
	2,000,000	Puerto Rico Electric Power Authority, Series A⁶		5.000			07/01/2029		1,239,320
	1,095,000	Puerto Rico Electric Power Authority, Series A⁶		5.000			07/01/2042		676,272
	9,000,000	Puerto Rico Electric Power Authority, Series AAA⁶		5.250			07/01/2022		5,611,860
	9,625,000	Puerto Rico Electric Power Authority, Series AAA⁶		5.250			07/01/2031		5,955,373
	10,105,000	Puerto Rico Electric Power Authority, Series AAA⁶		5.250			07/01/2029		6,257,925
	1,430,000	Puerto Rico Electric Power Authority, Series AAA⁶		5.250			07/01/2027		886,686
	20,170,000	Puerto Rico Electric Power Authority, Series CCC⁶		5.250			07/01/2027		12,506,610
	13,295,000	Puerto Rico Electric Power Authority, Series CCC⁶		5.250			07/01/2028		8,239,842
	510,000	Puerto Rico Electric Power Authority, Series RR		5.000			07/01/2024		516,951
	6,320,000	Puerto Rico Electric Power Authority, Series TT⁶		5.000			07/01/2032		3,910,879
	6,885,000	Puerto Rico Electric Power Authority, Series TT⁶		5.000			07/01/2037		4,256,445
	33,350,000	Puerto Rico Electric Power Authority, Series WW⁶		5.500			07/01/2038		20,603,297

15 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$3,700,000	Puerto Rico Electric Power Authority, Series WW⁶		5.000	%		07/01/2028	$	2,292,779
	7,000,000	Puerto Rico Electric Power Authority, Series XX⁶		5.250			07/01/2040		4,324,530
	10,000,000	Puerto Rico Electric Power Authority, Series ZZ⁶		5.250			07/01/2024		6,218,500
	7,590,000	Puerto Rico Electric Power Authority, Series ZZ⁶		5.250			07/01/2025		4,713,921
	4,845,000	Puerto Rico Highway & Transportation Authority		5.250			07/01/2030		4,765,881
	270,000	Puerto Rico Highway & Transportation Authority		5.750			07/01/2020		54,000
	9,515,000	Puerto Rico Highway & Transportation Authority		5.000			07/01/2028		1,903,000
	4,945,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		3,073,268
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2033		1,796,000
	1,840,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2042		368,000
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H		5.450			07/01/2035		224,000
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K		5.000			07/01/2030		229,000
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K		5.000			07/01/2027		1,300,000
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L		5.250			07/01/2023		2,653,976
	915,000	Puerto Rico Highway & Transportation Authority, Series L		5.250			07/01/2030		449,256
	10,000	Puerto Rico Highway & Transportation Authority, Series M		5.000			07/01/2046		10,542
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M		5.000			07/01/2046		15,722,000
	57,615,000	Puerto Rico Highway & Transportation Authority, Series N		5.250			07/01/2039		28,282,627
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N		5.250			07/01/2032		3,242,156
	65,725,000	Puerto Rico Infrastructure²		5.730	¹		07/01/2045		5,420,998
	25,000,000	Puerto Rico Infrastructure²		5.800	¹		07/01/2032		3,923,500
	16,955,000	Puerto Rico Infrastructure		5.650	¹		07/01/2029		6,687,561
	15,000,000	Puerto Rico Infrastructure		5.500			07/01/2027		15,350,100
	5,000,000	Puerto Rico Infrastructure		6.000			12/15/2026		1,709,900
	25,255,000	Puerto Rico Infrastructure¹¹		5.000			07/01/2031		3,977,663
	41,740,000	Puerto Rico Infrastructure¹¹		5.000			07/01/2046		6,574,050
	17,490,000	Puerto Rico Infrastructure¹¹		5.000			07/01/2037		2,754,675
	1,295,000	Puerto Rico Infrastructure		5.500			07/01/2026		1,327,828
	142,985,000	Puerto Rico Infrastructure²		5.000			07/01/2041		22,520,138
	675,000	Puerto Rico Infrastructure²		5.000			07/01/2037		106,313
	1,680,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		838,404
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.500			12/01/2031		5,869,350
	975,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			12/01/2021		962,208
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			03/01/2036		5,390,267
	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		775,521
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		1,057,548
	1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			04/01/2027		1,226,205
	3,280,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		3,151,621

