UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

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: 12/31/2018

Item 1. Reports to Stockholders.

Important Notice: The Securities and Exchange Commission will permit funds to deliver shareholder reports electronically beginning January 1, 2021. At that time, OppenheimerFunds will send a notice, either by mail or email, each time your fund’s updated report is available on our website (oppenheimerfunds.com). Investors enrolled in electronic delivery will receive the notice by email, with links to the updated report. Investors who are not enrolled in electronic delivery by January 1, 2021 will receive the notice in the mail. All investors who prefer to receive shareholder reports in paper may, at any time, choose that option free of charge by calling 1.800.225.5677.

Important Updates

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this report, 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. See the Notes to Financial Statements for more information.

Update to Shareholder Report Document Delivery

Beginning January 1, 2021, OppenheimerFunds will send a notice, either by mail or email, each time your fund’s updated report is available on our website (oppenheimerfunds.com). Investors who are not enrolled in electronic delivery by January 1, 2021 will receive the notice in the mail. Enrolling in electronic delivery will enable you to receive a direct link to your full shareholder report the moment it becomes available, and limit the amount of mail you receive. All investors who prefer to receive shareholder reports in paper may, at any time, choose that option.

How do you update your delivery preferences?

If you own these shares through a financial intermediary, you may contact your financial intermediary.

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Table of Contents

Fund Performance Discussion	4
Top Holdings and Allocations	11
Fund Expenses	16
Statement of Investments	18
Statement of Assets and Liabilities	41
Statement of Operations	42
Statements of Changes in Net Assets	43
Statement of Cash Flows	44
Financial Highlights	45
Notes to Financial Statements	48
Report of Independent Registered Public Accounting Firm	68
Federal Income Tax Information	69
Board Approval of the Fund’s Investment Advisory and Sub- Advisory Agreements	70
Portfolio Proxy Voting Policies and Guidelines; Updates to Statement of Investments	73
Distribution Sources	74
Trustees and Officers	75
Privacy Notice	82

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 12/31/18

	Class A Shares of the Fund
	Without Sales Charge		With Sales Charge		Bloomberg Barclays        Municipal Index
1-Year		8.88%		3.71%		1.28%
5-Year		7.00		5.96		3.82
10-Year		9.00		8.47		4.85

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 4.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

Our Twitter handle is @RochesterFunds.

3       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Fund Performance Discussion

Oppenheimer Rochester Fund Municipals continued to generate attractive levels of tax-free income during the most recent reporting period. As of December 31, 2018, the Class A shares provided a yield-driven annual total return of 8.88% at net asset value (NAV) and a distribution yield of 3.36% at NAV. Additionally, the Fund’s Class A shares outperformed the Bloomberg Barclays Municipal Index, its benchmark, by 760 basis points. For New York State and New York City residents in the top 2018 tax bracket, the taxable equivalent yield was 5.65% and 5.92%, respectively.

MARKET OVERVIEW

The reporting period ended with a ninth consecutive quarter-point increase of the Fed Funds target interest rate. The Federal Reserve Open Market Committee (FOMC) set it to the range of 2.25% to 2.50% on December 19, 2018. While this increase, the fourth in this reporting period, was expected, the U.S. equities markets reacted sharply to the concurrent announcement that 2019 would likely see two or fewer rate increases; earlier indications were for the FOMC to increase the rate at least three times in 2019.

The first quarter-point increase of this reporting period was announced after the

The average 12-month distribution yield in Lipper’s New York Municipal Debt Funds category was 2.95% at the end of this reporting period. At 3.44%, the 12-month distribution yield at NAV for this Fund’s Class A shares was 49 basis points higher than the category average.

FOMC’s March 2018 meeting. At the time, Fed officials noted that the economic outlook was strengthening. On June 13, 2018, the FOMC raised the Fed Funds target rate again, this time to the range of 1.75% to 2.00%,

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		3.36	%
Dividend Yield with sales charge		3.20
Standardized Yield		3.03
Taxable Equivalent Yield		5.65
Last distribution (12/31/18)	$	0.043
Total distributions (1/1/18 to 12/31/18)	$	0.522

Endnotes for this discussion begin on page 13 of this report.

4       OPPENHEIMER ROCHESTER FUND MUNICIPALS

citing a strengthening labor market and a “solid rate” of economic growth.

In an interview in November 2018, Federal Reserve Vice Chair Richard Clarida suggested the Fed needs to rely heavily on data regarding future rate increases, because current rates are in the “vicinity” of a neutral policy rate (2.5% to 3.5%). The target range had been set to the range of zero to 0.25% between December 2008 and December 2015.

The Fed’s efforts to “normalize” its balance sheet, which began in October 2017 with reductions of $10 billion a month, continued throughout this reporting period. As of December 2018, reductions reached $30 billion a month, below the expected rate of $50 billion a month by year-end 2018.

At the end of this reporting period, the BofA Merrill Lynch AAA Municipal Securities Index – the AAA subset of the broader BofA Merrill Lynch US Municipal Securities Index – yielded 2.48%, 42 basis points higher than at the reporting period’s outset.

Yields on high-grade municipal bonds and Treasuries alike increased as the Fed Funds rate rose in 2018, but it is important to note that long-term muni rates are set not by the Fed but by the market. Between June 2004 and August 2006, investors may recall, the Fed governors approved 17 consecutive increases to the Fed Funds rate but long-term muni yields trended lower.

Yields on the long end of the muni curve rose more during this reporting period than yields on securities with maturities of 10 years or less. The muni yield curve, which in late 2017 was flatter than at any time since late 2007, steepened slightly during this reporting period; meanwhile, the U.S. Treasury curve continued to flatten as prices, especially at the short end of the curve, fell.

At the end of the reporting period, the slope of the Treasury yield curve between 1- and 3-year Treasuries was negative – that is, inverted – and 1-year government paper offered higher yields than all Treasuries with maturities of 7 years or less. Given that the yield on a 10-year Treasury was just 6 basis points higher than the yield on a 1-year Treasury on December 31, 2018, the reward for taking on 10-year risk was scant.

As a result of the changes in the two yield curves, 30-year AAA-rated munis continued to be considered “cheap to Treasuries.” At the end of this reporting period, the yield on the 30-year, AAA-rated muni was slightly higher than the yield on the 30-year Treasury, meaning that all taxpayers would earn more on an after-tax basis by investing in the muni versus the Treasury. At 5- and 10-year maturities, the tax-equivalent yield (TEY) of a muni investment was greater than the Treasury yield for taxpayers with top marginal federal tax rates of at least 25% and 15%, respectively.

A $168 billion budget for New York State’s fiscal year 2019 passed in March 2018. It was

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the eighth consecutive budget with increased spending. To close a $4.4 billion spending gap, the new budget proposes $750 million in new taxes and fees, including a tax on opioid manufacturers, a corporation windfall tax credit, and an “internet fairness tax” that would require online marketplaces to collect sales tax from all third-party sales to New Yorkers, even if the seller is not located in New York; the U.S. Supreme Court’s decision in South Dakota vs. Wayfair, announced in June 2018, will require certain online retailers to do the same nationwide. Other provisions include a 3% increase in school aid, $1.9 billion for energy and environment spending, $70 billion for Medicaid, and $7.4 billion for higher education.

New York State sold $215.2 million of tax-exempt and taxable general obligation (G.O.) bonds in March 2018. Proceeds will be used for transportation, education, and environmental purposes. Approximately $69 million will be used to refund a portion of outstanding G.O. bonds. At the end of this reporting period, the state’s G.O. bonds were rated Aa1 by Moody’s Investors Service, and AA-plus by S&P Global Ratings (S&P) and Fitch Ratings. G.O.s are backed by the full faith and taxing authority of the state or local government that issues them.

The Resorts Worldwide Catskills casino in the town of Monticello opened in February 2018, and in March 2018, the Oneida Nation opened a smoke-free casino in Bridgeport. Although casinos have recently been built in the Finger Lakes, Schenectady, and the

Southern Tier, revenues (and the taxes owed on them) are behind projections at all properties. State officials are nonetheless calling for patience, stating that it takes at least three years for a casino’s business to stabilize, while also highlighting that job creation and construction spending have already helped boost local economies.

The Seneca Nation of Indians filed a lawsuit in April 2018 against New York State seeking to remit Thruway toll revenue from a nearly 3-mile stretch of road was built through tribal territory 60 years ago. The plaintiffs’ attorneys argued that the Seneca Nation should be compensated for the use of the land and that the state should stop collecting tolls.

In November 2018, Gov. Andrew Cuomo easily won re-election to a third term with Democrats gaining full control of the State Legislature for the first time in more than a decade. Many New Yorkers believe that this change in leadership will result in new fiscal policies and increased spending on certain state programs.

In June 2018, New York City Mayor Bill de Blasio and the City Council agreed on a $89.2 billion budget for fiscal year 2019. The spending plan was slightly higher than the budget de Blasio proposed earlier in the year, and 4.7% higher than the prior budget. Since the mayor took office in January 2015, spending is up approximately 20%. The 2019 plan calls for $1.125 billion in the general reserve fund and $4.35 billion in the retiree health benefits trust fund, up $125 million

6       OPPENHEIMER ROCHESTER FUND MUNICIPALS

and $100 million, respectively. The budget also funds a “fair fares” discount for low-income subway riders for one year, allocates school funds based on a system based on enrolled students’ educational needs (Fair Student Funding) , and includes $12 million to equip all police department patrol officers with body cameras, $13 million to handle heating needs for residents in low-income housing, and $26 million to build four new pre-K schools.

Also in June, Gov. Cuomo signed a bill that defines a corridor within which construction for a LaGuardia Airport AirTrain project could be undertaken. If the project moves as planned, construction would begin in 2020 and conclude in 2022. The governor estimates that the ride between midtown Manhattan and the airport would take less than 30 minutes. The 70-year-old airport is currently undergoing an $8 billion overhaul.

Mid-reporting period, Comptroller Scott Stringer proposed 65 changes to the city’s Constitution. The Comptroller’s suggested reforms include a structured capital budget, more comprehensive information about the condition of capital assets, and reporting on the changes in the cost of capital projects.

In December 2018, Mayor de Blasio announced the $24 billion NYCHA 2.0 plan to deal with the city’s housing crisis, featuring three new programs: Build to Preserve ($2 billion in capital repairs), Transfer to Preserve ($1 billion through the sale of air rights), and Fix to Preserve (to improve services,

infrastructure maintenance, and address health and safety problems). The authority serves 400,000 residents, or 5% of the city’s population, in 175,000 apartments.

As of December 31, 2018, Fitch and S&P affirmed their AA ratings for New York City’s G.O. bonds and Moody’s assigned an Aa2 rating.

The Commonwealth of Puerto Rico and the federal oversight board established by PROMESA (the Puerto Rico Oversight, Management and Economic Stability Act) continued to generate headlines throughout this reporting period; additional information about the developments in Puerto Rico can be found on our online PR Roundup (oppenheimerfunds.com/puerto-rico).

In response to Hurricane Maria, the Commonwealth has been the recipient of a wide array of federal aid, including billions in disaster relief funds and thousands of “boots on the ground.” Losses in the Commonwealth are estimated to total $37 billion, and disaster relief appears to be double that amount, according to Axios, a new mobile media platform.

Throughout this reporting period, several Puerto Rico issuers continued to remain current in their debt payments, including PRASA, the Commonwealth’s aqueduct and sewer authority; the University of Puerto Rico; the Municipal Finance Agency, and the Children’s Trust, which handles payments on the tobacco bonds backed by Puerto Rico’s

7       OPPENHEIMER ROCHESTER FUND MUNICIPALS

share of the proceeds from the 1998 Master Settlement Agreement. However, Puerto Rico has not honored the debt-service obligations on G.O. securities since 2016.

The Puerto Rico Treasury Department reported a bank cash position of $3.646 billion at the end of this reporting period, which in our opinion does not align with the government’s assertion that it cannot make payments on its G.O. debt.

Debt restructuring agreements related to PREPA and COFINA debt were announced during this reporting period; PREPA debt is issued by Puerto Rico’s electric utility authority and COFINA debt is backed by sales and use tax (SUT) collections. Assuming it is approved by U.S. District Court Judge Laura Taylor Swain, the COFINA agreement will become effective in early 2019. Details of the PREPA restructuring had not been hammered out as of December 31, 2018, and absolute recoveries will depend on a variety of factors.

Gov. Ricardo Rosselló Nevares released a lengthy economic and disaster recovery plan that outlines his case for seeking outside funding of $139.1 billion over the next 10 years. Also during this reporting period, the government has enacted tax measures that are expected to reduce collections by nearly $2 billion over the next 5 years and distributed Christmas bonuses to public sector employees. While the governor has said that these moves will be revenue neutral, the Oversight Board established by PROMESA has challenged that assertion and its relationship

with the governor has remained tense.

Bonds issued in Puerto Rico provided a total return of 6.0% during this reporting period, according to the Bloomberg Barclays index of securities issued there. High yield paper issued in Puerto Rico offered a total return of 36.4%. Nonetheless the situation remains dynamic, and investors should note that all issuers can be affected positively or adversely by economic and fiscal conditions: were the economic situation in Puerto Rico to worsen, for example, then the performance of Rochester municipal funds that hold Puerto Rican debt, including this Fund, may be adversely affected.

Our team will continue to work constructively with all parties involved as we seek the best overall return for our shareholders and a sustainable path forward for Puerto Rico.

FUND PERFORMANCE

Oppenheimer Rochester Fund Municipals held more than 720 securities as of December 31, 2018. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

During this reporting period, persistent low interest rates put pressure on the dividends of many fixed income investments. This Fund’s Class A dividend, which was 4.6 cents per share at the outset of this reporting period, was reduced to 4.3 cents per share beginning

8       OPPENHEIMER ROCHESTER FUND MUNICIPALS

with the March 2018 payout. In all, the Fund distributed 52.2 cents per Class A share this reporting period. Toward the end of this reporting period, the Rochester team decided to increase the daily dividend accrual for this Fund in anticipation of a higher January 2019 payout.

Eight of the Fund’s 10 largest sectors were among the 10 strongest contributors to positive performance this reporting period. The Fund’s total return this reporting period was primarily driven by its holdings of sales tax revenue bonds. Debt-service payments on securities in this sector, the Fund’s fifth largest, are paid using the issuing municipality’s sales tax revenue. COFINA bonds, backed by Puerto Rico’s SUT, represent more than half of the assets in this sector, which also includes one security issued by the U.S. Virgin Islands.

Of the top sectors listed on page 11 of this report, only two were not among the 10 best-performing sectors this reporting period: the tobacco bonds sector, which consists of securities backed by proceeds from the 1998 Master Settlement Agreement, and the water utilities sector.

Research-based security selection continued to be a factor in the strong performance of these sectors. The bonds in the highway/ commuter facilities sector, including several issued by Puerto Rico and one by the U.S. Virgin Islands, are used to build and maintain roadways and highway amenities. This sector was the Fund’s second largest and the eighth

strongest contributor to performance this reporting period. The higher education sector, the Fund’s third largest sector and its sixth strongest contributor to total return this reporting period, and the hospital/healthcare sector, the Fund’s tenth largest sector and its tenth-best contributor to performance, include many investment-grade securities. As of December 31, 2018, both sectors included several bonds issued in Puerto Rico. Holdings in the marine/aviation facilities sector, this Fund’s fourth largest sector and ninth-best performer, are typically high-grade investments backed by valuable collateral. This sector included one bond issued in the Northern Mariana Islands. The Special Tax sector, which includes securities that are backed by various taxes, was the sixth largest sector and the seventh strongest performer for this reporting period. The G.O. sector, the Fund’s seventh largest sector and third best performer as of December 31, 2018, consists of bonds issued by various municipalities, and many of the Fund’s holdings are insured. This sector held several bonds issued in Puerto Rico and two bonds issued in the Northern Mariana Islands at the end of the reporting period. The electric utilities sector, the Fund’s eighth largest as of December 31, 2018, was the fourth strongest contributor to performance this reporting period. The Fund’s PREPA bonds represented less than one-half of 1% of the Fund’s assets as of December 31, 2018. The electric utilities sector also included three bonds issued in Guam.

Market conditions, primarily pricing pressure on high-grade securities, caused the real

9       OPPENHEIMER ROCHESTER FUND MUNICIPALS

estate sector, the diversified financial services sector, and the small paper, containers and packaging sector to detract slightly from the Fund’s performance during the reporting period. In aggregate, these three sectors reduced the Fund’s performance by less than one-tenth of 1%.

