Oppenheimer Rochester Fund Municipals

0001193125-17-185601.txt : 20170526 0001193125-17-185601.hdr.sgml : 20170526 20170526162300 ACCESSION NUMBER: 0001193125-17-185601 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170526 DATE AS OF CHANGE: 20170526 EFFECTIVENESS DATE: 20170526 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: 17874263 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 d392114dnq.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: 3/31/2017

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS March 31, 2017 Unaudited


Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—107.8%
New York—83.4%
$605,000	Albany County, NY IDA (Wildwood Programs)¹		4.900	%		07/01/2021	$	605,036
1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)¹		5.375			07/01/2026		1,640,275
1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)¹		5.625			07/01/2031		1,406,353
8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)¹		5.875			07/01/2041		8,725,691
300,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)¹		5.000			05/01/2027		352,608
400,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)¹		5.000			05/01/2028		465,724
550,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)¹		5.000			05/01/2029		636,262
350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)¹		5.000			05/01/2030		404,187
350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)¹		5.000			05/01/2031		402,286
200,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)¹		5.000			05/01/2032		228,346
500,000	Albany, NY IDA (Albany Rehabilitation)¹		8.375			06/01/2023		500,840
3,125,000	Albany, NY IDA (Brighter Choice Charter School)¹		5.000			04/01/2027		2,866,094
1,350,000	Albany, NY IDA (Brighter Choice Charter School)¹		5.000			04/01/2032		1,168,303
900,000	Albany, NY IDA (Brighter Choice Charter School)¹		5.000			04/01/2037		746,586
1,760,000	Albany, NY IDA (Sage Colleges)¹		5.300			04/01/2029		1,603,659
305,000	Albany, NY Parking Authority		1.232	²		11/01/2017		302,072
4,180,000	Amherst, NY IDA (Beechwood Health Care Center)¹		5.200			01/01/2040		4,127,499
150,000	Blauvelt, NY Volunteer Fire Company¹		6.250			10/15/2017		150,367
2,735,000	Brookhaven, NY IDA (Enecon Corp.)¹		6.300			11/01/2033		2,617,039
1,235,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)¹		5.250			11/01/2036		1,342,494
1,500,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)¹		5.000			07/15/2026		1,740,765
2,250,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)¹		5.000			07/15/2028		2,570,377
7,500,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)¹		5.000			07/15/2030		8,448,000
11,605,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)¹		5.000			07/15/2042		12,629,954
1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)¹		5.375			10/01/2041		1,963,107
870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)¹		6.000			10/01/2031		1,000,169
500,000	Buffalo & Erie County, NY Industrial Land Devel. (CathHS/KMHosp/SOCHOB Obligated Group)¹		5.250			07/01/2035		547,195
300,000	Buffalo, NY Municipal Water Finance Authority¹		5.000			07/01/2029		344,379
150,000	Buffalo, NY Municipal Water Finance Authority¹		5.000			07/01/2030		171,069
210,000	Buffalo, NY Municipal Water Finance Authority¹		5.000			07/01/2031		238,022
245,000	Buffalo, NY Municipal Water Finance Authority¹		5.000			07/01/2032		275,985
2,100,000	Build NYC Resource Corp. (Chapin School)¹		5.000			11/01/2026		2,587,809

1 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$1,100,000	Build NYC Resource Corp. (New York Methodist Hospital)¹		5.000	%		07/01/2026	$	1,262,426
500,000	Build NYC Resource Corp. (New York Methodist Hospital)¹		5.000			07/01/2030		558,660
1,500,000	Build NYC Resource Corp. (Pratt Paper)¹		4.500			01/01/2025		1,575,285
3,250,000	Build NYC Resource Corp. (Pratt Paper)¹		5.000			01/01/2035		3,433,690
860,000	Build NYC Resource Corp. (YMCA of Greater New York)¹		5.000			08/01/2032		939,722
2,870,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)¹		5.750			11/01/2030		2,901,771
1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)¹		5.000			05/01/2040		1,112,970
510,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)¹		5.000			05/01/2030		561,153
540,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)¹		5.000			05/01/2031		591,106
200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)¹		5.000			05/01/2034		213,368
250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)¹		5.000			05/01/2039		264,805
525,000	Cattaraugus County, NY IDA (St. Bonaventure University)¹		5.450			09/15/2019		525,619
95,000	Chautauqua, NY Utility District¹		5.000			06/01/2023		95,178
105,000	Chautauqua, NY Utility District¹		5.000			06/01/2025		105,172
595,000	Chemung County, NY IDA (Hathorn Redevel. Company)¹		4.850			07/01/2023		596,791
1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)¹		5.000			07/01/2033		1,517,318
845,000	Clifton Springs, NY Hospital & Clinic¹		8.000			01/01/2020		829,579
2,335,000	Dutchess County, NY IDA (Marist College)¹		5.000			07/01/2036		2,589,281
3,680,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/ NDH/VBHosp Obligated Group)¹		5.000			07/01/2027		4,320,909
1,255,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/ NDH/VBHosp Obligated Group)¹		5.000			07/01/2030		1,437,289
1,195,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/ NDH/VBHosp Obligated Group)¹		5.000			07/01/2044		1,275,698
11,575,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/ NDH/VBHosp Obligated Group)¹		5.000			07/01/2046		12,668,027
2,715,000	Dutchess County, NY Local Devel. Corp. (HQS/VBHosp/ NDH/PHCtr Obligated Group)¹		5.000			07/01/2035		3,007,134
650,000	Dutchess County, NY Local Devel. Corp. (HQS/VBHosp/ NDH/PHCtr Obligated Group)¹		5.750			07/01/2040		710,625
840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)^1,3		5.000			07/01/2034		977,626
840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)^1,3		5.000			07/01/2036		971,275
1,205,000	Dutchess County, NY Local Devel. Corp. (Vassar College)^1,3		5.000			07/01/2037		1,391,052
2,535,000	Dutchess County, NY Local Devel. Corp. (Vassar College)^1,3		5.000			07/01/2042		2,909,774

2 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$1,000,000	Dutchess County, NY Water & Wastewater Authority		5.392	%²		06/01/2027	$	765,060
1,780,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)¹		6.750			03/01/2030		1,782,029
2,560,000	East Rochester, NY Hsg. Authority (Woodland Village)¹		5.500			08/01/2033		2,561,408
2,380,000	Elmira, NY Hsg. Authority (Eastgate Apartments)¹		6.250			06/01/2044		2,414,796
10,000,000	Erie County, NY IDA (Buffalo City School District)¹		5.000			05/01/2030		11,822,400
7,050,000	Erie County, NY IDA (Charter School Applied Tech)¹		6.875			06/01/2035		7,065,016
2,730,000	Erie County, NY IDA (Global Concepts Charter School)¹		6.250			10/01/2037		2,810,016
715,000	Erie County, NY IDA (The Episcopal Church Home)¹		6.000			02/01/2028		716,065
194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.190	²		06/01/2055		10,806,966
1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.645	²		06/01/2060		24,340,480
1,410,000	Essex County, NY IDA (International Paper Company)¹		4.600			03/01/2027		1,410,606
1,500,000	Essex County, NY IDA (International Paper Company)¹		6.625			09/01/2032		1,575,465
300,000	Franklin County, NY Solid Waste Management Authority¹		5.000			06/01/2025		324,678
55,000	Genesee County, NY IDA (United Memorial Medical Center)¹		5.000			12/01/2032		55,027
100,000	Glens Falls, NY GO¹		6.000			02/01/2040		104,289
1,700,000	Hempstead, NY Local Devel. Corp. (Molloy College)¹		5.000			07/01/2029		1,866,532
1,500,000	Hempstead, NY Local Devel. Corp. (Molloy College)¹		5.000			07/01/2034		1,606,170
1,250,000	Hempstead, NY Local Devel. Corp. (Molloy College)¹		5.000			07/01/2039		1,328,725
1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)¹		5.000			07/01/2044		1,060,400
10,370,000	Hudson Yards, NY Infrastructure Corp.¹		5.000			02/15/2047		10,453,375
14,290,000	Hudson Yards, NY Infrastructure Corp.¹		5.000			02/15/2047		14,394,174
34,450,000	Hudson Yards, NY Infrastructure Corp.¹		5.750			02/15/2047		39,141,745
3,400,000	L.I., NY Power Authority, Series A¹		5.000			05/01/2036		3,748,840
29,735,000	L.I., NY Power Authority, Series A¹		5.000			09/01/2037		32,330,568
12,315,000	L.I., NY Power Authority, Series A¹		5.000			09/01/2039		13,639,355
20,000,000	L.I., NY Power Authority, Series A¹		5.000			09/01/2042		21,601,200
14,530,000	L.I., NY Power Authority, Series A¹		5.000			09/01/2044		16,002,325
10,475,000	L.I., NY Power Authority, Series A¹		5.750			04/01/2039		11,262,825
5,000,000	L.I., NY Power Authority, Series B¹		5.000			09/01/2030		5,764,700
6,280,000	L.I., NY Power Authority, Series B¹		5.000			09/01/2035		7,072,913
3,750,000	L.I., NY Power Authority, Series B¹		5.000			09/01/2036		4,217,062
8,050,000	L.I., NY Power Authority, Series B¹		5.000			09/01/2041		9,004,488
1,900,000	L.I., NY Power Authority, Series B¹		5.750			04/01/2033		2,075,294
435,000	Lockport City, NY GO¹		5.000			10/15/2020		470,718
455,000	Lockport City, NY GO¹		5.000			10/15/2021		499,258
480,000	Lockport City, NY GO¹		5.000			10/15/2022		529,872
505,000	Lockport City, NY GO¹		5.000			10/15/2023		559,489
530,000	Lockport City, NY GO¹		5.000			10/15/2024		584,685
100,000	Madison County, NY IDA (Commons II Student Hsg.)¹		5.000			06/01/2033		104,738
2,315,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)¹		6.500			12/01/2042		2,327,594
1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)¹		5.000			05/01/2030		1,159,190
1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)¹		5.000			05/01/2031		1,725,495
2,515,000	Monroe County, NY IDA (Summit at Brighton)¹		5.375			07/01/2032		2,514,849
3,660,000	Monroe County, NY IDA (Summit at Brighton)¹		5.500			07/01/2027		3,660,146

