UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3614

Oppenheimer Rochester Fund Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OFI Global Asset Management, Inc.

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

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: 9/30/2015

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS September 30, 2015 Unaudited

Principal Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—105.9%
New York—79.7%
$	605,000	Albany County, NY IDA (Wildwood Programs)		4.900	%		07/01/2021	$	606,773
	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.875			07/01/2041		9,019,222
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.625			07/01/2031		1,446,802
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)		5.375			07/01/2026		1,693,711
	1,420,000	Albany, NY Hsg. Authority (Lark Drive)		5.500			12/01/2028		1,422,130
	550,000	Albany, NY IDA (Albany Rehabilitation)		8.375			06/01/2023		551,067
	900,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2037		742,986
	3,125,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2027		2,853,437
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)		5.000			04/01/2032		1,165,279
	1,760,000	Albany, NY IDA (Sage Colleges)		5.300			04/01/2029		1,657,955
	985,000	Albany, NY Parking Authority		7.242	1		11/01/2017		894,075
	4,740,000	Amherst, NY IDA (Beechwood Health Care Center)		5.200			01/01/2040		4,795,411
	290,000	Blauvelt, NY Volunteer Fire Company2		6.250			10/15/2017		291,119
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)		6.300			11/01/2033		2,705,735
	1,435,000	Brookhaven, NY IDA (Stony Brook Foundation)		6.500			11/01/2020		1,438,272
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)		5.375			10/01/2041		1,958,593
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)		6.000			10/01/2031		1,017,474
	500,000	Buffalo & Erie County, NY Industrial Land Devel. (CathHS/KMHosp/SOCHOB Obligated Group)		5.250			07/01/2035		561,415
	210,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2031		240,874
	245,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2032		279,479
	300,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2029		348,741
	150,000	Buffalo, NY Municipal Water Finance Authority		5.000			07/01/2030		172,867
	500,000	Build NYC Resource Corp. (New York Methodist Hospital)		5.000			07/01/2030		559,700
	1,500,000	Build NYC Resource Corp. (Pratt Paper)		4.500			01/01/2025		1,610,865
	3,250,000	Build NYC Resource Corp. (Pratt Paper)		5.000			01/01/2035		3,470,317
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)		5.000			08/01/2032		949,887
	3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750			11/01/2030		3,050,610
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)		5.000			05/01/2040		1,096,800
	250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2039		265,022
	200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)		5.000			05/01/2034		216,218
	680,000	Cattaraugus County, NY IDA (St. Bonaventure University)		5.450			09/15/2019		680,911
	105,000	Chautauqua, NY Utility District		5.000			06/01/2025		106,516
	95,000	Chautauqua, NY Utility District		5.000			06/01/2023		96,453
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)		5.000			07/01/2033		1,517,151

1 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	700,000	Chemung County, NY IDA (Hathorn Redevel. Company)		4.850	%		07/01/2023	$	702,338
	1,310,000	Clifton Springs, NY Hospital & Clinic		8.000			01/01/2020		1,312,122
	2,335,000	Dutchess County, NY IDA (Marist College)		5.000			07/01/2036		2,644,854
	650,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)		5.750			07/01/2040		734,129
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.400	1		06/01/2027		722,430
	1,970,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)		6.750			03/01/2030		1,972,246
	2,560,000	East Rochester, NY Hsg. Authority (Woodland Village)		5.500			08/01/2033		2,596,736
	2,605,000	Elmira, NY Hsg. Authority (Eastgate Apartments)		6.250			06/01/2044		2,624,199
	2,015,000	Erie County, NY IDA (Buffalo City School District)		5.750			05/01/2022		2,180,411
	7,050,000	Erie County, NY IDA (Charter School Applied Tech)		6.875			06/01/2035		7,180,213
	2,790,000	Erie County, NY IDA (Global Concepts Charter School)2		6.250			10/01/2037		2,913,848
	715,000	Erie County, NY IDA (The Episcopal Church Home)		6.000			02/01/2028		716,158
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.196	1		06/01/2055		1,585,488
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	1		06/01/2060		3,758,080
	25,330,000	Erie County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2038		24,429,518
	93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	1		06/01/2047		4,834,140
	135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	1		06/01/2050		3,001,572
	1,410,000	Essex County, NY IDA (International Paper Company)		4.600			03/01/2027		1,425,595
	1,500,000	Essex County, NY IDA (International Paper Company)		6.625			09/01/2032		1,669,980
	1,100,000	Essex County, NY IDA (North Country Community College Foundation)		5.300			06/01/2035		1,101,474
	410,000	Essex County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		410,779
	975,000	Essex County, NY IDA (North Country Community College Foundation)		5.000			06/01/2020		977,408
	1,235,000	Essex County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		1,237,346
	320,000	Essex County, NY IDA (North Country Community College Foundation)		5.000			06/01/2020		320,790
	900,000	Franklin County, NY IDA (North Country Community College Foundation)		5.200			06/01/2025		901,710
	300,000	Franklin County, NY Solid Waste Management Authority		5.000			06/01/2025		333,837
	55,000	Genesee County, NY IDA (United Memorial Medical Center)		5.000			12/01/2032		55,037
	100,000	Glens Falls, NY GO		6.000			02/01/2040		109,923

2 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	1,250,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000	%		07/01/2039	$	1,351,062
	1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2044		1,073,940
	1,700,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2029		1,892,083
	1,500,000	Hempstead, NY Local Devel. Corp. (Molloy College)		5.000			07/01/2034		1,641,060
	34,450,000	Hudson Yards, NY Infrastructure Corp.		5.750			02/15/2047		39,308,483
	4,840,000	Hudson Yards, NY Infrastructure Corp.		5.000			02/15/2047		5,049,911
	10,475,000	L.I., NY Power Authority, Series A		5.750			04/01/2039		11,742,789
	12,315,000	L.I., NY Power Authority, Series A		5.000			09/01/2039		13,709,427
	14,530,000	L.I., NY Power Authority, Series A		5.000			09/01/2044		16,058,120
	29,735,000	L.I., NY Power Authority, Series A		5.000			09/01/2037		32,588,073
	20,000,000	L.I., NY Power Authority, Series A		5.000			09/01/2042		21,713,600
	3,400,000	L.I., NY Power Authority, Series A		5.000			05/01/2036		3,761,998
	65,000	L.I., NY Power Authority, Series B		5.000			12/01/2035		66,631
	1,900,000	L.I., NY Power Authority, Series B		5.750			04/01/2033		2,138,355
	7,000,000	L.I., NY Power Authority, Series B		5.000			09/01/2029		7,822,430
	455,000	Lockport City, NY GO		5.000			10/15/2021		509,536
	435,000	Lockport City, NY GO		5.000			10/15/2020		483,263
	530,000	Lockport City, NY GO		5.000			10/15/2024		591,385
	505,000	Lockport City, NY GO		5.000			10/15/2023		566,080
	480,000	Lockport City, NY GO		5.000			10/15/2022		537,854
	100,000	Madison County, NY IDA (Commons II Student Hsg.)		5.000			06/01/2033		110,579
	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)		5.000			06/01/2040		5,860,687
	1,100,000	Madison County, NY IDA (Morrisville State College Foundation)		5.000			06/01/2032		1,117,798
	860,000	Madison County, NY IDA (Morrisville State College Foundation)		5.000			06/01/2028		873,915
	2,360,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)		6.500			12/01/2042		2,404,038
	1,000,000	Monroe County, NY IDA (Rochester Schools Modernization)		5.000			05/01/2030		1,170,060
	1,500,000	Monroe County, NY IDA (Rochester Schools Modernization)		5.000			05/01/2031		1,742,850
	2,505,000	Monroe County, NY IDA (Summit at Brighton)		5.375			07/01/2032		2,277,421
	3,660,000	Monroe County, NY IDA (Summit at Brighton)		5.500			07/01/2027		3,474,328
	180,000	Monroe County, NY IDA (University of Rochester)		5.000			07/01/2028		216,653
	285,000	Monroe County, NY IDA (Volunteers of America)		5.700			08/01/2018		284,974
	2,765,000	Monroe County, NY IDA (Volunteers of America)		5.750			08/01/2028		2,731,433
	375,000	Monroe County, NY Industrial Devel. Corp. (Highland Hospital of Rochester)		5.000			07/01/2034		416,696
	850,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)		5.000			01/15/2038		939,743
	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.000			10/01/2026		932,476
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.250			10/01/2031		541,375

