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: 9/30/2017

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS September 30, 2017 Unaudited

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—111.1%
	New York—88.2%
	$495,000	Albany County, NY IDA (Wildwood Programs)1		4.900	%		07/01/2021	$	495,129
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.375			07/01/2026		1,641,418
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.625			07/01/2031		1,410,548
	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.875			07/01/2041		8,746,348
	300,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2027		358,674
	400,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2028		474,480
	550,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2029		648,235
	350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2030		410,266
	350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2031		407,830
	200,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2032		231,724
	445,000	Albany, NY IDA (Albany Rehabilitation)1		8.375			06/01/2023		445,837
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2032		1,252,543
	900,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2037		806,868
	1,760,000	Albany, NY IDA (Sage Colleges)1		5.300			04/01/2029		1,672,686
	305,000	Albany, NY Parking Authority		1.232	2		11/01/2017		304,585
	1,000,000	Amherst, NY Devel. Corp. Student Hsg. (UBF Faculty-Student Hsg. Corp.)1,3		5.000			10/01/2045		1,168,770
	150,000	Blauvelt, NY Volunteer Fire Company1		6.250			10/15/2017		150,036
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)1		6.300			11/01/2033		2,678,057
	1,235,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)1		5.250			11/01/2036		1,401,972
	1,500,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		5.000			07/15/2026		1,776,570
	2,250,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000			07/15/2028		2,649,127
	7,500,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000			07/15/2030		8,730,450
	11,605,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000			07/15/2042		12,985,183
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.375			10/01/2041		1,987,586
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		6.000			10/01/2031		997,916
	500,000	Buffalo & Erie County, NY Industrial Land Devel. (CathHS/KMHosp/SOCHOB Obligated Group)1		5.250			07/01/2035		561,845
	1,500,000	Buffalo & Erie County, NY Industrial Land Devel. (Charter School for Applied Technologies)1		4.500			06/01/2027		1,627,245
	840,000	Buffalo & Erie County, NY Industrial Land Devel. (Charter School for Applied Technologies)1		5.000			06/01/2035		909,586

1        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$300,000	Buffalo, NY Municipal Water Finance Authority1		5.000	%		07/01/2029	$	355,707
	150,000	Buffalo, NY Municipal Water Finance Authority1		5.000			07/01/2030		177,037
	210,000	Buffalo, NY Municipal Water Finance Authority1		5.000			07/01/2031		246,634
	245,000	Buffalo, NY Municipal Water Finance Authority1		5.000			07/01/2032		286,050
	2,100,000	Build NYC Resource Corp. (Chapin School)1		5.000			11/01/2026		2,628,381
	880,000	Build NYC Resource Corp. (Manhattan College)1		5.000			08/01/2032		1,037,995
	1,500,000	Build NYC Resource Corp. (Manhattan College)1		5.000			08/01/2036		1,735,890
	2,885,000	Build NYC Resource Corp. (Manhattan College)1		5.000			08/01/2047		3,314,980
	1,100,000	Build NYC Resource Corp. (New York Methodist Hospital)1		5.000			07/01/2026		1,280,708
	500,000	Build NYC Resource Corp. (New York Methodist Hospital)1		5.000			07/01/2030		568,085
	1,500,000	Build NYC Resource Corp. (Pratt Paper)1		4.500			01/01/2025		1,625,715
	3,250,000	Build NYC Resource Corp. (Pratt Paper)1		5.000			01/01/2035		3,501,517
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)1		5.000			08/01/2032		945,854
	2,730,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)1,3		5.750			11/01/2030		2,757,764
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1		5.000			05/01/2040		1,100,520
	510,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000			05/01/2030		581,058
	540,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000			05/01/2031		610,745
	200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000			05/01/2034		217,880
	250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000			05/01/2039		269,600
	360,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.450			09/15/2019		360,454
	95,000	Chautauqua, NY Utility District1		5.000			06/01/2023		95,200
	105,000	Chautauqua, NY Utility District1		5.000			06/01/2025		105,198
	555,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		4.850			07/01/2023		556,632
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		5.000			07/01/2033		1,517,788
	845,000	Clifton Springs, NY Hospital & Clinic1		8.000			01/01/2020		847,003
	2,335,000	Dutchess County, NY IDA (Marist College)1		5.000			07/01/2036		2,689,033
	3,680,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000			07/01/2027		4,399,366
	1,255,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000			07/01/2030		1,466,442
	1,195,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000			07/01/2044		1,317,057
	11,575,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000			07/01/2046		12,966,662
	2,715,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000			07/01/2035		3,103,299

2        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$650,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/ VBHosp Obligated Group)1		5.750	%		07/01/2040	$	714,824
	840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000			07/01/2034		998,348
	840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000			07/01/2036		991,267
	1,205,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000			07/01/2037		1,418,622
	2,535,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000			07/01/2042		2,958,598
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.392	2		06/01/2027		797,500
	1,780,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)1		6.750			03/01/2030		1,782,510
	2,470,000	East Rochester, NY Hsg. Authority (Woodland Village)1		5.500			08/01/2033		2,476,224
	2,365,000	Elmira, NY Hsg. Authority (Eastgate Apartments)1		6.250			06/01/2044		2,384,488
	10,000,000	Erie County, NY IDA (Buffalo City School District)1		5.000			05/01/2030		12,015,300
	2,665,000	Erie County, NY IDA (Global Concepts Charter School)1,3		6.250			10/01/2037		2,722,964
	715,000	Erie County, NY IDA (The Episcopal Church Home)1		6.000			02/01/2028		716,215
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.190	2		06/01/2055		9,293,369
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.645	2		06/01/2060		23,603,200
	1,500,000	Essex County, NY IDA (International Paper Company)1		6.625			09/01/2032		1,552,740
	300,000	Franklin County, NY Solid Waste Management Authority1		5.000			06/01/2025		332,721
	55,000	Genesee County, NY IDA (United Memorial Medical Center)1		5.000			12/01/2032		55,041
	100,000	Glens Falls, NY GO1		6.000			02/01/2040		101,742
	475,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2029		560,543
	1,700,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2029		1,898,747
	425,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2030		499,562
	390,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2031		455,169
	700,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2032		812,476
	1,500,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2034		1,637,070
	730,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2035		834,069
	570,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2036		648,706

3        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$420,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000	%		07/01/2038	$	476,868
	1,250,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2039		1,350,162
	1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2044		1,073,930
	26,500,000	Hudson Yards, NY Infrastructure Corp.4		5.000			02/15/2042		30,850,505
	10,000,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2045		11,606,200
	20,720,000	Hudson Yards, NY Infrastructure Corp.1		5.750			02/15/2047		23,864,882
	13,730,000	Hudson Yards, NY Infrastructure Corp.1		5.750			02/15/2047		15,726,617
	3,400,000	L.I., NY Power Authority, Series A1		5.000			05/01/2036		3,774,816
	29,735,000	L.I., NY Power Authority, Series A1		5.000			09/01/2037		32,837,847
	12,315,000	L.I., NY Power Authority, Series A1		5.000			09/01/2039		13,975,678
	20,000,000	L.I., NY Power Authority, Series A1		5.000			09/01/2042		22,029,000
	14,530,000	L.I., NY Power Authority, Series A1		5.000			09/01/2044		16,421,225
	10,475,000	L.I., NY Power Authority, Series A1		5.750			04/01/2039		11,110,623
	5,000,000	L.I., NY Power Authority, Series B1		5.000			09/01/2030		5,974,850
	6,280,000	L.I., NY Power Authority, Series B1		5.000			09/01/2035		7,299,370
	3,750,000	L.I., NY Power Authority, Series B1		5.000			09/01/2036		4,345,912
	12,335,000	L.I., NY Power Authority, Series B1		5.000			09/01/2041		14,253,339
	1,900,000	L.I., NY Power Authority, Series B1		5.750			04/01/2033		2,036,002
	435,000	Lockport City, NY GO1		5.000			10/15/2020		471,009
	455,000	Lockport City, NY GO1		5.000			10/15/2021		502,466
	480,000	Lockport City, NY GO1		5.000			10/15/2022		536,856
	505,000	Lockport City, NY GO1		5.000			10/15/2023		569,595
	530,000	Lockport City, NY GO1		5.000			10/15/2024		599,631
	100,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2033		102,767
	2,300,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)1		6.500			12/01/2042		2,304,094
	5,000,000	Monroe County, NY IDA (Rochester General Hospital)1		5.000			12/01/2046		5,571,400
	800,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2027		998,720
	1,200,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2028		1,483,968
	1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2029		1,840,935
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2030		1,184,990
	2,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2030		2,441,760
	1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2031		1,765,665
	1,520,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2031		1,840,735
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2032		1,204,390