3 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$180,000	Monroe County, NY IDA (University of Rochester)¹		5.000	%		07/01/2028	$	214,983
195,000	Monroe County, NY IDA (Volunteers of America)¹		5.700			08/01/2018		194,440
2,785,000	Monroe County, NY IDA (Volunteers of America)¹		5.750			08/01/2028		2,694,766
375,000	Monroe County, NY Industrial Devel. Corp. (Highland Hospital of Rochester)¹		5.000			07/01/2034		416,404
890,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)¹		5.000			01/15/2038		983,014
850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)¹		5.000			10/01/2026		931,566
500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)¹		5.250			10/01/2031		547,250
1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)¹		5.500			10/01/2041		2,003,190
50,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)¹		5.000			12/01/2037		54,009
2,010,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)¹		5.000			12/01/2042		2,155,122
500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		5.000			06/01/2029		556,905
1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		5.000			06/01/2044		1,631,988
960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		5.500			06/01/2034		1,080,077
850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		5.625			06/01/2026		948,064
1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)¹		6.000			06/01/2034		1,665,639
15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)¹		5.750			08/15/2035		17,375,268
1,500,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)¹		5.000			07/01/2032		1,742,730
1,000,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)¹		5.000			07/01/2033		1,157,030
650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.699	²		06/01/2061		18,447,000
802,824	Municipal Assistance Corp. for Troy, NY		5.732	²		07/15/2021		738,654
1,218,573	Municipal Assistance Corp. for Troy, NY		5.740	²		01/15/2022		1,109,316
4,025,000	Nassau County, NY GO¹		5.000			04/01/2030		4,555,656
6,475,000	Nassau County, NY GO¹		5.000			04/01/2031		7,287,159
7,045,000	Nassau County, NY GO¹		5.000			04/01/2032		7,881,523
1,000,000	Nassau County, NY GO¹		5.000			01/01/2038		1,112,160
285,000	Nassau County, NY IDA (ACDS)¹		5.950			11/01/2022		282,783
110,000	Nassau County, NY IDA (ALIA-HH)¹		7.125			06/01/2017		110,101
85,000	Nassau County, NY IDA (ALIA-HHS)¹		7.125			06/01/2017		85,078
2,101,661	Nassau County, NY IDA (Amsterdam at Harborside)⁴		2.000			01/01/2049		351,188
5,823,750	Nassau County, NY IDA (Amsterdam at Harborside)¹		6.700			01/01/2049		5,815,306
2,710,000	Nassau County, NY IDA (CSMR)¹		5.950			11/01/2022		2,688,916
300,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)¹		5.950			11/01/2022		297,666
1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)¹		6.500			11/01/2037		1,664,167

4 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$295,000	Nassau County, NY IDA (Life’s WORCA)^1,3		5.950	%		11/01/2022	$	292,705
455,000	Nassau County, NY IDA (PLUS Group Home)^1,3		6.150			11/01/2022		455,441
285,000	Nassau County, NY IDA, Series A-A¹		6.000			06/01/2021		285,046
350,000	Nassau County, NY IDA, Series A-C¹		6.000			06/01/2021		350,056
385,000	Nassau County, NY IDA, Series A-D¹		6.000			06/01/2021		385,062
300,000	Nassau County, NY Local Economic Assistance Corp. (CHSLI / SCOSMC / CHS / SANC / SAR / SJRNC / SJR / VMNRC / CHFTEH / VMHCS / CHHSB Obligated Group)¹		5.000			07/01/2033		324,189
1,055,215,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.644	²		06/01/2060		16,102,581
20,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.818	²		06/01/2046		3,031,000
105,975,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.219	²		06/01/2046		3,371,065
40,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.349	²		06/01/2060		128,800
3,670,000	New Rochelle, NY IDA (Soundview Apartments)¹		5.375			04/01/2036		3,681,047
900,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		901,575
500,000	Niagara, NY Area Devel. Corp. (Niagara University)¹		5.000			05/01/2035		540,440
850,000	Niagara, NY Area Devel. Corp. (Niagara University)¹		5.000			05/01/2042		915,858
280,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.000			04/01/2021		312,883
1,570,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)¹		7.375			12/15/2021		1,793,756
5,290,000	NY Counties Tobacco Trust I¹		6.500			06/01/2035		5,291,270
19,230,000	NY Counties Tobacco Trust I¹		6.625			06/01/2042		19,235,000
3,925,000	NY Counties Tobacco Trust II (TASC)¹		5.625			06/01/2035		3,931,515
9,025,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2043		9,048,916
25,000	NY Counties Tobacco Trust III (TASC)¹		6.000			06/01/2043		25,007
66,335,000	NY Counties Tobacco Trust IV		4.900	²		06/01/2050		6,102,157
7,000,000	NY Counties Tobacco Trust IV¹		5.000			06/01/2038		6,825,490
154,690,000	NY Counties Tobacco Trust IV		5.391	²		06/01/2055		8,821,971
608,700,000	NY Counties Tobacco Trust IV		5.822	²		06/01/2060		20,555,799
253,390,000	NY Counties Tobacco Trust V		5.343	²		06/01/2050		21,971,447
1,790,900,000	NY Counties Tobacco Trust V		6.732	²		06/01/2060		5,999,515
643,195,000	NY Counties Tobacco Trust V		6.845	²		06/01/2055		6,805,003
25,250,000	NY Counties Tobacco Trust VI¹		5.625			06/01/2035		28,018,410
47,920,000	NY Counties Tobacco Trust VI¹		5.750			06/01/2043		53,392,943
3,315,000	NY Counties Tobacco Trust VI¹		6.000			06/01/2043		3,654,158
1,195,000	NY Counties Tobacco Trust VI¹		6.250			06/01/2025		1,305,776
3,005,000	NY Counties Tobacco Trust VI¹		6.450			06/01/2040		3,488,384
1,000,000	NY Counties Tobacco Trust VI (TASC)¹		5.000			06/01/2036		1,075,260
870,000	NY Counties Tobacco Trust VI (TASC)¹		5.000			06/01/2041		934,928
3,400,000	NY Counties Tobacco Trust VI (TASC)¹		5.000			06/01/2045		3,633,274
6,375,000	NY Counties Tobacco Trust VI (TASC)¹		5.000			06/01/2051		6,551,077
10,000,000	NY MTA¹		5.000			11/15/2029		11,953,700
26,480,000	NY MTA¹		5.000			11/15/2036		30,470,801
5,500,000	NY MTA¹		5.250			11/15/2029		6,534,440
29,865,000	NY MTA Hudson Rail Yards¹		5.000			11/15/2046		31,826,235
28,500,000	NY MTA Hudson Rail Yards¹		5.000			11/15/2051		30,673,695
72,190,000	NY MTA Hudson Rail Yards¹		5.000			11/15/2056		77,780,394

5 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$795,000	NY MTA, Series A¹		5.000	%		11/15/2025	$	909,758
500,000	NY MTA, Series A¹		5.000			11/15/2026		574,470
500,000	NY MTA, Series A¹		5.000			11/15/2027		572,015
6,800,000	NY MTA, Series A¹		5.250			11/15/2038		7,723,100
5,000,000	NY MTA, Series B¹		5.000			11/15/2037		5,673,650
5,135,000	NY MTA, Series B¹		5.250			11/15/2039		5,867,251
9,000,000	NY MTA, Series B¹		5.250			11/15/2055		10,077,030
4,000,000	NY MTA, Series C¹		5.000			11/15/2038		4,423,040
8,385,000	NY MTA, Series D¹		5.000			11/15/2023		8,595,380
2,525,000	NY MTA, Series D¹		5.000			11/15/2024		2,588,352
3,390,000	NY MTA, Series D¹		5.000			11/15/2026		3,921,891
27,675,000	NY MTA, Series D¹		5.000			11/15/2030		31,779,202
2,150,000	NY MTA, Series D¹		5.000			11/15/2032		2,433,864
1,375,000	NY MTA, Series D¹		5.250			11/15/2026		1,610,606
585,000	NY MTA, Series D¹		5.250			11/15/2027		682,128
690,000	NY MTA, Series D¹		5.250			11/15/2028		802,277
1,100,000	NY MTA, Series D¹		5.250			11/15/2029		1,275,362
1,100,000	NY MTA, Series D¹		5.250			11/15/2030		1,279,344
1,100,000	NY MTA, Series D¹		5.250			11/15/2031		1,274,801
1,100,000	NY MTA, Series D¹		5.250			11/15/2032		1,268,300
1,100,000	NY MTA, Series D¹		5.250			11/15/2033		1,263,262
1,225,000	NY MTA, Series D¹		5.250			11/15/2034		1,376,324
8,000,000	NY MTA, Series D-1¹		5.000			11/01/2027		9,231,200
3,500,000	NY MTA, Series D-1¹		5.000			11/01/2028		4,026,680
10,000,000	NY MTA, Series D-1¹		5.000			11/15/2033		11,460,100
4,580,000	NY MTA, Series F¹		5.000			11/15/2025		5,314,449
6,845,000	NY MTA, Series F¹		5.000			11/15/2027		7,903,237
36,670,000	NY MTA, Series F¹		5.000			11/15/2030		42,108,161
3,000,000	NY MTA, Series H¹		5.000			11/15/2025		3,481,080
5,000,000	NY MTA, Series H¹		5.000			11/15/2030		5,741,500
2,100,000	NY MTA, Series H¹		5.000			11/15/2033		2,366,679
2,955,000	NY Tobacco Settlement Financing Corp. (TASC)¹		5.000			06/01/2022		2,975,094
400,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2028		463,448
3,200,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2029		3,659,040
2,100,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2030		2,424,660
4,180,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2032		4,937,040
4,350,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2033		5,112,816
2,790,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2034		3,263,296
9,740,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2035		11,336,970
12,450,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2036		14,444,241
12,260,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2037		14,200,758
4,455,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2037		5,160,227
1,515,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2038		1,753,416
9,100,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2038		10,532,067
10,000,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2041		11,448,000
2,275,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2042		2,624,486
4,000,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2046		4,569,000
5,000,000	NY Triborough Bridge & Tunnel Authority¹		5.000			11/15/2047		5,740,150