3 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)		5.500	%		10/01/2041	$	1,991,101
	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.625			06/01/2026		957,160
	500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.000			06/01/2029		557,620
	1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.000			06/01/2044		1,607,885
	960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		5.500			06/01/2034		1,093,219
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)		6.000			06/01/2034		1,669,317
	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)		5.750			08/15/2035		17,774,814
	1,500,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)		5.000			07/01/2032		1,748,520
	1,000,000	Monroe County, NY Industrial Devel. Corp. (University of Rochester)		5.000			07/01/2033		1,159,270
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	1		06/01/2061		2,333,500
	580,000	Monroe, NY Newpower Corp		5.625			01/01/2026		582,123
	2,305,000	Monroe, NY Newpower Corp.		5.500			01/01/2034		2,311,224
	700,000	Mount Vernon, NY IDA (Kings Court)		5.200			12/01/2033		701,428
	802,824	Municipal Assistance Corp. for Troy, NY		5.733	1		07/15/2021		719,258
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.741	1		01/15/2022		1,071,174
	4,025,000	Nassau County, NY GO		5.000			04/01/2030		4,560,607
	6,475,000	Nassau County, NY GO		5.000			04/01/2031		7,305,807
	7,045,000	Nassau County, NY GO		5.000			04/01/2032		7,909,985
	415,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022		416,863
	215,000	Nassau County, NY IDA (ALIA-HH)		7.125			06/01/2017		215,245
	165,000	Nassau County, NY IDA (ALIA-HHS)		7.125			06/01/2017		165,188
	5,823,750	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2049		5,769,298
	2,101,661	Nassau County, NY IDA (Amsterdam at Harborside)3		2.000			01/01/2049		114,961
	3,410,000	Nassau County, NY IDA (CSMR)		5.950			11/01/2022		3,425,311
	405,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		406,818
	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500			11/01/2037		1,664,980
	3,150,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)		5.250			06/01/2027		3,162,537
	410,000	Nassau County, NY IDA (Life’s WORCA)2		5.950			11/01/2022		411,841
	3,535,000	Nassau County, NY IDA (New York Water Service Corp.)		5.000			12/01/2035		3,556,245
	670,000	Nassau County, NY IDA (PLUS Group Home)2		6.150			11/01/2022		678,268
	345,000	Nassau County, NY IDA, Series A-A		6.000			06/01/2021		349,161
	4,200,000	Nassau County, NY IDA, Series A-B		6.000			06/01/2021		4,250,652
	410,000	Nassau County, NY IDA, Series A-C		6.000			06/01/2021		414,945
	450,000	Nassau County, NY IDA, Series A-D		6.000			06/01/2021		455,427

4 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	300,000	Nassau County, NY Local Economic Assistance Corp. (CHSLI / SCSMC / CHS / SANC / SAR / SJRNC / SJR / VMNRC / CHFTEH / VMHCS / CHHSB Obligated Group)		5.000	%		07/01/2033	$	330,684
	40,000,000	Nassau County, NY Tobacco Settlement Corp.		7.351	1		06/01/2060		146,800
	122,875,000	Nassau County, NY Tobacco Settlement Corp.		5.125			06/01/2046		104,243,464
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		6.537	1		06/01/2060		4,759,020
	20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	1		06/01/2046		681,000
	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	1		06/01/2046		3,322,316
	9,280,000	Nassau County, NY Tobacco Settlement Corp. (TASC)		5.000			06/01/2035		8,262,262
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)		5.375			04/01/2036		3,682,808
	1,200,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		1,201,956
	125,000	Niagara Falls, NY Public Water Authority		5.500			07/15/2034		125,210
	850,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2042		900,278
	500,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2035		535,555
	2,055,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)		7.375			12/15/2021		2,363,805
	19,230,000	NY Counties Tobacco Trust I		6.625			06/01/2042		19,230,192
	3,175,000	NY Counties Tobacco Trust I		6.250			06/01/2028		3,175,095
	6,245,000	NY Counties Tobacco Trust I		6.500			06/01/2035		6,245,125
	29,705,000	NY Counties Tobacco Trust II (TASC)		5.625			06/01/2035		29,746,884
	53,880,000	NY Counties Tobacco Trust II (TASC)		5.750			06/01/2043		54,264,164
	245,000	NY Counties Tobacco Trust III (TASC)		6.000			06/01/2043		245,010
	7,000,000	NY Counties Tobacco Trust IV		5.000			06/01/2038		6,384,350
	608,700,000	NY Counties Tobacco Trust IV		6.816	1		06/01/2060		2,233,929
	304,690,000	NY Counties Tobacco Trust IV		6.395	1		06/01/2055		3,805,578
	131,335,000	NY Counties Tobacco Trust IV		5.920	1		06/01/2050		2,920,890
	38,275,000	NY Counties Tobacco Trust IV (TASC)		5.000			06/01/2045		33,857,300
	52,535,000	NY Counties Tobacco Trust IV (TASC)		5.000			06/01/2042		47,025,129
	3,179,100,000	NY Counties Tobacco Trust V		7.850	1		06/01/2060		12,621,027
	643,195,000	NY Counties Tobacco Trust V		6.850	1		06/01/2055		6,927,210
	596,125,000	NY Counties Tobacco Trust V		6.211	1		06/01/2050		15,016,389
	62,345,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)4		5.625			01/15/2046		70,113,811
	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)4		5.125			01/15/2044		16,598,850
	2,199,995	NY Liberty Devel. Corp. (National Sports Museum)3		6.125			02/15/2019		22
	5,900,000	NY MTA, Series A		5.000			11/15/2029		6,789,838
	795,000	NY MTA, Series A		5.000			11/15/2025		920,292
	500,000	NY MTA, Series A		5.000			11/15/2026		587,370
	500,000	NY MTA, Series A		5.000			11/15/2027		581,660
	6,800,000	NY MTA, Series A		5.250			11/15/2038		7,869,096
	1,980,000	NY MTA, Series A		5.000			11/15/2025		2,084,108
	4,035,000	NY MTA, Series B		5.000			11/15/2029		4,351,183
	5,135,000	NY MTA, Series B		5.250			11/15/2039		5,885,223

5 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	5,985,000	NY MTA, Series B		5.000	%		11/15/2024	$	6,503,959
	1,545,000	NY MTA, Series B		5.000			11/15/2021		1,681,022
	4,000,000	NY MTA, Series C		5.000			11/15/2038		4,446,400
	27,675,000	NY MTA, Series D		5.000			11/15/2030		31,920,068
	1,100,000	NY MTA, Series D		5.250			11/15/2032		1,278,112
	1,100,000	NY MTA, Series D		5.250			11/15/2033		1,274,669
	1,100,000	NY MTA, Series D		5.250			11/15/2030		1,291,983
	1,100,000	NY MTA, Series D		5.250			11/15/2031		1,286,758
	10,000,000	NY MTA, Series D		5.000			11/15/2027		11,329,600
	8,385,000	NY MTA, Series D		5.000			11/15/2023		9,112,063
	2,150,000	NY MTA, Series D		5.000			11/15/2032		2,455,020
	3,390,000	NY MTA, Series D		5.000			11/15/2026		3,981,928
	1,375,000	NY MTA, Series D		5.250			11/15/2026		1,654,675
	2,525,000	NY MTA, Series D		5.000			11/15/2024		2,743,943
	1,225,000	NY MTA, Series D		5.250			11/15/2034		1,399,624
	690,000	NY MTA, Series D		5.250			11/15/2028		819,030
	1,100,000	NY MTA, Series D		5.250			11/15/2029		1,298,979
	585,000	NY MTA, Series D		5.250			11/15/2027		697,753
	3,500,000	NY MTA, Series D-1		5.000			11/01/2028		4,079,285
	8,000,000	NY MTA, Series D-1		5.000			11/01/2027		9,358,080
	5,580,000	NY MTA, Series F		5.000			11/15/2025		6,578,374
	61,110,000	NY MTA, Series F		5.000			11/15/2030		70,483,663
	16,845,000	NY MTA, Series F		5.000			11/15/2027		19,713,872
	10,000	NY MTA, Series F		5.000			11/15/2035		10,061
	6,700,000	NY MTA, Series F		5.000			11/15/2030		6,741,071
	2,100,000	NY MTA, Series H		5.000			11/15/2033		2,392,110
	5,000,000	NY MTA, Series H		5.000			11/15/2030		5,766,950
	3,000,000	NY MTA, Series H		5.000			11/15/2025		3,569,610
	2,340,000	NY Tobacco Settlement Financing Corp. (TASC)		5.000			06/01/2022		2,506,304
	2,100,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2030		2,481,360
	400,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2028		477,188
	3,200,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2029		3,734,048
	283,515,000	NY TSASC, Inc. (TFABs)		5.125			06/01/2042		251,375,740
	250,510,000	NY TSASC, Inc. (TFABs)		5.000			06/01/2034		233,633,141
	350,000	NYC GO		5.000			10/01/2030		405,573
	5,135,000	NYC GO		5.000			10/01/2032		5,852,360
	3,000,000	NYC GO		5.000			08/01/2029		3,472,800
	2,500,000	NYC GO		5.000			10/01/2029		2,903,750
	1,915,000	NYC GO		5.000			10/01/2034		2,173,410
	3,300,000	NYC GO		5.000			10/01/2033		3,752,001
	3,800,000	NYC GO		5.000			08/01/2035		4,349,404
	10,495,000	NYC GO		5.000			06/01/2034		12,121,095
	45,000	NYC GO		6.250			12/15/2031		52,280
	1,955,000	NYC GO		6.250			12/15/2031		2,287,291
	5,000,000	NYC GO		5.000			08/01/2029		5,786,200
	5,760,000	NYC GO		5.000			08/01/2031		6,640,301
	8,750,000	NYC GO		5.000			03/01/2033		9,999,938
	10,000	NYC GO		5.500			11/15/2037		10,042
	5,000	NYC GO		7.750			08/15/2028		5,134
	10,000,000	NYC GO		5.000			06/01/2035		11,540,400

