ITEM 77J - REVALUATION OF ASSETS OR RESTATEMENT OF CAPITAL SHARE ACCOUNT

                     ROCHESTER FUND MUNICIPALS (the "Fund")



Classification of Dividends and Distributions to Shareholders. 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 its
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 realized gain was
recorded by the Fund.

     The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended December 31, 2000, amounts have been reclassified to reflect a
decrease in paid-in capital of $564,382 and a decrease in accumulated net
realized loss on investments of $564,382. Net assets of the Fund were unaffected
by the reclassifications.