6 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$4,000,000	NY TSASC, Inc. (TFABs)¹		5.000	%		06/01/2041	$	4,375,680
154,040,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2045		159,394,430
85,000,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2048		86,719,550
8,000,000	NY Utility Debt Securitization Authority¹		5.000			12/15/2034		9,469,120
1,750,000	NY Utility Debt Securitization Authority¹		5.000			12/15/2035		2,041,900
5,000,000	NY Utility Debt Securitization Authority¹		5.000			12/15/2035		5,900,350
5,000,000	NYC GO¹		5.000			08/01/2029		5,677,300
3,000,000	NYC GO¹		5.000			08/01/2029		3,434,820
2,500,000	NYC GO¹		5.000			10/01/2029		2,869,825
4,000,000	NYC GO¹		5.000			08/01/2030		4,706,840
350,000	NYC GO¹		5.000			10/01/2030		400,995
5,135,000	NYC GO¹		5.000			10/01/2032		5,861,705
8,750,000	NYC GO¹		5.000			03/01/2033		9,792,737
3,300,000	NYC GO¹		5.000			10/01/2033		3,767,016
10,495,000	NYC GO¹		5.000			06/01/2034		11,939,742
10,000,000	NYC GO⁵		5.000			10/01/2034		11,249,300
1,915,000	NYC GO¹		5.000			10/01/2034		2,170,116
10,000,000	NYC GO¹		5.000			06/01/2035		11,330,300
3,800,000	NYC GO¹		5.000			08/01/2035		4,251,972
1,340,000	NYC GO¹		5.000			05/15/2036		1,443,167
1,300,000	NYC GO¹		5.000			08/01/2037		1,485,211
4,000,000	NYC GO¹		5.000			08/01/2038		4,566,400
5,200,000	NYC GO¹		5.000			12/01/2038		5,958,784
18,815,000	NYC GO¹		5.000			12/01/2041		21,476,570
17,135,000	NYC GO⁵		5.250			03/01/2021		18,532,445
2,865,000	NYC GO⁵		5.250			03/01/2021		3,098,655
250,000	NYC GO¹		5.250			09/01/2025		264,990
230,000	NYC GO¹		5.250			06/01/2027		230,828
5,000	NYC GO¹		5.320	⁶		01/15/2028		5,018
380,000	NYC GO¹		5.375			06/01/2032		381,376
2,955,000	NYC GO¹		5.500			04/01/2022		3,220,123
10,000	NYC GO¹		5.500			11/15/2037		10,037
45,000	NYC GO¹		6.250			12/15/2031		49,052
5,000	NYC GO¹		7.750			08/15/2028		5,126
1,475,000	NYC GO Tender Option Bond Series 2015-XF2142 Trust⁷		15.278	⁸		5/15/2031		1,937,221
875,000	NYC GO Tender Option Bond Series 2015-XF2142-2 Trust⁷		16.097	⁸		5/15/2033		1,144,465
5,395,000	NYC GO Tender Option Bond Series 2015-XF2142-3 Trust⁷		16.093	⁸		5/15/2036		7,056,013
890,000	NYC HDC (Multifamily Hsg.)¹		4.950			11/01/2039		912,980
780,000	NYC HDC (Multifamily Hsg.)¹		5.000			11/01/2030		789,399
2,435,000	NYC HDC (Multifamily Hsg.)⁵		5.100			11/01/2027		2,439,128
3,000,000	NYC HDC (Multifamily Hsg.)⁵		5.125			11/01/2032		3,009,870
5,100,000	NYC HDC (Multifamily Hsg.)¹		5.150			11/01/2037		5,104,029
1,675,000	NYC HDC (Multifamily Hsg.)¹		5.200			11/01/2035		1,690,812
8,035,000	NYC HDC (Multifamily Hsg.)⁵		5.200			11/01/2040		8,041,344
7,205,000	NYC HDC (Multifamily Hsg.)¹		5.250			11/01/2045		7,211,052

7 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$5,140,000	NYC HDC (Multifamily Hsg.)¹		5.350	%		11/01/2037	$	5,175,877
1,215,000	NYC HDC (Multifamily Hsg.)¹		5.350			05/01/2041		1,238,194
3,735,000	NYC HDC (Multifamily Hsg.)¹		5.450			11/01/2040		3,762,714
2,670,000	NYC HDC (Multifamily Hsg.)¹		5.450			11/01/2046		2,728,339
3,090,000	NYC HDC (Multifamily Hsg.)⁵		5.500			11/01/2034		3,260,841
25,000	NYC HDC (Multifamily Hsg.)¹		5.550			11/01/2039		25,987
2,840,000	NYC HDC (Multifamily Hsg.)⁵		5.550			11/01/2039		2,952,180
10,910,000	NYC HDC (Multifamily Hsg.)⁵		5.700			11/01/2046		11,443,933
27,680,000	NYC HDC (Multifamily Hsg.), Series B⁵		5.350			05/01/2049		27,704,288
840,000	NYC IDA (Allied Metal)¹		7.125			12/01/2027		815,531
1,650,000	NYC IDA (Amboy Properties)¹		6.750			06/01/2020		1,624,260
97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.650			10/01/2028		80,609,158
153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.750			10/01/2036		123,631,840
22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		6.200			10/01/2022		21,157,383
12,165,000	NYC IDA (Center for Nursing/Rehabilitation)¹		5.375			08/01/2027		11,253,355
3,200,000	NYC IDA (Center for Nursing/Rehabilitation)¹		5.375			08/01/2027		2,960,192
280,000	NYC IDA (Community Resource Center for the Developmentally Disabled)¹		5.250			07/01/2022		267,579
1,370,000	NYC IDA (Comprehensive Care Management)¹		6.000			05/01/2026		1,412,785
3,100,000	NYC IDA (Comprehensive Care Management)¹		6.125			11/01/2035		3,103,007
1,160,000	NYC IDA (Comprehensive Care Management)¹		6.375			11/01/2028		1,161,694
2,935,000	NYC IDA (Comprehensive Care Management)¹		6.375			11/01/2028		2,939,461
195,000	NYC IDA (Cool Wind Ventilation)¹		5.450			11/01/2017		194,501
220,000	NYC IDA (Cool Wind Ventilation)¹		5.450			11/01/2017		219,437
5,685,000	NYC IDA (Cool Wind Ventilation)¹		6.075			11/01/2027		5,366,071
240,000	NYC IDA (EIISFAC/SFUMP/YAI/AFSFBM/SNP Obligated Group)¹		4.750			07/01/2020		234,557
1,770,000	NYC IDA (Gourmet Boutique)^1,3		10.000			05/01/2021		1,410,637
7,290,000	NYC IDA (Guttmacher Institute)¹		5.750			12/01/2036		7,268,057
500,000	NYC IDA (Independent Living Assoc.)¹		6.200			07/01/2020		500,415
9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹		6.375			11/01/2038		9,516,035
1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹		6.375			11/01/2038		1,965,437
11,780,000	NYC IDA (MediSys Health Network)¹		6.250			03/15/2024		11,730,406
1,515,000	NYC IDA (Sahadi Fine Foods)¹		6.750			11/01/2019		1,515,182
395,000	NYC IDA (Special Needs Facilities Pooled Program)¹		6.650			07/01/2023		395,059
8,500,000	NYC IDA (The Child School)¹		7.550			06/01/2033		8,511,220
3,265,000	NYC IDA (Therapy & Learning Center)¹		8.250			09/01/2031		3,265,490
5,000,000	NYC IDA (United Jewish Appeal-Federation of Jewish Philanthropies of New York)¹		5.000			07/01/2034		5,483,500
545,000	NYC IDA (World Casing Corp.)¹		6.700			11/01/2019		538,863
6,800,000	NYC IDA (Yankee Stadium)^1,9		3.340			03/01/2022		6,695,348
170,000	NYC IDA (Yankee Stadium)¹		5.000			03/01/2031		170,398
220,000	NYC IDA (Yankee Stadium)		5.000			03/01/2036		223,210
18,110,000	NYC IDA (Yankee Stadium)¹		5.000			03/01/2046		18,219,565
16,500,000	NYC IDA (Yankee Stadium)¹		7.000			03/01/2049		18,262,530
24,270,000	NYC IDA (Yeled Yalda Early Childhood)¹		5.725			11/01/2037		24,239,420
8,950,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2031		9,973,701

8 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$5,000,000	NYC Municipal Water Finance Authority¹		5.000	%		06/15/2036	$	5,664,250
9,655,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2036		10,937,667
4,000,000	NYC Municipal Water Finance Authority^1,3		5.000			06/15/2036		4,685,240
5,515,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2037		6,383,668
50,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2037		52,462
285,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2037		298,304
15,440,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2038		17,881,836
10,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2039		11,351,300
6,000,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2047		6,824,880
665,000	NYC Municipal Water Finance Authority¹		5.125			06/15/2030		697,445
7,525,000	NYC Municipal Water Finance Authority¹		5.250			06/15/2040		8,175,461
7,405,000	NYC Municipal Water Finance Authority¹		5.250			06/15/2044		8,368,020
5,485,000	NYC Municipal Water Finance Authority¹		5.250			06/15/2047		6,411,526
21,570,000	NYC Municipal Water Finance Authority⁵		5.375			06/15/2043		24,344,756
31,750,000	NYC Municipal Water Finance Authority⁵		5.500			06/15/2043		36,037,201
900,000	NYC Municipal Water Finance Authority¹		5.625			06/15/2027		953,514
4,825,000	NYC Municipal Water Finance Authority¹		5.750			06/15/2040		5,103,017
20,405,000	NYC Municipal Water Finance Authority Floaters Series 2015-XF1011 Trust¹		1.010	¹⁰		06/15/2046		20,405,000
700,000	NYC Transitional Finance Authority¹		5.125			01/15/2034		746,585
650,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2029		766,389
3,000,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2030		3,460,980
6,500,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2034		7,372,560
8,000,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2034		9,134,640
5,405,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2035		6,154,565
5,065,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2035		5,729,933
6,000,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2036		6,822,720
2,500,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2036		2,508,125
25,000,000	NYC Transitional Finance Authority (Building Aid)⁵		5.000			07/15/2037		28,249,500
10,000,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2040		11,239,100
5,410,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2040		6,015,271
10,500,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2043		11,770,290
4,165,000	NYC Transitional Finance Authority (Building Aid)¹		5.000			07/15/2043		4,707,949
15,000,000	NYC Transitional Finance Authority (Building Aid)⁵		5.250			07/15/2037		16,876,500
1,700,000	NYC Transitional Finance Authority (Building Aid)¹		5.500			01/15/2039		1,829,710
10,875,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			11/01/2028		13,198,117
13,105,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			11/01/2029		15,738,974
20,335,000	NYC Transitional Finance Authority (Future Tax)⁵		5.000			02/01/2030		23,230,094
15,210,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			11/01/2030		18,136,404
12,975,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			11/01/2031		15,342,159
5,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			05/01/2032		5,802,750
9,020,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			11/01/2032		10,596,606
5,180,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			11/01/2033		6,055,886
15,000,000	NYC Transitional Finance Authority (Future Tax)⁵		5.000			05/01/2034		16,962,900
8,190,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			02/01/2035		9,199,827
9,850,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			08/01/2036		11,313,217
3,000,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			08/01/2038		3,437,820
2,388,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			02/01/2040		2,712,434