6 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	20,000,000	NYC GO4		5.250	%		03/01/2021	$	22,703,400
	10,000,000	NYC GO4		5.000			10/01/2034		11,478,600
	230,000	NYC GO		5.250			06/01/2027		230,952
	5,000	NYC GO		5.320	5		01/15/2028		5,020
	1,340,000	NYC GO		5.000			05/15/2036		1,495,963
	380,000	NYC GO		5.375			06/01/2032		381,569
	1,475,000	NYC GO Tender Option Bond Series 2015-XF2142 Trust6		18.483	7		5/15/2031		2,165,477
	875,000	NYC GO Tender Option Bond Series 2015-XF2142-2 Trust6		18.498	7		5/15/2033		1,287,580
	5,395,000	NYC GO Tender Option Bond Series 2015-XF2142-3 Trust6		18.493	7		5/15/2036		7,906,103
	5,100,000	NYC HDC (Multifamily Hsg.)		5.150			11/01/2037		5,184,762
	7,205,000	NYC HDC (Multifamily Hsg.)		5.250			11/01/2045		7,322,442
	5,140,000	NYC HDC (Multifamily Hsg.)		5.350			11/01/2037		5,270,659
	10,910,000	NYC HDC (Multifamily Hsg.)4		5.700			11/01/2046		11,597,414
	25,000	NYC HDC (Multifamily Hsg.)		5.550			11/01/2039		26,596
	890,000	NYC HDC (Multifamily Hsg.)		4.950			11/01/2039		924,585
	3,735,000	NYC HDC (Multifamily Hsg.)		5.450			11/01/2040		3,832,073
	1,675,000	NYC HDC (Multifamily Hsg.)		5.200			11/01/2035		1,712,101
	780,000	NYC HDC (Multifamily Hsg.)		5.000			11/01/2030		799,991
	2,670,000	NYC HDC (Multifamily Hsg.)		5.450			11/01/2046		2,713,201
	2,840,000	NYC HDC (Multifamily Hsg.)4		5.550			11/01/2039		3,021,306
	1,215,000	NYC HDC (Multifamily Hsg.)		5.350			05/01/2041		1,250,405
	3,090,000	NYC HDC (Multifamily Hsg.)4		5.500			11/01/2034		3,384,198
	3,000,000	NYC HDC (Multifamily Hsg.)4		5.125			11/01/2032		3,056,940
	2,435,000	NYC HDC (Multifamily Hsg.)4		5.100			11/01/2027		2,520,995
	3,500,000	NYC HDC (Multifamily Hsg.)4		5.000			11/01/2037		3,502,555
	8,035,000	NYC HDC (Multifamily Hsg.)4		5.200			11/01/2040		8,163,520
	4,685,000	NYC HDC (Multifamily Hsg.)4		5.050			11/01/2039		4,688,463
	45,000	NYC HDC (Multifamily Hsg.), Series A		5.500			11/01/2034		45,109
	28,735,000	NYC HDC (Multifamily Hsg.), Series B4		5.350			05/01/2049		29,222,278
	11,250,000	NYC HDC (Multifamily Hsg.), Series C4		5.050			11/01/2036		11,326,987
	8,365,000	NYC HDC (Multifamily Hsg.), Series C4		5.125			05/01/2040		8,371,354
	13,180,000	NYC HDC (Multifamily Hsg.), Series G-14		4.875			11/01/2039		13,296,898
	2,750,000	NYC HDC, Series C4		5.000			11/01/2026		2,753,878
	940,000	NYC IDA (Allied Metal)		7.125			12/01/2027		932,715
	1,905,000	NYC IDA (Amboy Properties)		6.750			06/01/2020		1,878,635
	18,200,000	NYC IDA (American Airlines)		7.625			08/01/2025		19,279,078
	39,860,000	NYC IDA (American Airlines)		8.000			08/01/2028		42,314,579
	100,000	NYC IDA (American Airlines)		7.500			08/01/2016		103,252
	59,350,000	NYC IDA (American Airlines)		7.750			08/01/2031		62,751,349
	365,000	NYC IDA (Atlantic Veal & Lamb)		8.375			12/01/2016		365,157
	97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.650			10/01/2028		80,931,630
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		6.200			10/01/2022		21,176,300
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.750			10/01/2036		125,215,662
	2,895,000	NYC IDA (Center for Elimination of Family Violence)		7.375			11/01/2036		2,992,011
	3,400,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		3,183,148

7 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	13,000,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375	%		08/01/2027	$	12,170,860
	18,000,000	NYC IDA (Chapin School)		5.000			11/01/2038		18,203,580
	280,000	NYC IDA (Community Resource Center for the Developmentally Disabled)		5.250			07/01/2022		268,649
	3,145,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		3,148,837
	1,490,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		1,561,267
	1,285,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		1,287,056
	3,245,000	NYC IDA (Comprehensive Care Management)		6.375			11/01/2028		3,250,387
	470,000	NYC IDA (Comprehensive Care Management)		7.875			12/01/2016		471,687
	555,000	NYC IDA (Cool Wind Ventilation)		5.450			11/01/2017		553,468
	5,685,000	NYC IDA (Cool Wind Ventilation)		6.075			11/01/2027		5,490,402
	620,000	NYC IDA (Cool Wind Ventilation)		5.450			11/01/2017		618,289
	280,000	NYC IDA (EIISFAC/SFUMP/YAI/AFSFBM/SNP Obligated Group)		4.750			07/01/2020		273,938
	2,670,000	NYC IDA (Gourmet Boutique)		5.750			05/01/2021		1,972,142
	7,290,000	NYC IDA (Guttmacher Institute)		5.750			12/01/2036		7,352,402
	600,000	NYC IDA (Independent Living Assoc.)		6.200			07/01/2020		606,234
	3,745,000	NYC IDA (Manhattan Community Access Corp.)		6.000			12/01/2036		3,810,762
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		9,448,599
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		1,951,509
	13,890,000	NYC IDA (MediSys Health Network)		6.250			03/15/2024		13,323,427
	6,800,000	NYC IDA (Reece School)		7.500			12/01/2037		7,031,200
	905,000	NYC IDA (Roundabout Theatre)2		5.000			10/01/2023		897,063
	2,370,000	NYC IDA (Sahadi Fine Foods)		6.750			11/01/2019		2,370,877
	185,000	NYC IDA (Samaritan Aids Services)		5.000			11/01/2024		185,411
	455,000	NYC IDA (Special Needs Facilities Pooled Program)		6.650			07/01/2023		455,592
	1,275,000	NYC IDA (Streamline Plastics)		8.125			12/01/2025		1,275,332
	80,000	NYC IDA (Streamline Plastics)		7.750			12/01/2015		80,039
	6,808,500	NYC IDA (Studio School)3		7.000			11/01/2038		4,663,346
	1,500,000	NYC IDA (Terminal One Group Assoc.)		5.500	8		01/01/2021		1,519,065
	380,000	NYC IDA (The Bank Street College)		5.250			12/01/2021		380,851
	1,000,000	NYC IDA (The Bank Street College)		5.250			12/01/2030		1,001,260
	8,600,000	NYC IDA (The Child School)		7.550			06/01/2033		8,615,480
	3,375,000	NYC IDA (Therapy & Learning Center)		8.250			09/01/2031		3,382,526
	32,040,000	NYC IDA (UNICEF)		5.300			11/01/2038		32,299,524
	5,000,000	NYC IDA (United Jewish Appeal-Federal Jewish Philanthropies)		5.000			07/01/2034		5,584,150
	3,400,000	NYC IDA (Urban Resource Institute)2		7.375			11/01/2033		3,407,548
	855,000	NYC IDA (World Casing Corp.)		6.700			11/01/2019		849,229
	335,000	NYC IDA (YAI/SFTU Obligated Group)		5.000			07/01/2026		333,844
	16,500,000	NYC IDA (Yankee Stadium)		7.000			03/01/2049		19,407,135
	100,000	NYC IDA (Yankee Stadium)		5.000			03/01/2031		102,798
	70,000	NYC IDA (Yankee Stadium)		5.000			03/01/2036		72,164
	18,110,000	NYC IDA (Yankee Stadium)		5.000			03/01/2046		18,530,333
	6,800,000	NYC IDA (Yankee Stadium)9		1.010			03/01/2022		6,417,704
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)		5.725			11/01/2037		24,518,282
	335,000	NYC Municipal Water Finance Authority		5.000			06/15/2037		367,227

