UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3614

Oppenheimer Rochester Fund Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

225 Liberty Street, New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: December 31

Date of reporting period: 3/31/2018

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS March 31, 2018 Unaudited

Principal Amount			Coupon		Maturity		Value
	Municipal Bonds and Notes—109.4%
	New York—90.1%
	$495,000	Albany County, NY IDA (Wildwood Programs)1		4.900%		07/01/2021	$	494,980
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.375		07/01/2026		1,595,668
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.625		07/01/2031		1,376,884
	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.875		07/01/2041		8,524,832
	300,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2027		346,239
	400,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2028		460,408
	550,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2029		630,927
	350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2030		399,605
	350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2031		397,992
	200,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2032		226,508
	445,000	Albany, NY IDA (Albany Rehabilitation)1		8.375		06/01/2023		445,654
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000		04/01/2032		1,229,337
	900,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000		04/01/2037		783,144
	1,760,000	Albany, NY IDA (Sage Colleges)		5.300		04/01/2029		1,594,596
	315,000	Albany, NY Parking Authority1		5.000		07/15/2025		357,916
	1,000,000	Amherst, NY Devel. Corp. Student Hsg. (UBF Faculty-Student Hsg. Corp.)1		5.000		10/01/2045		1,142,860
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)1		6.300		11/01/2033		2,738,036
	1,235,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)1		5.250		11/01/2036		1,401,750
	2,750,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		5.000		07/15/2026		3,189,972
	2,250,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000		07/15/2028		2,595,105
	7,500,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000		07/15/2030		8,588,025
	63,945,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000		07/15/2042		71,140,731
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.375		10/01/2041		1,931,459
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		6.000		10/01/2031		973,895
	500,000	Buffalo & Erie County, NY Industrial Land Devel. (CathHS/KMHosp/SOCHOB Obligated Group)1		5.250		07/01/2035		557,230
	1,500,000	Buffalo & Erie County, NY Industrial Land Devel. (Charter School for Applied Technologies)1		4.500		06/01/2027		1,591,260
	840,000	Buffalo & Erie County, NY Industrial Land Devel. (Charter School for Applied Technologies)1		5.000		06/01/2035		893,248
	300,000	Buffalo, NY Municipal Water Finance Authority1		5.000		07/01/2029		342,993

1      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$150,000	Buffalo, NY Municipal Water Finance Authority1		5.000%		07/01/2030	$	170,652
	210,000	Buffalo, NY Municipal Water Finance Authority1		5.000		07/01/2031		238,033
	245,000	Buffalo, NY Municipal Water Finance Authority1		5.000		07/01/2032		276,171
	2,100,000	Build NYC Resource Corp. (Chapin School)1		5.000		11/01/2026		2,528,190
	880,000	Build NYC Resource Corp. (Manhattan College)1		5.000		08/01/2032		1,011,428
	1,500,000	Build NYC Resource Corp. (Manhattan College)1		5.000		08/01/2036		1,701,945
	2,885,000	Build NYC Resource Corp. (Manhattan College)1		5.000		08/01/2047		3,234,056
	1,100,000	Build NYC Resource Corp. (New York Methodist Hospital)1		5.000		07/01/2026		1,241,075
	500,000	Build NYC Resource Corp. (New York Methodist Hospital)1		5.000		07/01/2030		555,335
	1,500,000	Build NYC Resource Corp. (Pratt Paper)1		4.500		01/01/2025		1,646,010
	3,250,000	Build NYC Resource Corp. (Pratt Paper)1		5.000		01/01/2035		3,495,960
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)1		5.000		08/01/2032		920,983
	2,730,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)1		5.750		11/01/2030		2,703,382
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1		5.000		05/01/2040		1,067,080
	510,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2030		564,544
	540,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2031		594,956
	200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2034		218,612
	250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2039		272,400
	360,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.450		09/15/2019		361,159
	95,000	Chautauqua, NY Utility District1		5.000		06/01/2023		95,150
	105,000	Chautauqua, NY Utility District1		5.000		06/01/2025		105,144
	515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		4.850		07/01/2023		516,818
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		5.000		07/01/2033		1,518,257
	2,335,000	Dutchess County, NY IDA (Marist College)1		5.000		07/01/2036		2,620,781
	3,680,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2027		4,263,390
	1,255,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2030		1,440,037
	2,715,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2035		3,070,746
	1,195,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2044		1,310,150
	25,775,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2046		28,580,093
	650,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.750		07/01/2040		707,408

2      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000%		07/01/2034	$	976,928
	840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000		07/01/2036		971,779
	1,205,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000		07/01/2037		1,390,883
	2,535,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000		07/01/2042		2,912,867
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.392 2		06/01/2027		774,420
	1,675,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)1		6.750		03/01/2030		1,620,830
	2,470,000	East Rochester, NY Hsg. Authority (Woodland Village)1		5.500		08/01/2033		2,474,125
	2,350,000	Elmira, NY Hsg. Authority (Eastgate Apartments)1		6.250		06/01/2044		2,359,376
	2,665,000	Erie County, NY IDA (Global Concepts Charter School)1		6.250		10/01/2037		2,724,216
	715,000	Erie County, NY IDA (The Episcopal Church Home)1		6.000		02/01/2028		716,859
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.190 2		06/01/2055		9,911,243
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.645 2		06/01/2060		30,627,840
	1,500,000	Essex County, NY IDA (International Paper Company)1		6.625		09/01/2032		1,532,175
	300,000	Franklin County, NY Solid Waste Management Authority1		5.000		06/01/2025		328,074
	55,000	Genesee County, NY IDA (United Memorial Medical Center)1		5.000		12/01/2032		55,022
	475,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2029		539,676
	1,700,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2029		1,873,893
	425,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2030		480,692
	390,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2031		439,124
	700,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2032		785,218
	1,500,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2034		1,633,920
	730,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2035		812,760
	570,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2036		633,669
	650,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2038		719,907
	1,250,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2039		1,354,287

3      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000%		07/01/2044	$	1,080,520
	11,000,000	Hudson Yards, NY Infrastructure Corp.1		5.000		02/15/2038		12,590,710
	15,705,000	Hudson Yards, NY Infrastructure Corp.1		5.000		02/15/2039		17,949,873
	39,880,000	Hudson Yards, NY Infrastructure Corp.1		5.000		02/15/2042		45,448,046
	26,500,000	Hudson Yards, NY Infrastructure Corp.3		5.000		02/15/2042		30,199,930
	30,750,000	Hudson Yards, NY Infrastructure Corp.1		5.000		02/15/2045		34,967,055
	13,125,000	Hudson Yards, NY Infrastructure Corp.1		5.750		02/15/2047		14,305,069
	21,325,000	Hudson Yards, NY Infrastructure Corp.1		5.750		02/15/2047		23,635,990
	2,000,000	Jefferson County, NY Civic Facility Devel. Corp. (Samaritan Medical Center/Samaritan Medical Practice Obligated Group)1		5.000		11/01/2037		2,202,940
	1,000,000	L.I., NY Power Authority1		5.000		09/01/2028		1,178,160
	750,000	L.I., NY Power Authority1		5.000		09/01/2029		879,562
	750,000	L.I., NY Power Authority1		5.000		09/01/2030		876,195
	2,405,000	L.I., NY Power Authority1		5.000		09/01/2037		2,750,117
	9,000,000	L.I., NY Power Authority1		5.000		09/01/2042		10,228,860
	30,675,000	L.I., NY Power Authority1		5.000		09/01/2047		34,810,297
	29,735,000	L.I., NY Power Authority, Series A1		5.000		09/01/2037		32,703,445
	12,315,000	L.I., NY Power Authority, Series A1		5.000		09/01/2039		13,658,074
	20,000,000	L.I., NY Power Authority, Series A1		5.000		09/01/2042		21,944,000
	14,530,000	L.I., NY Power Authority, Series A1		5.000		09/01/2044		16,123,650
	5,000,000	L.I., NY Power Authority, Series B1		5.000		09/01/2030		5,778,600
	6,280,000	L.I., NY Power Authority, Series B1		5.000		09/01/2035		7,142,370
	3,750,000	L.I., NY Power Authority, Series B1		5.000		09/01/2036		4,256,062
	12,335,000	L.I., NY Power Authority, Series B1		5.000		09/01/2041		13,931,519
	435,000	Lockport City, NY GO1		5.000		10/15/2020		468,086
	455,000	Lockport City, NY GO1		5.000		10/15/2021		499,704
	480,000	Lockport City, NY GO1		5.000		10/15/2022		535,046
	505,000	Lockport City, NY GO1		5.000		10/15/2023		569,862
	530,000	Lockport City, NY GO1		5.000		10/15/2024		602,218
	100,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000		06/01/2033		100,560
	2,285,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)1		6.500		12/01/2042		2,248,897
	5,000,000	Monroe County, NY IDA (Rochester General Hospital)1		5.000		12/01/2046		5,508,850
	800,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2027		960,072
	1,200,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2028		1,432,596
	1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2029		1,788,060
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2030		1,141,030
	2,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2030		2,366,340
	1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2031		1,707,420