16 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$5,000,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)		6.250	%		07/01/2026	$	5,021,750
	650,000	Puerto Rico ITEMECF (International American University)		5.000			10/01/2031		608,985
	4,865,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)		6.700			05/01/2024		4,840,724
	7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)		5.750			06/01/2029		2,239,930
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2042		144,232
	5,490,000	Puerto Rico ITEMECF (University Plaza)		5.000			07/01/2033		5,223,790
	4,990,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2025		1,985,870
	8,000,000	Puerto Rico Public Buildings Authority		6.500			07/01/2030		4,969,520
	7,500,000	Puerto Rico Public Buildings Authority		6.750			07/01/2036		4,433,925
	850,000	Puerto Rico Public Buildings Authority		5.500			07/01/2037		458,057
	7,500,000	Puerto Rico Public Buildings Authority		5.000			07/01/2037		4,006,125
	18,585,000	Puerto Rico Public Buildings Authority		5.250			07/01/2029		10,112,470
	121,570,000	Puerto Rico Public Buildings Authority		5.250			07/01/2033		65,709,801
	9,450,000	Puerto Rico Public Buildings Authority		5.375			07/01/2033		5,108,670
	1,500,000	Puerto Rico Public Buildings Authority		6.250			07/01/2021		923,430
	7,500,000	Puerto Rico Public Buildings Authority		6.250			07/01/2031		4,433,850
	2,110,000	Puerto Rico Public Buildings Authority		5.625			07/01/2039		1,136,995
	31,050,000	Puerto Rico Public Buildings Authority		6.000			07/01/2041		17,271,252
	90,355,000	Puerto Rico Public Buildings Authority		5.000			07/01/2036		48,342,636
	11,810,000	Puerto Rico Public Finance Corp., Series B¹¹		5.500			08/01/2031		1,402,438
	296,445,000	Puerto Rico Sales Tax Financing Corp.		5.250			08/01/2057		183,967,838
	3,130,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2024		1,314,694
	1,490,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2043		601,290
	8,205,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500			08/01/2044		3,468,746
	75,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2037		30,923
	15,265,000	Puerto Rico Sales Tax Financing Corp., Series A		7.890	¹		08/01/2034		1,525,737
	129,035,000	Puerto Rico Sales Tax Financing Corp., Series A		6.571	¹		08/01/2043		22,453,380
	16,265,000	Puerto Rico Sales Tax Financing Corp., Series A		6.660	¹		08/01/2041		3,199,976
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500	¹		08/01/2042		5,536,800
	154,690,000	Puerto Rico Sales Tax Financing Corp., Series A		6.625	¹		08/01/2054		12,483,483
	9,370,000	Puerto Rico Sales Tax Financing Corp., Series A		6.720	¹		08/01/2045		1,447,290
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-1		5.250			08/01/2043		4,097,200
	9,985,000	Puerto Rico Sales Tax Financing Corp., Series C		5.250			08/01/2041		4,091,254
	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C		0.000	⁵		08/01/2032		15,955,353
	250,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2042		106,028
	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C		5.750			08/01/2057		58,251,842
	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C		5.375			08/01/2036		1,644,480
	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2039		617,454
	4,525,000	University of Puerto Rico		5.000			06/01/2026		1,819,684
	7,280,000	University of Puerto Rico, Series P		5.000			06/01/2030		2,885,938
	24,375,000	University of Puerto Rico, Series Q		5.000			06/01/2030		9,662,738
	67,190,000	University of Puerto Rico, Series Q		5.000			06/01/2036		26,256,508
	1,500,000	V.I. Public Finance Authority		5.000			09/01/2033		1,729,845
	2,180,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000			10/01/2032		2,421,871
	2,280,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000			10/01/2032		2,460,781

17 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$10,680,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000	%		10/01/2029	$	12,141,024
	590,000	V.I. Public Finance Authority (Matching Fund Loan Note)		6.000			10/01/2039		649,012
	2,555,000	V.I. Public Finance Authority, Series A		5.000			10/01/2032		2,838,477
	5,000,000	V.I. Public Finance Authority, Series C		5.000			10/01/2039		5,327,600
	11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	¹		05/15/2035		2,138,637
									1,395,598,368
	Total Municipal Bonds and Notes (Cost $7,139,350,331)								5,954,742,258

