UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3614

Oppenheimer Rochester Fund Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: 9/30/2018

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS September 30, 2018 Unaudited

Principal Amount			Coupon		Maturity		Value
	Municipal Bonds and Notes—111.3%
	New York—91.6%
	$375,000	Albany County, NY IDA (Wildwood Programs)1		4.900%		07/01/2021	$	374,021
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.375		07/01/2026		1,580,144
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.625		07/01/2031		1,363,392
	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.875		07/01/2041		8,440,732
	300,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2027		344,130
	400,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2028		455,328
	550,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2029		623,678
	350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2030		395,367
	350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2031		393,855
	200,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000		05/01/2032		224,486
	385,000	Albany, NY IDA (Albany Rehabilitation)1		8.375		06/01/2023		385,539
	1,760,000	Albany, NY IDA (Sage Colleges)		5.300		04/01/2029		1,566,611
	315,000	Albany, NY Parking Authority1		5.000		07/15/2025		352,791
	2,575,000	Amherst, NY Devel. Corp. (Daemen College)1		4.000		10/01/2037		2,504,754
	2,345,000	Amherst, NY Devel. Corp. (Daemen College)1		5.000		10/01/2043		2,506,758
	2,000,000	Amherst, NY Devel. Corp. (Daemen College)1		5.000		10/01/2048		2,129,500
	1,000,000	Amherst, NY Devel. Corp. Student Hsg. (UBF Faculty-Student Hsg. Corp.)1		5.000		10/01/2045		1,116,560
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)1		6.300		11/01/2033		2,698,214
	1,235,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)1		5.250		11/01/2036		1,386,868
	2,750,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		5.000		07/15/2026		3,121,085
	2,250,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000		07/15/2028		2,528,685
	7,500,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000		07/15/2030		8,319,825
	78,745,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000		07/15/2042		84,076,036
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.375		10/01/2041		1,895,564
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		6.000		10/01/2031		950,571
	500,000	Buffalo & Erie County, NY Industrial Land Devel. (CathHS/KMHosp/SOCHOB Obligated Group)1		5.250		07/01/2035		544,935
	1,500,000	Buffalo & Erie County, NY Industrial Land Devel. (Charter School for Applied Technologies)1		4.500		06/01/2027		1,614,690
	840,000	Buffalo & Erie County, NY Industrial Land Devel. (Charter School for Applied Technologies)1		5.000		06/01/2035		905,680

1        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$140,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1,2		5.000%		10/01/2032	$	158,208
	150,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1,2		5.000		10/01/2033		168,834
	500,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1,2		5.000		10/01/2037		554,320
	300,000	Buffalo, NY Municipal Water Finance Authority1		5.000		07/01/2029		337,950
	150,000	Buffalo, NY Municipal Water Finance Authority1		5.000		07/01/2030		168,195
	210,000	Buffalo, NY Municipal Water Finance Authority1		5.000		07/01/2031		234,656
	245,000	Buffalo, NY Municipal Water Finance Authority1		5.000		07/01/2032		272,504
	8,000,000	Build NYC Resource Corp. (Chapin School)1		5.000		11/01/2047		9,696,720
	880,000	Build NYC Resource Corp. (Manhattan College)1		5.000		08/01/2032		995,192
	1,500,000	Build NYC Resource Corp. (Manhattan College)1		5.000		08/01/2036		1,671,990
	4,430,000	Build NYC Resource Corp. (Manhattan College)1		5.000		08/01/2047		4,870,741
	1,100,000	Build NYC Resource Corp. (New York Methodist Hospital)1		5.000		07/01/2026		1,223,277
	500,000	Build NYC Resource Corp. (New York Methodist Hospital)1		5.000		07/01/2030		547,155
	1,500,000	Build NYC Resource Corp. (Pratt Paper)1		4.500		01/01/2025		1,622,805
	3,250,000	Build NYC Resource Corp. (Pratt Paper)1		5.000		01/01/2035		3,455,595
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)1		5.000		08/01/2032		910,895
	2,730,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)1		5.750		11/01/2030		2,655,799
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1		5.000		05/01/2040		1,047,870
	510,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2030		554,870
	540,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2031		584,167
	200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2034		215,398
	250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000		05/01/2039		267,155
	185,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.450		09/15/2019		185,588
	95,000	Chautauqua, NY Utility District1		5.000		06/01/2023		95,138
	105,000	Chautauqua, NY Utility District1		5.000		06/01/2025		105,129
	480,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		4.850		07/01/2023		481,541
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		5.000		07/01/2033		1,517,788
	2,335,000	Dutchess County, NY IDA (Marist College)1		5.000		07/01/2036		2,585,149
	1,255,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2030		1,415,289
	2,715,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2035		3,010,501
	1,195,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000		07/01/2044		1,286,238

2        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$25,775,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000%		07/01/2046	$	27,922,315
	650,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.750		07/01/2040		693,829
	840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000		07/01/2034		958,658
	840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000		07/01/2036		951,787
	1,205,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000		07/01/2037		1,359,481
	2,535,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000		07/01/2042		2,845,664
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.392  3		06/01/2027		783,230
	1,675,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)1		6.750		03/01/2030		1,650,059
	2,330,000	Elmira, NY Hsg. Authority (Eastgate Apartments)1		6.250		06/01/2044		2,333,192
	715,000	Erie County, NY IDA (The Episcopal Church Home)1		6.000		02/01/2028		716,809
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.190  3		06/01/2055		10,313,444
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.645  3		06/01/2060		31,918,080
	300,000	Franklin County, NY Solid Waste Management Authority1		5.000		06/01/2025		323,016
	55,000	Genesee County, NY IDA (United Memorial Medical Center)1		5.000		12/01/2032		55,008
	5,495,000	Glen Cove, NY Local Assistance Corp. (Tiegerman School)1		5.500		07/01/2044		5,405,541
	475,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2029		529,782
	1,700,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2029		1,844,517
	425,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2030		471,979
	390,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2031		430,638
	700,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2032		770,735
	1,500,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2034		1,610,490
	730,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2035		798,613
	570,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2036		621,796
	650,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2038		703,027
	1,250,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000		07/01/2039		1,328,712

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	$	1,060,850
	11,000,000	Hudson Yards, NY Infrastructure Corp.1		5.000		02/15/2038		12,340,350
	15,705,000	Hudson Yards, NY Infrastructure Corp.1		5.000		02/15/2039		17,594,311
	39,880,000	Hudson Yards, NY Infrastructure Corp.1		5.000		02/15/2042		44,553,936
	26,500,000	Hudson Yards, NY Infrastructure Corp.4		5.000		02/15/2042		29,605,800
	30,750,000	Hudson Yards, NY Infrastructure Corp.1		5.000		02/15/2045		34,306,545
	13,125,000	Hudson Yards, NY Infrastructure Corp.1		5.750		02/15/2047		14,137,725
	21,325,000	Hudson Yards, NY Infrastructure Corp.1		5.750		02/15/2047		23,192,004
	2,000,000	Jefferson County, NY Civic Facility Devel. Corp. (Samaritan Medical Center/Samaritan Medical Practice Obligated Group)1		5.000		11/01/2037		2,157,280
	1,000,000	L.I., NY Power Authority1		5.000		09/01/2028		1,170,740
	750,000	L.I., NY Power Authority1		5.000		09/01/2029		872,917
	1,500,000	L.I., NY Power Authority1		5.000		09/01/2030		1,735,620
	3,405,000	L.I., NY Power Authority1		5.000		09/01/2037		3,829,195
	14,000,000	L.I., NY Power Authority1		5.000		09/01/2042		15,664,040
	25,000,000	L.I., NY Power Authority1		5.000		09/01/2047		28,053,000
	12,925,000	L.I., NY Power Authority1		5.000		09/01/2047		14,377,253
	29,735,000	L.I., NY Power Authority, Series A1		5.000		09/01/2037		32,200,924
	12,315,000	L.I., NY Power Authority, Series A1		5.000		09/01/2039		13,528,274
	20,000,000	L.I., NY Power Authority, Series A1		5.000		09/01/2042		21,612,200
	14,530,000	L.I., NY Power Authority, Series A1		5.000		09/01/2044		15,928,658
	5,000,000	L.I., NY Power Authority, Series B1		5.000		09/01/2030		5,718,600
	6,280,000	L.I., NY Power Authority, Series B1		5.000		09/01/2035		7,050,619
	3,750,000	L.I., NY Power Authority, Series B1		5.000		09/01/2036		4,196,287
	12,335,000	L.I., NY Power Authority, Series B1		5.000		09/01/2041		13,657,929
	8,760,000	L.I., NY Power Authority, Series B1		5.000		09/01/2046		9,667,536
	435,000	Lockport City, NY GO1		5.000		10/15/2020		460,726
	455,000	Lockport City, NY GO1		5.000		10/15/2021		492,492
	480,000	Lockport City, NY GO1		5.000		10/15/2022		527,539
	505,000	Lockport City, NY GO1		5.000		10/15/2023		562,110
	530,000	Lockport City, NY GO1		5.000		10/15/2024		594,024
	2,270,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)1		6.500		12/01/2042		2,269,796
	5,000,000	Monroe County, NY IDA (Rochester General Hospital)1		5.000		12/01/2046		5,413,850
	800,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2027		946,120
	1,200,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2028		1,411,116
	1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2029		1,752,630
	2,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2030		2,320,280
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2030		1,131,360
	1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2031		1,692,225