The Fund’s investments in securities issued in the Commonwealth of Puerto Rico contributed positively to the Fund’s total return this reporting period. The securities are exempt from federal, state, and local income taxes, and the Fund’s holdings as of December 31, 2018 included securities from many different sectors.

Investors should note that some of this Fund’s investments in securities issued in Guam, Puerto Rico, the U.S. Virgin Islands, and New York are insured. A complete listing of securities held by this Fund can be found in

this report’s Statement of Investments.

INVESTMENT STRATEGY

The Rochester investment team focuses exclusively on municipal bonds, and this Fund invests primarily in investment-grade municipal securities. It may invest up to 25% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets and the credit quality of the securities are measured at the time of purchase. Additionally, the credit quality is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings.

In closing, we believe that the structure and sector composition of this Fund and the use of time-tested strategies will continue to benefit fixed income investors through interest rate and economic cycles.

	Troy E. Willis, J.D., CFA Team Leader, Vice President, and Senior Portfolio Manager

Troy Willis has been named portfolio manager of the Fund. With support as needed from the Oppenheimer Municipal Fund Management Team, Troy will continue to adhere to a consistent investment approach based on the belief that tax-free yield can help investors achieve their long-term financial objectives even when market conditions fluctuate. The Fund will not be managed based on predictions of interest rate changes. Further details about the Rochester team’s investment approach can be found on our landing page, oppenheimerfunds.com/rochesterway.

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Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	10.8%
Highways/Commuter Facilities	10.2
Higher Education	7.6
Marine/Aviation Facilities	7.6
Sales Tax Revenue	7.6
Special Tax	7.0
General Obligation	6.5
Electric Utilities	6.5
Water Utilities	4.3
Hospital/Healthcare	4.2

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2018 and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated		Sub- Adviser- Rated		Total
AAA		3.5%		0.2%		3.7%
AA		38.5		0.0		38.5
A		15.9		0.0		15.9
BBB		12.7		6.3		19.0
BB or lower		12.2		10.7		22.9
Total		82.8%		17.2%		100.0%

The percentages above are based on the market value of the securities as of December 31, 2018 and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as S&P Global Ratings (S&P). For any security rated by an NRSRO other than S&P, the sub-adviser, OppenheimerFunds, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the sub-adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

For the purposes of this Credit Allocation table, securities rated within the NRSROs’ four highest categories – AAA, AA, A, and BBB – are investment-grade securities. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

For more current Fund holdings, please visit oppenheimerfunds.com.

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Performance

DISTRIBUTION YIELDS

As of 12/31/18

	Without Sales Charge		With Sales Charge
Class A		3.36%		3.20%
Class C		2.52		N/A
Class Y		3.63		N/A
STANDARDIZED YIELDS
For the 30 Days Ended 12/31/18
Class A		3.03%
Class C		2.43
Class Y		3.43

TAXABLE EQUIVALENT YIELDS
As of 12/31/18
Class A	5.65%
Class C	4.53
Class Y	6.39
UNSUBSIDIZED STANDARDIZED YIELDS
For the 30 Days Ended 12/31/18
Class A	3.02%
Class C	2.42
Class Y	3.42

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 12/31/18
	Inception Date		1-Year			5-Year			10-Year
Class A (RMUNX)		5/15/86		8.88	%		7.00	%		9.00	%
Class C (RMUCX)		3/17/97		8.09			6.13			8.09
Class Y (RMUYX)		4/28/00		9.07			7.19			9.17
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 12/31/18
	Inception Date		1-Year			5-Year			10-Year
Class A (RMUNX)		5/15/86		3.71	%		5.96	%		8.47	%
Class C (RMUCX)		3/17/97		7.09			6.13			8.09
Class Y (RMUYX)		4/28/00		9.07			7.19			9.17

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COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investments. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALLOPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75% and for Class C, the contingent deferred sales charge of 1% for the 1- year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion.

The Fund’s performance is compared to the performance of the Bloomberg Barclays Municipal Index, an index of a broad range of investment-grade municipal bonds that measures the performance of the general municipal bond market. The Fund’s performance is also compared to the Consumer Price Index, a non-securities index that measures changes in the inflation rate. Indices are unmanaged and cannot be purchased by investors. While index comparisons may be useful to provide a benchmark for the Fund’s performance, it must be noted that the Fund’s investments are not limited to the investments comprising the indices. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses, or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

Distribution yields for Class A shares are based on dividends of $0.043 for the 34-day accrual period ended December 31, 2018. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on December 31, 2018; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class C and Y are annualized based on dividends of $0.0322 and $0.0464, respectively, for the 34-day accrual period ended December 31, 2018, and on the corresponding net asset values on that date.

13       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Standardized yield is based on an SEC-standardized formula designed to approximate the Fund’s annualized hypothetical current income from securities less expenses for the 30-day period ended December 31, 2018 and that date’s maximum offering price (for Class A shares) or net asset value (for all other share classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. The unsubsidized standardized yield is computed under an SEC-standardized formula based on net income earned for the 30-day period ended December 31, 2018. The calculation excludes any expense reimbursements and thus may result in a lower yield.

The average distribution yield in Lipper’s New York Municipal Debt Funds category was calculated based on the distributions and the final net asset values (NAVs) of the reporting period for the funds in each category. The 12-month distribution yield is the sum of a fund’s total trailing 12-month interest and dividend payments divided by the last month’s ending share price (at NAV) plus any capital gains distributed over the same period. The calculation included 91 NAVs, one for each class of each fund in the category; a fund can have up to 4 classes. Lipper yields do not include sales charges, which – if included – would reduce results.

Taxable equivalent yield is based on the standardized yield and the 2018 top federal and New York State tax rate of 46.36% (48.80% for residents of New York City). Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

Investments in “tobacco bonds,” which are backed by the proceeds a state or territory receives from the 1998 national litigation settlement with tobacco manufacturers, may be vulnerable to economic and/or legislative events that affect issuers in a particular municipal market sector. Annual payments by MSA-participating manufacturers, for example, hinge on many factors, including annual domestic cigarette shipments, inflation and the relative market share of non-participating manufacturers. To date, we believe consumption figures remain within an acceptable range of the assumptions used to structure MSA bonds. Future MSA payments could be reduced if consumption were to fall more rapidly than originally forecast.

The ICE BofA Merrill Lynch AAA Municipal Securities index is the AAA subset of the ICE BofA Merrill Lynch US Municipal Securities Index, which tracks the performance of dollar-denominated, investment- grade, tax-exempt debt issued by U.S. states and territories and their political subdivisions; index constituents are weighted based on capitalization, and accrued interest is calculated assuming next-day settlement.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

The views in the Fund Performance Discussion represent the opinions of this Fund’s portfolio manager and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business on December 31, 2018, and are

14       OPPENHEIMER ROCHESTER FUND MUNICIPALS

subject to change based on subsequent developments. The Fund’s portfolio and strategies are subject to change.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency and involve investment risks, including the possible loss of the principal amount invested.

15       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2018.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2018” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

16       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Actual	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During 6 Months Ended December 31, 2018
Class A	$	1,000.00	$	1,005.30	$	6.08
Class C		1,000.00		1,001.50		9.94
Class Y		1,000.00		1,006.50		4.87
Hypothetical
(5% return before expenses)
Class A		1,000.00		1,019.16		6.13
Class C		1,000.00		1,015.32		10.01
Class Y		1,000.00		1,020.37		4.90

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2018 are as follows:

Class	Expense Ratios
Class A		1.20%
Class C		1.96
Class Y		0.96

17       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS December 31, 2018

Principal Amount		Coupon			Maturity		Value
Municipal Bonds and Notes—112.3%
New York—93.6%
$335,000	Albany County, NY Airport Authority1		5.000	%		12/15/2033	$	381,743
250,000	Albany County, NY Airport Authority1		5.000			12/15/2034		283,522
1,750,000	Albany County, NY Airport Authority1		5.000			12/15/2043		1,975,207
2,585,000	Albany County, NY Airport Authority1		5.000			12/15/2048		2,903,756
375,000	Albany County, NY IDA (Wildwood Programs)1		4.900			07/01/2021		373,005
1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.375			07/01/2026		1,574,303
1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.625			07/01/2031		1,356,422
8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.875			07/01/2041		8,394,110
300,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2027		346,881
400,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2028		459,060
550,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2029		629,249
350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2030		398,195
350,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2031		396,711
200,000	Albany, NY Capital Resource Corp. (Empire Commons Student Hsg.)1		5.000			05/01/2032		225,708
385,000	Albany, NY IDA (Albany Rehabilitation)1		8.375			06/01/2023		385,547
1,760,000	Albany, NY IDA (Sage Colleges)		5.300			04/01/2029		1,556,562
315,000	Albany, NY Parking Authority1		5.000			07/15/2025		360,357
2,575,000	Amherst, NY Devel. Corp. (Daemen College)1		4.000			10/01/2037		2,469,734
2,345,000	Amherst, NY Devel. Corp. (Daemen College)1		5.000			10/01/2043		2,480,142
2,000,000	Amherst, NY Devel. Corp. (Daemen College)1		5.000			10/01/2048		2,107,100
1,000,000	Amherst, NY Devel. Corp. Student Hsg. (UBF Faculty-Student Hsg. Corp.)1		5.000			10/01/2045		1,128,980
2,735,000	Brookhaven, NY IDA (Enecon Corp.)1		6.300			11/01/2033		2,672,970
1,235,000	Brookhaven, NY Local Devel. Corp. (Jefferson’s Ferry)1		5.250			11/01/2036		1,369,319
2,750,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		5.000			07/15/2026		3,118,362
2,250,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000			07/15/2028		2,534,872
7,500,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000			07/15/2030		8,376,375
82,535,000	Brooklyn, NY Local Devel. Corp. (Brooklyn Events Center)1		5.000			07/15/2042		88,626,083
1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.375			10/01/2041		1,891,139
870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		6.000			10/01/2031		944,977
500,000	Buffalo & Erie County, NY Industrial Land Devel. (CathHS/KMHosp/SOCHOB Obligated Group)1		5.250			07/01/2035		548,610

18       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$1,500,000	Buffalo & Erie County, NY Industrial Land Devel. (Charter School for Applied Technologies)1		4.500	%		06/01/2027	$	1,608,435
840,000	Buffalo & Erie County, NY Industrial Land Devel. (Charter School for Applied Technologies)1		5.000			06/01/2035		897,977
140,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1		5.000			10/01/2032		159,562
150,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1		5.000			10/01/2033		170,290
500,000	Buffalo & Erie County, NY Industrial Land Devel. (Global Concepts Charter School)1		5.000			10/01/2037		559,255
300,000	Buffalo, NY Municipal Water Finance Authority1		5.000			07/01/2029		342,579
150,000	Buffalo, NY Municipal Water Finance Authority1		5.000			07/01/2030		170,521
210,000	Buffalo, NY Municipal Water Finance Authority1		5.000			07/01/2031		237,926
245,000	Buffalo, NY Municipal Water Finance Authority1		5.000			07/01/2032		276,338
1,525,000	Build NYC Resource Corp. (Bronx Lighthouse Charter School)1		5.000			06/01/2038		1,576,758
2,415,000	Build NYC Resource Corp. (Bronx Lighthouse Charter School)1		5.000			06/01/2048		2,473,177
8,000,000	Build NYC Resource Corp. (Chapin School)1		5.000			11/01/2047		9,998,400
880,000	Build NYC Resource Corp. (Manhattan College)1		5.000			08/01/2032		1,011,498
1,500,000	Build NYC Resource Corp. (Manhattan College)1		5.000			08/01/2036		1,697,490
4,430,000	Build NYC Resource Corp. (Manhattan College)1		5.000			08/01/2047		4,925,540
1,100,000	Build NYC Resource Corp. (New York Methodist Hospital)1		5.000			07/01/2026		1,236,158
500,000	Build NYC Resource Corp. (New York Methodist Hospital)1		5.000			07/01/2030		552,175
1,500,000	Build NYC Resource Corp. (Pratt Paper)1		4.500			01/01/2025		1,612,380
3,250,000	Build NYC Resource Corp. (Pratt Paper)1		5.000			01/01/2035		3,434,112
860,000	Build NYC Resource Corp. (YMCA of Greater New York)1		5.000			08/01/2032		915,814
2,585,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)1		5.750			11/01/2030		2,500,858
1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1		5.000			05/01/2040		1,042,580
510,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000			05/01/2030		559,388
540,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000			05/01/2031		589,016
200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000			05/01/2034		216,072
250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000			05/01/2039		267,695
185,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.450			09/15/2019		185,631
95,000	Chautauqua, NY Utility District1		5.000			06/01/2023		95,154
105,000	Chautauqua, NY Utility District1		5.000			06/01/2025		105,147
440,000	Chemung County, NY IDA (Hathorn Redevel. Company)1,2		4.850			07/01/2023		441,522

19      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		5.000	%		07/01/2033	$	1,518,136
2,335,000	Dutchess County, NY IDA (Marist College)1		5.000			07/01/2036		2,621,901
1,255,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000			07/01/2030		1,434,101
2,715,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000			07/01/2035		3,049,895
1,195,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000			07/01/2044		1,294,448
25,775,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.000			07/01/2046		28,197,592
650,000	Dutchess County, NY Local Devel. Corp. (HQS/PHCtr/NDH/VBHosp Obligated Group)1		5.750			07/01/2040		689,481
840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000			07/01/2034		971,972
840,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000			07/01/2036		965,152
1,205,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000			07/01/2037		1,379,677
2,535,000	Dutchess County, NY Local Devel. Corp. (Vassar College)1		5.000			07/01/2042		2,876,084
1,000,000	Dutchess County, NY Water & Wastewater Authority		5.392	3		06/01/2027		807,380
1,675,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)1		6.750			03/01/2030		1,632,622
2,310,000	Elmira, NY Hsg. Authority (Eastgate Apartments)1		6.250			06/01/2044		2,314,712
95,000	Erie County, NY IDA (The Episcopal Church Home)1,2		6.000			02/01/2028		95,239
5,000,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2038		4,967,150
194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.190	3		06/01/2055		9,248,680
1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.645	3		06/01/2060		28,149,760
300,000	Franklin County, NY Solid Waste Management Authority1		5.000			06/01/2025		319,953
55,000	Genesee County, NY IDA (United Memorial Medical Center)1		5.000			12/01/2032		55,003
5,495,000	Glen Cove, NY Local Assistance Corp. (Tiegerman School)1		5.500			07/01/2044		5,318,940
1,700,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2029		1,854,853
475,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2029		537,021
425,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2030		476,803
390,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2031		434,788

20       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$700,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000	%		07/01/2032	$	777,126
1,500,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2034		1,606,155
730,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2035		803,102
570,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2036		624,458
650,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2038		708,142
1,250,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2039		1,323,750
1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2044		1,053,930
11,000,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2038		12,489,290
15,705,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2039		17,783,086
26,500,000	Hudson Yards, NY Infrastructure Corp.4		5.000			02/15/2042		29,864,970
39,880,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2042		44,943,962
30,750,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2045		34,561,155
13,125,000	Hudson Yards, NY Infrastructure Corp.1		5.750			02/15/2047		14,071,837
2,000,000	Jefferson County, NY Civic Facility Devel. Corp. (Samaritan Medical Center/Samaritan Medical Practice Obligated Group)1		5.000			11/01/2037		2,192,600
1,000,000	L.I., NY Power Authority1		5.000			09/01/2028		1,180,770
750,000	L.I., NY Power Authority1		5.000			09/01/2029		881,767
1,500,000	L.I., NY Power Authority1		5.000			09/01/2030		1,752,180
2,815,000	L.I., NY Power Authority1		5.000			09/01/2032		3,296,928
8,195,000	L.I., NY Power Authority1		5.000			09/01/2033		9,552,993
10,210,000	L.I., NY Power Authority1		5.000			09/01/2034		11,846,152
2,000,000	L.I., NY Power Authority1		5.000			09/01/2036		2,302,460
3,405,000	L.I., NY Power Authority1		5.000			09/01/2037		3,868,046
7,000,000	L.I., NY Power Authority1		5.000			09/01/2037		8,027,180
5,000,000	L.I., NY Power Authority1		5.000			09/01/2038		5,711,400
4,000,000	L.I., NY Power Authority1		5.000			09/01/2039		4,554,880
14,000,000	L.I., NY Power Authority1		5.000			09/01/2042		15,734,740
25,000,000	L.I., NY Power Authority1		5.000			09/01/2047		28,178,000
12,925,000	L.I., NY Power Authority1		5.000			09/01/2047		14,433,864
29,735,000	L.I., NY Power Authority, Series A1		5.000			09/01/2037		32,156,916
12,315,000	L.I., NY Power Authority, Series A1		5.000			09/01/2039		13,594,898
20,000,000	L.I., NY Power Authority, Series A1		5.000			09/01/2042		21,585,400
14,530,000	L.I., NY Power Authority, Series A1		5.000			09/01/2044		15,842,350
5,000,000	L.I., NY Power Authority, Series B1		5.000			09/01/2030		5,768,450
6,280,000	L.I., NY Power Authority, Series B1		5.000			09/01/2035		7,106,197
3,750,000	L.I., NY Power Authority, Series B1		5.000			09/01/2036		4,226,962
12,335,000	L.I., NY Power Authority, Series B1		5.000			09/01/2041		13,734,899
8,760,000	L.I., NY Power Authority, Series B1		5.000			09/01/2046		9,722,899
435,000	Lockport City, NY GO1		5.000			10/15/2020		458,681
455,000	Lockport City, NY GO1		5.000			10/15/2021		491,632
480,000	Lockport City, NY GO1		5.000			10/15/2022		528,701

