Oppenheimer Rochester Fund Municipals N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3614

Oppenheimer Rochester Fund Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

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: 12/31/2014

Item 1. Reports to Stockholders.

Table of Contents

Fund Performance Discussion	3
Top Holdings and Allocations	12
Fund Expenses	16
Statement of Investments	18
Statement of Assets and Liabilities	38
Statement of Operations	40
Statements of Changes in Net Assets	41
Statement of Cash Flows	42
Financial Highlights	43
Notes to Financial Statements	47
Report of Independent Registered Public Accounting Firm	66
Federal Income Tax Information	67
Board Approval of the Fund’s Investment Advisory and Sub- Advisory Agreements	68
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments	71
Trustees and Officers	72
Privacy Policy Notice	81

Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 12/31/14

	Class A Shares of the Fund
	Without Sales Charge	With Sales Charge	Barclays Municipal     Bond Index
1-Year	14.43%	9.00%	9.05%
5-Year	5.89	4.87	5.16
10-Year	4.47	3.97	4.74

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

Oppenheimer Rochester is using social media to provide timely information related to muni market developments at www.twitter.com/RochesterFunds.

2         OPPENHEIMER ROCHESTER FUND MUNICIPALS

Fund Performance Discussion

At the end of this reporting period, the Class A shares of Oppenheimer Rochester Fund Municipals provided a tax-free distribution yield of 6.33% at net asset value (NAV). For New Yorkers in the top federal and state income tax brackets, the Fund delivered an amount equivalent to a 2014 taxable investment with a yield of 11.86%; for high-income taxpayers in New York City, the amount was comparable to a taxable investment with a yield of 12.39%. At 14.43%, the annual total return at NAV for the Fund’s Class A shares significantly exceeded the Barclays Municipal Bond Index by 538 basis points this reporting period.

MARKET OVERVIEW

Overall, the muni market rallied during the 12 months ended December 31, 2014, thanks in part to positive reports from the Federal Reserve.

It came as no surprise to Fed watchers that the Federal Open Market Committee (FOMC) voted in October 2014 to end quantitative easing the next month.

Considered by many to be the largest intervention in the Fed’s history, the program was initiated in 2008 to stimulate the economy by adding billions to its holdings of mortgage-backed and Treasury securities. According to a statement released December 17, 2014, the FOMC

observed an expanding economy, solid job gains, a lower unemployment rate and increases in household and business spending. However, a range of labor market indicators suggested that labor resources continued to be underutilized and the recovery in the housing sector remained slow.

The committee’s concerns about falling energy prices, among other factors, played into its decision to maintain its policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities and rolling over maturing Treasury securities at auction.

YIELDS & DISTRIBUTIONS FOR CLASS A SHARES
Dividend Yield w/o sales charge		6.33	%
Dividend Yield with sales charge		6.03
Standardized Yield		6.12
Taxable Equivalent Yield		11.86
Last distribution (12/31/14)	$	0.081
Total distributions (1/1/14 to 12/31/14)	$	0.960

Endnotes for this discussion begin on page 14 of this report

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Also in December 2014, the Fed slightly modified its long-standing assurance that it planned to keep the Fed Funds target rate at its current level “for a considerable time” after the end of its bond-buying program. In its end-of-year assessment, the FOMC said it could be “patient” about normalizing its stance on monetary policy, especially if projected inflation continues to run below the committee’s longer-run goal of 2%. At a press conference following the December 2014 meeting, Fed Chair Janet Yellen said it would be unlikely for policymakers to consider an increase in the Fed’s benchmark short-term rate before its April meeting.

Given the current Fed Funds rate, the only plausible change would be an increase. We remind investors that a change in the Fed Funds rate does not automatically translate into a change in longer-term interest rates, which are determined by the marketplace.

The Fund’s investment team will continue to search for value in the muni market as it seeks to produce competitive levels of tax-free income amid stable or changing market conditions.

As of December 31, 2014, the average yield on
30-year, AAA-rated muni bonds was 3.05%, down 136 basis points from December 31, 2013. The average yield on 10-year, AAA-rated muni bonds was 2.07% on December 31, 2014, down 72 basis points from the December 2013 date, and the average yield on 1-year, AAA-rated muni bonds was 0.19%,

down 4 basis points from the December 2013 date.

In New York State, Governor Andrew Cuomo was elected for a second 4 year term in November 2014. Earlier in the reporting period he announced the state had passed its fourth consecutive on-time budget. The $138 billion spending plan for fiscal year 2015 earmarked $300 million for pre-kindergarten in New York City, and called for the state to redirect $40 million from transit operations to pay for debt service on $2.4 billion of bonds issued by the Metropolitan Transit Authority (MTA) in 2002. Overall, the state’s annual spending is expected to be 2% higher in fiscal 2015, which began April 1, 2014, than it was in fiscal 2014.

In October 2014, New York State sold $1 billion of sales tax revenue bonds. Following credit rating upgrades from all 3 major credit rating agencies, these 30-year bonds were sold at the best rates in more than 50 years. The bonds were sold to finance previously authorized capital projects such as higher education facilities, highway and bridge projects, library construction, court facilities and hazardous waste remediation.

Moody’s Investors Service, citing New York State’s fourth consecutive on-time budget and a decline in outstanding state-related debt as a percentage of personal income, upgraded the state’s general obligation (G.O.) bonds to Aa1. The credit rating agency said that “New York has reversed historical financial management patterns and now benefits from

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a sustained record of on-time budgets, contained spending growth, and lack of relying on external borrowing for liquidity purposes.” Fitch Ratings upgraded New York to AA-plus, its highest ever rating for the state, and Standard & Poor’s also upgraded the G.O.s to AA-plus.

The state’s first 10-year Statewide Capital Plan was released during this reporting period. It called for $9.4 billion in fiscal year 2015 capital infrastructure spending that would be financed through bond sales and “pay-as-you-go” funding.

In late June 2014, New York City’s Mayor de Blasio and the City Council agreed on a $75 billion, “social-justice themed” budget for its fiscal 2015. Spending in the new budget rose $5 billion and included a new 9-year contract with the United Federation of Teachers. The spending plan also set aside $6.2 million to hire 200 new civilian police administrative aides to relieve 200 police officers from desk jobs, and extended the free school lunch program to all of New York City’s middle school students.

In November 2014, the New York City Transitional Finance Authority (TFA) sold $850 million of future tax secured, fixed-rate subordinate bonds, including $700 million of tax-exempt new money bonds and $150 million of taxable new money bonds. S&P and Fitch rated the TFA subordinate lien bonds at AAA, and Moody’s Investors Service’s rating was Aa1. Also in November 2014, the New York City Municipal Water Finance Authority

came to market with $375 million of new water and sewer system revenue bonds, rated AA-plus by both S&P and Fitch.

Successful investors, we have found, maintain a long-term perspective regardless of the specific developments associated with any given reporting period. To maximize the benefits that municipal bond funds seek to provide, many investors reinvest their dividends and allow the income generated from their investments to compound over time.

FUND PERFORMANCE

Oppenheimer Rochester Fund Municipals held more than 710 securities as of December 31, 2014. The Fund was invested in a broad range of sectors, providing shareholders with a diversity of holdings that we believe would be difficult and costly to replicate in an individual portfolio.

The Class A shares had a distribution yield of 6.33% at NAV as of December 31, 2014. As long-time investors know, yields on fixed-income funds rise when share prices fall, and yields have historically contributed the lion’s share of the long-term total returns generated by bonds.

The Fund’s dividend trend this reporting period shows the positive impact a yield-driven approach can have amid challenging market conditions. This Fund’s Class A dividend, which was 7.9 cents per share at the outset of the reporting period, increased to 8.0 cents

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per share beginning with the March 2014 payout and again to 8.1 cents per share with the November 2014 payout. In all, the Fund distributed 96 cents per Class A share this reporting period.

Securities issued in the Commonwealth of Puerto Rico, which are exempt from federal, state and local income taxes, represented 22.5% of the Fund’s total assets (22.9% of net assets) at the end of this reporting period. Puerto Rico’s “tobacco bonds” are excluded from this figure, as they are backed by proceeds from the Master Settlement Agreement (MSA) and included in this Fund’s tobacco holdings, as discussed later in this report.

The Fund’s holdings, some of which are insured, include G.O. debt and securities from

many different sectors. Most of the Fund’s investments in securities issued in Puerto Rico are supported by taxes and other revenues and are designed to help finance electric utilities, highways and education, among other things. Our holdings in bonds issued in Puerto Rico contributed favorably to performance this reporting period.

Expanding on the fiscal discipline that was the hallmark of Luis Fortuño, his predecessor, first-time Governor Alejandro García Padilla has strengthened the island’s balance sheet, cut the government payrolls, enacted comprehensive pension reforms, and raised revenues via tax rate changes and improved enforcement.

In late June 2014, news about the Commonwealth’s first balanced general fund

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budget in more than 20 years was overshadowed by Gov. Padilla’s decision to sign legislation allowing Puerto Rico’s public corporations – PREPA (the electric utility authority), PRASA (the aqueduct and sewer authority) and PRHTA (the highway authority) – to restructure their debt. Were issuers to make use of this law – the Puerto Rico Public Corporation Debt Enforcement and Recovery Act (the “Recovery Act”) – they could potentially seek to lessen debt-service payments to their creditors.

During this reporting period, we filed a lawsuit in federal court in Puerto Rico, challenging the constitutional validity of the Recovery Act, which we will pursue vigorously. We are determined to protect our shareholders’ best interests and enforce the bond covenants that have been negotiated.

Puerto Rico debt continued to be the subject of a variety of critical reports during this reporting period as the media focused on the Recovery Act and the potential for debt restructuring. While most of the muni bonds issued by Puerto Rico faced some pricing pressure during this reporting period, the tide turned for many of the island’s securities before the end of 2014 and prices were rallying.

Investors should note that deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rico bonds and the performance of the Oppenheimer Rochester municipal funds that hold them, including this Fund. Our investment team will continue to monitor credit rating changes and other developments related to our Puerto Rico holdings closely and will post information on

7       OPPENHEIMER ROCHESTER FUND MUNICIPALS

our website (oppenheimerfunds.com) and on our Twitter feed (twitter.com/RochesterFunds). We also encourage investors to contact their financial advisors for the latest information, as the situation remains quite fluid.

Given the degree to which Oppenheimer Rochester funds have been cited in news coverage about the economic and fiscal challenges facing Puerto Rico, we feel compelled to remind investors that all fund investments are actively managed. Our team is responsive to the dynamics of the market and may choose to adjust trading strategies in the interest of maximizing the potential benefits to our shareholders – and minimizing their potential losses.

Further, while we remain committed to keeping investors informed about our basic investing strategies, we do not provide comment about near-term trading strategies as we believe doing so might allow other market participants to impair our team’s ability to deliver shareholder value.

Municipal bonds backed by proceeds from the tobacco MSA, the national litigation settlement with U.S. tobacco manufacturers, represented 24.5% of the Fund’s total assets (24.8% of net assets) at the end of this reporting period and contributed favorably to the Fund’s total return this reporting period.

We believe the securities we hold in this sector are fundamentally sound credits, and we like that “tobacco bonds” can provide tax-exempt income for investors as well as benefits to the

issuing states and territories. Our long-term view of the sector remains bullish and, given attractive valuations, we believe that it is likely we will continue to hold a greater percentage of tobacco bonds in our portfolios than our peers. As in prior reporting periods, the tobacco bonds this Fund held during this reporting period made all scheduled payments of interest and principal on time and in full.

As of December 31, 2014, holdings in the electric utilities sector represented 7.9% of total assets (8.0% of net assets). This sector, which included securities issued by PREPA as well as securities issued in New York State and Guam, contributed favorably to the Fund’s total return this reporting period, although PREPA was a detractor.

The Fund’s airline holdings represented 7.9% of total assets (8.0% of net assets) as of December 31, 2014. Many of the Fund’s holdings in this sector are backed by a security interest in the airport terminal buildings or maintenance facilities whose construction they finance, and we believe that these bonds offer investors valuable collateral. This sector also contributed favorably to the Fund’s total return this reporting period.

At the end of this reporting period, the Special Tax sector represented 7.6% of the Fund’s total assets (7.7% of net assets) and included some securities issued in Puerto Rico. The Fund’s holdings in this sector are backed by various taxes, all of which have had consistently strong cash flows that must be used to cover the debt service obligations and

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have consistently done so. The sector as a whole and the Special Tax bonds issued in Puerto Rico in particular were positive contributors to Fund performance this reporting period.

The Fund was also invested in securities used to finance marine and aviation facilities this reporting period. Many of these securities are high-grade investments that are backed by the valuable collateral of the projects whose construction they finance. As of December 31, 2014, the Fund’s holdings in this sector represented 5.7% of total assets (5.8% of net assets). This sector also contributed favorably to performance this reporting period.

More than three-quarters of the sales tax revenue bonds held by the Fund this reporting period were issued in Puerto Rico. In all, this sector represented 5.6% of the Fund’s total assets (5.7% of net assets) as of December 31, 2014, and included bonds issued in Guam, the U.S. Virgin Islands and various New York municipalities. Debt-service payments on securities in this sector are paid using the issuing municipality’s sales tax revenue. This sector also contributed favorably to the Fund’s total return.

The Fund continued to be invested in the highways and commuter facilities sector this reporting period, which represented 5.0% of total assets (5.1% of net assets) as of December 31, 2014. The bonds in this sector, including some issued in Puerto Rico, are used to build and maintain roadways and highway amenities. The sector as a whole and the

PRHTA bonds in particular made favorable contributions to the Fund’s performance this reporting period.

As of December 31, 2014, the Fund’s holdings in the higher education sector represented 4.8% of total assets (4.8% of net assets). The investment-grade bonds we hold in this sector have regularly provided high levels of tax-free income with what we believe to be far less credit risk than their external ratings would suggest, and contributed favorably to total return this reporting period.

G.O. securities, which are backed by the full faith and taxing authority of state and local governments, comprised 4.4% of the Fund’s total assets (4.4% of net assets) as of December 31, 2014. The Fund’s holdings in this sector include bonds issued by the Commonwealth of Puerto Rico and the Northern Mariana Islands. As of the end of the reporting period, the G.O. sector contributed favorably to the Fund’s total return.

As of December 31, 2014, the Fund was invested in the hospital/healthcare sector, which represented 4.0% of its total assets (4.1% of net assets). Our holdings in this sector consist of securities across the credit spectrum, and the bonds contributed favorably to the Fund’s total return this reporting period.

The commercial services and supplies sector, which represented less than 0.1% of total and net assets as of December 31, 2014, was a slight detractor from the Fund’s performance.

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During this reporting period, the Fund maintained an investment in municipal inverse-floating rate securities, which are tax-exempt securities with interest payments that move inversely to changes in short-term interest rates. “Inverse floaters” continued to provide high levels of income to funds across the industry during this reporting period, which was characterized by rising prices among high-grade municipal securities. We continue to believe that “inverse floaters” are an essential element of this Fund’s portfolio because they can produce attractive yields under certain market conditions. The Fund’s inverse floaters, in aggregate, contributed positively to Fund performance this reporting period.

Our approach to municipal bond investing is flexible and responsive to market conditions. Shareholders should note that market conditions during this reporting period did not affect the Fund’s overall investment goals or cause it to pay any capital gain distributions. In closing, we believe that the Fund’s structure and sector composition as well as our time-tested strategies will continue to benefit fixed-income investors through interest rate and economic cycles.

INVESTMENT STRATEGY

The Rochester investment team focuses exclusively on municipal bonds and has consistently used a time-tested, value-oriented and security-specific approach to fund management. We know that market conditions can and do fluctuate, but we do not waver in our belief in the power of tax-free

yield to help investors achieve their long-term objectives.

This Fund invests primarily in investment-grade municipal securities. It may invest up to 25% of its total assets in below-investment grade securities, or “junk” bonds; the percentage of assets is measured at the time of purchase as is the credit quality of the securities. Additionally, the credit quality is based on Nationally Recognized Statistical Rating Organization (“NRSRO”) ratings or, if no NRSRO rating, on internal ratings. As of December 31, 2014, market movements or rating changes of municipal bonds, notably the Fund’s investments in Puerto Rico paper, caused the Fund’s below-investment-grade holdings to exceed this threshold. As a result, no further purchases of below-investment-grade bonds will be made until the Fund’s holdings of these types of bonds is once again below 25% of total assets.