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	$	1,758,397
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2032		1,156,020
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2033		1,144,590
	1,120,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000		05/01/2033		1,297,206
	180,000	Monroe County, NY IDA (University of Rochester)1		5.000		07/01/2028		205,373
	2,785,000	Monroe County, NY IDA (Volunteers of America)1		5.750		08/01/2028		2,735,622
	375,000	Monroe County, NY Industrial Devel. Corp. (Highland Hospital of Rochester)1		5.000		07/01/2034		412,545
	890,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)1		5.000		01/15/2038		960,559
	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000		10/01/2026		922,275
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.250		10/01/2031		546,130
	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.500		10/01/2041		2,023,062
	50,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)1		5.000		12/01/2037		53,420
	2,010,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)1		5.000		12/01/2042		2,132,188
	500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000		06/01/2029		551,165
	1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000		06/01/2044		1,631,579
	960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.500		06/01/2034		1,081,450
	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.625		06/01/2026		917,558
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000		06/01/2034		1,628,175
	5,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.500		08/15/2040		5,367,950
	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.750		08/15/2035		16,410,982
	1,500,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)1		5.000		07/01/2032		1,684,875
	1,000,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)1		5.000		07/01/2033		1,118,710
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.699  3		06/01/2061		19,701,500
	802,824	Municipal Assistance Corp. for Troy, NY		5.732  3		07/15/2021		751,821
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.740  3		01/15/2022		1,125,596
	4,025,000	Nassau County, NY GO1		5.000		04/01/2030		4,460,304
	6,475,000	Nassau County, NY GO1		5.000		04/01/2031		7,157,918

5        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$7,045,000	Nassau County, NY GO1		5.000%		04/01/2032	$	7,746,682
	6,625,000	Nassau County, NY GO1		5.000		04/01/2037		7,302,870
	1,000,000	Nassau County, NY GO1		5.000		01/01/2038		1,097,240
	6,965,000	Nassau County, NY GO1		5.000		04/01/2038		7,663,172
	3,335,000	Nassau County, NY GO1		5.000		04/01/2040		3,739,102
	16,665,000	Nassau County, NY GO1		5.000		04/01/2043		18,627,137
	145,000	Nassau County, NY IDA (ACDS)1		5.950		11/01/2022		143,396
	2,101,661	Nassau County, NY IDA (Amsterdam at Harborside)5		2.000		01/01/2049		357,282
	190,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)1		5.950		11/01/2022		187,899
	215,000	Nassau County, NY IDA (Life’s WORCA)1		5.950		11/01/2022		212,622
	305,000	Nassau County, NY IDA (PLUS Group Home)1		6.150		11/01/2022		302,597
	150,000	Nassau County, NY IDA, Series A-A1		6.000		06/01/2021		149,410
	240,000	Nassau County, NY IDA, Series A-D1		6.000		06/01/2021		239,057
	300,000	Nassau County, NY Local Economic Assistance Corp. (CHSLI / SCOSMC / CHS / SANC / SAR / SJRNC / SJR / VMNRC / CHFTEH / VMHCS / CHHSB Obligated Group)1		5.000		07/01/2033		324,039
	1,585,000	Nassau County, NY Local Economic Assistance Corp. (Hispanic Counseling Center)1		5.200		12/01/2037		1,571,638
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.644  3		06/01/2060		29,176,695
	105,975,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.219  3		06/01/2046		11,473,913
	40,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.349 3		06/01/2060		962,000
	17,100,000	New Rochelle, NY Corp. Local Devel. (70 Nardozzi/City Dept. of Public Works)1		5.125		08/01/2050		17,329,482
	500,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000		05/01/2035		536,160
	850,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000		05/01/2042		904,018
	280,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000		04/01/2021		298,035
	1,300,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)1		7.375		12/15/2021		1,406,951
	5,060,000	NY Counties Tobacco Trust I1		6.500		06/01/2035		5,062,075
	19,230,000	NY Counties Tobacco Trust I1		6.625		06/01/2042		19,236,730
	3,130,000	NY Counties Tobacco Trust II (TASC)1		5.625		06/01/2035		3,140,830
	9,025,000	NY Counties Tobacco Trust II (TASC)1		5.750		06/01/2043		9,154,057
	20,000	NY Counties Tobacco Trust III (TASC)1		6.000		06/01/2043		20,030
	66,335,000	NY Counties Tobacco Trust IV		4.900  3		06/01/2050		9,024,877
	154,690,000	NY Counties Tobacco Trust IV		5.391  3		06/01/2055		10,549,858
	608,700,000	NY Counties Tobacco Trust IV		5.822  3		06/01/2060		24,317,565
	1,790,900,000	NY Counties Tobacco Trust V		6.732  3		06/01/2060		57,863,979
	248,195,000	NY Counties Tobacco Trust V		6.845  3		06/01/2055		17,046,033
	3,185,000	NY Counties Tobacco Trust VI1		6.000		06/01/2043		3,494,009
	1,195,000	NY Counties Tobacco Trust VI1		6.250		06/01/2025		1,232,738

6        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$3,005,000	NY Counties Tobacco Trust VI1		6.450%		06/01/2040	$	3,414,852
	1,000,000	NY Counties Tobacco Trust VI (TASC)1		5.000		06/01/2036		1,086,710
	870,000	NY Counties Tobacco Trust VI (TASC)1		5.000		06/01/2041		937,608
	3,000,000	NY GO1		5.000		10/01/2037		3,401,700
	15,000,000	NY GO1		5.000		04/01/2045		16,895,100
	3,955,000	NY MTA1		5.000		11/15/2036		4,487,580
	25,000,000	NY MTA4		5.000		11/15/2036		28,366,507
	23,860,000	NY MTA4		5.250		11/15/2056		26,512,515
	24,700,000	NY MTA (Green Bond)1		5.000		11/15/2034		28,311,387
	10,345,000	NY MTA (Green Bond)1		5.000		11/15/2056		11,410,018
	3,570,000	NY MTA (Green Bond)1		5.250		11/15/2057		4,065,980
	21,000,000	NY MTA (Green Bond)4		5.250		11/15/2057		23,917,600
	61,130,000	NY MTA Hudson Rail Yards1		5.000		11/15/2056		65,273,391
	500,000	NY MTA, Series A1		5.000		11/15/2026		564,685
	500,000	NY MTA, Series A1		5.000		11/15/2027		564,685
	6,800,000	NY MTA, Series A1		5.250		11/15/2038		7,473,608
	5,000,000	NY MTA, Series B1		5.000		11/15/2037		5,567,000
	5,135,000	NY MTA, Series B1		5.250		11/15/2039		5,733,844
	9,000,000	NY MTA, Series B1		5.250		11/15/2055		9,911,880
	4,000,000	NY MTA, Series C1		5.000		11/15/2038		4,319,240
	18,000,000	NY MTA, Series C-11		5.000		11/15/2031		20,647,800
	3,390,000	NY MTA, Series D1		5.000		11/15/2026		3,712,728
	27,675,000	NY MTA, Series D1		5.000		11/15/2030		30,083,832
	13,665,000	NY MTA, Series D1		5.000		11/15/2031		15,675,121
	2,150,000	NY MTA, Series D1		5.000		11/15/2032		2,332,750
	10,000,000	NY MTA, Series D1		5.000		11/15/2034		11,364,600
	585,000	NY MTA, Series D1		5.250		11/15/2027		673,680
	690,000	NY MTA, Series D1		5.250		11/15/2028		794,597
	1,100,000	NY MTA, Series D1		5.250		11/15/2030		1,266,749
	1,100,000	NY MTA, Series D1		5.250		11/15/2031		1,266,749
	1,100,000	NY MTA, Series D1		5.250		11/15/2032		1,266,749
	1,100,000	NY MTA, Series D1		5.250		11/15/2033		1,266,749
	8,000,000	NY MTA, Series D-11		5.000		11/01/2027		8,738,640
	3,500,000	NY MTA, Series D-11		5.000		11/01/2028		3,816,050
	10,000,000	NY MTA, Series D-11		5.000		11/15/2033		11,157,800
	4,580,000	NY MTA, Series F1		5.000		11/15/2025		5,025,451
	36,670,000	NY MTA, Series F1		5.000		11/15/2030		39,861,757
	1,350,000	NY MTA, Series H1		5.000		11/15/2025		1,481,301
	1,650,000	NY MTA, Series H1		5.000		11/15/2025		1,842,687
	940,000	NY MTA, Series H1		5.000		11/15/2033		1,018,763
	8,470,000	NY MTA,Series C1		5.000		11/15/2056		9,211,040
	400,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2028		442,704
	3,200,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2029		3,554,272
	4,180,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2032		4,820,961
	4,350,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2033		4,999,194
	2,790,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2034		3,194,996
	5,270,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2035		6,128,852
	12,450,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2036		14,156,148