21      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$505,000	Lockport City, NY GO1		5.000	%		10/15/2023	$	564,711
530,000	Lockport City, NY GO1		5.000			10/15/2024		599,695
2,250,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)1		6.500			12/01/2042		2,222,955
5,000,000	Monroe County, NY IDA (Rochester General Hospital)1		5.000			12/01/2046		5,470,850
800,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2027		964,848
1,200,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2028		1,436,208
1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2029		1,786,515
2,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2030		2,367,140
1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2030		1,145,440
1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2031		1,713,450
1,520,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2031		1,789,040
1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2032		1,171,280
1,120,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2033		1,325,038
1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)1		5.000			05/01/2033		1,165,600
180,000	Monroe County, NY IDA (University of Rochester)1		5.000			07/01/2028		207,403
2,785,000	Monroe County, NY IDA (Volunteers of America)1		5.750			08/01/2028		2,726,738
375,000	Monroe County, NY Industrial Devel. Corp. (Highland Hospital of Rochester)1		5.000			07/01/2034		416,854
890,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)1		5.000			01/15/2038		969,539
850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000			10/01/2026		921,782
500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.250			10/01/2031		545,555
1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.500			10/01/2041		2,019,897
50,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)1		5.000			12/01/2037		53,720
2,010,000	Monroe County, NY Industrial Devel. Corp. (Rochester General Hospital)1		5.000			12/01/2042		2,145,012
500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000			06/01/2029		556,990
1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000			06/01/2044		1,650,244
960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.500			06/01/2034		1,091,866

22       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.625	%		06/01/2026	$	915,696
1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000			06/01/2034		1,623,615
5,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.500			08/15/2040		5,350,050
15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.750			08/15/2035		16,336,237
1,500,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)1		5.000			07/01/2032		1,703,295
1,000,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)1		5.000			07/01/2033		1,132,980
650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.699	3		06/01/2061		18,746,000
802,824	Municipal Assistance Corp. for Troy, NY		5.732	3		07/15/2021		760,298
1,218,573	Municipal Assistance Corp. for Troy, NY		5.740	3		01/15/2022		1,139,634
4,025,000	Nassau County, NY GO1		5.000			04/01/2030		4,495,563
6,475,000	Nassau County, NY GO1		5.000			04/01/2031		7,215,222
7,045,000	Nassau County, NY GO1		5.000			04/01/2032		7,777,680
6,625,000	Nassau County, NY GO1		5.000			04/01/2037		7,367,663
1,000,000	Nassau County, NY GO1		5.000			01/01/2038		1,104,750
6,965,000	Nassau County, NY GO1		5.000			04/01/2038		7,717,359
3,335,000	Nassau County, NY GO1		5.000			04/01/2040		3,749,440
6,050,000	Nassau County, NY GO1		5.000			07/01/2040		6,819,378
16,665,000	Nassau County, NY GO1		5.000			04/01/2043		18,679,798
8,510,000	Nassau County, NY GO1		5.000			07/01/2045		9,540,901
12,765,000	Nassau County, NY GO1		5.000			07/01/2049		14,267,568
100,000	Nassau County, NY IDA (ACDS)1		5.950			11/01/2022		98,518
2,101,661	Nassau County, NY IDA (Amsterdam at Harborside)5		2.000			01/01/2049		357,282
150,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)1		5.950			11/01/2022		147,777
175,000	Nassau County, NY IDA (Life’s WORCA)1		5.950			11/01/2022		172,406
225,000	Nassau County, NY IDA (PLUS Group Home)1		6.150			11/01/2022		222,345
150,000	Nassau County, NY IDA, Series A-A1		6.000			06/01/2021		150,006
240,000	Nassau County, NY IDA, Series A-D1		6.000			06/01/2021		240,010
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		324,498
1,585,000	Nassau County, NY Local Economic Assistance Corp. (Hispanic Counseling Center)1		5.200			12/01/2037		1,543,869
1,055,215,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.644	3		06/01/2060		25,757,798
105,975,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.219	3		06/01/2046		10,622,934
40,000,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		6.349	3		06/01/2060		850,000

23      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$17,100,000	New Rochelle, NY Corp. Local Devel. (70 Nardozzi/City Dept. of Public Works)1		5.125	%		08/01/2050	$	17,182,764
500,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000			05/01/2035		536,020
850,000	Niagara, NY Area Devel. Corp. (Niagara University)1		5.000			05/01/2042		902,318
280,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000			04/01/2021		295,176
1,010,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)1		7.375			12/15/2021		1,106,455
5,130,000	NY Counties Tobacco Trust I1		6.500			06/01/2035		5,130,667
19,230,000	NY Counties Tobacco Trust I1		6.625			06/01/2042		19,231,154
3,130,000	NY Counties Tobacco Trust II (TASC)1		5.625			06/01/2035		3,140,298
9,025,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043		9,156,133
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		8,143,948
154,690,000	NY Counties Tobacco Trust IV		5.391	3		06/01/2055		6,246,382
608,700,000	NY Counties Tobacco Trust IV		5.822	3		06/01/2060		13,561,836
1,790,900,000	NY Counties Tobacco Trust V		6.732	3		06/01/2060		52,043,554
248,195,000	NY Counties Tobacco Trust V		6.845	3		06/01/2055		15,380,644
4,000,000	NY Counties Tobacco Trust VI1		5.750			06/01/2043		4,410,440
3,185,000	NY Counties Tobacco Trust VI1		6.000			06/01/2043		3,402,026
1,195,000	NY Counties Tobacco Trust VI1		6.250			06/01/2025		1,218,052
3,005,000	NY Counties Tobacco Trust VI1		6.450			06/01/2040		3,306,011
1,000,000	NY Counties Tobacco Trust VI (TASC)1		5.000			06/01/2036		1,059,610
870,000	NY Counties Tobacco Trust VI (TASC)1		5.000			06/01/2041		914,466
3,000,000	NY GO1		5.000			10/01/2037		3,438,480
15,000,000	NY GO1		5.000			04/01/2045		17,068,050
25,000,000	NY MTA4		5.000			11/15/2036		28,498,450
3,955,000	NY MTA1		5.000			11/15/2036		4,508,463
23,860,000	NY MTA4		5.250			11/15/2056		26,289,218
18,000,000	NY MTA (Green Bond)1		5.000			11/15/2031		20,968,020
24,700,000	NY MTA (Green Bond)1		5.000			11/15/2034		28,165,657
10,345,000	NY MTA (Green Bond)1		5.000			11/15/2056		11,524,020
21,000,000	NY MTA (Green Bond)4		5.250			11/15/2057		24,159,730
3,570,000	NY MTA (Green Bond)1		5.250			11/15/2057		4,107,142
63,245,000	NY MTA Hudson Rail Yards1		5.000			11/15/2056		67,249,673
5,000,000	NY MTA, Series B1		5.000			11/15/2037		5,577,150
5,135,000	NY MTA, Series B1		5.250			11/15/2039		5,700,928
9,000,000	NY MTA, Series B1		5.250			11/15/2055		9,837,810
4,000,000	NY MTA, Series C1		5.000			11/15/2038		4,274,280
8,470,000	NY MTA, Series C1		5.000			11/15/2056		9,257,541
6,540,000	NY MTA, Series C-11		5.250			11/15/2030		7,464,233
100,000	NY MTA, Series D1		4.000			11/15/2032		103,771
3,390,000	NY MTA, Series D1		5.000			11/15/2026		3,699,100
27,675,000	NY MTA, Series D1		5.000			11/15/2030		29,817,045
13,665,000	NY MTA, Series D1		5.000			11/15/2031		15,785,261
2,150,000	NY MTA, Series D1		5.000			11/15/2032		2,313,142
2,295,000	NY MTA, Series D1		5.000			11/15/2033		2,626,972

24      OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$10,000,000	NY MTA, Series D1		5.000	%		11/15/2034	$	11,403,100
1,100,000	NY MTA, Series D1		5.250			11/15/2033		1,273,272
8,000,000	NY MTA, Series D-11		5.000			11/01/2027		8,698,000
3,500,000	NY MTA, Series D-11		5.000			11/01/2028		3,792,075
10,000,000	NY MTA, Series D-11		5.000			11/15/2033		11,134,000
36,670,000	NY MTA, Series F1		5.000			11/15/2030		39,508,258
1,350,000	NY MTA, Series H1		5.000			11/15/2025		1,475,185
1,650,000	NY MTA, Series H1		5.000			11/15/2025		1,846,993
940,000	NY MTA, Series H1		5.000			11/15/2033		1,010,613
400,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2028		441,756
3,200,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2029		3,562,560
4,350,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2033		5,069,838
2,790,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2034		3,244,910
5,270,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2035		6,228,402
12,260,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2037		14,061,975
4,455,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2037		5,109,796
9,100,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2038		10,401,300
1,515,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2038		1,731,645
10,000,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2041		11,284,600
25,870,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2042		29,503,442
3,000,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2044		3,436,560
20,000,000	NY Triborough Bridge & Tunnel Authority4		5.000			11/15/2044		22,910,400
10,000,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2046		11,429,100
4,000,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2046		4,496,960
17,095,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2047		19,297,178
5,300,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2041		5,476,172
5,000,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2045		4,843,750
14,195,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2048		13,686,251
8,000,000	NY Utility Debt Securitization Authority1		5.000			12/15/2034		9,210,800
3,000,000	NYC GO1		4.000			10/01/2041		3,093,750
3,000,000	NYC GO1		5.000			08/01/2029		3,270,150
2,500,000	NYC GO1		5.000			10/01/2029		2,736,050
350,000	NYC GO1		5.000			10/01/2030		382,652
3,300,000	NYC GO1		5.000			10/01/2033		3,594,261
10,495,000	NYC GO1		5.000			06/01/2034		11,841,194
10,000,000	NYC GO4		5.000			10/01/2034		10,670,375
1,915,000	NYC GO1		5.000			10/01/2034		2,083,616
10,000,000	NYC GO1		5.000			06/01/2035		11,251,400
1,015,000	NYC GO1		5.000			05/15/2036		1,025,769
325,000	NYC GO1		5.000			05/15/2036		329,040
4,000,000	NYC GO1		5.000			08/01/2038		4,509,680
5,200,000	NYC GO1		5.000			12/01/2038		5,888,324
18,815,000	NYC GO1		5.000			12/01/2041		21,164,994
25,000,000	NYC GO1		5.000			03/01/2044		28,441,250
10,110,000	NYC GO4		5.250			03/01/2021		10,136,766
9,890,000	NYC GO4		5.250			03/01/2021		9,916,184
230,000	NYC GO1		5.250			06/01/2027		230,672
7,040,000	NYC GO1		5.250			10/01/2033		8,381,331

25      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$5,000	NYC GO1		5.320	%6		01/15/2028	$	5,014
380,000	NYC GO1		5.375			06/01/2032		381,208
65,000	NYC GO1		5.500			04/01/2022		65,603
2,890,000	NYC GO1		5.500			04/01/2022		2,915,837
10,000	NYC GO1		5.500			11/15/2037		10,032
45,000	NYC GO1		6.250			12/15/2031		45,161
5,000	NYC GO1		7.750			08/15/2028		5,035
1,475,000	NYC GO Tender Option Bond Series 2015- XF2142 Trust7		10.433	8		05/15/2031		1,543,366
875,000	NYC GO Tender Option Bond Series 2015- XF2142-2 Trust7		10.440	8		05/15/2033		915,329
5,395,000	NYC GO Tender Option Bond Series 2015- XF2142-3 Trust7		10.438	8		05/15/2036		5,633,405
5,030,000	NYC HDC (Multifamily Hsg.)1		4.300			11/01/2047		5,181,956
890,000	NYC HDC (Multifamily Hsg.)1		4.950			11/01/2039		896,648
3,090,000	NYC HDC (Multifamily Hsg.)4		5.500			11/01/2034		3,124,627
25,000	NYC HDC (Multifamily Hsg.)1		5.550			11/01/2039		25,292
2,840,000	NYC HDC (Multifamily Hsg.)4		5.550			11/01/2039		2,871,886
10,910,000	NYC HDC (Multifamily Hsg.)4		5.700			11/01/2046		11,039,839
730,000	NYC IDA (Allied Metal)1		7.125			12/01/2027		727,321
1,065,000	NYC IDA (Amboy Properties)1		6.750			06/01/2020		1,063,647
22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		6.200			10/01/2022		22,384,969
240,000	NYC IDA (Community Resource Center for the Developmentally Disabled)1		5.250			07/01/2022		239,923
1,130,000	NYC IDA (Comprehensive Care Management)1		6.000			05/01/2026		1,131,062
2,900,000	NYC IDA (Comprehensive Care Management)1		6.125			11/01/2035		2,777,678
1,025,000	NYC IDA (Comprehensive Care Management)1		6.375			11/01/2028		1,025,123
2,585,000	NYC IDA (Comprehensive Care Management)1		6.375			11/01/2028		2,585,491
5,250,000	NYC IDA (Cool Wind Ventilation)1		6.075			11/01/2027		5,348,123
170,000	NYC IDA (EIISFAC/SFUMP/YAI/AFSFBM/SNP Obligated Group)1		4.750			07/01/2020		168,649
1,320,000	NYC IDA (Gourmet Boutique)1		10.000			05/01/2021		1,260,560
6,900,000	NYC IDA (Guttmacher Institute)1		5.750			12/01/2036		6,891,927
300,000	NYC IDA (Independent Living Assoc.)1		6.200			07/01/2020		300,039
9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		9,219,682
1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		1,904,229
10,620,000	NYC IDA (MediSys Health Network)		6.250			03/15/2024		10,548,421
255,000	NYC IDA (Special Needs Facilities Pooled Program)1		6.650			07/01/2023		255,352
7,900,000	NYC IDA (The Child School)1		7.550			06/01/2033		7,980,580
5,000,000	NYC IDA (United Jewish Appeal-Federation of Jewish Philanthropies of New York)1		5.000			07/01/2034		5,399,050
195,000	NYC IDA (World Casing Corp.)1		6.700			11/01/2019		195,006
6,800,000	NYC IDA (Yankee Stadium)1,9		3.362			03/01/2022		6,787,692
170,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2031		171,238
270,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2036		270,502