4      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$1,520,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000%		05/01/2031	$	1,790,378
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2032		1,174,380
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2033		1,169,140
	180,000	Monroe County, NY IDA (University of Rochester)1		5.000		07/01/2028		208,609
	100,000	Monroe County, NY IDA (Volunteers of America)1		5.700		08/01/2018		100,017
	2,785,000	Monroe County, NY IDA (Volunteers of America)1		5.750		08/01/2028		2,763,388
	375,000	Monroe County, NY Industrial Devel. Corp. (Highland Hospital of Rochester)1		5.000		07/01/2034		419,347
	890,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)1		5.000		01/15/2038		972,450
	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000		10/01/2026		938,986
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.250		10/01/2031		556,550
	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.500		10/01/2041		2,063,597
	50,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)1		5.000		12/01/2037		53,911
	2,010,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)1		5.000		12/01/2042		2,151,042
	500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000		06/01/2029		558,835
	1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000		06/01/2044		1,652,168
	960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.500		06/01/2034		1,098,691
	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.625		06/01/2026		935,943
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000		06/01/2034		1,663,158
	5,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.500		08/15/2040		5,480,650
	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.750		08/15/2035		16,812,642
	1,500,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)1		5.000		07/01/2032		1,709,685
	1,000,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)1		5.000		07/01/2033		1,134,890
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.699 2		06/01/2061		19,194,500
	802,824	Municipal Assistance Corp. for Troy, NY		5.732 2		07/15/2021		748,633
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.740 2		01/15/2022		1,118,406
	4,025,000	Nassau County, NY GO1		5.000		04/01/2030		4,524,704
	6,475,000	Nassau County, NY GO1		5.000		04/01/2031		7,240,928
	7,045,000	Nassau County, NY GO1		5.000		04/01/2032		7,861,868

5      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$1,000,000	Nassau County, NY GO1		5.000%		01/01/2038	$	1,123,290
	195,000	Nassau County, NY IDA (ACDS)1		5.950		11/01/2022		193,305
	2,101,661	Nassau County, NY IDA (Amsterdam at Harborside)4		2.000		01/01/2049		357,282
	225,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)1		5.950		11/01/2022		223,045
	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)1		6.500		11/01/2037		1,676,832
	215,000	Nassau County, NY IDA (Life’s WORCA)1,5		5.950		11/01/2022		213,132
	305,000	Nassau County, NY IDA (PLUS Group Home)1,5		6.150		11/01/2022		303,426
	220,000	Nassau County, NY IDA, Series A-A1		6.000		06/01/2021		219,617
	290,000	Nassau County, NY IDA, Series A-C1		6.000		06/01/2021		289,495
	315,000	Nassau County, NY IDA, Series A-D1		6.000		06/01/2021		314,452
	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		328,731
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.644 2		06/01/2060		27,952,645
	105,975,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.219 2		06/01/2046		11,023,519
	40,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.349 2		06/01/2060		920,000
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)1		5.375		04/01/2036		3,680,239
	500,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750		06/01/2018		499,535
	500,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000		05/01/2035		544,515
	850,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000		05/01/2042		919,870
	280,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000		04/01/2021		303,702
	1,300,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)1		7.375		12/15/2021		1,444,365
	5,135,000	NY Counties Tobacco Trust I1		6.500		06/01/2035		5,137,567
	19,230,000	NY Counties Tobacco Trust I1		6.625		06/01/2042		19,238,077
	3,550,000	NY Counties Tobacco Trust II (TASC)1		5.625		06/01/2035		3,562,176
	9,025,000	NY Counties Tobacco Trust II (TASC)1		5.750		06/01/2043		9,150,086
	25,000	NY Counties Tobacco Trust III (TASC)1		6.000		06/01/2043		25,035
	66,335,000	NY Counties Tobacco Trust IV		4.900 2		06/01/2050		8,746,270
	154,690,000	NY Counties Tobacco Trust IV		5.391 2		06/01/2055		10,172,414
	608,700,000	NY Counties Tobacco Trust IV		5.822 2		06/01/2060		23,404,515
	144,690,000	NY Counties Tobacco Trust V		5.454 2		06/01/2050		14,727,995
	1,790,900,000	NY Counties Tobacco Trust V		6.732 2		06/01/2060		40,707,157
	643,195,000	NY Counties Tobacco Trust V		6.845 2		06/01/2055		32,346,277
	3,285,000	NY Counties Tobacco Trust VI1		6.000		06/01/2043		3,649,536
	1,195,000	NY Counties Tobacco Trust VI1		6.250		06/01/2025		1,261,920
	3,005,000	NY Counties Tobacco Trust VI1		6.450		06/01/2040		3,463,533
	1,000,000	NY Counties Tobacco Trust VI (TASC)1		5.000		06/01/2036		1,099,680

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	$	947,082
	62,345,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)3		5.625		01/15/2046		66,498,403
	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)3		5.125		01/15/2044		15,733,275
	1,480,000	NY MTA1		5.000		11/15/2036		1,705,670
	25,000,000	NY MTA3		5.000		11/15/2036		28,811,929
	23,860,000	NY MTA3		5.250		11/15/2056		27,203,168
	24,700,000	NY MTA (Green Bond)1		5.000		11/15/2034		28,608,281
	3,570,000	NY MTA (Green Bond)1		5.250		11/15/2057		4,178,007
	21,000,000	NY MTA (Green Bond)3		5.250		11/15/2057		24,576,580
	60,605,000	NY MTA Hudson Rail Yards1		5.000		11/15/2056		66,007,936
	795,000	NY MTA, Series A1		5.000		11/15/2025		883,674
	500,000	NY MTA, Series A1		5.000		11/15/2026		571,815
	500,000	NY MTA, Series A1		5.000		11/15/2027		571,815
	6,800,000	NY MTA, Series A1		5.250		11/15/2038		7,617,768
	5,000,000	NY MTA, Series B1		5.000		11/15/2037		5,660,850
	5,135,000	NY MTA, Series B1		5.250		11/15/2039		5,853,027
	9,000,000	NY MTA, Series B1		5.250		11/15/2055		10,008,180
	4,000,000	NY MTA, Series C1		5.000		11/15/2038		4,424,720
	8,470,000	NY MTA, Series C1		5.000		11/15/2056		9,427,703
	5,000,000	NY MTA, Series C-11		5.000		11/15/2031		5,871,600
	3,390,000	NY MTA, Series D1		5.000		11/15/2026		3,779,206
	27,675,000	NY MTA, Series D1		5.000		11/15/2030		30,724,231
	13,665,000	NY MTA, Series D1		5.000		11/15/2031		16,008,001
	2,150,000	NY MTA, Series D1		5.000		11/15/2032		2,380,953
	10,000,000	NY MTA, Series D1		5.000		11/15/2034		11,582,300
	585,000	NY MTA, Series D1		5.250		11/15/2027		683,151
	690,000	NY MTA, Series D1		5.250		11/15/2028		805,768
	1,100,000	NY MTA, Series D1		5.250		11/15/2030		1,284,558
	1,100,000	NY MTA, Series D1		5.250		11/15/2031		1,284,558
	1,100,000	NY MTA, Series D1		5.250		11/15/2032		1,284,558
	1,100,000	NY MTA, Series D1		5.250		11/15/2033		1,284,558
	8,000,000	NY MTA, Series D-11		5.000		11/01/2027		8,896,480
	3,500,000	NY MTA, Series D-11		5.000		11/01/2028		3,889,025
	10,000,000	NY MTA, Series D-11		5.000		11/15/2033		11,381,700
	4,580,000	NY MTA, Series F1		5.000		11/15/2025		5,112,196
	36,670,000	NY MTA, Series F1		5.000		11/15/2030		40,710,301
	1,350,000	NY MTA, Series H1		5.000		11/15/2025		1,506,870
	1,650,000	NY MTA, Series H1		5.000		11/15/2025		1,870,341
	940,000	NY MTA, Series H1		5.000		11/15/2033		1,040,542
	400,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2028		447,596
	3,200,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2029		3,590,080
	4,180,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2032		4,915,262
	4,350,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2033		5,096,069
	2,790,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2034		3,258,776
	12,450,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2036		14,465,904
	12,260,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2037		14,213,386
	4,455,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2037		5,164,815