Our team continually searches for bonds that we believe are undervalued and can provide a meaningful level of tax-free income until maturity. Rather than making allocation shifts based on expected market conditions, we search the marketplace for what we believe to be the best values for generating income. It remains important to note that we do not manage our funds based on predictions of interest rate changes.

Instead, our investment approach involves scouring the market for municipal securities that meet our stringent credit criteria and buying bonds that we believe will deliver

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above-average yields relative to peer funds. We focus on identifying inefficiencies in market pricing that can lead to investment advantages. We seek to maintain a thoughtful mix of industry sectors, maturities and credit ratings in this Fund’s portfolio.

The Rochester team also prospects for yield-enhancing opportunities in the secondary market, often picking up odd lots that we believe can add significant incremental yield

to our portfolios. We will also look for non-rated issues with solid credit qualities, which we believe can often help enhance a fund’s tax-free yield. Investors should note that non-rated or unrated securities may or may not be the equivalent of investment grade securities.

The Rochester Way, we believe, distinguishes our approach to municipal investing from those of our competitors.

Daniel G. Loughran,

Senior Vice President, Senior Portfolio Manager and Team Leader, on behalf of the rest of the Rochester portfolio management team: Scott S. Cottier, Troy E. Willis, Mark R. DeMitry, Michael L. Camarella, Charles S. Pulire and Elizabeth S. Mossow.

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Top Holdings and Allocations

TOP TEN CATEGORIES

Tobacco Master Settlement Agreement	24.5%
Electric Utilities	7.9
Airlines	7.9
Special Tax	7.6
Marine/Aviation Facilities	5.7
Sales Tax Revenue	5.6
Highways/Commuter Facilities	5.0
Higher Education	4.8
General Obligation	4.4
Hospital/Healthcare	4.0

Portfolio holdings and allocations are subject to change. Percentages are as of December 31, 2014, and are based on total assets.

CREDIT ALLOCATION

	NRSRO- Rated			Sub- Adviser- Rated			Total
AAA		1.0	%		0.1	%		1.1%
AA		19.8			0.7			20.5
A		9.0			0.5			9.5
BBB		10.3			13.2			23.5
BB or lower		39.9			5.5			45.4
Total		80.0			20.0			100.0

The percentages above are based on the market value of the securities as of December 31, 2014, and are subject to change. OppenheimerFunds, Inc. determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For any security rated by an NRSRO other than S&P, the sub-adviser, OppenheimerFunds, Inc., converts that security’s rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the sub-adviser uses its own credit analysis to assign ratings in categories similar to those of S&P. The use of similar categories is not an indication that the sub-adviser’s credit analysis process is consistent or comparable with any NRSRO’s process were that NRSRO to rate the same security.

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

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Performance

DISTRIBUTION YIELDS

As of 12/31/14

	Without Sales Charge	With Sales Charge
Class A	6.33%	6.03%
Class B	5.32	N/A
Class C	5.33	N/A
Class Y	6.51	N/A

STANDARDIZED YIELDS

For the 30 Days Ended 12/31/14

Class A	6.12	%
Class B	5.55
Class C	5.56
Class Y	6.58

TAXABLE EQUIVALENT YIELDS

As of 12/31/14

Class A	11.86	%
Class B	10.76
Class C	10.78
Class Y	12.75

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 12/31/14

	Inception Date		1-Year		5-Year		10-Year		Since Inception
Class A (RMUNX)		5/15/86		14.43%		5.89%		4.47%	6.39%
Class B (RMUBX)		3/17/97		13.41		4.94		3.92	4.88
Class C (RMUCX)		3/17/97		13.50		5.00		3.58	4.28
Class Y (RMUYX)		4/28/00		14.60		6.05		4.62	5.56

AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 12/31/14

	Inception Date		1-Year		5-Year		10-Year		Since Inception
Class A (RMUNX)		5/15/86		9.00%		4.87%		3.97%	6.20%
Class B (RMUBX)		3/17/97		8.41		4.61		3.92	4.88
Class C (RMUCX)		3/17/97		12.50		5.00		3.58	4.28
Class Y (RMUYX)		4/28/00		14.60		6.05		4.62	5.56

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

Performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investments. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 4.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion.

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

Distribution yields for Class A shares are based on dividends of $0.081 for the 36-day accrual period ended December 31, 2014. The yield without sales charge for Class A shares is calculated by dividing annualized dividends by the Class A net asset value on December 31, 2014; for the yield with sales charge, the denominator is the Class A maximum offering price on that date. Distribution yields for Class B, C and Y are annualized based on dividends of

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$0.0679, $0.0681 and $0.0832, respectively, for the 36-day accrual period ended December 31, 2014, and on the corresponding net asset values on that date.

Standardized yield is based on the Fund’s net investment income for the 30-day period ended December 31, 2014, and either that date’s maximum offering price (for Class A shares) or net asset value (for the other classes). Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.

Taxable equivalent yields are based on the standardized yield and the 2014 top federal and New York combined tax rate of 48.4% for New York State residents and 50.6% for New York City residents. Calculations factor in the 3.8% tax on unearned income under the Patient Protection and Affordable Care Act, as applicable. A portion of the Fund’s distributions may be subject to tax; distributions may also increase an investor’s exposure to the alternative minimum tax. Capital gains distributions are taxable as capital gains. Tax treatments of the Fund’s distributions and capital gains may vary by state; investors should consult a tax advisor to determine if the Fund is appropriate for them. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields. This Report must be preceded or accompanied by a Fund prospectus.

The average yields for AAA-rated municipal securities are provided by Municipal Market Advisors (MMA) and are based on its benchmark of general obligation bonds structured with a 5% coupon. The MMA 5% benchmark is constructed using yields from the leading underwriters, who represent a significant percentage of the primary activity of the top 10 underwriters and therefore the total issuance.

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

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

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

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

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Fund Expenses

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

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2014.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During 6 Months Ended December 31, 2014” to estimate the expenses you paid on your account during this period.

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

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

16       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Actual	Beginning Account Value July 1, 2014	Ending Account Value December 31, 2014	Expenses     Paid During     6 Months Ended     December 31, 2014
Class A	$    1,000.00	$       1,048.60	$          5.33
Class B	1,000.00	1,044.20	9.94
Class C	1,000.00	1,044.30	9.73
Class Y	1,000.00	1,049.40	4.45
Hypothetical (5% return before expenses)
Class A	1,000.00	1,020.01	5.26
Class B	1,000.00	1,015.53	9.80
Class C	1,000.00	1,015.73	9.60
Class Y	1,000.00	1,020.87	4.39

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from affiliated funds, based on the 6-month period ended December 31, 2014 are as follows:

Class	Expense Ratios
Class A		1.03	%
Class B		1.92
Class C		1.88
Class Y		0.86

The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without waivers or reimbursements and reduction to custodian expenses, if applicable.

17       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS December 31, 2014

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—108.8%
	New York—80.8%
	$605,000	Albany County, NY IDA (Wildwood Programs)1		4.900	%		07/01/2021	$	608,473
	8,165,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.875			07/01/2041		9,238,044
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.625			07/01/2031		1,488,448
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)1		5.375			07/01/2026		1,716,357
	1,420,000	Albany, NY Hsg. Authority (Lark Drive)1		5.500			12/01/2028		1,422,130
	600,000	Albany, NY IDA (Albany Rehabilitation)1		8.375			06/01/2023		600,240
	900,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2037		903,924
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2032		1,358,734
	3,125,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2027		3,159,187
	900,000	Albany, NY IDA (New Covenant Charter School)2		7.000			05/01/2025		11,232
	1,760,000	Albany, NY IDA (Sage Colleges)1		5.300			04/01/2029		1,735,976
	985,000	Albany, NY Parking Authority		1.232	3		11/01/2017		878,324
	5,000,000	Amherst, NY IDA (Beechwood Health Care Center)1		5.200			01/01/2040		5,071,100
	420,000	Blauvelt, NY Volunteer Fire Company		6.250			10/15/2017		420,773
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)1		6.300			11/01/2033		2,700,594
	1,435,000	Brookhaven, NY IDA (Stony Brook Foundation)1		6.500			11/01/2020		1,446,753
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.375			10/01/2041		1,972,630
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		6.000			10/01/2031		1,031,028
	500,000	Build NYC Resource Corp. (New York Methodist Hospital)1		5.000			07/01/2030		570,585
	1,500,000	Build NYC Resource Corp. (Pratt Paper)1		4.500			01/01/2025		1,534,830
	3,250,000	Build NYC Resource Corp. (Pratt Paper)1		5.000			01/01/2035		3,363,815
	860,000	Build NYC Resource Corp. (YMCA of Greater New York)		5.000			08/01/2032		950,971
	3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)1		5.750			11/01/2030		3,061,140
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1		5.000			05/01/2040		1,095,530
	250,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000			05/01/2039		268,795
	200,000	Cattaraugus County, NY Capital Resource Corp. (St. Bonaventure University)1		5.000			05/01/2034		217,962
	830,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.450			09/15/2019		831,013
	105,000	Chautauqua, NY Utility District1		5.000			06/01/2025		108,137
	95,000	Chautauqua, NY Utility District1		5.000			06/01/2023		98,049
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		5.000			07/01/2033		1,517,424
	740,000	Chemung County, NY IDA (Hathorn Redevel. Company)		4.850			07/01/2023		742,398
	1,515,000	Clifton Springs, NY Hospital & Clinic1		8.000			01/01/2020		1,517,439

18       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$2,200,000	Dutchess County, NY IDA (Elant Fishkill)1		5.250	%		01/01/2037	$	2,082,036
	650,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)1		5.750			07/01/2040		729,852
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.400	3		06/01/2027		701,430
	2,055,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)1		6.750			03/01/2030		2,057,404
	2,460,000	East Rochester, NY Hsg. Authority (Woodland Village)1		5.500			08/01/2033		2,505,092
	2,675,000	Elmira, NY Hsg. Authority (Eastgate Apartments)1		6.250			06/01/2044		2,646,431
	7,050,000	Erie County, NY IDA (Charter School Applied Tech)1		6.875			06/01/2035		7,221,315
	2,845,000	Erie County, NY IDA (Global Concepts Charter School)1		6.250			10/01/2037		2,995,244
	715,000	Erie County, NY IDA (The Episcopal Church Home)1		6.000			02/01/2028		716,158
	135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	3		06/01/2050		3,265,699
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.196	3		06/01/2055		1,766,187
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	3		06/01/2060		4,270,080
	25,330,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2038		20,620,646
	93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	3		06/01/2047		3,329,400
	72,595,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2045		57,552,590
	1,410,000	Essex County, NY IDA (International Paper Company)1		4.600			03/01/2027		1,434,647
	1,500,000	Essex County, NY IDA (International Paper Company)1		6.625			09/01/2032		1,696,020
	410,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		412,981
	1,100,000	Essex County, NY IDA (North Country Community College Foundation)1		5.300			06/01/2035		1,106,182
	975,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		985,364
	1,235,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		1,245,411
	320,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		323,005
	185,000	Fishkill, NY GO1		5.000			04/15/2029		185,368
	900,000	Franklin County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		907,587
	100,000	Glens Falls, NY GO1		6.000			02/01/2040		112,385
	1,945,000	Hempstead, NY IDA (Adelphi University)1		5.000			10/01/2030		2,015,234
	3,665,000	Hempstead, NY IDA (Peninsula Counseling Center)1		6.500			11/01/2038		3,673,576

19       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,250,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000	%		07/01/2039	$	1,358,800
	1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2044		1,080,440
	1,500,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2034		1,658,160
	1,700,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.000			07/01/2029		1,914,098
	34,450,000	Hudson Yards, NY Infrastructure Corp.1		5.750			02/15/2047		39,871,741
	4,840,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		5,158,278
	10,475,000	L.I., NY Power Authority, Series A1		5.750			04/01/2039		11,897,086
	6,315,000	L.I., NY Power Authority, Series A1		5.000			09/01/2039		7,110,753
	1,250,000	L.I., NY Power Authority, Series A1		5.000			09/01/2044		1,402,050
	29,735,000	L.I., NY Power Authority, Series A		5.000			09/01/2037		32,994,848
	20,000,000	L.I., NY Power Authority, Series A		5.000			09/01/2042		22,107,200
	3,400,000	L.I., NY Power Authority, Series A1		5.000			05/01/2036		3,788,416
	1,900,000	L.I., NY Power Authority, Series B1		5.750			04/01/2033		2,168,052
	65,000	L.I., NY Power Authority, Series B1		5.000			12/01/2035		68,450
	7,000,000	L.I., NY Power Authority, Series B		5.000			09/01/2029		7,975,380
	455,000	Lockport City, NY GO1		5.000			10/15/2021		507,270
	435,000	Lockport City, NY GO1		5.000			10/15/2020		481,958
	505,000	Lockport City, NY GO1		5.000			10/15/2023		564,777
	530,000	Lockport City, NY GO1		5.000			10/15/2024		587,420
	480,000	Lockport City, NY GO1		5.000			10/15/2022		536,112
	3,000,000	Madison County, NY IDA (Colgate University)1		5.000			07/01/2040		3,069,390
	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2040		5,499,227
	100,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2033		104,411
	860,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000			06/01/2028		872,840
	1,100,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000			06/01/2032		1,115,554
	570,000	Middletown, NY IDA (Flanagan Design & Display)2		7.500			11/01/2018		285,000
	2,375,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)1		6.500			12/01/2042		2,432,285
	3,660,000	Monroe County, NY IDA (Summit at Brighton)1		5.500			07/01/2027		2,942,823
	2,345,000	Monroe County, NY IDA (Summit at Brighton)1		5.375			07/01/2032		1,704,018
	375,000	Monroe County, NY IDA (Volunteers of America)1		5.700			08/01/2018		374,962
	2,765,000	Monroe County, NY IDA (Volunteers of America)1		5.750			08/01/2028		2,725,184
	850,000	Monroe County, NY Industrial Devel. Corp. (Monroe Community College)1		5.000			01/15/2038		955,417
	850,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.000			10/01/2026		934,464
	500,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.250			10/01/2031		548,865
	1,840,000	Monroe County, NY Industrial Devel. Corp. (Nazareth College of Rochester)1		5.500			10/01/2041		2,024,000

20       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.625	%		06/01/2026	$	961,885
	500,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000			06/01/2029		564,205
	1,515,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.000			06/01/2044		1,628,549
	960,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.500			06/01/2034		1,104,970
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000			06/01/2034		1,692,938
	15,100,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.750			08/15/2035		18,034,987
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	3		06/01/2061		2,671,500
	580,000	Monroe, NY Newpower Corp1		5.625			01/01/2026		584,246
	2,305,000	Monroe, NY Newpower Corp.1		5.500			01/01/2034		2,318,323
	700,000	Mount Vernon, NY IDA (Kings Court)1		5.200			12/01/2033		704,242
	1,385,000	Mount Vernon, NY IDA (Meadowview)1		6.150			06/01/2019		1,387,964
	2,600,000	Mount Vernon, NY IDA (Meadowview)1		6.200			06/01/2029		2,602,678
	802,824	Municipal Assistance Corp. for Troy, NY		5.733	3		07/15/2021		702,913
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.741	3		01/15/2022		1,047,437
	450,000	Nassau County, NY IDA (ACDS)1		5.950			11/01/2022		452,250
	100,000	Nassau County, NY IDA (ALIA-ACDS)1		7.500			06/01/2015		100,271
	310,000	Nassau County, NY IDA (ALIA-HH)1		7.125			06/01/2017		310,347
	240,000	Nassau County, NY IDA (ALIA-HHS)1		7.125			06/01/2017		240,269
	15,000	Nassau County, NY IDA (ALIA-LVH)1		7.500			06/01/2015		15,041
	5,823,750	Nassau County, NY IDA (Amsterdam at Harborside)1		6.700			01/01/2049		5,709,139
	2,101,661	Nassau County, NY IDA (Amsterdam at Harborside)2		2.000			01/01/2049		21
	3,665,000	Nassau County, NY IDA (CSMR)1		5.950			11/01/2022		3,683,325
	435,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)1		5.950			11/01/2022		437,175
	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500			11/01/2037		1,664,748
	3,150,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)		5.250			06/01/2027		3,162,190
	480,000	Nassau County, NY IDA (Life’s WORCA)1		5.950			11/01/2022		482,400
	3,535,000	Nassau County, NY IDA (New York Water Service Corp.)1		5.000			12/01/2035		3,582,793
	1,695,000	Nassau County, NY IDA (North Shore CFGA)1		6.750			05/01/2024		1,695,966
	800,000	Nassau County, NY IDA (PLUS Group Home)1		6.150			11/01/2022		811,272
	645,000	Nassau County, NY IDA (United Veteran’s Beacon House)1		6.500			11/01/2037		655,520
	460,000	Nassau County, NY IDA, Series A-A1		6.000			06/01/2021		466,895
	4,800,000	Nassau County, NY IDA, Series A-B1		6.000			06/01/2021		4,871,952
	465,000	Nassau County, NY IDA, Series A-C1		6.000			06/01/2021		471,970
	515,000	Nassau County, NY IDA, Series A-D1		6.000			06/01/2021		522,720
	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	3		06/01/2046		3,548,043
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		5.646	3		06/01/2060		5,402,701
	122,875,000	Nassau County, NY Tobacco Settlement Corp.1		5.125			06/01/2046		95,704,880

