nvcsrs

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QedPJHfW4yMUbJFbk0/mnc79xMhvCac9yMQvQQ8yyZQBcxi/B0BWNz07HGoVOVsg e94Vg0HLUb8OBE8A7BFSOA== 0000950123-09-038318.txt : 20090827 0000950123-09-038318.hdr.sgml : 20090827 20090826180104 ACCESSION NUMBER: 0000950123-09-038318 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090827 DATE AS OF CHANGE: 20090826 EFFECTIVENESS DATE: 20090827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROCHESTER FUND MUNICIPALS CENTRAL INDEX KEY: 0000093621 IRS NUMBER: 160473255 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03614 FILM NUMBER: 091037159 BUSINESS ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 BUSINESS PHONE: 7163838700 MAIL ADDRESS: STREET 1: 350 LINDEN OAKS CITY: ROCHESTER STATE: NY ZIP: 14625-2807 FORMER COMPANY: FORMER CONFORMED NAME: ROCHESTER FUND MUNICIPALS INC DATE OF NAME CHANGE: 19920521 FORMER COMPANY: FORMER CONFORMED NAME: MARTEK INVESTORS INC/NY DATE OF NAME CHANGE: 19860302 FORMER COMPANY: FORMER CONFORMED NAME: STAR SUPERMARKETS INC DATE OF NAME CHANGE: 19830104

0000093621 S000008503 ROCHESTER FUND MUNICIPALS

C000023347 A

C000023348 B

C000023349 C

C000023350 Y

N-CSRS 1 p15388nvcsrs.htm N-CSRS nvcsrs

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

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)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, 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: 06/30/2009

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS


Top Ten Categories

Tobacco—Master Settlement Agreement	14.6	%
Airlines	7.8
Electric Utilities	7.6
Tax Increment Financing (TIF)	7.5
Hospital/Health Care	5.8
Special Tax	5.6
General Obligation	5.3
Marine/Aviation Facilities	4.8
Highways/Commuter Facilities	4.2
Not-For-Profit Organizations	3.7

Portfolio holdings are subject to change. Percentages are as of June 30, 2009, and are based on total assets.


Credit Allocation

AAA	3.9	%
AA	24.0
A	15.2
BBB	36.9
BB or lower	20.0

Allocations are subject to change. Percentages are as of June 30, 2009, and are dollar-weighted based on the total market value of investments. Market value, the total value of the Fund’s securities, does not include cash. Securities rated by any rating organization are included in the equivalent Standard & Poor’s rating category in the allocation above. The allocation above also includes unrated securities whose ratings have been assigned by the Manager; these unrated securities, currently 16.60% of the Fund’s market value, are deemed comparable in the Manager’s judgment to the rated securities in each category. Credit ratings of AAA, AA, A and BBB and their equivalents denote investment-grade securities.

17 | ROCHESTER FUND MUNICIPALS

NOTES

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

This semiannual report must be preceded or accompanied by the current prospectus of Rochester Fund Municipals. Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses contain this and other information about the funds. For more information, ask your financial advisor, call us at 1.800.525.7048, or visit our website at www.oppenheimerfunds.com. Read prospectuses carefully before investing.

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.

Class A shares of the Fund were first publicly offered on 5/15/86. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 4.75%.

Class B shares of the Fund were first publicly offered on 3/17/97. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 3/17/97. Unless otherwise noted, Class C returns include the applicable 1% contingent deferred sales charge for the one-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

18 | ROCHESTER FUND MUNICIPALS

Class Y shares of the Fund were first publicly offered on 4/28/00. Class Y shares are offered only to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

19 | ROCHESTER FUND MUNICIPALS

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees (if applicable); 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 June 30, 2009.

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 Period” 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 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), or a $12.00 fee imposed annually on

20 | ROCHESTER FUND MUNICIPALS

accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). 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.


	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
Actual	January 1, 2009		June 30, 2009		June 30, 2009

Class A	$	1,000.00	$	1,234.20	$	9.45
Class B		1,000.00		1,228.80		14.67
Class C		1,000.00		1,229.40		14.29
Class Y		1,000.00		1,235.10		8.62

Hypothetical (5% return before expenses)
Class A		1,000.00		1,016.36		8.53
Class B		1,000.00		1,011.70		13.25
Class C		1,000.00		1,012.05		12.90
Class Y		1,000.00		1,017.11		7.78

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios based on the 6-month period ended June 30, 2009 are as follows:


Class	Expense Ratios
Class A		1.70	%
Class B		2.64
Class C		2.57
Class Y		1.55

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

21 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS June 30, 2009 / Unaudited


Principal
Amount			Coupon			Maturity		Value

Municipal Bonds and Notes—126.1%
New York—89.9%
$	1,420,000	Albany County, NY Airport Authority¹		5.000	%		12/15/2035	$	1,222,762
	1,035,000	Albany County, NY IDA (Albany College of Pharmacy)¹		5.375			12/01/2024		855,272
	1,700,000	Albany County, NY IDA (Albany College of Pharmacy)¹		5.625			12/01/2034		1,317,398
	605,000	Albany County, NY IDA (Wildwood Programs)¹		4.900			07/01/2021		450,356
	1,085,000	Albany, NY Hsg. Authority (Lark Drive)¹		5.500			12/01/2028		1,086,215
	1,420,000	Albany, NY IDA (Albany Medical Center)¹		6.000			05/01/2019		1,260,364
	2,460,000	Albany, NY IDA (Albany Medical Center)¹		6.000			05/01/2029		1,868,222
	215,000	Albany, NY IDA (Albany Municipal Golf Course Clubhouse)¹		7.500			05/01/2012		212,151
	790,000	Albany, NY IDA (Albany Rehabilitation)¹		8.375			06/01/2023		655,242
	3,125,000	Albany, NY IDA (Brighter Choice Charter School)¹		5.000			04/01/2027		2,249,719
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)¹		5.000			04/01/2032		911,250
	900,000	Albany, NY IDA (Brighter Choice Charter School)¹		5.000			04/01/2037		585,378
	7,005,000	Albany, NY IDA (Charitable Leadership)¹		5.750			07/01/2026		5,376,548
	2,015,000	Albany, NY IDA (Hampton Plaza)¹		6.250			03/15/2018		1,694,152
	900,000	Albany, NY IDA (New Covenant Charter School)		7.000	²		05/01/2025		605,880
	1,285,000	Albany, NY IDA (Sage Colleges)¹		5.250			04/01/2019		1,031,071
	1,760,000	Albany, NY IDA (Sage Colleges)¹		5.300			04/01/2029		1,194,266
	895,000	Albany, NY Parking Authority¹		5.625			07/15/2025		862,485
	1,770,000	Albany, NY Parking Authority³		7.052	⁴		11/01/2017		1,162,147
	925,000	Amherst, NY IDA (Asbury Pointe)¹		5.800			02/01/2015		866,059
	45,000	Amherst, NY IDA (Asbury Pointe)¹		6.000			02/01/2023		35,710
	3,000,000	Amherst, NY IDA (Asbury Pointe)¹		6.000			02/01/2029		2,189,970
	5,300,000	Amherst, NY IDA (Beechwood Health Care Center)¹		5.200			01/01/2040		3,125,569
	25,000	Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)¹		5.250			08/01/2031		23,181
	1,065,000	Blauvelt, NY Volunteer Fire Company¹		6.250			10/15/2017		917,966
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)¹		6.300			01/01/2033		1,914,199
	2,425,000	Brookhaven, NY IDA (Stony Brook Foundation)¹		6.500			11/01/2020		2,203,622
	775,000	Broome County, NY IDA (Good Shepard Village)¹		6.750			07/01/2028		642,250
	1,550,000	Broome County, NY IDA (Good Shepard Village)¹		6.875			07/01/2040		1,234,420
	95,000	Broome County, NY IDA (University Plaza)¹		5.000			08/01/2025		60,585
	3,030,000	Broome County, NY IDA (University Plaza)¹		5.000			08/01/2036		1,671,803
	1,000,000	Broome County, NY IDA (University Plaza)¹		5.100			08/01/2030		596,370
	1,250,000	Broome County, NY IDA (University Plaza)¹		5.100			08/01/2036		701,563
	3,000,000	Broome County, NY IDA (University Plaza)¹		5.200			08/01/2030		1,816,050
	4,450,000	Broome County, NY IDA (University Plaza)¹		5.200			08/01/2036		2,539,838

F1 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)¹		5.750	%		11/01/2030	$	2,154,870
	915,000	Canton, NY Human Services Initiatives¹		5.700			09/01/2024		801,714
	1,155,000	Canton, NY Human Services Initiatives¹		5.750			09/01/2032		950,657
	1,465,000	Cattaraugus County, NY IDA (St. Bonaventure University)¹		5.450			09/15/2019		1,312,494
	11,215,000	Cayuga County, NY COP (Auburn Memorial Hospital)¹		6.000			01/01/2021		10,996,420
	3,395,000	Chautauqua County, NY IDA (Jamestown Devel. Corp.)¹		7.500			11/01/2018		2,889,960
	1,900,000	Chautauqua County, NY IDA (Woman’s Christian Assoc. of Jamestown)¹		6.400			11/15/2029		1,423,613
	95,000	Chautauqua, NY Utility District¹		5.000			06/01/2023		95,592
	105,000	Chautauqua, NY Utility District¹		5.000			06/01/2025		104,381
	3,250,000	Chemung County, NY IDA (Arnot Ogden Medical Center)¹		5.000			11/01/2029		2,877,810
	1,915,000	Chemung County, NY IDA (Arnot Ogden Medical Center)¹		5.000			11/01/2029		1,695,694
	1,000,000	Chemung County, NY IDA (Arnot Ogden Medical Center)¹		5.000			11/01/2034		850,960
	1,455,000	Chemung County, NY IDA (Arnot Ogden Medical Center)¹		5.000			11/01/2034		1,238,147
	1,070,000	Chemung County, NY IDA (Hathorn Redevel. Company)¹		4.850			07/01/2023		1,003,692
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)¹		5.000			07/01/2033		1,339,366
	3,835,000	Chemung County, NY IDA (St. Joseph’s Hospital)³		6.000			01/01/2013		3,142,783
	4,000,000	Chemung County, NY IDA (St. Joseph’s Hospital)³		6.350			01/01/2013		3,278,000
	4,910,000	Chemung County, NY IDA (St. Joseph’s Hospital)³		6.500			01/01/2019		3,888,720
	875,000	Clifton Springs, NY Hospital & Clinic¹		7.650			01/01/2012		874,641
	2,345,000	Clifton Springs, NY Hospital & Clinic¹		8.000			01/01/2020		2,344,578
	35,000	Cohoes, NY GO¹		6.200			03/15/2012		34,944
	25,000	Cohoes, NY GO¹		6.200			03/15/2013		24,592
	25,000	Cohoes, NY GO¹		6.250			03/15/2014		24,446
	25,000	Cohoes, NY GO¹		6.250			03/15/2015		24,042
	25,000	Cohoes, NY GO¹		6.250			03/15/2016		23,668
	1,275,000	Columbia County, NY IDA (Berkshire Farms)¹		7.500			12/15/2014		1,155,125
	3,300,000	Corinth, NY IDA (International Paper Company)¹		5.750			02/01/2022		2,802,294
	40,000	Corinth, NY IDA (International Paper Company)¹		5.850			12/01/2020		35,712
	5,370,000	Cortland County, NY IDA (Cortland Memorial Hospital)¹		5.250			07/01/2032		4,490,501
	2,310,000	Dutchess County, NY IDA (Elant Fishkill)¹		5.250			01/01/2037		1,429,798
	900,000	Dutchess County, NY IDA (St. Francis Hospital)¹		7.500			03/01/2029		835,947

F2 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	1,000,000	Dutchess County, NY Water & Wastewater Authority¹		5.400	%⁴		06/01/2027	$	405,720
	3,200,000	East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.)¹		7.750			10/01/2032		2,824,896
	1,355,000	East Rochester, NY Hsg. Authority (Gates Senior Hsg.)¹		6.125			04/20/2043		1,410,216
	2,410,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)¹		6.750			03/01/2030		1,931,302
	1,700,000	East Rochester, NY Hsg. Authority (Woodland Village)¹		5.500			08/01/2033		1,118,668
	3,325,000	Elmira, NY Hsg. Authority (Eastgate Apartments)¹		6.250			06/01/2044		2,320,983
	2,160,000	Erie County, NY IDA (Air Cargo)¹		8.500			10/01/2015		2,135,614
	4,000,000	Erie County, NY IDA (Charter School Applied Tech)¹		6.750			06/01/2025		3,373,480
	7,000,000	Erie County, NY IDA (Charter School Applied Tech)¹		6.875			06/01/2035		5,615,680
	1,960,000	Erie County, NY IDA (DePaul Properties)¹		5.750			09/01/2028		1,274,725
	2,435,000	Erie County, NY IDA (DePaul Properties)¹		6.500			09/01/2018		1,949,851
	1,800,000	Erie County, NY IDA (Global Concepts Charter School)¹		6.250			10/01/2037		1,321,704
	11,310,000	Erie County, NY IDA (Medaille College)¹		7.625			04/01/2035		10,325,804
	3,515,000	Erie County, NY IDA (Medaille College)¹		8.250			11/01/2026		3,521,292
	9,900,000	Erie County, NY IDA (Orchard Park CCRC)		6.000			11/15/2026		7,450,740
	9,250,000	Erie County, NY IDA (Orchard Park CCRC)		6.000			11/15/2036		6,418,205
	7,350,000	Erie County, NY IDA (The Episcopal Church Home)¹		6.000			02/01/2028		5,690,150
	25,290,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2038		16,775,616
	72,595,000	Erie County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2045		46,123,959
	93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	⁴		06/01/2047		2,201,310
	135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	⁴		06/01/2050		1,958,607
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	⁴		06/01/2060		3,932,160
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		13.683	⁴		06/01/2055		1,286,266
	1,410,000	Essex County, NY IDA (International Paper Company)¹		4.600			03/01/2027		977,624
	2,300,000	Essex County, NY IDA (International Paper Company)¹		6.450			11/15/2023		2,125,384
	1,500,000	Essex County, NY IDA (International Paper Company)¹		6.625			09/01/2032		1,336,620
	30,000	Essex County, NY IDA (Moses Ludington Nursing Home)¹		6.200			02/01/2030		30,395
	975,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.000			06/01/2020		817,577
	320,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.000			06/01/2020		268,333

F3 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	1,235,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.200	%		06/01/2025	$	972,810
	410,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.200			06/01/2025		322,957
	1,100,000	Essex County, NY IDA (North Country Community College Foundation)¹		5.300			06/01/2035		789,756
	9,300,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)¹		5.200			12/01/2023		7,373,319
	4,440,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)¹		5.200			03/01/2028		3,283,735
	1,850,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)¹		5.500			08/15/2022		1,546,230
	1,625,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)¹		5.500			10/01/2026		1,285,944
	5,680,000	Franklin County, NY IDA (Adirondack Medical Center)¹		5.500			12/01/2029		5,019,132
	900,000	Franklin County, NY IDA (North Country Community College Foundation)¹		5.200			06/01/2025		708,930
	1,000,000	Genesee County, NY IDA (United Memorial Medical Center)¹		5.000			12/01/2027		662,220
	3,630,000	Glen Cove, NY IDA (SLCD)¹		7.375			07/01/2023		3,078,422
	1,175,000	Green Island, NY Power Authority¹		5.125			12/15/2024		1,087,944
	2,520,000	Green Island, NY Power Authority¹		6.000			12/15/2020		2,483,057
	1,695,000	Green Island, NY Power Authority¹		6.000			12/15/2025		1,621,590
	195,000	Hempstead, NY IDA (Dentaco Corp.)¹		7.250			11/01/2012		183,628
	1,270,000	Hempstead, NY IDA (Dentaco Corp.)¹		8.250			11/01/2025		1,034,961
	9,375,000	Hempstead, NY IDA (Franklin Hospital Medical Center)¹		6.375			11/01/2018		7,996,875
	8,215,000	Hempstead, NY IDA (Franklin Hospital Medical Center)¹		7.750			11/01/2022		7,831,195
	25,260,000	Hempstead, NY IDA (Lynbrook Facilities)¹		6.500			11/01/2042		17,547,869
	3,665,000	Hempstead, NY IDA (Peninsula Counseling Center)¹		6.500			11/01/2038		2,620,842
	6,145,000	Hempstead, NY IDA (South Shore Y JCC)¹		6.750			11/01/2024		4,472,761
	1,000,000	Herkimer County, NY IDA (Herkimer County College Foundation)¹		6.250			08/01/2034		826,100
	1,285,000	Herkimer County, NY IDA (Herkimer County College Foundation)¹		6.400			11/01/2020		1,148,662
	2,000,000	Herkimer County, NY IDA (Herkimer County College Foundation)¹		6.500			11/01/2030		1,581,780
	140,000	Herkimer, NY Hsg. Authority¹		7.150			03/01/2011		140,567
	650,475,000	Hudson Yards, NY Infrastructure Corp¹		5.000			02/15/2047		558,094,541
	75,340,000	Hudson Yards, NY Infrastructure Corp.¹		5.000			02/15/2047		64,640,213
	145,000	Huntington, NY Hsg. Authority (GJSR)¹		5.875			05/01/2019		118,039