26       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$18,110,000	NYC IDA (Yankee Stadium)1		5.000	%		03/01/2046	$	18,209,062
16,500,000	NYC IDA (Yankee Stadium)1		7.000			03/01/2049		16,660,875
23,605,000	NYC IDA (Yeled Yalda Early Childhood)1		5.725			11/01/2037		22,953,974
5,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2036		5,584,500
9,655,000	NYC Municipal Water Finance Authority1		5.000			06/15/2036		10,783,670
515,000	NYC Municipal Water Finance Authority1		5.000			06/15/2037		589,716
20,000,000	NYC Municipal Water Finance Authority4		5.000			06/15/2037		22,901,500
10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2038		11,410,800
15,440,000	NYC Municipal Water Finance Authority1		5.000			06/15/2038		17,562,691
10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2039		11,158,600
22,660,000	NYC Municipal Water Finance Authority1		5.000			06/15/2040		25,868,883
3,115,000	NYC Municipal Water Finance Authority1		5.000			06/15/2046		3,517,365
35,000,000	NYC Municipal Water Finance Authority4		5.000			06/15/2046		39,521,125
6,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2047		6,743,760
20,000,000	NYC Municipal Water Finance Authority4		5.000			06/15/2048		22,679,950
1,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2048		1,127,600
7,525,000	NYC Municipal Water Finance Authority1		5.250			06/15/2040		7,634,263
7,405,000	NYC Municipal Water Finance Authority1		5.250			06/15/2044		8,024,502
5,485,000	NYC Municipal Water Finance Authority1		5.250			06/15/2047		6,285,262
21,570,000	NYC Municipal Water Finance Authority4		5.375			06/15/2043		22,865,609
31,750,000	NYC Municipal Water Finance Authority4		5.500			06/15/2043		33,797,944
700,000	NYC Transitional Finance Authority1		5.125			01/15/2034		700,826
650,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2029		751,485
3,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2030		3,394,260
8,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2034		9,018,640
6,500,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2034		7,269,535
5,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2035		5,747,900
5,405,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2035		6,079,490
6,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2036		6,726,000
25,000,000	NYC Transitional Finance Authority (Building Aid)4		5.000			07/15/2037		27,121,813
5,410,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2040		5,714,042
7,500,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2043		8,542,125
7,165,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2043		7,933,375
44,000,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2043		50,113,800
15,000,000	NYC Transitional Finance Authority (Building Aid)4		5.250			07/15/2037		16,097,663
11,165,000	NYC Transitional Finance Authority (Building Aid)1		5.250			07/15/2045		12,992,822
1,700,000	NYC Transitional Finance Authority (Building Aid)1		5.500			01/15/2039		1,702,210
20,335,000	NYC Transitional Finance Authority (Future Tax)4		5.000			02/01/2030		22,253,672
5,180,000	NYC Transitional Finance Authority (Future Tax)1		5.000			11/01/2033		6,008,593
15,000,000	NYC Transitional Finance Authority (Future Tax)4		5.000			05/01/2034		16,116,675
8,190,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2035		8,795,241
9,850,000	NYC Transitional Finance Authority (Future Tax)1		5.000			08/01/2036		11,197,677
16,610,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2039		18,811,489
7,310,000	NYC Transitional Finance Authority (Future Tax)1		5.000			05/01/2039		8,304,964
2,388,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2040		2,667,874
34,035,000	NYC Transitional Finance Authority (Future Tax)4		5.000			05/01/2040		38,148,717
5,695,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2041		6,270,195
5,000,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2043		5,632,250

27      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$30,000,000	NYC Transitional Finance Authority (Future Tax)4		5.000	%		02/01/2043	$	33,793,600
2,105,000	NYC Transitional Finance Authority (Future Tax)1		5.250			02/01/2030		2,244,856
2,500,000	NYC Trust for Cultural Resources (Museum of Modern Art)1		4.000			04/01/2031		2,729,325
6,370,000	NYC Trust for Cultural Resources (The Juilliard School)1		4.000			01/01/2039		6,708,120
1,645,000	NYC Trust for Cultural Resources (The Juilliard School)1		5.000			01/01/2033		1,982,472
1,745,000	NYC Trust for Cultural Resources (The Juilliard School)1		5.000			01/01/2034		2,094,506
2,250,000	NYC Trust for Cultural Resources (The Juilliard School)1		5.000			01/01/2037		2,657,408
1,830,000	NYC Trust for Cultural Resources (The Juilliard School)1		5.000			01/01/2038		2,152,684
6,935,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2040		7,739,529
4,220,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2041		4,753,788
4,500,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2045		5,004,405
13,450,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2046		15,081,754
3,720,000	NYS DA (ALIA-PSCH)1		4.800			12/01/2023		3,749,090
10,325,000	NYS DA (ALIA-PSCH)1		5.350			12/01/2035		10,360,415
4,800,000	NYS DA (ALIA-PSCH)1		6.175			12/01/2031		4,808,112
850,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2027		923,058
850,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2028		920,686
430,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2029		464,559
430,000	NYS DA (Brooklyn Law School)1		5.000			07/01/2030		463,067
260,000	NYS DA (Catholic Health System)1		5.000			07/01/2032		273,073
500,000	NYS DA (Catholic Health System)1		5.000			07/01/2032		525,140
25,000	NYS DA (City University)1		5.250			07/01/2030		29,501
115,000	NYS DA (Columbia University)1		5.000			10/01/2045		150,281
300,000	NYS DA (Culinary Institute of America)1		5.000			07/01/2034		319,971
650,000	NYS DA (Fordham University)1		5.000			07/01/2030		761,189
200,000	NYS DA (Fordham University)1		5.000			07/01/2030		224,538
800,000	NYS DA (Fordham University)1		5.000			07/01/2031		932,888
750,000	NYS DA (Fordham University)1		5.000			07/01/2032		872,123
1,200,000	NYS DA (Fordham University)1		5.000			07/01/2041		1,338,684
150,000	NYS DA (Icahn School of Medicine at Mount Sinai)1		5.000			07/01/2034		167,960
2,800,000	NYS DA (Icahn School of Medicine at Mount Sinai)1		5.000			07/01/2040		3,089,968
5,300,000	NYS DA (Interagency Council)1		7.000			07/01/2035		5,662,944
3,000,000	NYS DA (Iona College)1		5.000			07/01/2032		3,199,710
16,140,000	NYS DA (Jawonio/United Cerebral Palsy Assoc. of NYC Obligated Group)1		5.500			12/01/2047		15,182,737
860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)1		5.000			07/01/2029		871,180
5,570,000	NYS DA (Montefiore Medical Center)1		4.000			08/01/2036		5,618,459
2,050,000	NYS DA (Montefiore Medical Center)1		4.000			08/01/2037		2,056,437
1,000,000	NYS DA (New School University)1		5.750			07/01/2050		1,058,750
2,100,000	NYS DA (New School)1		5.000			07/01/2040		2,320,080

28       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$1,515,000	NYS DA (NHlth / LIJMC / NSUH / FrankHosp / SIUH / NSUHSFCEC&R / HHA / Shosp / LHH / GCH / FHH / PlainH / NHlthcare Obligated Group)1		5.000	%		05/01/2033	$	1,693,952
2,475,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2036		2,739,875
5,000,000	NYS DA (NYU)1		4.000			07/01/2036		5,253,650
10,115,000	NYS DA (NYU)1		4.000			07/01/2037		10,620,750
2,500,000	NYS DA (NYU)1		5.000			07/01/2035		2,871,325
1,680,000	NYS DA (NYU)1		5.000			07/01/2038		1,946,784
5,890,000	NYS DA (NYU)1		5.000			07/01/2045		6,580,426
3,200,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2029		3,611,648
1,900,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2030		2,132,522
1,200,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2032		1,331,976
1,700,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2033		1,879,146
1,300,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2035		1,424,111
800,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2036		873,352
800,000	NYS DA (Orange Regional Medical Center)1		5.000			12/01/2037		870,336
1,000,000	NYS DA (Pratt Institute)1		5.000			07/01/2034		1,108,090
500,000	NYS DA (Pratt Institute)1		5.000			07/01/2046		551,145
39,540,000	NYS DA (Sales Tax)4		5.000			03/15/2033		45,546,775
39,995,000	NYS DA (Sales Tax)4		5.000			03/15/2035		45,770,713
30,000,000	NYS DA (Sales Tax)4		5.000			03/15/2038		34,144,600
6,850,000	NYS DA (Sales Tax)1		5.000			03/15/2038		7,796,328
2,970,000	NYS DA (Sales Tax)1		5.000			03/15/2041		3,357,347
43,330,000	NYS DA (Sales Tax)1		5.000			03/15/2044		49,464,228
5,035,000	NYS DA (School District Bond Financing Program), Series A1		5.000			08/01/2034		5,684,314
6,695,000	NYS DA (School District Bond Financing Program), Series A1		5.000			08/01/2035		7,535,089
245,000	NYS DA (Siena College)1		5.125			07/01/2039		249,163
270,000	NYS DA (St. John’s University)1		5.000			07/01/2028		297,977
5,600,000	NYS DA (St. John’s University)1		5.000			07/01/2030		6,089,160
20,000	NYS DA (St. John’s University)1		5.000			07/01/2030		22,108
400,000	NYS DA (St. John’s University)1		5.000			07/01/2034		450,912
40,100,000	NYS DA (St. Mary’s Hospital for Children)1		7.875			11/15/2041		41,645,053
10,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2031		11,378,000
23,435,000	NYS DA (State Personal Income Tax Authority)4		5.000			02/15/2033		26,896,561
15,915,000	NYS DA (State Personal Income Tax Authority)4		5.000			03/15/2034		16,813,803
19,490,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2036		22,429,872
5,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2036		5,644,750
2,145,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2037		2,443,670
9,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2038		10,218,510
27,995,000	NYS DA (State Personal Income Tax Authority)4		5.000			02/15/2040		31,477,178
11,025,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2041		12,517,675
11,710,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2042		12,961,214
1,585,000	NYS DA (State University of New York)1		5.000			07/01/2035		1,652,997
3,000,000	NYS DA (State University of New York)1		5.000			07/01/2040		3,119,670
4,000,000	NYS DA (State University of New York)1		5.000			07/01/2045		4,439,000
22,500,000	NYS DA (State University of New York)1		5.000			07/01/2048		25,095,375

29      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$2,875,000	NYS DA (TCUS/TColl/TU/TUN/NYMC Obligated Group)1		5.000	%		01/01/2033	$	3,110,721
4,045,000	NYS DA (TCUS/TColl/TU/TUN/NYMC Obligated Group)1		5.000			01/01/2038		4,304,042
5,050,000	NYS DA (The New School)1		4.000			07/01/2043		5,136,507
1,545,000	NYS DA (The New School)1		5.000			07/01/2030		1,778,589
4,395,000	NYS DA (The New School)1		5.000			07/01/2031		4,672,281
3,490,000	NYS DA (The New School)1		5.000			07/01/2035		3,940,524
2,490,000	NYS DA (The New School)1		5.000			07/01/2036		2,800,204
3,735,000	NYS DA (The New School)1		5.000			07/01/2037		4,186,337
2,905,000	NYS DA (The New School)1		5.000			07/01/2041		3,225,828
6,330,000	NYS DA (The New School)1		5.000			07/01/2046		7,005,728
4,375,000	NYS DA (Touro College and University System)1		5.500			01/01/2039		4,722,681
5,135,000	NYS DA (Touro College and University System)1		5.500			01/01/2044		5,519,406
20,000	NYS DA (UCPHCA/Jawonio/FRC/CPW/UCPANYS/ UCP Obligated Group)1		5.000			07/01/2034		20,054
25,010,000	NYS DA (United Cerebral Palsy Assoc. of NYS)1		5.375			09/01/2050		24,431,769
7,540,000	NYS DA (United Cerebral Palsy Assoc. of Putnam & Southern Dutchess Counties)1		5.375			10/01/2042		7,337,325
135,000	NYS DA (University of Rochester)1		5.750	6		07/01/2039		137,600
865,000	NYS DA (University of Rochester)1		5.750	6		07/01/2039		882,352
100,000	NYS DA (Yeshiva University)1		5.000			09/01/2034		102,131
2,785,000	NYS DA (Yeshiva University)1		5.000			09/01/2034		2,803,743
615,000	NYS DA (Yeshiva University)1		5.000			09/01/2034		628,106
5,220,000	NYS DA (Yeshiva University)1		5.000			09/01/2038		5,237,174
1,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2032		1,162,320
5,470,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2043		6,330,212
20,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)4		5.000			06/15/2047		22,757,750
5,000,000	NYS EFC (Green Bond)1		5.000			08/15/2047		5,701,200
19,030,000	NYS EFC (NYC Municipal Water Finance Authority)1		5.000			06/15/2046		21,669,080
3,080,000	NYS HFA (Affordable Hsg.)1		4.000			05/01/2047		3,091,612
2,295,000	NYS HFA (Affordable Hsg.)1		4.150			05/01/2048		2,325,753
2,000,000	NYS HFA (Affordable Hsg.)1		5.000			11/01/2042		2,033,800
10,220,000	NYS HFA (Affordable Hsg.)4		5.450			11/01/2045		10,201,416
850,000	NYS HFA (Friendship)1		5.100			08/15/2041		850,765
925,000	NYS HFA (Golden Age Apartments)1		5.000			02/15/2037		925,860
145,000	NYS HFA (Highland Avenue Senior Apartments)1		5.000			02/15/2039		145,513
125,000	NYS HFA (Horizons at Wawayanda)1		5.150			11/01/2040		125,136
2,080,000	NYS HFA (Multifamily Hsg.)1		5.375			02/15/2035		2,082,642
1,710,000	NYS HFA (Multifamily Hsg.)1		5.650			02/15/2034		1,712,616
310,000	NYS HFA (Tiffany Gardens)1		5.125			08/15/2037		311,029
7,340,000	NYS HFA, Series C1		4.000			11/01/2046		7,374,498
7,150,000	NYS Liberty Devel. Corp. (1 World Trade Center Port Authority)1		5.000			12/15/2041		7,665,730
1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000			11/15/2031		1,073,310

30       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$20,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.750	%		11/15/2051	$	21,920,600
62,345,000	NYS Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)4		5.625			01/15/2046		64,468,768
52,615,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.250			10/01/2035		63,904,601
10,375,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.500			10/01/2037		13,292,346
15,000,000	NYS Liberty Devel. Corp. (One Bryant Park)4		5.125			01/15/2044		15,402,825
30,000	NYS Power Authority1		4.500			11/15/2047		30,065
16,700,000	NYS Power Authority1		5.000			11/15/2047		16,741,750
7,340,000	NYS Thruway Authority1		5.000			01/01/2030		8,303,228
1,480,000	NYS Thruway Authority1		5.000			01/01/2031		1,739,888
7,650,000	NYS Thruway Authority1		5.000			01/01/2032		8,203,019
1,055,000	NYS Thruway Authority1		5.000			01/01/2032		1,232,029
1,055,000	NYS Thruway Authority1		5.000			01/01/2033		1,227,482
1,860,000	NYS Thruway Authority1		5.000			01/01/2034		2,154,531
2,115,000	NYS Thruway Authority1		5.000			01/01/2035		2,442,677
37,465,000	NYS Thruway Authority1		5.000			01/01/2046		41,340,380
38,695,000	NYS Thruway Authority1		5.250			01/01/2056		42,863,999
2,000,000	NYS Thruway Authority Highway & Bridge Trust Fund1		5.000			04/01/2029		2,178,960
8,000,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)1		5.000			01/01/2030		9,017,760
5,000,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)1		5.000			01/01/2032		5,578,550
5,565,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)1		5.000			01/01/2034		6,163,627
5,000,000	NYS Transportation Devel. Corp. (Delta Air Lines/ LaGuardia Airport Terminals)1		5.000			01/01/2036		5,497,450
11,600,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000			07/01/2035		11,748,480
3,500,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000			07/01/2036		3,536,155
5,375,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		4.000			07/01/2037		5,411,926
36,250,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000			07/01/2041		38,241,575
30,345,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.000			07/01/2046		31,935,381
79,650,000	NYS Transportation Devel. Corp. (LaGuardia Airport Terminal B Redevel.)1		5.250			01/01/2050		84,718,926
2,860,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2027		3,365,448
4,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2035		4,519,920
10,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2035		11,302,500
5,000,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2036		5,760,550
19,200,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2037		22,041,216
18,040,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2041		20,502,821
1,185,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2030		1,190,901
1,115,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2037		1,120,319