21       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	%3		06/01/2046	$	728,800
	40,000,000	Nassau County, NY Tobacco Settlement Corp.		6.350	3		06/01/2060		166,800
	22,780,000	Nassau County, NY Tobacco Settlement Corp. (TASC)1		5.000			06/01/2035		19,262,085
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)1		5.375			04/01/2036		3,708,425
	1,500,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		1,502,640
	125,000	Niagara Falls, NY Public Water Authority1		5.500			07/15/2034		126,431
	850,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2042		913,300
	500,000	Niagara, NY Area Devel. Corp. (Niagara University)		5.000			05/01/2035		541,220
	2,055,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)1		7.375			12/15/2021		2,409,672
	6,245,000	NY Counties Tobacco Trust I		6.500			06/01/2035		6,244,688
	19,230,000	NY Counties Tobacco Trust I1		6.625			06/01/2042		19,228,077
	3,720,000	NY Counties Tobacco Trust I		6.250			06/01/2028		3,719,814
	29,770,000	NY Counties Tobacco Trust II (TASC)1		5.625			06/01/2035		29,810,189
	53,880,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043		54,137,008
	245,000	NY Counties Tobacco Trust III		6.000			06/01/2043		244,995
	7,000,000	NY Counties Tobacco Trust IV1		5.000			06/01/2038		5,735,310
	131,335,000	NY Counties Tobacco Trust IV		4.866	3		06/01/2050		3,176,994
	304,690,000	NY Counties Tobacco Trust IV		5.373	3		06/01/2055		4,250,425
	608,700,000	NY Counties Tobacco Trust IV		5.823	3		06/01/2060		2,538,279
	38,275,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2045		29,374,914
	82,300,000	NY Counties Tobacco Trust IV (TASC)1		6.250			06/01/2041		74,661,737
	52,535,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2042		40,375,774
	234,750,000	NY Counties Tobacco Trust V		6.071	3		06/01/2038		42,337,162
	643,195,000	NY Counties Tobacco Trust V		6.850	3		06/01/2055		7,711,908
	596,125,000	NY Counties Tobacco Trust V		5.171	3		06/01/2050		16,441,127
	3,179,100,000	NY Counties Tobacco Trust V		6.736	3		06/01/2060		14,369,532
	62,345,000	NY Liberty Devel. Corp. (Bank of America Tower at One Bryant Park)4		5.625			01/15/2046		71,212,865
	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)4		5.125			01/15/2044		16,744,050
	2,199,995	NY Liberty Devel. Corp. (National Sports Museum)2		6.125			02/15/2019		22
	795,000	NY MTA, Series A1		5.000			11/15/2025		932,026
	500,000	NY MTA, Series A		5.000			11/15/2027		588,925
	500,000	NY MTA, Series A		5.000			11/15/2026		593,885
	3,400,000	NY MTA, Series A		5.000			11/15/2029		3,953,316
	6,800,000	NY MTA, Series A1		5.250			11/15/2038		7,786,680
	5,985,000	NY MTA, Series B1		5.000			11/15/2024		6,663,879
	4,035,000	NY MTA, Series B1		5.000			11/15/2029		4,443,423
	4,000,000	NY MTA, Series C		5.000			11/15/2038		4,523,440
	2,150,000	NY MTA, Series D		5.000			11/15/2032		2,486,131
	1,100,000	NY MTA, Series D		5.250			11/15/2032		1,303,269
	1,100,000	NY MTA, Series D		5.250			11/15/2031		1,307,064
	1,100,000	NY MTA, Series D		5.250			11/15/2033		1,299,485
	1,100,000	NY MTA, Series D		5.250			11/15/2029		1,313,730

22       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$27,675,000	NY MTA, Series D		5.000	%		11/15/2030	$	32,278,459
	10,000,000	NY MTA, Series D		5.000			11/15/2027		11,502,600
	1,225,000	NY MTA, Series D1		5.250			11/15/2034		1,389,628
	585,000	NY MTA, Series D		5.250			11/15/2027		707,113
	1,375,000	NY MTA, Series D		5.250			11/15/2026		1,674,172
	690,000	NY MTA, Series D		5.250			11/15/2028		827,669
	1,100,000	NY MTA, Series D		5.250			11/15/2030		1,310,859
	3,500,000	NY MTA, Series D-1		5.000			11/01/2028		4,112,045
	8,000,000	NY MTA, Series D-1		5.000			11/01/2027		9,464,480
	61,110,000	NY MTA, Series F1		5.000			11/15/2030		71,275,037
	3,000,000	NY MTA, Series H1		5.000			11/15/2025		3,580,740
	2,100,000	NY MTA, Series H1		5.000			11/15/2033		2,413,908
	2,100,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2030		2,490,306
	400,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2028		477,432
	3,200,000	NY Triborough Bridge & Tunnel Authority		5.000			11/15/2029		3,741,600
	303,515,000	NY TSASC, Inc. (TFABs)1		5.125			06/01/2042		254,293,972
	250,510,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2034		208,945,381
	3,950,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2026		3,952,765
	3,800,000	NYC GO1		5.000			08/01/2035		4,335,648
	3,000,000	NYC GO1		5.000			08/01/2029		3,513,990
	5,760,000	NYC GO		5.000			08/01/2031		6,668,582
	5,000,000	NYC GO1		5.000			08/01/2029		5,805,000
	5,135,000	NYC GO		5.000			10/01/2032		5,918,858
	1,915,000	NYC GO		5.000			10/01/2034		2,192,962
	350,000	NYC GO		5.000			10/01/2030		409,272
	2,500,000	NYC GO1		5.000			10/01/2029		2,936,800
	1,175,000	NYC GO1		5.000			08/01/2035		1,208,358
	235,000	NYC GO1		5.000			08/01/2030		241,672
	4,225,000	NYC GO4		5.000			08/01/2035		4,332,635
	7,330,000	NYC GO4		5.000			08/01/2030		7,523,292
	8,750,000	NYC GO		5.000			03/01/2033		10,073,875
	15,000	NYC GO1		5.000			06/01/2020		15,305
	15,000	NYC GO1		5.000			04/01/2035		15,166
	60,000	NYC GO1		5.000			04/01/2035		60,733
	5,000	NYC GO1		5.320			01/15/2028		5,021
	15,000	NYC GO		5.500			11/15/2037		15,063
	5,000	NYC GO1		7.750			08/15/2028		5,046
	5,000	NYC GO		7.250			08/15/2024		5,029
	4,750,000	NYC GO4		5.000			03/01/2035		4,785,053
	10,000,000	NYC GO4		5.000			10/01/2034		11,491,300
	20,000,000	NYC GO4		5.250			03/01/2021		23,167,400
	230,000	NYC GO		5.250			06/01/2027		230,927
	1,340,000	NYC GO1		5.000			05/15/2036		1,503,869
	3,300,000	NYC GO1		5.000			10/01/2033		3,791,337
	380,000	NYC GO		5.375			06/01/2032		381,581
	2,000,000	NYC GO1		6.250			12/15/2031		2,378,100
	5,395,000	NYC GO ROLs5		18.464	6		05/15/2036		8,034,018
	1,475,000	NYC GO ROLs5		18.483	6		05/15/2031		2,275,866
	875,000	NYC GO ROLs5		18.498	6		05/15/2033		1,350,090
	7,205,000	NYC HDC (Multifamily Hsg.)1		5.250			11/01/2045		7,390,385

23       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$5,140,000	NYC HDC (Multifamily Hsg.)1		5.350	%		11/01/2037	$	5,328,021
	3,735,000	NYC HDC (Multifamily Hsg.)1		5.450			11/01/2040		3,876,482
	25,000	NYC HDC (Multifamily Hsg.)1		5.550			11/01/2039		26,887
	890,000	NYC HDC (Multifamily Hsg.)1		4.950			11/01/2039		937,588
	5,100,000	NYC HDC (Multifamily Hsg.)1		5.150			11/01/2037		5,160,129
	1,215,000	NYC HDC (Multifamily Hsg.)1		5.350			05/01/2041		1,263,649
	3,000,000	NYC HDC (Multifamily Hsg.)4		5.125			11/01/2032		3,088,320
	3,500,000	NYC HDC (Multifamily Hsg.)4		5.000			11/01/2037		3,529,505
	2,670,000	NYC HDC (Multifamily Hsg.)1		5.450			11/01/2046		2,733,466
	780,000	NYC HDC (Multifamily Hsg.)1		5.000			11/01/2030		806,785
	1,675,000	NYC HDC (Multifamily Hsg.)1		5.200			11/01/2035		1,726,238
	3,090,000	NYC HDC (Multifamily Hsg.)4		5.500			11/01/2034		3,326,662
	4,685,000	NYC HDC (Multifamily Hsg.)4		5.050			11/01/2039		4,724,476
	2,435,000	NYC HDC (Multifamily Hsg.)4		5.100			11/01/2027		2,551,877
	8,035,000	NYC HDC (Multifamily Hsg.)4		5.200			11/01/2040		8,241,893
	10,910,000	NYC HDC (Multifamily Hsg.)4		5.700			11/01/2046		11,755,073
	2,840,000	NYC HDC (Multifamily Hsg.)4		5.550			11/01/2039		3,054,420
	70,000	NYC HDC (Multifamily Hsg.), Series A1		5.500			11/01/2034		70,230
	29,070,000	NYC HDC (Multifamily Hsg.), Series B4		5.350			05/01/2049		29,868,093
	8,365,000	NYC HDC (Multifamily Hsg.), Series C4		5.125			05/01/2040		8,438,526
	11,250,000	NYC HDC (Multifamily Hsg.), Series C4		5.050			11/01/2036		11,375,119
	13,180,000	NYC HDC (Multifamily Hsg.), Series G-14		4.875			11/01/2039		13,326,584
	2,750,000	NYC HDC, Series C4		5.000			11/01/2026		2,786,740
	940,000	NYC IDA (Allied Metal)1		7.125			12/01/2027		932,113
	2,130,000	NYC IDA (Amboy Properties)1		6.750			06/01/2020		2,097,581
	338,060,000	NYC IDA (American Airlines)1		8.500			08/01/2028		352,647,289
	59,350,000	NYC IDA (American Airlines)1		7.750			08/01/2031		64,964,510
	200,000	NYC IDA (American Airlines)1		7.500			08/01/2016		211,840
	39,860,000	NYC IDA (American Airlines)1		8.000			08/01/2028		43,826,469
	18,200,000	NYC IDA (American Airlines)1		7.625			08/01/2025		19,981,780
	365,000	NYC IDA (Atlantic Veal & Lamb)		8.375			12/01/2016		365,438
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		6.200			10/01/2022		21,850,849
	97,130,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.650			10/01/2028		83,528,886
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)		5.750			10/01/2036		131,429,591
	2,895,000	NYC IDA (Center for Elimination of Family Violence)1		7.375			11/01/2036		3,005,357
	3,400,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375			08/01/2027		3,174,104
	13,600,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375			08/01/2027		12,696,416
	18,000,000	NYC IDA (Chapin School)1		5.000			11/01/2038		18,358,020
	1,490,000	NYC IDA (Comprehensive Care Management)		6.000			05/01/2026		1,577,776
	3,145,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		3,148,711
	470,000	NYC IDA (Comprehensive Care Management)		7.875			12/01/2016		471,683
	1,285,000	NYC IDA (Comprehensive Care Management)1		6.375			11/01/2028		1,287,043
	3,245,000	NYC IDA (Comprehensive Care Management)1		6.375			11/01/2028		3,250,354
	620,000	NYC IDA (Cool Wind Ventilation)1		5.450			11/01/2017		617,477
	5,685,000	NYC IDA (Cool Wind Ventilation)1		6.075			11/01/2027		5,475,223
	555,000	NYC IDA (Cool Wind Ventilation)1		5.450			11/01/2017		552,741

24       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$2,670,000	NYC IDA (Gourmet Boutique)1		5.750	%		05/01/2021	$	1,963,117
	7,290,000	NYC IDA (Guttmacher Institute)1		5.750			12/01/2036		7,357,797
	600,000	NYC IDA (Independent Living Assoc.)1		6.200			07/01/2020		607,770
	1,240,000	NYC IDA (Liberty-IAC/Interactive Corp.)1		5.000			09/01/2035		1,262,779
	3,745,000	NYC IDA (Manhattan Community Access Corp.)1		6.000			12/01/2036		3,818,627
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		1,953,764
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		9,459,517
	14,745,000	NYC IDA (MediSys Health Network)1		6.250			03/15/2024		14,090,764
	1,945,000	NYC IDA (Metropolitan College of New York)1		5.750			03/01/2020		1,970,052
	1,750,000	NYC IDA (PSCH)1		6.375			07/01/2033		1,750,717
	6,800,000	NYC IDA (Reece School)1		7.500			12/01/2037		7,149,928
	1,000,000	NYC IDA (Roundabout Theatre)1		5.000			10/01/2023		990,150
	2,370,000	NYC IDA (Sahadi Fine Foods)1		6.750			11/01/2019		2,373,697
	200,000	NYC IDA (Samaritan Aids Services)1		5.000			11/01/2024		200,422
	875,000	NYC IDA (SFTU/YAI/CRV Obligated Group)1		5.000			07/01/2026		871,141
	1,625,000	NYC IDA (Special Needs Facilities Pooled Program)1		4.750			07/01/2020		1,584,424
	995,000	NYC IDA (Special Needs Facilities Pooled Program)1		5.250			07/01/2022		950,633
	145,000	NYC IDA (Special Needs Facilities Pooled Program)1		7.875			08/01/2025		145,088
	500,000	NYC IDA (Special Needs Facilities Pooled Program)1		6.650			07/01/2023		501,485
	955,000	NYC IDA (Stallion)1		6.000			11/01/2027		953,701
	5,760,000	NYC IDA (Stallion)1		5.500			11/01/2031		5,579,366
	1,275,000	NYC IDA (Streamline Plastics)		8.125			12/01/2025		1,275,319
	155,000	NYC IDA (Streamline Plastics)		7.750			12/01/2015		155,076
	6,808,500	NYC IDA (Studio School)2		7.000			11/01/2038		5,460,417
	1,500,000	NYC IDA (Terminal One Group Assoc.)1		5.500	7		01/01/2021		1,572,015
	1,000,000	NYC IDA (The Bank Street College)1		5.250			12/01/2030		1,001,330
	380,000	NYC IDA (The Bank Street College)1		5.250			12/01/2021		380,771
	8,600,000	NYC IDA (The Child School)1		7.550			06/01/2033		8,638,012
	3,475,000	NYC IDA (Therapy & Learning Center)1		8.250			09/01/2031		3,477,815
	32,040,000	NYC IDA (UNICEF)1		5.300			11/01/2038		32,240,250
	5,000,000	NYC IDA (United Jewish Appeal-Federal Jewish Philanthropies)		5.000			07/01/2034		5,652,450
	3,525,000	NYC IDA (Urban Resource Institute)1		7.375			11/01/2033		3,537,584
	70,500,000	NYC IDA (Visy Paper)1		7.950			01/01/2028		70,779,180
	4,200,000	NYC IDA (Visy Paper)1		7.800			01/01/2016		4,216,338
	1,930,000	NYC IDA (Vocational Instruction)2		7.750			02/01/2033		1,331,314
	1,210,000	NYC IDA (W & W Jewelers)1		8.250			02/01/2021		1,210,472
	2,900,000	NYC IDA (Weizmann Institute)1		5.900			11/01/2034		2,905,394
	5,930,000	NYC IDA (Weizmann Institute)1		5.900			11/01/2034		5,941,030
	855,000	NYC IDA (World Casing Corp.)1		6.700			11/01/2019		847,998
	100,000	NYC IDA (Yankee Stadium)1,8		5.000			03/01/2031		103,463
	16,500,000	NYC IDA (Yankee Stadium)1,8		7.000			03/01/2049		19,951,470
	6,800,000	NYC IDA (Yankee Stadium)1,8		2.504			03/01/2022		6,572,336
	18,110,000	NYC IDA (Yankee Stadium)1,8		5.000			03/01/2046		18,647,505