7        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$4,455,000	NY Triborough Bridge & Tunnel Authority1		5.000%		11/15/2037	$	5,043,996
	12,260,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2037		13,880,895
	9,100,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2038		10,281,180
	1,515,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2038		1,711,647
	10,000,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2041		11,172,400
	25,870,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2042		29,308,123
	3,000,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2044		3,404,070
	20,000,000	NY Triborough Bridge & Tunnel Authority4		5.000		11/15/2044		22,693,900
	10,000,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2046		11,320,600
	4,000,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2046		4,454,680
	17,095,000	NY Triborough Bridge & Tunnel Authority1		5.000		11/15/2047		19,177,342
	4,000,000	NY TSASC, Inc. (TFABs)1		5.000		06/01/2041		4,281,160
	8,000,000	NY Utility Debt Securitization Authority1		5.000		12/15/2034		9,128,240
	5,000,000	NY Utility Debt Securitization Authority1		5.000		12/15/2035		5,686,650
	15,000,000	NY Utility Debt Securitization Authority1		5.000		12/15/2038		17,201,250
	8,500,000	NY Utility Debt Securitization Authority1		5.000		12/15/2041		9,689,065
	3,000,000	NYC GO1		4.000		10/01/2041		3,054,540
	5,000,000	NYC GO1		5.000		08/01/2029		5,410,250
	3,000,000	NYC GO1		5.000		08/01/2029		3,276,840
	2,500,000	NYC GO1		5.000		10/01/2029		2,739,350
	350,000	NYC GO1		5.000		10/01/2030		383,089
	3,300,000	NYC GO1		5.000		10/01/2033		3,601,455
	10,495,000	NYC GO1		5.000		06/01/2034		11,780,847
	10,000,000	NYC GO4		5.000		10/01/2034		10,715,750
	1,915,000	NYC GO1		5.000		10/01/2034		2,086,890
	10,000,000	NYC GO1		5.000		06/01/2035		11,199,500
	3,800,000	NYC GO1		5.000		08/01/2035		4,065,468
	1,015,000	NYC GO1		5.000		05/15/2036		1,033,057
	325,000	NYC GO1		5.000		05/15/2036		331,370
	4,000,000	NYC GO1		5.000		08/01/2038		4,474,480
	5,200,000	NYC GO1		5.000		12/01/2038		5,839,756
	18,815,000	NYC GO1		5.000		12/01/2041		21,044,013
	25,000,000	NYC GO1		5.000		03/01/2044		28,155,750
	9,260,000	NYC GO4		5.250		03/01/2021		9,325,179
	10,740,000	NYC GO4		5.250		03/01/2021		10,807,971
	230,000	NYC GO1		5.250		06/01/2027		230,621
	7,040,000	NYC GO1		5.250		10/01/2033		8,262,707
	5,000	NYC GO1		5.320  6		01/15/2028		5,013
	380,000	NYC GO1		5.375		06/01/2032		381,121
	2,890,000	NYC GO1		5.500		04/01/2022		2,940,662
	65,000	NYC GO1		5.500		04/01/2022		66,156
	10,000	NYC GO1		5.500		11/15/2037		10,030
	45,000	NYC GO1		6.250		12/15/2031		45,406
	5,000	NYC GO1		7.750		08/15/2028		5,109
	1,475,000	NYC GO Tender Option Bond Series 2015- XF2142 Trust7		13.777  8		05/15/2031		1,581,421
	875,000	NYC GO Tender Option Bond Series 2015- XF2142-2 Trust7		13.787  8		05/15/2033		938,184

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		13.784%8		05/15/2036	$	5,777,344
	5,030,000	NYC HDC (Multifamily Hsg.)1		4.300		11/01/2047		5,128,336
	890,000	NYC HDC (Multifamily Hsg.)1		4.950		11/01/2039		899,995
	3,090,000	NYC HDC (Multifamily Hsg.)4		5.500		11/01/2034		3,134,725
	2,840,000	NYC HDC (Multifamily Hsg.)4		5.550		11/01/2039		2,871,851
	25,000	NYC HDC (Multifamily Hsg.)1		5.550		11/01/2039		25,291
	10,910,000	NYC HDC (Multifamily Hsg.)4		5.700		11/01/2046		11,041,368
	785,000	NYC IDA (Allied Metal)1		7.125		12/01/2027		784,882
	1,065,000	NYC IDA (Amboy Properties)1		6.750		06/01/2020		1,064,254
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		6.200		10/01/2022		22,687,415
	240,000	NYC IDA (Community Resource Center for the Developmentally Disabled)1		5.250		07/01/2022		240,000
	1,255,000	NYC IDA (Comprehensive Care Management)1		6.000		05/01/2026		1,258,238
	3,000,000	NYC IDA (Comprehensive Care Management)1		6.125		11/01/2035		2,917,650
	1,095,000	NYC IDA (Comprehensive Care Management)1		6.375		11/01/2028		1,095,230
	2,765,000	NYC IDA (Comprehensive Care Management)1		6.375		11/01/2028		2,765,774
	5,685,000	NYC IDA (Cool Wind Ventilation)1		6.075		11/01/2027		5,819,962
	170,000	NYC IDA (EIISFAC/SFUMP/YAI/AFSFBM/SNP Obligated Group)1		4.750		07/01/2020		168,781
	1,395,000	NYC IDA (Gourmet Boutique)1		10.000		05/01/2021		1,337,428
	7,150,000	NYC IDA (Guttmacher Institute)1		5.750		12/01/2036		7,156,506
	300,000	NYC IDA (Independent Living Assoc.)1		6.200		07/01/2020		300,066
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375		11/01/2038		9,254,088
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375		11/01/2038		1,911,335
	10,620,000	NYC IDA (MediSys Health Network)1		6.250		03/15/2024		10,620,319
	255,000	NYC IDA (Special Needs Facilities Pooled Program)1		6.650		07/01/2023		255,365
	8,100,000	NYC IDA (The Child School)1		7.550		06/01/2033		8,134,101
	3,015,000	NYC IDA (Therapy & Learning Center)1		8.250		09/01/2031		3,020,819
	5,000,000	NYC IDA (United Jewish Appeal-Federation of Jewish Philanthropies of New York)1		5.000		07/01/2034		5,395,450
	375,000	NYC IDA (World Casing Corp.)1		6.700		11/01/2019		375,049
	6,800,000	NYC IDA (Yankee Stadium)1,9		3.790		03/01/2022		6,842,024
	170,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2031		171,159
	270,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2036		270,437
	18,110,000	NYC IDA (Yankee Stadium)1		5.000		03/01/2046		18,203,085
	16,500,000	NYC IDA (Yankee Stadium)1		7.000		03/01/2049		16,832,970
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)1		5.725		11/01/2037		23,171,782
	8,950,000	NYC Municipal Water Finance Authority1		5.000		06/15/2031		9,373,961
	5,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2036		5,545,250
	9,655,000	NYC Municipal Water Finance Authority1		5.000		06/15/2036		10,724,002
	20,000,000	NYC Municipal Water Finance Authority4		5.000		06/15/2037		22,617,436
	515,000	NYC Municipal Water Finance Authority1		5.000		06/15/2037		582,398
	10,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2038		11,308,700
	15,440,000	NYC Municipal Water Finance Authority1		5.000		06/15/2038		17,394,858