4        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000	%		05/01/2033	$	1,196,880
	180,000	Monroe County, NY IDA (University of Rochester)1		5.000			07/01/2028		217,390
	100,000	Monroe County, NY IDA (Volunteers of America)1		5.700			08/01/2018		99,990
	2,785,000	Monroe County, NY IDA (Volunteers of America)1		5.750			08/01/2028		2,746,177
	375,000	Monroe County, NY Industrial Devel. Corp. (Highland Hospital of Rochester)1		5.000			07/01/2034		426,536
	890,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)1		5.000			01/15/2038		991,371
	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000			10/01/2026		933,410
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.250			10/01/2031		549,095
	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.500			10/01/2041		2,008,047
	50,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)1		5.000			12/01/2037		54,605
	2,010,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)1		5.000			12/01/2042		2,176,126
	500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000			06/01/2029		579,530
	1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000			06/01/2044		1,702,769
	960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.500			06/01/2034		1,128,202
	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.625			06/01/2026		951,396
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000			06/01/2034		1,674,101
	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.750			08/15/2035		17,178,968
	1,500,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)1		5.000			07/01/2032		1,773,270
	1,000,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)1		5.000			07/01/2033		1,175,990
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.699	2		06/01/2061		18,219,500
	802,824	Municipal Assistance Corp. for Troy, NY		5.732	2		07/15/2021		756,132
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.740	2		01/15/2022		1,138,671
	4,025,000	Nassau County, NY GO1		5.000			04/01/2030		4,664,371
	6,475,000	Nassau County, NY GO1		5.000			04/01/2031		7,466,517
	7,045,000	Nassau County, NY GO1		5.000			04/01/2032		8,142,188
	1,000,000	Nassau County, NY GO1		5.000			01/01/2038		1,134,290
	240,000	Nassau County, NY IDA (ACDS)1		5.950			11/01/2022		240,276
	2,101,661	Nassau County, NY IDA (Amsterdam at Harborside)5		2.000			01/01/2049		350,347
	5,823,750	Nassau County, NY IDA (Amsterdam at Harborside)1		6.700			01/01/2049		5,925,840

5        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$2,425,000	Nassau County, NY IDA (CSMR)1		5.950	%		11/01/2022	$	2,427,789
	260,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)1		5.950			11/01/2022		260,299
	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)1		6.500			11/01/2037		1,671,537
	255,000	Nassau County, NY IDA (Life’s WORCA)1,3		5.950			11/01/2022		255,293
	380,000	Nassau County, NY IDA (PLUS Group Home)1,3		6.150			11/01/2022		382,044
	220,000	Nassau County, NY IDA, Series A-A1		6.000			06/01/2021		220,077
	290,000	Nassau County, NY IDA, Series A-C1		6.000			06/01/2021		290,101
	315,000	Nassau County, NY IDA, Series A-D1		6.000			06/01/2021		315,110
	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		335,847
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.644	2		06/01/2060		15,448,348
	105,975,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.219	2		06/01/2046		6,466,594
	40,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.349	2		06/01/2060		156,800
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)1		5.375			04/01/2036		3,681,414
	500,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		500,870
	500,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000			05/01/2035		547,050
	850,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000			05/01/2042		925,013
	280,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000			04/01/2021		312,077
	1,570,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)1		7.375			12/15/2021		1,762,372
	5,135,000	NY Counties Tobacco Trust I1		6.500			06/01/2035		5,234,105
	19,230,000	NY Counties Tobacco Trust I1		6.625			06/01/2042		19,181,348
	3,550,000	NY Counties Tobacco Trust II (TASC)1		5.625			06/01/2035		3,618,515
	9,025,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043		9,039,169
	25,000	NY Counties Tobacco Trust III (TASC)1		6.000			06/01/2043		25,482
	66,335,000	NY Counties Tobacco Trust IV		4.900	2		06/01/2050		7,178,774
	7,000,000	NY Counties Tobacco Trust IV1		5.000			06/01/2038		6,825,140
	154,690,000	NY Counties Tobacco Trust IV		5.391	2		06/01/2055		10,003,802
	608,700,000	NY Counties Tobacco Trust IV		5.822	2		06/01/2060		19,849,707
	253,390,000	NY Counties Tobacco Trust V		5.343	2		06/01/2050		21,667,379
	1,790,900,000	NY Counties Tobacco Trust V		6.732	2		06/01/2060		14,130,201
	643,195,000	NY Counties Tobacco Trust V		6.845	2		06/01/2055		15,185,834
	24,895,000	NY Counties Tobacco Trust VI1		5.625			06/01/2035		27,694,194
	47,920,000	NY Counties Tobacco Trust VI1		5.750			06/01/2043		53,724,070
	3,285,000	NY Counties Tobacco Trust VI1		6.000			06/01/2043		3,642,342
	1,195,000	NY Counties Tobacco Trust VI1		6.250			06/01/2025		1,297,674
	3,005,000	NY Counties Tobacco Trust VI1		6.450			06/01/2040		3,503,710
	1,000,000	NY Counties Tobacco Trust VI (TASC)1		5.000			06/01/2036		1,092,540

6        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$870,000	NY Counties Tobacco Trust VI (TASC)1		5.000	%		06/01/2041	$	931,004
	3,400,000	NY Counties Tobacco Trust VI (TASC)1		5.000			06/01/2045		3,594,548
	6,375,000	NY Counties Tobacco Trust VI (TASC)1		5.000			06/01/2051		6,575,494
	62,345,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)4		5.625			01/15/2046		68,492,036
	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)4		5.125			01/15/2044		16,161,450
	10,000,000	NY MTA1		5.000			11/15/2029		12,236,800
	1,480,000	NY MTA1		5.000			11/15/2036		1,756,346
	25,000,000	NY MTA4		5.000			11/15/2036		29,667,933
	5,500,000	NY MTA1		5.250			11/15/2029		6,722,650
	23,860,000	NY MTA4		5.250			11/15/2056		27,772,746
	11,000,000	NY MTA (Green Bond)1		5.000			11/15/2034		13,271,830
	11,230,000	NY MTA (Green Bond)1		5.000			11/15/2047		13,125,287
	21,000,000	NY MTA (Green Bond)4		5.250			11/15/2057		24,934,980
	3,570,000	NY MTA (Green Bond)1		5.250			11/15/2057		4,238,947
	60,605,000	NY MTA Hudson Rail Yards1		5.000			11/15/2056		67,908,509
	795,000	NY MTA, Series A1		5.000			11/15/2025		917,255
	500,000	NY MTA, Series A1		5.000			11/15/2026		584,630
	500,000	NY MTA, Series A1		5.000			11/15/2027		583,755
	6,800,000	NY MTA, Series A1		5.250			11/15/2038		7,767,776
	5,000,000	NY MTA, Series B1		5.000			11/15/2037		5,823,500
	5,135,000	NY MTA, Series B1		5.250			11/15/2039		6,002,661
	9,000,000	NY MTA, Series B1		5.250			11/15/2055		10,383,660
	4,000,000	NY MTA, Series C1		5.000			11/15/2038		4,564,680
	8,385,000	NY MTA, Series D1		5.000			11/15/2023		8,429,189
	2,525,000	NY MTA, Series D1		5.000			11/15/2024		2,538,711
	3,390,000	NY MTA, Series D1		5.000			11/15/2026		3,937,112
	27,675,000	NY MTA, Series D1		5.000			11/15/2030		31,935,289
	2,150,000	NY MTA, Series D1		5.000			11/15/2032		2,481,250
	1,375,000	NY MTA, Series D1		5.250			11/15/2026		1,647,071
	585,000	NY MTA, Series D1		5.250			11/15/2027		699,999
	690,000	NY MTA, Series D1		5.250			11/15/2028		821,238
	1,100,000	NY MTA, Series D1		5.250			11/15/2029		1,304,325
	1,100,000	NY MTA, Series D1		5.250			11/15/2030		1,316,150
	1,100,000	NY MTA, Series D1		5.250			11/15/2031		1,312,883
	1,100,000	NY MTA, Series D1		5.250			11/15/2032		1,307,284
	1,100,000	NY MTA, Series D1		5.250			11/15/2033		1,301,707
	1,225,000	NY MTA, Series D1		5.250			11/15/2034		1,370,518
	8,000,000	NY MTA, Series D-11		5.000			11/01/2027		9,267,440
	3,500,000	NY MTA, Series D-11		5.000			11/01/2028		4,047,120
	10,000,000	NY MTA, Series D-11		5.000			11/15/2033		11,844,400
	4,580,000	NY MTA, Series F1		5.000			11/15/2025		5,328,922
	36,670,000	NY MTA, Series F1		5.000			11/15/2030		42,314,980
	3,000,000	NY MTA, Series H1		5.000			11/15/2025		3,490,560
	2,100,000	NY MTA, Series H1		5.000			11/15/2033		2,423,547
	400,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2028		469,008
	3,200,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2029		3,726,560
	12,500,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2030		15,310,375