31      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$1,300,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000	%		05/01/2033	$	1,458,717
840,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000			05/01/2034		938,666
1,150,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000			05/01/2037		1,261,435
650,000	Onondaga County, NY Trust Cultural Resource Revenue (Abby Lane Hsg. Corp.)1		5.000			05/01/2040		706,173
1,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.000			07/01/2032		1,054,660
2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.375			07/01/2040		2,065,060
3,465,000	Onondaga, NY Civic Devel. Corp. (Upstate Properties)1		5.250			12/01/2041		3,751,174
4,150,000	Orange County, NY Funding Corp. (Hamlet at Wallkill)1,2		6.500			01/01/2046		4,256,697
1,320,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000			07/01/2037		1,378,410
1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000			07/01/2042		1,490,377
1,085,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2021		1,087,669
6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2026		6,348,863
2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2026		2,239,805
3,205,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000			10/01/2030		3,237,659
2,000,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000			10/01/2035		1,981,940
8,065,000	Otsego County, NY Capital Resource Corp. (Hartwick College)1		5.000			10/01/2045		7,731,674
10,805,000	Oyster Bay, NY GO1		3.250			02/01/2031		10,772,693
5,000,000	Oyster Bay, NY GO1		3.250			02/01/2032		4,926,450
9,585,000	Oyster Bay, NY GO1		4.000			02/01/2033		9,956,131
21,860,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		22,708,824
32,175,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2025		33,425,321
1,000,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.000			12/01/2036		1,067,020
345,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500			12/01/2028		361,926
10,300,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2019		10,522,377
21,515,000	Port Authority NY/NJ, 166th Series4		5.000			01/15/2041		22,584,907
15,000,000	Port Authority NY/NJ, 166th Series4		5.250			07/15/2036		15,891,150
2,720,000	Port Authority NY/NJ, 169th Series1		5.000			10/15/2036		2,905,422
400,000	Port Authority NY/NJ, 172nd Series1		5.000			10/01/2034		430,316
8,340,000	Port Authority NY/NJ, 186th Series1		5.000			10/15/2033		9,294,179

32       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$9,170,000	Port Authority NY/NJ, 186th Series1		5.000	%		10/15/2034	$	10,203,642
7,000,000	Port Authority NY/NJ, 197th Series1		5.000			11/15/2035		7,885,430
5,550,000	Port Authority NY/NJ, 197th Series1		5.000			11/15/2036		6,227,433
10,000,000	Port Authority NY/NJ, 197th Series1		5.000			11/15/2041		11,066,800
28,000,000	Port Authority NY/NJ, 198th Series4		5.250			11/15/2056		31,754,724
3,000,000	Port Authority NY/NJ, 200th Series1		5.000			10/15/2047		3,387,720
10,000,000	Port Authority NY/NJ, 207th Series1		4.000			03/15/2035		10,430,000
4,020,000	Port Authority NY/NJ, 207th Series1		4.000			09/15/2043		4,103,696
12,235,000	Port Authority NY/NJ, 207th Series1		5.000			09/15/2032		14,178,407
1,700,000	Port Authority NY/NJ, 211th Series1		4.000			09/01/2038		1,767,694
12,475,000	Port Authority NY/NJ, 211th Series1		5.000			09/01/2048		14,283,251
20,250,000	Port Authority NY/NJ, 331st Series Floaters4		5.000			07/15/2039		21,076,096
100,000	Poughkeepsie, NY GO1		4.400			06/01/2024		100,206
2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		6.000			08/01/2032		2,762,053
2,525,000	Ramapo, NY Local Devel. Corp.1		5.000			03/15/2033		2,607,770
1,500,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375			12/01/2036		1,502,850
1,000,000	Riverhead, NY IDA (Riverhead Charter School)1		7.000			08/01/2048		1,088,100
50,000	Rochester, NY GO1		4.000			10/01/2021		50,088
765,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)		4.900			07/01/2021		759,484
3,515,000	Saratoga County, NY Capital Resource Corp. (Skidmore College)1		5.000			07/01/2048		3,965,061
10,720,000	Schenectady County, NY Capital Resource Corp. (Union College)1		5.000			01/01/2047		11,975,419
1,510,000	St. Lawrence County, NY IDA (Clarkson University)1		5.000			09/01/2041		1,602,714
4,775,000	St. Lawrence County, NY IDA (Clarkson University)1		5.375			09/01/2041		5,095,594
520,000	St. Lawrence County, NY IDA (Clarkson University)1		6.000			09/01/2034		566,415
4,120,000	St. Lawrence County, NY IDA (Curran Renewable Energy)1		7.250			12/01/2029		3,537,061
1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000			07/01/2030		1,400,422
1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000			07/01/2031		1,480,852
540,000	St. Lawrence County, NY IDA (St. Lawrence University)1		5.000			07/01/2036		612,004
205,000	Suffern, NY GO1		5.000			03/15/2020		211,607
650,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)1		6.750			06/01/2027		651,508
4,200,000	Suffolk County, NY Economic Devel. Corp., Series A1		7.375			12/01/2040		4,369,806
6,405,000	Suffolk County, NY EDC (CHSLI/SCSMC/CHS/ SANCSAR/SAR/SJRH/SJR/VMNRC/CHFTEH/ VMHCS/CHHSB Obligated Group)1		5.000			07/01/2028		6,815,496
15,000	Suffolk County, NY IDA (ACLD)1		6.000			12/01/2019		15,001

33      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$680,000	Suffolk County, NY IDA (ALIA-ACLD)1		5.950	%		10/01/2021	$	680,524
840,000	Suffolk County, NY IDA (ALIA-Adelante)1		6.500			11/01/2037		844,158
935,000	Suffolk County, NY IDA (ALIA-DDI)1		5.950			10/01/2021		935,720
265,000	Suffolk County, NY IDA (ALIA-FREE)1		5.950			10/01/2021		265,204
190,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950			10/01/2021		190,146
225,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950			11/01/2022		222,032
285,000	Suffolk County, NY IDA (ALIA-IGHL)1		6.000			10/01/2031		283,740
155,000	Suffolk County, NY IDA (ALIA-NYS ARC)1		5.950			11/01/2022		155,795
635,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		5.950			10/01/2021		635,489
140,000	Suffolk County, NY IDA (ALIA-WORCA)1		5.950			11/01/2022		140,774
46,745	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		45,109
30,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			12/01/2019		30,002
55,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			10/01/2020		54,779
13,585,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1,2		5.500			01/01/2023		13,587,581
120,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1		6.000			12/01/2019		120,007
210,000	Suffolk County, NY IDA (WORCA)1		6.000			10/01/2020		210,195
69,295,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.625	6		06/01/2044		71,591,436
227,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		7.996	3		06/01/2048		19,424,340
13,865,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350			11/01/2049		12,497,218
40,865,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350			11/01/2049		36,833,668
5,830,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350			11/01/2049		5,254,871
5,760,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350			11/01/2049		5,191,776
3,780,000	Sullivan County, NY Infrastructure (Adelaar)1		5.350			11/01/2049		3,407,103
1,500,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2028		1,650,240
1,825,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2029		2,000,656
2,000,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2030		2,184,700
2,000,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2031		2,176,940
6,250,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2032		6,770,688
14,400,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2033		15,553,584
10,050,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2034		10,810,182
16,100,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2035		17,266,606
3,800,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2036		4,063,340
1,875,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)1		5.000			07/01/2032		1,850,569
17,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000			09/01/2030		18,179,319
945,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.125			09/01/2040		983,981
4,437,000	Westchester County, NY Healthcare Corp., Series A1		5.000			11/01/2044		4,727,712
1,700,000	Westchester County, NY Healthcare Corp., Series B1		5.125			11/01/2041		1,772,284
960,000	Westchester County, NY IDA (Clearview School)1,2		7.250			01/01/2035		942,221
2,165,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)1		4.000			06/01/2030		2,202,498

34       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount		Coupon			Maturity		Value
New York (Continued)
$2,190,000	Westchester County, NY Local Devel. Corp. (Sarah Lawrence College)1		4.000	%		06/01/2031	$	2,222,237
1,500,000	Westchester County, NY Local Devel. Corp. (Wartburg Senior Hsg.)1		5.000			06/01/2030		1,507,275
18,410,000	Westchester County, NY Local Devel. Corp. (Westchester County Healthcare Corp.)1		5.000			11/01/2046		19,556,023
1,215,000	Yonkers, NY Parking Authority1		6.000			06/15/2024		1,208,840
								4,617,415,430
U.S. Possessions—18.7%
24,895,000	Employees Retirement System of the Government of the Commonwealth of Puerto Rico5		6.150			07/01/2038		8,370,944
1,830,000	Guam Education Financing Foundation COP1		5.000			10/01/2022		1,978,870
3,840,000	Guam Education Financing Foundation COP1		5.000			10/01/2023		4,214,515
1,735,000	Guam Government Waterworks Authority & Wastewater System1		5.250			07/01/2025		1,907,181
345,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		348,636
1,230,000	Guam Power Authority, Series A1		5.000			10/01/2023		1,342,902
1,560,000	Guam Power Authority, Series A1		5.000			10/01/2024		1,704,955
2,790,000	Guam Power Authority, Series A1		5.000			10/01/2030		3,038,784
935,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		909,624
18,375,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2030		16,863,656
5,930,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		5,590,567
49,000,000	Puerto Rico Aqueduct & Sewer Authority, AGC		5.125			07/01/2047		49,567,910
1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		1,473,350
25,135,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		24,066,762
22,680,000	Puerto Rico Aqueduct & Sewer Authority		6.125	6		07/01/2024		21,772,800
2,944,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.622	3		05/15/2057		105,014,419
3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.372	3		05/15/2057		87,078,288
2,000,000	Puerto Rico Commonwealth GO5		5.000			07/01/2033		1,085,000
2,200,000	Puerto Rico Commonwealth GO5		5.250			07/01/2026		1,204,500
2,500,000	Puerto Rico Commonwealth GO5		5.250			07/01/2032		1,368,750
5,000,000	Puerto Rico Commonwealth GO5		5.375			07/01/2033		2,712,500
42,700,000	Puerto Rico Commonwealth GO5		5.500			07/01/2032		23,164,750
3,205,000	Puerto Rico Commonwealth GO5		5.625			07/01/2033		1,722,687
3,000,000	Puerto Rico Commonwealth GO5		5.750			07/01/2028		1,612,500
25,000,000	Puerto Rico Commonwealth GO5		5.750			07/01/2036		13,437,500
770,000	Puerto Rico Commonwealth GO5		5.875			07/01/2036		421,575
1,000,000	Puerto Rico Commonwealth GO5		6.000			07/01/2028		540,000
1,270,000	Puerto Rico Commonwealth GO, NPFGC1		6.000			07/01/2028		1,309,764
2,700,000	Puerto Rico Commonwealth GO5		6.000			07/01/2035		1,458,000
390,000	Puerto Rico Commonwealth GO5		6.000			07/01/2039		211,575
3,670,000	Puerto Rico Commonwealth GO5		6.000			07/01/2040		1,981,800
1,866,384	Puerto Rico Electric Power Authority5		10.000			07/01/2019		1,217,816
1,866,385	Puerto Rico Electric Power Authority5		10.000			07/01/2019		1,217,816
1,967,211	Puerto Rico Electric Power Authority5		10.000			01/01/2021		1,283,605

35      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$1,967,211	Puerto Rico Electric Power Authority5		10.000	%		07/01/2021	$	1,283,605
655,737	Puerto Rico Electric Power Authority5		10.000			01/01/2022		427,868
655,738	Puerto Rico Electric Power Authority5		10.000			07/01/2022		427,869
510,000	Puerto Rico Electric Power Authority, Series RR, NPFGC		5.000			07/01/2024		512,009
6,320,000	Puerto Rico Electric Power Authority, Series TT5		5.000			07/01/2032		3,934,200
3,700,000	Puerto Rico Electric Power Authority, Series WW5		5.000			07/01/2028		2,303,250
7,000,000	Puerto Rico Electric Power Authority, Series XX5		5.250			07/01/2040		4,357,500
7,590,000	Puerto Rico Electric Power Authority, Series ZZ5		5.250			07/01/2025		4,724,775
9,515,000	Puerto Rico Highway & Transportation Authority5		5.000			07/01/2028		1,462,931
4,945,000	Puerto Rico Highway & Transportation Authority5		5.300			07/01/2035		3,337,875
270,000	Puerto Rico Highway & Transportation Authority5		5.750			07/01/2020		41,512
8,980,000	Puerto Rico Highway & Transportation Authority, Series G5		5.000			07/01/2033		2,671,550
1,840,000	Puerto Rico Highway & Transportation Authority, Series G5		5.000			07/01/2042		547,400
1,120,000	Puerto Rico Highway & Transportation Authority, Series H5		5.450			07/01/2035		333,200
6,500,000	Puerto Rico Highway & Transportation Authority, Series K5		5.000			07/01/2027		1,933,750
1,145,000	Puerto Rico Highway & Transportation Authority, Series K5		5.000			07/01/2030		340,637
2,600,000	Puerto Rico Highway & Transportation Authority, Series L, NPFGC1		5.250			07/01/2023		2,711,826
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		23,386,475
3,190,000	Puerto Rico Highway & Transportation Authority, Series N, NPFGC1		5.250			07/01/2032		3,303,787
25,255,000	Puerto Rico Infrastructure5		5.000			07/01/2031		3,851,387
17,490,000	Puerto Rico Infrastructure5		5.000			07/01/2037		2,667,225
675,000	Puerto Rico Infrastructure5		5.000			07/01/2037		102,937
141,985,000	Puerto Rico Infrastructure5		5.000			07/01/2041		21,652,712
41,740,000	Puerto Rico Infrastructure5		5.000			07/01/2046		6,365,350
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		5,813,625
875,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		831,250
530,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			12/01/2021		530,212
1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		1,122,000
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		666,673
3,545,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)		6.700			05/01/2024		1,473,231
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		5,494,996
80,355,000	Puerto Rico Public Buildings Authority5		5.000			07/01/2036		44,396,138
7,500,000	Puerto Rico Public Buildings Authority5		5.000			07/01/2037		4,143,750

36       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$18,585,000	Puerto Rico Public Buildings Authority5		5.250	%		07/01/2029	$	10,268,213
11,570,000	Puerto Rico Public Buildings Authority5		5.250			07/01/2033		6,392,425
9,450,000	Puerto Rico Public Buildings Authority5		5.375			07/01/2033		5,221,125
850,000	Puerto Rico Public Buildings Authority5		5.500			07/01/2037		469,625
31,050,000	Puerto Rico Public Buildings Authority5		6.000			07/01/2041		16,844,625
4,400,000	Puerto Rico Public Buildings Authority5		6.500			07/01/2030		2,442,000
7,500,000	Puerto Rico Public Buildings Authority5		6.750			07/01/2036		4,162,500
11,810,000	Puerto Rico Public Finance Corp., Series B5		5.500			08/01/2031		649,550
3,130,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.000			08/01/2024		1,459,363
1,490,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.000			08/01/2043		694,713
94,445,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.250			08/01/2057		73,430,988
30,000,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.499	3		08/01/2042		8,539,500
8,205,000	Puerto Rico Sales Tax Financing Corp., Series A5		6.500			08/01/2044		3,835,838
109,035,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.579	3		08/01/2043		29,427,456
16,265,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.658	3		08/01/2041		4,882,916
9,370,000	Puerto Rico Sales Tax Financing Corp., Series A, NPFGC		6.718	3		08/01/2045		2,273,256
15,265,000	Puerto Rico Sales Tax Financing Corp., Series A5		7.886	3		08/01/2034		2,079,551
10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-15		5.250			08/01/2043		4,662,500
9,985,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.250			08/01/2041		4,655,506
4,000,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.375			08/01/2036		1,865,000
74,245,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.750			08/01/2057		57,725,488
1,450,000	Puerto Rico Sales Tax Financing Corp., Series C5		6.000			08/01/2039		676,063
39,470,000	Puerto Rico Sales Tax Financing Corp., Series C5		6.750	6		08/01/2032		18,402,888
4,525,000	University of Puerto Rico		5.000			06/01/2026		4,264,813
7,280,000	University of Puerto Rico, Series P		5.000			06/01/2030		6,715,800
24,375,000	University of Puerto Rico, Series Q		5.000			06/01/2030		22,485,938
67,190,000	University of Puerto Rico, Series Q		5.000			06/01/2036		59,967,075
1,500,000	V.I. Public Finance Authority1		5.000			09/01/2033		1,584,180
2,180,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan Notes)1		5.000			10/01/2032		2,341,233
10,920,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		5.000			10/01/2029		11,394,146
2,555,000	V.I. Public Finance Authority, Series A1		5.000			10/01/2032		2,743,968
								922,894,385
Total Municipal Bonds and Notes (Cost $6,235,695,292)								5,540,309,815
Shares
Common Stock—0.1%
1,401	CMS Liquidating Trust11,12,13 (Cost $4,483,200)							4,097,925
Total Investments, at Value (Cost $6,240,178,492)—112.4%								5,544,407,740
Net Other Assets (Liabilities)—(12.4)								(611,721,413	)
Net Assets—100.0%							$	4,932,686,327

37      OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Footnotes to Statement of Investments

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 9 of the accompanying Notes.