9        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$10,000,000	NYC Municipal Water Finance Authority1		5.000%		06/15/2039	$	11,096,800
	32,660,000	NYC Municipal Water Finance Authority1		5.000		06/15/2040		36,951,197
	35,000,000	NYC Municipal Water Finance Authority4		5.000		06/15/2046		39,186,414
	3,115,000	NYC Municipal Water Finance Authority1		5.000		06/15/2046		3,487,585
	6,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2047		6,709,200
	20,000,000	NYC Municipal Water Finance Authority4		5.000		06/15/2048		22,475,900
	1,000,000	NYC Municipal Water Finance Authority1		5.000		06/15/2048		1,118,010
	7,525,000	NYC Municipal Water Finance Authority1		5.250		06/15/2040		7,695,140
	7,405,000	NYC Municipal Water Finance Authority1		5.250		06/15/2044		8,063,527
	5,485,000	NYC Municipal Water Finance Authority1		5.250		06/15/2047		6,256,356
	21,570,000	NYC Municipal Water Finance Authority4		5.375		06/15/2043		23,001,078
	31,750,000	NYC Municipal Water Finance Authority4		5.500		06/15/2043		33,953,153
	700,000	NYC Transitional Finance Authority1		5.125		01/15/2034		706,118
	650,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2029		744,555
	3,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2030		3,374,190
	12,110,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2031		13,917,539
	6,500,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2034		7,223,710
	8,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2034		8,954,560
	5,405,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2035		6,025,386
	5,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2035		5,667,950
	6,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2036		6,661,560
	25,000,000	NYC Transitional Finance Authority (Building Aid)4		5.000		07/15/2037		27,055,125
	5,410,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2040		5,762,570
	7,500,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2043		8,451,525
	44,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2043		49,582,280
	4,165,000	NYC Transitional Finance Authority (Building Aid)1		5.000		07/15/2043		4,611,488
	15,000,000	NYC Transitional Finance Authority (Building Aid)4		5.250		07/15/2037		16,162,388
	11,165,000	NYC Transitional Finance Authority (Building Aid)1		5.250		07/15/2045		12,891,779
	1,700,000	NYC Transitional Finance Authority (Building Aid)1		5.500		01/15/2039		1,716,609
	20,335,000	NYC Transitional Finance Authority (Future Tax)4		5.000		02/01/2030		22,279,504
	12,975,000	NYC Transitional Finance Authority (Future Tax)1		5.000		11/01/2031		14,914,503
	9,020,000	NYC Transitional Finance Authority (Future Tax)1		5.000		11/01/2032		10,346,211
	5,180,000	NYC Transitional Finance Authority (Future Tax)1		5.000		11/01/2033		5,920,585
	15,000,000	NYC Transitional Finance Authority (Future Tax)4		5.000		05/01/2034		16,137,075
	8,190,000	NYC Transitional Finance Authority (Future Tax)1		5.000		02/01/2035		8,812,931
	9,850,000	NYC Transitional Finance Authority (Future Tax)1		5.000		08/01/2036		11,069,036
	3,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000		08/01/2038		3,353,670
	16,610,000	NYC Transitional Finance Authority (Future Tax)1		5.000		02/01/2039		18,599,878
	7,310,000	NYC Transitional Finance Authority (Future Tax)1		5.000		05/01/2039		8,208,618
	2,388,000	NYC Transitional Finance Authority (Future Tax)1		5.000		02/01/2040		2,645,403
	34,035,000	NYC Transitional Finance Authority (Future Tax)4		5.000		05/01/2040		37,814,372
	5,695,000	NYC Transitional Finance Authority (Future Tax)1		5.000		02/01/2041		6,264,272
	30,000,000	NYC Transitional Finance Authority (Future Tax)4		5.000		02/01/2043		33,455,500
	5,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000		02/01/2043		5,575,900
	2,105,000	NYC Transitional Finance Authority (Future Tax)1		5.250		02/01/2030		2,254,476
	4,275,000	NYC Transitional Finance Authority (Future Tax)1		5.500		11/01/2035		4,569,291
	2,500,000	NYC Trust for Cultural Resources (Museum of Modern Art)1		4.000		04/01/2031		2,704,300

10        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$6,935,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000%		11/15/2040	$	7,640,359
	4,220,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000		11/15/2041		4,708,085
	4,500,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000		11/15/2045		4,942,755
	13,300,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000		11/15/2046		14,768,453
	3,935,000	NYS DA (ALIA-PSCH)1		4.800		12/01/2023		3,980,489
	10,325,000	NYS DA (ALIA-PSCH)1		5.350		12/01/2035		10,454,062
	4,900,000	NYS DA (ALIA-PSCH)1		6.175		12/01/2031		4,928,616
	850,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2027		922,037
	850,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2028		919,827
	430,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2029		463,888
	430,000	NYS DA (Brooklyn Law School)1		5.000		07/01/2030		462,779
	500,000	NYS DA (Catholic Health System)1		5.000		07/01/2032		522,345
	260,000	NYS DA (Catholic Health System)1		5.000		07/01/2032		271,619
	25,000	NYS DA (City University)1		5.250		07/01/2030		29,002
	115,000	NYS DA (Columbia University)1		5.000		10/01/2045		145,205
	300,000	NYS DA (Culinary Institute of America)1		5.000		07/01/2034		320,223
	200,000	NYS DA (Fordham University)1		5.000		07/01/2030		223,990
	650,000	NYS DA (Fordham University)1		5.000		07/01/2030		749,879
	800,000	NYS DA (Fordham University)1		5.000		07/01/2031		918,944
	750,000	NYS DA (Fordham University)1		5.000		07/01/2032		859,650
	1,200,000	NYS DA (Fordham University)1		5.000		07/01/2041		1,318,596
	150,000	NYS DA (Icahn School of Medicine at Mount Sinai)1		5.000		07/01/2034		165,687
	2,800,000	NYS DA (Icahn School of Medicine at Mount Sinai)1		5.000		07/01/2040		3,062,640
	5,300,000	NYS DA (Interagency Council)1		7.000		07/01/2035		5,706,722
	3,000,000	NYS DA (Iona College)1		5.000		07/01/2032		3,186,930
	16,140,000	NYS DA (Jawonio/United Cerebral Palsy Assoc. of NYC Obligated Group)1		5.500		12/01/2047		15,817,200
	10,000	NYS DA (Mental Health Services Facilities)1		5.000		02/15/2037		10,025
	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)1		5.000		07/01/2029		875,403
	5,570,000	NYS DA (Montefiore Medical Center)1		4.000		08/01/2036		5,583,257
	2,050,000	NYS DA (Montefiore Medical Center)1		4.000		08/01/2037		2,039,176
	1,000,000	NYS DA (New School University)1		5.750		07/01/2050		1,065,110
	2,100,000	NYS DA (New School)1		5.000		07/01/2040		2,295,657
	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		1,684,165
	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		12,447,370
	2,475,000	NYS DA (NYU Hospitals Center)1		5.000		07/01/2036		2,717,971
	5,000,000	NYS DA (NYU)1		4.000		07/01/2036		5,202,100
	10,115,000	NYS DA (NYU)1		4.000		07/01/2037		10,495,324
	2,500,000	NYS DA (NYU)1		5.000		07/01/2035		2,837,700
	1,680,000	NYS DA (NYU)1		5.000		07/01/2038		1,920,828
	5,890,000	NYS DA (NYU)1		5.000		07/01/2045		6,551,211