7        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$4,180,000	NY Triborough Bridge & Tunnel Authority1		5.000	%		11/15/2032	$	5,061,186
	4,350,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2033		5,234,007
	2,790,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2034		3,341,220
	9,740,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2035		11,627,807
	12,450,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2036		14,793,339
	12,260,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2037		14,533,372
	4,455,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2037		5,281,091
	1,515,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2038		1,787,518
	9,100,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2038		10,736,908
	10,000,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2041		11,617,300
	4,000,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2046		4,623,760
	5,000,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2047		5,826,100
	4,000,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2041		4,437,560
	154,040,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2045		161,495,536
	22,000,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2048		22,627,440
	8,000,000	NY Utility Debt Securitization Authority1		5.000			12/15/2034		9,639,920
	5,000,000	NY Utility Debt Securitization Authority1		5.000			12/15/2035		6,020,600
	1,750,000	NY Utility Debt Securitization Authority1		5.000			12/15/2035		2,102,573
	3,000,000	NYC GO1		5.000			08/01/2029		3,474,090
	5,000,000	NYC GO1		5.000			08/01/2029		5,729,300
	2,500,000	NYC GO1		5.000			10/01/2029		2,904,700
	4,000,000	NYC GO1		5.000			08/01/2030		4,827,560
	350,000	NYC GO1		5.000			10/01/2030		407,848
	3,300,000	NYC GO1		5.000			10/01/2033		3,831,630
	10,495,000	NYC GO1		5.000			06/01/2034		12,244,307
	10,000,000	NYC GO4		5.000			10/01/2034		11,295,400
	1,915,000	NYC GO1		5.000			10/01/2034		2,223,506
	10,000,000	NYC GO1		5.000			06/01/2035		11,583,900
	3,800,000	NYC GO1		5.000			08/01/2035		4,265,804
	1,340,000	NYC GO1		5.000			05/15/2036		1,423,214
	1,300,000	NYC GO1		5.000			08/01/2037		1,521,416
	4,000,000	NYC GO1		5.000			08/01/2038		4,677,840
	5,200,000	NYC GO1		5.000			12/01/2038		6,110,364
	18,815,000	NYC GO1		5.000			12/01/2041		21,976,484
	2,865,000	NYC GO4		5.250			03/01/2021		3,038,361
	17,135,000	NYC GO4		5.250			03/01/2021		18,171,839
	250,000	NYC GO1		5.250			09/01/2025		259,750
	230,000	NYC GO		5.250			06/01/2027		230,812
	5,000,000	NYC GO1,3		5.250			10/01/2031		6,249,500
	5,000,000	NYC GO1,3		5.250			10/01/2032		6,219,350
	7,040,000	NYC GO1,3		5.250			10/01/2033		8,707,635
	5,000	NYC GO1		5.320	6		01/15/2028		5,018
	380,000	NYC GO		5.375			06/01/2032		381,410
	2,955,000	NYC GO1		5.500			04/01/2022		3,154,699
	10,000	NYC GO		5.500			11/15/2037		10,038
	45,000	NYC GO1		6.250			12/15/2031		47,855
	5,000	NYC GO1		7.750			08/15/2028		5,126

8        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,475,000	NYC GO Tender Option Bond Series 2015-XF2142 Trust7		14.889	%8		05/15/2031	$	1,845,122
	875,000	NYC GO Tender Option Bond Series 2015-XF2142-2 Trust7		15.677	8		05/15/2033		1,092,350
	5,395,000	NYC GO Tender Option Bond Series 2015-XF2142-3 Trust7		15.673	8		05/15/2036		6,734,794
	890,000	NYC HDC (Multifamily Hsg.)1		4.950			11/01/2039		911,413
	780,000	NYC HDC (Multifamily Hsg.)1		5.000			11/01/2030		787,488
	1,675,000	NYC HDC (Multifamily Hsg.)1		5.200			11/01/2035		1,688,584
	5,140,000	NYC HDC (Multifamily Hsg.)1		5.350			11/01/2037		5,146,476
	1,215,000	NYC HDC (Multifamily Hsg.)1		5.350			05/01/2041		1,231,573
	3,735,000	NYC HDC (Multifamily Hsg.)1		5.450			11/01/2040		3,739,855
	2,670,000	NYC HDC (Multifamily Hsg.)1		5.450			11/01/2046		2,701,506
	3,090,000	NYC HDC (Multifamily Hsg.)4		5.500			11/01/2034		3,223,610
	25,000	NYC HDC (Multifamily Hsg.)1		5.550			11/01/2039		25,861
	2,840,000	NYC HDC (Multifamily Hsg.)4		5.550			11/01/2039		2,937,866
	10,910,000	NYC HDC (Multifamily Hsg.)4		5.700			11/01/2046		11,328,919
	840,000	NYC IDA (Allied Metal)1		7.125			12/01/2027		829,450
	1,370,000	NYC IDA (Amboy Properties)1		6.750			06/01/2020		1,359,369
	97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.650			10/01/2028		88,012,407
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.750			10/01/2036		132,409,687
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		6.200			10/01/2022		21,745,806
	11,785,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375			08/01/2027		11,079,903
	3,100,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375			08/01/2027		2,914,527
	280,000	NYC IDA (Community Resource Center for the Developmentally Disabled)1		5.250			07/01/2022		271,093
	1,370,000	NYC IDA (Comprehensive Care Management)1		6.000			05/01/2026		1,399,578
	3,100,000	NYC IDA (Comprehensive Care Management)1		6.125			11/01/2035		3,104,030
	1,160,000	NYC IDA (Comprehensive Care Management)1		6.375			11/01/2028		1,161,926
	2,935,000	NYC IDA (Comprehensive Care Management)1		6.375			11/01/2028		2,940,048
	195,000	NYC IDA (Cool Wind Ventilation)1		5.450			11/01/2017		194,955
	220,000	NYC IDA (Cool Wind Ventilation)1		5.450			11/01/2017		219,949
	5,685,000	NYC IDA (Cool Wind Ventilation)1		6.075			11/01/2027		5,467,947
	205,000	NYC IDA (EIISFAC/SFUMP/YAI/AFSFBM/SNP Obligated Group)1		4.750			07/01/2020		202,185
	1,620,000	NYC IDA (Gourmet Boutique)1,3		10.000			05/01/2021		1,330,911
	7,290,000	NYC IDA (Guttmacher Institute)1		5.750			12/01/2036		7,280,086
	400,000	NYC IDA (Independent Living Assoc.)1		6.200			07/01/2020		400,172
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		9,461,994
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		1,954,276
	11,780,000	NYC IDA (MediSys Health Network)1		6.250			03/15/2024		11,780,825
	1,515,000	NYC IDA (Sahadi Fine Foods)1		6.750			11/01/2019		1,515,515
	325,000	NYC IDA (Special Needs Facilities Pooled Program)1		6.650			07/01/2023		325,114

9        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$8,400,000	NYC IDA (The Child School)1		7.550	%		06/01/2033	$	8,414,952
	3,145,000	NYC IDA (Therapy & Learning Center)1		8.250			09/01/2031		3,146,101
	5,000,000	NYC IDA (United Jewish Appeal-Federation of Jewish Philanthropies of New York)1		5.000			07/01/2034		5,533,450
	545,000	NYC IDA (World Casing Corp.)1		6.700			11/01/2019		542,406
	6,800,000	NYC IDA (Yankee Stadium)1,9		2.568			03/01/2022		6,804,760
	170,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2031		170,408
	220,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2036		223,139
	18,110,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2046		18,211,778
	16,500,000	NYC IDA (Yankee Stadium)1		7.000			03/01/2049		17,871,975
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)1		5.725			11/01/2037		24,373,390
	8,950,000	NYC Municipal Water Finance Authority1		5.000			06/15/2031		9,847,685
	4,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2036		4,792,480
	5,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2036		5,858,700
	9,655,000	NYC Municipal Water Finance Authority1		5.000			06/15/2036		11,273,757
	20,515,000	NYC Municipal Water Finance Authority1		5.000			06/15/2037		24,366,896
	50,000	NYC Municipal Water Finance Authority1		5.000			06/15/2037		51,475
	285,000	NYC Municipal Water Finance Authority1		5.000			06/15/2037		293,071
	10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2038		11,821,600
	15,440,000	NYC Municipal Water Finance Authority1		5.000			06/15/2038		18,235,412
	10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2039		11,598,600
	35,000,000	NYC Municipal Water Finance Authority1,3		5.000			06/15/2046		40,807,200
	6,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2047		7,006,560
	665,000	NYC Municipal Water Finance Authority1		5.125			06/15/2030		684,711
	7,525,000	NYC Municipal Water Finance Authority1		5.250			06/15/2040		8,048,966
	7,405,000	NYC Municipal Water Finance Authority1		5.250			06/15/2044		8,453,992
	5,485,000	NYC Municipal Water Finance Authority1		5.250			06/15/2047		6,583,975
	21,570,000	NYC Municipal Water Finance Authority4		5.375			06/15/2043		24,241,226
	31,750,000	NYC Municipal Water Finance Authority4		5.500			06/15/2043		35,827,638
	900,000	NYC Municipal Water Finance Authority1		5.625			06/15/2027		930,744
	4,825,000	NYC Municipal Water Finance Authority1		5.750			06/15/2040		4,995,998
	700,000	NYC Transitional Finance Authority1		5.125			01/15/2034		736,239
	650,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2029		780,072
	3,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2030		3,566,100
	8,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2034		9,328,000
	6,500,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2034		7,516,210
	5,065,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2035		5,853,215
	5,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2035		5,931,700
	5,405,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2035		6,298,122
	6,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2036		6,973,080
	25,000,000	NYC Transitional Finance Authority (Building Aid)4		5.000			07/15/2037		28,510,000
	5,410,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2040		6,035,017
	10,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2040		11,506,100
	10,500,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2043		11,984,385
	4,165,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2043		4,782,378
	15,000,000	NYC Transitional Finance Authority (Building Aid)4		5.250			07/15/2037		16,934,400
	1,700,000	NYC Transitional Finance Authority (Building Aid)1		5.500			01/15/2039		1,795,727
	13,105,000	NYC Transitional Finance Authority (Future Tax)1		5.000			11/01/2029		16,070,661