Shares
	Common Stocks—0.1%
	1,401	CMS Liquidating Trust^12,13(Cost $4,483,200)							3,849,388
	Total Investments, at Value (Cost $7,143,833,531)—106.4%								5,958,591,646
	Net Other Assets (Liabilities)—(6.4)								(358,997,871	)
	Net Assets—100.0%							$	5,599,593,775

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 contractual interest rate. See Note 4 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 period end. See Note 4 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 4 of the accompanying Notes.

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

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

7. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement. See Note 4 of the accompanying Notes.

8. Represents the current interest rate for the inverse floating rate security. See Note 4 of the accompanying Notes.

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

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

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

12. Non-income producing security.

13. Received as a result of a corporate action.

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


ACDS		Assoc. for Children with Down Syndrome
ACLD		Adults and Children with Learning and Developmental Disabilities
ADD		Aid to the Developmentally Disabled
AFSFBM		Advocates for Services for the Blind Multihandicapped
ALIA		Alliance of Long Island Agencies
ARC		Assoc. of Retarded Citizens
CathHS		Catholic Health System

18 OPPENHEIMER ROCHESTER FUND MUNICIPALS

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


CHFTEH		Catholic Housing for the Elderly & Handicapped
CHHSB		Catholic Home Health Services of Broward
CHS		Catholic Health Services
CHSLI		Catholic Health Services of Long Island
COP		Certificates of Participation
CPW		Cerebral Palsy of Westchester
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
FHH		Forest Hills Hospital
FrankHosp		Franklin Hospital
FRC		Franziska Racker Centers
FREE		Family Residences and Essential Enterprises
GCH		Glen Cove Hospital
GO		General Obligation
HDC		Housing Devel. Corp.
HFA		Housing Finance Agency
HH		Harmony Heights, Inc.
HHA		Huntington Hospital Association
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
KMHosp		Kenmore Mercy Hospital
L.I.		Long Island
LGSC		Local Government Services Corp.
LHH		Lenox Hill Hospital
LIJMC		Long Island Jewish Medical Center
MTA		Metropolitan Transportation Authority
NDH		Northern Dutchess Hospital
NSLIJ		North Shore Long Island Jewish
NSLIJHC		North Shore Long Island Jewish Health Care
NSUH		North Shore University Hospital
NSUHSFCEC&R		North Shore University Hospital Stern Family Center for Extended Care & Rehabilitation
NY/NJ		New York/New Jersey
NYC		New York City
NYS		New York State
NYU		New York University
PHCtr		Putnam Hospital Center
PlainHlth		Plainview Health
PSCH		Professional Service Centers for the Handicapped, Inc.
Res Rec		Resource Recovery Facility
SANC		St. Anne’s Nursing Center
SAR		St. Anne’s Residence
SCOSMC		St. Catherine of Siena Medical Center

19 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

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


SCSB		Schuyler Community Services Board
SCSMC		St. Catherine of Sienna Medical Center
SFTU		Services for the Underserved
SFUMP		Services for the Underserved - MR Programs
SHosp		Southside Hospital
SIUH		Staten Island University Hospital
SJR		St. Joseph Residence
SJRNC		St. John’s Rehabilitation and Nursing Center
SNP		Special Needs Program
SOCHOB		Sisters of Charity Hospital of Buffalo
SONYMA		State of New York Mortgage Agency
SUNY		State University of New York
TASC		Tobacco Settlement Asset-Backed Bonds
TFABs		Tobacco Flexible Amortization Bonds
UCP		United Creative Program
UCPHCAS		United Cerebreal Palsy and handicapped Children’s Association of Syracuse
UCPAGS		United Cerebral Palsy Assoc. of Greater Suffolk
UCPANYS		United Cerebral Palsy Associations of NYS
UDC		Urban Development Corporation
UNICEF		United Nations Children’s Fund
V.I.		United States Virgin Islands
VBHosp		Vassar Brothers Hospital
VMHCS		Villa Maria Health Care Services
VMNRC		Villa Marina Nursing & Rehabilitation Center
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, 2016 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”), and a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

2. Significant Accounting Policies

Security Valuation. All investments in securities are recorded at their estimated fair value, as described in Note 3.