11        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$3,200,000	NYS DA (Orange Regional Medical Center)1		5.000%		12/01/2029	$	3,558,432
	1,900,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2030		2,105,333
	1,200,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2032		1,322,160
	1,700,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2033		1,866,430
	1,300,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2035		1,417,182
	800,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2036		869,032
	800,000	NYS DA (Orange Regional Medical Center)1		5.000		12/01/2037		865,352
	1,000,000	NYS DA (Pratt Institute)1		5.000		07/01/2034		1,095,960
	500,000	NYS DA (Pratt Institute)1		5.000		07/01/2046		548,350
	39,540,000	NYS DA (Sales Tax)4		5.000		03/15/2033		45,095,438
	6,000,000	NYS DA (Sales Tax)1		5.000		03/15/2034		6,865,920
	39,995,000	NYS DA (Sales Tax)4		5.000		03/15/2035		45,311,604
	6,850,000	NYS DA (Sales Tax)1		5.000		03/15/2038		7,729,677
	30,000,000	NYS DA (Sales Tax)4		5.000		03/15/2038		33,852,700
	2,970,000	NYS DA (Sales Tax)1		5.000		03/15/2041		3,337,419
	43,330,000	NYS DA (Sales Tax)1		5.000		03/15/2044		49,043,494
	5,035,000	NYS DA (School District Bond Financing Program), Series A1		5.000		08/01/2034		5,614,025
	6,695,000	NYS DA (School District Bond Financing Program), Series A1		5.000		08/01/2035		7,435,601
	245,000	NYS DA (Siena College)1		5.125		07/01/2039		250,882
	270,000	NYS DA (St. John’s University)1		5.000		07/01/2028		297,246
	20,000	NYS DA (St. John’s University)1		5.000		07/01/2030		22,094
	5,600,000	NYS DA (St. John’s University)1		5.000		07/01/2030		6,068,384
	400,000	NYS DA (St. John’s University)1		5.000		07/01/2034		443,364
	41,000,000	NYS DA (St. Mary’s Hospital for Children)1		7.875		11/15/2041		42,797,030
	10,000,000	NYS DA (State Personal Income Tax Authority)1		5.000		03/15/2031		11,277,800
	8,750,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2032		10,015,600
	23,435,000	NYS DA (State Personal Income Tax Authority)4		5.000		02/15/2033		26,592,342
	15,915,000	NYS DA (State Personal Income Tax Authority)4		5.000		03/15/2034		16,876,528
	19,490,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2036		22,115,303
	5,000,000	NYS DA (State Personal Income Tax Authority)1		5.000		03/15/2036		5,590,000
	2,145,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2037		2,413,039
	9,000,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2038		10,124,640
	27,995,000	NYS DA (State Personal Income Tax Authority)4		5.000		02/15/2040		31,186,644
	11,710,000	NYS DA (State Personal Income Tax Authority)1		5.000		02/15/2042		12,837,673
	1,585,000	NYS DA (State University of New York)1		5.000		07/01/2035		1,658,940
	3,000,000	NYS DA (State University of New York)1		5.000		07/01/2040		3,128,370
	4,000,000	NYS DA (State University of New York)1		5.000		07/01/2045		4,428,520
	22,500,000	NYS DA (State University of New York)1		5.000		07/01/2048		24,982,425
	2,875,000	NYS DA (TCUS/TCO/TU/TUNV/NYMC Obligated Group)1		5.000		01/01/2033		3,132,370
	4,045,000	NYS DA (TCUS/TCO/TU/TUNV/NYMC Obligated Group)1		5.000		01/01/2038		4,345,139
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250		02/15/2035		5,325,674
	5,050,000	NYS DA (The New School)1		4.000		07/01/2043		5,070,907
	1,545,000	NYS DA (The New School)1		5.000		07/01/2030		1,755,908
	4,395,000	NYS DA (The New School)1		5.000		07/01/2031		4,672,764
	3,490,000	NYS DA (The New School)1		5.000		07/01/2035		3,899,133

12        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$2,490,000	NYS DA (The New School)1		5.000%		07/01/2036	$	2,772,416
	3,735,000	NYS DA (The New School)1		5.000		07/01/2037		4,141,629
	2,905,000	NYS DA (The New School)1		5.000		07/01/2041		3,203,721
	6,330,000	NYS DA (The New School)1		5.000		07/01/2046		6,966,671
	4,375,000	NYS DA (Touro College and University System)1		5.500		01/01/2039		4,767,262
	5,135,000	NYS DA (Touro College and University System)1		5.500		01/01/2044		5,581,591
	20,000	NYS DA (UCPHCA / Jawonio / FRC / CPW / UCPANYS / UCP Obligated Group)1		5.000		07/01/2034		20,050
	25,010,000	NYS DA (United Cerebral Palsy Assoc. of NYS)1		5.375		09/01/2050		25,018,253
	7,540,000	NYS DA (United Cerebral Palsy Assoc. of Putnam & Southern Dutchess Counties)1		5.375		10/01/2042		7,494,609
	135,000	NYS DA (University of Rochester)1		5.750  6		07/01/2039		138,752
	865,000	NYS DA (University of Rochester)1		5.750  6		07/01/2039		889,756
	615,000	NYS DA (Yeshiva University)1		5.000		09/01/2034		631,839
	100,000	NYS DA (Yeshiva University)1		5.000		09/01/2034		102,738
	2,785,000	NYS DA (Yeshiva University)1		5.000		09/01/2034		2,813,407
	5,220,000	NYS DA (Yeshiva University)1		5.000		09/01/2038		5,248,971
	1,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000		06/15/2032		1,148,460
	20,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)4		5.000		06/15/2047		22,585,150
	5,000,000	NYS EFC (Green Bond)1		5.000		08/15/2047		5,657,000
	19,030,000	NYS EFC (NYC Municipal Water Finance Authority)1		5.000		06/15/2046		21,505,042
	3,080,000	NYS HFA (Affordable Hsg.)1		4.000		05/01/2047		3,101,375
	2,295,000	NYS HFA (Affordable Hsg.)1		4.150		05/01/2048		2,315,816
	2,000,000	NYS HFA (Affordable Hsg.)1		5.000		11/01/2042		2,034,580
	585,000	NYS HFA (Affordable Hsg.)1		5.200		11/01/2030		585,749
	2,365,000	NYS HFA (Affordable Hsg.)1		5.250		11/01/2038		2,366,916
	10,220,000	NYS HFA (Affordable Hsg.)4		5.450		11/01/2045		10,194,561
	1,080,000	NYS HFA (Affordable Hsg.)1		6.450		11/01/2029		1,083,823
	150,000	NYS HFA (Affordable Hsg.)1		6.750		11/01/2038		150,531
	850,000	NYS HFA (Friendship)1		5.100		08/15/2041		850,620
	925,000	NYS HFA (Golden Age Apartments)1		5.000		02/15/2037		925,657
	145,000	NYS HFA (Highland Avenue Senior Apartments)1		5.000		02/15/2039		145,471
	125,000	NYS HFA (Horizons at Wawayanda)1		5.150		11/01/2040		125,112
	2,080,000	NYS HFA (Multifamily Hsg.)1		5.375		02/15/2035		2,082,163
	1,710,000	NYS HFA (Multifamily Hsg.)1		5.650		02/15/2034		1,712,206
	310,000	NYS HFA (Tiffany Gardens)1		5.125		08/15/2037		310,933
	7,340,000	NYS HFA, Series C1		4.000		11/01/2046		7,339,633
	7,150,000	NYS Liberty Devel. Corp. (1 World Trade Center Port Authority)1		5.000		12/15/2041		7,680,673
	1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000		11/15/2031		1,076,420
	20,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.750		11/15/2051		21,995,200
	62,345,000	NYS Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)4		5.625		01/15/2046		65,125,208
	37,165,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.250		10/01/2035		45,229,805

13        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$10,375,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.500%		10/01/2037	$	12,972,070
	15,000,000	NYS Liberty Devel. Corp. (One Bryant Park)4		5.125		01/15/2044		15,493,275
	30,000	NYS Power Authority1		4.500		11/15/2047		30,059
	16,700,000	NYS Power Authority1		5.000		11/15/2047		16,738,243
	1,480,000	NYS Thruway Authority1		5.000		01/01/2031		1,716,119
	7,650,000	NYS Thruway Authority1		5.000		01/01/2032		8,260,011
	1,055,000	NYS Thruway Authority1		5.000		01/01/2032		1,216,869
	1,055,000	NYS Thruway Authority1		5.000		01/01/2033		1,211,383
	1,860,000	NYS Thruway Authority1		5.000		01/01/2034		2,127,673
	2,115,000	NYS Thruway Authority1		5.000		01/01/2035		2,410,296
	37,465,000	NYS Thruway Authority1		5.000		01/01/2046		41,007,690
	33,695,000	NYS Thruway Authority1		5.250		01/01/2056		37,415,939
	2,000,000	NYS Thruway Authority Highway & Bridge Trust Fund1		5.000		04/01/2029		2,181,160
	11,600,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000		07/01/2035		11,766,112
	3,500,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000		07/01/2036		3,541,090
	36,250,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000		07/01/2041		38,340,537
	30,345,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000		07/01/2046		32,014,885
	79,650,000	NYS Transitional Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.250		01/01/2050		84,880,615
	8,000,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)1		5.000		01/01/2030		8,940,640
	5,000,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)1		5.000		01/01/2032		5,537,900
	5,565,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)1		5.000		01/01/2034		6,117,716
	5,000,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)1		5.000		01/01/2036		5,455,700
	5,375,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000		07/01/2037		5,424,235
	2,860,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2027		3,315,998
	4,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2035		4,499,400
	10,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2035		11,226,600
	5,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2036		5,679,050
	19,200,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2037		21,711,936
	18,040,000	NYS UDC (State Personal Income Tax Authority)1		5.000		03/15/2041		20,266,316
	1,185,000	Onondaga County, NY IDA (Free Library)1		5.125		03/01/2030		1,199,469
	1,115,000	Onondaga County, NY IDA (Free Library)1		5.125		03/01/2037		1,128,012
	1,300,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000		05/01/2033		1,448,525
	840,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000		05/01/2034		932,669
	1,150,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000		05/01/2037		1,251,959