10        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$10,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000	%		02/01/2030	$	11,992,300
	20,335,000	NYC Transitional Finance Authority (Future Tax)4		5.000			02/01/2030		23,650,318
	15,210,000	NYC Transitional Finance Authority (Future Tax)1		5.000			11/01/2030		18,532,777
	12,975,000	NYC Transitional Finance Authority (Future Tax)1		5.000			11/01/2031		15,712,855
	5,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000			05/01/2032		5,939,450
	9,020,000	NYC Transitional Finance Authority (Future Tax)1		5.000			11/01/2032		10,863,598
	5,180,000	NYC Transitional Finance Authority (Future Tax)1		5.000			11/01/2033		6,199,838
	15,000,000	NYC Transitional Finance Authority (Future Tax)4		5.000			05/01/2034		17,161,800
	8,190,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2035		9,260,679
	9,850,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2036		11,544,397
	3,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2038		3,498,180
	16,610,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2039		19,415,595
	7,310,000	NYC Transitional Finance Authority (Future Tax)1		5.000			05/01/2039		8,573,460
	2,388,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2040		2,762,749
	34,035,000	NYC Transitional Finance Authority (Future Tax)4		5.000			05/01/2040		39,461,764
	15,245,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2040		17,737,710
	5,695,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2041		6,516,675
	11,265,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2043		13,087,790
	30,000,000	NYC Transitional Finance Authority (Future Tax)4		5.000			02/01/2043		34,854,300
	2,105,000	NYC Transitional Finance Authority (Future Tax)1		5.250			02/01/2030		2,380,313
	295,000	NYC Transitional Finance Authority (Future Tax)1		5.250			02/01/2030		334,810
	4,275,000	NYC Transitional Finance Authority (Future Tax)1		5.500			11/01/2035		4,805,271
	3,300,000	NYC Transitional Finance Authority (Future Tax)1		5.500			11/01/2035		3,742,992
	2,115,000	NYC Trust for Cultural Resources (Museum of Modern Art)1		4.000			04/01/2030		2,396,316
	2,500,000	NYC Trust for Cultural Resources (Museum of Modern Art)1		4.000			04/01/2031		2,811,450
	6,935,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2040		7,977,122
	4,220,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2041		4,889,419
	4,500,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2045		5,144,715
	13,300,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2046		15,318,009
	4,900,000	NYS DA (ALIA-PSCH)1		4.800			12/01/2023		4,914,798
	11,920,000	NYS DA (ALIA-PSCH)1		5.350			12/01/2035		11,947,297
	5,000,000	NYS DA (ALIA-PSCH)1		6.175			12/01/2031		5,011,950
	850,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2027		945,506
	850,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2028		941,877
	430,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2029		475,464
	430,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2030		474,957
	260,000	NYS DA (Catholic Health System)1		5.000			07/01/2032		281,793
	500,000	NYS DA (Catholic Health System)1		5.000			07/01/2032		541,910
	25,000	NYS DA (City University)1		5.250			07/01/2030		30,553
	1,115,000	NYS DA (Columbia University)1		5.000			07/01/2038		1,150,323
	115,000	NYS DA (Columbia University)1		5.000			10/01/2045		152,842
	300,000	NYS DA (Culinary Institute of America)1		5.000			07/01/2034		322,125
	200,000	NYS DA (Fordham University)1		5.000			07/01/2030		232,720
	285,000	NYS DA (Fordham University)1		5.000			07/01/2038		293,906
	1,200,000	NYS DA (Fordham University)1		5.000			07/01/2041		1,379,556

11        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$150,000	NYS DA (Icahn School of Medicine at Mount Sinai)1		5.000	%		07/01/2034	$	170,171
	2,800,000	NYS DA (Icahn School of Medicine at Mount Sinai)1		5.000			07/01/2040		3,125,248
	5,400,000	NYS DA (Interagency Council)1		7.000			07/01/2035		6,249,420
	3,000,000	NYS DA (Iona College)1		5.000			07/01/2032		3,221,250
	10,000	NYS DA (Mental Health Services Facilities)1		5.000			02/15/2037		10,032
	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)1		5.000			07/01/2029		894,262
	1,000,000	NYS DA (New School University)1		5.750			07/01/2050		1,125,850
	2,100,000	NYS DA (New School)1		5.000			07/01/2040		2,408,931
	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		1,744,765
	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		13,134,035
	2,475,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2036		2,835,781
	10,000,000	NYS DA (NYU)1		5.000			07/01/2033		11,868,100
	2,500,000	NYS DA (NYU)1		5.000			07/01/2035		2,945,600
	5,890,000	NYS DA (NYU)1		5.000			07/01/2045		6,734,508
	3,200,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2029		3,611,808
	1,900,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2030		2,132,731
	1,200,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2032		1,335,096
	1,700,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2033		1,881,152
	1,300,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2035		1,425,216
	800,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2036		873,672
	800,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2037		872,992
	1,000,000	NYS DA (Pratt Institute)1		5.000			07/01/2034		1,129,260
	500,000	NYS DA (Pratt Institute)1		5.000			07/01/2046		565,780
	30,000,000	NYS DA (Sales Tax)4		5.000			03/15/1938		35,424,600
	39,540,000	NYS DA (Sales Tax)4		5.000			03/15/2033		47,255,747
	39,995,000	NYS DA (Sales Tax)4		5.000			03/15/2033		47,799,534
	10,000,000	NYS DA (Sales Tax)1		5.000			03/15/2034		11,942,700
	6,850,000	NYS DA (Sales Tax)1		5.000			03/15/2038		8,088,617
	13,065,000	NYS DA (Sales Tax)1		5.000			03/15/2039		15,379,987
	2,970,000	NYS DA (Sales Tax)1		5.000			03/15/2041		3,482,800
	1,750,000	NYS DA (School District Bond Financing Program), Series C1		7.250			10/01/2028		1,861,353
	2,645,000	NYS DA (School District Bond Financing Program), Series C1		7.375			10/01/2033		2,816,608
	245,000	NYS DA (Siena College)1		5.125			07/01/2039		262,451
	2,480,000	NYS DA (Special Surgery Hospital)1		6.000			08/15/2038		2,704,192
	270,000	NYS DA (St. John’s University)1		5.000			07/01/2028		309,209
	10,750,000	NYS DA (St. John’s University)1		5.000			07/01/2030		12,226,835
	400,000	NYS DA (St. John’s University)1		5.000			07/01/2034		461,852
	42,600,000	NYS DA (St. Mary’s Hospital for Children)1		7.875			11/15/2041		45,895,962
	855,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2026		871,151