F4 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	1,000,000	Huntington, NY Hsg. Authority (GJSR)¹		6.000	%		05/01/2029	$	717,850
	8,500,000	Huntington, NY Hsg. Authority (GJSR)¹		6.000			05/01/2039		5,734,950
	740,000	Islip, NY IDA (Leeway School)¹		9.000			08/01/2021		739,793
	16,730,000	Islip, NY IDA (Southside Hospital Civic Facilities)¹		7.750			12/01/2022		14,840,848
	9,695,000	Islip, NY IDA (United Cerebral Palsy Assoc.)¹		6.250			12/01/2031		6,854,074
	1,125,000	Islip, NY IDA (United Cerebral Palsy Assoc.)¹		6.250			12/01/2031		795,341
	1,100,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2020		1,118,667
	1,315,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2021		1,335,974
	1,000,000	Islip, NY Res Rec, Series E¹		5.750			07/01/2023		1,016,210
	3,000,000	Kenmore, NY Hsg. Authority (SUNY at Buffalo)¹		5.500			08/01/2024		2,804,310
	60,000	L.I., NY Power Authority, Series A¹		5.125			09/01/2029		59,143
	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)¹		5.000			06/01/2040		4,181,647
	850,000	Madison County, NY IDA (Morrisville State College Foundation)¹		5.000			06/01/2028		723,792
	1,100,000	Madison County, NY IDA (Morrisville State College Foundation)¹		5.000			06/01/2032		904,695
	1,290,000	Madison County, NY IDA (Oneida Healthcare Center)¹		5.300			02/01/2021		1,177,035
	5,500,000	Madison County, NY IDA (Oneida Healthcare Center)¹		5.350			02/01/2031		4,460,225
	1,605,000	Middletown, NY Hsg. Authority (Summitfield & Moore Heights)¹		4.800			07/01/2039		1,536,402
	590,000	Middletown, NY IDA (Flanagan Design & Display)¹		7.500			11/01/2018		512,586
	2,970,000	Middletown, NY IDA (Southwinds Retirement Home)¹		6.375			03/01/2018		2,665,931
	85,000	Middletown, NY IDA (YMCA)¹		6.250			11/01/2009		84,549
	1,255,000	Middletown, NY IDA (YMCA)¹		7.000			11/01/2019		1,091,499
	80,000	Monroe County, NY COP¹		8.050			01/01/2011		78,450
	50,000	Monroe County, NY IDA (Cloverwood Senior Living)¹		6.750			05/01/2023		44,191
	1,025,000	Monroe County, NY IDA (Cloverwood Senior Living)¹		6.875			05/01/2033		832,413
	480,000	Monroe County, NY IDA (Dayton Rogers Manufacturing)¹		6.100			12/01/2009		475,003
	4,005,000	Monroe County, NY IDA (DePaul Community Facilities)¹		5.875			02/01/2028		2,665,007
	5,065,000	Monroe County, NY IDA (DePaul Community Facilities)¹		5.950			08/01/2028		3,458,382
	4,265,000	Monroe County, NY IDA (DePaul Properties)¹		6.150			09/01/2021		3,165,270
	1,250,000	Monroe County, NY IDA (Highland Hospital of Rochester)¹		5.000			08/01/2025		1,104,413
	195,000	Monroe County, NY IDA (Melles Griot)¹		9.500			12/01/2009		195,166

F5 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	2,500,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)¹		6.500	%		12/01/2042	$	1,861,300
	2,890,000	Monroe County, NY IDA (Rochester Institute of Technology)¹		5.375			04/01/2029		2,226,485
	2,190,000	Monroe County, NY IDA (St. John Fisher College)¹		5.250			06/01/2026		1,956,875
	3,175,000	Monroe County, NY IDA (St. John Fisher College)¹		5.375			06/01/2024		2,930,970
	2,175,000	Monroe County, NY IDA (Summit at Brighton)¹		5.375			07/01/2032		1,447,898
	3,660,000	Monroe County, NY IDA (Summit at Brighton)¹		5.500			07/01/2027		2,584,802
	795,000	Monroe County, NY IDA (Volunteers of America)¹		5.700			08/01/2018		638,234
	2,765,000	Monroe County, NY IDA (Volunteers of America)¹		5.750			08/01/2028		1,892,145
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	⁴		06/01/2061		2,236,000
	580,000	Monroe, NY Newpower Corp¹		5.625			01/01/2026		433,277
	2,265,000	Monroe, NY Newpower Corp.¹		5.500			01/01/2034		1,502,986
	600,000	Mount Vernon, NY IDA (Kings Court)¹		5.200			12/01/2033		569,766
	3,275,000	Mount Vernon, NY IDA (Macedonia Towers)¹		5.200			12/01/2033		2,712,093
	2,295,000	Mount Vernon, NY IDA (Meadowview)¹		6.150			06/01/2019		2,096,460
	2,600,000	Mount Vernon, NY IDA (Meadowview)¹		6.200			06/01/2029		2,160,964
	802,824	Municipal Assistance Corp. for Troy, NY¹		5.733	⁴		07/15/2021		445,977
	1,218,573	Municipal Assistance Corp. for Troy, NY¹		5.741	⁴		01/15/2022		652,656
	735,000	Nassau County, NY IDA (ACDS)¹		5.950			11/01/2022		590,080
	590,000	Nassau County, NY IDA (ALIA-ACDS)¹		7.500			06/01/2015		578,218
	2,975,000	Nassau County, NY IDA (ALIA-ACLD)¹		6.250			09/01/2022		2,463,032
	180,000	Nassau County, NY IDA (ALIA-ACLD)¹		7.125			06/01/2017		168,554
	255,000	Nassau County, NY IDA (ALIA-ACLD)¹		7.500			06/01/2015		249,908
	4,640,000	Nassau County, NY IDA (ALIA-CSMR)¹		7.000			11/01/2016		4,353,480
	2,650,000	Nassau County, NY IDA (ALIA-CSMR)¹		7.125			06/01/2017		2,481,487
	1,280,000	Nassau County, NY IDA (ALIA-CSMR)¹		7.500			06/01/2015		1,254,438
	150,000	Nassau County, NY IDA (ALIA-FREE)¹		7.125			06/01/2012		147,278
	1,575,000	Nassau County, NY IDA (ALIA-FREE)¹		7.500			06/01/2015		1,543,547
	4,030,000	Nassau County, NY IDA (ALIA-FREE)¹		8.150			06/01/2030		3,735,085
	6,165,000	Nassau County, NY IDA (ALIA-FREE)¹		8.250			06/01/2032		5,610,273
	710,000	Nassau County, NY IDA (ALIA-HH)¹		7.125			06/01/2017		664,851
	545,000	Nassau County, NY IDA (ALIA-HHS)¹		7.125			06/01/2017		510,343
	150,000	Nassau County, NY IDA (ALIA-LVH)¹		7.500			06/01/2015		147,005
	12,500,000	Nassau County, NY IDA (Amsterdam at Harborside)¹		6.700			01/01/2043		9,534,125
	385,000	Nassau County, NY IDA (CNGCS)¹		7.500			06/01/2030		377,312
	2,245,000	Nassau County, NY IDA (CNGCS)¹		8.150			06/01/2030		2,080,711
	5,005,000	Nassau County, NY IDA (CSMR)¹		5.950			11/01/2022		4,018,164
	615,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)¹		5.950			11/01/2022		493,740

F6 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)¹		6.500	%		11/01/2037	$	1,200,612
	3,150,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)¹		5.250			06/01/2027		2,779,088
	655,000	Nassau County, NY IDA (Life’s WORCA)¹		5.950			11/01/2022		525,854
	3,685,000	Nassau County, NY IDA (Little Village School)¹		7.500			12/01/2031		3,183,840
	3,535,000	Nassau County, NY IDA (New York Water Service Corp.)¹		5.000			12/01/2035		2,954,977
	2,205,000	Nassau County, NY IDA (North Shore CFGA)¹		6.750			05/01/2024		1,893,786
	1,300,000	Nassau County, NY IDA (PLUS Group Home)¹		6.150			11/01/2022		1,064,388
	1,810,000	Nassau County, NY IDA (United Cerebral Palsy)¹		6.250			11/01/2014		1,679,047
	645,000	Nassau County, NY IDA (United Veteran’s Beacon House)¹		6.500			11/01/2037		466,503
	720,000	Nassau County, NY IDA, Series A-A¹		6.000			07/02/2021		591,818
	6,915,000	Nassau County, NY IDA, Series A-B¹		6.000			07/01/2021		5,683,923
	695,000	Nassau County, NY IDA, Series A-C¹		6.000			07/01/2021		571,269
	790,000	Nassau County, NY IDA, Series A-D¹		6.000			07/01/2021		649,356
	122,875,000	Nassau County, NY Tobacco Settlement Corp.¹		5.125			06/01/2046		79,648,804
	9,000,000	Nassau County, NY Tobacco Settlement Corp.¹		5.250			06/01/2026		7,341,030
	20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	⁴		06/01/2046		580,600
	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	⁴		06/01/2046		2,769,127
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		6.537	⁴		06/01/2060		5,423,805
	40,000,000	Nassau County, NY Tobacco Settlement Corp.		7.351	⁴		06/01/2060		153,600
	22,780,000	Nassau County, NY Tobacco Settlement Corp. (TASC)¹		5.000			06/01/2035		15,436,867
	13,010,000	New Rochelle, NY IDA (College of New Rochelle)¹		5.250			07/01/2027		12,363,273
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)¹		5.375			04/01/2036		3,370,528
	3,300,000	Niagara County, NY IDA (American Ref-Fuel Company)¹		5.550			11/15/2024		3,086,754
	3,020,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		2,658,989
	1,500,000	Niagara County, NY IDA (Niagara University)¹		5.350			11/01/2023		1,405,620
	5,400,000	Niagara County, NY IDA (Niagara University)¹		5.400			11/01/2031		4,803,354
	2,600,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.550			11/15/2024		2,437,942
	7,250,000	Niagara County, NY IDA (Solid Waste Disposal)¹		5.625			11/15/2024		7,005,168
	20,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		5.750			05/15/2022		17,193
	1,480,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2034		1,241,557
	6,295,000	Niagara County, NY Tobacco Asset Securitization Corp.¹		6.250			05/15/2040		5,063,446
	355,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.000			04/01/2028		302,517

F7 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	1,420,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)¹		5.625	%		04/01/2029	$	1,292,995
	3,155,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)¹		7.375			12/15/2021		3,734,921
	25,000	Nunda, NY GO¹		8.000			05/01/2010		26,038
	500,000	NY Carnegie Redevel. Corp.³		7.000			09/01/2021		391,950
	8,480,000	NY Counties Tobacco Trust I¹		6.250			06/01/2028		7,367,000
	6,235,000	NY Counties Tobacco Trust I¹		6.500			06/01/2035		5,390,594
	19,230,000	NY Counties Tobacco Trust I¹		6.625			06/01/2042		16,240,504
	29,800,000	NY Counties Tobacco Trust II (TASC)¹		5.625			06/01/2035		22,591,976
	53,880,000	NY Counties Tobacco Trust II (TASC)¹		5.750			06/01/2043		39,951,481
	245,000	NY Counties Tobacco Trust III¹		6.000			06/01/2043		188,812
	7,000,000	NY Counties Tobacco Trust IV¹		5.000			06/01/2038		4,643,310
	304,690,000	NY Counties Tobacco Trust IV		6.395	⁴		06/01/2055		2,626,428
	608,700,000	NY Counties Tobacco Trust IV		6.816	⁴		06/01/2060		2,337,408
	131,335,000	NY Counties Tobacco Trust IV		11.653	⁴		06/01/2050		2,311,496
	82,500,000	NY Counties Tobacco Trust IV (TASC)¹		0.000			06/01/2041		73,258,350
	52,535,000	NY Counties Tobacco Trust IV (TASC)¹		5.000			06/01/2042		33,690,696
	38,275,000	NY Counties Tobacco Trust IV (TASC)¹		5.000			06/01/2045		24,318,404
	82,500,000	NY Counties Tobacco Trust IV (TASC)¹		6.650	⁵		06/01/2041		4,828,725
	344,970,000	NY Counties Tobacco Trust V		6.151	⁴		06/01/2038		21,564,075
	623,610,000	NY Counties Tobacco Trust V		6.205	⁴		06/01/2050		10,975,536
	643,195,000	NY Counties Tobacco Trust V		6.850	⁴		06/01/2055		5,544,341
	3,845,000,000	NY Counties Tobacco Trust V		7.846	⁴		06/01/2060		14,764,800
	148,570,000	NY Liberty Devel. Corp. (Goldman Sachs Headquarters)⁶		5.250			10/01/2035		135,621,960
	2,199,995	NY Liberty Devel. Corp. (National Sports Museum)^3,7		6.125			02/15/2019		2,200
	51,560,000	NY MTA, Series A⁶		5.000			11/15/2030		52,039,186
	20,000	NY MTA, Series A¹		5.000			11/15/2032		19,278
	25,000	NY MTA, Series B¹		5.000			01/01/2031		24,902
	1,830,000	NY Newark-Wayne Community Hospital¹		7.600			09/01/2015		1,772,630
	20,220,000	NY Seneca Nation Indians Capital Improvements¹		5.000			12/01/2023		13,118,736
	25,000	NY Triborough Bridge & Tunnel Authority¹		5.000			01/01/2032		25,029
	33,060,000	NY Triborough Bridge & Tunnel Authority, Series A⁶		5.000			01/01/2027		33,314,876
	13,950,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2026		10,430,555
	251,510,000	NY TSASC, Inc. (TFABs)¹		5.000			06/01/2034		171,439,276
	337,515,000	NY TSASC, Inc. (TFABs)¹		5.125			06/01/2042		221,251,208
	15,000	NYC GO¹		5.000			06/01/2020		15,419
	25,000	NYC GO¹		5.000			03/01/2025		25,155
	20,000	NYC GO¹		5.000			03/15/2029		20,021

F8 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	15,000	NYC GO¹		5.000	%		03/15/2029	$	15,016
	20,000,000	NYC GO⁶		5.000			04/01/2030		19,998,029
	46,000,000	NYC GO⁶		5.000			06/01/2030		46,016,597
	10,920,000	NYC GO⁶		5.000			08/01/2030		10,909,844
	27,400,000	NYC GO⁶		5.000			06/01/2033		27,165,483
	12,455,000	NYC GO⁶		5.000			12/01/2033		12,319,639
	30,150,000	NYC GO⁶		5.000			11/01/2034		29,734,697
	12,765,000	NYC GO⁶		5.000			03/01/2035		12,579,264
	19,405,000	NYC GO⁶		5.000			04/01/2035		19,121,899
	5,400,000	NYC GO⁶		5.000			08/01/2035		5,317,915
	60,000	NYC GO¹		5.100			11/01/2019		61,414
	20,000,000	NYC GO⁶		5.250			03/01/2021		21,112,900
	5,000	NYC GO¹		5.250			08/01/2021		5,003
	25,530,000	NYC GO⁶		5.250			06/01/2027		25,797,157
	5,000	NYC GO¹		5.375			12/01/2026		5,062
	5,000	NYC GO¹		5.375			03/01/2027		5,670
	37,945,000	NYC GO⁶		5.375			06/01/2032		38,345,607
	50,000	NYC GO¹		5.500			08/01/2022		50,034
	5,000	NYC GO¹		5.500			12/01/2031		5,062
	5,000	NYC GO¹		5.950			08/01/2014		5,069
	40,000	NYC GO¹		6.154	⁴		10/01/2012		37,097
	20,000	NYC GO¹		7.000			02/01/2010		20,103
	15,000	NYC GO¹		7.250			08/15/2024		15,065
	5,000	NYC GO¹		7.750			08/15/2028		5,020
	837,000	NYC GO RIBS		10.560	⁸		08/12/2010		844,566
	837,000	NYC GO RIBS		10.560	⁸		09/01/2011		844,307
	4,055,000	NYC HDC (Barclay Avenue)¹		6.600			04/01/2033		4,054,959
	43,361	NYC HDC (Beekman)¹		6.500			10/15/2017		43,446
	291,609	NYC HDC (Bridgeview III)^1,3		6.500			12/15/2017		292,956
	842,169	NYC HDC (Cadman Towers)^1,3		6.500			11/15/2018		846,060
	54,248	NYC HDC (Essex Terrace)^1,3		6.500			07/15/2018		54,431
	313,082	NYC HDC (Forest Park Crescent)^1,3		6.500			12/15/2017		314,528
	5,000,000	NYC HDC (Multifamily Hsg.)¹		4.700			11/01/2040		4,189,300
	3,500,000	NYC HDC (Multifamily Hsg.)⁶		5.000			11/01/2037		3,194,386
	60,000	NYC HDC (Multifamily Hsg.)¹		5.050			11/01/2023		59,213
	4,685,000	NYC HDC (Multifamily Hsg.)⁶		5.050			11/01/2039		4,266,826
	2,435,000	NYC HDC (Multifamily Hsg.)⁶		5.100			11/01/2027		2,320,750
	3,000,000	NYC HDC (Multifamily Hsg.)⁶		5.125			11/01/2032		2,811,750
	5,100,000	NYC HDC (Multifamily Hsg.)¹		5.150			11/01/2037		4,796,142
	8,035,000	NYC HDC (Multifamily Hsg.)¹		5.200			11/01/2040		7,439,607
	14,110,000	NYC HDC (Multifamily Hsg.)⁶		5.250			11/01/2030		14,216,745