7      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$1,515,000	NY Triborough Bridge & Tunnel Authority1		5.000%		11/15/2038	$	1,753,764
	9,100,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2038		10,534,160
	10,000,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2041		11,400,100
	14,000,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2042		16,234,820
	23,000,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2044		26,747,620
	4,000,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2046		4,538,480
	7,500,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2047		8,598,225
	4,000,000	NY TSASC, Inc. (TFABs)1		5.000		06/01/2041		4,336,000
	8,000,000	NY Utility Debt Securitization Authority1		5.000		12/15/2034		9,313,040
	5,000,000	NY Utility Debt Securitization Authority1		5.000		12/15/2035		5,804,750
	1,750,000	NY Utility Debt Securitization Authority1		5.000		12/15/2035		2,031,663
	15,000,000	NY Utility Debt Securitization Authority1		5.000		12/15/2038		17,590,800
	8,500,000	NY Utility Debt Securitization Authority1		5.000		12/15/2041		9,944,575
	3,000,000	NYC GO1		4.000		10/01/2041		3,117,810
	5,000,000	NYC GO1		5.000		08/01/2029		5,491,800
	3,000,000	NYC GO1		5.000		08/01/2029		3,331,770
	2,500,000	NYC GO1		5.000		10/01/2029		2,786,650
	4,000,000	NYC GO1		5.000		08/01/2030		4,672,120
	350,000	NYC GO1		5.000		10/01/2030		389,025
	3,300,000	NYC GO1		5.000		10/01/2033		3,653,100
	10,495,000	NYC GO1		5.000		06/01/2034		11,968,813
	10,000,000	NYC GO3		5.000		10/01/2034		10,911,325
	1,915,000	NYC GO1		5.000		10/01/2034		2,117,320
	10,000,000	NYC GO1		5.000		06/01/2035		11,383,400
	3,800,000	NYC GO1		5.000		08/01/2035		4,133,146
	1,015,000	NYC GO1		5.000		05/15/2036		1,049,124
	325,000	NYC GO1		5.000		05/15/2036		336,918
	4,000,000	NYC GO1		5.000		08/01/2038		4,566,480
	5,200,000	NYC GO1		5.000		12/01/2038		5,962,216
	18,815,000	NYC GO1		5.000		12/01/2041		21,496,137
	25,000,000	NYC GO1		5.000		03/01/2044		28,864,500
	9,260,000	NYC GO3		5.250		03/01/2021		9,553,056
	10,740,000	NYC GO3		5.250		03/01/2021		11,079,894
	65,000	NYC GO1		5.250		09/01/2025		65,967
	185,000	NYC GO1		5.250		09/01/2025		187,775
	230,000	NYC GO1		5.250		06/01/2027		230,639
	7,040,000	NYC GO1		5.250		10/01/2033		8,436,806
	5,000	NYC GO1		5.320 6		01/15/2028		5,013
	380,000	NYC GO1		5.375		06/01/2032		381,148
	2,955,000	NYC GO1		5.500		04/01/2022		3,067,054
	10,000	NYC GO1		5.500		11/15/2037		10,031
	45,000	NYC GO1		6.250		12/15/2031		46,488
	5,000	NYC GO1		7.750		08/15/2028		5,114
	1,475,000	NYC GO Tender Option Bond Series 2015- XF2142 Trust7		11.542 8		05/15/2031		1,678,048
	875,000	NYC GO Tender Option Bond Series 2015- XF2142-2 Trust7		10.829 8		05/15/2033		994,551

8      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$5,395,000	NYC GO Tender Option Bond Series 2015- XF2142-3 Trust7		12.117%8		05/15/2036	$	6,115,502
	890,000	NYC HDC (Multifamily Hsg.)1		4.950		11/01/2039		905,308
	780,000	NYC HDC (Multifamily Hsg.)1		5.000		11/01/2030		782,059
	1,675,000	NYC HDC (Multifamily Hsg.)1		5.200		11/01/2035		1,679,154
	1,215,000	NYC HDC (Multifamily Hsg.)1		5.350		05/01/2041		1,220,516
	2,670,000	NYC HDC (Multifamily Hsg.)1		5.450		11/01/2046		2,676,301
	3,090,000	NYC HDC (Multifamily Hsg.)3		5.500		11/01/2034		3,178,009
	2,840,000	NYC HDC (Multifamily Hsg.)3		5.550		11/01/2039		2,906,023
	25,000	NYC HDC (Multifamily Hsg.)1		5.550		11/01/2039		25,601
	10,910,000	NYC HDC (Multifamily Hsg.)3		5.700		11/01/2046		11,173,663
	785,000	NYC IDA (Allied Metal)1		7.125		12/01/2027		785,126
	1,370,000	NYC IDA (Amboy Properties)1		6.750		06/01/2020		1,370,041
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		6.200		10/01/2022		22,841,197
	3,000,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375		08/01/2027		2,989,980
	11,385,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375		08/01/2027		11,346,974
	280,000	NYC IDA (Community Resource Center for the Developmentally Disabled)1		5.250		07/01/2022		280,020
	1,255,000	NYC IDA (Comprehensive Care Management)1		6.000		05/01/2026		1,273,900
	3,000,000	NYC IDA (Comprehensive Care Management)1		6.125		11/01/2035		3,042,630
	2,765,000	NYC IDA (Comprehensive Care Management)1		6.375		11/01/2028		2,768,650
	1,095,000	NYC IDA (Comprehensive Care Management)1		6.375		11/01/2028		1,096,511
	5,685,000	NYC IDA (Cool Wind Ventilation)1		6.075		11/01/2027		5,860,496
	205,000	NYC IDA (EIISFAC/SFUMP/YAI/AFSFBM/SNP Obligated Group)1		4.750		07/01/2020		203,438
	1,470,000	NYC IDA (Gourmet Boutique)1,5		10.000		05/01/2021		1,402,865
	7,150,000	NYC IDA (Guttmacher Institute)1		5.750		12/01/2036		7,171,807
	400,000	NYC IDA (Independent Living Assoc.)1		6.200		07/01/2020		400,108
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375		11/01/2038		9,295,835
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375		11/01/2038		1,919,957
	10,620,000	NYC IDA (MediSys Health Network)1		6.250		03/15/2024		10,621,168
	325,000	NYC IDA (Special Needs Facilities Pooled Program)1		6.650		07/01/2023		325,474
	8,200,000	NYC IDA (The Child School)1		7.550		06/01/2033		8,235,342
	3,145,000	NYC IDA (Therapy & Learning Center)1		8.250		09/01/2031		3,151,133
	5,000,000	NYC IDA (United Jewish Appeal-Federation of Jewish Philanthropies of New York)1		5.000		07/01/2034		5,481,500
	375,000	NYC IDA (World Casing Corp.)1		6.700		11/01/2019		375,082
	6,800,000	NYC IDA (Yankee Stadium)1,9		2.911		03/01/2022		6,732,612
	170,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2031		171,142
	270,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2036		271,285
	18,110,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2046		18,203,266
	16,500,000	NYC IDA (Yankee Stadium)1		7.000		03/01/2049		17,273,025
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)1		5.725		11/01/2037		23,478,798
	50,000,000	NYC Municipal Water Finance Authority1		1.630 10		06/15/2041		50,000,000
	8,950,000	NYC Municipal Water Finance Authority1		5.000		06/15/2031		9,562,806