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

3. 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, except in the case of a scheduled early closing of the Exchange, in which case the Fund will calculate net asset value of the shares as of the scheduled early closing time of the Exchange.

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 mean between the bid and asked price on the principal exchange or, if not available from the principal exchange, obtained from two dealers. If bid and asked prices are not available

21 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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

22 OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Securities Valuation (Continued)

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

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

Classifications

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

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

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).

23 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

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 at period end 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	$	—	$	4,559,143,868	$	22	$	4,559,143,890
U.S. Possessions		—		1,395,598,368		—		1,395,598,368
Common Stock		—		—		3,849,388		3,849,388

Total Assets	$	—	$	5,954,742,236	$	3,849,410	$	5,958,591,646

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.

4. 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

24 OPPENHEIMER ROCHESTER FUND MUNICIPALS

4. Investments and Risks (Continued)

receive the purchase price of their securities on the repurchase date.

Because holders of the short-term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear short-term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund 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

25 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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

26 OPPENHEIMER ROCHESTER FUND MUNICIPALS

4. Investments and Risks (Continued)

monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. At period end, the Fund’s maximum exposure under such agreements is estimated at $181,805,000.

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 period end, municipal bond holdings with a value of $799,983,020 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $450,300,000 in short-term floating rate securities issued and outstanding at that date.

At period end, 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
$	7,905,000	NY Austin Trust Various States Inverse Certificates		7.409	%		11/1/39	$	8,053,614
	7,500,000	NY Liberty Devel. Corp. Tender Option Bond Series 2015-XF2153 Trust³		7.891			1/15/44		9,295,050
	2,500,000	NYC GO Tender Option Bond Series 2015 XF-2040 Trust³		14.167			10/1/34		4,160,000
	5,000,000	NYC GO Tender Option Bond Series 2015-XF2103 Trust		15.036			3/1/21		7,654,200
	1,225,000	NYC HDC, Series B-1 Tender Option Bond Series 2014-XF0008-2 Trust		7.671			11/1/27		1,282,293
	1,500,000	NYC HDC, Series B-1 Tender Option Bond Series 2014-XF0008-3 Trust		7.755			11/1/32		1,553,280
	710,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-2 Trust		16.018			11/1/39		898,036
	2,730,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-3 Trust		16.525			11/1/46		3,441,875
	775,000	NYC HDC, Series C-1 Tender Option Bond Series 2015-XF0009 Trust		15.796			11/1/34		1,043,917
	4,015,000	NYC HDC, Series J-2-C Tender Option Bond Series 2014-XF0008-7 Trust		7.889			11/1/40		4,135,089
	10,830,000	NYC Hsg. Devel. Corp. (Multifamily Hsg.) Tender Option Bond Series 2015-XF2133 Trust³		10.550			5/1/49		11,278,795
	7,935,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF0238 Trust		20.411			6/15/43		13,394,042

27 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)


Principal Amount		Inverse Floater¹	Coupon Rate²			Maturity Date		Value
$	5,395,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF2141 Trust³		15.464	%		6/15/43	$	8,982,297
	3,750,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2156 Trust³		15.287			7/15/37		6,306,150
	6,250,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2157 Trust³		14.417			7/15/37		10,164,500
	7,500,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2038 Trust³		7.609			5/1/34		10,272,900
	10,170,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2039 Trust³		7.607			2/1/30		14,204,439