9 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$34,035,000	NYC Transitional Finance Authority (Future Tax)¹		5.000	%		05/01/2040	$	38,772,332
15,245,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			08/01/2040		17,416,955
5,695,000	NYC Transitional Finance Authority (Future Tax)¹		5.000			02/01/2041		6,421,112
2,105,000	NYC Transitional Finance Authority (Future Tax)¹		5.250			02/01/2030		2,390,206
295,000	NYC Transitional Finance Authority (Future Tax)		5.250			02/01/2030		337,474
4,275,000	NYC Transitional Finance Authority (Future Tax)¹		5.500			11/01/2035		4,861,273
3,300,000	NYC Transitional Finance Authority (Future Tax)		5.500			11/01/2035		3,782,790
2,115,000	NYC Trust for Cultural Resources (Museum of Modern Art)¹		4.000			04/01/2030		2,335,658
2,500,000	NYC Trust for Cultural Resources (Museum of Modern Art)¹		4.000			04/01/2031		2,739,975
6,935,000	NYS Convention Center Devel. Corp. (Hotel Unit)¹		5.000			11/15/2040		7,857,702
4,220,000	NYS Convention Center Devel. Corp. (Hotel Unit)¹		5.000			11/15/2041		4,781,133
4,500,000	NYS Convention Center Devel. Corp. (Hotel Unit)¹		5.000			11/15/2045		5,080,635
13,300,000	NYS Convention Center Devel. Corp. (Hotel Unit)¹		5.000			11/15/2046		15,010,114
5,100,000	NYS DA (ALIA-PSCH)¹		4.800			12/01/2023		5,051,550
11,920,000	NYS DA (ALIA-PSCH)¹		5.350			12/01/2035		11,657,283
5,100,000	NYS DA (ALIA-PSCH)¹		6.175			12/01/2031		5,022,786
850,000	NYS DA (Brooklyn Law School)¹		5.000			07/01/2027		941,341
850,000	NYS DA (Brooklyn Law School)¹		5.000			07/01/2028		938,715
430,000	NYS DA (Brooklyn Law School)¹		5.000			07/01/2029		473,559
430,000	NYS DA (Brooklyn Law School)¹		5.000			07/01/2030		472,566
260,000	NYS DA (Catholic Health System)¹		5.000			07/01/2032		278,543
500,000	NYS DA (Catholic Health System)¹		5.000			07/01/2032		535,660
25,000	NYS DA (City University)¹		5.250			07/01/2030		29,782
1,115,000	NYS DA (Columbia University)¹		5.000			07/01/2038		1,171,475
115,000	NYS DA (Columbia University)¹		5.000			10/01/2045		150,934
300,000	NYS DA (Culinary Institute of America)¹		5.000			07/01/2034		319,173
200,000	NYS DA (Fordham University)¹		5.000			07/01/2030		226,996
285,000	NYS DA (Fordham University)¹		5.000			07/01/2038		299,524
7,800,000	NYS DA (Fordham University)¹		5.000			07/01/2038		8,174,010
1,200,000	NYS DA (Fordham University)¹		5.000			07/01/2041		1,355,292
150,000	NYS DA (Icahn School of Medicine at Mount Sinai)¹		5.000			07/01/2034		166,562
2,800,000	NYS DA (Icahn School of Medicine at Mount Sinai)¹		5.000			07/01/2040		3,069,136
5,500,000	NYS DA (Interagency Council)¹		7.000			07/01/2035		6,481,640
3,000,000	NYS DA (Iona College)¹		5.000			07/01/2032		3,178,500
3,490,000	NYS DA (Manhattan College)¹		5.300			07/01/2037		3,525,598
10,000	NYS DA (Mental Health Services Facilities)¹		5.000			02/15/2037		10,031
860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)¹		5.000			07/01/2029		896,447
1,000,000	NYS DA (New School University)¹		5.750			07/01/2050		1,139,420
2,100,000	NYS DA (New School)¹		5.000			07/01/2040		2,323,923
1,515,000	NYS DA (NHlth / LIJMC / NSUH / FrankHosp / SIUH / NSUHSFCEC&R / HHA / Shosp / LHH / GCH / FHH / PlainH / NHlthcare Obligated Group)¹		5.000			05/01/2033		1,699,815
11,500,000	NYS DA (NHlth / LIJMC / NSUH / FrankHosp / SIUH / NSUHSFCEC&R / HHA / Shosp / LHH / GCH / FHH / PlainH / NHlthcare Obligated Group)¹		5.250			05/01/2034		12,748,440
2,475,000	NYS DA (NYU Hospitals Center)¹		5.000			07/01/2036		2,769,599
2,000,000	NYS DA (NYU Hospitals Center)¹		5.625			07/01/2037		2,024,780

10 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$10,000,000	NYS DA (NYU)¹		5.000	%		07/01/2033	$	11,500,000
2,500,000	NYS DA (NYU)¹		5.000			07/01/2035		2,849,125
5,890,000	NYS DA (NYU)¹		5.000			07/01/2045		6,662,238
3,200,000	NYS DA (Orange Regional Medical Center)¹		5.000			12/01/2029		3,539,872
1,900,000	NYS DA (Orange Regional Medical Center)¹		5.000			12/01/2030		2,087,739
1,200,000	NYS DA (Orange Regional Medical Center)¹		5.000			12/01/2032		1,303,548
1,700,000	NYS DA (Orange Regional Medical Center)¹		5.000			12/01/2033		1,837,819
1,300,000	NYS DA (Orange Regional Medical Center)¹		5.000			12/01/2035		1,395,290
800,000	NYS DA (Orange Regional Medical Center)¹		5.000			12/01/2036		856,576
800,000	NYS DA (Orange Regional Medical Center)¹		5.000			12/01/2037		855,888
1,000,000	NYS DA (Pratt Institute)¹		5.000			07/01/2034		1,106,050
500,000	NYS DA (Pratt Institute)¹		5.000			07/01/2046		558,385
20,735,000	NYS DA (Sales Tax)¹		5.000			03/15/2032		23,740,538
39,995,000	NYS DA (Sales Tax)⁵		5.000			03/15/2033		46,572,554
39,540,000	NYS DA (Sales Tax)⁵		5.000			03/15/2033		46,042,725
10,000,000	NYS DA (Sales Tax)¹		5.000			03/15/2034		11,635,800
1,750,000	NYS DA (School District Bond Financing Program), Series C¹		7.250			10/01/2028		1,912,155
2,645,000	NYS DA (School District Bond Financing Program), Series C¹		7.375			10/01/2033		2,894,979
245,000	NYS DA (Siena College)¹		5.125			07/01/2039		256,615
2,480,000	NYS DA (Special Surgery Hospital)¹		6.000			08/15/2038		2,746,476
270,000	NYS DA (St. John’s University)¹		5.000			07/01/2028		306,569
10,750,000	NYS DA (St. John’s University)¹		5.000			07/01/2030		12,188,780
400,000	NYS DA (St. John’s University)¹		5.000			07/01/2034		447,516
3,500,000	NYS DA (St. Joseph’s College)¹		5.250			07/01/2035		3,686,410
43,400,000	NYS DA (St. Mary’s Hospital for Children)¹		7.875			11/15/2041		46,990,916
855,000	NYS DA (State Personal Income Tax Authority)¹		5.000			03/15/2026		888,755
10,000,000	NYS DA (State Personal Income Tax Authority)¹		5.000			03/15/2031		11,582,300
23,435,000	NYS DA (State Personal Income Tax Authority)¹		5.000			02/15/2033		27,238,735
5,620,000	NYS DA (State Personal Income Tax Authority)¹		5.000			02/15/2034		6,326,490
14,230,000	NYS DA (State Personal Income Tax Authority)¹		5.000			02/15/2034		16,464,110
15,915,000	NYS DA (State Personal Income Tax Authority)⁵		5.000			03/15/2034		17,781,182
5,000,000	NYS DA (State Personal Income Tax Authority)¹		5.000			03/15/2036		5,713,800
9,000,000	NYS DA (State Personal Income Tax Authority)¹		5.000			02/15/2039		10,294,650
27,995,000	NYS DA (State Personal Income Tax Authority)¹		5.000			02/15/2040		32,022,081
1,585,000	NYS DA (State University of New York)¹		5.000			07/01/2035		1,752,328
6,000,000	NYS DA (State University of New York)¹		5.000			07/01/2038		6,287,700
3,000,000	NYS DA (State University of New York)¹		5.000			07/01/2040		3,298,680
4,000,000	NYS DA (State University of New York)¹		5.000			07/01/2045		4,502,800
5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)¹		6.250			02/15/2035		5,621,996
5,000,000	NYS DA (The New School)¹		4.000			07/01/2043		5,040,000
1,545,000	NYS DA (The New School)¹		5.000			07/01/2030		1,780,473
4,395,000	NYS DA (The New School)¹		5.000			07/01/2031		4,841,840
3,490,000	NYS DA (The New School)¹		5.000			07/01/2035		3,922,167
2,490,000	NYS DA (The New School)¹		5.000			07/01/2036		2,791,788
3,735,000	NYS DA (The New School)¹		5.000			07/01/2037		4,177,859
2,905,000	NYS DA (The New School)¹		5.000			07/01/2041		3,236,780