8 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	7,405,000	NYC Municipal Water Finance Authority		5.250	%		06/15/2044	$	8,353,210
	8,950,000	NYC Municipal Water Finance Authority		5.000			06/15/2031		10,216,157
	5,000,000	NYC Municipal Water Finance Authority		5.000			06/15/2036		5,705,600
	21,570,000	NYC Municipal Water Finance Authority4		5.375			06/15/2043		25,081,552
	31,750,000	NYC Municipal Water Finance Authority4		5.500			06/15/2043		37,199,520
	6,115,000	NYC Municipal Water Finance Authority		5.000			06/15/2036		6,977,949
	900,000	NYC Municipal Water Finance Authority		5.625			06/15/2027		1,014,318
	7,525,000	NYC Municipal Water Finance Authority		5.250			06/15/2040		8,456,294
	1,000,000	NYC Municipal Water Finance Authority		5.625			06/15/2027		1,131,920
	6,265,000	NYC Municipal Water Finance Authority		5.750			06/15/2040		7,004,646
	700,000	NYC Transitional Finance Authority		5.125			01/15/2034		774,431
	5,065,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2035		5,803,528
	10,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2040		11,294,900
	25,000,000	NYC Transitional Finance Authority (Building Aid)4		5.000			07/15/2037		28,026,000
	5,405,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2035		6,229,317
	8,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2034		9,249,280
	6,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2036		6,893,280
	5,410,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2040		6,096,583
	1,700,000	NYC Transitional Finance Authority (Building Aid)		5.500			01/15/2039		1,926,134
	15,000,000	NYC Transitional Finance Authority (Building Aid)4		5.250			07/15/2037		17,391,450
	10,500,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2043		11,779,425
	6,500,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2034		7,470,320
	3,000,000	NYC Transitional Finance Authority (Building Aid)		5.000			07/15/2030		3,516,450
	8,190,000	NYC Transitional Finance Authority (Future Tax)		5.000			02/01/2035		9,282,546
	2,400,000	NYC Transitional Finance Authority (Future Tax)		5.250			02/01/2030		2,793,840
	15,000,000	NYC Transitional Finance Authority (Future Tax)4		5.000			05/01/2034		17,102,550
	20,335,000	NYC Transitional Finance Authority (Future Tax)4		5.000			02/01/2030		23,523,295
	7,575,000	NYC Transitional Finance Authority (Future Tax)		5.500			11/01/2035		8,931,758
	1,845,000	NYS Convention Center Devel. Corp. (Hotel Unit)		5.000			11/15/2035		1,855,240
	3,600,000	NYS Convention Center Devel. Corp. (Hotel Unit)		5.000			11/15/2030		3,619,980
	42,415,000	NYS Convention Center Devel. Corp. (Hotel Unit)		5.000			11/15/2044		42,650,403
	5,225,000	NYS DA (ALIA-PSCH)		6.175			12/01/2031		5,261,262
	11,920,000	NYS DA (ALIA-PSCH)		5.350			12/01/2035		12,017,982
	5,645,000	NYS DA (ALIA-PSCH)		4.800			12/01/2023		5,681,862
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2030		469,822
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2029		471,994
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2028		938,961
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2027		944,954
	975,000	NYS DA (Cabrini of Westchester)		5.200			02/15/2041		1,048,466
	260,000	NYS DA (Catholic Health System)		5.000			07/01/2032		283,179
	500,000	NYS DA (Catholic Health System)		5.000			07/01/2032		544,575
	300,000	NYS DA (Culinary Institute of America)		5.000			07/01/2034		325,524
	285,000	NYS DA (Fordham University)		5.000			07/01/2038		310,465
	200,000	NYS DA (Fordham University)		5.000			07/01/2030		227,774
	5,600,000	NYS DA (Interagency Council)		7.000			07/01/2035		7,039,760
	3,000,000	NYS DA (Iona College)		5.000			07/01/2032		3,231,000
	3,490,000	NYS DA (Manhattan College)		5.300			07/01/2037		3,713,814
	18,230,000	NYS DA (Memorial Sloan-Kettering)4		5.000			07/01/2035		18,887,138

9 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	150,000	NYS DA (Mental Health Services Facilities)		5.000	%		02/15/2037	$	154,242
	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)		5.000			07/01/2029		913,509
	1,000,000	NYS DA (New School University)		5.750			07/01/2050		1,138,980
	2,100,000	NYS DA (New School)		5.000			07/01/2040		2,358,258
	20,000,000	NYS DA (New York University)		5.250			07/01/2048		22,386,200
	11,500,000	NYS DA (North Shore L.I. Jewish Obligated Group)		5.250			05/01/2034		12,743,380
	1,000,000	NYS DA (NYU Hospitals Center)		5.000			07/01/2036		1,110,200
	2,000,000	NYS DA (NYU Hospitals Center)		5.625			07/01/2037		2,174,020
	5,890,000	NYS DA (NYU)		5.000			07/01/2045		6,716,249
	1,000,000	NYS DA (Pratt Institute)		5.000			07/01/2034		1,129,080
	3,100,000	NYS DA (Providence Rest)		5.250			07/01/2025		3,103,131
	6,035,000	NYS DA (Providence Rest)		5.000			07/01/2035		6,033,793
	2,700,000	NYS DA (Providence Rest)		5.125			07/01/2030		2,699,946
	1,750,000	NYS DA (School District Bond Financing Program), Series C		7.250			10/01/2028		2,078,475
	2,645,000	NYS DA (School District Bond Financing Program), Series C		7.375			10/01/2033		3,151,227
	1,525,000	NYS DA (School District Bond Financing Program), Series C		7.500			04/01/2039		1,822,512
	5,770,000	NYS DA (Smithtown Special Library District)		6.000			07/01/2028		6,524,601
	2,480,000	NYS DA (Special Surgery Hospital)		6.000			08/15/2038		2,884,091
	400,000	NYS DA (St. John’s University)		5.000			07/01/2034		453,792
	10,750,000	NYS DA (St. John’s University)		5.000			07/01/2030		12,188,458
	270,000	NYS DA (St. John’s University)		5.000			07/01/2028		309,077
	3,500,000	NYS DA (St. Joseph’s College)		5.250			07/01/2035		3,727,955
	45,900,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		49,605,507
	10,705,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2027		12,544,547
	10,000,000	NYS DA (State Personal Income Tax Authority)		5.000			03/15/2031		11,703,600
	15,915,000	NYS DA (State Personal Income Tax Authority)4		5.000			03/15/2034		18,288,553
	5,620,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2034		6,345,879
	2,295,000	NYS DA (State Personal Income Tax Authority)		5.000			02/15/2027		2,765,337
	3,000,000	NYS DA (State University of New York)		5.000			07/01/2040		3,390,780
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)		6.250			02/15/2035		5,919,209
	4,395,000	NYS DA (The New School)		5.000			07/01/2031		4,826,853
	4,375,000	NYS DA (Touro College and Unversity System)		5.500			01/01/2039		4,724,475
	20,000	NYS DA (UCPHCAS / Jawonio / FRC / CPW / UCPANYS / UCP Obligated Group)		5.000			07/01/2034		20,069
	1,000,000	NYS DA (University of Rochester)		5.750	5		07/01/2039		1,137,620
	11,695,000	NYS DA (Vassar College)4		5.000			07/01/2046		12,430,731
	5,415,000	NYS DA (Yeshiva University)		5.000			09/01/2038		5,416,679
	1,150,000	NYS DA (Yeshiva University)		5.000			09/01/2038		1,297,396
	615,000	NYS DA (Yeshiva University)		5.000			09/01/2034		693,825
	2,885,000	NYS DA (Yeshiva University)		5.000			09/01/2034		2,897,434
	1,145,000	NYS DA (Yeshiva University)		5.000			11/01/2031		1,335,746
	1,960,000	NYS DA (Yeshiva University)		5.000			11/01/2031		1,982,638
	6,150,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.000			10/15/2035		6,451,289
	1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)		5.000			06/15/2037		1,540,554

10 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	215,000	NYS EFC (NYC Municipal Water Finance Authority)		5.000	%		06/15/2034	$	218,754
	25,000	NYS ERDA (Brooklyn Union Gas Company)		4.700			02/01/2024		25,323
	30,000	NYS ERDA (Brooklyn Union Gas Company)		5.500			01/01/2021		30,130
	7,000,000	NYS ERDA (Brooklyn Union Gas Company) RIBS6		12.290	7		04/01/2020		7,014,980
	16,300,000	NYS ERDA (Brooklyn Union Gas Company) RIBS6		13.446	7		07/01/2026		16,469,846
	2,365,000	NYS HFA (Affordable Hsg.)		5.250			11/01/2038		2,415,209
	10,220,000	NYS HFA (Affordable Hsg.)4		5.450			11/01/2045		10,449,425
	2,000,000	NYS HFA (Affordable Hsg.)		5.000			11/01/2042		2,083,820
	600,000	NYS HFA (Affordable Hsg.)		5.200			11/01/2030		625,266
	1,080,000	NYS HFA (Affordable Hsg.)		6.450			11/01/2029		1,171,930
	150,000	NYS HFA (Affordable Hsg.)		6.750			11/01/2038		169,719
	750,000	NYS HFA (Children’s Rescue)2		7.625			05/01/2018		750,255
	905,000	NYS HFA (Friendship)		5.100			08/15/2041		905,643
	1,065,000	NYS HFA (Golden Age Apartments)		5.000			02/15/2037		1,068,653
	150,000	NYS HFA (Highland Avenue Senior Apartments)		5.000			02/15/2039		151,650
	120,000	NYS HFA (Horizons at Wawayanda)		5.150			11/01/2040		122,767
	1,255,000	NYS HFA (Multifamily Hsg.)		6.400			11/15/2027		1,257,899
	2,080,000	NYS HFA (Multifamily Hsg.)		5.375			02/15/2035		2,082,142
	1,710,000	NYS HFA (Multifamily Hsg.)		5.650			02/15/2034		1,712,223
	270,000	NYS LGSC (SCSB)		7.375			12/15/2016		271,129
	755,000	NYS LGSC (SCSB)		7.750			12/15/2021		756,170
	1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.000			11/15/2031		1,135,050
	20,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)		5.750			11/15/2051		23,201,400
	7,000,000	NYS Liberty Devel. Corp. (Goldman Sachs Headquarters)		5.250			10/01/2035		8,293,250
	7,650,000	NYS Thruway Authority		5.000			01/01/2032		8,681,679
	25,000,000	NYS Thruway Authority		5.000			01/01/2028		28,650,750
	2,000,000	NYS Thruway Authority Highway & Bridge Trust Fund		5.000			04/01/2029		2,304,200
	10,015,000	NYS UDC (State Personal Income Tax Authority)		5.000			03/15/2043		11,269,779
	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		5.000			09/15/2035		830,133
	50,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)		4.625			09/15/2030		50,003
	1,185,000	Onondaga County, NY IDA (Free Library)		5.125			03/01/2030		1,232,756
	1,115,000	Onondaga County, NY IDA (Free Library)		5.125			03/01/2037		1,154,549
	1,000,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)		5.000			07/01/2032		1,073,900
	3,465,000	Onondaga, NY Civic Devel Corp. (Upstate Properties)		5.250			12/01/2041		3,847,397
	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)		5.375			07/01/2040		2,148,260
	1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)		5.000			07/01/2042		1,502,660
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		6,353,611
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		2,239,179
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2021		1,719,202