14        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$650,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000%		05/01/2040	$	703,671
	1,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.000		07/01/2032		1,056,880
	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.375		07/01/2040		2,076,700
	3,465,000	Onondaga, NY Civic Devel. Corp. (Upstate Properties)1		5.250		12/01/2041		3,750,828
	1,320,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2037		1,375,704
	1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000		07/01/2042		1,490,463
	1,410,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375		12/01/2021		1,413,187
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375		12/01/2026		6,347,408
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375		12/01/2026		2,239,381
	3,205,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000		10/01/2030		3,256,024
	2,000,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000		10/01/2035		2,002,340
	8,065,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000		10/01/2045		7,866,601
	10,805,000	Oyster Bay, NY GO1		3.250		02/01/2031		10,493,708
	5,000,000	Oyster Bay, NY GO1		3.250		02/01/2032		4,810,700
	9,585,000	Oyster Bay, NY GO1		4.000		02/01/2033		9,811,110
	26,615,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750		12/01/2022		27,692,109
	32,175,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750		12/01/2025		33,479,696
	1,000,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.000		12/01/2036		1,083,820
	345,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500		12/01/2028		361,239
	10,300,000	Port Authority NY/NJ (KIAC)1,2		6.750		10/01/2019		10,740,016
	15,300,000	Port Authority NY/NJ, 161st Series4		5.000		10/15/2031		15,777,666
	21,515,000	Port Authority NY/NJ, 166th Series4		5.000		01/15/2041		22,738,274
	15,000,000	Port Authority NY/NJ, 166th Series4		5.250		07/15/2036		16,019,325
	2,720,000	Port Authority NY/NJ, 169th Series1		5.000		10/15/2036		2,903,627
	400,000	Port Authority NY/NJ, 172nd Series1		5.000		10/01/2034		428,708
	8,340,000	Port Authority NY/NJ, 186th Series1		5.000		10/15/2033		9,206,109
	9,170,000	Port Authority NY/NJ, 186th Series1		5.000		10/15/2034		10,106,440
	7,000,000	Port Authority NY/NJ, 197th Series1		5.000		11/15/2035		7,820,190
	5,550,000	Port Authority NY/NJ, 197th Series1		5.000		11/15/2036		6,179,370
	10,000,000	Port Authority NY/NJ, 197th Series1		5.000		11/15/2041		11,014,700
	28,000,000	Port Authority NY/NJ, 198th Series4		5.250		11/15/2056		31,689,752
	3,000,000	Port Authority NY/NJ, 200th Series1		5.000		10/15/2047		3,362,460
	10,000,000	Port Authority NY/NJ, 207th Series1		4.000		03/15/2035		10,261,400

15        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$4,020,000	Port Authority NY/NJ, 207th Series1		4.000%		09/15/2043	$	4,045,125
	1,700,000	Port Authority NY/NJ, 211th Series1		4.000		09/01/2038		1,756,236
	12,475,000	Port Authority NY/NJ, 211th Series1		5.000		09/01/2048		14,187,568
	20,250,000	Port Authority NY/NJ, 331st Series Floaters4		5.000		07/15/2039		21,134,994
	100,000	Poughkeepsie, NY GO1		4.400		06/01/2024		100,180
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		6.000		08/01/2032		2,761,281
	2,525,000	Ramapo, NY Local Devel. Corp.1		5.000		03/15/2033		2,586,635
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375		12/01/2036		1,502,475
	1,000,000	Riverhead, NY IDA (Riverhead Charter School)1		7.000		08/01/2048		1,097,800
	50,000	Rochester, NY GO1		4.000		10/01/2021		50,077
	765,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)1		4.900		07/01/2021		760,487
	3,515,000	Saratoga County, NY Capital Resource Corp. (Skidmore College)1		5.000		07/01/2048		3,916,343
	10,720,000	Schenectady County, NY Capital Resource Corp. (Union College)1		5.000		01/01/2047		11,854,605
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)1		5.000		09/01/2041		1,608,784
	4,775,000	St. Lawrence County, NY IDA (Clarkson University)1		5.375		09/01/2041		5,140,240
	520,000	St. Lawrence County, NY IDA (Clarkson University)1		6.000		09/01/2034		570,211
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)1		7.250		12/01/2029		3,837,105
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2030		1,397,875
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2031		1,476,936
	540,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000		07/01/2036		604,627
	205,000	Suffern, NY GO1		5.000		03/15/2020		212,562
	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		12,185,216
	650,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)1		6.750		06/01/2027		655,220
	4,200,000	Suffolk County, NY Economic Devel. Corp., Series A1		7.375		12/01/2040		4,394,208
	135,000	Suffolk County, NY IDA (ACLD)1		6.000		12/01/2019		135,022
	680,000	Suffolk County, NY IDA (ALIA-ACLD)1,2		5.950		10/01/2021		680,571
	845,000	Suffolk County, NY IDA (ALIA-Adelante)1		6.500		11/01/2037		846,293
	935,000	Suffolk County, NY IDA (ALIA-DDI)1,2		5.950		10/01/2021		935,785
	265,000	Suffolk County, NY IDA (ALIA-FREE)1,2		5.950		10/01/2021		265,223
	190,000	Suffolk County, NY IDA (ALIA-IGHL)1,2		5.950		10/01/2021		190,160
	270,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950		11/01/2022		267,481
	285,000	Suffolk County, NY IDA (ALIA-IGHL)1,2		6.000		10/01/2031		285,006

16        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	New York (Continued)
	$205,000	Suffolk County, NY IDA (ALIA-NYS ARC)1		5.950%		11/01/2022	$	202,503
	635,000	Suffolk County, NY IDA (ALIA-UCPAGS)1,2		5.950		10/01/2021		635,533
	190,000	Suffolk County, NY IDA (ALIA-WORCA)1		5.950		11/01/2022		191,763
	15,000	Suffolk County, NY IDA (DDI)1		6.000		12/01/2019		15,002
	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		55,009
	55,000	Suffolk County, NY IDA (Independent Group Home Living)1,2		6.000		10/01/2020		54,888
	16,055,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1		5.500		01/01/2023		16,059,495
	335,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1		6.000		12/01/2019		335,054
	210,000	Suffolk County, NY IDA (WORCA)1,2		6.000		10/01/2020		210,210
	69,295,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.625  6		06/01/2044		72,607,301
	227,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		7.996  3		06/01/2048		21,131,100
	5,760,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350		11/01/2049		5,272,762
	40,865,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350		11/01/2049		37,408,230
	3,780,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350		11/01/2049		3,460,250
	5,830,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350		11/01/2049		5,336,840
	13,865,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350		11/01/2049		12,692,160
	1,500,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2028		1,645,860
	1,825,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2029		1,982,972
	2,000,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2030		2,166,500
	2,000,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2031		2,155,940
	6,250,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2032		6,716,750
	14,400,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2033		15,437,808
	10,050,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2034		10,748,073
	16,100,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2035		17,155,355
	3,800,000	Syracuse, NY IDA (Carousel Center)1		5.000		01/01/2036		4,036,816
	22,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000		09/01/2030		23,460,424
	945,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.125		09/01/2040		982,772
	4,520,000	Westchester County, NY Healthcare Corp., Series A1		5.000		11/01/2044		4,761,594
	1,700,000	Westchester County, NY Healthcare Corp., Series B1		5.125		11/01/2041		1,779,968
	990,000	Westchester County, NY IDA (Clearview School)1		7.250		01/01/2035		985,169
	2,165,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)1		4.000		06/01/2030		2,170,586
	2,190,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)1		4.000		06/01/2031		2,183,430
	1,500,000	Westchester County, NY Local Devel. Corp. (Wartburg Senior Hsg.)1		5.000		06/01/2030		1,490,730
	18,410,000	Westchester County, NY Local Devel. Corp. (Westchester County Healthcare Corp.)1		5.000		11/01/2046		19,372,475