F9 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	7,205,000	NYC HDC (Multifamily Hsg.)¹		5.250	%		11/01/2045	$	6,627,087
	5,140,000	NYC HDC (Multifamily Hsg.)¹		5.350			11/01/2037		4,909,008
	15,000	NYC HDC (Multifamily Hsg.)¹		5.400			11/01/2033		14,578
	3,735,000	NYC HDC (Multifamily Hsg.)¹		5.450			11/01/2040		3,593,742
	4,785,000	NYC HDC (Multifamily Hsg.)¹		5.500			11/01/2028		4,739,686
	3,090,000	NYC HDC (Multifamily Hsg.)⁶		5.500			11/01/2034		3,081,088
	2,840,000	NYC HDC (Multifamily Hsg.)⁶		5.550			11/01/2039		2,827,362
	10,910,000	NYC HDC (Multifamily Hsg.)⁶		5.700			11/01/2046		10,958,048
	10,470,000	NYC HDC (Multifamily Hsg.), Series A⁶		5.600			11/01/2042		10,501,724
	31,850,000	NYC HDC (Multifamily Hsg.), Series B⁶		5.350			05/01/2049		29,216,923
	11,250,000	NYC HDC (Multifamily Hsg.), Series C⁶		5.050			11/02/2159		10,112,140
	8,365,000	NYC HDC (Multifamily Hsg.), Series C⁶		5.125			05/01/2040		7,658,014
	385,000	NYC HDC (Multifamily Hsg.), Series C¹		5.700			05/01/2031		385,504
	1,000,000	NYC HDC (Multifamily Hsg.), Series E¹		5.200			11/01/2033		945,470
	2,155,000	NYC HDC (Multifamily Hsg.), Series F¹		5.200			11/01/2032		2,040,634
	3,515,000	NYC HDC (Multifamily Hsg.), Series G-1¹		4.750			11/01/2027		3,212,675
	13,180,000	NYC HDC (Multifamily Hsg.), Series G-1⁶		4.875			11/01/2039		11,846,934
	1,345,000	NYC HDC (Multifamily Hsg.), Series H-2¹		5.200			11/01/2038		1,249,599
	3,400,000	NYC HDC (Multifamily Hsg.), Series H-2¹		5.250			05/01/2046		3,125,688
	15,510,000	NYC HDC (Multifamily Hsg.), Series I-2⁶		5.200			11/01/2038		13,941,270
	241,764	NYC HDC (St. Martin Tower)^1,3		6.500			11/15/2018		242,881
	2,750,000	NYC HDC, Series C⁶		5.000			11/01/2026		2,605,726
	1,070,000	NYC IDA (A Very Special Place)¹		5.750			01/01/2029		783,561
	3,480,000	NYC IDA (Acme Architectural Products)¹		6.375			11/01/2019		2,819,566
	42,995,000	NYC IDA (AIRIS JFK I/JFK International Airport)¹		5.500			07/01/2028		29,442,546
	21,915,000	NYC IDA (AIRIS JFK I/JFK International Airport)¹		6.000			07/01/2027		16,343,550
	225,000	NYC IDA (Allied Metal)¹		6.375			12/01/2014		196,826
	940,000	NYC IDA (Allied Metal)¹		7.125			12/01/2027		722,465
	2,955,000	NYC IDA (Amboy Properties)¹		6.750			06/01/2020		2,197,634
	2,905,000	NYC IDA (American Airlines)		5.400			07/01/2019		1,314,774
	32,580,000	NYC IDA (American Airlines)		5.400			07/01/2020		14,746,360
	41,550,000	NYC IDA (American Airlines)		6.900			08/01/2024		19,418,808
	19,740,000	NYC IDA (American Airlines)¹		7.125			08/01/2011		19,165,171
	540,000	NYC IDA (American Airlines)¹		7.500			08/01/2016		492,124
	18,200,000	NYC IDA (American Airlines)¹		7.625			08/01/2025		15,713,152
	69,350,000	NYC IDA (American Airlines)¹		7.750			08/01/2031		59,478,028
	44,860,000	NYC IDA (American Airlines)¹		8.000			08/01/2028		39,780,054
	338,060,000	NYC IDA (American Airlines)¹		8.500			08/01/2028		314,771,047
	3,530,000	NYC IDA (American National Red Cross)¹		5.000			02/01/2036		2,830,036
	4,355,000	NYC IDA (Atlantic Paste & Glue Company)¹		6.625			11/01/2019		3,603,763
	1,160,000	NYC IDA (Atlantic Veal & Lamb)¹		8.375			12/01/2016		1,069,752

F10 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	295,000	NYC IDA (Baco Enterprises)¹		7.500	%		11/01/2011	$	292,908
	1,685,000	NYC IDA (Baco Enterprises)¹		8.500			11/01/2021		1,631,923
	1,415,000	NYC IDA (Bark Frameworks)¹		6.750			11/01/2019		1,164,121
	9,985,000	NYC IDA (Berkeley Carroll School)¹		6.100			11/01/2028		7,633,632
	5,500,000	NYC IDA (Beth Abraham Health Services)¹		6.500			02/15/2022		4,250,235
	1,035,000	NYC IDA (Beth Abraham Health Services)¹		6.500			11/15/2027		796,215
	4,220,000	NYC IDA (Beth Abraham Health Services)¹		6.500			11/15/2034		3,151,834
	52,750,000	NYC IDA (British Airways)¹		5.250			12/01/2032		32,082,023
	34,425,000	NYC IDA (British Airways)¹		7.625			12/01/2032		28,330,742
	97,120,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.650			10/01/2028		69,559,286
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		5.750			10/01/2036		105,854,933
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)¹		6.200			10/01/2022		18,113,345
	16,205,000	NYC IDA (Calhoun School)¹		6.625			12/01/2034		12,619,968
	4,145,000	NYC IDA (Calhoun School)¹		6.625			12/01/2034		3,228,002
	2,895,000	NYC IDA (Center for Elimination of Family Violence)¹		7.375			11/01/2036		2,306,331
	15,540,000	NYC IDA (Center for Nursing/Rehabilitation)¹		5.375			08/01/2027		10,610,712
	3,400,000	NYC IDA (Center for Nursing/Rehabilitation)¹		5.375			08/01/2027		2,321,520
	29,135,000	NYC IDA (Chapin School)¹		5.000			11/01/2038		17,786,918
	865,000	NYC IDA (Community Hospital of Brooklyn)¹		6.875			11/01/2010		860,000
	1,490,000	NYC IDA (Comprehensive Care Management)¹		6.000			05/01/2026		1,114,207
	3,145,000	NYC IDA (Comprehensive Care Management)¹		6.125			11/01/2035		2,206,972
	3,975,000	NYC IDA (Comprehensive Care Management)¹		6.375			11/01/2028		2,992,022
	1,575,000	NYC IDA (Comprehensive Care Management)¹		6.375			11/01/2028		1,177,785
	1,520,000	NYC IDA (Comprehensive Care Management)¹		7.875			12/01/2016		1,495,589
	620,000	NYC IDA (Comprehensive Care Management)¹		8.000			12/01/2011		620,081
	5,305,000	NYC IDA (Continental Airlines)		8.000			11/01/2012		4,468,667
	4,685,000	NYC IDA (Continental Airlines)		8.375			11/01/2016		3,316,699
	1,610,000	NYC IDA (Cool Wind Ventilation)¹		5.450			11/01/2017		1,314,742
	1,445,000	NYC IDA (Cool Wind Ventilation)¹		5.450			11/01/2017		1,180,001
	5,685,000	NYC IDA (Cool Wind Ventilation)¹		6.075			11/01/2027		4,134,757
	3,395,000	NYC IDA (Dioni)¹		6.625			11/01/2019		2,910,500
	475,000	NYC IDA (Eger Harbor House)¹		5.875			05/20/2044		486,775
	5,500,000	NYC IDA (Family Support Systems)¹		7.500			11/01/2034		4,334,715
	7,315,000	NYC IDA (Friends Seminary School)¹		7.125			09/15/2031		6,524,541
	13,780,000	NYC IDA (Gateway School of New York)¹		5.550			06/01/2039		9,030,999
	14,935,000	NYC IDA (General Motors Corp.)⁷		5.125			12/30/2023		2,240,250
	1,900,000	NYC IDA (Global Country World Peace)¹		7.250			11/01/2025		1,408,603
	1,800,000	NYC IDA (Global Country World Peace)¹		7.250			11/01/2025		1,334,466

F11 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	2,175,000	NYC IDA (Good Shepherd Services)¹		5.875	%		06/01/2014	$	1,979,576
	3,870,000	NYC IDA (Gourmet Boutique)¹		5.750			05/01/2021		2,881,292
	7,290,000	NYC IDA (Guttmacher Institute)¹		5.750			12/01/2036		4,916,084
	2,195,000	NYC IDA (Herbert G. Birch Childhood Project)¹		8.375			02/01/2022		1,973,283
	800,000	NYC IDA (Independent Living Assoc.)¹		6.200			07/01/2020		638,688
	7,890,000	NYC IDA (JetBlue Airways Corp.)¹		5.000			05/15/2020		5,587,935
	11,870,000	NYC IDA (JetBlue Airways Corp.)¹		5.125			05/15/2030		7,282,482
	9,000,000	NYC IDA (JFK International Airport)¹		8.000			08/01/2012		8,731,800
	1,525,000	NYC IDA (Julia Gray)¹		7.500			11/01/2020		1,283,394
	640,000	NYC IDA (Just Bagels Manufacturing)¹		8.500			11/01/2016		608,704
	945,000	NYC IDA (Just Bagels Manufacturing)¹		8.750			11/01/2026		867,897
	345,000	NYC IDA (L&M Optical Disc)¹		7.125			11/01/2010		336,154
	22,575,000	NYC IDA (Liberty-7 World Trade Center)¹		6.250			03/01/2015		19,711,361
	15,390,000	NYC IDA (Liberty-7 World Trade Center)³		6.500			03/01/2035		11,071,720
	12,000,000	NYC IDA (Liberty-7 World Trade Center)¹		6.750			03/01/2015		10,842,360
	45,500,000	NYC IDA (Liberty-IAC/Interactive Corp.)¹		5.000			09/01/2035		28,340,130
	2,830,000	NYC IDA (Little Red Schoolhouse)¹		6.750			11/01/2018		2,630,344
	105,000	NYC IDA (Lucky Polyethylene Manufacturing Company)¹		7.000			11/01/2009		103,858
	2,995,000	NYC IDA (Lucky Polyethylene Manufacturing Company)¹		7.800			11/01/2024		2,254,636
	2,035,000	NYC IDA (Lycee Francais De New York)¹		5.375			06/01/2023		1,768,273
	23,000,000	NYC IDA (Magen David Yeshivah)¹		5.700			06/15/2027		17,440,440
	3,745,000	NYC IDA (Manhattan Community Access Corp.)¹		6.000			12/01/2036		2,538,136
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹		6.375			11/01/2038		1,352,670
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)¹		6.375			11/01/2038		6,549,207
	680,000	NYC IDA (Marymount School of New York)¹		5.125			09/01/2021		561,993
	4,010,000	NYC IDA (Marymount School of New York)¹		5.250			09/01/2031		2,947,310
	18,190,000	NYC IDA (MediSys Health Network)¹		6.250			03/15/2024		12,714,446
	635,000	NYC IDA (Mesorah Publications)¹		6.450			02/01/2011		609,238
	4,790,000	NYC IDA (Mesorah Publications)¹		6.950			02/01/2021		4,013,110
	8,405,000	NYC IDA (Metro Biofuels)¹		6.000			11/01/2028		6,254,833
	2,800,000	NYC IDA (Metropolitan College of New York)¹		5.750			03/01/2020		2,362,948
	2,145,000	NYC IDA (Morrisons Pastry)¹		6.500			11/01/2019		1,707,849
	25,000	NYC IDA (NYU)¹		5.000			07/01/2041		24,647
	40,000,000	NYC IDA (NYU)⁶		5.250			07/01/2048		39,600,660
	3,520,000	NYC IDA (Petrocelli Electric)¹		8.000			11/01/2017		3,224,778
	940,000	NYC IDA (Petrocelli Electric)¹		8.000			11/01/2018		825,151
	10,065,000	NYC IDA (Polytechnic University)¹		5.250			11/01/2027		8,475,535

F12 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	2,240,000	NYC IDA (Precision Gear)¹		6.375	%		11/01/2024	$	1,766,464
	1,910,000	NYC IDA (Precision Gear)¹		6.375			11/01/2024		1,455,859
	930,000	NYC IDA (Precision Gear)¹		7.625			11/01/2024		803,353
	4,100,000	NYC IDA (PSCH)¹		6.375			07/01/2033		3,152,859
	6,000,000	NYC IDA (Queens Baseball Stadium)¹		5.000			01/01/2031		5,260,800
	5,500,000	NYC IDA (Queens Baseball Stadium)¹		5.000			01/01/2039		4,585,405
	33,410,000	NYC IDA (Queens Baseball Stadium)¹		5.000			01/01/2046		26,716,975
	6,800,000	NYC IDA (Reece School)¹		7.500			12/01/2037		5,442,584
	1,895,000	NYC IDA (Riverdale Terrace Hsg. Devel. Fund)¹		6.250			11/01/2014		1,682,248
	8,595,000	NYC IDA (Riverdale Terrace Hsg. Devel. Fund)¹		6.750			11/01/2028		6,539,334
	1,000,000	NYC IDA (Roundabout Theatre)¹		5.000			10/01/2023		740,920
	280,000	NYC IDA (Sahadi Fine Foods)¹		6.250			11/01/2009		277,334
	4,085,000	NYC IDA (Sahadi Fine Foods)¹		6.750			11/01/2019		3,259,176
	875,000	NYC IDA (Services for the Underserved/Young Adult Institute Obligated Group)¹		5.000			07/01/2026		600,093
	4,380,000	NYC IDA (Showman Fabricators)¹		7.500			11/01/2028		3,216,628
	3,190,000	NYC IDA (South Bronx Overall Economic Devel.)¹		8.625			12/01/2025		2,534,902
	1,625,000	NYC IDA (Special Needs Facilities Pooled Program)¹		4.750			07/01/2020		1,323,806
	995,000	NYC IDA (Special Needs Facilities Pooled Program)¹		5.250			07/01/2022		747,613
	6,230,000	NYC IDA (Special Needs Facilities Pooled Program)¹		7.875			08/01/2025		5,451,437
	5,760,000	NYC IDA (Stallion)¹		5.500			11/01/2036		3,638,016
	955,000	NYC IDA (Stallion)¹		6.000			11/01/2027		708,371
	10,000	NYC IDA (Staten Island University Hospital)¹		6.375			07/01/2031		7,631
	4,360,000	NYC IDA (Staten Island University Hospital)¹		6.375			07/01/2031		3,327,160
	1,440,000	NYC IDA (Staten Island University Hospital)¹		6.450			07/01/2032		1,083,283
	455,000	NYC IDA (Streamline Plastics)¹		7.750			12/01/2015		395,331
	1,275,000	NYC IDA (Streamline Plastics)¹		8.125			12/01/2025		1,071,842
	6,808,500	NYC IDA (Studio School)¹		7.000			11/01/2038		4,687,720
	605,000	NYC IDA (Surprise Plastics)¹		7.500			11/01/2013		508,757
	2,480,000	NYC IDA (Surprise Plastics)¹		8.500			11/01/2023		1,785,451
	7,245,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2020		6,847,105
	7,750,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2021		7,266,090
	11,390,000	NYC IDA (Terminal One Group Assoc.)¹		5.500			01/01/2024		10,420,597
	380,000	NYC IDA (The Bank Street College)¹		5.250			12/01/2021		348,722
	1,000,000	NYC IDA (The Bank Street College)¹		5.250			12/01/2030		848,330
	8,800,000	NYC IDA (The Child School)¹		7.550			06/01/2033		7,226,824
	210,000	NYC IDA (Therapy & Learning Center)¹		7.500			10/01/2011		203,771
	3,735,000	NYC IDA (Therapy & Learning Center)¹		8.250			10/01/2031		3,225,098
	8,955,000	NYC IDA (Tides Two Rivers Foundation)¹		5.650			12/01/2039		5,894,808
	4,020,000	NYC IDA (Ulano)¹		6.900			11/01/2019		3,101,149
	32,040,000	NYC IDA (Unicef)¹		5.300			11/01/2038		20,590,826