9      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$5,000,000	NYC Municipal Water Finance Authority1		5.000%		06/15/2036	$	5,643,150
	9,655,000	NYC Municipal Water Finance Authority1		5.000		06/15/2036		10,896,923
	285,000	NYC Municipal Water Finance Authority1		5.000		06/15/2037		286,761
	50,000	NYC Municipal Water Finance Authority1		5.000		06/15/2037		50,353
	515,000	NYC Municipal Water Finance Authority1		5.000		06/15/2037		597,251
	15,440,000	NYC Municipal Water Finance Authority1		5.000		06/15/2038		17,775,763
	10,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2038		11,588,400
	10,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2039		11,327,600
	35,000,000	NYC Municipal Water Finance Authority3		5.000		06/15/2046		40,338,836
	20,000,000	NYC Municipal Water Finance Authority3		5.000		06/15/2046		23,050,764
	3,115,000	NYC Municipal Water Finance Authority1		5.000		06/15/2046		3,577,391
	6,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2047		6,848,460
	1,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2048		1,146,720
	665,000	NYC Municipal Water Finance Authority1		5.125		06/15/2030		669,841
	7,525,000	NYC Municipal Water Finance Authority1		5.250		06/15/2040		7,805,984
	7,405,000	NYC Municipal Water Finance Authority1		5.250		06/15/2044		8,228,140
	5,485,000	NYC Municipal Water Finance Authority1		5.250		06/15/2047		6,396,168
	21,570,000	NYC Municipal Water Finance Authority3		5.375		06/15/2043		23,401,009
	31,750,000	NYC Municipal Water Finance Authority3		5.500		06/15/2043		34,563,513
	900,000	NYC Municipal Water Finance Authority1		5.625		06/15/2027		907,452
	2,630,000	NYC Municipal Water Finance Authority1		5.750		06/15/2040		2,651,066
	2,195,000	NYC Municipal Water Finance Authority1		5.750		06/15/2040		2,213,767
	700,000	NYC Transitional Finance Authority1		5.125		01/15/2034		718,837
	650,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2029		755,775
	3,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2030		3,422,970
	6,500,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2034		7,330,505
	8,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2034		9,089,920
	5,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2035		5,800,450
	5,405,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2035		6,126,189
	6,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2036		6,787,980
	25,000,000	NYC Transitional Finance Authority (Building Aid)3		5.000		07/15/2037		27,548,688
	5,410,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2040		5,870,986
	7,500,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2043		8,703,225
	4,165,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2043		4,699,120
	15,000,000	NYC Transitional Finance Authority (Building Aid)3		5.250		07/15/2037		16,517,925
	11,165,000	NYC Transitional Finance Authority (Building Aid)1		5.250		07/15/2045		13,264,355
	1,700,000	NYC Transitional Finance Authority (Building Aid)1		5.500		01/15/2039		1,749,470
	20,335,000	NYC Transitional Finance Authority (Future Tax)3		5.000		02/01/2030		22,682,134
	10,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000		11/01/2030		11,796,400
	12,975,000	NYC Transitional Finance Authority (Future Tax)1		5.000		11/01/2031		15,248,869
	9,020,000	NYC Transitional Finance Authority (Future Tax)1		5.000		11/01/2032		10,577,123
	5,180,000	NYC Transitional Finance Authority (Future Tax)1		5.000		11/01/2033		6,051,639
	15,000,000	NYC Transitional Finance Authority (Future Tax)3		5.000		05/01/2034		16,361,400
	8,190,000	NYC Transitional Finance Authority (Future Tax)1		5.000		02/01/2035		8,942,088
	39,995,000	NYC Transitional Finance Authority (Future Tax)3		5.000		03/15/2035		46,464,747
	9,850,000	NYC Transitional Finance Authority (Future Tax)1		5.000		08/01/2036		11,307,406
	3,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000		08/01/2038		3,432,000
	16,610,000	NYC Transitional Finance Authority (Future Tax)1		5.000		02/01/2039		19,071,768

10      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$7,310,000	NYC Transitional Finance Authority (Future Tax)1		5.000%		05/01/2039	$	8,420,170
	2,388,000	NYC Transitional Finance Authority (Future Tax)1		5.000		02/01/2040		2,706,440
	34,035,000	NYC Transitional Finance Authority (Future Tax)3		5.000		05/01/2040		38,702,044
	5,695,000	NYC Transitional Finance Authority (Future Tax)1		5.000		02/01/2041		6,370,883
	30,000,000	NYC Transitional Finance Authority (Future Tax)3		5.000		02/01/2043		34,321,500
	2,105,000	NYC Transitional Finance Authority (Future Tax)1		5.250		02/01/2030		2,296,366
	295,000	NYC Transitional Finance Authority (Future Tax)1		5.250		02/01/2030		322,075
	4,275,000	NYC Transitional Finance Authority (Future Tax)1		5.500		11/01/2035		4,672,746
	3,300,000	NYC Transitional Finance Authority (Future Tax)1		5.500		11/01/2035		3,602,676
	2,115,000	NYC Trust for Cultural Resources (Museum of Modern Art)1		4.000		04/01/2030		2,325,823
	2,500,000	NYC Trust for Cultural Resources (Museum of Modern Art)1		4.000		04/01/2031		2,733,300
	6,935,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000		11/15/2040		7,802,568
	4,220,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000		11/15/2041		4,815,231
	4,500,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000		11/15/2045		5,040,315
	13,300,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000		11/15/2046		15,122,233
	4,040,000	NYS DA (ALIA-PSCH)1		4.800		12/01/2023		4,105,327
	10,325,000	NYS DA (ALIA-PSCH)1		5.350		12/01/2035		10,553,596
	4,900,000	NYS DA (ALIA-PSCH)1		6.175		12/01/2031		4,958,457
	850,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2027		936,122
	850,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2028		933,955
	430,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2029		471,383
	430,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2030		470,115
	500,000	NYS DA (Catholic Health System)1		5.000		07/01/2032		528,305
	260,000	NYS DA (Catholic Health System)1		5.000		07/01/2032		274,719
	25,000	NYS DA (City University)1		5.250		07/01/2030		29,533
	1,115,000	NYS DA (Columbia University)1		5.000		07/01/2038		1,124,478
	115,000	NYS DA (Columbia University)1		5.000		10/01/2045		151,905
	300,000	NYS DA (Culinary Institute of America)1		5.000		07/01/2034		324,852
	650,000	NYS DA (Fordham University)1		5.000		07/01/2030		754,813
	200,000	NYS DA (Fordham University)1		5.000		07/01/2030		227,494
	800,000	NYS DA (Fordham University)1		5.000		07/01/2031		924,808
	750,000	NYS DA (Fordham University)1		5.000		07/01/2032		863,093
	285,000	NYS DA (Fordham University)1		5.000		07/01/2038		287,346
	1,200,000	NYS DA (Fordham University)1		5.000		07/01/2041		1,356,312
	150,000	NYS DA (Icahn School of Medicine at Mount Sinai)1		5.000		07/01/2034		166,713
	2,800,000	NYS DA (Icahn School of Medicine at Mount Sinai)1		5.000		07/01/2040		3,070,312
	5,400,000	NYS DA (Interagency Council)1		7.000		07/01/2035		5,950,098
	3,000,000	NYS DA (Iona College)1		5.000		07/01/2032		3,221,220
	16,140,000	NYS DA (Jawonio/United Cerebral Palsy Assoc. of NYC Obligated Group)1		5.500		12/01/2047		16,045,904
	10,000	NYS DA (Mental Health Services Facilities)1		5.000		02/15/2037		10,026
	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)1		5.000		07/01/2029		888,406
	1,000,000	NYS DA (New School University)1		5.750		07/01/2050		1,088,560
	2,100,000	NYS DA (New School)1		5.000		07/01/2040		2,325,414