12        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$5,000,000	NYS DA (State Personal Income Tax Authority)1		5.000	%		02/15/2028	$	6,171,450
	12,215,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2029		14,939,311
	10,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2031		11,970,100
	8,750,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2032		10,495,450
	23,435,000	NYS DA (State Personal Income Tax Authority)4		5.000			02/15/2033		27,497,501
	14,230,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2034		16,822,564
	15,915,000	NYS DA (State Personal Income Tax Authority)4		5.000			03/15/2034		17,838,295
	5,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2036		5,909,100
	2,145,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2037		2,516,321
	9,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2039		10,462,050
	27,995,000	NYS DA (State Personal Income Tax Authority)4		5.000			02/15/2040		32,847,985
	1,585,000	NYS DA (State University of New York)1		5.000			07/01/2035		1,739,141
	6,000,000	NYS DA (State University of New York)1		5.000			07/01/2038		6,181,020
	3,000,000	NYS DA (State University of New York)1		5.000			07/01/2040		3,277,230
	4,000,000	NYS DA (State University of New York)1		5.000			07/01/2045		4,567,560
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			02/15/2035		5,545,440
	5,000,000	NYS DA (The New School)1		4.000			07/01/2043		5,191,950
	1,545,000	NYS DA (The New School)1		5.000			07/01/2030		1,830,779
	4,395,000	NYS DA (The New School)1		5.000			07/01/2031		4,898,359
	3,490,000	NYS DA (The New School)1		5.000			07/01/2035		4,038,070
	2,490,000	NYS DA (The New School)1		5.000			07/01/2036		2,872,340
	3,735,000	NYS DA (The New School)1		5.000			07/01/2037		4,302,010
	2,905,000	NYS DA (The New School)1		5.000			07/01/2041		3,328,404
	3,300,000	NYS DA (The New School)1		5.000			07/01/2046		3,755,433
	4,375,000	NYS DA (Touro College and University System)1		5.500			01/01/2039		4,847,150
	20,000	NYS DA (UCPHCAS / Jawonio / FRC / CPW / UCPANYS / UCP Obligated Group)1		5.000			07/01/2034		20,065
	25,010,000	NYS DA (United Cerebral Palsy Assoc. of NYS)1		5.375			09/01/2050		25,201,827
	865,000	NYS DA (University of Rochester)1		5.750	6		07/01/2039		935,991
	135,000	NYS DA (University of Rochester)1		5.750	6		07/01/2039		144,890
	2,785,000	NYS DA (Yeshiva University)1		5.000			09/01/2034		2,814,354
	100,000	NYS DA (Yeshiva University)1		5.000			09/01/2034		107,463
	615,000	NYS DA (Yeshiva University)1		5.000			09/01/2034		661,629
	5,220,000	NYS DA (Yeshiva University)1		5.000			09/01/2038		5,259,724
	1,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2032		1,202,380
	1,575,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2035		1,869,242
	1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2037		1,445,506
	19,030,000	NYS EFC (NYC Municipal Water Finance Authority)1		5.000			06/15/2046		22,461,109
	28,670,000	NYS ERDA (Niagara Mohawk Power Corp.)1		3.088	10		12/01/2023		28,670,000
	2,000,000	NYS HFA (Affordable Hsg.)1		5.000			11/01/2042		2,065,560
	600,000	NYS HFA (Affordable Hsg.)1		5.200			11/01/2030		607,146
	2,365,000	NYS HFA (Affordable Hsg.)1		5.250			11/01/2038		2,367,578
	10,220,000	NYS HFA (Affordable Hsg.)4		5.450			11/01/2045		10,231,526
	1,080,000	NYS HFA (Affordable Hsg.)1		6.450			11/01/2029		1,135,577
	150,000	NYS HFA (Affordable Hsg.)1		6.750			11/01/2038		158,454

13        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$45,000	NYS HFA (Children’s Rescue)3		7.625	%		05/01/2018	$	45,004
	870,000	NYS HFA (Friendship)1		5.100			08/15/2041		870,800
	965,000	NYS HFA (Golden Age Apartments)1		5.000			02/15/2037		965,888
	150,000	NYS HFA (Highland Avenue Senior Apartments)1		5.000			02/15/2039		151,065
	125,000	NYS HFA (Horizons at Wawayanda)1		5.150			11/01/2040		125,148
	2,080,000	NYS HFA (Multifamily Hsg.)1		5.375			02/15/2035		2,082,600
	1,710,000	NYS HFA (Multifamily Hsg.)1		5.650			02/15/2034		1,712,599
	310,000	NYS HFA (Tiffany Gardens)1		5.125			08/15/2037		311,807
	1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000			11/15/2031		1,131,420
	21,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.750			11/15/2051		24,266,970
	31,875,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.250			10/01/2035		40,867,256
	4,690,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.500			10/01/2037		6,208,575
	16,700,000	NYS Power Authority1		5.000			11/15/2047		16,784,335
	3,250,000	NYS Thruway Authority1		5.000			01/01/2026		3,282,273
	7,650,000	NYS Thruway Authority1		5.000			01/01/2032		8,688,717
	37,465,000	NYS Thruway Authority1		5.000			01/01/2046		42,350,811
	26,725,000	NYS Thruway Authority1		5.250			01/01/2056		30,962,516
	2,000,000	NYS Thruway Authority Highway & Bridge Trust Fund1		5.000			04/01/2029		2,304,820
	5,625,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000			07/01/2035		5,868,394
	3,500,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000			07/01/2036		3,640,665
	36,250,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000			07/01/2041		40,045,013
	20,345,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000			07/01/2046		22,394,555
	72,290,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.250			01/01/2050		80,514,433
	6,165,000	NYS UDC (Service Contract)1		5.000			01/01/2023		6,228,808
	5,975,000	NYS UDC (Service Contract)1		5.000			01/01/2024		6,036,662
	10,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2025		12,195,000
	20,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2026		24,648,800
	2,860,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2027		3,509,792
	4,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2035		4,685,120
	10,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2035		11,865,900
	65,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)1		4.625			09/15/2030		62,574
	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)1		5.000			09/15/2035		830,116
	1,185,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2030		1,195,677
	1,115,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2037		1,123,251
	1,300,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000			05/01/2033		1,514,058
	840,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000			05/01/2034		973,762

14        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,150,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000	%		05/01/2037	$	1,320,764
	650,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000			05/01/2040		742,476
	1,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.000			07/01/2032		1,073,750
	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.375			07/01/2040		2,146,020
	3,465,000	Onondaga, NY Civic Devel. Corp. (Upstate Properties)1		5.250			12/01/2041		3,941,576
	1,320,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000			07/01/2037		1,400,045
	1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000			07/01/2042		1,515,590
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2021		1,720,076
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2026		6,351,079
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2026		2,240,342
	3,205,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000			10/01/2030		3,324,803
	2,000,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000			10/01/2035		2,039,640
	8,065,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000			10/01/2045		8,139,117
	6,400,000	Oyster Bay, NY GO1		3.500			06/01/2018		6,467,392
	26,615,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		27,479,988
	32,175,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2025		33,220,688
	1,000,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.000			12/01/2036		1,119,150
	345,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500			12/01/2028		358,800
	16,800,000	Port Authority NY/NJ (KIAC)1,3		6.750			10/01/2019		17,077,536
	82,000,000	Port Authority NY/NJ, 151st Series1		5.750			03/15/2035		83,612,120
	15,000,000	Port Authority NY/NJ, 151st Series4		6.000			09/15/2028		15,342,750
	101,940,000	Port Authority NY/NJ, 152nd Series4		5.250			11/01/2035		104,199,978
	13,715,000	Port Authority NY/NJ, 152nd Series1		5.250			05/01/2038		14,019,062
	1,200,000	Port Authority NY/NJ, 152nd Series1		5.750			11/01/2030		1,232,724
	22,500,000	Port Authority NY/NJ, 152nd Series4		5.750			11/01/2030		23,113,575
	15,300,000	Port Authority NY/NJ, 161st Series4		5.000			10/15/2031		16,505,946
	20,250,000	Port Authority NY/NJ, 163rd Series4		5.000			07/15/2039		22,209,181
	21,515,000	Port Authority NY/NJ, 166th Series4		5.000			01/15/2041		23,871,958
	15,000,000	Port Authority NY/NJ, 166th Series4		5.250			07/15/2036		16,850,700
	2,720,000	Port Authority NY/NJ, 169th Series1		5.000			10/15/2036		3,051,378
	400,000	Port Authority NY/NJ, 172nd Series1		5.000			10/01/2034		446,336
	8,340,000	Port Authority NY/NJ, 186th Series1		5.000			10/15/2033		9,591,834

15        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$9,170,000	Port Authority NY/NJ, 186th Series1		5.000	%		10/15/2034	$	10,539,998
	7,000,000	Port Authority NY/NJ, 197th Series1		5.000			11/15/2035		8,122,520
	5,550,000	Port Authority NY/NJ, 197th Series1		5.000			11/15/2036		6,415,967
	10,000,000	Port Authority NY/NJ, 197th Series1		5.000			11/15/2041		11,440,200
	28,000,000	Port Authority NY/NJ, 198th Series4		5.250			11/15/2056		32,847,012
	3,000,000	Port Authority NY/NJ, 200th Series1		5.000			10/15/2047		3,494,730
	100,000	Poughkeepsie, NY GO1		4.400			06/01/2024		100,217
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		6.000			08/01/2032		2,762,080
	2,525,000	Ramapo, NY Local Devel. Corp.1		5.000			03/15/2033		2,645,215
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375			12/01/2036		1,502,790
	980,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)1		4.900			07/01/2021		980,196
	8,525,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.625			08/15/2035		8,689,533
	13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.750			08/15/2043		13,347,734
	300,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.632	2		08/15/2060		8,646,000
	10,720,000	Schenectady County, NY Capital Resource Corp. (Union College)1		5.000			01/01/2047		12,328,858
	1,075,000	SONYMA, Series 1961		1.250			04/01/2019		1,072,205
	1,095,000	SONYMA, Series 1961		1.350			10/01/2019		1,091,868
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)1		5.000			09/01/2041		1,647,244
	4,775,000	St. Lawrence County, NY IDA (Clarkson University)1		5.375			09/01/2041		5,395,989
	520,000	St. Lawrence County, NY IDA (Clarkson University)1		6.000			09/01/2034		597,511
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)1		7.250			12/01/2029		4,035,136
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000			07/01/2030		1,445,734
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000			07/01/2031		1,525,080
	540,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000			07/01/2036		619,904
	205,000	Suffern, NY GO1		5.000			03/15/2020		218,471
	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		23,452,174
	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		4,187,837
	735,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)1		6.750			06/01/2027		746,914