F13 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	9,830,000	NYC IDA (Urban Health Plan)¹		7.050	%		09/15/2026	$	8,051,458
	3,640,000	NYC IDA (Urban Resource Institute)¹		7.375			11/01/2033		2,825,004
	1,250,000	NYC IDA (Utleys)¹		7.375			11/01/2023		1,126,850
	2,800,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2021		2,091,124
	1,330,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2028		868,397
	3,235,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2028		2,112,229
	900,000	NYC IDA (Vaughn College Aeronautics)¹		5.000			12/01/2031		563,058
	1,800,000	NYC IDA (Vaughn College Aeronautics)¹		5.250			12/01/2036		1,121,310
	15,200,000	NYC IDA (Visy Paper)¹		7.800			01/01/2016		13,983,240
	70,500,000	NYC IDA (Visy Paper)¹		7.950			01/01/2028		61,979,370
	1,930,000	NYC IDA (Vocational Instruction)		7.750	²		02/01/2033		1,182,202
	195,000	NYC IDA (W & W Jewelers)¹		7.250			02/01/2011		189,944
	1,555,000	NYC IDA (W & W Jewelers)¹		8.250			02/01/2021		1,398,831
	5,930,000	NYC IDA (Weizmann Institute)¹		5.900			11/01/2034		4,495,711
	2,900,000	NYC IDA (Weizmann Institute)¹		5.900			11/01/2034		2,198,577
	2,795,000	NYC IDA (Westchester Square Medical Center)		8.000			11/01/2010		2,637,949
	6,160,000	NYC IDA (Westchester Square Medical Center)		8.375			11/01/2015		5,137,132
	1,565,000	NYC IDA (World Casing Corp.)¹		6.700			11/01/2019		1,274,771
	93,105,000	NYC IDA (Yankee Stadium)¹		5.000			03/01/2046		72,810,903
	16,500,000	NYC IDA (Yankee Stadium)¹		7.000			03/01/2049		18,552,765
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)¹		5.725			11/01/2037		16,063,585
	57,700,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2026		58,180,064
	50,000	NYC Municipal Water Finance Authority¹		5.000			06/15/2029		50,184
	27,500,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2031		27,753,138
	11,720,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2032		11,752,218
	31,400,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2034		31,422,511
	47,440,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2034		47,280,110
	40,100,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2037		39,741,707
	22,000,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2038		21,745,899
	18,000,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2038		17,809,521
	18,000,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2039		17,779,500
	31,500,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2039		31,114,125
	19,740,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2039		19,498,185
	29,000,000	NYC Municipal Water Finance Authority⁶		5.000			06/15/2039		28,665,048
	44,840,000	NYC Municipal Water Finance Authority⁶		5.125			06/15/2032		45,050,197
	30,000	NYC Municipal Water Finance Authority¹		5.125			06/15/2032		30,118
	30,000	NYC Municipal Water Finance Authority¹		5.125			06/15/2033		30,224
	25,000	NYC Municipal Water Finance Authority¹		5.125			06/15/2033		25,187
	145,000	NYC Trust for Cultural Resources (Museum of American Folk Art)¹		6.125			07/01/2030		108,200
	14,360,000	NYS DA (Buena Vida Nursing Home)⁶		5.250			07/01/2028		14,372,452

F14 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	10,225,000	NYS DA (Cabrini Westchester)¹		5.200	%		02/15/2041	$	9,852,912
	2,250,000	NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)¹		5.000			07/01/2027		1,909,733
	1,250,000	NYS DA (D’Youville College)¹		5.250			07/01/2025		1,127,038
	15,000	NYS DA (Dept. of Mental Hygiene)¹		5.250			08/15/2031		15,026
	20,000	NYS DA (Ellis Hospital)¹		5.600			08/01/2025		20,007
	3,255,000	NYS DA (L.I. University)¹		5.125			09/01/2023		2,953,620
	1,335,000	NYS DA (L.I. University)¹		5.250			09/01/2028		1,172,050
	1,585,000	NYS DA (L.I. University)¹		5.500			09/01/2020		1,527,258
	1,710,000	NYS DA (Lenox Hill Hospital Obligated Group)¹		5.375			07/01/2020		1,432,518
	405,000	NYS DA (Lenox Hill Hospital Obligated Group)¹		5.500			07/01/2030		303,965
	16,800,000	NYS DA (Maimonides Medical Center)¹		5.750			08/01/2029		17,404,632
	3,865,000	NYS DA (Manhattan College)¹		5.000			07/01/2041		3,032,595
	3,260,000	NYS DA (Manhattan College)¹		5.300			07/01/2037		2,644,512
	18,230,000	NYS DA (Memorial Sloan-Kettering)⁶		5.000			07/01/2035		17,688,798
	4,125,000	NYS DA (Miriam Osborn Memorial Home Assoc.)¹		6.375			07/01/2029		3,588,750
	6,860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)¹		6.875			07/01/2025		6,467,334
	2,265,000	NYS DA (New York Methodist Hospital)¹		5.250			07/01/2033		1,660,857
	9,925,000	NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)³		1.418	⁵		05/01/2018		7,044,269
	62,010,000	NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)¹		1.518	⁵		05/01/2033		35,795,273
	7,250,000	NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)¹		5.000			05/01/2032		6,453,225
	11,000,000	NYS DA (North Shore University Hospital/L.I. Jewish Medical Center)¹		5.000			05/01/2037		9,466,490
	2,000,000	NYS DA (Norwegian Christian Home & Health Center)¹		6.100			08/01/2041		2,098,320
	12,380,000	NYS DA (NSLIJHS/LIMC/NSUHGC Obligated Group)¹		5.000			11/01/2034		11,163,541
	1,700,000	NYS DA (Nursing Home)¹		4.900			02/15/2041		1,559,665
	7,300,000	NYS DA (Nursing Home)¹		4.950			02/15/2045		6,692,129
	5,000,000	NYS DA (NYU Hospitals Center)¹		5.000			07/01/2020		4,359,850
	11,100,000	NYS DA (NYU Hospitals Center)¹		5.000			07/01/2026		8,618,151
	20,580,000	NYS DA (NYU Hospitals Center)¹		5.000			07/01/2026		18,026,845
	40,320,000	NYS DA (NYU Hospitals Center)¹		5.000			07/01/2036		32,539,046
	4,400,000	NYS DA (NYU Hospitals Center)¹		5.250			07/01/2024		4,007,564
	2,000,000	NYS DA (NYU Hospitals Center)¹		5.625			07/01/2037		1,778,000
	7,275,000	NYS DA (Orange Regional Medical Center)¹		6.125			12/01/2029		5,721,351
	17,980,000	NYS DA (Orange Regional Medical Center)¹		6.250			12/01/2037		13,781,490
	2,925,000	NYS DA (Ozanam Hall of Queens Nursing Home)¹		5.000			11/01/2026		2,787,818
	6,035,000	NYS DA (Providence Rest)¹		5.000			07/01/2035		3,532,044

F15 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	2,700,000	NYS DA (Providence Rest)¹		5.125	%		07/01/2030	$	1,719,576
	3,100,000	NYS DA (Providence Rest)¹		5.250			07/01/2025		2,181,997
	6,260,000	NYS DA (Rochester General Hospital)¹		5.000			12/01/2025		5,504,418
	17,660,000	NYS DA (Rochester General Hospital)¹		5.000			12/01/2035		14,110,693
	1,750,000	NYS DA (School District Bond Financing Program), Series C¹		7.250			10/01/2028		2,055,673
	2,645,000	NYS DA (School District Bond Financing Program), Series C¹		7.375			10/01/2033		3,097,612
	1,525,000	NYS DA (School District Bond Financing Program), Series C¹		7.500			04/01/2039		1,780,102
	50,000	NYS DA (School Districts Financing Program), Series B¹		6.000			10/01/2022		51,847
	25,000	NYS DA (School Districts Financing Program), Series B¹		6.000			10/01/2029		26,037
	20,560,000	NYS DA (SCSMC/SV/CHSLI Obligated Group)¹		6.000			07/01/2030		19,190,910
	1,075,000	NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)¹		5.100			07/01/2034		861,097
	5,770,000	NYS DA (Smithtown Special Library District)¹		6.000			07/01/2028		6,141,184
	1,055,000	NYS DA (St. Catherine of Siena Medical Center)¹		6.000			07/01/2030		984,748
	1,505,000	NYS DA (St. Thomas Aquinas College)¹		5.250			07/01/2028		1,322,263
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)¹		6.250			02/15/2035		5,419,418
	11,695,000	NYS DA (Vassar College)⁶		5.000			07/01/2046		11,202,091
	2,365,000	NYS EFC (NYS Water Services)¹		6.000			01/15/2031		2,353,601
	50,000	NYS EFC (United Waterworks)¹		5.150			03/01/2034		42,404
	25,000	NYS ERDA (Brooklyn Union Gas Company)¹		4.700			02/01/2024		22,577
	15,000	NYS ERDA (Brooklyn Union Gas Company)¹		5.500			01/01/2021		15,003
	7,000,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		11.210	⁸		04/01/2020		7,099,470
	16,300,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		12.702	⁸		07/01/2026		16,333,415
	23,295,000	NYS ERDA (LILCO)¹		5.300			11/01/2023		22,366,694
	350,000	NYS ERDA (LILCO)¹		5.300			10/01/2024		336,172
	100,000	NYS ERDA (LILCO)¹		5.300			08/01/2025		94,911
	75,000	NYS ERDA (LILCO)¹		5.300			08/01/2025		71,183
	70,000	NYS ERDA (Rochester Gas and Electric)¹		5.375			05/15/2032		63,143
	14,500,000	NYS ERDA (Rochester Gas and Electric)¹		5.950			09/01/2033		12,675,030
	2,365,000	NYS HFA (Affordable Hsg.)¹		5.250			11/01/2038		2,223,597
	10,220,000	NYS HFA (Affordable Hsg.)⁶		5.450			11/01/2045		9,798,626
	2,415,000	NYS HFA (Children’s Rescue)¹		7.625			05/01/2018		2,414,928
	1,700,000	NYS HFA (Crotona Estates Apartments)¹		4.950			08/15/2038		1,526,379
	980,000	NYS HFA (Friendship)¹		5.100			08/15/2041		894,270
	1,440,000	NYS HFA (Golden Age Apartments)¹		5.000			02/15/2037		1,311,653
	1,645,000	NYS HFA (Kensico Terrace Apartments)¹		4.900			02/15/2038		1,441,596
	5,000	NYS HFA (Meadow Manor)¹		7.750			11/01/2019		5,090

F16 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	3,930,000	NYS HFA (Multifamily Hsg.)¹		4.850	%		02/15/2038	$	3,457,457
	6,580,000	NYS HFA (Multifamily Hsg.)¹		4.850			11/01/2040		5,732,430
	2,860,000	NYS HFA (Multifamily Hsg.)¹		5.350			08/15/2031		2,787,442
	2,080,000	NYS HFA (Multifamily Hsg.)¹		5.375			02/15/2035		2,008,344
	3,290,000	NYS HFA (Multifamily Hsg.)¹		5.450			08/15/2032		3,238,775
	2,075,000	NYS HFA (Multifamily Hsg.)¹		5.500			08/15/2030		2,067,157
	1,100,000	NYS HFA (Multifamily Hsg.)¹		5.650			08/15/2030		1,102,530
	3,200,000	NYS HFA (Multifamily Hsg.)¹		5.650			08/15/2030		3,207,360
	1,000,000	NYS HFA (Multifamily Hsg.)¹		5.650			08/15/2031		1,001,910
	1,710,000	NYS HFA (Multifamily Hsg.)¹		5.650			02/15/2034		1,711,180
	2,120,000	NYS HFA (Multifamily Hsg.)¹		5.700			08/15/2033		2,124,876
	680,000	NYS HFA (Multifamily Hsg.)¹		6.250			02/15/2031		681,727
	1,255,000	NYS HFA (Multifamily Hsg.)¹		6.400			11/15/2027		1,255,841
	3,940,000	NYS HFA (Multifamily Hsg.)¹		6.750			11/15/2036		4,133,296
	310,000	NYS HFA (Nonprofit Hsg.)¹		8.400			11/01/2009		311,575
	340,000	NYS HFA (Nonprofit Hsg.)¹		8.400			11/01/2010		341,516
	365,000	NYS HFA (Nonprofit Hsg.)¹		8.400			11/01/2011		366,529
	395,000	NYS HFA (Nonprofit Hsg.)¹		8.400			11/01/2012		396,568
	425,000	NYS HFA (Nonprofit Hsg.)¹		8.400			11/01/2013		426,602
	510,000	NYS HFA (Nonprofit Hsg.)¹		8.400			11/01/2014		511,877
	540,000	NYS HFA (Nonprofit Hsg.)¹		8.400			11/01/2015		541,879
	580,000	NYS HFA (Nonprofit Hsg.)¹		8.400			11/01/2016		581,960
	640,000	NYS HFA (Nonprofit Hsg.)¹		8.400			11/01/2017		642,042
	685,000	NYS HFA (Nonprofit Hsg.)¹		8.400			11/01/2018		687,151
	70,000	NYS HFA (Service Contract)¹		5.375			03/15/2023		70,033
	35,000	NYS HFA (Service Contract)¹		6.500			03/15/2025		35,063
	40,000,000	NYS IDA (Bronx Parking Devel. Company)		5.875			10/01/2046		22,863,200
	180,000	NYS LGSC (SCSB)³		7.250			12/15/2011		172,026
	810,000	NYS LGSC (SCSB)³		7.375			12/15/2016		729,000
	980,000	NYS LGSC (SCSB)³		7.750			12/15/2021		837,273
	240,000	NYS Medcare (Hospital & Nursing Home)¹		7.400			11/01/2016		241,051
	165,000	NYS Medcare (Hospital & Nursing Home)¹		9.375			11/01/2016		166,112
	30,000	NYS Medcare (M.G. Nursing Home)¹		6.200			02/15/2015		30,102
	5,000	NYS UDC (Correctional Facilities)¹		6.309	⁴		01/01/2013		4,209
	25,000	NYS UDC (Subordinated Lien)¹		5.500			07/01/2016		25,080
	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)¹		5.000			09/15/2035		568,965
	450,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)¹		5.300			03/15/2019		363,087
	840,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)¹		5.350			03/15/2029		575,324
	3,980,000	Onondaga County, NY IDA (Air Cargo)¹		6.125			01/01/2032		2,916,942