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	$	1,211,404
								4,673,007,360
	U.S. Possessions—19.7%
	24,895,000	Employees Retirement System of the Government of the Commonwealth of Puerto Rico		6.150		07/01/2038		7,997,519
	1,830,000	Guam Education Financing Foundation COP1		5.000		10/01/2022		1,989,924
	3,840,000	Guam Education Financing Foundation COP1		5.000		10/01/2023		4,246,502
	1,735,000	Guam Government Waterworks Authority & Wastewater System1		5.250		07/01/2025		1,916,967
	345,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750		09/01/2031		346,673
	1,230,000	Guam Power Authority, Series A1		5.000		10/01/2023		1,351,204
	1,560,000	Guam Power Authority, Series A1		5.000		10/01/2024		1,711,211
	2,790,000	Guam Power Authority, Series A1		5.000		10/01/2030		3,047,098
	935,000	Northern Mariana Islands Commonwealth, Series A2		5.000		10/01/2022		909,287
	18,375,000	Northern Mariana Islands Commonwealth, Series A		5.000		06/01/2030		17,410,312
	5,930,000	Northern Mariana Islands Ports Authority, Series A		6.250		03/15/2028		5,589,025
	49,000,000	Puerto Rico Aqueduct & Sewer Authority, AGC		5.125		07/01/2047		49,875,140
	1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250		07/01/2029		1,491,125
	25,135,000	Puerto Rico Aqueduct & Sewer Authority		6.000		07/01/2044		24,286,694
	22,680,000	Puerto Rico Aqueduct & Sewer Authority		6.125 6		07/01/2024		21,971,250
	3,244,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.622 3		05/15/2057		131,774,577
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.372 3		05/15/2057		97,474,272
	2,000,000	Puerto Rico Commonwealth GO5		5.000		07/01/2033		1,185,000
	2,200,000	Puerto Rico Commonwealth GO5		5.250		07/01/2026		1,303,500
	2,500,000	Puerto Rico Commonwealth GO5		5.250		07/01/2032		1,481,250
	5,000,000	Puerto Rico Commonwealth GO5		5.375		07/01/2033		2,962,500
	42,700,000	Puerto Rico Commonwealth GO5		5.500		07/01/2032		25,299,750
	3,205,000	Puerto Rico Commonwealth GO5		5.625		07/01/2033		1,858,900
	25,000,000	Puerto Rico Commonwealth GO5		5.750		07/01/2036		14,500,000
	770,000	Puerto Rico Commonwealth GO5		5.875		07/01/2036		456,225
	1,000,000	Puerto Rico Commonwealth GO5		6.000		07/01/2028		580,000
	1,270,000	Puerto Rico Commonwealth GO, NPFGC1		6.000		07/01/2028		1,308,735
	2,700,000	Puerto Rico Commonwealth GO5		6.000		07/01/2035		1,566,000
	390,000	Puerto Rico Commonwealth GO5		6.000		07/01/2039		231,075
	3,670,000	Puerto Rico Commonwealth GO5		6.000		07/01/2040		2,128,600
	1,866,384	Puerto Rico Electric Power Authority5		10.000		07/01/2019		1,264,475
	1,866,385	Puerto Rico Electric Power Authority5		10.000		07/01/2019		1,264,476
	1,967,211	Puerto Rico Electric Power Authority5		10.000		01/01/2021		1,332,785
	1,967,211	Puerto Rico Electric Power Authority5		10.000		07/01/2021		1,332,785
	655,737	Puerto Rico Electric Power Authority5		10.000		01/01/2022		444,262
	655,738	Puerto Rico Electric Power Authority5		10.000		07/01/2022		444,263
	1,095,000	Puerto Rico Electric Power Authority, Series A5		5.000		07/01/2042		719,963
	510,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000		07/01/2024		512,091
	6,320,000	Puerto Rico Electric Power Authority, Series TT5		5.000		07/01/2032		4,155,400

18        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$3,700,000	Puerto Rico Electric Power Authority, Series WW5		5.000%		07/01/2028	$	2,432,750
	7,000,000	Puerto Rico Electric Power Authority, Series XX5		5.250		07/01/2040		4,602,500
	7,590,000	Puerto Rico Electric Power Authority, Series ZZ5		5.250		07/01/2025		4,990,425
	9,515,000	Puerto Rico Highway & Transportation Authority5		5.000		07/01/2028		1,355,887
	4,945,000	Puerto Rico Highway & Transportation Authority5		5.300		07/01/2035		3,004,087
	270,000	Puerto Rico Highway & Transportation Authority5		5.750		07/01/2020		38,475
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G5		5.000		07/01/2033		2,200,100
	1,840,000	Puerto Rico Highway & Transportation Authority, Series G5		5.000		07/01/2042		450,800
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H5		5.450		07/01/2035		274,400
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K5		5.000		07/01/2027		1,592,500
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K5		5.000		07/01/2030		280,525
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L, NPFGC1		5.250		07/01/2023		2,768,558
	915,000	Puerto Rico Highway & Transportation Authority, Series L, FGIC10		5.250		07/01/2030		711,412
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M5		5.000		07/01/2046		19,259,450
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N, NPFGC1		5.250		07/01/2032		3,434,194
	25,255,000	Puerto Rico Infrastructure11		5.000		07/01/2031		5,366,687
	17,490,000	Puerto Rico Infrastructure11		5.000		07/01/2037		3,716,625
	675,000	Puerto Rico Infrastructure5		5.000		07/01/2037		143,437
	141,985,000	Puerto Rico Infrastructure5		5.000		07/01/2041		30,171,812
	41,740,000	Puerto Rico Infrastructure11		5.000		07/01/2046		8,869,750
	1,680,000	Puerto Rico Infrastructure (Mepsi Campus)5		6.500		10/01/2037		340,200
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000		03/01/2036		5,609,363
	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125		04/01/2032		805,000
	685,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375		12/01/2021		685,110
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375		04/01/2042		1,080,000
	780,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625		06/01/2026		761,475
	650,000	Puerto Rico ITEMECF (International American University)1		5.000		10/01/2031		661,765
	3,545,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)		6.700		05/01/2024		1,444,871
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000		10/01/2042		175,250
	5,490,000	Puerto Rico ITEMECF (University Plaza), NPFGC		5.000		07/01/2033		5,496,368
	80,355,000	Puerto Rico Public Buildings Authority11		5.000		07/01/2036		48,413,888
	7,500,000	Puerto Rico Public Buildings Authority11		5.000		07/01/2037		4,518,750
	18,585,000	Puerto Rico Public Buildings Authority5		5.250		07/01/2029		11,197,462
	11,570,000	Puerto Rico Public Buildings Authority11		5.250		07/01/2033		6,970,925
	9,450,000	Puerto Rico Public Buildings Authority5		5.375		07/01/2033		5,693,625
	850,000	Puerto Rico Public Buildings Authority5		5.500		07/01/2037		512,125
	31,050,000	Puerto Rico Public Buildings Authority5		6.000		07/01/2041		18,280,688
	4,400,000	Puerto Rico Public Buildings Authority11		6.500		07/01/2030		2,656,500