16        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$4,200,000	Suffolk County, NY Economic Devel. Corp., Series A1		7.375	%		12/01/2040	$	4,359,642
	245,000	Suffolk County, NY IDA (ACLD)1		6.000			12/01/2019		245,390
	890,000	Suffolk County, NY IDA (ALIA-ACLD)1		5.950			10/01/2021		897,894
	845,000	Suffolk County, NY IDA (ALIA-Adelante)1		6.500			11/01/2037		850,898
	1,210,000	Suffolk County, NY IDA (ALIA-DDI)1,3		5.950			10/01/2021		1,220,733
	345,000	Suffolk County, NY IDA (ALIA-FREE)1,3		5.950			10/01/2021		348,060
	245,000	Suffolk County, NY IDA (ALIA-IGHL)1,3		5.950			10/01/2021		247,173
	360,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950			11/01/2022		363,524
	300,000	Suffolk County, NY IDA (ALIA-IGHL)1,3		6.000			10/01/2031		302,748
	250,000	Suffolk County, NY IDA (ALIA-NYS ARC)1,3		5.950			11/01/2022		252,448
	825,000	Suffolk County, NY IDA (ALIA-UCPAGS)1,3		5.950			10/01/2021		832,318
	235,000	Suffolk County, NY IDA (ALIA-WORCA)1,3		5.950			11/01/2022		237,301
	35,000	Suffolk County, NY IDA (DDI)1		6.000			12/01/2019		35,056
	130,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		122,174
	80,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			12/01/2019		80,127
	155,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			10/01/2020		155,304
	18,380,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1		5.500			01/01/2023		18,382,022
	40,000	Suffolk County, NY IDA (Suffolk Hotels)1,3		6.000			10/01/2020		40,078
	540,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1		6.000			12/01/2019		540,859
	350,000	Suffolk County, NY IDA (WORCA)1,3		6.000			10/01/2020		350,686
	9,130,000	Suffolk, NY Tobacco Asset Securitization Corp.		5.375			06/01/2028		9,212,627
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.625	6		06/01/2044		126,042,325
	227,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		7.996	2		06/01/2048		17,124,418
	3,780,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350			11/01/2049		3,446,680
	13,865,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350			11/01/2049		12,642,384
	40,865,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350			11/01/2049		37,261,524
	5,830,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350			11/01/2049		5,315,911
	5,760,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350			11/01/2049		5,252,832
	5,750,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2033		6,540,108
	13,875,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2035		15,662,933
	3,800,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2036		4,275,000
	820,000	Syracuse, NY IDA (James Square)		2.552	2		08/01/2025		479,798
	22,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000			09/01/2030		24,607,487
	945,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.125			09/01/2040		1,034,132
	185,000	Ulster County, NY Res Rec1		5.000			03/01/2020		185,612
	6,245,000	Westchester County, NY Healthcare Corp., Series A1		5.000			11/01/2030		6,794,435
	7,681,344	Westchester County, NY Healthcare Corp., Series A1		5.000			11/01/2044		8,185,931
	1,700,000	Westchester County, NY Healthcare Corp., Series B1		5.125			11/01/2041		1,830,526
	1,040,000	Westchester County, NY IDA (Clearview School)1		7.250			01/01/2035		1,041,872

17        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$2,165,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)1		4.000	%		06/01/2030	$	2,283,296
	2,190,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)1		4.000			06/01/2031		2,296,281
	1,500,000	Westchester County, NY Local Devel. Corp. (Wartburg Senior Hsg.)1		5.000			06/01/2030		1,513,935
	13,730,000	Westchester County, NY Local Devel. Corp. (Westchester County Healthcare Corp.)1		5.000			11/01/2046		14,937,416
	22,325,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2045		22,681,307
	3,080,000	White Plains, NY City School District1		5.000			06/15/2019		3,293,506
	1,525,000	Yonkers, NY IDA (Hudson Scenic Studio)1		6.625			11/01/2019		1,520,242
	1,275,000	Yonkers, NY IDA (Philipsburg Hall Associates)1		7.500			11/01/2030		1,171,049
	155,000	Yonkers, NY Parking Authority1		6.000			06/15/2018		155,198
	1,215,000	Yonkers, NY Parking Authority1		6.000			06/15/2024		1,193,859
									4,911,389,180
	U.S. Possessions—22.9%
	1,830,000	Guam Education Financing Foundation COP1		5.000			10/01/2022		2,057,286
	3,840,000	Guam Education Financing Foundation COP1		5.000			10/01/2023		4,372,262
	3,600,000	Guam Government Business Privilege1		5.000			01/01/2031		3,801,384
	6,000,000	Guam Government Business Privilege1		5.000			01/01/2032		6,318,660
	1,735,000	Guam Government Waterworks Authority & Wastewater System1		5.250			07/01/2025		1,988,275
	345,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		359,114
	1,230,000	Guam Power Authority, Series A1		5.000			10/01/2023		1,399,273
	1,560,000	Guam Power Authority, Series A1		5.000			10/01/2024		1,765,561
	2,790,000	Guam Power Authority, Series A1		5.000			10/01/2030		3,133,365
	1,145,000	Northern Mariana Islands Commonwealth, Series A1,3		5.000			10/01/2022		1,099,841
	25,530,000	Northern Mariana Islands Commonwealth, Series A1		5.000			06/01/2030		22,353,813
	6,355,000	Northern Mariana Islands Ports Authority, Series A1		6.250			03/15/2028		5,576,449
	12,360,000	Northern Mariana Islands Ports Authority, Series A1		6.600			03/15/2028		11,992,661
	1,950,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033		1,424,280
	49,000,000	Puerto Rico Aqueduct & Sewer Authority, AGC		5.125			07/01/2047		49,788,410
	10,000,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2024		7,587,500
	1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		1,169,563
	50,800,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		39,202,868
	30,135,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		23,108,121
	15,350,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		11,366,982
	50,200,000	Puerto Rico Aqueduct & Sewer Authority		6.125	6		07/01/2024		39,090,740
	68,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.664	2		05/15/2050		7,753,515
	3,244,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.622	2		05/15/2057		131,287,845
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.372	2		05/15/2057		72,422,176
	2,000,000	Puerto Rico Commonwealth GO5		5.000			07/01/2033		917,500
	13,300,000	Puerto Rico Commonwealth GO5		5.125			07/01/2031		6,101,375