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 4 of the accompanying Notes.

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 4 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 4 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 4 of the accompanying Notes.

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

9. 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. Non-income producing security.

12. Received as a result of a corporate action.

13. The value of this security was determined using significant unobservable inputs. See Note 3 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

EDC Economic Devel. Corp.

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

38    OPPENHEIMER ROCHESTER FUND MUNICIPALS

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

GCH Glen Cove Hospital

GO General Obligation

HDC Housing Devel. Corp.

HFA Housing Finance Agency

HHA Huntington Hospital Association

HQS Health Quest System

IDA Industrial Devel. Agency

IGHL Independent Group Home for Living

ITEMECF Industrial, Tourist, Educational, Medical and Environmental Community Facilities

JFK John Fitzgerald Kennedy

KMHosp Kenmore Mercy Hospital

L.I. Long Island

LHH Lenox Hill Hospital

LIJMC Long Island Jewish Medical Center

MTA Metropolitan Transportation Authority

NDH Northern Dutchess Hospital

NHlth Northwell Health

NHlthcare Northwell Healthcare

NPFGC National Public Finance Guarantee Corp.

NSUH North Shore University Hospital

NSUHSFCEC&R North Shore University Hospital Stern Family Center for Extended Care & Rehabilitation

NY/NJ New York/New Jersey

NYC New York City

NYMC New York Medical College

NYS New York State

NYU New York University

PHCtr Putnam Hospital Center

PlainH Plainview Hospital

PSCH Professional Service Centers for the Handicapped, Inc.

SANC St. Anne’s Nursing Center

SANCSAR St. Anne’s Nursing Center St. Anne’s Residence

SAR St. Anne’s Residence

SCOSMC St. Catherine of Siena Medical Center

SCSMC 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

SJRH St. John’s Rehabilitation Hospital

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

TColl Touro College

TCUS Touro College & University System

TFABs Tobacco Flexible Amortization Bonds

TU Touro University

TUN Touro University Neveda

UBF University of Buffalo Foundation

39   OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

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

UCP United Creative Program

UCPANYS United Cerebral Palsy Association of New York State

UCPHCA United Cerebral Palsy Assoc. and Handicapped Children’s Assoc.

UCPAGS United Cerebral Palsy Assoc. of Greater Suffolk

UDC Urban Development Corporation

V.I. United States Virgin Islands

VBHosp Vassar Brothers Hospital

VMHCS Villa Maria Health Care Services

VMNRC Villa Marina Nursing & Rehabilitation Center

WORCA Working Organization for Retarded Children and Adults

YAI Young Adult Institute

YMCA Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

40    OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES December 31, 2018

Assets
Investments, at value (cost $6,240,178,492)—see accompanying statement of investments	$	5,544,407,740
Cash		14,273,580
Receivables and other assets:
Interest		59,285,467
Investments sold on a when-issued or delayed delivery basis		7,469,906
Shares of beneficial interest sold		5,325,897
Other		1,398,356
Total assets		5,632,160,946
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		502,730,000
Payable for borrowings (See Note 9)		180,900,000
Shares of beneficial interest redeemed		11,323,724
Dividends		2,001,574
Distribution and service plan fees		959,065
Trustees’ compensation		928,672
Interest expense on borrowings		281,210
Shareholder communications		16,500
Other		333,874
Total liabilities		699,474,619
Net Assets	$	4,932,686,327
Composition of Net Assets
Paid-in capital	$	6,136,906,951
Total accumulated loss		(1,204,220,624	)
Net Assets	$	4,932,686,327
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $3,806,271,428 and 247,947,906 shares of beneficial interest outstanding)		$15.35
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)		$16.12
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $705,284,771 and 46,068,408 shares of beneficial interest outstanding)		$15.31
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $421,130,128 and 27,426,675 shares of beneficial interest outstanding)		$15.35

See accompanying Notes to Financial Statements.

41       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF

OPERATIONS For the Year Ended December 31, 2018

Investment Income
Interest	$	243,827,711
Expenses
Management fees		23,478,128
Distribution and service plan fees:
Class A		9,473,976
Class B1		9,086
Class C		7,325,759
Transfer and shareholder servicing agent fees:
Class A		3,914,613
Class B1		910
Class C		733,183
Class Y		381,306
Shareholder communications:
Class A		47,794
Class B1		50
Class C		14,781
Class Y		7,624
Interest expense and fees on short-term floating rate notes issued (See Note 4)		9,397,320
Borrowing fees		5,810,038
Interest expense on borrowings		1,703,218
Trustees’ compensation		80,247
Custodian fees and expenses		44,725
Other		2,848,787
Total expenses		65,271,545
Net Investment Income		178,556,166
Realized and Unrealized Gain (Loss)
Net realized loss on investment transactions		(252,599,569	)
Net change in unrealized appreciation/(depreciation) on investment transactions		497,137,176
Net Increase in Net Assets Resulting from Operations	$	423,093,773

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

42       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2018			Year Ended December 31, 20171
Operations
Net investment income	$	178,556,166		$	205,988,045
Net realized gain (loss)		(252,599,569	)		38,221,442
Net change in unrealized appreciation/(depreciation)		497,137,176			(16,084,260	)
Net increase in net assets resulting from operations		423,093,773			228,125,227
Dividends and/or Distributions to Shareholders
Dividends and distributions declared:
Class A		(134,885,883	)		(206,769,803	)
Class B2		(28,609	)		(261,032	)
Class C		(19,810,554	)		(33,330,740	)
Class Y		(13,955,899	)		(15,903,020	)
Total dividends and distributions declared		(168,680,945	)		(256,264,595	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(367,334,163	)		(430,182,761	)
Class B2		(3,864,090	)		(5,305,086	)
Class C		(93,987,317	)		(100,692,454	)
Class Y		73,882,123			72,015,702
Total beneficial interest transactions		(391,303,447	)		(464,164,599	)
Net Assets
Total decrease		(136,890,619	)		(492,303,967	)
Beginning of period		5,069,576,946			5,561,880,913
End of period	$	4,932,686,327		$	5,069,576,946

1. Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 2– New Accounting Pronouncements for further details.

2. Effective June 1, 2018, all Class B shares converted to Class A shares.

See accompanying Notes to Financial Statements.

43       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF CASH FLOWS For the Year Ended December 31, 2018

Cash Flows from Operating Activities
Net increase in net assets from operations	$	423,093,773
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(1,438,576,834	)
Proceeds from disposition of investment securities		1,732,496,803
Short-term investment securities, net		(46,298,645	)
Premium amortization		44,879,468
Discount accretion		(65,136,810	)
Net realized loss on investment transactions		252,599,569
Net change in unrealized appreciation/depreciation on investment transactions		(497,137,176	)
Change in assets:
Decrease in other assets		45,241
Increase in interest receivable		(2,125,823	)
Decrease in receivable for securities sold		7,292,868
Change in liabilities:
Decrease in other liabilities		(237,345	)
Net cash provided by operating activities		410,895,089
Cash Flows from Financing Activities
Proceeds from borrowings		1,119,900,000
Payments on borrowings		(967,900,000	)
Payments/proceeds on short-term floating rate notes issued		(6,870,000	)
Proceeds from shares sold		450,841,541
Payments on shares redeemed		(994,215,042	)
Cash distributions paid		(25,681,238	)
Net cash used in financing activities		(423,924,739	)
Net decrease in cash		(13,029,650	)
Cash, beginning balance		27,303,230
Cash, ending balance	$	14,273,580

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $143,358,199.

Cash paid for interest on borrowings—$1,425,654.

Cash paid for interest on short-term floating rate notes issued—$9,397,320.

See accompanying Notes to Financial Statements.

44       OPPENHEIMER ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS

Class A	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$14.59		$14.68		$14.68		$15.35		$14.29
Income (loss) from investment operations:
Net investment income1		0.55		0.57		0.76		0.97		1.02
Net realized and unrealized gain (loss)		0.73		0.04		0.12		(0.68)		1.00
Total from investment operations		1.28		0.61		0.88		0.29		2.02
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.52)		(0.70)		(0.88)		(0.96)		(0.96)
Net asset value, end of period		$15.35		$14.59		$14.68		$14.68		$15.35
Total Return, at Net Asset Value2		8.88%		4.11%		6.06%		1.94%		14.43%
Ratios/Supplemental Data
Net assets, end of period (in millions)		$3,807		$3,975		$4,425		$4,464		$4,996
Average net assets (in millions)		$3,914		$4,420		$4,553		$4,794		$5,066
Ratios to average net assets:3
Net investment income		3.64%		3.79%		5.05%		6.42%		6.73%
Expenses excluding specific expenses listed below		0.87%		0.83%		0.80%		0.73%		0.72%
Interest and fees from borrowings		0.15%		0.11%		0.08%		0.06%		0.05%
Interest and fees on short-term floating rate notes issued4		0.19%		0.08%		0.09%		0.07%		0.20%
Total expenses		1.21%		1.02%		0.97%		0.86%		0.97%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.21%		1.02%		0.97%		0.86%		0.97%
Portfolio turnover rate		26%		23%		33%		13%		8%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

45       OPPENHEIMER ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

Class C	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$14.55		$14.64		$14.64		$15.32		$14.26
Income (loss) from investment operations:
Net investment income1		0.44		0.45		0.63		0.84		0.89
Net realized and unrealized gain (loss)		0.73		0.04		0.12		(0.69)		1.00
Total from investment operations		1.17		0.49		0.75		0.15		1.89
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.41)		(0.58)		(0.75)		(0.83)		(0.83)
Net asset value, end of period		$15.31		$14.55		$14.64		$14.64		$15.32
Total Return, at Net Asset Value2		8.09%		3.32%		5.18%		1.02%		13.50%
Ratios/Supplemental Data
Net assets, end of period (in millions)		$705		$761		$865		$841		$909
Average net assets (in millions)		$733		$851		$875		$887		$903
Ratios to average net assets:3
Net investment income		2.88%		3.02%		4.19%		5.57%		5.88%
Expenses excluding specific expenses listed below		1.62%		1.62%		1.66%		1.58%		1.57%
Interest and fees from borrowings		0.15%		0.11%		0.08%		0.06%		0.05%
Interest and fees on short-term floating rate notes issued4		0.19%		0.08%		0.09%		0.07%		0.20%
Total expenses		1.96%		1.81%		1.83%		1.71%		1.82%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.96%		1.81%		1.83%		1.71%		1.82%
Portfolio turnover rate		26%		23%		33%		13%		8%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

46       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Class Y	Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Per Share Operating Data
Net asset value, beginning of period		$14.60		$14.68		$14.68		$15.35		$14.29
Income (loss) from investment operations:
Net investment income1		0.59		0.59		0.77		0.99		1.04
Net realized and unrealized gain (loss)		0.72		0.06		0.13		(0.68)		1.00
Total from investment operations		1.31		0.65		0.90		0.31		2.04
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.56)		(0.73)		(0.90)		(0.98)		(0.98)
Net asset value, end of period		$15.35		$14.60		$14.68		$14.68		$15.35
Total Return, at Net Asset Value2		9.07%		4.41%		6.22%		2.09%		14.60%
Ratios/Supplemental Data
Net assets, end of period (in millions)		$421		$330		$263		$212		$231
Average net assets (in millions)		$382		$330		$238		$229		$205
Ratios to average net assets:3
Net investment income		3.88%		3.94%		5.17%		6.57%		6.87%
Expenses excluding specific expenses listed below		0.62%		0.62%		0.66%		0.58%		0.57%
Interest and fees from borrowings		0.15%		0.11%		0.08%		0.06%		0.05%
Interest and fees on short-term floating rate notes issued4		0.19%		0.08%		0.09%		0.07%		0.20%
Total expenses		0.96%		0.81%		0.83%		0.71%		0.82%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.96%		0.81%		0.83%		0.71%		0.82%
Portfolio turnover rate		26%		23%		33%		13%		8%

1. Per share amounts calculated based on the average shares outstanding during the period.

2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

3. Annualized for periods less than one full year.

4. Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

47      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS December 31, 2018

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.

The Fund offers Class A, Class C and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares were permitted. Reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds were permitted through May 31, 2018. Effective June 1, 2018 (the “Conversion Date”), all Class B shares converted to Class A shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A and C shares have, and Class B shares had, separate distribution and/or service plans under which they pay, and Class B shares paid, fees. Class Y shares do not pay such fees. Previously issued Class B shares automatically converted to Class A shares 72 months after the date of purchase.

The following is a summary of significant accounting policies followed in the Fund’s preparation of financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

2. Significant Accounting Policies

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

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may

48       OPPENHEIMER ROCHESTER FUND MUNICIPALS

2. Significant Accounting Policies (Continued)

differ from U.S. GAAP, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually or at other times as determined necessary by the Manager.

Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the Prime Rate plus 0.35%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remains open for the three preceding fiscal reporting period ends. The Fund has analyzed its tax positions for the fiscal year ended December 31, 2018, including open tax years, and does not believe there are any uncertain tax positions requiring recognition in the Fund’s financial statements.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

49      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss     Carryforward1,2,3		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$88,621,852		$—		$549,945,063		$694,932,058

1. At period end, the Fund had $549,945,063 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions.

2. During the reporting period, the Fund did not utilize any capital loss carryforward.

3. During the previous reporting period, the Fund utilized $30,827,422 of capital loss carryforward to offset capital gains realized in that fiscal year.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The tax character of distributions paid during the reporting periods:

	Year Ended     December 31, 2018		Year Ended      December 31, 2017
Distributions paid from:
Exempt-interest dividends	$	165,575,463	$	253,086,929
Ordinary income		3,105,482		3,177,666
Total	$	168,680,945	$	256,264,595

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	5,729,378,048	1
Gross unrealized appreciation	$	90,850,097
Gross unrealized depreciation		(785,782,155	)
Net unrealized depreciation	$	(694,932,058	)

1. The Federal tax cost of securities does not include cost of $509,961,750, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions.

See the Inverse Floating Rate Securities note in Note 4.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP

50      OPPENHEIMER ROCHESTER FUND MUNICIPALS

2. Significant Accounting Policies (Continued)

requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

New Accounting Pronouncements. In March 2017, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), ASU 2017-08. This provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Manager has evaluated the impacts of these changes on the financial statements and there are no material impacts.

During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532 (the “Rule”), Disclosure Update and Simplification. The rule amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets. The requirements of the Rule are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to the Rule.

3. 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” or “NYSE”) 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.

51      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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 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.

52      OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Securities Valuation (Continued)

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 assumptions that market participants would use in pricing the asset or liability).

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities 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	$	—	$	4,617,415,430	$	—	$        4,617,415,430
U.S. Possessions		—		922,894,385		—	922,894,385
Common Stock		—		—		4,097,925	4,097,925
Total Assets	$	—	$	5,540,309,815	$	4,097,925	$        5,544,407,740

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.

53      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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

4. Investments and Risks

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

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

54      OPPENHEIMER ROCHESTER FUND MUNICIPALS

4. Investments and Risks (Continued)

of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Through the exercise of this right, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

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

55      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/ reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager 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 $105,085,000.

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 (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 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, 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 $879,567,979 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $502,730,000 in short-term floating rate securities issued and outstanding at that date.