11 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	10,065,000	Port Authority NY/NJ (Continental Airlines)		9.125	%		12/01/2015	$	10,219,598
	345,000	Port Authority NY/NJ (JFK International Air Terminal)		6.500			12/01/2028		348,426
	16,615,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2022		16,699,903
	32,175,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		32,270,882
	28,800,000	Port Authority NY/NJ (KIAC)2		6.750			10/01/2019		28,796,832
	27,255,000	Port Authority NY/NJ, 141st Series4		4.500			09/01/2029		27,323,902
	47,910,000	Port Authority NY/NJ, 143rd Series4		5.000			10/01/2030		48,861,972
	3,000,000	Port Authority NY/NJ, 143rd Series		5.000			10/01/2030		3,059,610
	35,000	Port Authority NY/NJ, 143rd Series		5.000			04/01/2036		35,579
	26,100,000	Port Authority NY/NJ, 146th Series4		4.750			12/01/2027		27,167,855
	10,000	Port Authority NY/NJ, 146th Series		4.750			12/01/2027		10,413
	10,000	Port Authority NY/NJ, 146th Series		4.500			12/01/2034		10,224
	17,790,000	Port Authority NY/NJ, 147th Series4		5.000			10/15/2027		18,726,952
	20,000,000	Port Authority NY/NJ, 147th Series4		5.000			10/15/2032		20,873,400
	13,005,000	Port Authority NY/NJ, 147th Series4		4.750			10/15/2028		13,628,314
	72,000,000	Port Authority NY/NJ, 151st Series		5.750			03/15/2035		78,633,360
	15,000,000	Port Authority NY/NJ, 151st Series4		6.000			09/15/2028		16,780,200
	10,000,000	Port Authority NY/NJ, 151st Series4		5.750			03/15/2035		10,921,294
	101,940,000	Port Authority NY/NJ, 152nd Series4		5.250			11/01/2035		110,454,952
	22,500,000	Port Authority NY/NJ, 152nd Series4		5.750			11/01/2030		24,771,825
	1,200,000	Port Authority NY/NJ, 152nd Series		5.750			11/01/2030		1,321,164
	15,300,000	Port Authority NY/NJ, 161st Series4		5.000			10/15/2031		17,431,749
	20,250,000	Port Authority NY/NJ, 163rd Series4		5.000			07/15/2039		23,019,996
	15,000,000	Port Authority NY/NJ, 166th Series4		5.250			07/15/2036		16,936,950
	21,515,000	Port Authority NY/NJ, 166th Series4		5.000			01/15/2041		23,737,843
	2,720,000	Port Authority NY/NJ, 169th Series		5.000			10/15/2036		3,009,027
	400,000	Port Authority NY/NJ, 172nd Series		5.000			10/01/2034		442,712
	11,000,000	Port Authority NY/NJ, 184th Series		5.000			09/01/2032		12,841,400
	9,170,000	Port Authority NY/NJ, 186th Series		5.000			10/15/2034		10,280,946
	8,340,000	Port Authority NY/NJ, 186th Series		5.000			10/15/2033		9,384,919
	13,715,000	Port Authority NY/NJ, Series 2014-XF00014		5.250			05/01/2038		14,860,551
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)		6.000			08/01/2032		2,760,124
	2,525,000	Ramapo, NY Local Devel. Corp.		5.000			03/15/2033		2,768,233
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)		5.375			12/01/2036		1,502,055
	165,000	Rensselaer County, NY IDA (Rensselaer Polytechnic Institute)		5.000			03/01/2036		167,412
	7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.		5.750			06/01/2043		7,300,365
	6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.		5.625			06/01/2035		6,385,319
	4,820,000	Rensselaer, NY City School District COP		5.000			06/01/2036		4,853,162
	1,195,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)		4.900			07/01/2021		1,197,940
	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.668	1		08/15/2060		1,773,900

12 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.875	% 1		08/15/2045	$	1,108,500
	9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.625			08/15/2035		9,225,461
	13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.750			08/15/2043		13,095,655
	25,000	Sanford Town, NY GO		5.250			04/15/2020		25,362
	25,000	Sanford Town, NY GO		5.250			04/15/2019		25,370
	25,000	Sanford Town, NY GO		5.250			04/15/2018		25,411
	30,000	Sanford Town, NY GO		5.250			04/15/2023		30,359
	30,000	Sanford Town, NY GO		5.250			04/15/2022		30,380
	30,000	Sanford Town, NY GO		5.250			04/15/2021		30,407
	20,000	Sanford Town, NY GO		5.250			04/15/2016		20,422
	55,000	Sanford Town, NY GO		5.250			04/15/2034		55,508
	50,000	Sanford Town, NY GO		5.250			04/15/2033		50,459
	25,000	Sanford Town, NY GO		5.250			04/15/2017		25,465
	60,000	Sanford Town, NY GO		5.250			04/15/2036		60,554
	60,000	Sanford Town, NY GO		5.250			04/15/2035		60,554
	40,000	Sanford Town, NY GO		5.250			04/15/2027		40,410
	40,000	Sanford Town, NY GO		5.250			04/15/2028		40,399
	35,000	Sanford Town, NY GO		5.250			04/15/2026		35,364
	30,000	Sanford Town, NY GO		5.250			04/15/2024		30,347
	35,000	Sanford Town, NY GO		5.250			04/15/2025		35,390
	40,000	Sanford Town, NY GO		5.250			04/15/2029		40,382
	50,000	Sanford Town, NY GO		5.250			04/15/2032		50,459
	45,000	Sanford Town, NY GO		5.250			04/15/2031		45,413
	45,000	Sanford Town, NY GO		5.250			04/15/2030		45,418
	8,370,000	SONYMA, Series 1404		4.750			10/01/2037		8,389,156
	6,710,000	SONYMA, Series 1434		4.900			10/01/2037		6,937,745
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)		5.000			09/01/2041		1,653,707
	520,000	St. Lawrence County, NY IDA (Clarkson University)		6.000			09/01/2034		613,907
	4,775,000	St. Lawrence County, NY IDA (Clarkson University)		5.375			09/01/2041		5,318,634
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)		7.250			12/01/2029		4,049,524
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2030		1,456,422
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2031		1,537,017
	25,075,000	Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)		5.000			07/01/2028		27,677,785
	1,005,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)		6.750			06/01/2027		1,029,683
	4,215,000	Suffolk County, NY Economic Devel. Corp., Series A		7.375			12/01/2040		4,444,127
	450,000	Suffolk County, NY IDA (ACLD)		6.000			12/01/2019		455,207
	1,255,000	Suffolk County, NY IDA (ALIA-ACLD)2		5.950			10/01/2021		1,278,155
	115,000	Suffolk County, NY IDA (ALIA-ADD)		7.125			06/01/2017		115,291
	845,000	Suffolk County, NY IDA (ALIA-Adelante)		6.500			11/01/2037		857,886

13 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	1,715,000	Suffolk County, NY IDA (ALIA-DDI)2		5.950	%		10/01/2021	$	1,746,642
	490,000	Suffolk County, NY IDA (ALIA-FREE)2		5.950			10/01/2021		499,041
	330,000	Suffolk County, NY IDA (ALIA-IGHL)2		6.000			10/01/2031		336,250
	350,000	Suffolk County, NY IDA (ALIA-IGHL)2		5.950			10/01/2021		356,458
	520,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		530,400
	425,000	Suffolk County, NY IDA (ALIA-NYS ARC)2		5.950			11/01/2022		433,500
	1,165,000	Suffolk County, NY IDA (ALIA-UCPAGS)2		5.950			10/01/2021		1,186,494
	410,000	Suffolk County, NY IDA (ALIA-WORCA)2		5.950			11/01/2022		418,200
	75,000	Suffolk County, NY IDA (DDI)		6.000			12/01/2019		75,868
	165,000	Suffolk County, NY IDA (DDI)2		6.000			10/01/2020		166,901
	155,000	Suffolk County, NY IDA (DDI)2		6.000			10/01/2020		156,786
	130,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		109,600
	1,545,000	Suffolk County, NY IDA (Huntington First Aid Squad)		6.650			11/01/2017		1,548,414
	530,000	Suffolk County, NY IDA (Independent Group Home Living)2		6.000			10/01/2020		536,106
	130,000	Suffolk County, NY IDA (Independent Group Home Living)		6.000			12/01/2019		131,504
	7,410,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)		6.375			01/01/2039		7,485,508
	1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		1,883,892
	745,000	Suffolk County, NY IDA (New York Institute of Technology)		5.000			03/01/2026		758,075
	22,690,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)		5.500			01/01/2023		22,692,723
	185,000	Suffolk County, NY IDA (Suffolk Hotels)2		6.000			10/01/2020		187,131
	910,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		6.000			12/01/2019		920,529
	3,095,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		7.875			09/01/2041		3,166,433
	510,000	Suffolk County, NY IDA (WORCA)2		6.000			10/01/2020		515,875
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.625	5		06/01/2044		119,681,516
	287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	1		06/01/2048		7,641,249
	10,080,000	Suffolk, NY Tobacco Asset Securitization Corp.		5.375			06/01/2028		9,942,710
	29,915,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.000			06/01/2048		27,036,579
	203,935,000	Syracuse, NY IDA (Carousel Center)		5.000			01/01/2036		206,851,271
	1,000,000	Syracuse, NY IDA (Crouse Irving Health Hospital)		5.375			01/01/2023		1,001,370
	2,755,000	Syracuse, NY IDA (James Square)		7.197	1		08/01/2025		1,439,157
	2,425,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2032		2,563,589
	1,700,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2038		1,776,500
	22,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)		5.000			09/01/2030		25,281,437
	185,000	Ulster County, NY Res Rec		5.000			03/01/2020		187,446
	3,180,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.000			06/01/2040		3,179,809
	3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.450	5		06/01/2040		3,034,930