19        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon		Maturity		Value
	U.S. Possessions (Continued)
	$7,500,000	Puerto Rico Public Buildings Authority11		6.750%		07/01/2036		$        4,528,125
	11,810,000	Puerto Rico Public Finance Corp., Series B11		5.500		08/01/2031		723,363
	3,130,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.000		08/01/2024		1,541,525
	1,490,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.000		08/01/2043		733,825
	94,445,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.250		08/01/2057		79,569,913
	75,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.500		08/01/2037		36,938
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.499  3		08/01/2042		8,864,400
	8,205,000	Puerto Rico Sales Tax Financing Corp., Series A5		6.500		08/01/2044		4,040,963
	129,035,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.567  3		08/01/2043		36,227,867
	16,265,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.658  3		08/01/2041		5,058,252
	9,370,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.718  3		08/01/2045		2,375,201
	15,265,000	Puerto Rico Sales Tax Financing Corp., Series A5		7.886  3		08/01/2034		2,119,545
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-15		5.250		08/01/2043		4,925,000
	9,985,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.250		08/01/2041		4,917,613
	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.375		08/01/2036		1,970,000
	74,245,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.750		08/01/2057		62,551,413
	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C5		6.000		08/01/2039		714,125
	250,000	Puerto Rico Sales Tax Financing Corp., Series C5		6.000		08/01/2042		123,125
	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C5		6.750  6		08/01/2032		19,438,975
	4,525,000	University of Puerto Rico		5.000		06/01/2026		4,119,379
	7,280,000	University of Puerto Rico, Series P		5.000		06/01/2030		6,624,800
	24,375,000	University of Puerto Rico, Series Q		5.000		06/01/2030		22,181,250
	67,190,000	University of Puerto Rico, Series Q		5.000		06/01/2036		61,142,900
	1,500,000	V.I. Public Finance Authority1		5.000		09/01/2033		1,563,990
	2,180,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000		10/01/2032		2,330,355
	10,920,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		5.000		10/01/2029		11,400,808
	2,555,000	V.I. Public Finance Authority, Series A1		5.000		10/01/2032		2,731,218
								1,003,243,422
	Total Municipal Bonds and Notes (Cost $6,281,550,616)							5,676,250,782
Shares
	Common Stock—0.1%
	1,401	CMS Liquidating Trust12,13,14 (Cost $4,483,200)						4,062,900
	Total Investments, at Value (Cost $6,286,033,816)—111.4%							5,680,313,682
	Net Other Assets (Liabilities)—(11.4)							(580,655,313)
	Net Assets—100.0%							$   5,099,658,369

Footnotes to Statement of Investments

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

2. 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.

20        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Footnotes to Statement of Investments (Continued)

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

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

5. This security is not accruing income because its issuer has missed or is expected to miss interest and/or principal payments. The rate shown is the contractual interest rate. See Note 3 of the accompanying Notes.

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

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

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

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

10. 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.

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

12. Non-income producing security.

13. Received as a result of a corporate action.

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

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

ACDS	Assoc. for Children with Down Syndrome
ACLD	Adults and Children with Learning and Developmental Disabilities
AFSFBM	Advocates for Services for the Blind Multihandicapped
AGC	Assured Guaranty Corp.
ALIA	Alliance of Long Island Agencies
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
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.

21        OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

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

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
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
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
SUNY	State University of New York
TASC	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

22        OPPENHEIMER ROCHESTER FUND MUNICIPALS

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

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 September 30, 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 Fund classifies each of its investments in investment companies which are publicly offered as Level 1. Investment companies that are not publicly offered, if any, are classified as Level 2 in the fair value hierarchy.

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	$	—	$	4,673,007,360	$	—	$	4,673,007,360
U.S. Possessions		—		1,003,243,422		—		1,003,243,422
Common Stock		—		—		4,062,900		4,062,900
Total Assets	$	—	$	5,676,250,782	$	4,062,900	$	5,680,313,682

    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.

    For the reporting period, there were no transfers between levels.

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

26        OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

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

    Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund typically has the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Through the exercise of this right, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (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

27        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities, relative to the par value of the underlying municipal bond. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to 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

28        OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/ reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. At period end, the Fund’s maximum exposure under such agreements is estimated at $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 $892,804,572 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $510,380,000 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		7.908%		2/15/42	$	16,355,800
	5,000,000	Los Angeles, CA Dept. of Airports Tender Option Bond Series 2018-XF2569 Trust		13.937		6/15/48		7,475,900
	7,000,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0564 Trust		11.634		11/15/57		9,917,600
	8,335,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0572 Trust		10.850		11/15/36		11,701,507
	7,955,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0583 Trust		11.510		11/15/56		10,607,515
	5,000,000	NY Triborough Bridge & Tunnel Authority Tender Option Bond Series 2018-XF2587 Trust		14.175		11/15/44		7,693,900
	2,500,000	NYC GO Tender Option Bond Series 2015 XF-2040 Trust3		13.626		10/1/34		3,215,750
	5,000,000	NYC GO Tender Option Bond Series 2015-XF2103 Trust		14.638		3/1/21		5,133,150
	710,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-2 Trust		15.760		11/1/39		741,851

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
	$      2,730,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-3 Trust		16.360%		11/1/46	$	2,861,368
	775,000	NYC HDC, Series C-1 Tender Option Bond Series 2015-XF0009 Trust		15.520		11/1/34		819,725
	7,935,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF0238 Trust		15.820		6/15/19		10,138,153
	5,395,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF2141 Trust3		15.137		6/15/43		6,826,078
	17,500,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2017-XF0588 Trust		8.280		6/15/46		21,686,350
	10,000,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2017-XF0588 Trust		7.950		6/15/37		12,617,500
	3,750,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2156 Trust3		14.799		7/15/37		4,912,387
	6,250,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2157 Trust3		13.787		7/15/37		8,305,125
	7,500,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2038 Trust3		7.903		5/1/34		8,637,075
	10,170,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2039 Trust3		7.902		2/1/30		12,114,504
	17,015,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2474 Trust		7.959		5/1/40		20,794,372
	10,000,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2017-XF0566 Trust		12.236		2/1/43		13,455,500
	19,770,000	NYS DA (Sales Tax) Tender Option Bond Series 2016-XF0529-1 Trust		7.959		3/15/33		25,325,172
	19,995,000	NYS DA (Sales Tax) Tender Option Bond Series 2016-XF0529-2 Trust		7.960		3/15/35		25,311,870
	10,000,000	NYS DA (Sales Tax) Tender Option Bond Series 2017-XF0567 Trust		10.876		3/15/38		13,852,700
	11,715,000	NYS DA (State Personal Income Tax Authority) Tender Option Bond Series 2017-XF2475 Trust		7.960		2/15/33		14,872,427
	13,995,000	NYS DA (State Personal Income Tax Authority) Tender Option Bond Series 2017-XF2475-2 Trust		7.959		2/15/40		17,186,560
	3,980,000	NYS DA Tender Option Bond Series 2015-XF2042 Trust3		13.623		3/15/34		4,941,528
	5,000,000	NYS EFC (Clean Water & Drinking Revolving Funds) Tender Option Bond Series 2018-XF2586 Trust		13.996		6/15/47		7,585,150
	3,410,000	NYS HFA Tender Option Bond Series 2015-XF2134 Trust3		12.149		11/1/45		3,384,561
	7,500,000	NYS Liberty Devel. Corp. (Bank of America Tower at One Bryant Park) Tender Option Bond Series 2015-XF2153 Trust3		8.221		1/15/44		7,993,275
	15,585,000	NYS Liberty Devel. Corp. (One Bryant Park) Tender Option Bond Series 2015-XF2107 Trust		16.156		1/15/46		18,365,208
	5,060,000	Port Authority NY/NJ, 163rd Series Tender Option Bond Series 2015-XF0237 Trust		13.798		1/15/19		5,944,994

30        OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

Principal Amount		Inverse Floater1	Coupon Rate2		Maturity Date		Value
	$      10,755,000	Port Authority NY/NJ, 166th Series Tender Option Bond Series 2016-XF2211 Trust		7.910%		1/15/41	$	11,978,274
	9,335,000	Port Authority NY/NJ, 198th Series Tender Option Bond Series 2017-XF0565 Trust		11.633		11/15/56		13,024,752
	7,500,000	Port Authority NY/NJ, 3249th Series Tender Option Bond Series 2015 XF-2025 Trust3		8.409		7/15/36		8,519,325
	7,650,000	Port Authority NY/NJ, 3264th Series Tender Option Bond Series 2015 XF-2028 Trust3		7.903		10/15/31		8,127,666
							$	382,424,572

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

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

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

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

    The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $510,350,000 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

31        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Investments and Risks (Continued)

so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

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

	When-Issued or
	Delayed Delivery
	Basis Transactions
Purchased securities		$887,361
Sold securities		14,493,501

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

32        OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Investments and Risks (Continued)

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	$642,578,113
Market Value	$354,372,699
Market Value as % of Net Assets	6.95%

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

4. Market Risk Factors

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

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

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

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

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

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

Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the

33        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Market Risk Factors (Continued)

direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

5. Subsequent Event

On October 18, 2018, Massachusetts Mutual Life Insurance Company (“MassMutual”), an indirect corporate parent of the Sub-Adviser and the Manager announced that it has entered into a definitive agreement, whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire the Sub-Adviser. As of the time of the announcement, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change.

34        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 9/30/2018, 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: 11/16/2018

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: 11/16/2018

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date: 11/16/2018