25       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$70,000	NYC IDA (Yankee Stadium)1,8		5.000	%		03/01/2036	$	73,592
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)1		5.725			11/01/2037		24,542,795
	31,750,000	NYC Municipal Water Finance Authority4		5.500			06/15/2043		37,342,112
	21,570,000	NYC Municipal Water Finance Authority4		5.375			06/15/2043		25,219,825
	7,595,000	NYC Municipal Water Finance Authority1		0.030	7		06/15/2039		7,595,000
	1,900,000	NYC Municipal Water Finance Authority1		5.625			06/15/2027		2,204,133
	7,350,000	NYC Municipal Water Finance Authority1		5.250			06/15/2040		8,345,557
	7,405,000	NYC Municipal Water Finance Authority1		5.250			06/15/2044		8,466,359
	2,650,000	NYC Municipal Water Finance Authority1		5.750			06/15/2040		3,034,859
	8,950,000	NYC Municipal Water Finance Authority1		5.000			06/15/2031		10,185,100
	700,000	NYC Transitional Finance Authority1		5.125			01/15/2034		779,548
	50,000	NYC Transitional Finance Authority		5.000			02/01/2033		50,190
	15,000,000	NYC Transitional Finance Authority (Building Aid)4		5.250			07/15/2037		17,332,050
	25,000,000	NYC Transitional Finance Authority (Building Aid)4		5.000			07/15/2037		28,378,000
	5,410,000	NYC Transitional Finance Authority (Building Aid)1		5.000			07/15/2040		6,104,536
	1,700,000	NYC Transitional Finance Authority (Building Aid)1		5.500			01/15/2039		1,940,346
	8,465,000	NYC Transitional Finance Authority (Building Aid) SPEARS		0.140	7		01/15/2039		8,465,000
	8,190,000	NYC Transitional Finance Authority (Future Tax)1		5.000			02/01/2035		9,479,761
	20,335,000	NYC Transitional Finance Authority (Future Tax)4		5.000			02/01/2030		23,799,207
	15,000,000	NYC Transitional Finance Authority (Future Tax)4		5.000			05/01/2034		17,470,650
	2,400,000	NYC Transitional Finance Authority (Future Tax)1		5.250			02/01/2030		2,809,392
	1,845,000	NYS Convention Center Devel. Corp. (Hotel Unit)1		5.000			11/15/2035		1,905,664
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2027		950,105
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2030		475,958
	430,000	NYS DA (Brooklyn Law School)		5.000			07/01/2029		477,463
	850,000	NYS DA (Brooklyn Law School)		5.000			07/01/2028		946,807
	260,000	NYS DA (Catholic Health System)		5.000			07/01/2032		288,790
	500,000	NYS DA (Catholic Health System)		5.000			07/01/2032		555,365
	300,000	NYS DA (Culinary Institute of America)		5.000			07/01/2034		329,355
	285,000	NYS DA (Fordham University)1		5.000			07/01/2038		314,734
	200,000	NYS DA (Fordham University)1		5.000			07/01/2030		231,866
	5,300,000	NYS DA (Interagency Council Pooled Loan Program)1		7.000			07/01/2031		5,561,502
	5,700,000	NYS DA (Interagency Council)1		7.000			07/01/2035		7,089,375
	3,000,000	NYS DA (Iona College)		5.000			07/01/2032		3,272,880
	3,490,000	NYS DA (Manhattan College)1		5.300			07/01/2037		3,619,235
	18,230,000	NYS DA (Memorial Sloan-Kettering)4		5.000			07/01/2035		19,191,052
	16,250,000	NYS DA (Mental Health Services Facilities)1		0.030	7		02/15/2031		16,250,000
	150,000	NYS DA (Mental Health Services Facilities)1		5.000			02/15/2037		157,113
	860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)		5.000			07/01/2029		927,020
	1,000,000	NYS DA (New School University)1		5.750			07/01/2050		1,142,570
	135,000	NYS DA (New School University)1		5.000			07/01/2033		135,194
	5,150,000	NYS DA (New School University)1		5.000			07/01/2041		5,155,922
	40,000,000	NYS DA (New York University)1		5.250			07/01/2048		44,395,600

26       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$11,500,000	NYS DA (North Shore L.I. Jewish Obligated Group)1		5.250	%		05/01/2034	$	12,939,570
	2,000,000	NYS DA (NYU Hospitals Center)1		5.625			07/01/2037		2,250,860
	8,575,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2036		9,026,388
	1,000,000	NYS DA (Pratt Institute)1,9		5.000			07/01/2034		1,153,980
	6,035,000	NYS DA (Providence Rest)1		5.000			07/01/2035		6,058,657
	2,700,000	NYS DA (Providence Rest)1		5.125			07/01/2030		2,714,877
	3,100,000	NYS DA (Providence Rest)1		5.250			07/01/2025		3,123,591
	1,750,000	NYS DA (School District Bond Financing Program), Series C1		7.250			10/01/2028		2,106,475
	1,525,000	NYS DA (School District Bond Financing Program), Series C1		7.500			04/01/2039		1,839,089
	2,645,000	NYS DA (School District Bond Financing Program), Series C1		7.375			10/01/2033		3,177,835
	5,770,000	NYS DA (Smithtown Special Library District)1		6.000			07/01/2028		6,700,701
	2,480,000	NYS DA (Special Surgery Hospital)1		6.000			08/15/2038		2,926,871
	270,000	NYS DA (St. John’s University)		5.000			07/01/2028		309,245
	10,750,000	NYS DA (St. John’s University)		5.000			07/01/2030		12,226,943
	3,500,000	NYS DA (St. Joseph’s College)1		5.250			07/01/2035		3,797,640
	46,700,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		50,827,813
	5,620,000	NYS DA (State Personal Income Tax Authority)1		5.000			02/15/2034		6,454,233
	15,915,000	NYS DA (State Personal Income Tax Authority)4		5.000			03/15/2034		18,336,432
	3,000,000	NYS DA (State University of New York)1		5.000			07/01/2040		3,422,100
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			02/15/2035		6,057,230
	4,395,000	NYS DA (The New School)1		5.000			07/01/2031		4,900,996
	60,000	NYS DA (University of Rochester)1		5.000			07/01/2034		61,240
	1,000,000	NYS DA (University of Rochester)1		5.750			07/01/2039		1,152,720
	11,695,000	NYS DA (Vassar College)4		5.000			07/01/2046		12,719,938
	6,565,000	NYS DA (Yeshiva University)1		5.000			09/01/2038		6,614,631
	3,105,000	NYS DA (Yeshiva University)1		5.000			11/01/2031		3,175,018
	3,500,000	NYS DA (Yeshiva University)1		5.000			09/01/2034		3,539,585
	1,405,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2037		1,565,086
	215,000	NYS EFC (NYC Municipal Water Finance Authority)		5.000			06/15/2034		219,100
	250,000	NYS EFC (United Waterworks)1		5.150			03/01/2034		250,317
	15,000	NYS ERDA (Brooklyn Union Gas Company)		5.500			01/01/2021		15,063
	25,000	NYS ERDA (Brooklyn Union Gas Company)1		4.700			02/01/2024		25,976
	7,000,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		12.313	6		04/01/2020		7,017,500
	16,300,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		13.481	6		07/01/2026		16,466,260
	150,000	NYS HFA (Affordable Hsg.)1		6.750			11/01/2038		173,177
	1,080,000	NYS HFA (Affordable Hsg.)1		6.450			11/01/2029		1,197,839
	2,000,000	NYS HFA (Affordable Hsg.)1		5.000			11/01/2042		2,129,180
	2,365,000	NYS HFA (Affordable Hsg.)1		5.250			11/01/2038		2,438,197
	10,220,000	NYS HFA (Affordable Hsg.)4		5.450			11/01/2045		10,553,191
	600,000	NYS HFA (Affordable Hsg.)1		5.200			11/01/2030		634,530
	1,060,000	NYS HFA (Children’s Rescue)1		7.625			05/01/2018		1,060,318
	920,000	NYS HFA (Friendship)1		5.100			08/15/2041		925,805
	1,125,000	NYS HFA (Golden Age Apartments)1		5.000			02/15/2037		1,137,791
	150,000	NYS HFA (Highland Avenue Senior Apartments)1		5.000			02/15/2039		152,832

27       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$120,000	NYS HFA (Horizons at Wawayanda)1		5.150	%		11/01/2040	$	124,078
	2,080,000	NYS HFA (Multifamily Hsg.)1		5.375			02/15/2035		2,082,309
	1,255,000	NYS HFA (Multifamily Hsg.)1		6.400			11/15/2027		1,257,887
	1,710,000	NYS HFA (Multifamily Hsg.)1		5.650			02/15/2034		1,712,360
	105,000	NYS HFA (State Personal Income Tax Authority)1		5.000			03/15/2036		108,607
	1,145,000	NYS HFA (State Personal Income Tax Authority)1		5.000			03/15/2036		1,184,331
	835,000	NYS LGSC (SCSB)		7.750			12/15/2021		836,286
	270,000	NYS LGSC (SCSB)		7.375			12/15/2016		272,452
	20,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.750			11/15/2051		23,439,200
	1,000,000	NYS Liberty Devel. Corp. (4 World Trade Center)1		5.000			11/15/2031		1,132,960
	7,650,000	NYS Thruway Authority		5.000			01/01/2032		8,715,722
	5,015,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2043		5,706,318
	50,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)1		4.625			09/15/2030		50,045
	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)1		5.000			09/15/2035		831,560
	1,115,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2037		1,169,323
	1,185,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2030		1,249,831
	4,635,000	Onondaga County, NY Res Rec		5.000			05/01/2015		4,638,245
	42,834,598	Onondaga County, NY Res Rec		0.000	10		05/01/2022		38,459,044
	1,000,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)		5.000			07/01/2032		1,087,540
	3,465,000	Onondaga, NY Civic Devel Corp. (Upstate Properties)1		5.250			12/01/2041		3,815,554
	2,000,000	Onondaga, NY Civic Devel. Corp. (Le Moyne College)1		5.375			07/01/2040		2,172,080
	1,435,000	Orange County, NY Funding Corp. (Mount St. Mary College)1		5.000			07/01/2042		1,522,894
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2021		1,717,350
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)		5.375			12/01/2026		6,352,915
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2026		2,237,235
	10,065,000	Port Authority NY/NJ (Continental Airlines)1		9.125			12/01/2015		10,225,537
	345,000	Port Authority NY/NJ (JFK International Air Terminal)1		6.500			12/01/2028		361,998
	32,140,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2025		32,236,099
	16,565,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		16,659,421
	34,400,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2019		34,396,216
	27,255,000	Port Authority NY/NJ, 141st Series4		4.500			09/01/2029		27,636,780
	35,000	Port Authority NY/NJ, 143rd Series1		5.000			04/01/2036		35,953
	47,910,000	Port Authority NY/NJ, 143rd Series4		5.000			10/01/2030		49,376,046
	10,000	Port Authority NY/NJ, 146th Series1		4.750			12/01/2027		10,646
	10,000	Port Authority NY/NJ, 146th Series1		4.500			12/01/2034		10,227
	26,100,000	Port Authority NY/NJ, 146th Series4		4.750			12/01/2027		27,769,199
	13,005,000	Port Authority NY/NJ, 147th Series4		4.750			10/15/2028		13,859,152
	20,000,000	Port Authority NY/NJ, 147th Series4		5.000			10/15/2032		20,879,780
	17,790,000	Port Authority NY/NJ, 147th Series4		5.000			10/15/2027		19,100,587

28       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$15,000,000	Port Authority NY/NJ, 151st Series4		6.000	%		09/15/2028	$	16,939,800
	82,000,000	Port Authority NY/NJ, 151st Series4		5.750			03/15/2035		91,560,783
	22,500,000	Port Authority NY/NJ, 152nd Series4		5.750			11/01/2030		25,322,400
	101,940,000	Port Authority NY/NJ, 152nd Series4		5.250			11/01/2035		112,022,874
	15,300,000	Port Authority NY/NJ, 161st Series4		5.000			10/15/2031		17,579,394
	20,250,000	Port Authority NY/NJ, 163rd Series4		5.000			07/15/2039		22,893,597
	15,000,000	Port Authority NY/NJ, 166th Series4		5.250			07/15/2036		17,257,800
	21,515,000	Port Authority NY/NJ, 166th Series4		5.000			01/15/2041		24,274,195
	2,720,000	Port Authority NY/NJ, 169th Series1		5.000			10/15/2036		2,996,434
	400,000	Port Authority NY/NJ, 172nd Series1		5.000			10/01/2034		446,376
	13,715,000	Port Authority NY/NJ, Series 2014-XF00014		5.250			05/01/2038		15,071,496
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		6.000			08/01/2032		2,760,648
	2,525,000	Ramapo, NY Local Devel. Corp.1		5.000			03/15/2033		2,801,538
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375			12/01/2036		1,502,220
	7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.750			06/01/2043		7,299,927
	6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.625			06/01/2035		6,384,553
	4,820,000	Rensselaer, NY City School District COP1		5.000			06/01/2036		4,893,891
	1,195,000	Rockland County, NY IDA (CRV/Rockland County Assoc. for the Learning Disabled Obligated Group)1		4.900			07/01/2021		1,200,760
	13,095,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.750			08/15/2043		13,094,476
	30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.875	3		08/15/2045		1,182,000
	9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.625			08/15/2035		9,224,908
	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.596	3		08/15/2060		2,021,760
	30,000	Sanford Town, NY GO1		5.250			04/15/2022		30,877
	30,000	Sanford Town, NY GO1		5.250			04/15/2021		30,934
	20,000	Sanford Town, NY GO1		5.250			04/15/2015		20,237
	30,000	Sanford Town, NY GO1		5.250			04/15/2024		30,813
	30,000	Sanford Town, NY GO1		5.250			04/15/2023		30,841
	20,000	Sanford Town, NY GO1		5.250			04/15/2016		20,953
	25,000	Sanford Town, NY GO1		5.250			04/15/2017		26,092
	25,000	Sanford Town, NY GO1		5.250			04/15/2018		25,975
	25,000	Sanford Town, NY GO1		5.250			04/15/2020		25,837
	25,000	Sanford Town, NY GO1		5.250			04/15/2019		25,888
	35,000	Sanford Town, NY GO1		5.250			04/15/2025		35,903
	50,000	Sanford Town, NY GO1		5.250			04/15/2032		51,113
	45,000	Sanford Town, NY GO1		5.250			04/15/2031		46,007
	50,000	Sanford Town, NY GO1		5.250			04/15/2033		51,094
	60,000	Sanford Town, NY GO1		5.250			04/15/2035		61,297
	55,000	Sanford Town, NY GO1		5.250			04/15/2034		56,210
	40,000	Sanford Town, NY GO1		5.250			04/15/2027		40,986
	35,000	Sanford Town, NY GO1		5.250			04/15/2026		35,876
	40,000	Sanford Town, NY GO1		5.250			04/15/2028		40,956