14 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
New York (Continued)
$	1,590,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.250	% 5		06/01/2025	$	1,590,048
	6,245,000	Westchester County, NY Healthcare Corp., Series A		5.000			11/01/2030		6,770,891
	687,344	Westchester County, NY Healthcare Corp., Series A		5.000			11/01/2044		755,693
	1,700,000	Westchester County, NY Healthcare Corp., Series B		5.125			11/01/2041		1,832,328
	1,140,000	Westchester County, NY IDA (Clearview School)		7.250			01/01/2035		1,151,468
	1,055,000	Westchester County, NY IDA (Guiding Eyes for the Blind)		5.375			08/01/2024		1,067,576
	270,000	Westchester County, NY IDA (JDAM)		6.750			04/01/2016		273,497
	3,400,000	Westchester County, NY IDA (Lawrence Hospital)		5.000			01/01/2028		3,408,840
	300,000	Westchester County, NY IDA (Lawrence Hospital)		5.125			01/01/2018		301,170
	1,400,000	Westchester County, NY IDA (Schnurmacher Center)2		6.500			11/01/2033		1,430,450
	1,500,000	Westchester County, NY Local Devel. Corp. (Wartburg Senior Hsg.)		5.000			06/01/2030		1,522,410
	1,105,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.125			06/01/2045		1,079,872
	59,400,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.125			06/01/2038		58,263,678
	4,500,000	Westchester County, NY Tobacco Asset Securitization Corp.		5.000			06/01/2026		4,502,115
	2,390,000	Yonkers, NY IDA (Hudson Scenic Studio)		6.625			11/01/2019		2,381,014
	1,370,000	Yonkers, NY IDA (Philipsburgh Hall Associates)		7.500			11/01/2030		1,320,721
	1,050,000	Yonkers, NY IDA (Sarah Lawrence College)		6.000			06/01/2041		1,184,673
	1,215,000	Yonkers, NY Parking Authority		6.000			06/15/2024		1,144,907
	435,000	Yonkers, NY Parking Authority		6.000			06/15/2018		435,574
									4,525,697,525
U.S. Possessions—26.2%
	825,000	Guam Education Financing Foundation COP		5.000			10/01/2023		841,384
	3,600,000	Guam Government Business Privilege		5.000			01/01/2031		3,962,268
	6,000,000	Guam Government Business Privilege		5.000			01/01/2032		6,582,420
	345,000	Guam Hsg. Corp. (Single Family Mtg.)		5.750			09/01/2031		378,144
	1,560,000	Guam Power Authority, Series A		5.000			10/01/2024		1,849,832
	1,230,000	Guam Power Authority, Series A		5.000			10/01/2023		1,464,475
	2,790,000	Guam Power Authority, Series A		5.000			10/01/2030		3,236,512
	1,520,000	Northern Mariana Islands Commonwealth, Series A2		5.000			10/01/2022		1,476,148
	28,525,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2030		24,869,806
	7,120,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		6,364,853
	13,830,000	Northern Mariana Islands Ports Authority, Series A		6.600			03/15/2028		13,846,873
	52,635,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		36,616,590
	49,000,000	Puerto Rico Aqueduct & Sewer Authority		5.125			07/01/2047		44,715,440
	55,825,000	Puerto Rico Aqueduct & Sewer Authority		6.125	5		07/01/2024		40,420,091
	1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		1,098,290

15 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
U.S. Possessions (Continued)
$	1,950,000	Puerto Rico Aqueduct & Sewer Authority		5.000	%		07/01/2033	$	1,339,240
	15,350,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2047		10,563,256
	80,800,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038		56,503,440
	10,000,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2024		7,043,500
	56,685,000	Puerto Rico Children’s Trust Fund (TASC)		5.625			05/15/2043		56,683,866
	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	1		05/15/2057		64,976,985
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	1		05/15/2057		29,375,808
	68,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.667	1		05/15/2050		5,862,915
	745,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.165	1		05/15/2055		21,143,100
	2,700,000	Puerto Rico Commonwealth GO		6.000			07/01/2035		1,793,070
	30,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2036		19,774,200
	5,675,000	Puerto Rico Commonwealth GO		6.500			07/01/2040		3,768,881
	1,000,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		681,350
	3,670,000	Puerto Rico Commonwealth GO		6.000			07/01/2040		2,400,767
	1,000,000	Puerto Rico Commonwealth GO		5.500			07/01/2026		676,270
	7,850,000	Puerto Rico Commonwealth GO		5.500			07/01/2029		5,715,585
	5,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2028		3,381,900
	3,205,000	Puerto Rico Commonwealth GO		5.625			07/01/2033		2,120,332
	13,300,000	Puerto Rico Commonwealth GO		5.125			07/01/2031		8,732,248
	2,000,000	Puerto Rico Commonwealth GO		5.000			07/01/2033		1,305,800
	2,920,000	Puerto Rico Commonwealth GO		5.250			07/01/2030		1,931,609
	2,500,000	Puerto Rico Commonwealth GO		5.250			07/01/2032		1,644,600
	4,965,000	Puerto Rico Commonwealth GO		5.250			07/01/2037		3,235,790
	3,315,000	Puerto Rico Commonwealth GO		5.125			07/01/2031		2,301,273
	14,500,000	Puerto Rico Commonwealth GO		5.250			07/01/2031		9,556,370
	10,230,000	Puerto Rico Commonwealth GO		5.250			07/01/2034		6,704,742
	770,000	Puerto Rico Commonwealth GO		5.875			07/01/2036		508,462
	5,050,000	Puerto Rico Commonwealth GO		6.500			07/01/2037		3,378,702
	390,000	Puerto Rico Commonwealth GO		6.000			07/01/2039		255,590
	5,000,000	Puerto Rico Commonwealth GO		5.375			07/01/2033		3,295,500
	2,200,000	Puerto Rico Commonwealth GO		5.250			07/01/2026		1,476,860
	76,300,000	Puerto Rico Commonwealth GO		5.500			07/01/2032		50,474,739
	1,270,000	Puerto Rico Commonwealth GO		6.000			07/01/2028		1,274,674
	3,620,000	Puerto Rico Electric Power Authority, Series A10		7.000			07/01/2033		2,353,652
	2,000,000	Puerto Rico Electric Power Authority, Series A10		5.000			07/01/2029		1,300,780
	23,480,000	Puerto Rico Electric Power Authority, Series A10		7.000			07/01/2043		15,267,400
	18,990,000	Puerto Rico Electric Power Authority, Series A10		6.750			07/01/2036		12,348,437
	1,095,000	Puerto Rico Electric Power Authority, Series A10		5.000			07/01/2042		712,516
	10,105,000	Puerto Rico Electric Power Authority, Series AAA10		5.250			07/01/2029		6,571,787
	9,625,000	Puerto Rico Electric Power Authority, Series AAA10		5.250			07/01/2031		6,260,196
	9,000,000	Puerto Rico Electric Power Authority, Series AAA10		5.250			07/01/2022		5,851,170
	1,430,000	Puerto Rico Electric Power Authority, Series AAA10		5.250			07/01/2027		929,886
	20,170,000	Puerto Rico Electric Power Authority, Series CCC10		5.250			07/01/2027		13,115,946
	13,295,000	Puerto Rico Electric Power Authority, Series CCC10		5.250			07/01/2028		8,646,004