F17 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	2,000,000	Onondaga County, NY IDA (Air Cargo)¹		7.250	%		01/01/2032	$	1,637,720
	2,200,000	Onondaga County, NY IDA (Anheuser-Busch)¹		4.950			07/01/2036		1,637,152
	1,150,000	Onondaga County, NY IDA (Community General Hospital)¹		5.500			11/01/2018		928,959
	5,965,000	Onondaga County, NY IDA (Community General Hospital)¹		6.625			01/01/2018		5,227,070
	1,185,000	Onondaga County, NY IDA (Free Library)¹		5.125			03/01/2030		1,108,236
	1,115,000	Onondaga County, NY IDA (Free Library)¹		5.125			03/01/2037		996,364
	500,000	Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)¹		6.250			12/01/2034		456,815
	42,659,598	Onondaga County, NY Res Rec¹		0.000	⁹		05/01/2022		28,580,224
	41,580,000	Onondaga County, NY Res Rec¹		5.000			05/01/2015		35,371,274
	2,500,000	Orange County, NY IDA (Arden Hill Life Care Center)¹		7.000			08/01/2021		2,184,900
	2,325,000	Orange County, NY IDA (Arden Hill Life Care Center)¹		7.000			08/01/2031		1,881,065
	2,090,000	Orange County, NY IDA (Arden Hill Life Care Center)¹		7.000			08/01/2031		1,690,935
	2,500,000	Orange County, NY IDA (Glen Arden)¹		5.625			01/01/2018		2,054,400
	5,590,000	Orange County, NY IDA (Glen Arden)¹		5.700			01/01/2028		3,979,018
	135,000	Orange County, NY IDA (Orange Mental Retardation Properties)¹		7.800			07/01/2011		135,517
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹		5.375			12/01/2021		1,611,980
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹		5.375			12/01/2026		5,599,581
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)¹		5.375			12/01/2026		1,977,103
	7,315,000	Orange County, NY IDA (Tuxedo Place)³		7.000			08/01/2032		5,155,246
	2,500,000	Orange County, NY IDA (Tuxedo Place)³		7.000			08/01/2033		1,751,000
	6,870,000	Otsego County, NY IDA (Hartwick College)¹		5.900			07/01/2022		5,557,074
	1,435,000	Otsego County, NY IDA (Hartwick College)¹		6.000			07/01/2014		1,367,469
	1,520,000	Otsego County, NY IDA (Hartwick College)¹		6.000			07/01/2015		1,417,993
	1,610,000	Otsego County, NY IDA (Hartwick College)¹		6.000			07/01/2016		1,472,490
	12,330,000	Peekskill, NY IDA (Drum Hill)¹		6.375			10/01/2028		8,946,771
	955,000	Port Authority NY/NJ (Continental Airlines)¹		9.000			12/01/2010		955,267
	48,415,000	Port Authority NY/NJ (Continental Airlines)¹		9.125			12/01/2015		48,433,398
	15,840,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2022		14,020,459
	31,540,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.750			12/01/2025		27,038,927
	17,625,000	Port Authority NY/NJ (JFK International Air Terminal)¹		5.900			12/01/2017		16,597,991

F18 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	5,910,000	Port Authority NY/NJ (KIAC)¹		6.750	%		10/01/2011	$	5,879,682
	50,225,000	Port Authority NY/NJ (KIAC)¹		6.750			10/01/2019		39,299,054
	35,000	Port Authority NY/NJ, 122nd Series¹		5.000			07/15/2026		34,214
	240,000	Port Authority NY/NJ, 126th Series¹		5.125			11/15/2030		229,711
	50,000	Port Authority NY/NJ, 127th Series¹		5.200			12/15/2027		49,531
	80,000,000	Port Authority NY/NJ, 135th Series⁶		5.000			03/15/2039		80,045,606
	23,025,000	Port Authority NY/NJ, 136th Series¹		5.125			05/01/2034		22,002,230
	19,175,000	Port Authority NY/NJ, 136th Series⁶		5.375			11/01/2028		19,158,130
	22,855,000	Port Authority NY/NJ, 136th Series⁶		5.500			11/01/2029		22,982,559
	26,000,000	Port Authority NY/NJ, 138th Series⁶		4.750			12/01/2034		23,258,430
	27,255,000	Port Authority NY/NJ, 141st Series⁶		4.500			09/01/2029		23,360,299
	47,910,000	Port Authority NY/NJ, 143rd Series⁶		5.000			10/01/2030		45,298,905
	27,535,000	Port Authority NY/NJ, 143rd Series⁶		5.000			04/01/2036		25,689,664
	12,840,000	Port Authority NY/NJ, 146th Series⁶		4.500			12/01/2034		10,808,894
	10,000	Port Authority NY/NJ, 146th Series¹		4.500			12/01/2034		8,401
	26,100,000	Port Authority NY/NJ, 146th Series⁶		4.750			12/01/2027		24,126,057
	10,000	Port Authority NY/NJ, 146th Series¹		4.750			12/01/2027		9,236
	13,005,000	Port Authority NY/NJ, 147th Series⁶		4.750			10/15/2028		11,825,497
	17,790,000	Port Authority NY/NJ, 147th Series⁶		5.000			10/15/2027		17,149,196
	20,000,000	Port Authority NY/NJ, 147th Series⁶		5.000			10/15/2032		18,796,435
	82,000,000	Port Authority NY/NJ, 151st Series⁶		5.750			03/15/2035		83,498,505
	15,000,000	Port Authority NY/NJ, 151st Series⁶		6.000			09/15/2028		15,606,825
	101,940,000	Port Authority NY/NJ, 152nd Series⁶		5.250			11/01/2035		98,575,470
	13,715,000	Port Authority NY/NJ, 152nd Series⁶		5.250			05/01/2038		13,259,874
	22,500,000	Port Authority NY/NJ, 152nd Series⁶		5.750			11/01/2030		22,987,275
	50,660,000	Port Authority NY/NJ, 37th Series⁶		5.250			07/15/2034		49,210,111
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)¹		6.000			08/01/2032		2,758,251
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)¹		5.375			12/01/2036		1,367,070
	6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.625			06/01/2035		4,840,596
	7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.¹		5.750			06/01/2043		5,412,877
	1,805,000	Rensselaer County, NY Water Service Sewer Authority¹		5.250			09/01/2038		1,744,749
	2,470,000	Rensselaer County, NY Water Service Sewer Authority¹		5.350			09/01/2047		2,464,615
	3,020,000	Rensselaer County, NY Water Service Sewer Authority¹		5.350			09/01/2047		2,911,431
	17,165,000	Rensselaer, NY Municipal Leasing Corp. (Rensselaer County Nursing Home)¹		6.900			06/01/2024		17,201,047
	1,435,000	Riverhead, NY IDA (Michael Reilly Design)¹		8.875			08/01/2021		1,200,894

F19 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	6,790,000	Rochester, NY Museum & Science Center¹		6.125	%		12/01/2015	$	5,919,454
	1,195,000	Rockland County, NY IDA (Crystal Run Village/Rockland County Assoc. for the Learning Disabled Obligated Group)¹		4.900			07/01/2021		889,546
	9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.¹		5.625			08/15/2035		6,987,845
	10,095,000	Rockland County, NY Tobacco Asset Securitization Corp.¹		5.750			08/15/2043		7,481,909
	30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.875	⁴		08/15/2045		847,800
	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.668	⁴		08/15/2060		1,822,500
	20,000	Sanford Town, NY GO¹		5.250			04/15/2015		21,180
	20,000	Sanford Town, NY GO¹		5.250			04/15/2016		21,100
	25,000	Sanford Town, NY GO¹		5.250			04/15/2017		25,931
	25,000	Sanford Town, NY GO¹		5.250			04/15/2018		25,631
	25,000	Sanford Town, NY GO¹		5.250			04/15/2019		25,403
	25,000	Sanford Town, NY GO¹		5.250			04/15/2020		25,170
	30,000	Sanford Town, NY GO¹		5.250			04/15/2021		30,042
	30,000	Sanford Town, NY GO¹		5.250			04/15/2022		29,967
	30,000	Sanford Town, NY GO¹		5.250			04/15/2023		29,768
	30,000	Sanford Town, NY GO¹		5.250			04/15/2024		29,474
	35,000	Sanford Town, NY GO¹		5.250			04/15/2025		34,107
	35,000	Sanford Town, NY GO¹		5.250			04/15/2026		33,860
	40,000	Sanford Town, NY GO¹		5.250			04/15/2027		38,511
	40,000	Sanford Town, NY GO¹		5.250			04/15/2028		37,972
	40,000	Sanford Town, NY GO¹		5.250			04/15/2029		37,561
	45,000	Sanford Town, NY GO¹		5.250			04/15/2030		42,029
	45,000	Sanford Town, NY GO¹		5.250			04/15/2031		41,383
	50,000	Sanford Town, NY GO¹		5.250			04/15/2032		45,723
	50,000	Sanford Town, NY GO¹		5.250			04/15/2033		45,218
	55,000	Sanford Town, NY GO¹		5.250			04/15/2034		49,420
	60,000	Sanford Town, NY GO¹		5.250			04/15/2035		53,196
	60,000	Sanford Town, NY GO¹		5.250			04/15/2036		52,875
	3,000,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)¹		5.125			12/01/2033		2,426,490
	2,650,000	Seneca County, NY IDA (New York Chiropractic College)¹		5.000			10/01/2027		1,940,966
	40,000,000	Seneca County, NY IDA Solid Waste (Seneca Meadows)¹		6.625			10/01/2035		35,004,400
	22,885,000	SONYMA, Series 106⁶		5.250			04/01/2034		21,238,589
	30,225,000	SONYMA, Series 109⁶		4.950			10/01/2034		27,578,922
	5,500,000	SONYMA, Series 130¹		4.650			04/01/2027		4,916,505

F20 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	5,920,000	SONYMA, Series 130¹		4.800	%		10/01/2037	$	5,240,739
	14,865,000	SONYMA, Series 133⁶		5.050			10/01/2026		14,052,453
	23,500,000	SONYMA, Series 137⁶		4.700			10/01/2031		20,080,868
	23,005,000	SONYMA, Series 140⁶		4.750			10/01/2037		19,248,042
	2,000,000	SONYMA, Series 143¹		4.850			10/01/2027		1,859,100
	2,375,000	SONYMA, Series 143¹		4.875			10/01/2030		2,176,189
	11,745,000	SONYMA, Series 143⁶		4.900			10/01/2037		10,342,403
	5,045,000	SONYMA, Series 145⁶		5.125			10/01/2037		4,678,951
	5,000,000	SONYMA, Series 148⁶		5.150			10/01/2027		4,813,736
	6,370,000	SONYMA, Series 148⁶		5.200			10/01/2032		6,064,064
	820,000	SONYMA, Series 152¹		5.375			04/01/2023		827,815
	2,475,000	SONYMA, Series 29¹		5.450			04/01/2031		2,443,741
	6,960,000	SONYMA, Series 35¹		4.800			10/01/2030		6,298,243
	25,000	SONYMA, Series 67¹		5.700			10/01/2017		25,041
	970,000	SONYMA, Series 69¹		5.500			10/01/2028		970,136
	28,400,000	SONYMA, Series 71⁶		5.400			04/01/2029		28,142,185
	30,000	SONYMA, Series 71¹		5.400			04/01/2029		29,657
	30,000	SONYMA, Series 73¹		5.250			10/01/2017		30,188
	330,000	SONYMA, Series 73¹		5.300			10/01/2028		322,384
	23,875,000	SONYMA, Series 73-A⁶		5.300			10/01/2028		23,323,742
	305,000	SONYMA, Series 77¹		5.150			04/01/2029		293,099
	10,175,000	SONYMA, Series 79⁶		5.300			04/01/2029		9,960,674
	440,000	SONYMA, Series 82¹		5.650			04/01/2030		440,048
	4,575,000	SONYMA, Series 97¹		5.500			04/01/2031		4,545,903
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)¹		7.250			12/01/2029		3,308,150
	1,070,000	Suffolk County, NY IDA (ACLD)¹		6.000			12/01/2019		898,821
	420,000	Suffolk County, NY IDA (ALIA-ACDS)¹		7.125			06/01/2017		395,632
	2,200,000	Suffolk County, NY IDA (ALIA-ACLD)¹		5.950			10/01/2021		1,711,160
	215,000	Suffolk County, NY IDA (ALIA-ACLD)¹		6.375			06/01/2014		203,207
	555,000	Suffolk County, NY IDA (ALIA-ACLD)¹		6.500			03/01/2018		494,455
	600,000	Suffolk County, NY IDA (ALIA-ACLD)¹		7.500			09/01/2015		591,954
	210,000	Suffolk County, NY IDA (ALIA-ADD)¹		6.950			12/01/2014		202,841
	380,000	Suffolk County, NY IDA (ALIA-ADD)¹		7.125			06/01/2017		355,836
	290,000	Suffolk County, NY IDA (ALIA-ADD)¹		7.500			09/01/2015		286,111
	845,000	Suffolk County, NY IDA (ALIA-Adelante)¹		6.500			11/01/2037		601,006
	1,300,000	Suffolk County, NY IDA (ALIA-Civic Facility)¹		5.950			11/01/2022		1,000,571
	3,000,000	Suffolk County, NY IDA (ALIA-DDI)¹		5.950			10/01/2021		2,333,400
	815,000	Suffolk County, NY IDA (ALIA-DDI)¹		6.375			06/01/2014		770,297
	100,000	Suffolk County, NY IDA (ALIA-DDI)¹		7.500			09/01/2015		98,659
	825,000	Suffolk County, NY IDA (ALIA-FREE)¹		5.950			10/01/2021		641,685
	475,000	Suffolk County, NY IDA (ALIA-FREE)¹		6.375			06/01/2014		448,946

F21 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	1,280,000	Suffolk County, NY IDA (ALIA-FREE)¹		6.950	%		12/01/2014	$	1,236,365
	2,955,000	Suffolk County, NY IDA (ALIA-FREE)¹		7.125			06/01/2017		2,767,092
	600,000	Suffolk County, NY IDA (ALIA-IGHL)¹		5.950			10/01/2021		466,680
	745,000	Suffolk County, NY IDA (ALIA-IGHL)¹		5.950			11/01/2022		573,404
	380,000	Suffolk County, NY IDA (ALIA-IGHL)¹		6.000			10/01/2031		269,276
	380,000	Suffolk County, NY IDA (ALIA-IGHL)¹		6.375			06/01/2014		359,157
	435,000	Suffolk County, NY IDA (ALIA-IGHL)¹		6.950			12/01/2014		420,171
	885,000	Suffolk County, NY IDA (ALIA-IGHL)¹		7.125			06/01/2017		828,723
	1,945,000	Suffolk County, NY IDA (ALIA-IGHL)¹		7.250			12/01/2033		1,606,473
	190,000	Suffolk County, NY IDA (ALIA-IGHL)¹		7.500			09/01/2015		187,452
	2,000,000	Suffolk County, NY IDA (ALIA-LIHIA)¹		5.950			11/01/2022		1,539,340
	225,000	Suffolk County, NY IDA (ALIA-LIHIA)¹		6.375			06/01/2014		212,659
	520,000	Suffolk County, NY IDA (ALIA-LIHIA)¹		6.950			12/01/2014		502,273
	190,000	Suffolk County, NY IDA (ALIA-LIHIA)¹		7.500			09/01/2015		187,452
	375,000	Suffolk County, NY IDA (ALIA-MCH)¹		6.375			06/01/2014		354,431
	1,195,000	Suffolk County, NY IDA (ALIA-MCH)¹		6.950			12/01/2014		1,154,262
	1,080,000	Suffolk County, NY IDA (ALIA-MCH)¹		7.125			06/01/2017		1,011,323
	800,000	Suffolk County, NY IDA (ALIA-NYS ARC)¹		5.950			11/01/2022		615,736
	665,000	Suffolk County, NY IDA (ALIA-NYS ARC)¹		7.500			09/01/2015		656,082
	280,000	Suffolk County, NY IDA (ALIA-Pederson-Krag Center)¹		8.375			06/01/2016		282,316
	485,000	Suffolk County, NY IDA (ALIA-SMCFS)¹		7.500			09/01/2015		478,496
	565,000	Suffolk County, NY IDA (ALIA-Suffolk Hostels)¹		7.500			09/01/2015		557,423
	2,000,000	Suffolk County, NY IDA (ALIA-UCPAGS)¹		5.950			10/01/2021		1,555,600
	160,000	Suffolk County, NY IDA (ALIA-UCPAGS)¹		6.375			06/01/2014		151,224
	760,000	Suffolk County, NY IDA (ALIA-UCPAGS)¹		6.950			12/01/2014		734,092
	605,000	Suffolk County, NY IDA (ALIA-UCPAGS)¹		7.000			06/01/2016		569,220
	390,000	Suffolk County, NY IDA (ALIA-UCPAGS)¹		7.500			09/01/2015		384,770
	3,530,000	Suffolk County, NY IDA (ALIA-UVBH)¹		6.500			11/01/2037		2,510,713
	800,000	Suffolk County, NY IDA (ALIA-WORCA)¹		5.950			11/01/2022		615,736
	270,000	Suffolk County, NY IDA (ALIA-WORCA)¹		6.950			12/01/2014		260,796
	675,000	Suffolk County, NY IDA (ALIA-WORCA)¹		7.125			06/01/2017		632,077
	465,000	Suffolk County, NY IDA (ALIA-WORCA)¹		7.500			09/01/2015		458,764
	700,000	Suffolk County, NY IDA (Catholic Charities)¹		6.000			10/01/2020		566,489
	210,000	Suffolk County, NY IDA (DDI)¹		6.000			12/01/2019		173,149
	605,000	Suffolk County, NY IDA (DDI)¹		6.000			10/01/2020		489,608
	615,000	Suffolk County, NY IDA (DDI)¹		6.000			10/01/2020		495,426
	5,025,000	Suffolk County, NY IDA (DDI)¹		7.250			03/01/2024		4,502,551
	8,225,000	Suffolk County, NY IDA (DDI)¹		8.750			03/01/2023		8,101,296
	5,000,000	Suffolk County, NY IDA (Dowling College)¹		5.000			06/01/2036		2,914,900
	2,980,000	Suffolk County, NY IDA (Dowling College)¹		6.700			12/01/2020		2,610,122