29       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$45,000	Sanford Town, NY GO1		5.250	%		04/15/2030	$	46,030
	40,000	Sanford Town, NY GO1		5.250			04/15/2029		40,941
	60,000	Sanford Town, NY GO1		5.250			04/15/2036		61,305
	22,160,000	SONYMA, Series 1374		4.700			10/01/2031		22,320,583
	10,065,000	SONYMA, Series 1404		4.750			10/01/2037		10,132,636
	7,135,000	SONYMA, Series 1434		4.900			10/01/2037		7,393,404
	4,775,000	St. Lawrence County, NY IDA (Clarkson University)1		5.375			09/01/2041		5,396,896
	520,000	St. Lawrence County, NY IDA (Clarkson University)1		6.000			09/01/2034		621,930
	1,510,000	St. Lawrence County, NY IDA (Clarkson University)		5.000			09/01/2041		1,674,107
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)1		7.250			12/01/2029		3,790,061
	1,355,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2031		1,532,586
	1,280,000	St. Lawrence County, NY IDA (St. Lawrence University)		5.000			07/01/2030		1,453,568
	25,075,000	Suffolk County, NY Economic Devel. Corp. (Catholic Health Services)1		5.000			07/01/2028		27,735,959
	1,005,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)1		6.750			06/01/2027		1,029,874
	810,000	Suffolk County, NY Economic Devel. Corp. (Family Residences Essential Enterprises)1		6.000			12/01/2019		818,602
	4,215,000	Suffolk County, NY Economic Devel. Corp., Series A1		7.375			12/01/2040		4,460,144
	450,000	Suffolk County, NY IDA (ACLD)1		6.000			12/01/2019		454,779
	1,425,000	Suffolk County, NY IDA (ALIA-ACLD)1		5.950			10/01/2021		1,453,386
	165,000	Suffolk County, NY IDA (ALIA-ADD)1		7.125			06/01/2017		165,185
	845,000	Suffolk County, NY IDA (ALIA-Adelante)1		6.500			11/01/2037		859,390
	1,955,000	Suffolk County, NY IDA (ALIA-DDI)1		5.950			10/01/2021		1,993,944
	555,000	Suffolk County, NY IDA (ALIA-FREE)1		5.950			10/01/2021		566,056
	555,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950			11/01/2022		567,870
	340,000	Suffolk County, NY IDA (ALIA-IGHL)1		6.000			10/01/2031		340,112
	395,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950			10/01/2021		402,868
	35,000	Suffolk County, NY IDA (ALIA-NYS ARC)		7.500			09/01/2015		35,196
	505,000	Suffolk County, NY IDA (ALIA-NYS ARC)1		5.950			11/01/2022		516,711
	80,000	Suffolk County, NY IDA (ALIA-Pederson-Krag Center)1		8.375			06/01/2016		80,944
	45,000	Suffolk County, NY IDA (ALIA-SMCFS)		7.500			09/01/2015		45,252
	1,325,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		5.950			10/01/2021		1,351,394
	200,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		7.000			06/01/2016		201,198
	3,530,000	Suffolk County, NY IDA (ALIA-UVBH)1		6.500			11/01/2037		3,590,116
	490,000	Suffolk County, NY IDA (ALIA-WORCA)1		5.950			11/01/2022		501,363
	285,000	Suffolk County, NY IDA (Catholic Charities)1		6.000			10/01/2020		289,372
	245,000	Suffolk County, NY IDA (DDI)1		6.000			10/01/2020		248,758
	230,000	Suffolk County, NY IDA (DDI)1		6.000			10/01/2020		233,528
	75,000	Suffolk County, NY IDA (DDI)1		6.000			12/01/2019		75,797
	130,000	Suffolk County, NY IDA (Dowling College)1		5.000			06/01/2036		118,073
	1,980,000	Suffolk County, NY IDA (Federation of Organizations)1		8.125			04/01/2030		1,983,307

30       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,545,000	Suffolk County, NY IDA (Huntington First Aid Squad)		6.650	%		11/01/2017	$	1,549,867
	130,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			12/01/2019		131,381
	600,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			10/01/2020		609,204
	7,555,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)1		6.375			01/01/2039		7,656,464
	1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)1		6.750			11/01/2036		1,919,700
	24,580,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1		5.500			01/01/2023		24,583,195
	2,295,000	Suffolk County, NY IDA (Pederson-Krager Center)1		8.125			04/01/2030		2,295,367
	4,800,000	Suffolk County, NY IDA (Pederson-Krager Center)1		7.200			02/01/2035		4,408,656
	660,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)1		5.250			07/01/2022		654,364
	250,000	Suffolk County, NY IDA (Suffolk Hotels)1		6.000			10/01/2020		254,370
	910,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1		6.000			12/01/2019		919,664
	3,130,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)		7.875			09/01/2041		3,226,811
	530,000	Suffolk County, NY IDA (WORCA)1		6.000			10/01/2020		538,130
	29,915,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2048		26,499,904
	287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	3		06/01/2048		8,253,123
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.625			06/01/2044		118,036,438
	10,080,000	Suffolk, NY Tobacco Asset Securitization Corp.1		5.375			06/01/2028		9,802,699
	203,935,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2036		206,857,389
	1,000,000	Syracuse, NY IDA (Crouse Irving Health Hospital)1		5.375			01/01/2023		1,000,920
	3,830,000	Syracuse, NY IDA (James Square)		2.552	3		08/01/2025		1,916,532
	2,425,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2032		2,591,986
	1,700,000	Tompkins County, NY Devel. Corp. (Tompkins Cortland Community College Foundation)		5.000			07/01/2038		1,797,002
	22,465,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000			09/01/2030		25,008,712
	185,000	Ulster County, NY Res Rec1		5.000			03/01/2020		191,830
	3,180,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2040		3,155,228
	3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.450			06/01/2040		3,029,551
	1,730,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.250			06/01/2025		1,729,896
	1,280,000	Warren & Washington Counties, NY IDA (GFH/GFHF Obligated Group)1		5.000			12/01/2035		1,282,214
	6,245,000	Westchester County, NY Healthcare Corp., Series A1		5.000			11/01/2030		6,917,649
	687,344	Westchester County, NY Healthcare Corp., Series A1		5.000			11/01/2044		772,018

31       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	New York (Continued)
	$1,700,000	Westchester County, NY Healthcare Corp., Series B1		5.125	%		11/01/2041	$	1,867,603
	1,190,000	Westchester County, NY IDA (Clearview School)1		7.250			01/01/2035		1,208,493
	1,145,000	Westchester County, NY IDA (Guiding Eyes for the Blind)1		5.375			08/01/2024		1,170,018
	520,000	Westchester County, NY IDA (JDAM)1		6.750			04/01/2016		523,349
	3,400,000	Westchester County, NY IDA (Lawrence Hospital)1		5.000			01/01/2028		3,408,840
	300,000	Westchester County, NY IDA (Lawrence Hospital)1		5.125			01/01/2018		301,140
	1,425,000	Westchester County, NY IDA (Schnurmacher Center)1		6.500			11/01/2033		1,477,640
	4,500,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2026		4,425,300
	59,400,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2038		55,697,004
	52,815,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2045		43,626,246
	2,390,000	Yonkers, NY IDA (Hudson Scenic Studio)1		6.625			11/01/2019		2,378,671
	1,370,000	Yonkers, NY IDA (Philipsburgh Hall Associates)1		7.500			11/01/2030		1,235,877
	1,050,000	Yonkers, NY IDA (Sarah Lawrence College)1		6.000			06/01/2041		1,163,096
	600,000	Yonkers, NY IDA (St. Joseph’s Hospital)		6.150			03/01/2015		600,474
	1,000,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-A		6.150			03/01/2015		1,000,790
	200,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-B		6.150			03/01/2015		200,158
	565,000	Yonkers, NY Parking Authority1		6.000			06/15/2018		565,740
	1,215,000	Yonkers, NY Parking Authority1		6.000			06/15/2024		1,139,512
									4,975,853,528
	U.S. Possessions—28.0%
	825,000	Guam Education Financing Foundation COP1		5.000			10/01/2023		853,314
	3,600,000	Guam Government Business Privilege1		5.000			01/01/2031		4,035,888
	6,000,000	Guam Government Business Privilege		5.000			01/01/2032		6,706,440
	345,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		378,527
	1,560,000	Guam Power Authority, Series A		5.000			10/01/2024		1,854,013
	1,230,000	Guam Power Authority, Series A		5.000			10/01/2023		1,458,952
	2,790,000	Guam Power Authority, Series A		5.000			10/01/2030		3,232,745
	1,700,000	Northern Mariana Islands Commonwealth, Series A1		5.000			10/01/2022		1,647,113
	29,920,000	Northern Mariana Islands Commonwealth, Series A1		5.000			06/01/2030		26,359,520
	7,465,000	Northern Mariana Islands Ports Authority, Series A1		6.250			03/15/2028		6,647,359
	14,500,000	Northern Mariana Islands Ports Authority, Series A1		6.600			03/15/2028		14,510,730
	52,635,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2044		37,481,910
	49,000,000	Puerto Rico Aqueduct & Sewer Authority1		5.125			07/01/2047		49,015,680
	55,825,000	Puerto Rico Aqueduct & Sewer Authority		6.125			07/01/2024		43,552,432
	1,580,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2029		1,128,009
	1,950,000	Puerto Rico Aqueduct & Sewer Authority		5.000			07/01/2033		1,340,742

32       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity			Value
	U.S. Possessions (Continued)
	$15,350,000	Puerto Rico Aqueduct & Sewer Authority		6.000	%		07/01/2047		$	10,916,306
	80,800,000	Puerto Rico Aqueduct & Sewer Authority		6.000			07/01/2038			58,137,216
	10,000,000	Puerto Rico Aqueduct & Sewer Authority		5.250			07/01/2024			7,530,800
	56,685,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043			52,888,806
	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	3		05/15/2057			54,558,140
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	3		05/15/2057			33,095,472
	168,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.627	3		05/15/2050			12,244,895
	745,000,000	Puerto Rico Children’s Trust Fund (TASC)		6.324	3		05/15/2055			22,409,600
	2,700,000	Puerto Rico Commonwealth GO1		6.000			07/01/2035			2,001,942
	30,000,000	Puerto Rico Commonwealth GO1		5.750			07/01/2036			22,034,100
	5,675,000	Puerto Rico Commonwealth GO1		6.500			07/01/2040			4,274,580
	1,000,000	Puerto Rico Commonwealth GO1		6.000			07/01/2028	��		757,670
	3,670,000	Puerto Rico Commonwealth GO1		6.000			07/01/2040			2,691,835
	1,000,000	Puerto Rico Commonwealth GO1		5.500			07/01/2026			751,470
	7,850,000	Puerto Rico Commonwealth GO1		5.500			07/01/2029			5,934,286
	5,000,000	Puerto Rico Commonwealth GO		5.750			07/01/2028			3,758,300
	3,205,000	Puerto Rico Commonwealth GO1		5.625			07/01/2033			2,361,668
	13,300,000	Puerto Rico Commonwealth GO1		5.125			07/01/2031			9,566,557
	2,000,000	Puerto Rico Commonwealth GO1		5.000			07/01/2033			1,408,820
	2,920,000	Puerto Rico Commonwealth GO1		5.250			07/01/2030			2,136,739
	2,500,000	Puerto Rico Commonwealth GO1		5.250			07/01/2032			1,817,125
	4,965,000	Puerto Rico Commonwealth GO1		5.250			07/01/2037			3,535,279
	3,315,000	Puerto Rico Commonwealth GO1		5.125			07/01/2031			2,396,049
	14,500,000	Puerto Rico Commonwealth GO1		5.250			07/01/2031			10,574,705
	10,230,000	Puerto Rico Commonwealth GO1		5.250			07/01/2034			7,359,667
	770,000	Puerto Rico Commonwealth GO1		5.875			07/01/2036			567,482
	5,050,000	Puerto Rico Commonwealth GO1		6.500			07/01/2037			3,822,446
	390,000	Puerto Rico Commonwealth GO1		6.000			07/01/2039			287,044
	5,000,000	Puerto Rico Commonwealth GO1		5.375			07/01/2033			3,646,950
	2,200,000	Puerto Rico Commonwealth GO1		5.250			07/01/2026			1,631,278
	76,300,000	Puerto Rico Commonwealth GO1		5.500			07/01/2032			56,221,655
	1,270,000	Puerto Rico Commonwealth GO1		6.000			07/01/2028			1,295,057
	3,620,000	Puerto Rico Electric Power Authority, Series A11		7.000			07/01/2033			1,813,729
	2,000,000	Puerto Rico Electric Power Authority, Series A11		5.000			07/01/2029			1,002,640
	23,480,000	Puerto Rico Electric Power Authority, Series A11		7.000			07/01/2043			11,704,780
	18,990,000	Puerto Rico Electric Power Authority, Series A11		6.750			07/01/2036			9,491,012
	1,095,000	Puerto Rico Electric Power Authority, Series A11		5.000			07/01/2042			546,219
	10,105,000	Puerto Rico Electric Power Authority, Series AAA11		5.250			07/01/2029			5,065,535
	9,625,000	Puerto Rico Electric Power Authority, Series AAA11		5.250			07/01/2031			4,825,012
	9,000,000	Puerto Rico Electric Power Authority, Series AAA11		5.250			07/01/2022			4,535,370
	1,430,000	Puerto Rico Electric Power Authority, Series AAA11		5.250			07/01/2027			716,873
	20,170,000	Puerto Rico Electric Power Authority, Series CCC11		5.250			07/01/2027			10,111,423
	13,295,000	Puerto Rico Electric Power Authority, Series CCC11		5.250			07/01/2028			6,664,784
	510,000	Puerto Rico Electric Power Authority, Series RR		5.000			07/01/2024			507,144

33       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$6,885,000	Puerto Rico Electric Power Authority, Series TT11		5.000	%		07/01/2037	$	3,443,051
	6,320,000	Puerto Rico Electric Power Authority, Series TT11		5.000			07/01/2032		3,168,279
	33,350,000	Puerto Rico Electric Power Authority, Series WW11		5.500			07/01/2038		16,675,000
	3,700,000	Puerto Rico Electric Power Authority, Series WW11		5.000			07/01/2028		1,854,921
	7,000,000	Puerto Rico Electric Power Authority, Series XX11		5.250			07/01/2040		3,500,350
	7,590,000	Puerto Rico Electric Power Authority, Series ZZ11		5.250			07/01/2025		3,805,019
	10,000,000	Puerto Rico Electric Power Authority, Series ZZ11		5.250			07/01/2024		5,013,300
	270,000	Puerto Rico Highway & Transportation Authority1		5.750			07/01/2020		173,891
	4,000,000	Puerto Rico Highway & Transportation Authority		5.500			07/01/2029		3,950,880
	4,945,000	Puerto Rico Highway & Transportation Authority1		5.300			07/01/2035		3,600,504
	4,845,000	Puerto Rico Highway & Transportation Authority1		5.250			07/01/2030		4,639,378
	9,515,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2028		5,376,070
	8,980,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000			07/01/2033		4,958,307
	1,840,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000			07/01/2042		1,003,665
	1,120,000	Puerto Rico Highway & Transportation Authority, Series H1		5.450			07/01/2035		610,870
	1,145,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2030		634,799
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2027		3,687,775
	915,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2030		670,384
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2023		2,731,794
	10,000	Puerto Rico Highway & Transportation Authority, Series M1		5.000			07/01/2046		11,084
	78,610,000	Puerto Rico Highway & Transportation Authority, Series M1		5.000			07/01/2046		42,874,680
	57,615,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2039		39,895,507
	3,190,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2032		3,280,022
	5,000,000	Puerto Rico Infrastructure1		6.000			12/15/2026		3,621,150
	142,985,000	Puerto Rico Infrastructure1		5.000			07/01/2041		88,945,249
	675,000	Puerto Rico Infrastructure1		5.000			07/01/2037		427,599
	65,725,000	Puerto Rico Infrastructure		5.730	3		07/01/2045		5,852,811
	1,295,000	Puerto Rico Infrastructure1		5.500			07/01/2026		1,278,191
	17,490,000	Puerto Rico Infrastructure1		5.000			07/01/2037		11,079,565
	25,255,000	Puerto Rico Infrastructure1		5.000			07/01/2031		15,992,224
	15,000,000	Puerto Rico Infrastructure1		5.500			07/01/2027		14,701,650
	41,740,000	Puerto Rico Infrastructure1		5.000			07/01/2046		25,877,965
	16,955,000	Puerto Rico Infrastructure		5.650	3		07/01/2029		5,897,627
	25,000,000	Puerto Rico Infrastructure		5.800	3		07/01/2032		5,534,250