11 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$3,300,000	NYS DA (The New School)¹		5.000	%		07/01/2046	$	3,662,538
4,375,000	NYS DA (Touro College and University System)¹		5.500			01/01/2039		4,792,331
20,000	NYS DA (UCPHCAS / Jawonio / FRC / CPW / UCPANYS / UCP Obligated Group)¹		5.000			07/01/2034		20,063
1,000,000	NYS DA (University of Rochester)¹		5.750	⁶		07/01/2039		1,087,620
11,695,000	NYS DA (Vassar College)⁵		5.000			07/01/2046		11,817,885
1,960,000	NYS DA (Yeshiva University)¹		5.000			11/01/2031		1,961,509
615,000	NYS DA (Yeshiva University)¹		5.000			09/01/2034		671,002
100,000	NYS DA (Yeshiva University)¹		5.000			09/01/2034		108,956
2,785,000	NYS DA (Yeshiva University)¹		5.000			09/01/2034		2,759,322
5,220,000	NYS DA (Yeshiva University)¹		5.000			09/01/2038		5,099,053
1,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.000			06/15/2032		1,178,290
1,575,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.000			06/15/2035		1,833,552
1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)¹		5.000			06/15/2037		1,471,274
8,340,000	NYS EFC (NYC Municipal Water Finance Authority)¹		5.000			06/15/2034		8,769,510
20,000,000	NYS HFA (505 West 37th Street)¹		0.960	¹⁰		05/01/2042		20,000,000
2,000,000	NYS HFA (Affordable Hsg.)¹		5.000			11/01/2042		2,063,860
600,000	NYS HFA (Affordable Hsg.)¹		5.200			11/01/2030		611,166
2,365,000	NYS HFA (Affordable Hsg.)¹		5.250			11/01/2038		2,378,930
10,220,000	NYS HFA (Affordable Hsg.)⁵		5.450			11/01/2045		10,286,836
1,080,000	NYS HFA (Affordable Hsg.)¹		6.450			11/01/2029		1,160,255
150,000	NYS HFA (Affordable Hsg.)¹		6.750			11/01/2038		161,969
230,000	NYS HFA (Children’s Rescue)^1,3		7.625			05/01/2018		230,016
880,000	NYS HFA (Friendship)¹		5.100			08/15/2041		880,634
980,000	NYS HFA (Golden Age Apartments)¹		5.000			02/15/2037		980,666
150,000	NYS HFA (Highland Avenue Senior Apartments)¹		5.000			02/15/2039		151,163
125,000	NYS HFA (Horizons at Wawayanda)¹		5.150			11/01/2040		125,824
2,080,000	NYS HFA (Multifamily Hsg.)¹		5.375			02/15/2035		2,082,038
1,710,000	NYS HFA (Multifamily Hsg.)¹		5.650			02/15/2034		1,712,155
315,000	NYS HFA (State Personal Income Tax Authority)¹		5.000			03/15/2021		315,869
310,000	NYS HFA (Tiffany Gardens)¹		5.125			08/15/2037		312,046
1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)¹		5.000			11/15/2031		1,122,400
21,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)¹		5.750			11/15/2051		23,951,340
3,750,000	NYS Liberty Devel. Corp. (4 World Trade Center) Floaters Series 2015-XF1027 Trust		1.060	¹⁰		11/15/2044		3,750,000
13,295,000	NYS Liberty Devel. Corp. (7 World Trade Center) Floaters Series 2016-XM0454 Trust¹		0.990	¹⁰		09/15/2040		13,295,000
62,345,000	NYS Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)⁵		5.625			01/15/2046		68,512,608
15,000,000	NYS Liberty Devel. Corp. (Bank of America Tower)⁵		5.125			01/15/2044		16,260,600
25,280,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)¹		5.250			10/01/2035		30,457,597
4,680,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)¹		5.500			10/01/2037		5,828,893
2,199,995	NYS Liberty Devel. Corp. (National Sports Museum)⁴		6.125			02/15/2019		22
16,700,000	NYS Power Authority¹		5.000			11/15/2047		17,101,134
3,250,000	NYS Thruway Authority¹		5.000			01/01/2026		3,350,328
25,000,000	NYS Thruway Authority¹		5.000			01/01/2028		28,236,250
7,650,000	NYS Thruway Authority¹		5.000			01/01/2032		8,523,018

12 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$37,465,000	NYS Thruway Authority¹		5.000	%		01/01/2046	$	41,846,906
3,000,000	NYS Thruway Authority¹		5.250			01/01/2056		3,409,260
2,000,000	NYS Thruway Authority Highway & Bridge Trust Fund¹		5.000			04/01/2029		2,271,660
5,625,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)¹		4.000			07/01/2035		5,652,900
3,500,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)¹		4.000			07/01/2036		3,510,780
36,250,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)¹		5.000			07/01/2041		38,462,700
20,345,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)¹		5.000			07/01/2046		21,621,038
64,290,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)¹		5.250			01/01/2050		69,158,039
6,165,000	NYS UDC (Service Contract)¹		5.000			01/01/2023		6,354,389
5,975,000	NYS UDC (Service Contract)¹		5.000			01/01/2024		6,158,074
20,000,000	NYS UDC (State Personal Income Tax Authority)¹		5.000			03/15/2025		24,017,800
20,000,000	NYS UDC (State Personal Income Tax Authority)¹		5.000			03/15/2026		24,228,800
2,860,000	NYS UDC (State Personal Income Tax Authority)¹		5.000			03/15/2027		3,437,091
10,000,000	NYS UDC (State Personal Income Tax Authority)¹		5.000			03/15/2035		11,411,600
4,000,000	NYS UDC (State Personal Income Tax Authority)¹		5.000			03/15/2035		4,590,280
7,115,000	NYS UDC (State Personal Income Tax Authority) Floaters Series 2015-XF1014 Trust¹		1.010	¹⁰		03/15/2043		7,115,000
65,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)¹		4.625			09/15/2030		61,144
830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)¹		5.000			09/15/2035		829,959
1,185,000	Onondaga County, NY IDA (Free Library)¹		5.125			03/01/2030		1,203,924
1,115,000	Onondaga County, NY IDA (Free Library)¹		5.125			03/01/2037		1,129,607
1,300,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)¹		5.000			05/01/2033		1,466,790
840,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)¹		5.000			05/01/2034		943,219
1,150,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)¹		5.000			05/01/2037		1,282,009
650,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)¹		5.000			05/01/2040		721,715
1,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)¹		5.000			07/01/2032		1,059,500
2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)¹		5.375			07/01/2040		2,129,980
3,465,000	Onondaga, NY Civic Devel. Corp. (Upstate Properties)¹		5.250			12/01/2041		3,899,615
1,320,000	Orange County, NY Funding Corp. (Mount St. Mary College)¹		5.000			07/01/2037		1,384,416
1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)¹		5.000			07/01/2042		1,500,881
1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹		5.375			12/01/2021		1,719,665
2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹		5.375			12/01/2026		2,239,626
6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹		5.375			12/01/2026		6,351,522

13 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$6,400,000	Oyster Bay, NY GO¹		3.500	%		06/01/2018	$	6,449,088
26,615,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2022		26,947,688
32,175,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2025		32,577,188
1,000,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.000			12/01/2036		1,127,960
345,000	Port Authority NY/NJ (JFK International Air Terminal)¹		6.500			12/01/2028		350,865
23,000,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2019		23,402,500
13,005,000	Port Authority NY/NJ, 147th Series⁵		4.750			10/15/2028		13,043,592
17,790,000	Port Authority NY/NJ, 147th Series⁵		5.000			10/15/2027		17,847,418
20,000,000	Port Authority NY/NJ, 147th Series⁵		5.000			10/15/2032		20,049,995
72,000,000	Port Authority NY/NJ, 151st Series¹		5.750			03/15/2035		74,787,840
10,000,000	Port Authority NY/NJ, 151st Series⁵		5.750			03/15/2035		10,387,194
15,000,000	Port Authority NY/NJ, 151st Series⁵		6.000			09/15/2028		15,714,600
101,940,000	Port Authority NY/NJ, 152nd Series⁵		5.250			11/01/2035		105,930,789
22,500,000	Port Authority NY/NJ, 152nd Series⁵		5.750			11/01/2030		23,624,325
1,200,000	Port Authority NY/NJ, 152nd Series¹		5.750			11/01/2030		1,259,964
15,300,000	Port Authority NY/NJ, 161st Series⁵		5.000			10/15/2031		16,723,512
20,250,000	Port Authority NY/NJ, 163rd Series⁵		5.000			07/15/2039		22,332,494
21,515,000	Port Authority NY/NJ, 166th Series⁵		5.000			01/15/2041		23,764,086
15,000,000	Port Authority NY/NJ, 166th Series⁵		5.250			07/15/2036		16,762,050
2,720,000	Port Authority NY/NJ, 169th Series¹		5.000			10/15/2036		2,924,082
400,000	Port Authority NY/NJ, 172nd Series¹		5.000			10/01/2034		436,112
11,000,000	Port Authority NY/NJ, 184th Series¹		5.000			09/01/2032		12,754,060
8,340,000	Port Authority NY/NJ, 186th Series¹		5.000			10/15/2033		9,344,303
9,170,000	Port Authority NY/NJ, 186th Series¹		5.000			10/15/2034		10,235,279
7,000,000	Port Authority NY/NJ, 197th Series¹		5.000			11/15/2035		7,900,060
5,550,000	Port Authority NY/NJ, 197th Series¹		5.000			11/15/2036		6,239,421
10,000,000	Port Authority NY/NJ, 197th Series¹		5.000			11/15/2041		11,172,800
28,000,000	Port Authority NY/NJ, 198th Series¹		5.250			11/15/2056		32,340,840
13,715,000	Port Authority NY/NJ, Series 2014-XF0001⁵		5.250			05/01/2038		14,251,932
100,000	Poughkeepsie, NY GO¹		4.400			06/01/2024		100,187
2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)¹		6.000			08/01/2032		2,761,171
2,525,000	Ramapo, NY Local Devel. Corp.¹		5.000			03/15/2033		2,714,325
1,500,000	Rensselaer County, NY IDA (Franciscan Heights)¹		5.375			12/01/2036		1,502,310
1,195,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)¹		4.900			07/01/2021		1,195,000
9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.¹		5.625			08/15/2035		9,227,768
13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.¹		5.750			08/15/2043		13,098,798
300,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.632	²		08/15/2060		9,327,000
1,075,000	SONYMA, Series 196¹		1.250			04/01/2019		1,070,356
1,095,000	SONYMA, Series 196¹		1.350			10/01/2019		1,088,715
1,510,000	St. Lawrence County, NY IDA (Clarkson University)¹		5.000			09/01/2041		1,641,295
4,775,000	St. Lawrence County, NY IDA (Clarkson University)¹		5.375			09/01/2041		5,379,611
520,000	St. Lawrence County, NY IDA (Clarkson University)¹		6.000			09/01/2034		597,048
4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)¹		7.250			12/01/2029		3,955,654