F22 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	3,000,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)¹		5.375	%		01/01/2027	$	2,037,360
	2,745,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)¹		5.500			01/01/2037		1,716,366
	1,535,000	Suffolk County, NY IDA (Family Residences)¹		6.000			12/01/2019		1,265,638
	1,345,000	Suffolk County, NY IDA (Family Services League)¹		5.000			11/01/2027		1,340,118
	830,000	Suffolk County, NY IDA (Family Services League)¹		5.000			11/01/2034		801,390
	45,000	Suffolk County, NY IDA (Federation of Organizations)¹		7.625			04/01/2010		44,850
	2,195,000	Suffolk County, NY IDA (Federation of Organizations)¹		8.125			04/01/2030		1,794,193
	2,585,000	Suffolk County, NY IDA (Gurwin Jewish-Phase II)¹		6.700			05/01/2039		1,948,030
	3,860,000	Suffolk County, NY IDA (Huntington First Aid Squad)¹		6.650			11/01/2017		3,495,655
	240,000	Suffolk County, NY IDA (Independent Group Home Living)¹		6.000			12/01/2019		197,885
	1,220,000	Suffolk County, NY IDA (Independent Group Home Living)¹		6.000			10/01/2020		987,309
	3,275,000	Suffolk County, NY IDA (Innovative Realty I)¹		6.000			11/01/2037		2,237,153
	8,600,000	Suffolk County, NY IDA (Jefferson’s Ferry)¹		5.000			11/01/2028		6,761,062
	32,720,000	Suffolk County, NY IDA (Keyspan-Port Jefferson Center)¹		5.250			06/01/2027		28,425,827
	4,065,000	Suffolk County, NY IDA (L.I. Network Community Services)¹		7.550			02/01/2034		3,206,106
	8,000,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)¹		6.375			01/01/2039		5,456,080
	1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)¹		6.750			11/01/2036		1,340,376
	635,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)¹		6.750			11/01/2036		456,375
	2,760,000	Suffolk County, NY IDA (New Interdisciplinary School)¹		6.750			12/01/2019		2,314,260
	7,515,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)¹		5.300			01/01/2013		6,656,036
	26,425,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)¹		5.500			01/01/2023		21,644,982
	950,000	Suffolk County, NY IDA (Peconic Landing Retirement Home)¹		8.000			10/01/2020		939,104
	2,850,000	Suffolk County, NY IDA (Peconic Landing Retirement Home)¹		8.000			10/01/2030		2,744,123
	4,800,000	Suffolk County, NY IDA (Pederson-Krager Center)¹		7.200			02/01/2035		3,875,904
	50,000	Suffolk County, NY IDA (Pederson-Krager Center)¹		7.625			04/01/2010		49,809
	2,545,000	Suffolk County, NY IDA (Pederson-Krager Center)¹		8.125			04/01/2030		2,346,643

F23 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	930,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)¹		5.250	%		07/01/2022	$	698,774
	55,000	Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)¹		7.000			04/01/2010		54,568
	2,595,000	Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)¹		8.000			04/01/2030		2,285,650
	520,000	Suffolk County, NY IDA (Suffolk Hotels)¹		6.000			10/01/2020		420,820
	1,905,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)¹		6.000			12/01/2019		1,570,711
	3,305,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)¹		7.875			09/01/2041		2,550,832
	915,000	Suffolk County, NY IDA (WORCA)¹		6.000			10/01/2020		740,482
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.¹		0.000	⁹		06/01/2044		66,349,493
	12,240,000	Suffolk, NY Tobacco Asset Securitization Corp.¹		5.375			06/01/2028		9,378,166
	29,915,000	Suffolk, NY Tobacco Asset Securitization Corp.¹		6.000			06/01/2048		22,509,542
	287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000			06/01/2048		6,161,834
	3,857,000	Sullivan County, NY Community College COP³		5.750			08/15/2025		2,720,188
	3,050,000	Sullivan County, NY IDA (Center for Discovery)¹		5.625			06/01/2013		2,846,901
	13,710,000	Sullivan County, NY IDA (Center for Discovery)¹		5.875			07/01/2022		10,246,991
	5,600,000	Sullivan County, NY IDA (Center for Discovery)¹		6.000			06/01/2019		4,784,416
	13,840,000	Sullivan County, NY IDA (Center for Discovery)¹		6.000			07/01/2037		9,376,877
	4,600,000	Sullivan County, NY IDA (Center for Discovery)¹		6.500			06/01/2025		3,782,028
	4,530,000	Sullivan County, NY IDA (Center for Discovery)¹		6.950			02/01/2035		3,546,401
	1,230,000	Sullivan County, NY IDA (Center for Discovery)¹		7.250			02/01/2012		1,196,114
	9,965,000	Sullivan County, NY IDA (Center for Discovery)¹		7.750			02/01/2027		9,136,909
	7,935,000	Sullivan County, NY IDA (SCCC Dorm Corp. Civic Facility)¹		7.250			06/01/2027		6,082,654
	6,945,000	Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)¹		8.500			11/01/2031		5,790,880
	2,420,000	Syracuse, NY Hsg. Authority (Pavilion on James)¹		7.500			11/01/2042		1,981,060
	168,000,000	Syracuse, NY IDA (Carousel Center)¹		5.000			01/01/2036		130,408,320
	1,000,000	Syracuse, NY IDA (Crouse Irving Health Hospital)¹		5.375			01/01/2023		702,650
	11,290,000	Syracuse, NY IDA (James Square)¹		7.197	⁴		08/01/2025		3,834,536
	725,000	Syracuse, NY IDA (Jewish Home of Central New York)¹		7.375			03/01/2021		672,554
	2,050,000	Syracuse, NY IDA (Jewish Home of Central New York)¹		7.375			03/01/2031		1,750,741
	75,000	Taconic Hills, NY (Central School District at Craryville)¹		5.000			06/15/2026		72,910
	55,000	Tompkins, NY Health Care Corp. (Reconstruction Home)¹		10.800			02/01/2028		58,543
	1,595,000	Ulster County, NY IDA (Brooklyn Bottling)¹		8.600			06/30/2022		1,545,204
	185,000	Ulster County, NY Res Rec¹		5.000			03/01/2020		183,239

F24 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		0.000	%⁹		06/01/2040	$	2,178,415
	3,080,000	Ulster County, NY Tobacco Asset Securitization Corp.¹		6.000			06/01/2040		2,389,248
	2,175,000	Ulster County, NY Tobacco Asset Securitization Corp.^1,3		6.250			06/01/2025		1,941,818
	3,550,000	Utica, NY IDA (Utica College Civic Facility)¹		6.850			12/01/2031		3,098,156
	2,155,000	Wayne County, NY IDA (ARC)¹		8.375			03/01/2018		2,155,065
	20,000	Westchester County, NY GO¹		5.375			12/15/2014		20,142
	4,300,000	Westchester County, NY Healthcare Corp., Series A¹		5.875			11/01/2025		3,810,101
	1,870,000	Westchester County, NY IDA (Beth Abraham Hospital)¹		8.375			12/01/2025		1,811,488
	90,000	Westchester County, NY IDA (Children’s Village)¹		5.375			03/15/2019		73,638
	3,750,000	Westchester County, NY IDA (Children’s Village)¹		6.000			06/01/2022		2,984,288
	1,215,000	Westchester County, NY IDA (Clearview School)¹		7.250			01/01/2035		1,035,034
	3,640,000	Westchester County, NY IDA (Field Home)¹		6.000			08/15/2017		3,108,851
	3,335,000	Westchester County, NY IDA (Field Home)¹		6.500			08/15/2022		2,683,041
	1,300,000	Westchester County, NY IDA (Guiding Eyes for the Blind)¹		5.375			08/01/2024		1,175,707
	1,560,000	Westchester County, NY IDA (JDAM)¹		6.750			04/01/2016		1,517,474
	3,325,000	Westchester County, NY IDA (Lawrence Hospital)¹		5.000			01/01/2028		2,798,952
	755,000	Westchester County, NY IDA (Lawrence Hospital)¹		5.125			01/01/2018		733,483
	1,475,000	Westchester County, NY IDA (Rippowam-Cisqua School)¹		5.750			06/01/2029		1,306,526
	1,000,000	Westchester County, NY IDA (Schnurmacher Center)¹		6.500			11/01/2013		973,910
	1,710,000	Westchester County, NY IDA (Schnurmacher Center)¹		6.500			11/01/2033		1,283,355
	160,000	Westchester County, NY IDA (Westchester Airport Assoc.)¹		5.950			08/01/2024		159,992
	130,000	Westchester County, NY IDA (Westchester Resco Company)¹		5.500			07/01/2009		129,997
	2,590,000	Westchester County, NY IDA (Winward School)¹		5.250			10/01/2031		2,195,517
	4,475,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.000			06/01/2026		3,346,002
	59,900,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.125			06/01/2038		40,572,067
	52,770,000	Westchester County, NY Tobacco Asset Securitization Corp.¹		5.125			06/01/2045		34,291,001
	4,415,000	Yonkers, NY IDA (Hudson Scenic Studio)¹		6.625			11/01/2019		3,733,942
	1,590,000	Yonkers, NY IDA (Philipsburgh Hall Associates)		7.500			11/01/2030		1,110,500
	730,000	Yonkers, NY IDA (Sacred Heart Assoc.)¹		4.800			10/01/2026		658,978
	2,355,000	Yonkers, NY IDA (Sacred Heart Assoc.)¹		5.000			10/01/2037		2,050,522

F25 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

New York Continued
$	2,515,000	Yonkers, NY IDA (St. John’s Riverside Hospital)¹		7.125	%		07/01/2031	$	2,033,126
	1,965,000	Yonkers, NY IDA (St. Joseph’s Hospital)¹		8.500			12/30/2013		1,953,741
	2,960,000	Yonkers, NY IDA (Westchester School)¹		8.750			12/30/2023		2,625,461
	800,000	Yonkers, NY Parking Authority¹		6.000			06/15/2018		699,248
	1,215,000	Yonkers, NY Parking Authority¹		6.000			06/15/2024		950,580

									6,884,796,602

Other States—0.0%
	345,000	York County, SC Pollution Control (Bowater)^3,7		7.400			01/01/2010		37,950
U.S. Possessions—36.2%
	1,025,000	Guam Education Financing Foundation COP¹		5.000			10/01/2023		878,712
	505,000	Guam GO¹		5.250			11/15/2037		401,399
	6,000,000	Guam GO¹		6.750			11/15/2029		5,935,260
	10,000,000	Guam GO¹		7.000			11/15/2039		9,967,700
	4,750,000	Guam Government Waterworks Authority & Wastewater System¹		5.875			07/01/2035		4,188,598
	500,000	Guam Government Waterworks Authority & Wastewater System¹		6.000			07/01/2025		463,415
	300,000	Guam Hsg. Corp. (Single Family Mtg.)¹		5.750			09/01/2031		306,801
	290,000	Guam Power Authority, Series A¹		5.250			10/01/2023		252,825
	20,000,000	Guam Power Authority, Series A¹		5.250			10/01/2034		16,541,600
	2,000,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			10/01/2022		1,620,180
	35,090,000	Northern Mariana Islands Commonwealth, Series A¹		5.000			06/01/2030		25,296,381
	9,505,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		6,307,993
	17,290,000	Northern Mariana Islands Ports Authority, Series A¹		6.600			03/15/2028		13,951,128
	55,650,000	Puerto Rico Aqueduct & Sewer Authority¹		0.000	⁹		07/01/2024		43,284,014
	49,000,000	Puerto Rico Aqueduct & Sewer Authority⁶		5.125			07/01/2047		45,498,460
	88,365,000	Puerto Rico Aqueduct & Sewer Authority¹		6.000			07/01/2038		81,128,790
	122,070,000	Puerto Rico Aqueduct & Sewer Authority¹		6.000			07/01/2044		110,889,609
	5,000,000	Puerto Rico Aqueduct & Sewer Authority¹		6.000			07/01/2044		4,542,050
	56,685,000	Puerto Rico Children’s Trust Fund (TASC)¹		5.625			05/15/2043		40,144,884
	268,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.617	⁴		05/15/2050		5,904,315
	745,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.165	⁴		05/15/2055		8,619,650
	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	⁴		05/15/2057		33,544,456
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	⁴		05/15/2057		25,242,848
	20,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2026		19,225
	26,015,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2027		22,555,525
	10,625,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2029		9,098,825
	10,400,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2031		8,823,984
	16,850,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2033		14,139,172
	12,230,000	Puerto Rico Commonwealth GO¹		5.000			07/01/2034		10,228,071

F26 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions Continued
$	27,240,000	Puerto Rico Commonwealth GO¹		5.000	%		07/01/2035	$	22,648,698
	7,480,000	Puerto Rico Commonwealth GO¹		5.125			07/01/2031		6,457,185
	17,180,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2025		15,457,877
	12,395,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2026		11,132,197
	4,000,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2026		3,592,480
	5,000,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2027		4,469,150
	2,920,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2030		2,574,856
	14,500,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2031		12,731,870
	10,230,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2034		8,875,037
	43,385,000	Puerto Rico Commonwealth GO¹		5.250			07/01/2037		37,224,764
	5,000,000	Puerto Rico Commonwealth GO¹		5.375			07/01/2033		4,425,900
	7,850,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2029		7,166,344
	79,300,000	Puerto Rico Commonwealth GO¹		5.500			07/01/2032		71,647,550
	18,985,000	Puerto Rico Commonwealth GO¹		6.000			07/01/2038		18,254,837
	13,350,000	Puerto Rico Electric Power Authority, Series TT¹		5.000			07/01/2027		12,292,413
	4,000,000	Puerto Rico Electric Power Authority, Series TT¹		5.000			07/01/2032		3,504,440
	31,650,000	Puerto Rico Electric Power Authority, Series TT¹		5.000			07/01/2037		27,116,454
	60,000,000	Puerto Rico Electric Power Authority, Series UU⁶		1.329	⁵		07/01/2029		33,012,000
	106,500,000	Puerto Rico Electric Power Authority, Series UU¹		1.489	⁵		07/01/2025		52,371,375
	197,100,000	Puerto Rico Electric Power Authority, Series UU¹		1.509	⁵		07/01/2031		96,174,945
	5,000,000	Puerto Rico Electric Power Authority, Series VV¹		5.250			07/01/2029		4,767,900
	30,000,000	Puerto Rico Electric Power Authority, Series VV¹		5.250			07/01/2030		28,499,700
	13,000,000	Puerto Rico Electric Power Authority, Series WW¹		5.250			07/01/2033		11,707,280
	45,090,000	Puerto Rico Electric Power Authority, Series WW¹		5.500			07/01/2038		41,660,906
	55,000	Puerto Rico HFC¹		5.100			12/01/2018		55,496
	9,515,000	Puerto Rico Highway & Transportation Authority¹		5.000			07/01/2028		8,221,912
	4,845,000	Puerto Rico Highway & Transportation Authority¹		5.250			07/01/2030		4,425,132
	4,000,000	Puerto Rico Highway & Transportation Authority¹		5.500			07/01/2029		3,786,640
	270,000	Puerto Rico Highway & Transportation Authority¹		5.750			07/01/2020		261,981
	11,585,000	Puerto Rico Highway & Transportation Authority, Series G¹		5.000			07/01/2033		9,721,205
	28,565,000	Puerto Rico Highway & Transportation Authority, Series G¹		5.000			07/01/2042		23,230,201
	10,000,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2025		8,747,000
	14,725,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2026		12,842,114
	8,500,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2027		7,369,670
	3,145,000	Puerto Rico Highway & Transportation Authority, Series K¹		5.000			07/01/2030		2,682,150