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4. Investments and Risks (Continued)

At period end, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal Amount	Inverse Floater1	Coupon Rate2			Maturity Date		Value
$        13,250,000	Hudson Yards, NY Infrastructure Corp. Tender Option Bond Series 2017-XF0550 Trust		6.310	%		2/15/42	$	16,614,970
5,000,000	Los Angeles, CA Dept. of Airports Tender Option Bond Series 2018-XF2569 Trust		10.590			6/15/48		7,679,950
7,000,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0564 Trust		9.053			11/15/57		10,159,730
8,335,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0572 Trust		8.380			11/15/36		11,833,450
7,955,000	NY MTA (Green Bond) Tender Option Bond Series 2017-XF0583 Trust		8.930			11/15/56		10,384,218
5,000,000	NY Triborough Bridge & Tunnel Authority Tender Option Bond Series 2018-XF2587 Trust		14.175			11/15/44		7,910,400
2,500,000	NYC GO Tender Option Bond Series 2015 XF-2040 Trust3		10.280			10/1/34		3,170,375
5,000,000	NYC GO Tender Option Bond Series 2015-XF2103 Trust		11.146			3/1/21		5,052,950
710,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-2 Trust		12.100			11/1/39		741,886
2,730,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-3 Trust		12.610			11/1/46		2,859,839
775,000	NYC HDC, Series C-1 Tender Option Bond Series 2015-XF0009 Trust		11.900			11/1/34		809,627
7,935,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF0238 Trust		12.182			6/15/19		9,982,944
5,395,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF2141 Trust3		11.575			6/15/43		6,690,609
17,500,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2017-XF0588 Trust		6.350			6/15/46		22,021,125
10,000,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2017-XF0588 Trust		6.350			6/15/37		12,901,500
3,750,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2156 Trust3		11.307			7/15/37		4,847,662
6,250,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2157 Trust3		10.440			7/15/37		8,371,812
7,500,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2038 Trust3		6.305			5/1/34		8,616,675
10,170,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2039 Trust3		6.304			2/1/30		12,088,672
17,015,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2474 Trust		6.360			5/1/40		21,128,717
10,000,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2017-XF0566 Trust		12.236			2/1/43		13,793,600
19,770,000	NYS DA (Sales Tax) Tender Option Bond Series 2016-XF0529-1 Trust		6.361			3/15/33		25,775,533
19,995,000	NYS DA (Sales Tax) Tender Option Bond Series 2016-XF0529-2 Trust		6.361			3/15/35		25,771,955

57      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

Principal Amount	Inverse Floater1	Coupon Rate2			Maturity Date		Value
$10,000,000	NYS DA (Sales Tax) Tender Option Bond Series 2017-XF0567 Trust		8.403	%		3/15/38	$	14,144,600
11,715,000	NYS DA (State Personal Income Tax Authority) Tender Option Bond Series 2017-XF2475 Trust		6.361			2/15/33		15,176,783
13,995,000	NYS DA (State Personal Income Tax Authority) Tender Option Bond Series 2017-XF2475-2 Trust		6.361			2/15/40		17,476,956
3,980,000	NYS DA Tender Option Bond Series 2015-XF2042 Trust3		10.277			3/15/34		4,878,803
5,000,000	NYS EFC (Clean Water & Drinking Revolving Funds) Tender Option Bond Series 2018-XF2586 Trust		10.650			6/15/47		7,757,750
3,410,000	NYS HFA Tender Option Bond Series 2015-XF2134 Trust3		9.483			11/1/45		3,391,416
7,500,000	NYS Liberty Devel. Corp. (Bank of America Tower at One Bryant Park) Tender Option Bond Series 2015-XF2153 Trust3		6.587			1/15/44		7,902,825
15,585,000	NYS Liberty Devel. Corp. (One Bryant Park) Tender Option Bond Series 2015-XF2107 Trust		12.447			1/15/46		17,708,768
5,060,000	Port Authority NY/NJ, 163rd Series Tender Option Bond Series 2015-XF0237 Trust		10.449			1/15/19		5,886,096
10,755,000	Port Authority NY/NJ, 166th Series Tender Option Bond Series 2016-XF2211 Trust		6.306			1/15/41		11,824,907
9,335,000	Port Authority NY/NJ, 198th Series Tender Option Bond Series 2017-XF0565 Trust		9.052			11/15/56		13,089,724
7,500,000	Port Authority NY/NJ, 3249th Series Tender Option Bond Series 2015 XF-2025 Trust3		6.738			7/15/36		8,391,152
							$	376,837,979

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, and interest on the security is recorded as investment income on the Fund’s Statement of Operations.

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.

58      OPPENHEIMER ROCHESTER FUND MUNICIPALS

4. Investments and Risks (Continued)

The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $502,730,000 or 8.93% of its total assets at period end.

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

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

	When-Issued or Delayed Delivery Basis Transactions
Sold securities		$7,469,906

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.

In June 2016, Congress passed the Puerto Rico Oversight, Management, and Economic

59      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

Stability Act (“PROMESA”). PROMESA established a federally-appointed fiscal oversight board (the “Oversight Board”) to oversee Puerto Rico’s financial operations and allows the Oversight Board to file cases on behalf of the Commonwealth of Puerto Rico or one of its instrumentalities to restructure debt and other obligations of the relevant entity in a “Title III” proceeding. Title III incorporates many provisions of the federal Bankruptcy Code for U.S. territories, and incorporates legal mechanisms for a litigation stay and restructuring of pension and debt obligations, among other provisions. In early May 2017, Title III petitions were filed for the Commonwealth of Puerto Rico and the Puerto Rico Sales Tax Financing Corporation (“COFINA”), two of the largest issuers of Puerto Rico debt. Title III petitions for Puerto Rico Highways & Transportation Authority (“PRHTA”) and Puerto Rico Electric Power Authority (“PREPA”) were subsequently filed in mid-May and early July, respectively. Title III petitions for additional Puerto Rican instrumentalities may be filed. These restructuring proceedings create uncertainty as to the treatment of claims of varying degrees of seniority and the levels and priorities of payment from the affected entities.

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

Cost	$852,996,751
Market Value	$414,340,657
Market Value as % of Net Assets	8.40%

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.

5. 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

60      OPPENHEIMER ROCHESTER FUND MUNICIPALS

5. Market Risk Factors (Continued)

U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.

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

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

6. Shares of Beneficial Interest

The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Year Ended December 31, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Class A
Sold1		15,464,611		$	234,508,501			30,058,320		$	449,834,495
Dividends and/or distributions reinvested		7,475,115			113,509,138			11,552,670			173,007,870
Redeemed		(47,368,405	)		(715,351,802	)		(70,715,039	)		(1,053,025,126	)
Net decrease		(24,428,679	)	$	(367,334,163	)		(29,104,049	)	$	(430,182,761	)
Class B
Sold		3		$	14			5,946		$	88,418
Dividends and/or distributions reinvested		1,672			24,601			15,010			224,601
Redeemed1		(261,778	)		(3,888,705	)		(376,444	)		(5,618,105	)
Net decrease		(260,103	)	$	(3,864,090	)		(355,488	)	$	(5,305,086	)
Class C
Sold		3,936,180		$	59,623,637			8,110,927		$	121,026,136
Dividends and/or distributions reinvested		1,185,076			17,928,741			1,924,194			28,746,486
Redeemed		(11,370,110	)		(171,539,695	)		(16,796,898	)		(250,465,076	)
Net decrease		(6,248,854	)	$	(93,987,317	)		(6,761,777	)	$	(100,692,454	)

61      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

6. Shares of Beneficial Interest (Continued)

	Year Ended December 31, 2018						Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Class Y
Sold		10,279,646		$	156,336,049			12,479,222		$	187,071,241
Dividends and/or distributions reinvested		781,804			11,895,719			886,199			13,277,667
Redeemed		(6,220,539	)		(94,349,645	)		(8,657,726	)		(128,333,206	)
Net increase		4,840,911		$	73,882,123			4,707,695		$	72,015,702

1. All outstanding Class B shares converted to Class A shares on June 1, 2018.

7. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the reporting period were as follows:

	Purchases		Sales
Investment securities		$1,438,576,834		$1,732,496,803

8. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $100 million	0.54	%
Next $150 million	0.52
Next $1.75 billion	0.47
Next $3 billion	0.46
Next $3 billion	0.45
Next $6 billion	0.44
Over $14 billion	0.42

The Fund’s effective management fee for the reporting period was 0.47% of average annual net assets before any applicable waivers.

Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

Transfer Agent Fees. OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a fee based on annual net assets, which shall be calculated after any applicable fee waivers. Fees incurred and average net assets for each class with respect to these services are detailed in the Statement of Operations and Financial Highlights, respectively.

62      OPPENHEIMER ROCHESTER FUND MUNICIPALS

8. Fees and Other Transactions with Affiliates (Continued)

Sub-Transfer Agent Fees. The Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI (the “Sub-Transfer Agent”), to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan.

During the reporting period, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	9,366
Payments Made to Retired Trustees		171,436
Accumulated Liability as of December 31, 2018		399,483

The Fund’s Board of Trustees (“Board”) has adopted a compensation deferral plan for Independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of Trustees’ fees under the plan will not affect the net assets of the Fund and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts

63      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

8. Fees and Other Transactions with Affiliates (Continued)

that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class C shares, and had previously adopted a similar plan for Class B shares, pursuant to Rule 12b-1 under the 1940 Act to compensate the Distributor for distributing those share classes, maintaining accounts and providing shareholder services. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class C shares’ daily net assets. The Fund paid the Distributor an annual asset-based sales charge of 0.75% on Class B shares prior to their Conversion Date. The Fund also pays a service fee under the Plans at an annual rate of 0.25% of daily net assets and previously paid this fee for Class B prior to their Conversion Date. The Plans continue in effect from year to year only if the Fund’s Board of Trustees votes annually to approve their continuance at an in person meeting called for that purpose. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations.

Sales Charges. Front-end sales charges and CDSC do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
	Retained by		Retained by		Retained by		Retained by
Year Ended	Distributor		Distributor		Distributor1		Distributor
December 31, 2018		$243,698		$146,593		$882		$35,999

1. Effective June 1, 2018, all Class B shares converted to Class A shares.

9. Borrowings and Other Financing

Borrowings. The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio

64      OPPENHEIMER ROCHESTER FUND MUNICIPALS

9. Borrowings and Other Financing (Continued)

securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 4. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 4 (Inverse Floating Rate Securities) for additional information.

The Fund will pay interest and may pay other fees in connection with loans. If the Fund does borrow, it will be subject to greater expenses than funds that do not borrow. The interest on borrowed money and the other fees incurred in conjunction with loans are an expense that might reduce the Fund’s yield and return. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (2.5936% at period end). The Fund pays additional fees monthly to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the reporting period equal 0.12% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

At period end, the Fund had borrowings outstanding at an interest rate of 2.5936%.

Details of the borrowings for the reporting period are as follows:

Average Daily Loan Balance	$	75,933,151
Average Daily Interest Rate		2.121	%
Fees Paid	$	4,044,168
Interest Paid	$	1,425,654

Reverse Repurchase Agreements. The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a

65      OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

9. Borrowings and Other Financing (Continued)

counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the reporting period are included in expenses on the Fund’s Statement of Operations and equal 0.03% of the Fund’s average net assets on an annualized basis.

The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counterparty to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare each Wednesday as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

The Fund executed no transactions under the Facility during the reporting period.

Details of reverse repurchase agreement transactions for the reporting period are as follows:

Fees Paid $                     1,665,236

10. Pending Acquisition

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of the Sub-Adviser and the Manager, announced that it has entered into an agreement

66      OPPENHEIMER ROCHESTER FUND MUNICIPALS

10. Pending Acquisition (Continued)

whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire the Sub-Adviser (the “Transaction”). In connection with the Transaction, on January 11, 2019, the Fund’s Board unanimously approved an Agreement and Plan of Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of the Fund to a corresponding, newly formed fund (the “Acquiring Fund”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the Fund as of the close of business on the closing date. Although the Acquiring Fund will be managed by Invesco Advisers, Inc., the Acquiring Fund will, as of the closing date, have the same investment objective and substantially similar principal investment strategies and risks as the Fund. After the Reorganization, Invesco Advisers, Inc. will be the investment adviser to the Acquiring Fund, and the Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company Act of 1940, as amended. The Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes.

The Reorganization is subject to the approval of shareholders of the Fund. Shareholders of record of the Fund on January 14, 2019 will be entitled to vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization, the shareholder meeting, and a discussion of the factors the Fund’s Board considered in approving the Agreement. The combined prospectus and proxy statement is expected to be distributed to shareholders of record on or about February 28, 2019. The anticipated date of the shareholder meeting is on or about April 12, 2019.

If shareholders approve the Agreement and certain other closing conditions are satisfied or waived, the Reorganization is expected to close during the second quarter of 2019, or as soon as practicable thereafter. This is subject to change.

11. Subsequent Event

On February 4, 2019, the United States District Court for the District of Puerto Rico confirmed the Third Amended Title III Plan of Adjustment of Puerto Rico Sales Tax Financing Corporation (“COFINA”). As a result, during February 2019 the Fund will receive a combination of newly issued COFINA bonds and cash in exchange for legacy COFINA bonds.

67      OPPENHEIMER ROCHESTER FUND MUNICIPALS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees

Oppenheimer Rochester Fund Municipals:

Opinion on the Financial Statements

    We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester Fund Municipals (the “Fund”), including the statement of investments, as of December 31, 2018, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2018, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

    These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG LLP

    We have not been able to determine the specific year that we began serving as the auditor of one or more Oppenheimer Funds investment companies, however we are aware that we have served as the auditor of one or more Oppenheimer Funds investment companies since at least 1969.

Denver, Colorado

February 22, 2019

68       OPPENHEIMER ROCHESTER FUND MUNICIPALS

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2019, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2018.

None of the dividends paid by the Fund during the fiscal year ended December 31, 2018 are eligible for the corporate dividend-received deduction. 98.16% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes. For the state income tax reporting purposes of non-New York State shareholders, the distribution breaks down as follows: New York State (90.8%), Puerto Rico (8.0%), Guam (0.2%), Virgin Islands (0.3%); Northern Mariana Isles (0.7%).

Dividends, if any, paid by the Fund during the fiscal year ended December 31, 2018 which are not designated as capital gain distributions, may be eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. In early 2019, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates. The amount will be the maximum amount allowed.

During 2018, 9.96% of this tax-exempt income was derived from “private activity bonds”. These are municipal bonds used to finance privately operated facilities. The interest on these bonds is not taxable for most investors. For the few investors subject to the Alternative Minimum Tax, the interest from these bonds is considered a preference item.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

69       OPPENHEIMER ROCHESTER FUND MUNICIPALS

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS Unaudited

The Fund has entered into an investment advisory agreement with OFI Global Asset Management, Inc. (“OFI Global” or the “Adviser”), a wholly-owned subsidiary of OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”) (“OFI Global” and “OFI” together the “Managers”) and OFI Global has entered into a sub-advisory agreement with OFI whereby OFI provides investment sub-advisory services to the Fund (collectively, the “Agreements”). Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to approve the terms of the Agreements and the renewal thereof. The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Managers provide, such information as may be reasonably necessary to evaluate the terms of the Agreements. The Board employs an independent consultant to prepare a report that provides information, including comparative information that the Board requests for that purpose. In addition to in-person meetings focused on this evaluation, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Managers and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Managers’ services, (ii) the comparative investment performance of the Fund and the Managers, (iii) the fees and expenses of the Fund, including comparative fee and expense information, (iv) the profitability of the Managers and their affiliates, including an analysis of the cost of providing services, (v) whether economies of scale are realized as the Fund grows and whether fee levels reflect these economies of scale for Fund investors and (vi) other benefits to the Managers from their relationship with the Fund. The Board was aware that there are alternatives to retaining the Managers.

Outlined below is a summary of the principal information considered by the Board as well as the Board’s conclusions.

Nature, Quality and Extent of Services. The Board considered information about the nature, quality and extent of the services provided to the Fund and information regarding the Managers’ key personnel who provide such services. The Managers’ duties include providing the Fund with the services of the Sub-Adviser’s portfolio managers and investment team, who provide research, analysis and other advisory services in regard to the Fund’s investments; and securities trading services. OFI Global is responsible for oversight of third-party service providers; monitoring compliance with applicable Fund policies and procedures and adherence to the Fund’s investment restrictions; risk management; and oversight of the Sub-Adviser. OFI Global is also responsible for providing certain administrative services to the Fund. Those services include providing and supervising all administrative and clerical personnel who are necessary in order to provide effective corporate administration for the Fund; compiling and maintaining records with respect to the Fund’s operations; preparing and filing reports required by the U.S. Securities and Exchange Commission; preparing periodic reports regarding the operations of the Fund for its shareholders; preparing proxy materials for shareholder meetings; and preparing the registration statements required by federal and state securities laws for the sale of the Fund’s shares. OFI Global also provides the Fund with office space, facilities and equipment.

70       OPPENHEIMER ROCHESTER FUND MUNICIPALS

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Managers’ advisory, administrative, accounting, legal, compliance and risk management services, among other services, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of their staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Scott Cottier, Troy Willis, Mark DeMitry, Michael Camarella, Charles Pulire and Elizabeth Mossow, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which the Board members have become knowledgeable about through their experiences with the Managers and in connection with the review or renewal of the Fund’s service agreements or service providers. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

Investment Performance of the Managers and the Fund. Throughout the year, the Managers provided information on the investment performance of the Fund, the Adviser and the Sub-Adviser, including comparative performance information. The Board also reviewed information, prepared by the Managers and by the independent consultant, comparing the Fund’s historical performance to relevant benchmarks or market indices and to the performance of other retail funds in the muni New York long category. The Board noted that the Fund’s one-year performance was below its category median although its three-year, five-year and ten-year performance was better than its category median.