	8,205,000	NYS DA (Memorial Sloan-Kettering) Tender Option Bond Series 2015-XF0006 Trust		8.293			7/1/35		8,414,392
	5,265,000	NYS DA (Vassar College) Tender Option Bond Series 2015-XF0007 Trust		8.007			7/1/46		5,834,778
	3,980,000	NYS DA Tender Option Bond Series 2015-XF2042 Trust³		14.163			3/15/34		6,447,759
	3,410,000	NYS HFA Tender Option Bond Series 2015-XF2134 Trust³		12.158			11/1/45		3,642,494
	15,585,000	NYS Liberty Devel. Corp. (One Bryant Park) Tender Option Bond Series 2015-XF2107 Trust		16.341			1/15/46		24,350,316
	3,750,000	Port Authority NY/NJ Tender Option Bond Series 2015-XF2138 Trust³		17.830			9/15/28		5,234,550
	15,660,000	Port Authority NY/NJ Tender Option Bond Series 2016-XF0331 Trust		7.277			12/1/27		16,315,528
	23,955,000	Port Authority NY/NJ Tender Option Bond Series 2016-XF0333 Trust		8.973			10/1/30		24,124,122
	10,755,000	Port Authority NY/NJ Tender Option Bond Series 2016-XF2211 Trust		9.063			1/15/41		14,046,998
	4,895,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123 Trust³		13.140			10/15/27		5,561,944
	3,580,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123-2 Trust³		12.340			10/15/28		4,031,402
	5,500,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123-3 Trust³		13.140			10/15/32		6,156,590
	3,335,000	Port Authority NY/NJ, 151st Series Tender Option Bond Series 2015-XF0010 Trust		12.726			3/15/35		4,148,473
	6,860,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0001 Trust		7.947			5/1/38		7,910,952
	20,000,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0002 Trust		7.972			11/1/35		23,065,200
	7,500,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0031 Trust		15.480			11/1/30		9,587,100
	28,970,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF2106 Trust		8.526			11/1/35		33,716,445
	5,060,000	Port Authority NY/NJ, 163rd Series Tender Option Bond Series 2015-XF0237 Trust		18.391			7/15/39		7,713,110
	7,500,000	Port Authority NY/NJ, 3249th Series Tender Option Bond Series 2015 XF-2025 Trust³		8.043			7/15/36		9,982,050

28 OPPENHEIMER ROCHESTER FUND MUNICIPALS

4. Investments and Risks (Continued)


Principal Amount		Inverse Floater¹	Coupon Rate²			Maturity Date		Value
$	7,650,000	Port Authority NY/NJ, 3264th Series Tender Option Bond Series 2015 XF-2028 Trust³		7.609	%		10/15/31	$	9,783,279
	3,490,000	SONYMA Tender Option Bond Series 2015-XF2136 Trust³		8.549			10/1/37		3,495,061

								$	349,683,020

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

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

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

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

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $450,300,000 at period end.

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.

29 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

At period end, the Fund had sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions
Sold securities		$ 25,855,289

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.

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 at period end is as follows:


Cost			$165,956,714
Market Value			$32,233,679
Market Value as % of Net Assets			0.58%

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. At period end, securities with an aggregate market value of $116,255,185, representing 2.08% 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.

5. Market Risk Factors

The Fund’s investments in securities and/or financial derivatives may expose the Fund to various market risk factors:

30 OPPENHEIMER ROCHESTER FUND MUNICIPALS

5. Market Risk Factors (Continued)

Commodity Risk. Commodity risk relates to the change in value of commodities or commodity indexes as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Credit Risk. Credit risk relates to the ability of the issuer of debt to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield debt securities are subject to credit risk to a greater extent than lower-yield, higher-quality securities.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

6. 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 at period end are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.


Federal tax cost of securities	$	6,688,564,852	¹

Gross unrealized appreciation	$	305,209,408
Gross unrealized depreciation		(1,500,864,975	)
Net unrealized depreciation	$	(1,195,655,567	)

1. The Federal tax cost of securities does not include cost of $465,682,361, 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 in Note 4.

31 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 3/31/2016, 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:		5/13/2016

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:		5/13/2016

By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer
Date:		5/13/2016

EX-99.CERT 2 d170970dex99cert.htm SECTION 302 CERTIFICATIONS Section 302 Certifications

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Arthur P. Steinmetz, certify that:

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

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

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

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

(a)

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

(b)

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

(c)

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

(d)

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

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

(a)

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

(b)

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

/s/ Arthur P. Steinmetz

Arthur P. Steinmetz

Principal Executive Officer

Date: 5/13/2016

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian S. Petersen, certify that:

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

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

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

(a)

(b)

(c)

(d)

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

(a)

(b)

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

/s/ Brian S. Petersen

Brian S. Petersen

Principal Financial Officer

Date: 5/13/2016