34       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$1,680,000	Puerto Rico Infrastructure (Mepsi Campus)1		6.500	%		10/01/2037	$	1,009,226
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.500			12/01/2031		5,485,398
	1,105,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			12/01/2021		1,066,259
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		4,901,483
	1,350,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.000			04/01/2027		1,168,263
	1,200,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.375			04/01/2042		956,700
	875,000	Puerto Rico ITEMECF (Ana G. Mendez University)		5.125			04/01/2032		721,963
	3,280,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026		3,153,294
	5,000,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)1		6.250			07/01/2026		5,142,750
	650,000	Puerto Rico ITEMECF (International American University)		5.000			10/01/2031		654,810
	5,250,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.700			05/01/2024		5,132,190
	7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)		5.750			06/01/2029		2,765,000
	200,000	Puerto Rico ITEMECF (University of the Sacred Heart)		5.000			10/01/2042		156,654
	5,490,000	Puerto Rico ITEMECF (University Plaza)1		5.000			07/01/2033		5,376,467
	4,990,000	Puerto Rico Municipal Finance Agency, Series A1		5.250			08/01/2025		3,101,684
	9,450,000	Puerto Rico Public Buildings Authority1		5.375			07/01/2033		6,513,129
	31,050,000	Puerto Rico Public Buildings Authority1		6.000			07/01/2041		21,521,065
	2,110,000	Puerto Rico Public Buildings Authority1		5.625			07/01/2039		1,436,340
	90,355,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2036		60,817,047
	1,500,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2021		1,141,215
	7,500,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2031		5,496,900
	850,000	Puerto Rico Public Buildings Authority1		5.500			07/01/2037		579,691
	18,585,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2029		12,922,708
	7,500,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2037		5,029,725
	121,570,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2033		83,488,197
	7,500,000	Puerto Rico Public Buildings Authority1		6.750			07/01/2036		5,536,875
	8,000,000	Puerto Rico Public Buildings Authority1		6.500			07/01/2030		5,892,640
	11,810,000	Puerto Rico Public Finance Corp., Series B1		5.500			08/01/2031		6,213,241
	15,265,000	Puerto Rico Sales Tax Financing Corp., Series A		7.890	3		08/01/2034		2,689,540
	8,205,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500			08/01/2044		6,492,699
	75,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.500			08/01/2037		55,001
	296,445,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.250			08/01/2057		222,063,806
	1,490,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.000			08/01/2043		986,544
	409,990,000	Puerto Rico Sales Tax Financing Corp., Series A		5.606	3		08/01/2054		31,429,833
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	3		08/01/2042		5,104,500
	80,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	3		08/01/2043		12,765,600
	3,130,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.000			08/01/2024		2,565,254
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A-11		5.250			08/01/2043		6,947,900
	250,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2042		190,718
	39,470,000	Puerto Rico Sales Tax Financing Corp., Series C1		0.000	10		08/01/2032		30,116,005
	9,985,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.250			08/01/2041		6,999,185

35       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Continued

Principal Amount			Coupon			Maturity		Value
	U.S. Possessions (Continued)
	$95,245,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.750	%		08/01/2057	$	77,157,022
	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.375			08/01/2036		2,914,120
	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2039		1,124,301
	4,525,000	University of Puerto Rico1		5.000			06/01/2026		2,786,857
	7,280,000	University of Puerto Rico, Series P1		5.000			06/01/2030		4,461,330
	67,190,000	University of Puerto Rico, Series Q1		5.000			06/01/2036		40,807,847
	24,375,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		14,937,488
	590,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		6.000			10/01/2039		654,133
	1,425,000	V.I. Public Finance Authority, Series A1		5.000			10/01/2032		1,601,315
	11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	3		05/15/2035		1,526,361
									1,728,327,918
	Total Municipal Bonds and Notes (Cost $7,710,291,534)								6,704,181,446
	Shares
	Common Stocks—0.0%
	1,401	CMS Liquidating Trust12,13 (Cost $4,483,200)							4,048,890
	Total Investments, at Value (Cost $7,714,774,734)—108.8%								6,708,230,336
	Net Other Assets (Liabilities)—(8.8)								(540,098,020	)
	Net Assets—100.0%							$	6,168,132,316

Footnotes to Statement of Investments

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 8 of the accompanying Notes.

2. 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 original contractual interest rate. See Note 4 of the accompanying Notes.

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

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

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

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

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

9. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after December 31, 2014. See Note 4 of the accompanying Notes.

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

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

12. Non-income producing security.

13. Received as a result of a corporate action.

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
ALIA	Alliance of Long Island Agencies

36       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Abbreviations (Continued)

ARC	Assoc. of Retarded Citizens
CFGA	Child and Family Guidance Assoc.
COP	Certificates of Participation
CRV	Crystal Run Village
CSMR	Community Services for the Mentally Retarded
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
DRIVERS	Derivative Inverse Tax Exempt Receipts
EFC	Environmental Facilities Corp.
ERDA	Energy Research and Devel. Authority
FREE	Family Residences and Essential Enterprises
GFH	Glens Falls Hospital
GFHF	Glens Falls Hospital Foundation
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
L.I.	Long Island
LGSC	Local Government Services Corp.
LIFERS	Long Inverse Floating Exempt Receipts
LVH	Little Village House
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
ROLs	Reset Option Longs
SCSB	Schuyler Community Services Board
SFTU	Services for the Underserved
SMCFS	St. Mary’s Children and Family Services
SONYMA	State of New York Mortgage Agency
SPEARS	Short Puttable Exempt Adjustable Receipts
SUNY	State University of New York
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
UCPAGS	United Cerebral Palsy Assoc. of Greater Suffolk
UDC	Urban Development Corporation
UNICEF	United Nations Children’s Fund
UVBH	United Veteran’s Beacon House
V.I.	United States Virgin Islands
WORCA	Working Organization for Retarded Children and Adults
YAI	Young Adult Institute
YMCA	Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

37       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES December 31, 2014

Assets
Investments, at value (cost $7,714,774,734)—see accompanying statement of investments	$	6,708,230,336
Cash		537,567
Receivables and other assets:
Interest		115,967,080
Investments sold		2,625,000
Other		1,055,405
Total assets		6,828,415,388
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 4)		581,425,000
Payable for borrowings (See Note 8)		44,400,000
Shares of beneficial interest redeemed		18,131,318
Investments purchased (including $1,145,340 purchased on a when-issued or delayed delivery basis)		7,835,839
Dividends		5,873,180
Trustees’ compensation		1,596,652
Distribution and service plan fees		839,472
Shareholder communications		17,453
Interest expense on borrowings		1,080
Other		163,078
Total liabilities		660,283,072
Net Assets	$	6,168,132,316
Composition of Net Assets
Paid-in capital	$	8,090,103,564
Accumulated net investment income		105,674,479
Accumulated net realized loss on investments		(1,021,101,329)
Net unrealized depreciation on investments		(1,006,544,398)
Net Assets	$	6,168,132,316

38       OPPENHEIMER ROCHESTER FUND MUNICIPALS

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $4,996,222,623 and 325,470,968 shares of beneficial interest outstanding)	$	15.35
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	16.12
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $32,028,805 and 2,089,057 shares of beneficial interest outstanding)	$	15.33
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $908,755,777 and 59,327,593 shares of beneficial interest outstanding)	$	15.32
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $231,125,111 and 15,054,856 shares of beneficial interest outstanding)	$	15.35

See accompanying Notes to Financial Statements.

39       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF OPERATIONS For the Year Ended December 31, 2014

Investment Income
Interest	$	478,361,146
Expenses
Management fees		28,720,179
Distribution and service plan fees:
Class A		7,430,065
Class B		380,101
Class C		8,995,725
Transfer and shareholder servicing agent fees:
Class A		5,045,912
Class B		37,751
Class C		898,266
Class Y		203,705
Shareholder communications:
Class A		123,086
Class B		3,884
Class C		33,383
Class Y		5,739
Interest expense and fees on short-term floating rate notes issued (See Note 4)		12,349,167
Borrowing fees		2,971,539
Trustees’ compensation		134,356
Custodian fees and expenses		64,051
Interest expense on borrowings		17,115
Other		478,420
Total expenses		67,892,444
Net Investment Income		410,468,702
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(32,379,779)
Net change in unrealized appreciation/depreciation on investments		446,899,381
Net Increase in Net Assets Resulting from Operations	$	824,988,304

See accompanying Notes to Financial Statements.

40       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2014		Year Ended December 31, 2013
Operations
Net investment income	$	410,468,702	$	444,837,050
Net realized loss		(32,379,779)		(73,872,629)
Net change in unrealized appreciation/depreciation		446,899,381		(1,215,152,121)
Net increase (decrease) in net assets resulting from operations		824,988,304		(844,187,700)
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(321,907,703)		(366,957,815)
Class B		(2,116,059)		(3,458,983)
Class C		(49,763,482)		(55,983,729)
Class Y		(13,226,546)		(12,077,031)
		(387,013,790)		(438,477,558)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(310,227,667)		(727,116,140)
Class B		(17,035,449)		(37,794,713)
Class C		(22,474,060)		(167,788,631)
Class Y		49,842,451		3,288,005
		(299,894,725)		(929,411,479)
Net Assets
Total increase (decrease)		138,079,789		(2,212,076,737)
Beginning of period		6,030,052,527		8,242,129,264
End of period (including accumulated net investment income of $105,674,479 and $71,502,802, respectively)	$	6,168,132,316	$	6,030,052,527

See accompanying Notes to Financial Statements.

41       OPPENHEIMER ROCHESTER FUND MUNICIPALS

STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014

Cash Flows from Operating Activities
Net increase in net assets from operations	$	824,988,304
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(550,745,475)
Proceeds from disposition of investment securities		1,173,096,275
Short-term investment securities, net		17,970,249
Premium amortization		13,330,700
Discount accretion		(74,631,073)
Net realized loss on investments		32,379,779
Net change in unrealized appreciation/depreciation on investments		(446,899,381)
Change in assets:
Increase in other assets		(77,431)
Decrease in interest receivable		8,508,839
Decrease in receivable for securities sold		1,293,659
Change in liabilities:
Decrease in other liabilities		(1,252,622)
Increase in payable for securities purchased		5,535,839
Net cash provided by operating activities		1,003,497,662
Cash Flows from Financing Activities
Proceeds from borrowings		352,300,000
Payments on borrowings		(409,000,000)
Payments on short-term floating rate notes issued		(251,355,000)
Payment on bank overdraft		(7,037,043)
Proceeds from shares sold		746,608,895
Payments on shares redeemed		(1,352,253,960)
Cash distributions paid		(82,222,987)
Net cash used in financing activities		(1,002,960,095)
Net increase in cash		537,567
Cash, beginning balance		—
Cash, ending balance	$	537,567

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $299,859,512.

Cash paid for interest on borrowings—$21,329.

Cash paid for interest on short-term floating rate notes issued—$12,349,167.

See accompanying Notes to Financial Statements.

42       OPPENHEIMER ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS

Class A	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 30, 2011 1			Year Ended December 31, 2010
Per Share Operating Data
Net asset value, beginning of period	$	14.29		$	17.02		$	15.98		$	15.33		$	15.70
Income (loss) from investment operations:
Net investment income2		1.02			0.97			0.95			1.02			0.98
Net realized and unrealized gain (loss)		1.00			(2.75	)		1.08			0.66			(0.38	)
Total from investment operations		2.02			(1.78	)		2.03			1.68			0.60
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.96	)		(0.95	)		(0.99	)		(1.03	)		(0.97	)
Net asset value, end of period	$	15.35		$	14.29		$	17.02		$	15.98		$	15.33
Total Return, at Net Asset Value3		14.43	%		(10.84	)%		12.94	%		11.50	%		3.63	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	4,996		$	4,948		$	6,725		$	6,115		$	6,295
Average net assets (in millions)	$	5,066		$	6,159		$	6,537		$	5,937		$	7,013
Ratios to average net assets:4
Net investment income		6.73%			6.05%			5.67%			6.65%			6.01%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.72%			0.72%			0.67%			0.69%			0.67%
Interest and fees from borrowings		0.05%			0.04%			0.05%			0.06%			0.08%
Interest and fees on short-term floating rate notes issued5		0.20%			0.11%			0.14%			0.15%			0.18%
Total expenses		0.97%			0.87%			0.86%			0.90%			0.93%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.97%			0.87%			0.86%			0.90%			0.93%
Portfolio turnover rate		8%			15%			10%			11%			7%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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

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

4. Annualized for periods less than one full year.

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

See accompanying Notes to Financial Statements.

43       OPPENHEIMER ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

Class B	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 30, 2011 1			Year Ended December 31, 2010
Per Share Operating Data
Net asset value, beginning of period	$	14.28		$	17.00		$	15.96		$	15.31		$	15.68
Income (loss) from investment operations:
Net investment income2		0.89			0.82			0.80			0.87			0.82
Net realized and unrealized gain (loss)		0.99			(2.73	)		1.07			0.67			(0.37	)
Total from investment operations		1.88			(1.91	)		1.87			1.54			0.45
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.83	)		(0.81	)		(0.83	)		(0.89	)		(0.82	)
Net asset value, end of period	$	15.33		$	14.28		$	17.00		$	15.96		$	15.31
Total Return, at Net Asset Value3		13.41	%		(11.59	)%		11.91	%		10.47	%		2.67	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	32		$	46		$	94		$	133		$	181
Average net assets (in millions)	$	38		$	68		$	115		$	146		$	220
Ratios to average net assets:4
Net investment income		5.89%			5.09%			4.76%			5.72%			5.07%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.58%			1.62%			1.61%			1.65%			1.62%
Interest and fees from borrowings		0.05%			0.04%			0.05%			0.06%			0.08%
Interest and fees on short-term floating rate notes issued5		0.20%			0.11%			0.14%			0.15%			0.18%
Total expenses		1.83%			1.77%			1.80%			1.86%			1.88%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.83%			1.77%			1.80%			1.86%			1.88%
Portfolio turnover rate		8%			15%			10%			11%			7%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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

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

4. Annualized for periods less than one full year.

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

See accompanying Notes to Financial Statements.

44        OPPENHEIMER ROCHESTER FUND MUNICIPALS

Class C	Year Ended   December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 30, 2011 1			Year Ended   December 31, 2010
Per Share Operating Data
Net asset value, beginning of period	$	14.26		$	16.99		$	15.95		$	15.30		$	15.67
Income (loss) from investment operations:
Net investment income2		0.89			0.83			0.81			0.88			0.83
Net realized and unrealized gain (loss)		1.00			(2.75	)		1.07			0.67			(0.37	)
Total from investment operations		1.89			(1.92	)		1.88			1.55			0.46
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.83	)		(0.81	)		(0.84	)		(0.90	)		(0.83	)
Net asset value, end of period	$	15.32		$	14.26		$	16.99		$	15.95		$	15.30
Total Return, at Net Asset Value3		13.50	%		(11.63	)%		12.00	%		10.56	%		2.75	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	909		$	868		$	1,223		$	1,069		$	1,120
Average net assets (in millions)	$	903		$	1,096		$	1,167		$	1,039		$	1,271
Ratios to average net assets:4
Net investment income		5.88%			5.18%			4.79%			5.77%			5.14%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.57%			1.59%			1.54%			1.57%			1.54%
Interest and fees from borrowings		0.05%			0.04%			0.05%			0.06%			0.08%
Interest and fees on short-term floating rate notes issued5		0.20%			0.11%			0.14%			0.15%			0.18%
Total expenses		1.82%			1.74%			1.73%			1.78%			1.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.82%			1.74%			1.73%			1.78%			1.80%
Portfolio turnover rate		8%			15%			10%			11%			7%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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

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

4. Annualized for periods less than one full year.

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

See accompanying Notes to Financial Statements.

45       OPPENHEIMER ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

Class Y	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 30, 2011 1			Year Ended December 31, 2010
Per Share Operating Data
Net asset value, beginning of period	$	14.29		$	17.02		$	15.98		$	15.33		$	15.69
Income (loss) from investment operations:
Net investment income2		1.04			0.99			0.97			1.04			0.99
Net realized and unrealized gain (loss)		1.00			(2.75)			1.08			0.66			(0.36)
Total from investment operations		2.04			(1.76)			2.05			1.70			0.63
Dividends and/or distributions to shareholders:
Dividends from net investment income		(0.98)			(0.97)			(1.01)			(1.05)			(0.99)
Net asset value, end of period	$	15.35		$	14.29		$	17.02		$	15.98		$	15.33
Total Return, at Net Asset Value3		14.60	%		(10.72	)%		13.10	%		11.64	%		3.84	%
Ratios/Supplemental Data
Net assets, end of period (in millions)		$    231			$    168			$    200			$    124			$    101
Average net assets (in millions)		$    205			$    198			$    179			$    109			$    100
Ratios to average net assets:4
Net investment income		6.87%			6.21%			5.78%			6.76%			6.14%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.57%			0.59%			0.54%			0.56%			0.54%
Interest and fees from borrowings		0.05%			0.04%			0.05%			0.06%			0.08%
Interest and fees on short-term floating rate notes issued5		0.20%			0.11%			0.14%			0.15%			0.18%
Total expenses		0.82%			0.74%			0.73%			0.77%			0.80%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.82%			0.74%			0.73%			0.77%			0.80%
Portfolio turnover rate		8%			15%			10%			11%			7%

1. December 30, 2011 represents the last business day of the Fund’s reporting period.

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

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

4. Annualized for periods less than one full year.

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

See accompanying Notes to Financial Statements.