11      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$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	$	1,712,041
	11,500,000	NYS DA (NHlth / LIJMC / NSUH / FrankHosp / SIUH / NSUHSFCEC&R / HHA / Shosp / LHH / GCH / FHH / PlainH / NHlthcare Obligated Group)1		5.250		05/01/2034		12,678,865
	2,475,000	NYS DA (NYU Hospitals Center)1		5.000		07/01/2036		2,777,321
	2,500,000	NYS DA (NYU)1		5.000		07/01/2035		2,892,350
	5,890,000	NYS DA (NYU)1		5.000		07/01/2045		6,623,069
	3,200,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2029		3,552,096
	1,900,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2030		2,098,113
	1,200,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2032		1,319,244
	1,700,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2033		1,862,010
	1,300,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2035		1,415,479
	800,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2036		869,128
	800,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2037		867,200
	1,000,000	NYS DA (Pratt Institute)1		5.000		07/01/2034		1,111,270
	500,000	NYS DA (Pratt Institute)1		5.000		07/01/2046		560,125
	39,540,000	NYS DA (Sales Tax)3		5.000		03/15/2035		45,936,145
	6,850,000	NYS DA (Sales Tax)1		5.000		03/15/2038		7,924,080
	30,000,000	NYS DA (Sales Tax)3		5.000		03/15/2038		34,704,000
	2,970,000	NYS DA (Sales Tax)1		5.000		03/15/2041		3,420,579
	43,330,000	NYS DA (Sales Tax)1		5.000		03/15/2044		50,412,289
	1,750,000	NYS DA (School District Bond Financing Program), Series C1		7.250		10/01/2028		1,797,793
	2,645,000	NYS DA (School District Bond Financing Program), Series C1		7.375		10/01/2033		2,718,848
	245,000	NYS DA (Siena College)1		5.125		07/01/2039		255,469
	2,480,000	NYS DA (Special Surgery Hospital)1		6.000		08/15/2038		2,618,533
	270,000	NYS DA (St. John’s University)1		5.000		07/01/2028		301,979
	10,750,000	NYS DA (St. John’s University)1		5.000		07/01/2030		11,802,748
	400,000	NYS DA (St. John’s University)1		5.000		07/01/2034		451,168
	41,800,000	NYS DA (St. Mary’s Hospital for Children)1		7.875		11/15/2041		43,949,774
	5,000,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2028		5,931,600
	10,000,000	NYS DA (State Personal Income Tax Authority)1		5.000		03/15/2031		11,428,000
	8,750,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2032		10,214,488
	14,230,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2034		16,423,981
	15,915,000	NYS DA (State Personal Income Tax Authority)3		5.000		03/15/2034		17,207,147
	19,490,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2036		22,600,019
	5,000,000	NYS DA (State Personal Income Tax Authority)1		5.000		03/15/2036		5,688,150
	2,145,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2037		2,465,935
	9,000,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2038		10,346,580
	9,000,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2039		10,287,000
	27,995,000	NYS DA (State Personal Income Tax Authority)3		5.000		02/15/2040		32,157,851
	23,435,000	NYS DA (State Personal Income Tax Authority)3		5.000		02/15/2040		26,919,780
	1,585,000	NYS DA (State University of New York)1		5.000		07/01/2035		1,689,531
	3,000,000	NYS DA (State University of New York)1		5.000		07/01/2040		3,185,580

12      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$4,000,000	NYS DA (State University of New York)1		5.000%		07/01/2045	$	4,497,840
	2,875,000	NYS DA (TCUS/TCO/TU/TUNV/NYMC Obligated Group)1		5.000		01/01/2033		3,193,205
	4,045,000	NYS DA (TCUS/TCO/TU/TUNV/NYMC Obligated Group)1		5.000		01/01/2038		4,440,439
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250		02/15/2035		5,445,041
	5,000,000	NYS DA (The New School)1		4.000		07/01/2043		5,144,900
	1,545,000	NYS DA (The New School)1		5.000		07/01/2030		1,769,535
	4,395,000	NYS DA (The New School)1		5.000		07/01/2031		4,748,050
	3,490,000	NYS DA (The New School)1		5.000		07/01/2035		3,934,486
	2,490,000	NYS DA (The New School)1		5.000		07/01/2036		2,801,076
	3,735,000	NYS DA (The New School)1		5.000		07/01/2037		4,192,575
	2,905,000	NYS DA (The New School)1		5.000		07/01/2041		3,249,243
	3,300,000	NYS DA (The New School)1		5.000		07/01/2046		3,680,490
	4,375,000	NYS DA (Touro College and University System)1		5.500		01/01/2039		4,869,506
	5,135,000	NYS DA (Touro College and University System)1		5.500		01/01/2044		5,703,239
	20,000	NYS DA (UCPHCA / Jawonio / FRC / CPW / UCPANYS / UCP Obligated Group)1		5.000		07/01/2034		20,052
	25,010,000	NYS DA (United Cerebral Palsy Assoc. of NYS)1		5.375		09/01/2050		25,203,327
	7,540,000	NYS DA (United Cerebral Palsy Assoc. of Putnam & Southern Dutchess Counties)1		5.375		10/01/2042		7,575,438
	135,000	NYS DA (University of Rochester)1		5.750 6		07/01/2039		141,718
	865,000	NYS DA (University of Rochester)1		5.750 6		07/01/2039		907,489
	100,000	NYS DA (Yeshiva University)1		5.000		09/01/2034		104,566
	2,785,000	NYS DA (Yeshiva University)1		5.000		09/01/2034		2,832,707
	615,000	NYS DA (Yeshiva University)1		5.000		09/01/2034		643,081
	5,220,000	NYS DA (Yeshiva University)1		5.000		09/01/2038		5,274,288
	1,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000		06/15/2032		1,170,540
	1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000		06/15/2037		1,413,655
	5,000,000	NYS EFC (Green Bond)1		5.000		08/15/2047		5,797,850
	19,030,000	NYS EFC (NYC Municipal Water Finance Authority)1		5.000		06/15/2046		22,019,613
	27,670,000	NYS ERDA (Niagara Mohawk Power Corp.)1		4.320 10		12/01/2023		27,670,000
	2,000,000	NYS HFA (Affordable Hsg.)1		5.000		11/01/2042		2,054,700
	600,000	NYS HFA (Affordable Hsg.)1		5.200		11/01/2030		600,864
	2,365,000	NYS HFA (Affordable Hsg.)1		5.250		11/01/2038		2,367,247
	10,220,000	NYS HFA (Affordable Hsg.)3		5.450		11/01/2045		10,195,789
	1,080,000	NYS HFA (Affordable Hsg.)1		6.450		11/01/2029		1,108,404
	150,000	NYS HFA (Affordable Hsg.)1		6.750		11/01/2038		154,034
	45,000	NYS HFA (Children’s Rescue)1		7.625		05/01/2018		45,000
	860,000	NYS HFA (Friendship)1		5.100		08/15/2041		860,757
	945,000	NYS HFA (Golden Age Apartments)1		5.000		02/15/2037		945,803
	145,000	NYS HFA (Highland Avenue Senior Apartments)1		5.000		02/15/2039		145,480
	125,000	NYS HFA (Horizons at Wawayanda)1		5.150		11/01/2040		125,130
	2,080,000	NYS HFA (Multifamily Hsg.)1		5.375		02/15/2035		2,082,350
	1,710,000	NYS HFA (Multifamily Hsg.)1		5.650		02/15/2034		1,712,343
	310,000	NYS HFA (Tiffany Gardens)1		5.125		08/15/2037		310,949

13      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$7,150,000	NYS Liberty Devel. Corp. (1 World Trade Center Port Authority)1		5.000%		12/15/2041	$	7,796,217
	1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000		11/15/2031		1,096,080
	20,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.750		11/15/2051		22,380,800
	34,600,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.250		10/01/2035		43,040,324
	4,690,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.500		10/01/2037		6,030,636
	16,700,000	NYS Power Authority1		5.000		11/15/2047		16,747,428
	1,480,000	NYS Thruway Authority1		5.000		01/01/2031		1,746,252
	1,055,000	NYS Thruway Authority1		5.000		01/01/2032		1,238,908
	7,650,000	NYS Thruway Authority1		5.000		01/01/2032		8,369,406
	1,055,000	NYS Thruway Authority1		5.000		01/01/2033		1,233,063
	1,860,000	NYS Thruway Authority1		5.000		01/01/2034		2,167,086
	2,115,000	NYS Thruway Authority1		5.000		01/01/2035		2,456,446
	37,465,000	NYS Thruway Authority1		5.000		01/01/2046		41,757,365
	26,725,000	NYS Thruway Authority1		5.250		01/01/2056		30,278,891
	2,000,000	NYS Thruway Authority Highway & Bridge Trust Fund1		5.000		04/01/2029		2,223,540
	5,625,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000		07/01/2035		5,822,831
	3,500,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000		07/01/2036		3,617,110
	36,250,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000		07/01/2041		39,443,988
	20,345,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000		07/01/2046		22,066,187
	79,650,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.250		01/01/2050		87,309,941
	20,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2026		23,647,600
	2,860,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2027		3,368,050
	10,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2035		11,426,600
	4,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2035		4,571,160
	5,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2036		5,804,100
	19,200,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2037		22,236,480
	18,040,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2041		20,780,998
	1,185,000	Onondaga County, NY IDA (Free Library)1		5.125		03/01/2030		1,200,405
	1,115,000	Onondaga County, NY IDA (Free Library)1		5.125		03/01/2037		1,128,893
	1,300,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000		05/01/2033		1,475,383
	840,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000		05/01/2034		949,099
	1,150,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000		05/01/2037		1,280,295
	650,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000		05/01/2040		720,447
	1,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.000		07/01/2032		1,071,680