14 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)¹		5.000	%		07/01/2030	$	1,428,544
1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)¹		5.000			07/01/2031		1,505,405
540,000	St. Lawrence County, NY IDA (St. Lawrence University)¹		5.000			07/01/2036		608,969
205,000	Suffern, NY GO¹		5.000			03/15/2020		220,188
3,670,000	Suffolk County, NY Economic Devel. Corp. (CHSLI / CHFTEH / SANC / SAR / SJRNC / SJR / VMNRC / VMHCS / CHHSB / CHS / SCOSMC Obligated Group)¹		5.000			07/01/2028		4,205,049
21,405,000	Suffolk County, NY Economic Devel. Corp. (CHSLI / CHFTEH / SANC / SAR / SJRNC / SJR / VMNRC / VMHCS / CHHSB / CHS / SCOSMC Obligated Group)¹		5.000			07/01/2028		23,055,968
810,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)¹		6.750			06/01/2027		813,548
4,200,000	Suffolk County, NY Economic Devel. Corp., Series A¹		7.375			12/01/2040		4,327,302
245,000	Suffolk County, NY IDA (ACLD)¹		6.000			12/01/2019		245,343
980,000	Suffolk County, NY IDA (ALIA-ACLD)^1,3		5.950			10/01/2021		988,016
845,000	Suffolk County, NY IDA (ALIA-Adelante)¹		6.500			11/01/2037		847,476
1,340,000	Suffolk County, NY IDA (ALIA-DDI)^1,3		5.950			10/01/2021		1,350,961
380,000	Suffolk County, NY IDA (ALIA-FREE)^1,3		5.950			10/01/2021		383,108
270,000	Suffolk County, NY IDA (ALIA-IGHL)^1,3		5.950			10/01/2021		272,209
400,000	Suffolk County, NY IDA (ALIA-IGHL)¹		5.950			11/01/2022		402,520
305,000	Suffolk County, NY IDA (ALIA-IGHL)^1,3		6.000			10/01/2031		307,541
295,000	Suffolk County, NY IDA (ALIA-NYS ARC)^1,3		5.950			11/01/2022		296,859
915,000	Suffolk County, NY IDA (ALIA-UCPAGS)^1,3		5.950			10/01/2021		922,485
280,000	Suffolk County, NY IDA (ALIA-WORCA)^1,3		5.950			11/01/2022		281,764
35,000	Suffolk County, NY IDA (DDI)¹		6.000			12/01/2019		35,049
80,000	Suffolk County, NY IDA (DDI)¹		6.000			10/01/2020		80,540
75,000	Suffolk County, NY IDA (DDI)¹		6.000			10/01/2020		75,506
130,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		120,175
80,000	Suffolk County, NY IDA (Independent Group Home Living)¹		6.000			12/01/2019		80,112
350,000	Suffolk County, NY IDA (Independent Group Home Living)¹		6.000			10/01/2020		352,363
18,380,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)¹		5.500			01/01/2023		18,378,530
115,000	Suffolk County, NY IDA (Suffolk Hotels)¹		6.000			10/01/2020		115,776
540,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)¹		6.000			12/01/2019		540,756
485,000	Suffolk County, NY IDA (WORCA)¹		6.000			10/01/2020		488,274
9,130,000	Suffolk, NY Tobacco Asset Securitization Corp.		5.375			06/01/2028		9,156,294
119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.625	⁶		06/01/2044		123,279,453
227,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		7.996	²		06/01/2048		17,024,421
5,830,000	Sullivan County, NY Infrastructure (Adelaar)¹		5.350			11/01/2049		5,143,401
5,760,000	Sullivan County, NY Infrastructure (Adelaar)¹		5.350			11/01/2049		5,082,336
40,865,000	Sullivan County, NY Infrastructure (Adelaar)¹		5.350			11/01/2049		36,052,329
3,780,000	Sullivan County, NY Infrastructure (Adelaar)^1,3		5.350			11/01/2049		3,334,867
13,865,000	Sullivan County, NY Infrastructure (Adelaar)^1,3		5.350			11/01/2049		12,234,753
5,750,000	Syracuse, NY IDA (Carousel Center)¹		5.000			01/01/2033		6,317,640

15 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Coupon			Maturity		Value
New York (Continued)
$8,000,000	Syracuse, NY IDA (Carousel Center)¹		5.000	%		01/01/2035	$	8,727,120
1,280,000	Syracuse, NY IDA (James Square)		2.552	²		08/01/2025		728,064
2,425,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)¹		5.000			07/01/2032		2,461,375
1,700,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)¹		5.000			07/01/2038		1,707,225
22,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)¹		5.000			09/01/2030		24,742,052
945,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)¹		5.125			09/01/2040		1,034,492
185,000	Ulster County, NY Res Rec¹		5.000			03/01/2020		185,588
6,245,000	Westchester County, NY Healthcare Corp., Series A¹		5.000			11/01/2030		6,746,786
7,681,344	Westchester County, NY Healthcare Corp., Series A¹		5.000			11/01/2044		8,082,464
1,700,000	Westchester County, NY Healthcare Corp., Series B¹		5.125			11/01/2041		1,820,462
1,065,000	Westchester County, NY IDA (Clearview School)¹		7.250			01/01/2035		1,066,246
2,165,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)¹		4.000			06/01/2030		2,218,692
2,190,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)¹		4.000			06/01/2031		2,230,340
1,500,000	Westchester County, NY Local Devel. Corp. (Wartburg Senior Hsg.)¹		5.000			06/01/2030		1,498,470
12,395,000	Westchester County, NY Local Devel. Corp. (Westchester County Healthcare Corp.)¹		5.000			11/01/2046		13,075,609
22,325,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2045		22,805,657
3,080,000	White Plains, NY City School District¹		5.000			06/15/2019		3,349,130
1,970,000	Yonkers, NY IDA (Hudson Scenic Studio)¹		6.625			11/01/2019		1,951,699
1,275,000	Yonkers, NY IDA (Philipsburg Hall Associates)¹		7.500			11/01/2030		1,181,530
295,000	Yonkers, NY Parking Authority¹		6.000			06/15/2018		295,319
1,215,000	Yonkers, NY Parking Authority¹		6.000			06/15/2024		1,177,299

								4,761,941,903
U.S. Possessions—24.4%
1,830,000	Guam Education Financing Foundation COP¹		5.000			10/01/2022		2,045,025
3,840,000	Guam Education Financing Foundation COP¹		5.000			10/01/2023		4,325,491
3,600,000	Guam Government Business Privilege¹		5.000			01/01/2031		3,733,596
6,000,000	Guam Government Business Privilege¹		5.000			01/01/2032		6,204,360
1,735,000	Guam Government Waterworks Authority & Wastewater System¹		5.250			07/01/2025		2,000,767
345,000	Guam Hsg. Corp. (Single Family Mtg.)¹		5.750			09/01/2031		356,668
1,230,000	Guam Power Authority, Series A¹		5.000			10/01/2023		1,402,360
1,560,000	Guam Power Authority, Series A¹		5.000			10/01/2024		1,771,692
2,790,000	Guam Power Authority, Series A¹		5.000			10/01/2030		3,122,010
1,340,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			10/01/2022		1,279,995
27,060,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			06/01/2030		22,956,622
6,355,000	Northern Mariana Islands Ports Authority, Series A¹		6.250			03/15/2028		5,534,315
12,360,000	Northern Mariana Islands Ports Authority, Series A¹		6.600			03/15/2028		11,939,760
1,950,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033		1,474,453
49,000,000	Puerto Rico Aqueduct & Sewer Authority¹¹		5.125			07/01/2047		49,866,320

16 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	$	7,750,500
1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		1,209,743
80,800,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		62,058,440
52,635,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		40,168,927
15,350,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		11,677,512
55,825,000	Puerto Rico Aqueduct & Sewer Authority		6.125	⁶		07/01/2024		44,963,688
16,685,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		16,694,510
68,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.664	²		05/15/2050		7,104,820
3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.622	²		05/15/2057		84,160,331
3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.372	²		05/15/2057		28,199,504
2,000,000	Puerto Rico Commonwealth GO⁴		5.000			07/01/2033		1,177,500
13,300,000	Puerto Rico Commonwealth GO⁴		5.125			07/01/2031		7,830,375
3,315,000	Puerto Rico Commonwealth GO^12,13		5.125			07/01/2031		2,548,406
2,200,000	Puerto Rico Commonwealth GO⁴		5.250			07/01/2026		1,296,636
2,920,000	Puerto Rico Commonwealth GO⁴		5.250			07/01/2030		1,719,150
14,500,000	Puerto Rico Commonwealth GO⁴		5.250			07/01/2031		8,536,875
2,500,000	Puerto Rico Commonwealth GO⁴		5.250			07/01/2032		1,471,875
10,230,000	Puerto Rico Commonwealth GO⁴		5.250			07/01/2034		6,022,912
4,965,000	Puerto Rico Commonwealth GO⁴		5.250			07/01/2037		2,923,144
5,000,000	Puerto Rico Commonwealth GO⁴		5.375			07/01/2033		2,950,000
1,000,000	Puerto Rico Commonwealth GO⁴		5.500			07/01/2026		590,630
7,850,000	Puerto Rico Commonwealth GO^12,13		5.500			07/01/2029		6,034,687
76,300,000	Puerto Rico Commonwealth GO⁴		5.500			07/01/2032		45,017,000
3,205,000	Puerto Rico Commonwealth GO⁴		5.625			07/01/2033		1,890,950
5,000,000	Puerto Rico Commonwealth GO⁴		5.750			07/01/2028		2,950,000
30,000,000	Puerto Rico Commonwealth GO⁴		5.750			07/01/2036		17,700,000
770,000	Puerto Rico Commonwealth GO⁴		5.875			07/01/2036		454,300
1,000,000	Puerto Rico Commonwealth GO⁴		6.000			07/01/2028		590,000
1,270,000	Puerto Rico Commonwealth GO^1,11		6.000			07/01/2028		1,312,050
2,700,000	Puerto Rico Commonwealth GO⁴		6.000			07/01/2035		1,593,000
390,000	Puerto Rico Commonwealth GO⁴		6.000			07/01/2039		230,100
3,670,000	Puerto Rico Commonwealth GO⁴		6.000			07/01/2040		2,165,300
5,050,000	Puerto Rico Commonwealth GO⁴		6.500			07/01/2037		3,017,375
5,675,000	Puerto Rico Commonwealth GO⁴		6.500			07/01/2040		3,390,812
1,866,384	Puerto Rico Electric Power Authority		10.000			07/01/2019		1,388,809
1,866,385	Puerto Rico Electric Power Authority		10.000			07/01/2019		1,388,810
1,967,211	Puerto Rico Electric Power Authority		10.000			01/01/2021		1,463,836
1,967,211	Puerto Rico Electric Power Authority		10.000			07/01/2021		1,463,836
655,737	Puerto Rico Electric Power Authority		10.000			01/01/2022		487,945
655,738	Puerto Rico Electric Power Authority		10.000			07/01/2022		487,946
2,000,000	Puerto Rico Electric Power Authority, Series A¹⁴		5.000			07/01/2029		1,265,000
1,095,000	Puerto Rico Electric Power Authority, Series A¹⁴		5.000			07/01/2042		692,588
18,990,000	Puerto Rico Electric Power Authority, Series A¹⁴		6.750			07/01/2036		12,011,175
3,620,000	Puerto Rico Electric Power Authority, Series A¹⁴		7.000			07/01/2033		2,289,650
23,480,000	Puerto Rico Electric Power Authority, Series A¹⁴		7.000			07/01/2043		14,851,100
9,000,000	Puerto Rico Electric Power Authority, Series AAA¹⁴		5.250			07/01/2022		5,692,500
1,430,000	Puerto Rico Electric Power Authority, Series AAA¹⁴		5.250			07/01/2027		904,475
10,105,000	Puerto Rico Electric Power Authority, Series AAA¹⁴		5.250			07/01/2029		6,391,413