46        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS December 31, 2014

1. Organization

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

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

The following is a summary of significant accounting policies consistently followed by the Fund.

2. Significant Accounting Policies

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

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

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually.

47       OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

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

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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

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

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

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

Undistributed Net Investment Income	Undistributed Long-Term Gain		Accumulated Loss Carryforward1,2,3		Net Unrealized Depreciation Based on cost of Securities and Other Investments for Federal Income Tax Purposes
$86,739,604		$—		$1,024,322,771		$1,003,298,571

48        OPPENHEIMER ROCHESTER FUND MUNICIPALS

2. Significant Accounting Policies (Continued)

1. As of December 31, 2014, the Fund had $1,024,322,771 of net capital loss carryforward available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

Expiring
2016	$	443,946,792
2017		324,022,087
No expiration		256,353,892
Total	$	1,024,322,771

2. During the fiscal year ended December 31, 2014, the Fund did not utilize any capital loss carryforward.

3. During the fiscal year ended December 31, 2013, the Fund did not utilize any capital loss carryforward.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for December 31, 2014. Net assets of the Fund were unaffected by the reclassifications.

Reduction to Paid-in Capital	Increase to Accumulated Net Investment Income		Increase to Accumulated Net Realized Loss on Investments
$104,974		$10,716,765		$10,611,791

The tax character of distributions paid during the years ended December 31, 2014 and December 31, 2013 was as follows:

	Year Ended December 31, 2014		Year Ended December 31, 2013
Distributions paid from:
Exempt-interest dividends		$        386,531,417		$        436,964,547
Ordinary income		482,373		1,513,011
Total		$        387,013,790		$        438,477,558

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of December 31, 2014 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

49       OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

2. Significant Accounting Policies (Continued)

Federal tax cost of securities	$         7,085,594,157	1
Gross unrealized appreciation	$            275,210,452
Gross unrealized depreciation	(1,278,509,023	)
Net unrealized depreciation	$      (1,003,298,571)

1. The Federal tax cost of securities does not include cost of $625,934,750, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note in Note 4.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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 last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. 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

50        OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Securities Valuation (Continued)

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 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

51        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

3. Securities Valuation (Continued)

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.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of December 31, 2014 based on valuation input level:

52        OPPENHEIMER ROCHESTER FUND MUNICIPALS

3. Securities Valuation (Continued)

		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	$	—	$	4,974,510,980	$	1,342,546	$	4,975,853,526
U.S. Possessions		—		1,728,327,920		—		1,728,327,920
Common Stock		—		—		4,048,890		4,048,890
Total Assets	$	—	$	6,702,838,900	$	5,391,436	$	6,708,230,336

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.

4. Investments and Risks

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

As of December 31, 2014, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities		$1,145,340

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

53        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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 broker dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the underlying municipal bond. The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) 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 may have 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. Similarly, the Fund may have the right to directly purchase the underlying municipal bond from the Trust by paying to the Trust the purchase

54        OPPENHEIMER ROCHESTER FUND MUNICIPALS

4. Investments and Risks (Continued)

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. Through the exercise of either of these rights, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. 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 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

55        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

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

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. As of December 31, 2014, the Fund’s maximum exposure under such agreements is estimated at $290,175,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations, while interest payable on the related short-term floating rate securities is recorded as interest expense. At December 31, 2014, municipal bond holdings with a value of $1,219,120,652 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $581,425,000 in short-term floating rate securities issued and outstanding at that date.

At December 31, 2014, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

56      OPPENHEIMER ROCHESTER FUND MUNICIPALS

4. Investments and Risks (Continued)

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$    14,655,000	NY Austin Trust Various States Inverse Certificates		6.472	%		11/1/39	$	14,926,704
	15,585,000	NY Liberty Devel. Corp. (Bank of America at One Byrant Park) LIFERS		22.264			1/15/46		24,452,865
	7,500,000	NY Liberty Devel. Corp. ROLs3		9.772			1/15/44		9,244,050
	15,660,000	NY/NJ Port Authority Austin Trust Inverse Certificates		6.405			12/1/27		17,329,200
	23,955,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.935			10/1/30		25,421,046
	2,140,000	NYC GO ROLs		8.816			3/1/35		2,175,053
	3,665,000	NYC GO ROLs		8.005			8/1/30		3,858,292
	1,900,000	NYC GO ROLs		8.831			8/1/35		2,007,635
	5,000,000	NYC GO ROLs		19.332			3/1/21		8,167,400
	2,500,000	NYC GO ROLs3		18.588			10/1/34		3,991,300
	1,500,000	NYC HDC, Series B-1 ROLs		8.182			11/1/32		1,588,320
		NYC HDC, Series B-1 ROLs		8.093			11/1/27		1,341,877
	4,180,000	NYC HDC, Series C ROLs		8.187			5/1/40		4,253,526
	1,375,000	NYC HDC, Series C ROLs		7.966			11/1/26		1,411,740
	775,000	NYC HDC, Series C-1 ROLs		17.063			11/1/34		1,011,662
	2,730,000	NYC HDC, Series C-1 ROLs		17.794			11/1/46		3,575,072
	710,000	NYC HDC, Series C-1 ROLs		17.289			5/1/29		924,420
	4,015,000	NYC HDC, Series J-2-C ROLs		8.317			11/1/40		4,221,893
	1,750,000	NYC HDC, Series K ROLs		7.965			11/1/37		1,779,505
	2,340,000	NYC HDC, Series L ROLs		8.06			11/1/39		2,379,476
	11,080,000	NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs3		13.069			5/1/49		11,878,092
	5,395,000	NYC Municipal Water Finance Authority3		20.1			6/15/43		9,044,825
	7,935,000	NYC Municipal Water Finance Authority LIFERS		20.151			6/15/43		13,527,112
	3,750,000	NYC Transitional Finance Authority (Building Aid) ROLs3		19.602			7/15/37		6,082,050
	6,250,000	NYC Transitional Finance Authority (Building Aid) ROLs3		18.588			7/15/37		9,628,000
	10,170,000	NYC Transitional Finance Authority (Future Tax) ROLs3		9.567			2/1/30		13,634,207
	7,500,000	NYC Transitional Finance Authority (Future Tax) ROLs3		9.569			5/1/34		9,970,650
	8,205,000	NYS DA (Memorial Sloan-Kettering) ROLs		8.824			7/1/35		9,166,052
	5,265,000	NYS DA (Vassar College) ROLs		8.822			7/1/46		6,289,938
	3,980,000	NYS DA ROLs3		18.582			3/15/34		6,401,432
	3,410,000	NYS HFA ROLs3		15.153			11/1/45		3,743,191
	3,750,000	Port Authority NY/NJ ROLs3		22.253			9/15/28		5,689,800
	5,500,000	Port Authority NY/NJ, 11588th Series ROLs3		17.001			10/15/32		6,379,780
	3,580,000	Port Authority NY/NJ, 11588th Series ROLs3		16.063			10/15/28		4,434,152
	4,895,000	Port Authority NY/NJ, 11588th Series ROLs3		16.991			10/15/27		6,205,587
	9,090,000	Port Authority NY/NJ, 11589th Series ROLs3		12.591			9/1/29		9,471,780
	62,000,000	Port Authority NY/NJ, 151st Series LIFERS		6.728			3/15/35		70,394,800
	3,335,000	Port Authority NY/NJ, 151st Series ROLs		13.597			3/15/35		4,500,983
	38,970,000	Port Authority NY/NJ, 152nd Series LIFERS		10.299			11/1/35		45,096,474
	6,860,000	Port Authority NY/NJ, 152nd Series ROLs		8.394			5/1/38		8,216,496
	20,000,000	Port Authority NY/NJ, 152nd Series ROLs		8.419			11/1/35		23,956,400
	5,060,000	Port Authority NY/NJ, 163rd Series LIFERS		18.278			7/15/39		7,703,597
	10,755,000	Port Authority NY/NJ, 166th Series		9.29			1/15/41		13,514,195

57       OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

4. Investments and Risks (Continued)

Principal Amount		Inverse Floater1	Coupon Rate2			Maturity Date		Value
	$      7,500,000	Port Authority NY/NJ, 3114th Series DRIVERS		13.456	%		11/1/30	$	10,322,400
	7,500,000	Port Authority NY/NJ, 3249th Series ROLs3		10.026			7/15/36		9,757,800
	7,650,000	Port Authority NY/NJ, 3264th Series ROLs3		9.519			10/15/31		9,929,394
	222,865,000	Puerto Rico Sales Tax Financing Corp. LIFERS3		5.96			8/1/57		148,483,806
	11,090,000	SONYMA ROLs3		8.803			10/1/31		11,250,583
	5,055,000	SONYMA ROLs3		8.875			10/1/37		5,122,636
	3,580,000	SONYMA ROLs3		9.186			10/1/37		3,838,404
								$	637,695,652

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

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

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

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

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $581,425,000 or 8.51% of its total assets as of December 31, 2014.

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.

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

58       OPPENHEIMER ROCHESTER FUND MUNICIPALS

4. Investments and Risks (Continued)

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 as of December 31, 2014 is as follows:

Cost	$	10,057,260
Market Value	$	7,088,006
Market Value as % of Net Assets		0.11%

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. As of December 31, 2014, securities with an aggregate market value of $93,937,297, representing 1.52% 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.

5. Shares of Beneficial Interest

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

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Amount			Shares			Amount
Class A
Sold		31,683,554		$	476,983,511			58,182,815		$	939,765,979
Dividends and/or distributions reinvested		16,705,729			252,679,034			19,114,833			302,143,673
Redeemed		(69,092,179	)		(1,039,890,212	)		(126,143,272	)		(1,969,025,792	)
Net decrease		(20,702,896	)	$	(310,227,667	)		(48,845,624	)	$	(727,116,140	)
Class B
Sold		43,878		$	657,773			63,517		$	982,203
Dividends and/or distributions reinvested		108,724			1,640,072			183,023			2,915,459
Redeemed		(1,288,623	)		(19,333,294	)		(2,581,925	)		(41,692,375	)
Net decrease		(1,136,021	)	$	(17,035,449	)		(2,335,385	)	$	(37,794,713	)
Class C
Sold		8,761,290		$	132,087,145			8,846,064		$	140,521,583
Dividends and/or distributions reinvested		2,358,181			35,590,667			3,072,509			48,503,252
Redeemed		(12,666,824	)		(190,151,872	)		(23,026,222	)		(356,813,466	)
Net decrease		(1,547,353	)	$	(22,474,060	)		(11,107,649	)	$	(167,788,631	)

59        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

5. Shares of Beneficial Interest (Continued)

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Amount			Shares			Amount
Class Y
Sold		8,017,322		$	121,187,234			5,738,468		$	91,460,318
Dividends and/or distributions reinvested		657,001			9,949,739			674,500			10,649,066
Redeemed		(5,386,374	)		(81,294,522	)		(6,386,709	)		(98,821,379	)
Net increase		3,287,949		$	49,842,451			26,259		$	3,288,005

6. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the year ended December 31, 2014 were as follows:

	Purchases		Sales
Investment securities	$	550,745,475	$	1,173,096,275

7. Fees and Other Transactions with Affiliates

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

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

The Fund’s management fee for the fiscal year ended December 31, 2014 was 0.46% of average annual net assets before any applicable waivers.

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

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

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7. Fees and Other Transactions with Affiliates (Continued)

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

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s Independent Trustees. Benefits are based on years of service and fees paid to each Trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active Independent Trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended December 31, 2014, the Fund’s projected benefit obligations, payments to retired Trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	41,543
Payments Made to Retired Trustees		171,796
Accumulated Liability as of December 31, 2014		1,053,407

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

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

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.15% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all

61        OPPENHEIMER ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Continued

7. Fees and Other Transactions with Affiliates (Continued)

of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

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

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

Year Ended	Class A Front-End Sales Charges Retained by Distributor		Class A Contingent Deferred Sales Charges Retained by Distributor		Class B Contingent Deferred Sales Charges Retained by Distributor		Class C Contingent Deferred Sales Charges Retained by Distributor
December 31, 2014		$686,754		$133,246		$75,864		$59,901

8. Borrowings and Other Financing

Borrowings. The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings (meaning that the value of those assets must be at least 300% of the amount borrowed). The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. When the Fund invests borrowed money in portfolio securities, it is using a speculative investment technique known as leverage and changes in the value of the Fund’s investments will have a larger effect on its share price than if it did not borrow because of the effect of leverage.

The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 4. The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that

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8. Borrowings and Other Financing (Continued)

issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust. See the discussion in Note 4 (Inverse Floating Rate Securities) for additional information.

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

The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.5 billion, collectively, by the Oppenheimer Rochester Funds. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.1563% as of December 31, 2014). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility and is allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the year ended December 31, 2014 equal 0.03% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of December 31, 2014, the Fund had borrowings outstanding at an interest rate of 0.1563%. Details of the borrowings for the year ended December 31, 2014 are as follows:

Average Daily Loan Balance	$	11,179,452
Average Daily Interest Rate		0.155	%
Fees Paid	$	2,270,489
Interest Paid	$	21,329

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

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NOTES TO FINANCIAL STATEMENTS Continued

8. Borrowings and Other Financing (Continued)

The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty’) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the year ended December 31, 2014 are included in expenses on the Fund’s Statement of Operations and equal 0.01% of the Fund’s average net assets on an annualized basis.

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

The Fund executed no transactions under the Facility during the year ended December 31, 2014.

Details of reverse repurchase agreement transactions for the year ended December 31, 2014 are as follows:

Fees Paid $         869,155

9. Pending Litigation

In 2009, seven class action lawsuits were filed in the U.S. District Court for the District of Colorado against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds – including the Fund – advised by OFI Global Asset Management, Inc. and distributed by the Distributor (the “Defendant Funds”). The lawsuits also named as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raised claims under federal securities laws and alleged, among other things, that the disclosure documents of the

64       OPPENHEIMER ROCHESTER FUND MUNICIPALS

9. Pending Litigation (Continued)

respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions sought unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits. In March 2014, the parties – including the Fund – in six of these lawsuits executed stipulations and agreements of settlement resolving those actions. In July 2014, the court entered an order and final judgment approving the settlements as fair, reasonable and adequate. The settlements do not resolve a seventh outstanding lawsuit relating to Oppenheimer Rochester California Municipal Fund (the “California Fund Suit”). OFI believes the California Fund Suit is without legal merit and is defending the suit vigorously. While it is premature to render any opinion as to the outcome in the California Fund Suit, or whether any costs that OFI may bear in defending the California Fund Suit might not be reimbursed by insurance, OFI believes the California Fund Suit should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of the California Fund Suit should not have any material effect on the operations of any of the Oppenheimer funds.

65       OPPENHEIMER ROCHESTER FUND MUNICIPALS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of Oppenheimer Rochester Fund Municipals:

We have audited the accompanying statement of assets and liabilities of Oppenheimer Rochester Fund Municipals, including the statement of investments, as of December 31, 2014, and the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Rochester Fund Municipals as of December 31, 2014, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

February 25, 2015

66        OPPENHEIMER ROCHESTER FUND MUNICIPALS

FEDERAL INCOME TAX INFORMATION Unaudited

In early 2015, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2014.

None of the dividends paid by the Fund during the fiscal year ended December 31, 2014 are eligible for the corporate dividend-received deduction. 99.88% of the dividends were derived from interest on municipal bonds and are not subject to federal income taxes; 100% of the dividends are not subject to New York State and New York City income taxes. For the state income tax reporting purposes of non-New York State shareholders, the distribution breaks down as follows: New York State (69.3%), Puerto Rico (29.7%), Guam (0.2%), Virgin Islands (0.1%); Northern Mariana Isles (0.7%).

During 2014, 25.8448% of this tax-exempt income was derived from “private activity bonds”. These are municipal bonds used to finance privately operated facilities. The interest on these bonds is not taxable for most investors. For the few investors subject to the Alternative Minimum Tax, the interest from these bonds is considered a preference item.