Fees and Expenses of the Fund. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board noted that the Adviser, not the Fund, pays the Sub-Adviser’s fee under the sub-advisory agreement. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load muni New York long funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual management fee was lower than its peer group and category median. The Board also noted that the Fund’s total expenses were higher than its peer group and category median.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding the Managers’ costs in serving as the Fund’s investment adviser and sub-adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently

71      OPPENHEIMER ROCHESTER FUND MUNICIPALS

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY

AND SUB-ADVISORY AGREEMENTS Unaudited / Continued

has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates.

Conclusions. These factors were also considered by the independent Trustees meeting separately from the full Board, assisted by experienced counsel to the Fund and to the independent Trustees. Fund counsel and the independent Trustees’ counsel are independent of the Managers within the meaning and intent of the Securities and Exchange Commission Rules.

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2019. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

72       OPPENHEIMER ROCHESTER FUND MUNICIPALS

PORTFOLIO PROXY VOTING POLICIES AND GUIDELINES;

UPDATES TO STATEMENT OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Guidelines under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Guidelines is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

73       OPPENHEIMER ROCHESTER FUND MUNICIPALS

DISTRIBUTION SOURCES Unaudited

For any distribution that took place over the last six months of the Fund’s reporting period, the table below details on a per-share basis the percentage of the Fund’s total distribution payment amount that was derived from the following sources: net income, net profit from the sale of securities, and other capital sources. Other capital sources represent a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” You should not draw any conclusions about the Fund’s investment performance from the amounts of these distributions. This information is based upon income and capital gains using generally accepted accounting principles as of the date of each distribution. If the Fund (or an underlying fund in which the Fund invests) invests in real estate investment trusts (REITs) and/or master limited partnerships (MLPs), the percentages attributed to each category are estimated using historical information because the character of the amounts received from the REITs and/or MLPs in which the Fund (or underlying fund) invests is unknown until after the end of the calendar year. Because the Fund is actively managed, the relative amount of the Fund’s total distributions derived from various sources over the calendar year may change. Please note that this information should not be used for tax reporting purposes as the tax character of distributable income may differ from the amounts used for this notification. You will receive IRS tax forms in the first quarter of each calendar year detailing the actual amount of the taxable and non-taxable portion of distributions paid to you during the tax year.

For the most current information, please go to oppenheimerfunds.com. Select your Fund, and scroll down to the ‘Dividends’ table under ‘Analytics’.

Fund Name	Pay Date		Net Income		Net Profit from Sale		Other Capital Sources
Oppenheimer Rochester Fund Municipals		7/24/18		96.8%		0.0%		3.2%
Oppenheimer Rochester Fund Municipals		9/25/18		96.1%		0.0%		3.9%
Oppenheimer Rochester Fund Municipals		10/23/18		95.7%		0.0%		4.3%

74       OPPENHEIMER ROCHESTER FUND MUNICIPALS

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/ Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES1	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal. Each of the Trustees in the chart below oversees 46 portfolios in the OppenheimerFunds complex.
Brian F. Wruble, Chairman of the Board of Trustees (since 2009), and Trustee (since 2001) Year of Birth: 1943	Governor of Community Foundation of the Florida Keys (non-profit) (since July 2012); Director of TCP Capital, Inc. (registered business development company) (since November 2015); Chairman Emeritus of the Board of Trustees (since August 2011), Chairman of the Board of Trustees (August 2007-August 2011), Trustee of the Board of Trustees (since August 1991) of The Jackson Laboratory (non-profit); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (October 2004-February 2017); Treasurer (since 2007) and Trustee (since May 1992) of the Institute for Advanced Study (non-profit educational institute); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (September 2004- June 2015); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Beth Ann Brown, Trustee (since 2016) Year of Birth: 1968	Director, Board of Directors of Caron Engineering Inc. (since January 2018); Advisor, Board of Advisors of Caron Engineering Inc. (December 2014-December 2017); Independent Consultant (since September 2012); held the following positions at Columbia Management Investment Advisers LLC: Head of Intermediary Distribution (2008-2012), Managing Director, Strategic Relations (2005-2008), Managing Director, Head of National Accounts (2004-2005); Senior Vice President, National Account Manager (2002-2004), Senior Vice President, Key Account Manager (1999-2002) and Vice President, Key Account Manager (1996-1999) of Liberty Funds Distributor, Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit) (2012-2015); and Vice President and Director of Grahamtastic Connection (non-profit) (since May 2013). Ms. Brown has served on the Boards of certain Oppenheimer funds since January 2016, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948	Director of THL Credit, Inc. (since November 2016) (alternative credit investment manager); Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (April 2012-September 2016); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation Athletic & Scholarship Program (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development) (since September 2008); Independent Director of QinetiQ Group Plc (defense

1. Effective January 1, 2019, Joel W. Motley became Chairman of the Board of Trustees. Brian F. Wruble remains a Trustee.

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TRUSTEES AND OFFICERS Unaudited / Continued

Edmund P. Giambastiani, Jr., Continued	technology and security) (February 2008-August 2011); Chairman of Monster Worldwide, Inc. (career services) (March 2015-November 2016), Director of (Monster Worldwide, Inc. (career services) (February 2008-June 2011); Lead Director June 2011-March 2015); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-October 2007); Supreme Allied Commander of NATO Allied Command Transformation (2003- 2005) and Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. He recently completed serving as a federal commissioner on the Military Compensation and Retirement Modernization Commission. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Elizabeth Krentzman, Trustee (since 2014) Year of Birth: 1959	Trustee of the University of Florida National Board Foundation (since September 2017); Member of the Cartica Funds Board of Directors (private investment funds) (since January 2017); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member (since April 2016); Member of University of Florida Law Advisory Board, Washington, DC Alumni Group (since 2015); Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP (1987 – 1991). Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
Mary F. Miller, Trustee (since 2009) Year of Birth: 1942	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

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Joel W. Motley, Trustee (since 2009) Year of Birth: 1952

Director of Office of Finance Federal Home Loan Bank (since September 2016); Director of Greenwall Foundation (since October 2013); Member of Board and Investment Committee of The Greenwall Foundation (since April 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately- held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

Joanne Pace, Trustee/Advisory Board Member (since 2012) Year of Birth: 1958

Advisory Board Director of Massey Quick Simon & Co. (wealth management), LLC (since October 2014); Board Director of Horizon Blue Cross Blue Shield of New Jersey (healthcare) (since November 2012); Advisory Board Director of The Alberleen Group LLC (investment banking) (since March 2012); Governing Council Member (since 2016) and Chair of Education Committee (since 2017) of Independent Directors Council (IDC) (since 2016); Board Member of 100 Women in Finance (non-profit) (since January 2015); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May 2012); Director of The Komera Project (non-profit) (April 2012-2016); New York Advisory Board Director of Peace First (non-profit) (March 2010-2013); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse (investment banking): Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007- 2010) and Investment Committee Chair (2008-2010). Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

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TRUSTEES AND OFFICERS Unaudited / Continued

Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954	Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/Trustee (December 2008-September 2014) of the Board of Directors/ Trustees of Value Line Funds; Trustee (since January 2015) and Treasurer and Chairman of the Audit Committee and Finance Committee (since January 2016) of Board of Trustees of Huntington Disease Foundation of America; Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.
INTERESTED TRUSTEE AND OFFICER	Mr. Steinmetz is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as Chairman of the Sub-Adviser and officer and director of the Manager. Both as a Trustee and as an officer, Mr. Steinmetz serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Steinmetz’s address is 225 Liberty Street, New York, New York 10281-1008. Mr. Steinmetz is an officer of 104 portfolios in the OppenheimerFunds complex.
Arthur P. Steinmetz, Trustee (since 2015), President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of OppenheimerFunds, Inc. (since January 2015); CEO and Chairman of OFI Global Asset Management, Inc. (since July 2014), President of OFI Global Asset Management, Inc. (since May 2013), a Director of OFI Global Asset Management, Inc. (since January 2013), Director of OppenheimerFunds, Inc. (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (OppenheimerFunds, Inc.‘s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities (January 2013-December 2013); Executive Vice President of OFI Global Asset Management, Inc. (January 2013-May 2013); Chief Investment Officer of OppenheimerFunds, Inc. (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of OppenheimerFunds, Inc. (April 2009-October 2010); Executive Vice President of OppenheimerFunds, Inc. (October 2009-December 2012); Director of Fixed Income of OppenheimerFunds, Inc. (January 2009-April 2009); and a Senior Vice President of OppenheimerFunds, Inc. (March 1993-September 2009).
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs, Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Mss. Mossow, Lo Bessette, Foxson and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Petersen, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

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Troy E. Willis, Vice President (since 2005) Year of Birth: 1972	Senior Vice President of the Sub-Adviser (since January 2017); Senior Portfolio Manager of the Sub-Adviser (since January 2006); Co-Team Leader for the Sub-Adviser’s Rochester Municipal Team (since July, 2016); Vice President of the Sub-adviser (July 2009-January 2017); Assistant Vice President of the Sub-Adviser (July 2005-June 2009); Associate Portfolio Manager of the Sub-Adviser (June 2003-December 2005).
Scott S. Cottier, Vice President (since 2005) Year of Birth: 1971	Senior Vice President of the Sub-Adviser (since January 2017); Senior Portfolio Manager of the Sub-Adviser (since September 2002); Co-Team Leader for the Sub-Adviser’s Rochester Municipal Team (since July, 2016); Vice President of the Sub-Adviser (September 2002-December 2016).
Mark R. DeMitry, Vice President (since 2009) Year of Birth: 1976	Vice President and Senior Portfolio Manager of the Sub-Adviser (since July 2009); Associate Portfolio Manager of the Sub-Adviser (September 2006-June 2009); Research Analyst of the Sub-Adviser (June 2003-August 2006); Credit Analyst of the Sub-Adviser (July 2001-May 2003).
Michael L. Camarella, Vice President (since 2009) Year of Birth: 1976	Vice President and Senior Portfolio Manager of the Sub-Adviser (since January 2011); Assistant Vice President (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010); Research Analyst with the Sub-Adviser (April 2006-December 2007); Credit Analyst of the Sub- Adviser (June 2003-March 2006).
Elizabeth Mossow, Vice President (since 2013) Year of Birth: 1978	Senior Portfolio Manager of the Sub-Adviser (since January 2017); Vice President and Portfolio Manager of the Sub-Adviser (January 2016-January 2017); Assistant Vice President of the Sub-Adviser (January 2011-January 2016); Associate Portfolio Manager of the Sub-Adviser (June 2013-January 2016); Portfolio Research Analyst of the Sub-Adviser (June 2011 to June 2013); Credit Analyst of the Sub-Adviser (May 2007 to May 2011). She was a Risk Management Analyst at Manning & Napier Associates (September 2006-May 2007); Analyst/Trading Assistant at The Baupost Group (August 2000-March 2006).
Charles S. Pulire, Vice President (since 2011) Year of Birth: 1977	Vice President of the Sub-Adviser (since February 2013); Senior Portfolio Manager of the Sub-Adviser (since January 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Associate Portfolio Manager of the Sub-Adviser (December 2010-January 2013); Research Analyst with the Sub- Adviser (February 2008-November 2010); Credit Analyst with the Sub-Adviser May 2006-January 2008).
Richard Stein, Vice President (since 2007) Year of Birth: 1957	Senior Vice President of the Sub-Adviser (since June 2011); Head of Rochester’s Credit Analysis team (since 1993); Director of the Rochester Credit Analysis team (since March 2004); Vice President of the Sub-Adviser (1997-May 2011).
Cynthia Lo Bessette, Secretary and Chief Legal Officer (since 2016) Year of Birth: 1969	Executive Vice President, General Counsel and Secretary of OFI Global Asset Management, Inc. (since February 2016); Senior Vice President and Deputy General Counsel of OFI Global Asset Management, Inc. (March 2015-February 2016); Chief Legal Officer of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (since February 2016); Vice President, General Counsel and Secretary of Oppenheimer Acquisition Corp. (since February 2016); General Counsel of OFI SteelPath, Inc., OFI Advisors, LLC and Index Management Solutions, LLC (since February 2016); Chief Legal Officer of OFI Global Institutional, Inc., HarbourView Asset Management Corporation, OFI Global Trust Company, Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Shareholder Services, Inc. and Trinity Investment Management Corporation (since February 2016); Corporate Counsel (February 2012-March 2015) and Deputy Chief Legal Officer (April

79      OPPENHEIMER ROCHESTER FUND MUNICIPALS

TRUSTEES AND OFFICERS Unaudited / Continued

Cynthia Lo Bessette, Continued	2013-March 2015) of Jennison Associates LLC; Assistant General Counsel (April 2008-September 2009) and Deputy General Counsel (October 2009-February 2012) of Lord Abbett & Co. LLC.
Jennifer Foxson, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of OppenheimerFunds, Inc. (January 1998-March 2006); Assistant Vice President of OppenheimerFunds, Inc. (October 1991-December 1998).
Mary Ann Picciotto Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of OFI Global Asset Management, Inc. (since March 2014); Chief Compliance Officer of OppenheimerFunds, Inc., OFI SteelPath, Inc., OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014).
Brian S. Petersen, Treasurer and Principal Financial & Accounting Officer (since1999) Year of Birth: 1970	Senior Vice President of OFI Global Asset Management, Inc. (since January 2017); Vice President of OFI Global Asset Management, Inc. (January 2013-January 2017); Vice President of OppenheimerFunds, Inc. (February 2007-December 2012); Assistant Vice President of OppenheimerFunds, Inc. (August 2002-2007).

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request by calling 1.800.CALL OPP (225.5677).

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OPPENHEIMER ROCHESTER FUND MUNICIPALS

Manager	OFI Global Asset Management, Inc.
Sub-Adviser	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OFI Global Asset Management, Inc.
Sub-Transfer Agent	Shareholder Services, Inc.
	DBA OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG LLP
Legal Counsel	Kramer Levin Naftalis & Frankel LLP

© 2019 OppenheimerFunds, Inc. All rights reserved.

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PRIVACY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain non-public personal information about our shareholders from the following sources:

● Applications or other forms.

● When you create a user ID and password for online account access.

● When you enroll in eDocs Direct,^SM our electronic document delivery service.

● Your transactions with us, our affiliates or others.

● Technologies on our website, including: “cookies” and web beacons, which are used to collect data on the pages you visit and the features you use.

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

Copies of confirmations, account statements and other documents reporting activity in your fund accounts are made available to your financial advisor (as designated by you). We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

82       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/ or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

● All transactions conducted via our websites, including redemptions, exchanges and purchases, are secured by the highest encryption standards available. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

● Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

● You can exit the secure area by closing your browser or, for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, safeguard that information. Strengthening your online credentials–your online security profile–typically your user name, password, and security questions and answers, can be one of your most important lines of defense on the Internet. For additional information on how you can help prevent identity theft, visit https://www. oppenheimerfunds.com/security.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated as of November 2017. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com, write to us at P.O. Box 5270, Denver, CO 80217-5270, or call us at 800 CALL OPP (225 5677).

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Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 800.CALL OPP (800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon–Fri 8am-8pm ET.

Visit Us oppenheimerfunds.com
Call Us 800 225 5677
	Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. 225 Liberty Street, New York, NY 10281-1008 © 2019 OppenheimerFunds Distributor, Inc. All rights reserved. RA0365.001.1218 February 22, 2019

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that Joanne Pace, the Board’s Audit Committee Chairwoman, is an audit committee financial expert and that Ms. Pace is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $62,100 in fiscal 2018 and $61,000 in fiscal 2017.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and $4,725 in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $297,836 in fiscal 2018 and $386,986 in fiscal 2017 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, custody audits, CP Conduit fees, incremental, and additional, audit services

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed $534,826 in fiscal 2018 and $591,136 in fiscal 2017 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2018 and no such fees in fiscal 2017 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

(e) (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairwoman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $832,662 in fiscal 2018 and $982,847 in fiscal 2017 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

(h) The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None

Item 11. Controls and Procedures.

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 12/31/2018, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to 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.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that

have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Exhibit attached hereto.

(2) 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:	2/15/2019

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:	2/15/2019

By:	/s/ Brian S. Petersen
	Brian S. Petersen
	Principal Financial Officer
Date:	2/15/2019