16 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
U.S. Possessions (Continued)
$	510,000	Puerto Rico Electric Power Authority, Series RR		5.000	%		07/01/2024	$	491,574
	6,885,000	Puerto Rico Electric Power Authority, Series TT10		5.000			07/01/2037		4,479,725
	6,320,000	Puerto Rico Electric Power Authority, Series TT10		5.000			07/01/2032		4,110,844
	33,350,000	Puerto Rico Electric Power Authority, Series WW10		5.500			07/01/2038		21,694,508
	3,700,000	Puerto Rico Electric Power Authority, Series WW10		5.000			07/01/2028		2,406,184
	7,000,000	Puerto Rico Electric Power Authority, Series XX10		5.250			07/01/2040		4,554,340
	7,590,000	Puerto Rico Electric Power Authority, Series ZZ10		5.250			07/01/2025		4,935,018
	10,000,000	Puerto Rico Electric Power Authority, Series ZZ10		5.250			07/01/2024		6,501,700
	270,000	Puerto Rico Highway & Transportation Authority		5.750			07/01/2020		100,891
	4,000,000	Puerto Rico Highway & Transportation Authority		5.500			07/01/2029		3,648,000
	4,945,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		3,383,814
	4,845,000	Puerto Rico Highway & Transportation Authority		5.250			07/01/2030		4,228,716
	9,515,000	Puerto Rico Highway & Transportation Authority		5.000			07/01/2028		3,435,962
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2033		3,241,062
	1,840,000	Puerto Rico Highway & Transportation Authority, Series G		5.000			07/01/2042		663,780
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H		5.450			07/01/2035		404,074
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K		5.000			07/01/2030		413,356
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K		5.000			07/01/2027		2,347,670
	915,000	Puerto Rico Highway & Transportation Authority, Series L		5.250			07/01/2030		544,956
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L		5.250			07/01/2023		2,555,176
	10,000	Puerto Rico Highway & Transportation Authority, Series M		5.000			07/01/2046		10,774
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M		5.000			07/01/2046		28,356,985
	57,615,000	Puerto Rico Highway & Transportation Authority, Series N		5.250			07/01/2039		33,803,297
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N		5.250			07/01/2032		2,946,986
	5,000,000	Puerto Rico Infrastructure		6.000			12/15/2026		2,549,600
	142,985,000	Puerto Rico Infrastructure		5.000			07/01/2041		36,784,321
	675,000	Puerto Rico Infrastructure		5.000			07/01/2037		174,717
	65,725,000	Puerto Rico Infrastructure		5.730	1		07/01/2045		7,051,635
	1,295,000	Puerto Rico Infrastructure		5.500			07/01/2026		1,165,617
	17,490,000	Puerto Rico Infrastructure		5.000			07/01/2037		4,207,045
	25,255,000	Puerto Rico Infrastructure		5.000			07/01/2031		6,081,657
	15,000,000	Puerto Rico Infrastructure		5.500			07/01/2027		13,353,750
	41,740,000	Puerto Rico Infrastructure		5.000			07/01/2046		10,035,131
	16,955,000	Puerto Rico Infrastructure		5.650	1		07/01/2029		5,881,181
	25,000,000	Puerto Rico Infrastructure		5.800	1		07/01/2032		5,415,500
	1,680,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		758,671
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.500			12/01/2031		5,653,314
	1,105,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			12/01/2021		1,058,391

17 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount			Coupon			Maturity		Value
U.S. Possessions (Continued)
$	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000	%		03/01/2036	$	5,183,994
	1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			04/01/2027		1,182,749
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		1,021,080
	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		748,772
	3,280,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		3,113,671
	5,000,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)		6.250			07/01/2026		5,032,100
	650,000	Puerto Rico ITEMECF (International American University)		5.000			10/01/2031		594,919
	4,865,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)		6.700			05/01/2024		4,762,397
	7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)		5.750			06/01/2029		2,708,790
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2042		146,798
	5,490,000	Puerto Rico ITEMECF (University Plaza)		5.000			07/01/2033		4,936,388
	4,990,000	Puerto Rico Municipal Finance Agency, Series A		5.250			08/01/2025		1,908,426
	9,450,000	Puerto Rico Public Buildings Authority		5.375			07/01/2033		5,638,248
	31,050,000	Puerto Rico Public Buildings Authority		6.000			07/01/2041		18,887,404
	2,110,000	Puerto Rico Public Buildings Authority		5.625			07/01/2039		1,258,889
	90,355,000	Puerto Rico Public Buildings Authority		5.000			07/01/2036		52,559,503
	1,500,000	Puerto Rico Public Buildings Authority		6.250			07/01/2021		1,005,765
	7,500,000	Puerto Rico Public Buildings Authority		6.250			07/01/2031		4,793,475
	850,000	Puerto Rico Public Buildings Authority		5.500			07/01/2037		506,081
	18,585,000	Puerto Rico Public Buildings Authority		5.250			07/01/2029		11,105,467
	7,500,000	Puerto Rico Public Buildings Authority		5.000			07/01/2037		4,353,225
	121,570,000	Puerto Rico Public Buildings Authority		5.250			07/01/2033		72,081,284
	7,500,000	Puerto Rico Public Buildings Authority		6.750			07/01/2036		4,854,750
	8,000,000	Puerto Rico Public Buildings Authority		6.500			07/01/2030		5,184,480
	11,810,000	Puerto Rico Public Finance Corp., Series B11		5.500			08/01/2031		1,948,650
	296,445,000	Puerto Rico Sales Tax Financing Corp.		5.250			08/01/2057		184,341,359
	3,130,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2024		1,388,374
	1,490,000	Puerto Rico Sales Tax Financing Corp., Series A		5.000			08/01/2043		627,201
	8,205,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500			08/01/2044		3,493,033
	75,000	Puerto Rico Sales Tax Financing Corp., Series A		5.500			08/01/2037		31,565
	15,265,000	Puerto Rico Sales Tax Financing Corp., Series A		7.890	1		08/01/2034		1,866,146
	129,035,000	Puerto Rico Sales Tax Financing Corp., Series A		6.569	1		08/01/2043		22,192,730
	16,265,000	Puerto Rico Sales Tax Financing Corp., Series A		6.660	1		08/01/2041		3,174,440
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	1		08/01/2042		5,496,300
	154,690,000	Puerto Rico Sales Tax Financing Corp., Series A		6.905	1		08/01/2054		10,551,405
	9,370,000	Puerto Rico Sales Tax Financing Corp., Series A		6.720	1		08/01/2045		1,449,071
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-1		5.250			08/01/2043		4,209,000
	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2039		613,771
	9,985,000	Puerto Rico Sales Tax Financing Corp., Series C		5.250			08/01/2041		4,202,786
	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C		0.000	5		08/01/2032		15,831,812
	250,000	Puerto Rico Sales Tax Financing Corp., Series C		6.000			08/01/2042		105,823
	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C		5.375			08/01/2036		1,683,600
	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C		5.750			08/01/2057		60,651,064
	4,525,000	University of Puerto Rico		5.000			06/01/2026		1,998,150
	7,280,000	University of Puerto Rico, Series P		5.000			06/01/2030		3,194,828
	24,375,000	University of Puerto Rico, Series Q		5.000			06/01/2030		10,696,969
	67,190,000	University of Puerto Rico, Series Q		5.000			06/01/2036		29,307,606

18 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal Amount		Coupon			Maturity		Value
U.S. Possessions (Continued)
$          590,000	V.I. Public Finance Authority (Matching Fund Loan Note)		6.000	%		10/01/2039	$	643,265
10,680,000	V.I. Public Finance Authority (Matching Fund Loan Note)		5.000			10/01/2029		12,219,949
1,555,000	V.I. Public Finance Authority, Series A		5.000			10/01/2032		1,714,994
11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	1		05/15/2035		1,553,556
								1,489,148,348
Total Municipal Bonds and Notes (Cost $7,226,280,505)								6,014,845,873
Shares
Common Stocks—0.1%
1,401	CMS Liquidating Trust12,13 (Cost $4,483,200)							3,991,519
Total Investments, at Value (Cost $7,230,763,705)—106.0%								6,018,837,392
Net Other Assets (Liabilities)—(6.0)								(339,911,152	)
Net Assets—100.0%							$	5,678,926,240

Footnotes to Statement of Investments

1. Zero coupon bond reflects effective yield on the date of purchase.

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. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and or principal payments. The rate shown is the contractual interest rate. See Note 4 of the accompanying Notes.

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

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

6. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement. See Note 4 of the accompanying Notes.

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

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

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

10. Subject to a forbearance agreement. Rate shown is the contractual interest rate. See Note 4 of the accompanying Notes.

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

12. Non-income producing security.

13. Received as a result of a corporate action.

19 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

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
ADD	Aid to the Developmentally Disabled
AFSFBM	Advocates for Services for the Blind Multihandicapped
ALIA	Alliance of Long Island Agencies
ARC	Assoc. of Retarded Citizens
CathHS	Catholic Health System
CHFTEH	Catholic Housing for the Elderly & Handicapped
CHHSB	Catholic Home Health Services of Broward
CHS	Catholic Health Services
CHSLI	Catholic Health Services of Long Island
COP	Certificates of Participation
CPW	Cerebral Palsy of Westchester
CRV	Crystal Run Village
CSMR	Community Services for the Mentally Retarded
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
EFC	Environmental Facilities Corp.
EIISFAC	Eden II School for Austic Children
ERDA	Energy Research and Devel. Authority
FRC	Franziska Racker Centers
FREE	Family Residences and Essential Enterprises
GO	General Obligation
HDC	Housing Devel. Corp.
HFA	Housing Finance Agency
HH	Harmony Heights, Inc.
HHS	Harmony Heights School
IDA	Industrial Devel. Agency
IGHL	Independent Group Home for Living
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
JDAM	Julia Dyckman Andrus Memorial
JFK	John Fitzgerald Kennedy
KMHosp	Kenmore Mercy Hospital
L.I.	Long Island
LGSC	Local Government Services Corp.
MTA	Metropolitan Transportation Authority
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
NYU	New York University
PSCH	Professional Service Centers for the Handicapped, Inc.
Res Rec	Resource Recovery Facility
RIBS	Residual Interest Bonds
SANC	St. Anne’s Nursing Center
SAR	St. Anne’s Residence
SCSB	Schuyler Community Services Board
SCSMC	St. Catherine of Sienna Medical Center
SFTU	Services for the Underserved
SFUMP	Services for the Underserved—MR Programs
SJR	St. Joseph Residence
SJRNC	St. John’s Rehabilitation and Nursing Center
SNP	Special Needs Program

20 OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Abbreviations (Continued)

SOCHOB	Sisters of Charity Hospital of Buffalo
SONYMA	State of New York Mortgage Agency
SUNY	State University of New York
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
UCP	United Creative Program
UCPAGS	United Cerebral Palsy Assoc. of Greater Suffolk
UCPANYS	United Cerebral Palsy Associations of NYS
UCPHCAS	United Cerebral Palsy and Handicapped Children’s Association of Syracuse
UDC	Urban Development Corporation
UNICEF	United Nations Children’s Fund
V.I.	United States Virgin Islands
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.