18        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$3,315,000	Puerto Rico Commonwealth GO, FGIC12		5.125	%		07/01/2031	$	2,519,400
	2,200,000	Puerto Rico Commonwealth GO5		5.250			07/01/2026		1,009,250
	2,920,000	Puerto Rico Commonwealth GO5		5.250			07/01/2030		1,339,550
	14,500,000	Puerto Rico Commonwealth GO5		5.250			07/01/2031		6,651,875
	2,500,000	Puerto Rico Commonwealth GO5		5.250			07/01/2032		1,146,875
	10,230,000	Puerto Rico Commonwealth GO5		5.250			07/01/2034		4,693,012
	4,965,000	Puerto Rico Commonwealth GO5		5.250			07/01/2037		2,277,694
	5,000,000	Puerto Rico Commonwealth GO5		5.375			07/01/2033		2,293,750
	1,000,000	Puerto Rico Commonwealth GO5		5.500			07/01/2026		458,750
	7,850,000	Puerto Rico Commonwealth GO, FGIC12		5.500			07/01/2029		5,966,000
	76,300,000	Puerto Rico Commonwealth GO5		5.500			07/01/2032		35,002,625
	3,205,000	Puerto Rico Commonwealth GO5		5.625			07/01/2033		1,470,294
	5,000,000	Puerto Rico Commonwealth GO5		5.750			07/01/2028		2,293,750
	30,000,000	Puerto Rico Commonwealth GO5		5.750			07/01/2036		13,762,500
	770,000	Puerto Rico Commonwealth GO5		5.875			07/01/2036		353,237
	1,000,000	Puerto Rico Commonwealth GO5		6.000			07/01/2028		458,750
	1,270,000	Puerto Rico Commonwealth GO, NPFGC1		6.000			07/01/2028		1,315,517
	2,700,000	Puerto Rico Commonwealth GO5		6.000			07/01/2035		1,238,625
	390,000	Puerto Rico Commonwealth GO5		6.000			07/01/2039		178,912
	3,670,000	Puerto Rico Commonwealth GO5		6.000			07/01/2040		1,683,612
	5,050,000	Puerto Rico Commonwealth GO5		6.500			07/01/2037		2,316,687
	5,675,000	Puerto Rico Commonwealth GO5		6.500			07/01/2040		2,603,406
	1,866,384	Puerto Rico Electric Power Authority5		10.000			07/01/2019		899,466
	1,866,385	Puerto Rico Electric Power Authority5		10.000			07/01/2019		899,467
	1,967,211	Puerto Rico Electric Power Authority5		10.000			01/01/2021		948,806
	1,967,211	Puerto Rico Electric Power Authority5		10.000			07/01/2021		949,081
	655,737	Puerto Rico Electric Power Authority5		10.000			01/01/2022		317,213
	655,738	Puerto Rico Electric Power Authority5		10.000			07/01/2022		317,213
	2,000,000	Puerto Rico Electric Power Authority, Series A5		5.000			07/01/2029		965,000
	1,095,000	Puerto Rico Electric Power Authority, Series A5		5.000			07/01/2042		528,338
	18,990,000	Puerto Rico Electric Power Authority, Series A5		6.750			07/01/2036		9,162,675
	3,620,000	Puerto Rico Electric Power Authority, Series A5		7.000			07/01/2033		1,746,650
	23,480,000	Puerto Rico Electric Power Authority, Series A5		7.000			07/01/2043		11,329,100
	9,000,000	Puerto Rico Electric Power Authority, Series AAA5		5.250			07/01/2022		4,342,500
	9,625,000	Puerto Rico Electric Power Authority, Series AAA5		5.250			07/01/2031		4,644,063
	20,170,000	Puerto Rico Electric Power Authority, Series CCC5		5.250			07/01/2027		9,732,025
	13,295,000	Puerto Rico Electric Power Authority, Series CCC5		5.250			07/01/2028		6,414,838
	510,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000			07/01/2024		515,717
	6,320,000	Puerto Rico Electric Power Authority, Series TT5		5.000			07/01/2032		3,049,400
	5,285,000	Puerto Rico Electric Power Authority, Series TT5		5.000			07/01/2037		2,550,013
	3,700,000	Puerto Rico Electric Power Authority, Series WW5		5.000			07/01/2028		1,785,250
	33,350,000	Puerto Rico Electric Power Authority, Series WW5		5.500			07/01/2038		16,091,375
	7,000,000	Puerto Rico Electric Power Authority, Series XX5		5.250			07/01/2040		3,377,500
	10,000,000	Puerto Rico Electric Power Authority, Series ZZ5		5.250			07/01/2024		4,825,000
	7,590,000	Puerto Rico Electric Power Authority, Series ZZ5		5.250			07/01/2025		3,662,175
	9,515,000	Puerto Rico Highway & Transportation Authority5		5.000			07/01/2028		118,937
	4,945,000	Puerto Rico Highway & Transportation Authority5		5.300			07/01/2035		2,929,912

19        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$270,000	Puerto Rico Highway & Transportation Authority5		5.750	%		07/01/2020	$	3,375
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G5		5.000			07/01/2033		2,143,975
	1,840,000	Puerto Rico Highway & Transportation Authority, Series G5		5.000			07/01/2042		439,300
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H5		5.450			07/01/2035		267,400
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K5		5.000			07/01/2027		1,551,875
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K5		5.000			07/01/2030		273,369
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L, NPFGC1		5.250			07/01/2023		2,791,698
	915,000	Puerto Rico Highway & Transportation Authority, Series L, FGIC12		5.250			07/01/2030		576,679
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M5		5.000			07/01/2046		18,768,137
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N, NPFGC1		5.250			07/01/2032		3,396,010
	57,615,000	Puerto Rico Highway & Transportation Authority, Series N, FGIC12		5.250			07/01/2039		36,311,854
	25,255,000	Puerto Rico Infrastructure11		5.000			07/01/2031		1,736,281
	675,000	Puerto Rico Infrastructure5		5.000			07/01/2037		46,406
	17,490,000	Puerto Rico Infrastructure11		5.000			07/01/2037		1,202,437
	142,985,000	Puerto Rico Infrastructure5		5.000			07/01/2041		9,830,219
	41,740,000	Puerto Rico Infrastructure11		5.000			07/01/2046		2,869,625
	16,955,000	Puerto Rico Infrastructure, AMBAC		5.646	2		07/01/2029		8,798,289
	65,725,000	Puerto Rico Infrastructure, FGIC12		5.728	2		07/01/2045		8,481,154
	25,000,000	Puerto Rico Infrastructure, FGIC12		5.797	2		07/01/2032		6,052,000
	1,540,000	Puerto Rico Infrastructure5		6.000			12/15/2026		881,650
	1,680,000	Puerto Rico Infrastructure (Mepsi Campus)5		6.500			10/01/2037		833,935
	1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			04/01/2027		1,315,143
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		5,753,415
	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.125			04/01/2032		834,085
	835,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			12/01/2021		835,451
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			04/01/2042		1,129,248
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.500			12/01/2031		6,283,741
	3,280,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		3,102,355
	650,000	Puerto Rico ITEMECF (International American University)1		5.000			10/01/2031		672,367
	4,015,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.700			05/01/2024		3,940,160
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.000			10/01/2042		137,976
	5,490,000	Puerto Rico ITEMECF (University Plaza), NPFGC1		5.000			07/01/2033		5,537,543
	4,990,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2025		2,356,577
	90,355,000	Puerto Rico Public Buildings Authority11		5.000			07/01/2036		39,078,537
	7,500,000	Puerto Rico Public Buildings Authority11		5.000			07/01/2037		3,243,750
	18,585,000	Puerto Rico Public Buildings Authority5		5.250			07/01/2029		8,038,012
	121,570,000	Puerto Rico Public Buildings Authority11		5.250			07/01/2033		52,579,025

20        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$9,450,000	Puerto Rico Public Buildings Authority5		5.375	%		07/01/2033	$	4,087,125
	850,000	Puerto Rico Public Buildings Authority5		5.500			07/01/2037		367,625
	2,110,000	Puerto Rico Public Buildings Authority5		5.625			07/01/2039		912,575
	31,050,000	Puerto Rico Public Buildings Authority5		6.000			07/01/2041		13,429,125
	1,500,000	Puerto Rico Public Buildings Authority5		6.250			07/01/2021		648,750
	7,500,000	Puerto Rico Public Buildings Authority5		6.250			07/01/2031		3,243,750
	8,000,000	Puerto Rico Public Buildings Authority11		6.500			07/01/2030		3,460,000
	7,500,000	Puerto Rico Public Buildings Authority11		6.750			07/01/2036		3,243,750
	11,810,000	Puerto Rico Public Finance Corp., Series B11		5.500			08/01/2031		383,825
	3,130,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.000			08/01/2024		653,388
	1,490,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.000			08/01/2043		311,038
	288,445,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.250			08/01/2057		159,365,863
	75,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.500			08/01/2037		15,656
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.499	2		08/01/2042		7,468,800
	8,205,000	Puerto Rico Sales Tax Financing Corp., Series A5		6.500			08/01/2044		1,712,794
	129,035,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.567	2		08/01/2043		30,337,419
	16,265,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.658	2		08/01/2041		4,275,581
	9,370,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.718	2		08/01/2045		1,971,073
	15,265,000	Puerto Rico Sales Tax Financing Corp., Series A5		7.886	2		08/01/2034		1,032,219
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-15		5.250			08/01/2043		2,087,500
	9,985,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.250			08/01/2041		2,084,369
	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.375			08/01/2036		835,000
	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.750			08/01/2057		50,717,963
	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C5		6.000			08/01/2039		302,688
	250,000	Puerto Rico Sales Tax Financing Corp., Series C5		6.000			08/01/2042		52,188
	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C5		6.750	6		08/01/2032		8,239,363
	4,525,000	University of Puerto Rico		5.000			06/01/2026		3,009,125
	7,280,000	University of Puerto Rico, Series P		5.000			06/01/2030		4,841,200
	24,375,000	University of Puerto Rico, Series Q		5.000			06/01/2030		16,209,375
	67,190,000	University of Puerto Rico, Series Q		5.000			06/01/2036		44,681,350
	1,500,000	V.I. Public Finance Authority1		5.000			09/01/2033		1,642,500
	2,180,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000			10/01/2032		2,292,139
	2,280,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)		5.000			10/01/2032		1,504,618
	10,920,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		5.000			10/01/2029		11,549,647
	590,000	V.I. Public Finance Authority (Matching Fund Loan Note)		6.000			10/01/2039		385,028
	2,555,000	V.I. Public Finance Authority, Series A1		5.000			10/01/2032		2,686,429
	5,000,000	V.I. Public Finance Authority, Series C		5.000			10/01/2039		3,202,400

21        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount		Coupon		Maturity		Value
U.S. Possessions (Continued)
$11,100,000	V.I. Tobacco Settlement Financing Corp.		7.296%2		05/15/2035	$	2,125,539
							1,278,036,434
Total Municipal Bonds and Notes (Cost $7,223,783,123)							6,189,425,614
Shares
Common Stock—0.1%
1,401	CMS Liquidating Trust13,14,15 (Cost $4,483,200)						3,817,725
Total Investments, at Value (Cost $7,228,266,323)—111.2%							6,193,243,339
Net Other Assets (Liabilities)—(11.2)							(624,961,035	)
Net Assets—100.0%							$  5,568,282,304

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. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the

Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See Note 3 of the accompanying Notes.

5. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate. 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. This interest rate resets periodically. Interest rate shown reflects the rate in effect at period end. The rate on this variable rate security is not based on a published reference rate and spread but is determined by the issuer or agent based on current market conditions.

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

12. The issuer of this security has missed or is expected to miss interest and/or principal payments on this security. The security is insured and is accruing partial income at a rate anticipated to be recovered through the insurer. The rate shown is the contractual interest rate.

13. Non-income producing security.

14. Received as a result of a corporate action.

15. The value of this security was determined using significant unobservable inputs. See Note 2 of the accompanying Notes.

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
AGC	Assured Guaranty Corp.
ALIA	Alliance of Long Island Agencies

22        OPPENHEIMER ROCHESTER FUND MUNICIPALS

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

AMBAC	AMBAC Indemnity Corp.
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
ERDA	Energy Research and Devel. Authority
FGIC	Financial Guaranty Insurance Co.
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
HHA	Huntington Hospital Association
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
NPFGC	National Public Finance Guarantee Corp.
NSUH	North Shore University Hospital
NSUHSFCEC&R	North Shore University Hospital Stern Family Center for Extended Care & Rehabilitation
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
NYU	New York University
PHCtr	Putnam Hospital Center
PlainH	Plainview Hospital
PSCH	Professional Service Centers for the Handicapped, Inc.
Res Rec	Resource Recovery Facility

23        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

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

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
UBF	University of Buffalo Foundation
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.

24        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS September 30, 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 primarily using unadjusted quoted market prices, when available, as supplied by third party pricing services or broker-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, or if no sales occurred, the security is valued at the mean between the quoted bid and asked prices. Over-the-counter equity securities are valued at the last published sale price, or if no sales occurred, at the mean between the quoted bid and asked prices. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when the Fund’s assets are valued.

    Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, short-term notes, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the bid and asked prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades

25        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

2. Securities Valuation (Continued)

may occur in smaller, “odd lot” sizes, sometimes at lower prices than institutional round lot trades. Standard inputs generally considered by third-party pricing vendors include reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, as well as other appropriate factors.

    Securities for which market quotations are not readily available 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. Those standardized fair valuation 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 regularly compares prior day prices and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs may be 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

26        OPPENHEIMER ROCHESTER FUND MUNICIPALS

2. Securities Valuation (Continued)

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	$	—	$	4,911,389,180	$	—	$	4,911,389,180
U.S. Possessions		—		1,278,036,434		—		1,278,036,434
Common Stock		—		—		3,817,725		3,817,725
Total Assets	$	—	$	6,189,425,614	$	3,817,725	$	6,193,243,339

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

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

	Transfers into Level 2*		Transfers out of Level 3*
Assets Table
Investments, at Value:
Municipal Bonds and Notes
U.S. Possessions	$	7,134,656		$        (7,134,656)
Total Assets	$	7,134,656		$        (7,134,656)

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

3. Investments and Risks

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

    An inverse floating rate security is created as part of a financial transaction referred to as a

27        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

“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 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

28        OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

(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 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

29        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

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 $123,985,000.

    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 $942,353,379 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $517,100,000 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
	$    13,250,000	Hudson Yards, NY Infrastructure Corp. Tender Option Bond Series 2017-XF0550 Trust		8.528	%		2/15/42	$	17,600,505
	7,000,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0564 Trust		12.874			11/15/57		10,934,980
	8,335,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0572 Trust		12.110			11/15/36		13,002,933
	7,955,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0583 Trust		12.810			11/15/56		11,867,746

30        OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$      2,500,000	NYC GO Tender Option Bond Series 2015 XF-2040 Trust3		15.486	%		10/1/34	$	3,795,400
	5,000,000	NYC GO Tender Option Bond Series 2015-XF2103 Trust		16.498			3/1/21		6,210,200
	710,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-2 Trust		17.650			11/1/39		807,866
	2,730,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-3 Trust		18.250			11/1/46		3,148,919
	775,000	NYC HDC, Series C-1 Tender Option Bond Series 2015-XF0009 Trust		17.400			11/1/34		908,610
	7,935,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF0238 Trust		17.680			6/15/19		12,012,638
	5,395,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF2141 Trust3		16.996			6/15/43		8,066,226
	3,750,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2156 Trust3		16.688			7/15/37		5,684,400
	6,250,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2157 Trust3		15.677			7/15/37		9,760,000
	7,500,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2038 Trust3		8.523			5/1/34		9,661,800
	10,170,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2039 Trust3		8.521			2/1/30		13,485,318
	17,015,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2474 Trust		8.599			5/1/40		22,441,764
	10,000,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2017-XF0566 Trust		12.236			2/1/43		14,854,300
	19,770,000	NYS DA (Sales Tax) Tender Option Bond Series 2016-XF0529-1 Trust		8.579			3/15/33		27,661,789
	19,995,000	NYS DA (Sales Tax) Tender Option Bond Series 2016-XF0529-2 Trust		8.580			3/15/35		27,623,492
	10,000,000	NYS DA (Sales Tax) Tender Option Bond Series 2017-XF0567 Trust		12.116			3/15/38		15,424,600
	11,715,000	NYS DA (State Personal Income Tax Authority) Tender Option Bond Series 2017-XF2475 Trust		8.600			2/15/33		16,106,602
	13,995,000	NYS DA (State Personal Income Tax Authority) Tender Option Bond Series 2017-XF2475-2 Trust		8.600			2/15/40		18,518,884
	3,980,000	NYS DA Tender Option Bond Series 2015-XF2042 Trust3		15.482			3/15/34		5,903,295
	3,410,000	NYS HFA Tender Option Bond Series 2015-XF2134 Trust3		13.387			11/1/45		3,421,526
	7,500,000	NYS Liberty Devel. Corp. (Bank of America Tower at One Bryant Park) Tender Option Bond Series 2015-XF2153 Trust3		8.841			1/15/44		8,661,450
	15,585,000	NYS Liberty Devel. Corp. (One Bryant Park) Tender Option Bond Series 2015-XF2107 Trust		18.016			1/15/46		21,732,036
	3,750,000	Port Authority NY/NJ Tender Option Bond Series 2015-XF2138 Trust3		19.604			9/15/28		4,092,750
	20,000,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0002 Trust		8.950			11/1/35		20,886,800

31        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
$      7,500,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0031 Trust		14.312	%		11/1/30	$	8,113,575
28,970,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF2106 Trust		9.544			11/1/35		30,343,178
5,060,000	Port Authority NY/NJ, 163rd Series Tender Option Bond Series 2015-XF0237 Trust		15.659			1/15/19		7,019,181
10,755,000	Port Authority NY/NJ, 166th Series Tender Option Bond Series 2016-XF2211 Trust		8.525			1/15/41		13,111,958
9,335,000	Port Authority NY/NJ, 198th Series Tender Option Bond Series 2017-XF0565 Trust		12.872			11/15/56		14,182,012
7,500,000	Port Authority NY/NJ, 3249th Series Tender Option Bond Series 2015 XF-2025 Trust3		9.029			7/15/36		9,350,700
7,650,000	Port Authority NY/NJ, 3264th Series Tender Option Bond Series 2015 XF-2028 Trust3		8.523			10/15/31		8,855,946
							$	425,253,379

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 $517,100,000.

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 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

32        OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

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	$	63,243,055
Sold securities		19,114,580

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 and/or principal payment.

    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 the Oversight Board to file cases on behalf of the Commonwealth of Puerto Rico or one of its instrumentalities to restructure debt and other obligations of the relevant entity 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

33        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

(“COFINA”), two of the largest issuers of Puerto Rico debt. Title III petitions for Puerto Rico Highways & Transportation Authority (“PRHTA”) and Puerto Rico Electric Power Authority (“PREPA”) were subsequently filed in mid-May and early July, respectively. 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.

Information concerning securities not accruing interest at period end is as follows:

Cost	$1,019,597,406
Market Value	$473,365,005
Market Value as % of Net Assets	8.50%

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

34        OPPENHEIMER ROCHESTER FUND MUNICIPALS

4. Market Risk Factors (Continued)

value. In addition, debt securities with longer maturities, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter maturities.

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

35        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 9/30/2017, 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:	11/14/2017

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:	11/14/2017

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	11/14/2017