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

67        OPPENHEIMER ROCHESTER FUND MUNICIPALS

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS Unaudited

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

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

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

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

The Board also considered the quality of the services provided and the quality of the Managers’ resources that are available to the Fund. The Board took account of the fact that the Sub-Adviser has had over fifty years of experience as an investment adviser and that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Sub-Adviser’s advisory, administrative, accounting, legal, compliance

68        OPPENHEIMER ROCHESTER FUND MUNICIPALS

services and risk management, and information the Board has received regarding the experience and professional qualifications of the Managers’ key personnel and the size and functions of its staff. In its evaluation of the quality of the portfolio management services provided, the Board considered the experience of Daniel Loughran, Scott Cottier, Troy Willis, Mark DeMitry, Michael Camarella, Charles Pulire, and Elizabeth Mossow, the portfolio managers for the Fund, and the Sub-Adviser’s investment team and analysts. The Board members also considered the totality of their experiences with the Managers as directors or trustees of the Fund and other funds advised by the Managers. The Board considered information regarding the quality of services provided by affiliates of the Managers, which its members have become knowledgeable about in connection with the renewal of the Fund’s service agreements. The Board concluded, in light of the Managers’ experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreements.

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

Costs of Services by the Adviser. The Board reviewed the fees paid to the Adviser and the other expenses borne by the Fund. The Board also considered the comparability of the fees charged and the services provided to the Fund to the fees and services for other clients or accounts advised by the Adviser. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other retail front-end load Muni New York Long funds with comparable asset levels and distribution features. The Fund’s contractual management fees and total expenses were lower than its peer group median and category median.

Economies of Scale and Profits Realized by the Managers. The Board considered information regarding OFI Global’s costs in serving as the Fund’s investment adviser, including the costs associated with the personnel and systems necessary to manage the Fund, and information regarding the Managers’ profitability from their relationship with the Fund. The Board reviewed whether the Managers may realize economies of scale in managing and supporting the Fund. The Board noted that the Fund currently has management fee breakpoints, which are intended to share with Fund shareholders economies of scale that may exist as the Fund’s assets grow.

Other Benefits to the Managers. In addition to considering the profits realized by the Managers, the Board considered information that was provided regarding the direct and indirect benefits the Managers receive as a result of their relationship with the Fund, including compensation paid to the Managers’ affiliates. The Board also considered that the Managers must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund.

69        OPPENHEIMER ROCHESTER FUND MUNICIPALS

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AND SUB-ADVISORY

AGREEMENTS Unaudited / Continued

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

Based on its review of the information it received and its evaluations described above, the Board, including a majority of the independent Trustees, decided to continue the Agreements through September 30, 2015. In arriving at its decision, the Board did not identify any factor or factors as being more important than others, but considered all of the above information, and considered the terms and conditions of the Agreements, including the management fees, in light of all the surrounding circumstances.

70        OPPENHEIMER ROCHESTER FUND MUNICIPALS

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF

INVESTMENTS Unaudited

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

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

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

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

71       OPPENHEIMER ROCHESTER FUND MUNICIPALS

TRUSTEES AND OFFICERS Unaudited

Name, Position(s) Held with the Fund, Length of Service, Year of Birth	Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES	The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.
Brian F. Wruble, Chairman of the Board of Trustees (since 2007), Trustee (since 2001) Year of Birth: 1943	Director and Vice Chairman of Community Foundation of the Florida Keys (non-profit) (since July 2012); Trustee of the Board of Trustees, The Jackson Laboratory (non-profit) (1991-2011 and since May 2014); Chairman Emeritus (since August 2011) of The Jackson Laboratory (non-profit); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (since September 2004); Member of Zurich Insurance Group’s Investment Management Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
David K. Downes, Trustee (since 2005) Year of Birth: 1940	Director of THL Credit Inc. (since June 2009); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Actua Corporation (information technology company) (since October 2003); formerly, Independent Chairman GSK Employee Benefit Trust (April 2006-June 2013); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse

72       OPPENHEIMER ROCHESTER FUND MUNICIPALS

David K. Downes, Continued	Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Matthew P. Fink, Trustee (since 2009) Year of Birth: 1941	Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2010). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Edmund P. Giambastiani, Jr., Trustee (since 2013) Year of Birth: 1948	Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Director of Monster Worldwide, Inc. (on-line career services) (since January 2008, Lead Director since June 2011); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), Supreme Allied Commander of NATO Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. Oversees 53 portfolios in the OppenheimerFunds complex. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, including as an Advisory Board Member for certain Oppenheimer funds, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. For purposes of this report, Admiral Giambastiani is identified as a Trustee.

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TRUSTEES AND OFFICERS Unaudited / Continued

Elizabeth Krentzman, Trustee (since 2014) Year of Birth: 1959	Advisory Board Member of the Securities and Exchange Commission Historical Society (since 2007); held the following positions at Deloitte & Touche LLP: Principal and Chief Regulatory Advisor for Asset Management Services (2007 - 2014) and U.S. Mutual Fund Leader (2011 - 2014); General Counsel of the Investment Company Institute (trade association) (June 2004 - April 2007); held the following positions at Deloitte & Touche LLP: National Director of the Investment Management Regulatory Consulting Practice (1997 - 2004), Principal (2003 - 2004), Director (1998 - 2003) and Senior Manager (1997 - 1998); Assistant Director of the Division of Investment Management – Office of Disclosure and Investment Adviser Regulation (1996 - 1997) and various positions with the Division of Investment Management – Office of Regulatory Policy (1991 - 1996) of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray (1987 - 1991); former Chair of the Investment Management Subcommittee of the Washington, D.C. Bar. Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Krentzman has served on the Boards of certain Oppenheimer funds since August 2014, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Mary F. Miller, Trustee (since 2009) Year of Birth: 1942	Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joel W. Motley, Trustee (since 2009) Year of Birth: 1952	Director of Greenwall Foundation (since October 2013); Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since March 2011); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch (since July 2000) and Member of the Investment Committee and Board of Historic Hudson Valley (since February 2010). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Joanne Pace, Trustee/Advisory Board Member (since 2012) Year of Birth: 1958	Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Advisory Council Member of 100 Women in Hedge Funds (non-profit) (since December, 2012); Advisory Council Member of Morgan

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Joanne Pace, Continued	Stanley Children’s Hospital (non-profit) (since May, 2012); Board Director of The Komera Project (non-profit) (since April, 2012); Advisory Board Director of The Agile Trading Group LLC (2012-2013); New York Advisory Board Director of Peace First (non-profit) (2010-2013); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Oversees 53 portfolios in the OppenheimerFunds complex. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, including as an Advisory Board Member for certain Oppenheimer funds, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations. For purposes of this report, Ms. Pace is identified as a Trustee.
Daniel Vandivort, Trustee (since 2014) Year of Birth: 1954	Chairman and Lead Independent Director/Trustee (March 2010-September 2014), Chairman of the Audit Committee (March 2009-September 2014) and Director/Trustee (December 2008-September 2014) of the Board of Directors/Trustees of Value Line Funds; Trustee, Board of Trustees of Huntington Disease Foundation of America (June 2007-December 2013): Trustee, Board of Trustees, RIM Retirement Savings Plan (2005-2007); President and Chief Investment Officer, Robeco Investment Management, formerly known as Weiss Peck and Greer (January 2005-June 2007); Member, Management Committee of Robeco Investment Management (2001-2007); Chairman and Trustee of the Board of Trustees of Weiss, Peck and Greer Funds (2004-2005); Managing Director and Head of Fixed Income, Weiss, Peck and Greer (November 1994-January 2005); Managing Director and Head of Fixed Income, CS First Boston Investment Management (January 1992-November 1994); Director, Global Product Development, First Boston Asset Management (November 1989-January 1992); Vice President, Fixed Income Sales, First Boston Corp. (May 1984-November 1989). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Vandivort has served on the Boards of certain Oppenheimer funds since 2014, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
Peter I. Wold, Trustee (since 2009) Year of Birth: 1948	President of Wold Energy Partners, LLC (oil and gas exploration and production) (since 2013); Director of Arch Coal, Inc. (since 2010); President of Wold Oil Properties, LLC (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and

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TRUSTEES AND OFFICERSUnaudited / Continued

Peter I. Wold, Continued	milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (2004-2012); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 53 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE	Mr. Glavin is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as director of the Sub-Adviser, and as a shareholder of the Sub-Adviser’s parent company. As a Trustee, he serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin’s address is 225 Liberty Street, 11th Floor, New York, New York 10281-1008.
William F. Glavin, Jr., Trustee (since 2009) Year of Birth: 1958	Chairman of the Sub-Adviser (July 2014-December 2014 and December 2009-December 2012) and Director of the Sub-Adviser (since January 2009); Chairman, Director and Chief Executive Officer (January 2013-June 2014) of the Manager; President of the Manager (January 2013-May 2013); Chief Executive Officer (January 2009-December 2012); President of the Sub-Adviser (May 2009-December 2012); Management Director (June 2009-June 2014), President (December 2009-June 2014) and Chief Executive Officer (January 2011-June 2014) of Oppenheimer Acquisition Corp. (“OAC”) (the Sub-Adviser’s parent holding company); Director of Oppenheimer Real Asset Management, Inc. (March 2010-June 2014); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML

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William F. Glavin, Jr., Continued	Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. An officer of 91 portfolios in the OppenheimerFunds complex. Mr. Glavin has served on the Boards of certain Oppenheimer funds since December 2009, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
OTHER OFFICERS OF THE FUND	The addresses of the Officers in the chart below are as follows: for Messrs. Loughran, Cottier, Willis, DeMitry, Camarella, Pulire, Stein, Steinmetz, Gabinet, Mss. Sexton and Picciotto, 225 Liberty Street, New York, New York 10281-1008, for Mr. Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.
Daniel G. Loughran, Vice President (since 2005) Year of Birth: 1963	Senior Vice President of the Sub-Adviser (since July 2007) and a Senior Portfolio Manager (since December 2001); Vice President of the Sub-Adviser (April 2001-June 2007) and a Portfolio Manager with the Sub-Adviser (December 1999- November 2001). Team Leader, a Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Scott S. Cottier, Vice President (since 2005) Year of Birth: 1971	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since September 2002). Portfolio Manager and trader at Victory Capital Management (1999-2002). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Troy E. Willis, Vice President (since 2005) Year of Birth: 1972	Vice President of the Sub-Adviser (since July 2009) and a Senior Portfolio Manager (since January 2006); Assistant Vice President of the Sub-Adviser (July 2005-June 2009). Portfolio Manager of the Sub-Adviser (June 2003-December 2005). Corporate Attorney for Southern Resource Group (June 1999-December 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Mark R. DeMitry Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since July 2009); Associate Portfolio Manager of the Fund (September 2006- June 2009). Research Analyst of the Sub-Adviser (June 2003-September 2006) and a Credit Analyst of the Sub-Adviser (July 2001-May 2003). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Michael L. Camarella Vice President (since 2009) Year of Birth: 1976	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since January 2011); Assistant Vice President of the Sub-Adviser (July 2009-December 2010); Associate Portfolio Manager of the Sub-Adviser (January 2008-December 2010). Research Analyst of the Sub-Adviser (April 2006-December 2007) and a Credit Analyst of the Sub-Adviser (June 2003-March 2006). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.

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TRUSTEES AND OFFICERS Unaudited / Continued

Charles S. Pulire, Vice President (since 2011) Year of Birth: 1977	Vice President of the Sub-Adviser and a Senior Portfolio Manager (since February 2013); Assistant Vice President of the Sub-Adviser (December 2010-January 2013); Research Analyst of the Manager (February 2008-November 2010); Credit Analyst of the Sub-Adviser (May 2006-January 2008). Senior Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
Richard Stein Vice President (since 2007) Year of Birth: 1957	Director of the Rochester Credit Analysis team (since March 2004); Senior Vice President of the Sub-Adviser (since June 2011) and a Vice President of the Sub-Adviser (November 1997-May 2011); heads up the Rochester Credit Analysis team (since May 1993).
Arthur P. Steinmetz, President and Principal Executive Officer (since 2014) Year of Birth: 1958	Chairman of the Sub-Adviser (since January 2015); CEO and Chairman of the Manager (since July 2014), President of the Manager (since May 2013), a Director of the Manager (since January 2013), Director of the Sub-Adviser (since July 2014), President, Management Director and CEO of Oppenheimer Acquisition Corp. (the Sub-Adviser’s parent holding company) (since July 2014), and President and Director of OFI SteelPath, Inc. (since January 2013). Chief Investment Officer of the OppenheimerFunds advisory entities from (January 2013-December 2013); Executive Vice President of the Manager (January 2013-May 2013); Chief Investment Officer of the Sub-Adviser (October 2010-December 2012); Chief Investment Officer, Fixed-Income, of the Sub-Adviser (April 2009-October 2010); Executive Vice President of the Sub-Adviser (October 2009-December 2012); Director of Fixed Income of the Sub-Adviser (January 2009-April 2009); and a Senior Vice President of the Sub-Adviser (March 1993-September 2009). An officer of 91 portfolios in the OppenheimerFunds complex.
Arthur S. Gabinet, Secretary and Chief Legal Officer (since 2011) Year of Birth: 1958	Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011-December 2012) and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011); Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 91 portfolios in the OppenheimerFunds complex.

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Jennifer Sexton, Vice President and Chief Business Officer (since 2014) Year of Birth: 1969	Senior Vice President of OppenheimerFunds Distributor, Inc. (since June 2014); Vice President of OppenheimerFunds Distributor, Inc. (April 2006-June 2014); Vice President of the Sub-Adviser (January 1998-March 2006); Assistant Vice President of the Sub-Adviser (October 1991-December 1998). An officer of 91 portfolios in the OppenheimerFunds complex.
Mary Ann Picciotto, Chief Compliance Officer and Chief Anti-Money Laundering Officer (since 2014) Year of Birth: 1973	Senior Vice President and Chief Compliance Officer of the Manager (since March 2014); Chief Compliance Officer of the Sub-Adviser, OFI SteelPath, Inc., OFI Global Trust Company, OFI Global Institutional, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2014); Managing Director of Morgan Stanley Investment Management Inc. and certain of its various affiliated entities; Chief Compliance Officer of various Morgan Stanley Funds (May 2010-January 2014); Chief Compliance Officer of Morgan Stanley Investment Management Inc. (April 2007-January 2014). An officer of 91 portfolios in the OppenheimerFunds complex.
Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer (since 1999) Year of Birth: 1959	Senior Vice President of the Manager (since January 2013); Treasurer of the Sub-Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000-June 2008), and OppenheimerFunds Legacy Program (charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 91 portfolios in the OppenheimerFunds complex.

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

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OPPENHEIMER ROCHESTER FUND MUNICIPALS

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

^© 2015 OppenheimerFunds, Inc. All rights reserved.

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PRIVACY POLICY NOTICE

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

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

• Applications or other forms

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

• When you enroll in eDocs Direct, our electronic document delivery service

• Your transactions with us, our affiliates or others

• A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

• When you set up challenge questions to reset your password online

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

81      OPPENHEIMER ROCHESTER FUND MUNICIPALS

PRIVACY POLICY NOTICE Continued

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website. As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

• All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

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

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

Other Security Measures

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

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., each of its investment adviser subsidiaries, OppenheimerFunds Distributor, Inc. and OFI Global Trust Co. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2014. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about this privacy policy, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

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Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes is “independent” for purposes of this Item 3.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $54,800 in fiscal 2014 and $53,700 in fiscal 2013.

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2014 and no such fees in fiscal 2013.

The principal accountant for the audit of the registrant’s annual financial statements billed $1,012,359 in fiscal 2014 and $697,965 in fiscal 2013 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, GIPS attestation procedures, reorganization, and system conversion testing

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2014 and no such fees in fiscal 2013.

The principal accountant for the audit of the registrant’s annual financial statements billed $477,069 in fiscal 2014 and $581,620 in fiscal 2013 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2014 and no such fees in fiscal 2013.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2014 and no such fees in fiscal 2013 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

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

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

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

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

(2) 0%

(f) Not applicable as less than 50%.

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $1,489,428 in fiscal 2014 and $1,279,585 in fiscal 2013 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

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

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

None

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 12/31/2014, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

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

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

Item 12. Exhibits.

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

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

Oppenheimer Rochester Fund Municipals
By:	/s/ Arthur P. Steinmetz
	Arthur P. Steinmetz
	Principal Executive Officer
Date:	2/11/2015

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:	2/11/2015

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	2/11/2015