17 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$9,625,000	Puerto Rico Electric Power Authority, Series AAA¹⁴		5.250	%		07/01/2031	$	6,087,813
20,170,000	Puerto Rico Electric Power Authority, Series CCC¹⁴		5.250			07/01/2027		12,757,525
13,295,000	Puerto Rico Electric Power Authority, Series CCC¹⁴		5.250			07/01/2028		8,409,088
510,000	Puerto Rico Electric Power Authority, Series RR¹¹		5.000			07/01/2024		515,896
6,320,000	Puerto Rico Electric Power Authority, Series TT¹⁴		5.000			07/01/2032		3,997,400
6,885,000	Puerto Rico Electric Power Authority, Series TT¹⁴		5.000			07/01/2037		4,354,763
3,700,000	Puerto Rico Electric Power Authority, Series WW¹⁴		5.000			07/01/2028		2,340,250
33,350,000	Puerto Rico Electric Power Authority, Series WW¹⁴		5.500			07/01/2038		21,093,875
7,000,000	Puerto Rico Electric Power Authority, Series XX¹⁴		5.250			07/01/2040		4,427,500
10,000,000	Puerto Rico Electric Power Authority, Series ZZ¹⁴		5.250			07/01/2024		6,325,000
7,590,000	Puerto Rico Electric Power Authority, Series ZZ¹⁴		5.250			07/01/2025		4,800,675
9,515,000	Puerto Rico Highway & Transportation Authority⁴		5.000			07/01/2028		1,560,460
4,945,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		3,063,526
270,000	Puerto Rico Highway & Transportation Authority⁴		5.750			07/01/2020		44,280
8,980,000	Puerto Rico Highway & Transportation Authority, Series G⁴		5.000			07/01/2033		2,435,825
1,840,000	Puerto Rico Highway & Transportation Authority, Series G⁴		5.000			07/01/2042		499,100
1,120,000	Puerto Rico Highway & Transportation Authority, Series H⁴		5.450			07/01/2035		303,800
6,500,000	Puerto Rico Highway & Transportation Authority, Series K⁴		5.000			07/01/2027		1,763,125
1,145,000	Puerto Rico Highway & Transportation Authority, Series K⁴		5.000			07/01/2030		310,581
2,600,000	Puerto Rico Highway & Transportation Authority, Series L^1,11		5.250			07/01/2023		2,755,870
915,000	Puerto Rico Highway & Transportation Authority, Series L^12,13		5.250			07/01/2030		552,431
10,000	Puerto Rico Highway & Transportation Authority, Series M⁴		5.000			07/01/2046		10,108
78,610,000	Puerto Rico Highway & Transportation Authority, Series M⁴		5.000			07/01/2046		21,322,962
3,190,000	Puerto Rico Highway & Transportation Authority, Series N^1,11		5.250			07/01/2032		3,350,808
57,615,000	Puerto Rico Highway & Transportation Authority, Series N^12,13		5.250			07/01/2039		34,785,056
25,255,000	Puerto Rico Infrastructure		5.000			07/01/2031		4,482,763
675,000	Puerto Rico Infrastructure		5.000			07/01/2037		119,812
17,490,000	Puerto Rico Infrastructure		5.000			07/01/2037		3,104,475
142,985,000	Puerto Rico Infrastructure		5.000			07/01/2041		25,379,837
41,740,000	Puerto Rico Infrastructure		5.000			07/01/2046		7,408,850
16,955,000	Puerto Rico Infrastructure¹¹		5.646	²		07/01/2029		8,168,749
65,725,000	Puerto Rico Infrastructure^4,13		5.728	²		07/01/2045		5,600,427
25,000,000	Puerto Rico Infrastructure^4,13		5.797	²		07/01/2032		4,197,500
5,000,000	Puerto Rico Infrastructure		6.000			12/15/2026		1,756,250
1,680,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		820,243
1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			04/01/2027		1,308,083
6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			03/01/2036		5,566,562
875,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.125			04/01/2032		814,704

18 OPPENHEIMER ROCHESTER FUND MUNICIPALS


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$835,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375	%		12/01/2021	$	835,342
1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			04/01/2042		1,091,988
6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.500			12/01/2031		6,147,274
3,280,000	Puerto Rico ITEMECF (Cogeneration Facilities)¹		6.625			06/01/2026		3,143,782
650,000	Puerto Rico ITEMECF (International American University)¹		5.000			10/01/2031		635,258
4,455,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)¹		6.700			05/01/2024		4,314,311
7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)		5.750			06/01/2029		2,447,900
200,000	Puerto Rico ITEMECF (University of the Sacred Heart)¹		5.000			10/01/2042		135,628
5,490,000	Puerto Rico ITEMECF (University Plaza)^1,11		5.000			07/01/2033		5,536,885
4,990,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2025		2,094,054
90,355,000	Puerto Rico Public Buildings Authority		5.000			07/01/2036		46,419,881
7,500,000	Puerto Rico Public Buildings Authority		5.000			07/01/2037		3,853,125
18,585,000	Puerto Rico Public Buildings Authority		5.250			07/01/2029		9,548,044
121,570,000	Puerto Rico Public Buildings Authority		5.250			07/01/2033		62,456,588
9,450,000	Puerto Rico Public Buildings Authority		5.375			07/01/2033		4,854,938
850,000	Puerto Rico Public Buildings Authority		5.500			07/01/2037		436,688
2,110,000	Puerto Rico Public Buildings Authority		5.625			07/01/2039		1,084,013
31,050,000	Puerto Rico Public Buildings Authority		6.000			07/01/2041		15,951,938
1,500,000	Puerto Rico Public Buildings Authority		6.250			07/01/2021		787,500
7,500,000	Puerto Rico Public Buildings Authority		6.250			07/01/2031		3,881,250
8,000,000	Puerto Rico Public Buildings Authority		6.500			07/01/2030		4,180,000
7,500,000	Puerto Rico Public Buildings Authority		6.750			07/01/2036		3,937,500
11,810,000	Puerto Rico Public Finance Corp., Series B¹²		5.500			08/01/2031		602,310
3,130,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2024		1,283,300
1,490,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2043		610,900
288,445,000	Puerto Rico Sales Tax Financing Corp., Series A		5.250			08/01/2057		187,088,311
75,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2037		30,750
30,000,000	Puerto Rico Sales Tax Financing Corp., Series A¹¹		6.499	²		08/01/2042		6,893,700
8,205,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500			08/01/2044		3,384,563
129,035,000	Puerto Rico Sales Tax Financing Corp., Series A¹¹		6.567	²		08/01/2043		28,121,888
16,265,000	Puerto Rico Sales Tax Financing Corp., Series A¹¹		6.658	²		08/01/2041		3,982,485
9,370,000	Puerto Rico Sales Tax Financing Corp., Series A¹¹		6.718	²		08/01/2045		1,796,135
15,265,000	Puerto Rico Sales Tax Financing Corp., Series A		7.886	²		08/01/2034		1,545,123
10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-1		5.250			08/01/2043		4,100,000
9,985,000	Puerto Rico Sales Tax Financing Corp., Series C		5.250			08/01/2041		4,093,850
4,000,000	Puerto Rico Sales Tax Financing Corp., Series C		5.375			08/01/2036		1,640,000
95,245,000	Puerto Rico Sales Tax Financing Corp., Series C		5.750			08/01/2057		61,727,332
1,450,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2039		594,500
250,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2042		102,500
39,470,000	Puerto Rico Sales Tax Financing Corp., Series C		6.750	⁶		08/01/2032		16,380,050
4,525,000	University of Puerto Rico		5.000			06/01/2026		2,201,956
7,280,000	University of Puerto Rico, Series P		5.000			06/01/2030		3,524,758
24,375,000	University of Puerto Rico, Series Q		5.000			06/01/2030		11,801,644
67,190,000	University of Puerto Rico, Series Q		5.000			06/01/2036		32,450,082
1,500,000	V.I. Public Finance Authority¹		5.000			09/01/2033		1,604,040

19 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$2,180,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)¹		5.000	%		10/01/2032	$	2,284,487
2,280,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)¹		5.000			10/01/2032		1,738,591
10,680,000	V.I. Public Finance Authority (Matching Fund Loan Note)¹		5.000			10/01/2029		11,355,403
590,000	V.I. Public Finance Authority (Matching Fund Loan Note)		6.000			10/01/2039		437,019
2,555,000	V.I. Public Finance Authority, Series A¹		5.000			10/01/2032		2,677,461
5,000,000	V.I. Public Finance Authority, Series C¹		5.000			10/01/2039		3,692,350
11,100,000	V.I. Tobacco Settlement Financing Corp.		7.296	²		05/15/2035		2,108,001

								1,396,416,917

Total Municipal Bonds and Notes (Cost $7,239,349,887)								6,158,358,820

Shares
Common Stock—0.1%
1,401	CMS Liquidating Trust^15,16(Cost $4,483,200)							3,817,725
Total Investments, at Value (Cost $7,243,833,087)—107.9%								6,162,176,545
Net Other Assets (Liabilities)—(7.9)								(451,315,978	)

Net Assets—100.0%							$	5,710,860,567

Footnotes to Statement of Investments

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

2. Zero coupon bond reflects effective yield on the original acquisition date.

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 3 of the accompanying Notes.