14      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.375%		07/01/2040	$	2,109,840
	3,465,000	Onondaga, NY Civic Devel. Corp. (Upstate Properties)1		5.250		12/01/2041		3,811,569
	1,320,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2037		1,421,693
	1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2042		1,534,919
	1,410,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375		12/01/2021		1,413,285
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375		12/01/2026		2,239,314
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375		12/01/2026		6,347,091
	3,205,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000		10/01/2030		3,263,107
	2,000,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000		10/01/2035		2,003,700
	8,065,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000		10/01/2045		7,911,362
	6,400,000	Oyster Bay, NY GO1		3.500		06/01/2018		6,414,784
	26,615,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750		12/01/2022		27,805,489
	32,175,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750		12/01/2025		33,613,866
	1,000,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.000		12/01/2036		1,101,480
	345,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500		12/01/2028		360,663
	16,800,000	Port Authority NY/NJ (KIAC)1		6.750		10/01/2019		17,492,160
	61,940,000	Port Authority NY/NJ, 152nd Series3		5.250		11/01/2035		62,112,372
	13,715,000	Port Authority NY/NJ, 152nd Series1		5.250		05/01/2038		13,753,128
	23,700,000	Port Authority NY/NJ, 152nd Series1		5.750		11/01/2030		23,775,129
	15,300,000	Port Authority NY/NJ, 161st Series3		5.000		10/15/2031		16,059,951
	20,250,000	Port Authority NY/NJ, 163rd Series3		5.000		07/15/2039		21,533,216
	21,515,000	Port Authority NY/NJ, 166th Series3		5.000		01/15/2041		23,055,761
	15,000,000	Port Authority NY/NJ, 166th Series3		5.250		07/15/2036		16,289,100
	2,720,000	Port Authority NY/NJ, 169th Series1		5.000		10/15/2036		2,936,131
	400,000	Port Authority NY/NJ, 172nd Series1		5.000		10/01/2034		434,932
	8,340,000	Port Authority NY/NJ, 186th Series1		5.000		10/15/2033		9,312,361
	9,170,000	Port Authority NY/NJ, 186th Series1		5.000		10/15/2034		10,216,114
	7,000,000	Port Authority NY/NJ, 197th Series1		5.000		11/15/2035		7,930,860
	5,550,000	Port Authority NY/NJ, 197th Series1		5.000		11/15/2036		6,274,608
	10,000,000	Port Authority NY/NJ, 197th Series1		5.000		11/15/2041		11,217,800
	28,000,000	Port Authority NY/NJ, 198th Series3		5.250		11/15/2056		32,383,156
	3,000,000	Port Authority NY/NJ, 200th Series1		5.000		10/15/2047		3,443,520
	10,000,000	Port Authority NY/NJ, 207th Series1		4.000		03/15/2035		10,416,900
	4,020,000	Port Authority NY/NJ, 207th Series1		4.000		09/15/2043		4,112,822
	100,000	Poughkeepsie, NY GO1		4.400		06/01/2024		100,179

15      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		6.000%		08/01/2032	$	2,761,364
	2,525,000	Ramapo, NY Local Devel. Corp.1		5.000		03/15/2033		2,610,951
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375		12/01/2036		1,502,610
	980,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)1		4.900		07/01/2021		976,158
	10,720,000	Schenectady County, NY Capital Resource Corp. (Union College)1		5.000		01/01/2047		12,120,032
	1,075,000	SONYMA, Series 1961		1.250		04/01/2019		1,068,464
	1,095,000	SONYMA, Series 1961		1.350		10/01/2019		1,085,528
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)1		5.000		09/01/2041		1,631,057
	4,775,000	St. Lawrence County, NY IDA (Clarkson University)1		5.375		09/01/2041		5,227,622
	520,000	St. Lawrence County, NY IDA (Clarkson University)1		6.000		09/01/2034		582,582
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)1		7.250		12/01/2029		3,858,469
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2030		1,404,237
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2031		1,484,633
	540,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2036		616,648
	205,000	Suffern, NY GO1		5.000		03/15/2020		215,533
	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		4,029,880
	11,405,000	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		12,369,407
	735,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)1		6.750		06/01/2027		745,459
	4,200,000	Suffolk County, NY Economic Devel. Corp., Series A1		7.375		12/01/2040		4,429,446
	135,000	Suffolk County, NY IDA (ACLD)1		6.000		12/01/2019		135,026
	780,000	Suffolk County, NY IDA (ALIA-ACLD)1,5		5.950		10/01/2021		784,579
	845,000	Suffolk County, NY IDA (ALIA-Adelante)1		6.500		11/01/2037		848,253
	1,075,000	Suffolk County, NY IDA (ALIA-DDI)1,5		5.950		10/01/2021		1,081,310
	305,000	Suffolk County, NY IDA (ALIA-FREE)1,5		5.950		10/01/2021		306,790
	220,000	Suffolk County, NY IDA (ALIA-IGHL)1,5		5.950		10/01/2021		221,291
	315,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950		11/01/2022		311,875
	295,000	Suffolk County, NY IDA (ALIA-IGHL)1,5		6.000		10/01/2031		295,357
	205,000	Suffolk County, NY IDA (ALIA-NYS ARC)1,5		5.950		11/01/2022		202,966
	730,000	Suffolk County, NY IDA (ALIA-UCPAGS)1,5		5.950		10/01/2021		734,285
	190,000	Suffolk County, NY IDA (ALIA-WORCA)1,5		5.950		11/01/2022		192,020

16      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$15,000	Suffolk County, NY IDA (DDI)1		6.000%		12/01/2019	$	15,003
	46,745	Suffolk County, NY IDA (Dowling College)		5.000		06/01/2036		45,109
	55,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000		12/01/2019		55,012
	155,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000		10/01/2020		153,977
	16,055,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1		5.500		01/01/2023		16,061,261
	40,000	Suffolk County, NY IDA (Suffolk Hotels)1		6.000		10/01/2020		39,963
	335,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1		6.000		12/01/2019		335,070
	350,000	Suffolk County, NY IDA (WORCA)1		6.000		10/01/2020		352,573
	69,295,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.625 6		06/01/2044		72,849,834
	227,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		7.996 2		06/01/2048		20,306,128
	40,865,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350		11/01/2049		38,157,694
	5,830,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350		11/01/2049		5,443,763
	3,780,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350		11/01/2049		3,529,575
	5,760,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350		11/01/2049		5,378,400
	13,865,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350		11/01/2049		12,946,444
	1,500,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2028		1,669,695
	1,825,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2029		2,007,902
	2,000,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2030		2,186,260
	2,000,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2031		2,179,200
	4,250,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2032		4,615,883
	14,400,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2033		15,589,296
	10,050,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2034		10,844,955
	16,100,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2035		17,328,752
	3,800,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2036		4,078,084
	375,000	Syracuse, NY IDA (James Square)		2.552 2		08/01/2025		225,326
	22,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000		09/01/2030		23,695,183
	945,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.125		09/01/2040		993,148
	4,520,000	Westchester County, NY Healthcare Corp., Series A1		5.000		11/01/2044		4,837,530
	1,700,000	Westchester County, NY Healthcare Corp., Series B1		5.125		11/01/2041		1,806,216
	1,015,000	Westchester County, NY IDA (Clearview School)1		7.250		01/01/2035		1,014,909
	2,165,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)1		4.000		06/01/2030		2,199,618
	2,190,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)1		4.000		06/01/2031		2,215,798
	1,500,000	Westchester County, NY Local Devel. Corp. (Wartburg Senior Hsg.)1		5.000		06/01/2030		1,514,280
	13,730,000	Westchester County, NY Local Devel. Corp. (Westchester County Healthcare Corp.)1		5.000		11/01/2046		14,628,766
	3,080,000	White Plains, NY City School District1		5.000		06/15/2019		3,206,896
	155,000	Yonkers, NY Parking Authority1		6.000		06/15/2018		154,981