F27 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions Continued
$	2,600,000	Puerto Rico Highway & Transportation Authority, Series L¹		5.250	%		07/01/2023	$	2,449,902
	17,205,000	Puerto Rico Highway & Transportation Authority, Series L¹		5.250			07/01/2030		15,171,369
	6,795,000	Puerto Rico Highway & Transportation Authority, Series L¹		5.250			07/01/2041		5,851,175
	94,120,000	Puerto Rico Highway & Transportation Authority, Series M¹		5.000			07/01/2046		76,090,373
	125,620,000	Puerto Rico Highway & Transportation Authority, Series N¹		1.339	⁵		07/01/2041		62,652,975
	74,940,000	Puerto Rico Highway & Transportation Authority, Series N¹		1.339	⁵		07/01/2045		30,631,725
	16,080,000	Puerto Rico Highway & Transportation Authority, Series N¹		5.250			07/01/2032		14,347,219
	53,445,000	Puerto Rico Highway & Transportation Authority, Series N¹		5.250			07/01/2039		45,668,753
	3,650,000	Puerto Rico Infrastructure¹		5.000			07/01/2025		3,071,804
	24,755,000	Puerto Rico Infrastructure¹		5.000			07/01/2031		19,659,183
	6,000,000	Puerto Rico Infrastructure¹		5.000			07/01/2037		4,643,640
	34,490,000	Puerto Rico Infrastructure¹		5.000			07/01/2037		26,693,191
	202,145,000	Puerto Rico Infrastructure¹		5.000			07/01/2041		153,874,795
	147,520,000	Puerto Rico Infrastructure¹		5.000			07/01/2046		110,974,870
	15,000,000	Puerto Rico Infrastructure¹		5.500			07/01/2027		12,964,800
	2,750,000	Puerto Rico Infrastructure¹		5.500			07/01/2028		2,366,568
	16,955,000	Puerto Rico Infrastructure		5.650	⁴		07/01/2029		3,609,041
	65,725,000	Puerto Rico Infrastructure		5.730	⁴		07/01/2045		3,953,359
	25,000,000	Puerto Rico Infrastructure		5.800	⁴		07/01/2032		4,038,750
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.000			03/01/2036		4,136,347
	1,080,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2019		925,992
	1,575,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			12/01/2021		1,291,421
	5,750,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.375			02/01/2029		4,271,100
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)¹		5.500			12/01/2031		4,642,157
	38,000,000	Puerto Rico ITEMECF (Cogeneration Facilities)¹		6.625			06/01/2026		38,011,400
	2,325,000	Puerto Rico ITEMECF (Mennonite General Hospital)¹		5.625			07/01/2017		1,950,303
	985,000	Puerto Rico ITEMECF (Mennonite General Hospital)¹		5.625			07/01/2027		695,735
	8,770,000	Puerto Rico ITEMECF (Mennonite General Hospital)¹		6.500			07/01/2018		7,689,273
	12,380,000	Puerto Rico ITEMECF (Mennonite General Hospital)¹		6.500			07/01/2026		9,952,653
	2,450,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)¹		6.600			05/01/2014		2,269,778
	5,250,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)¹		6.700			05/01/2024		4,080,090
	7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)¹		5.750			06/01/2029		3,489,500
	500,000	Puerto Rico ITEMECF (University of the Sacred Heart)¹		5.250			09/01/2021		456,985

F28 | ROCHESTER FUND MUNICIPALS


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions Continued
$	8,000,000	Puerto Rico ITEMECF (University of the Sacred Heart)¹		5.250	%		09/01/2031	$	6,710,000
	5,000,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2024		4,515,850
	4,990,000	Puerto Rico Municipal Finance Agency, Series A¹		5.250			08/01/2025		4,487,956
	4,975,000	Puerto Rico Port Authority (American Airlines), Series A		6.250			06/01/2026		2,125,668
	6,395,000	Puerto Rico Port Authority (American Airlines), Series A		6.300			06/01/2023		2,732,008
	1,940,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2026		1,662,813
	90,855,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2036		71,129,471
	7,500,000	Puerto Rico Public Buildings Authority¹		5.000			07/01/2037		5,843,025
	23,585,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2029		20,193,477
	102,185,000	Puerto Rico Public Buildings Authority¹		5.250			07/01/2033		84,405,832
	120,000	Puerto Rico Public Buildings Authority¹		5.375			07/01/2033		100,897
	3,600,000	Puerto Rico Public Buildings Authority¹		5.750			07/01/2034		3,625,200
	1,500,000	Puerto Rico Public Buildings Authority¹		6.250			07/01/2021		1,517,670
	7,500,000	Puerto Rico Public Buildings Authority¹		6.250			07/01/2031		7,438,050
	8,000,000	Puerto Rico Public Buildings Authority¹⁰		6.500			07/01/2030		7,927,680
	7,500,000	Puerto Rico Public Buildings Authority¹⁰		6.750			07/01/2036		7,490,700
	276,445,000	Puerto Rico Sales Tax Financing Corp., Series A⁶		5.250			08/01/2057		261,689,021
	643,700,000	Puerto Rico Sales Tax Financing Corp., Series A		5.401	⁴		08/01/2054		34,109,663
	40,500,000	Puerto Rico Sales Tax Financing Corp., Series A¹		5.750			08/01/2037		38,813,175
	221,800,000	Puerto Rico Sales Tax Financing Corp., Series A		5.939	⁴		08/01/2056		10,176,184
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500	⁴		08/01/2042		3,762,900
	80,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	⁴		08/01/2043		9,417,600
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series C¹		0.000	⁹		08/01/2032		18,930,000
	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C⁶		5.750			08/01/2057		96,183,311
	34,075,000	Puerto Rico Sales Tax Financing Corp., Series C¹		6.000			08/01/2042		33,400,997
	4,525,000	University of Puerto Rico¹		5.000			06/01/2026		3,871,681
	5,280,000	University of Puerto Rico, Series P¹		5.000			06/01/2030		4,359,960
	24,375,000	University of Puerto Rico, Series Q¹		5.000			06/01/2030		20,127,656
	65,780,000	University of Puerto Rico, Series Q¹		5.000			06/01/2036		52,054,345
	9,230,000	University of V.I. , Series A¹		5.375			06/01/2034		7,737,878
	2,040,000	University of V.I. , Series A¹		6.250			12/01/2029		1,537,344
	3,650,000	V.I. Government Refinery Facilities (Hovensa Coker)¹		6.500			07/01/2021		3,618,574
	15,000	V.I. HFA, Series A¹		6.450			03/01/2016		15,017
	18,720,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)¹		5.000			10/01/2031		15,906,197
	550,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)¹		5.000			10/01/2033		462,270
	27,733,000	V.I. Public Finance Authority (Hovensa Coker)¹		6.500			07/01/2021		27,494,219

F29 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued


Principal
Amount			Coupon			Maturity		Value

U.S. Possessions Continued
$	11,700,000	V.I. Public Finance Authority (Hovensa Refinery)¹		5.875	%		07/01/2022	$	10,962,315
	8,000,000	V.I. Public Finance Authority (Hovensa Refinery)¹		6.125			07/01/2022		7,668,320
	750,000	V.I. Public Finance Authority, Series A¹		5.250			10/01/2024		678,225
	1,000,000	V.I. Public Finance Authority, Series A¹		5.500			10/01/2018		970,510
	16,220,000	V.I. Public Finance Authority, Series A¹		5.500			10/01/2022		15,174,459
	7,500,000	V.I. Public Finance Authority, Series A¹		5.625			10/01/2025		7,039,575
	50,000	V.I. Public Finance Authority, Series A¹		5.625			10/01/2025		46,931
	3,830,000	V.I. Public Finance Authority, Series E¹		6.000			10/01/2022		3,646,773
	11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	⁴		05/15/2035		895,326
	2,500,000	V.I. Water & Power Authority¹		5.500			07/01/2017		2,457,225

									2,776,575,703

Total Investments, at Value (Cost $11,628,599,318)—126.1%									9,661,410,255
Liabilities in Excess of Other Assets—(26.1)									(1,999,623,836	)

Net Assets—100.0%								$	7,661,786,419


Footnotes to Statement of Investments

1.		All or a portion of the security has been segregated for collateral to cover borrowings. See Note 6 of accompanying Notes.

2.		Subject to a deferred-interest forebearance agreement. Rate shown is current rate. See Note 1 of accompanying Notes.

3.		Illiquid security. The aggregate value of illiquid securities as of June 30, 2009 was $45,077,146, which represents 0.59% of the Fund’s net assets. See Note 5 of accompanying Notes.

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

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

6.		Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently segregated and transferred to a trust. See Note 1 of accompanying Notes.

7.		Issue is in default. See Note 1 of accompanying Notes.

8.		Represents the current interest rate for a variable rate bond known as an “inverse floater.” See Note 1 of accompanying Notes.

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

10.		When-issued security or delayed delivery to be delivered and settled after June 30, 2009. See Note 1 of accompanying Notes.

F30 | ROCHESTER FUND MUNICIPALS

Valuation Inputs

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 (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

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

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2009 based on valuation input level:


					Level 3–
	Level 1–		Level 2–		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value

Assets Table
Investments, at Value:
New York	$	—	$	6,884,796,602	$	—	$	6,884,796,602
Other States		—		37,950		—		37,950
U.S. Possessions		—		2,776,575,703		—		2,776,575,703

Total Assets	$	—	$	9,661,410,255	$	—	$	9,661,410,255

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation techniques, if any, during the reporting period.

F31 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

Portfolio Abbreviations

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


ACDS	Assoc. for Children with Down	LILCO	Long Island Lighting Corp.
	Syndrome	LIMC	Long Island Medical Center
ACLD	Adults and Children with Learning and	LVH	Little Village House
	Developmental Disabilities	MCH	Maryhaven Center of Hope
ADD	Aid to the Developmentally Disabled	MMC	Mercy Medical Center
ALIA	Alliance of Long Island Agencies	MTA	Metropolitan Transportation Authority
ARC	Assoc. of Retarded Citizens	NSLIJHS	North Shore Long Island Jewish Health
CCRC	Continuing Care Retirement		System
	Community	NSUHGC	North Shore University Hospital at Glen
CFGA	Child and Family Guidance Assoc.		Cove
CHSLI	Catholic Health Services of Long Island	NY/NJ	New York/New Jersey
CNGCS	Central Nassau Guidance and	NYC	New York City
	Counseling Services	NYS	New York State
COP	Certificates of Participation	NYU	New York University
CSMR	Community Services for the Mentally	PSCH	Professional Service Centers for the
	Retarded		Handicapped, Inc.
DA	Dormitory Authority	RIBS	Residual Interest Bonds
DDI	Developmental Disabilities Institute	Res Rec	Resource Recovery Facility
DRIVERS	Derivative Inverse Tax Exempt Receipts	ROLs	Residual Option Longs
EFC	Environmental Facilities Corp.	SCCC	Sullivan County Community College
ERDA	Energy Research and Devel. Authority	SCHRC	St. Charles Hospital and Rehabilitation
FREE	Family Residences and Essential		Center
	Enterprises	SCSB	Schuyler Community Services Board
GJSR	Gurwin Jewish Senior Residences	SCSMC	St. Catherine of Sienna Medical Center
GO	General Obligation	SFH	St. Francis Hospital
GSHMC	Good Samaritan Hospital Medical Center	SLCD	School for Language and Communication Devel.
HDC	Housing Devel. Corp.	SMCFS	St. Mary’s Children and Family Services
HFA	Housing Finance Agency	SONYMA	State of New York Mortgage Agency
HFC	Housing Finance Corp.	SUNY	State University of New York
HH	Harmony Heights, Inc.	SV	Sienna Village
HHS	Harmony Heights School	TASC	Tobacco Settlement Asset-Backed
IDA	Industrial Devel. Agency		Bonds
IGHL	Independent Group Home for Living	TFABs	Tobacco Flexible Amortization Bonds
ITEMECF	Industrial, Tourist, Educational, Medical	UBF	University of Buffalo Foundation
	and Environmental Community	UCPAGS	United Cerebral Palsy Assoc. of Greater
	Facilities		Suffolk
JCC	Jewish Community Center	UDC	Urban Devel. Corp.
JDAM	Julia Dyckman Andrus Memorial	UVBH	United Veteran’s Beacon House
JFK	John Fitzgerald Kennedy	V.I.	United States Virgin Islands
L.I.	Long Island	WORCA	Working Organization for Retarded
LGSC	Local Government Services Corp.		Children and Adults
LIHIA	Long Island Head Injury Assoc.	YMCA	Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

F32 | ROCHESTER FUND MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2009


Assets
Investments, at value (cost $11,628,599,318)—see accompanying statement of investments	$	9,661,410,255
Cash		5,143,161
Receivables and other assets:
Interest		167,529,148
Investments sold		42,712,449
Shares of beneficial interest sold		6,425,571
Other		6,383,078

Total assets		9,889,603,662

Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		1,546,180,000
Payable on borrowings (See Note 6)		597,800,000
Investments purchased (including $15,175,290 purchased on a when-issued or delayed delivery basis)		54,128,111
Shares of beneficial interest redeemed		14,782,635
Dividends		8,144,982
Distribution and service plan fees		3,066,717
Trustees’ compensation		1,715,525
Interest expense on borrowings		329,190
Transfer and shareholder servicing agent fees		279,463
Shareholder communications		37,134
Other		1,353,486

Total liabilities		2,227,817,243

Net Assets	$	7,661,786,419


Composition of Net Assets
Paid-in capital	$	10,422,925,003
Accumulated net investment income		63,744,111
Accumulated net realized loss on investments		(857,693,632	)
Net unrealized depreciation on investments		(1,967,189,063	)

Net Assets	$	7,661,786,419

F33 | ROCHESTER FUND MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued


Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $6,253,054,729 and 454,783,576 shares of beneficial interest outstanding)	$	13.75
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	14.44
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $244,504,049 and 17,799,972 shares of beneficial interest outstanding)	$	13.74
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,107,770,064 and 80,690,741 shares of beneficial interest outstanding)	$	13.73
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $56,457,577 and 4,106,712 shares of beneficial interest outstanding)	$	13.75

See accompanying Notes to Financial Statements.

F34 | ROCHESTER FUND MUNICIPALS

STATEMENT OF OPERATIONS Unaudited


For the Six Months Ended June 30, 2009

Investment Income
Interest	$	334,587,959

Expenses
Management fees		16,542,403
Distribution and service plan fees:
Class A		4,284,890
Class B		1,213,083
Class C		5,126,701
Transfer and shareholder servicing agent fees:
Class A		1,115,311
Class B		151,255
Class C		310,543
Class Y		10,842
Shareholder communications:
Class A		69,115
Class B		7,786
Class C		12,928
Class Y		352
Borrowing fees		18,837,713
Interest expense and fees on short-term floating rate notes issued (See Note 1)		12,492,577
Interest expense on borrowings		4,460,104
Accounting service fees		1,076,358
Trustees’ compensation		278,023
Custodian fees and expenses		30,374
Other		395,735

Total expenses		66,416,093
Less reduction to custodian expenses		(3,425	)

Net expenses		66,412,668

Net Investment Income		268,175,291

Realized and Unrealized Gain (Loss)
Net realized loss on investments		(165,307,649	)
Net change in unrealized depreciation on investments		1,370,048,280

Net Increase in Net Assets Resulting from Operations	$	1,472,915,922

See accompanying Notes to Financial Statements.

F35 | ROCHESTER FUND MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS


	Six Months			Year
	Ended			Ended
	June 30, 2009			December 31,
	(Unaudited)			2008

Operations
Net investment income	$	268,175,291		$	551,787,583
Net realized loss		(165,307,649	)		(594,234,589	)
Net change in unrealized depreciation		1,370,048,280			(3,118,793,146	)

Net increase (decrease) in net assets resulting from operations		1,472,915,922			(3,161,240,152	)

Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(209,422,404	)		(427,487,508	)
Class B		(7,606,367	)		(19,605,070	)
Class C		(32,348,056	)		(63,394,535	)
Class Y		(1,886,545	)		(3,464,039	)

		(251,263,372	)		(513,951,152	)

Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		98,799,280			(399,337,703	)
Class B		(34,933,277	)		(206,427,989	)
Class C		28,895,286			(90,900,546	)
Class Y		3,308,515			13,872,271

		96,069,804			(682,793,967	)

Net Assets
Total increase (decrease)		1,317,722,354			(4,357,985,271	)
Beginning of period		6,344,064,065			10,702,049,336

End of period (including accumulated net investment income of $63,744,111 and $46,832,192, respectively)	$	7,661,786,419		$	6,344,064,065

See accompanying Notes to Financial Statements.