4. 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 3 of the accompanying Notes.

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

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

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

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

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

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

11. Scheduled principal and interest payments are guaranteed by Ambac Assurance Corporation, Assured Guaranty Corporation or National Public Finance Guaranty.

12. 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.

13. Scheduled principal and interest payments are guaranteed by Financial Guaranty Insurance Corporation.

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

15. Non-income producing security.

16. Received as a result of a corporate action.

20 OPPENHEIMER ROCHESTER FUND MUNICIPALS

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
AFSFBM		Advocates for Services for the Blind Multihandicapped
ALIA		Alliance of Long Island Agencies
ARC		Assoc. of Retarded Citizens
CathHS		Catholic Health System
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 Autistic 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
HQS		Health Quest System
IDA		Industrial Devel. Agency
IGHL		Independent Group Home for Living
ITEMECF		Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JFK		John Fitzgerald Kennedy
KMHosp		Kenmore Mercy Hospital
L.I.		Long Island
LHH		Lenox Hill Hospital
LIJMC		Long Island Jewish Medical Center
MTA		Metropolitan Transportation Authority
NDH		Northern Dutchess Hospital
NHlth		Northwell Health
NHlthcare		Northwell Healthcare
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

21 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

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


PHCtr		Putnam Hospital Center
PlainH		Plainview Hospital
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
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
UCPANYS		United Cerebral Palsy Association of New York State
UCPHCAS		United Cerebral Palsy and handicapped Children’s Association of Syracuse
UCPAGS		United Cerebral Palsy Assoc. of Greater Suffolk
UDC		Urban Development Corporation
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.

22 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS March 31, 2017 Unaudited

1. Organization

Oppenheimer Rochester Fund Municipals (the “Fund”) is a diversified open-end management investment company registered under the Investment Company Act of 1940 (“1940 Act”), as amended. The Fund’s investment objective is to seek tax-free income. The Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”). The Manager has entered into a sub-advisory agreement with OFI.

2. Securities Valuation

The Fund calculates the net asset value of its shares as of 4:00 P.M. Eastern time, on each day the New York Stock Exchange (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:

Equity securities traded on a securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the official closing price on the principal exchange on which the security is traded, as identified by the Manager, prior to the time when the Fund’s assets are valued. If the official closing price is unavailable, the security is valued at the last sale price on the principal exchange on which it is traded. If the official closing price or last sales 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

23 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

2. Securities Valuation (Continued)

“asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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


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

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

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker

24 OPPENHEIMER ROCHESTER FUND MUNICIPALS

2. Securities Valuation (Continued)

source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

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

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

The table below categorizes amounts 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	$	—	$	4,761,941,881	$	22	$	4,761,941,903
U.S. Possessions		—		1,389,735,735		6,681,182		1,396,416,917
Common Stock		—		—		3,817,725		3,817,725

Total Assets	$	—	$	6,151,677,616	$	10,498,929	$	6,162,176,545

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.

3. Investments and Risks

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security

25 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

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

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

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

26 OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities, relative to the par value of the underlying municipal bond. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, 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 resell 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

27 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/ reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. At period end, the Fund’s maximum exposure under such agreements is estimated at $177,925,000.

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 $755,139,312 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $436,495,000 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

$ 2,500,000

NYC GO Tender Option Bond Series 2015 XF-2040 Trust³

12.680%

10/1/34

3,749,300

28 OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)


Principal Amount	Inverse Floater¹	Coupon Rate²			Maturity Date		Value
$5,000,000	NYC GO Tender Option Bond Series 2015-XF2103 Trust		13.546	%		3/1/21	$	6,631,100
1,225,000	NYC HDC, Series B-1 Tender Option Bond Series 2014-XF0008-2 Trust		7.220			11/1/27		1,229,128
1,500,000	NYC HDC, Series B-1 Tender Option Bond Series 2014-XF0008-3 Trust		7.300			11/1/32		1,509,870
710,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-2 Trust		14.740			11/1/39		822,180
2,730,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-3 Trust		15.250			11/1/46		3,263,933
775,000	NYC HDC, Series C-1 Tender Option Bond Series 2015-XF0009 Trust		14.520			11/1/34		945,841
4,015,000	NYC HDC, Series J-2-C Tender Option Bond Series 2014-XF0008-7 Trust		7.440			11/1/40		4,021,344
10,560,000	NYC Hsg. Devel. Corp. (Multifamily Hsg.) Tender Option Bond Series 2015-XF2133 Trust³		11.913			5/1/49		10,584,288
7,935,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF0238 Trust		14.523			6/15/19		12,222,201
5,395,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF2141 Trust³		13.974			6/15/43		8,169,757
3,750,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2156 Trust³		17.108			7/15/37		5,626,500
6,250,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2157 Trust³		16.097			7/15/37		9,499,500
7,500,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2038 Trust³		7.105			5/1/34		9,462,900
10,170,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2039 Trust³		7.103			2/1/30		13,065,094
19,770,000	NYS DA (Sales Tax) Tender Option Bond Series 2016-XF0529-1 Trust		7.141			3/15/33		26,450,678
19,995,000	NYS DA (Sales Tax) Tender Option Bond Series 2016-XF0529-2 Trust		7.141			3/15/35		26,394,600
5,265,000	NYS DA (Vassar College) Tender Option Bond Series 2015-XF0007 Trust		7.620			7/1/46		5,387,885
3,980,000	NYS DA Tender Option Bond Series 2015-XF2042 Trust³		12.676			3/15/34		5,846,182
3,410,000	NYS HFA Tender Option Bond Series 2015-XF2134 Trust³		13.647			11/1/45		3,476,836
7,500,000	NYS Liberty Devel. Corp. (Bank of America Tower at One Bryant Park) Tender Option Bond Series 2015-XF2153 Trust³		8.981			1/15/44		8,760,600
15,585,000	NYS Liberty Devel. Corp. (One Bryant Park) Tender Option Bond Series 2015-XF2107 Trust		14.847			1/15/46		21,752,608
3,750,000	Port Authority NY/NJ Tender Option Bond Series 2015-XF2138 Trust³		20.054			9/15/28		4,464,600
4,895,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123 Trust³		14.670			10/15/27		4,952,418
3,580,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123-2 Trust³		13.746			10/15/28		3,618,592

29 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)


Principal Amount	Inverse Floater¹	Coupon Rate²			Maturity Date		Value
$ 5,500,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123-3 Trust³		14.678	%		10/15/32	$	5,549,995
3,335,000	Port Authority NY/NJ, 151st Series Tender Option Bond Series 2015-XF0010 Trust		11.830			3/15/35		3,722,194
6,860,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0001 Trust		7.500			5/1/38		7,396,932
20,000,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0002 Trust		7.520			11/1/35		21,566,000
7,500,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0031 Trust		11.873			11/1/30		8,624,325
28,970,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF2106 Trust		7.953			11/1/35		31,394,789
5,060,000	Port Authority NY/NJ, 163rd Series Tender Option Bond Series 2015-XF0237 Trust		12.791			1/15/19		7,142,494
10,755,000	Port Authority NY/NJ, 166th Series Tender Option Bond Series 2016-XF2211 Trust		7.106			1/15/41		13,004,086
7,500,000	Port Authority NY/NJ, 3249th Series Tender Option Bond Series 2015 XF-2025 Trust³		7.538			7/15/36		9,262,050
7,650,000	Port Authority NY/NJ, 3264th Series Tender Option Bond Series 2015 XF-2028 Trust³		7.105			10/15/31		9,073,512

							$	318,644,312

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 $436,495,000.

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

30 OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

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.

At period end, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery Basis Transactions

Purchased securities		$28,460,718
Sold securities		6,695,920

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:

31 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)


Cost	$	317,431,752
Market Value	$	151,917,312
Market Value as % of Net Assets		2.66%

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 $118,691,790, representing 2.08% of the Fund’s net assets, were subject to these forbearance agreements.

Concentration Risk. The Fund invests a large percentage of its total assets in obligations of issuers within its respective state and U.S. territories. Risks may arise from geographic concentration in any state, commonwealth or territory, such as Puerto Rico, the U.S. Virgin Islands, Guam or the Northern Mariana Islands. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory such as ongoing developments in Puerto Rico may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

4. Market Risk Factors

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

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

32 OPPENHEIMER ROCHESTER FUND MUNICIPALS

4. Market Risk Factors (Continued)

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.

5. 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	$	6,797,638,470	¹

Gross unrealized appreciation	$	191,424,510
Gross unrealized depreciation		(1,277,310,299)

Net unrealized depreciation	$	(1,085,885,789)

1. The Federal tax cost of securities does not include cost of $450,423,864, 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 3.

6. Subsequent Event

In June 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”). PROMESA established a federally-appointed fiscal oversight board (the “Oversight Board”) to oversee Puerto Rico’s financial operations and allows Puerto Rico and its instrumentalities, with approval of the Oversight Board, to file cases to restructure debt and other obligations in a “Title III” proceeding. Title III incorporates many provisions of the federal Bankruptcy Code for U.S. territories, and incorporates legal mechanisms for a litigation stay and restructuring of pension and debt obligations, among other provisions. In early May 2017, Title III petitions were filed for the Commonwealth of Puerto Rico and the Puerto Rico Sales Tax Financing Corporation (“COFINA”), two of the largest issuers of Puerto Rico debt. Title III petitions for additional Puerto Rican instrumentalities are expected to be filed. These restructuring proceedings create uncertainty as to the treatment of claims of varying degrees of seniority and the levels and priorities of payment from the affected entities.

Subsequent to fiscal year end and through issuance date, the change in market value of the Fund’s investments in Puerto Rico securities had a positive impact on the Fund’s net assets by less than 0.50%.

33 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 3/31/2017, 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:		5/15/2017

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:		5/15/2017

By:		/s/ Brian S. Petersen
		Brian S. Petersen
		Principal Financial Officer
Date:		5/15/2017

EX-99.CERT 2 d392114dex99cert.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: 5/15/2017

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: 5/15/2017