17      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$1,215,000	Yonkers, NY Parking Authority1		6.000%		06/15/2024	$	1,214,951
								4,511,052,097
	U.S. Possessions—19.3%
	1,830,000	Guam Education Financing Foundation COP1		5.000		10/01/2022		1,980,408
	3,840,000	Guam Education Financing Foundation COP1		5.000		10/01/2023		4,193,818
	1,735,000	Guam Government Waterworks Authority & Wastewater System1		5.250		07/01/2025		1,921,270
	345,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750		09/01/2031		354,194
	1,230,000	Guam Power Authority, Series A1		5.000		10/01/2023		1,347,342
	1,560,000	Guam Power Authority, Series A1		5.000		10/01/2024		1,705,096
	2,790,000	Guam Power Authority, Series A1		5.000		10/01/2030		3,031,558
	1,145,000	Northern Mariana Islands Commonwealth, Series A		5.000		10/01/2022		1,113,512
	21,175,000	Northern Mariana Islands Commonwealth, Series A		5.000		06/01/2030		19,110,437
	5,930,000	Northern Mariana Islands Ports Authority, Series A		6.250		03/15/2028		5,589,025
	1,950,000	Puerto Rico Aqueduct & Sewer Authority		5.000		07/01/2033		1,547,812
	49,000,000	Puerto Rico Aqueduct & Sewer Authority, AGC		5.125		07/01/2047		49,115,150
	1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250		07/01/2029		1,254,125
	50,800,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2038		41,211,500
	30,135,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2044		24,447,019
	5,350,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2047		4,246,562
	25,735,000	Puerto Rico Aqueduct & Sewer Authority		6.125 6		07/01/2024		20,941,856
	68,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.664 2		05/15/2050		5,190,245
	3,244,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.622 2		05/15/2057		107,373,079
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.372 2		05/15/2057		76,459,760
	2,000,000	Puerto Rico Commonwealth GO4		5.000		07/01/2033		900,000
	3,315,000	Puerto Rico Commonwealth GO, FGIC11		5.125		07/01/2031		2,569,125
	2,200,000	Puerto Rico Commonwealth GO4		5.250		07/01/2026		990,000
	14,500,000	Puerto Rico Commonwealth GO4		5.250		07/01/2031		6,525,000
	2,500,000	Puerto Rico Commonwealth GO4		5.250		07/01/2032		1,125,000
	5,000,000	Puerto Rico Commonwealth GO4		5.375		07/01/2033		2,250,000
	7,850,000	Puerto Rico Commonwealth GO, FGIC11		5.500		07/01/2029		6,083,750
	42,700,000	Puerto Rico Commonwealth GO4		5.500		07/01/2032		19,215,000
	3,205,000	Puerto Rico Commonwealth GO4		5.625		07/01/2033		1,394,175
	25,000,000	Puerto Rico Commonwealth GO4		5.750		07/01/2036		10,875,000
	770,000	Puerto Rico Commonwealth GO4		5.875		07/01/2036		346,500
	1,000,000	Puerto Rico Commonwealth GO4		6.000		07/01/2028		435,000
	1,270,000	Puerto Rico Commonwealth GO, NPFGC1		6.000		07/01/2028		1,272,718
	2,700,000	Puerto Rico Commonwealth GO4		6.000		07/01/2035		1,174,500
	390,000	Puerto Rico Commonwealth GO4		6.000		07/01/2039		175,500
	3,670,000	Puerto Rico Commonwealth GO4		6.000		07/01/2040		1,596,450
	5,675,000	Puerto Rico Commonwealth GO4		6.500		07/01/2040		2,468,625
	1,866,384	Puerto Rico Electric Power Authority4		10.000		07/01/2019		732,556
	1,866,385	Puerto Rico Electric Power Authority4		10.000		07/01/2019		732,556
	1,967,211	Puerto Rico Electric Power Authority4		10.000		01/01/2021		772,130
	1,967,211	Puerto Rico Electric Power Authority4		10.000		07/01/2021		772,130

18      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$655,737	Puerto Rico Electric Power Authority4		10.000%		01/01/2022	$	256,557
	655,738	Puerto Rico Electric Power Authority4		10.000		07/01/2022		256,557
	2,000,000	Puerto Rico Electric Power Authority, Series A4		5.000		07/01/2029		775,000
	1,095,000	Puerto Rico Electric Power Authority, Series A4		5.000		07/01/2042		424,312
	18,990,000	Puerto Rico Electric Power Authority, Series A4		6.750		07/01/2036		7,358,625
	23,480,000	Puerto Rico Electric Power Authority, Series A4		7.000		07/01/2043		9,098,500
	9,000,000	Puerto Rico Electric Power Authority, Series AAA4		5.250		07/01/2022		3,487,500
	9,625,000	Puerto Rico Electric Power Authority, Series AAA4		5.250		07/01/2031		3,729,688
	13,295,000	Puerto Rico Electric Power Authority, Series CCC4		5.250		07/01/2028		5,151,813
	510,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2024		507,746
	6,320,000	Puerto Rico Electric Power Authority, Series TT4		5.000		07/01/2032		2,449,000
	5,285,000	Puerto Rico Electric Power Authority, Series TT4		5.000		07/01/2037		2,047,938
	3,700,000	Puerto Rico Electric Power Authority, Series WW4		5.000		07/01/2028		1,433,750
	13,350,000	Puerto Rico Electric Power Authority, Series WW4		5.500		07/01/2038		5,173,125
	7,000,000	Puerto Rico Electric Power Authority, Series XX4		5.250		07/01/2040		2,712,500
	10,000,000	Puerto Rico Electric Power Authority, Series ZZ4		5.250		07/01/2024		3,875,000
	7,590,000	Puerto Rico Electric Power Authority, Series ZZ4		5.250		07/01/2025		2,941,125
	9,515,000	Puerto Rico Highway & Transportation Authority4		5.000		07/01/2028		444,826
	4,945,000	Puerto Rico Highway & Transportation Authority4		5.300		07/01/2035		3,004,087
	270,000	Puerto Rico Highway & Transportation Authority4		5.750		07/01/2020		12,622
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G4		5.000		07/01/2033		1,728,650
	1,840,000	Puerto Rico Highway & Transportation Authority, Series G4		5.000		07/01/2042		354,200
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H4		5.450		07/01/2035		215,600
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K4		5.000		07/01/2027		1,251,250
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K4		5.000		07/01/2030		220,412
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L, NPFGC1		5.250		07/01/2023		2,626,442
	915,000	Puerto Rico Highway & Transportation Authority, Series L, FGIC11		5.250		07/01/2030		672,525
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M4		5.000		07/01/2046		15,132,425
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N, NPFGC1		5.250		07/01/2032		3,093,056
	25,255,000	Puerto Rico Infrastructure12		5.000		07/01/2031		1,925,694
	17,490,000	Puerto Rico Infrastructure12		5.000		07/01/2037		1,333,612
	675,000	Puerto Rico Infrastructure4		5.000		07/01/2037		51,469
	142,985,000	Puerto Rico Infrastructure4		5.000		07/01/2041		10,902,606
	41,740,000	Puerto Rico Infrastructure12		5.000		07/01/2046		3,182,675
	65,725,000	Puerto Rico Infrastructure, FGIC11		5.728 2		07/01/2045		11,494,645
	25,000,000	Puerto Rico Infrastructure, FGIC11		5.797 2		07/01/2032		8,189,000
	1,540,000	Puerto Rico Infrastructure4		6.000		12/15/2026		854,700
	1,680,000	Puerto Rico Infrastructure (Mepsi Campus)4		6.500		10/01/2037		340,200
	1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		04/01/2027		1,262,250

19      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000%		03/01/2036	$	5,405,100
	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125		04/01/2032		778,750
	685,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375		12/01/2021		684,144
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375		04/01/2042		1,035,000
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.500		12/01/2031		5,872,950
	780,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625		06/01/2026		696,150
	650,000	Puerto Rico ITEMECF (International American University)1		5.000		10/01/2031		652,230
	4,015,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)		6.700		05/01/2024		3,583,388
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000		10/01/2042		138,250
	5,490,000	Puerto Rico ITEMECF (University Plaza), NPFGC		5.000		07/01/2033		5,158,843
	90,355,000	Puerto Rico Public Buildings Authority12		5.000		07/01/2036		39,982,087
	7,500,000	Puerto Rico Public Buildings Authority12		5.000		07/01/2037		3,318,750
	18,585,000	Puerto Rico Public Buildings Authority4		5.250		07/01/2029		8,223,862
	21,570,000	Puerto Rico Public Buildings Authority12		5.250		07/01/2033		9,544,725
	9,450,000	Puerto Rico Public Buildings Authority4		5.375		07/01/2033		4,181,625
	850,000	Puerto Rico Public Buildings Authority4		5.500		07/01/2037		376,125
	2,110,000	Puerto Rico Public Buildings Authority4		5.625		07/01/2039		933,675
	31,050,000	Puerto Rico Public Buildings Authority4		6.000		07/01/2041		13,273,875
	4,400,000	Puerto Rico Public Buildings Authority12		6.500		07/01/2030		1,947,000
	7,500,000	Puerto Rico Public Buildings Authority12		6.750		07/01/2036		3,318,750
	11,810,000	Puerto Rico Public Finance Corp., Series B12		5.500		08/01/2031		301,864
	3,130,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.000		08/01/2024		743,375
	1,490,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.000		08/01/2043		353,875
	163,445,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.250		08/01/2057		99,292,838
	75,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.500		08/01/2037		17,813
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.499 2		08/01/2042		7,008,900
	8,205,000	Puerto Rico Sales Tax Financing Corp., Series A4		6.500		08/01/2044		1,948,688
	129,035,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.567 2		08/01/2043		28,501,251
	16,265,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.658 2		08/01/2041		4,024,286
	9,370,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.718 2		08/01/2045		1,861,632
	15,265,000	Puerto Rico Sales Tax Financing Corp., Series A4		7.886 2		08/01/2034		1,113,887
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-14		5.250		08/01/2043		2,375,000
	9,985,000	Puerto Rico Sales Tax Financing Corp., Series C4		5.250		08/01/2041		2,371,438
	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C4		5.375		08/01/2036		950,000
	92,245,000	Puerto Rico Sales Tax Financing Corp., Series C4		5.750		08/01/2057		55,577,613
	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C4		6.000		08/01/2039		344,375
	250,000	Puerto Rico Sales Tax Financing Corp., Series C4		6.000		08/01/2042		59,375
	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C4		6.750 6		08/01/2032		9,374,125
	4,525,000	University of Puerto Rico		5.000		06/01/2026		3,067,950
	7,280,000	University of Puerto Rico, Series P		5.000		06/01/2030		4,935,840
	24,375,000	University of Puerto Rico, Series Q		5.000		06/01/2030		16,526,250
	67,190,000	University of Puerto Rico, Series Q		5.000		06/01/2036		45,554,820
	1,500,000	V.I. Public Finance Authority1		5.000		09/01/2033		1,586,460