21 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS September 30, 2015 Unaudited

1. Organization

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

2. Significant Accounting Policies

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

Reporting Period End Date. The last day of the Fund’s reporting period is the last day the New York Stock Exchange was open for trading during the period. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

3. Securities Valuation

The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the mean between the bid and asked price on the principal exchange or, if not available from the principal exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) using a bid from the principal exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a

22 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

single dealer. A security of a foreign issuer traded on a foreign exchange, but not listed on a registered U.S. securities exchange, is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority): (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

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

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

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security, the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation

23 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

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

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

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

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

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

24 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

3. Securities Valuation (Continued)

The table below categorizes amounts at period end based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New York	$	—	$	4,525,697,503	$	22	$	4,525,697,525
U.S. Possessions		—		1,489,148,348		—		1,489,148,348
Common Stock		—		—		3,991,519		3,991,519
Total Assets	$	—	$	6,014,845,851	$	3,991,541	$	6,018,837,392

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

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

	Transfers out of Level 2*			Transfers into Level 3*
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New York	$	(22	)	$	22
Total Assets	$	(22	)	$	22

* Transferred from Level 2 to Level 3 because of the lack of observable market data.

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

25 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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 the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

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

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the

26 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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

27 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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 $204,250,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities in the annual and semiannual reports (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities in the annual and semiannual reports equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations in the annual and semiannual reports, while interest payable on the related short-term floating rate securities is recorded as interest expense. At period end, municipal bond holdings with a value of $865,006,317 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $486,900,000 in short-term floating rate securities issued and outstanding at that date.

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

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
$	14,655,000	NY Austin Trust Various States Inverse Certificates		7.955	%		11/1/39	$	14,848,886
	7,500,000	NY Liberty Devel. Corp. Tender Option Bond Series 2015-XF2153 Trust3		9.731			1/15/44		9,098,850
	23,955,000	NY/NJ Port Authority Austin Trust Inverse Certificates		9.403			10/1/30		24,906,972
	15,660,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.565			12/1/27		16,727,855
	2,500,000	NYC GO Tender Option Bond Series 2015 XF-2040 Trust3		18.467			10/1/34		3,978,600
	5,000,000	NYC GO Tender Option Bond Series 2015-XF2103 Trust		19.642			3/1/21		7,703,400
	1,225,000	NYC HDC, Series B-1 Tender Option Bond Series 2014-XF0008-2 Trust		9.581			11/1/27		1,310,995
	1,500,000	NYC HDC, Series B-1 Tender Option Bond Series 2014-XF0008-3 Trust		9.687			11/1/32		1,556,940
	4,180,000	NYC HDC, Series C Tender Option Bond Series 2014-XF0008-6 Trust		9.692			5/1/40		4,186,354
	1,375,000	NYC HDC, Series C Tender Option Bond Series 2015-XF0008 Trust		9.434			11/1/26		1,378,877

28 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
$	710,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-2 Trust		20.565	%		11/1/39	$	891,306
	2,730,000	NYC HDC, Series C-1 Tender Option Bond Series 2014-XF0009-3 Trust		21.153			11/1/46		3,417,414
	775,000	NYC HDC, Series C-1 Tender Option Bond Series 2015-XF0009 Trust		20.299			11/1/34		1,069,198
	4,015,000	NYC HDC, Series J-2-C Tender Option Bond Series 2014-XF0008-7 Trust		9.844			11/1/40		4,143,520
	1,750,000	NYC HDC, Series K Tender Option Bond Series 2014-XF0008-4 Trust		9.434			11/1/37		1,752,555
	2,340,000	NYC HDC, Series L Tender Option Bond Series 2014-XF0008-5 Trust		9.545			11/1/39		2,343,463
	10,955,000	NYC Hsg. Devel. Corp. (Multifamily Hsg.) Tender Option Bond Series 2015-XF2133 Trust3		13.170			5/1/49		11,442,278
	7,935,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF0238 Trust		20.411			6/15/43		13,384,520
	5,395,000	NYC Municipal Water Finance Authority Tender Option Bond Series 2015-XF2141 Trust3		19.975			6/15/43		8,906,552
	3,750,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2156 Trust3		19.479			7/15/37		6,141,450
	6,250,000	NYC Transitional Finance Authority (Building Aid) Tender Option Bond Series 2015-XF2157 Trust3		18.467			7/15/37		9,276,000
	7,500,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2038 Trust3		9.518			5/1/34		9,602,550
	10,170,000	NYC Transitional Finance Authority (Future Tax) Tender Option Bond Series 2015 XF-2039 Trust3		9.516			2/1/30		13,358,295
	8,205,000	NYS DA (Memorial Sloan-Kettering) Tender Option Bond Series 2015-XF0006 Trust		10.457			7/1/35		8,862,138
	5,265,000	NYS DA (Vassar College) Tender Option Bond Series 2015-XF0007 Trust		10.455			7/1/46		6,000,731
	3,980,000	NYS DA Tender Option Bond Series 2015-XF2042 Trust3		18.461			3/15/34		6,353,553
	3,410,000	NYS HFA Tender Option Bond Series 2015-XF2134 Trust3		15.284			11/1/45		3,639,425
	15,585,000	NYS Liberty Devel. Corp. (One Bryant Park) Tender Option Bond Series 2015-XF2107 Trust		20.998			1/15/46		23,353,811
	3,750,000	Port Authority NY/NJ Tender Option Bond Series 2015-XF2138 Trust3		22.424			9/15/28		5,530,200
	4,895,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123 Trust3		16.752			10/15/27		5,831,952
	3,580,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123-2 Trust3		15.825			10/15/28		4,203,314
	5,500,000	Port Authority NY/NJ, 11588th Series Tender Option Bond Series 2015-XF2123-3 Trust3		16.761			10/15/32		6,373,400
	9,090,000	Port Authority NY/NJ, 11589th Series Tender Option Bond Series 2015-XF2124 Trust3		12.408			9/1/29		9,158,902
	3,335,000	Port Authority NY/NJ, 151st Series Tender Option Bond Series 2015-XF0010 Trust		16.134			3/15/35		4,256,294
	6,860,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0001 Trust		9.934			5/1/38		8,005,551

29 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
$	20,000,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0002 Trust		9.959	%		11/1/35	$	23,341,200
	7,500,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF0031 Trust		16.232			11/1/30		9,771,825
	28,970,000	Port Authority NY/NJ, 152nd Series Tender Option Bond Series 2015-XF2106 Trust		10.609			11/1/35		34,143,752
	5,060,000	Port Authority NY/NJ, 163rd Series Tender Option Bond Series 2015-XF0237 Trust		18.391			7/15/39		7,829,996
	10,755,000	Port Authority NY/NJ, 166th Series		9.400			1/15/41		12,977,843
	7,500,000	Port Authority NY/NJ, 3249th Series Tender Option Bond Series 2015 XF-2025 Trust3		10.024			7/15/36		9,436,950
	7,650,000	Port Authority NY/NJ, 3264th Series Tender Option Bond Series 2015 XF-2028 Trust3		9.518			10/15/31		9,781,749
	4,210,000	SONYMA Tender Option Bond Series 2015-XF2136 Trust3		8.923			10/1/37		4,229,156
	3,370,000	SONYMA Tender Option Bond Series 2015-XF2137 Trust3		9.237			10/1/37		3,597,745
								$	378,106,317

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

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

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

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

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $486,900,000 at period end.

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

30 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

4. Investments and Risks (Continued)

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	$	29,868,835

Equity Security Risk. Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments.

The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest at period end is as follows:

Cost	$	6,808,500
Market Value	$	4,778,329
Market Value as % of Net Assets		0.08%

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. At period end, securities with an aggregate market value of $122,040,093, representing 2.15% of the Fund’s net assets, were subject to these forbearance agreements.

Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

31 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

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 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. Federal Taxes

The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes at period end are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	6,719,325,067	1
Gross unrealized appreciation	$	239,152,617
Gross unrealized depreciation		(1,461,629,216	)
Net unrealized depreciation	$	(1,222,476,599	)

32 OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO STATEMENT OF INVESTMENTS Unaudited / Continued

6. Federal Taxes (Continued)

1. The Federal tax cost of securities does not include cost of $521,988,924, 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.

33 OPPENHEIMER ROCHESTER FUND MUNICIPALS

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 9/30/2015, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

Item 3. Exhibits.

Exhibits attached hereto.

SIGNATURES

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

Oppenheimer Rochester Fund Municipals

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/17/2015

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

By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	11/17/2015
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	11/17/2015