20      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$2,180,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000%		10/01/2032	$	2,300,336
	10,920,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		5.000		10/01/2029		11,473,316
	2,555,000	V.I. Public Finance Authority, Series A1		5.000		10/01/2032		2,696,036
								967,977,787
	Total Municipal Bonds and Notes (Cost $6,376,526,892)							5,479,029,884
Shares
	Common Stock—0.1%
	1,401	CMS Liquidating Trust13,14,15 (Cost $4,483,200)						4,062,900
	Total Investments, at Value (Cost $6,381,010,092)—109.5%							5,483,092,784
	Net Other Assets (Liabilities)—(9.5)							(476,426,792	)
	Net Assets—100.0%						$	5,006,665,992

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. 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.

4. 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.

5. 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.

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. 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.

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

13. 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

21      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

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

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
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
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
NYMC	New York Medical College
NYS	New York State
NYU	New York University
PHCtr	Putnam Hospital Center

22      OPPENHEIMER ROCHESTER FUND MUNICIPALS

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

PlainH	Plainview Hospital
PSCH	Professional Service Centers for the Handicapped, Inc.
SANC	St. Anne’s Nursing Center
SAR	St. Anne’s Residence
SCOSMC	St. Catherine of Siena Medical Center
ScommH	Southside Community Hospital
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
ASC	Tobacco Settlement Asset-Backed Bonds
TCO	Touro College
TCUS	Touro College & University System
TFABs	Tobacco Flexible Amortization Bonds
TU	Touro University
TUNV	The University Financing Foundation
UBF	University of Buffalo Foundation
UCP	United Creative Program
UCPANYS	United Cerebral Palsy Association of New York State
UCPHCA	United Cerebral Palsy Assoc. and Handicapped Children’s Assoc.
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.

23      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS March 31, 2018 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 least quarterly or more frequently, if necessary.

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

24      OPPENHEIMER ROCHESTER FUND MUNICIPALS

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 when a significant event has occurred that would materially affect the value of the security, are 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

25      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

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	$	—	$	4,511,052,097	$	—	$	4,511,052,097
U.S. Possessions		—		967,977,787		—		967,977,787
Common Stock		—		—		4,062,900		4,062,900
Total Assets	$	—	$	5,479,029,884	$	4,062,900	$	5,483,092,784

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

3. Investments and Risks

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

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

26      OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

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 (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

27      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

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 re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

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

28      OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. At period end, the Fund’s maximum exposure under such agreements is estimated at $112,735,000.

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 $904,332,083 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $498,350,000 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		6.439%		2/15/42	$	16,949,930
	7,000,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0564 Trust		9.313		11/15/57		10,576,580
	8,335,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0572 Trust		8.640		11/15/36		12,146,929
	7,955,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0583 Trust		9.250		11/15/56		11,298,168
	2,500,000	NYC GO Tender Option Bond Series 2015 XF-2040 Trust3		10.670		10/1/34		3,411,325
	5,000,000	NYC GO Tender Option Bond Series 2015-XF2103 Trust		11.536		3/1/21		5,632,950
	710,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-2 Trust		12.520		11/1/39		776,023
	2,730,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-3 Trust		13.030		11/1/46		2,993,663
	775,000	NYC HDC, Series C-1 Tender Option Bond Series 2015-XF0009 Trust		12.310		11/1/34		863,009
	7,935,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF0238 Trust		12.572		6/15/19		10,748,513
	5,395,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF2141 Trust3		11.965		6/15/43		7,226,009

29      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

Principal Amount		Inverse Floater1	Coupon Rate2		Maturity Date		Value
$	17,500,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2017-XF0588 Trust		8.280%		6/15/46	$	22,695,400
	10,000,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2017-XF0588 Trust		6.480		6/15/37		13,194,200
	3,750,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2156 Trust3		11.727		7/15/37		5,267,925
	6,250,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2157 Trust3		10.860		7/15/37		8,798,687
	7,500,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2038 Trust3		6.435		5/1/34		8,861,400
	10,170,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2039 Trust3		6.434		2/1/30		12,517,134
	17,015,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2474 Trust		6.511		5/1/40		21,682,044
	10,000,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2017-XF0566 Trust		12.236		2/1/43		14,321,500
	19,770,000	NYS DA (Sales Tax) Tender Option Bond Series 2016-XF0529-1 Trust		6.491		3/15/33		26,296,077
	19,995,000	NYS DA (Sales Tax) Tender Option Bond Series 2016-XF0529-2 Trust		6.491		3/15/35		26,334,815
	10,000,000	NYS DA (Sales Tax) Tender Option Bond Series 2017-XF0567 Trust		8.663		3/15/38		14,704,000
	11,715,000	NYS DA (State Personal Income Tax Authority) Tender Option Bond Series 2017-XF2475 Trust		6.511		2/15/33		15,403,585
	13,995,000	NYS DA (State Personal Income Tax Authority) Tender Option Bond Series 2017-XF2475-2 Trust		6.511		2/15/40		17,954,046
	3,980,000	NYS DA Tender Option Bond Series 2015-XF2042 Trust3		10.667		3/15/34		5,272,147
	3,410,000	NYS HFA Tender Option Bond Series 2015-XF2134 Trust3		9.743		11/1/45		3,385,789
	7,500,000	NYS Liberty Devel. Corp. (Bank of America Tower at One Bryant Park) Tender Option Bond Series 2015-XF2153 Trust3		6.717		1/15/44		8,233,275
	15,585,000	NYS Liberty Devel. Corp. (One Bryant Park) Tender Option Bond Series 2015-XF2107 Trust		12.837		1/15/46		19,738,403
	28,970,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF2106 Trust		7.190		11/1/35		29,142,372
	5,060,000	Port Authority NY/NJ, 163rd Series Tender Option Bond Series 2015-XF0237 Trust		10.840		1/15/19		6,343,216
	10,755,000	Port Authority NY/NJ, 166th Series Tender Option Bond Series 2016-XF2211 Trust		6.436		1/15/41		12,295,761
	9,335,000	Port Authority NY/NJ, 198th Series Tender Option Bond Series 2017-XF0565 Trust		9.312		11/15/56		13,718,156
	7,500,000	Port Authority NY/NJ, 3249th Series Tender Option Bond Series 2015 XF-2025 Trust3		6.868		7/15/36		8,789,100
	7,650,000	Port Authority NY/NJ, 3264th Series Tender Option Bond Series 2015 XF-2028 Trust3		6.435		10/15/31		8,409,952
							$	405,982,083

30      OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

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 xx% 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 $498,350,000 at period end.

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

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

	When-Issued or Delayed Delivery Basis Transactions
Sold securities		$3,984,236

31      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

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 (“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 may 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	$	805,558,163
Market Value	$	340,033,005
Market Value as % of Net Assets		6.79%

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

32      OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

developments in Puerto Rico may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

4. Market Risk Factors

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

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

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

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

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

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

33      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 3/31/2018, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) There have been no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Exhibits attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer Rochester Fund Municipals

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	5/18/2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	5/18/2018

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	5/18/2018