F36 | ROCHESTER FUND MUNICIPALS

STATEMENT OF CASH FLOWS Unaudited


For the Six Months Ended June 30, 2009

Cash Flows from Operating Activities
Net increase in net assets from operations	$	1,472,915,922
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(604,451,893	)
Proceeds from disposition of investment securities		793,821,800
Short-term investment securities, net		21,348,383
Premium amortization		5,245,988
Discount accretion		(34,670,947	)
Net realized loss on investments		165,307,649
Net change in unrealized depreciation on investments		(1,370,048,280	)
Decrease in interest receivable		3,853,769
Increase in receivable for securities sold		(28,020,913	)
Decrease in other assets		10,457,532
Increase in payable for securities purchased		36,859,382
Decrease in payable for accrued expenses		(2,319,946	)

Net cash provided by operating activities		470,298,446

Cash Flows from Financing Activities
Proceeds from bank borrowings		587,000,000
Payments on bank borrowings		(856,300,000	)
Payments on short-term floating rate notes issued		(57,180,000	)
Proceeds from shares sold		516,698,814
Payments on shares redeemed		(578,931,428	)
Cash distributions paid		(94,653,178	)

Net cash used in financing activities		(483,365,792	)
Net decrease in cash		(13,067,346	)
Cash, beginning balance		18,210,507

Cash, ending balance	$	5,143,161

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $148,466,800

Cash paid for interest on bank borrowings—$6,348,978

Cash paid for interest on short-term floating rate notes issued—$12,492,577

See accompanying Notes to Financial Statements.

F37 | ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS


	Six Months
	Ended
	June 30, 2009									Year Ended December 31,
Class A	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	11.54		$	17.67		$	18.82		$	18.28		$	17.76		$	17.62

Income (loss) from investment operations:
Net investment income¹		.49			.94			.88			.93			.99			1.07
Net realized and unrealized gain (loss)		2.17			(6.19	)		(1.17	)		.55			.53			.16

Total from investment operations		2.66			(5.25	)		(.29	)		1.48			1.52			1.23

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.45	)		(.88	)		(.86	)		(.94	)		(1.00	)		(1.09	)

Net asset value, end of period	$	13.75		$	11.54		$	17.67		$	18.82		$	18.28		$	17.76


Total Return, at Net Asset Value²		23.42	%		(30.84	)%		(1.59	)%		8.33	%		8.76	%		7.25	%

Ratios/Supplemental Data
Net assets, end of period (in millions)	$	6,253		$	5,158		$	8,541		$	7,979		$	5,937		$	4,699

Average net assets (in millions)	$	5,899		$	7,688		$	8,598		$	6,836		$	5,327		$	4,387

Ratios to average net assets:³
Net investment income		7.63	%		5.96	%		4.78	%		5.05	%		5.44	%		6.09	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.35	%		0.92	%		0.72	%		0.72	%		0.73	%		0.72	%
Interest and fees on short-term floating rate notes issued⁴		0.35	%		0.68	%		0.71	%		0.62	%		0.46	%		0.26	%

Total expenses⁵		1.70	%		1.60	%		1.43	%		1.34	%		1.19	%		0.98	%

Portfolio turnover rate		7	%		23	%		28	%		17	%		16	%		10	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F38 | ROCHESTER FUND MUNICIPALS


	Six Months
	Ended
	June 30, 2009									Year Ended December 31,
Class B	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	11.53		$	17.66		$	18.80		$	18.26		$	17.75		$	17.60

Income (loss) from investment operations:
Net investment income¹		.43			.80			.72			.78			.83			.91
Net realized and unrealized gain (loss)		2.17			(6.19	)		(1.16	)		.54			.52			.18

Total from investment operations		2.60			(5.39	)		(.44	)		1.32			1.35			1.09

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.39	)		(.74	)		(.70	)		(.78	)		(.84	)		(.94	)

Net asset value, end of period	$	13.74		$	11.53		$	17.66		$	18.80		$	18.26		$	17.75


Total Return, at Net Asset Value²		22.88	%		(31.50	)%		(2.41	)%		7.39	%		7.77	%		6.40	%

Ratios/Supplemental Data
Net assets, end of period (in millions)	$	245		$	237		$	591		$	906		$	955		$	1,073

Average net assets (in millions)	$	245		$	424		$	745		$	925		$	1,006		$	1,130

Ratios to average net assets:³
Net investment income		6.70	%		4.99	%		3.88	%		4.20	%		4.60	%		5.23	%
Expenses excluding interest and fees on short-term floating rate notes issued		2.29	%		1.80	%		1.62	%		1.60	%		1.60	%		1.59	%
Interest and fees on short-term floating rate notes issued⁴		0.35	%		0.68	%		0.71	%		0.62	%		0.46	%		0.26	%

Total expenses⁵		2.64	%		2.48	%		2.33	%		2.22	%		2.06	%		1.85	%

Portfolio turnover rate		7	%		23	%		28	%		17	%		16	%		10	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F39 | ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS Continued


	Six Months
	Ended
	June 30, 2009									Year Ended December 31,
Class C	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	11.52		$	17.65		$	18.79		$	18.25		$	17.74		$	17.59

Income (loss) from investment operations:
Net investment income¹		.44			.80			.71			.76			.82			.91
Net realized and unrealized gain (loss)		2.16			(6.19	)		(1.15	)		.56			.53			.18

Total from investment operations		2.60			(5.39	)		(.44	)		1.32			1.35			1.09

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.39	)		(.74	)		(.70	)		(.78	)		(.84	)		(.94	)

Net asset value, end of period	$	13.73		$	11.52		$	17.65		$	18.79		$	18.25		$	17.74


Total Return, at Net Asset Value²		22.94	%		(31.49	)%		(2.39	)%		7.40	%		7.78	%		6.40	%

Ratios/Supplemental Data
Net assets, end of period (in millions)	$	1,108		$	905		$	1,514		$	1,256		$	712		$	498

Average net assets (in millions)	$	1,036		$	1,350		$	1,492		$	956		$	600		$	459

Ratios to average net assets:³
Net investment income		6.77	%		5.09	%		3.90	%		4.15	%		4.56	%		5.22	%
Expenses excluding interest and fees on short-term floating rate notes issued		2.22	%		1.79	%		1.59	%		1.58	%		1.59	%		1.59	%
Interest and fees on short-term floating rate notes issued⁴		0.35	%		0.68	%		0.71	%		0.62	%		0.46	%		0.26	%

Total expenses⁵		2.57	%		2.47	%		2.30	%		2.20	%		2.05	%		1.85	%

Portfolio turnover rate		7	%		23	%		28	%		17	%		16	%		10	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F40 | ROCHESTER FUND MUNICIPALS


	Six Months
	Ended
	June 30, 2009									Year Ended December 31,
Class Y	(Unaudited)			2008			2007			2006			2005			2004

Per Share Operating Data
Net asset value, beginning of period	$	11.54		$	17.67		$	18.82		$	18.28		$	17.76		$	17.61

Income (loss) from investment operations:
Net investment income¹		.50			.96			.89			.95			1.01			1.10
Net realized and unrealized gain (loss)		2.17			(6.19	)		(1.15	)		.55			.54			.17

Total from investment operations		2.67			(5.23	)		(.26	)		1.50			1.55			1.27

Dividends and/or distributions to shareholders:
Dividends from net investment income		(.46	)		(.90	)		(.89	)		(.96	)		(1.03	)		(1.12	)

Net asset value, end of period	$	13.75		$	11.54		$	17.67		$	18.82		$	18.28		$	17.76


Total Return, at Net Asset Value²		23.51	%		(30.74	)%		(1.44	)%		8.45	%		8.93	%		7.50	%

Ratios/Supplemental Data
Net assets, end of period (in millions)	$	56		$	44		$	56		$	22		$	11		$	8

Average net assets (in millions)	$	52		$	61		$	44		$	16		$	10		$	8

Ratios to average net assets:³
Net investment income		7.77	%		6.14	%		4.91	%		5.14	%		5.59	%		6.27	%
Expenses excluding interest and fees on short-term floating rate notes issued		1.20	%		0.79	%		0.56	%		0.60	%		0.58	%		0.55	%
Interest and fees on short-term floating rate notes issued⁴		0.35	%		0.68	%		0.71	%		0.62	%		0.46	%		0.26	%

Total expenses⁵		1.55	%		1.47	%		1.27	%		1.22	%		1.04	%		0.81	%

Portfolio turnover rate		7	%		23	%		28	%		17	%		16	%		10	%


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

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

3.		Annualized for periods less than one full year.

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

5.		Reduction to custodian expenses less than 0.005%.

See accompanying Notes to Financial Statements.

F41 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Rochester Fund Municipals (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund’s investment objective is to seek to provide as high a level of income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management while seeking preservation of shareholders’ capital. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

The Fund offers Class A, Class B, Class C and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are 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 without either a front-end sales charge or a CDSC, however, the institutional investor may impose charges on those accounts. 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 have separate distribution and/or service plans. No such plan has been adopted for Class Y shares. 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.

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.

Effective for fiscal periods beginning after November 15, 2007, FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements, establishes a hierarchy for measuring fair value of assets and liabilities. As required by the standard, 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. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than unadjusted quoted prices for an asset that are observable are classified as “Level 2” and unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily either by portfolio pricing services approved by the Board of Trustees or dealers. These securities are typically classified within Level 1 or 2; however, they may be designated

F42 | ROCHESTER FUND MUNICIPALS

as Level 3 if the dealer or portfolio pricing service values a security through an internal model with significant unobservable inputs.

Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ 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 foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

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, government and municipal debt instruments having a remaining maturity in excess of sixty days and all mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued at the mean between the “bid” and “asked” prices.

“Money market-type” debt instruments with remaining maturities 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. These securities are typically designated as Level 2.

In the absence of a readily available unadjusted quoted market price, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities 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 adjusted for any discounts related to 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.

Fair valued securities may be classified as “Level 3” if the Manager’s own assumptions about the inputs that market participants would use in valuing such securities are significant to the fair value.

F43 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

There have been no significant changes to the fair valuation methodologies during the period.

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 maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. 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 June 30, 2009, the Fund had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:


	When-Issued or Delayed Delivery
	Basis Transactions

Purchased securities	$	15,175,290

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. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 20% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $1,546,180,000 as of June 30, 2009, which represents 15.63% of the Fund’s total assets.

Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse

F44 | ROCHESTER FUND MUNICIPALS

floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At June 30, 2009, municipal bond holdings with a value of $2,340,954,742 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $1,546,180,000 in short-term floating rate notes issued and outstanding at that date.

The Fund’s investments in inverse floaters involve certain risks. The market value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Typically, an inverse floating rate security tends to underperform fixed rate bonds when long-term interest rates are rising but tends to outperform fixed rate bonds when long-term interest rates are stable or falling. An inverse floating rate security entails a degree of leverage because the trust issues short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls.

At June 30, 2009, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:


Principal			Coupon			Maturity
Amount		Inverse Floater¹	Rate²			Date		Value

$	13,640,000	NY Austin Trust Various States Inverse Certificates		13.618	%		6/1/32	$	14,040,607
	8,935,000	NY Austin Trust Various States Inverse Certificates		13.602			6/1/27		9,202,157
	23,960,000	NY Austin Trust Various States Inverse Certificates		7.804			11/1/38		19,920,344
	16,400,000	NY Austin Trust Various States Inverse Certificates		11.735			7/1/48		16,000,660

F45 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued


Principal			Coupon			Maturity
Amount		Inverse Floater¹	Rate²			Date		Value

$	67,840,000	NY Liberty Devel. Corp. ROLs³		9.111	%		10/1/35	$	56,685,069
	10,905,000	NY Liberty Devel. Corp. ROLs³		9.091			10/1/35		9,111,891
	10,770,000	NY MTA ROLs³		14.993			11/15/30		10,999,186
	6,615,000	NY Triborough Bridge & Tunnel Authority ROLs³		20.728			1/1/27		6,869,876
	15,660,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.543			12/1/27		13,686,057
	7,700,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.124			12/1/34		5,668,894
	13,765,000	NY/NJ Port Authority Austin Trust Inverse Certificates		9.070			4/1/36		11,919,664
	23,955,000	NY/NJ Port Authority Austin Trust Inverse Certificates		9.069			10/1/30		21,343,905
	12,330,000	NYC GO DRIVERS		10.288			6/1/33		12,095,483
	5,605,000	NYC GO DRIVERS		10.287			12/1/33		5,469,639
	5,460,000	NYC GO DRIVERS		9.375			8/1/30		5,449,844
	2,430,000	NYC GO DRIVERS		10.338			8/1/35		2,347,915
	8,735,000	NYC GO DRIVERS		10.335			4/1/35		8,451,899
	5,745,000	NYC GO DRIVERS		10.336			3/1/35		5,559,264
	7,540,000	NYC GO ROLs		17.712			11/1/34		7,124,697
	4,480,000	NYC GO ROLs³		19.196			4/1/30		4,478,029
	8,900,000	NYC GO ROLs³		22.009			6/1/30		10,321,597
	5,000,000	NYC GO ROLs		18.612			3/1/21		6,112,900
	3,490,000	NYC HDC (Multifamily Hsg.) DRIVERS		15.527			11/1/42		3,521,724
	920,000	NYC HDC (Multifamily Hsg.) DRIVERS		12.474			11/1/26		775,726
	810,000	NYC HDC (Multifamily Hsg.) DRIVERS		12.841			11/1/27		695,750
	1,000,000	NYC HDC (Multifamily Hsg.) DRIVERS		12.893			11/1/32		811,750
	1,165,000	NYC HDC (Multifamily Hsg.) DRIVERS		12.530			11/1/37		859,386
	1,560,000	NYC HDC (Multifamily Hsg.) DRIVERS		12.678			11/1/39		1,141,826
	2,790,000	NYC HDC (Multifamily Hsg.) DRIVERS		12.886			5/1/40		2,083,014
	775,000	NYC HDC (Multifamily Hsg.) DRIVERS³		19.232			11/1/34		766,088
	710,000	NYC HDC (Multifamily Hsg.) DRIVERS³		19.493			11/1/39		697,362
	2,730,000	NYC HDC (Multifamily Hsg.) DRIVERS³		20.082			11/1/46		2,778,048
	3,955,000	NYC HDC (Multifamily Hsg.) ROLs³		16.028			11/1/30		4,061,745
	12,110,000	NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs³		12.561			5/1/49		9,476,923
	17,005,000	NYC Municipal Water Finance Authority DRIVERS		14.018			6/15/39		16,415,947
	14,425,000	NYC Municipal Water Finance Authority DRIVERS		18.213			6/15/26		14,905,064
	14,950,000	NYC Municipal Water Finance Authority DRIVERS		14.203			6/15/32		15,160,197
	3,910,000	NYC Municipal Water Finance Authority DRIVERS		13.815			6/15/32		3,942,218
	15,815,000	NYC Municipal Water Finance Authority DRIVERS		13.825			6/15/34		15,655,110
	6,005,000	NYC Municipal Water Finance Authority DRIVERS		13.815			6/15/38		5,814,521

F46 | ROCHESTER FUND MUNICIPALS


Principal			Coupon			Maturity
Amount		Inverse Floater¹	Rate²			Date		Value

$	6,875,000	NYC Municipal Water Finance Authority ROLs		17.698	%		6/15/31	$	7,128,138
	10,025,000	NYC Municipal Water Finance Authority ROLs		17.698			6/15/37		9,666,707
	7,875,000	NYC Municipal Water Finance Authority ROLs		17.698			6/15/39		7,489,125
	4,935,000	NYC Municipal Water Finance Authority ROLs		17.608			6/15/39		4,693,185
	4,500,000	NYC Municipal Water Finance Authority ROLs		17.718			6/15/39		4,279,500
	10,470,000	NYC Municipal Water Finance Authority ROLs³		12.795			6/15/34		10,492,511
	8,205,000	NYS DA (Memorial Sloan-Kettering) DRIVERS		10.336			7/1/35		7,663,798
	5,265,000	NYS DA (Vassar College) DRIVERS		10.334			7/1/46		4,772,091
	2,830,000	NYS DA ROLs³		22.314			7/1/28		2,842,452
	3,410,000	NYS HFA ROLs³		14.474			11/1/45		2,988,626
	3,750,000	Port Authority NY/NJ ROLs³		21.203			9/15/28		4,356,825
	4,895,000	Port Authority NY/NJ, 11588th Series ROLs		15.990			10/15/27		4,254,196
	3,580,000	Port Authority NY/NJ, 11588th Series ROLs		15.063			10/15/28		2,400,497
	5,500,000	Port Authority NY/NJ, 11588th Series ROLs		15.999			10/15/32		4,296,435
	9,090,000	Port Authority NY/NJ, 11589th Series ROLs		11.832			9/1/29		5,195,299
	11,880,000	Port Authority NY/NJ, 136th Series DRIVERS		8.225			11/1/28		11,863,130
	11,430,000	Port Authority NY/NJ, 136th Series DRIVERS		10.235			11/1/29		11,557,559
	13,000,000	Port Authority NY/NJ, 138th Series DRIVERS		8.719			12/1/34		10,258,430
	24,005,000	Port Authority NY/NJ, 151st Series DRIVERS		15.680			3/15/35		25,320,714
	4,570,000	Port Authority NY/NJ, 152nd Series DRIVERS		14.170			5/1/38		4,114,874
	20,000,000	Port Authority NY/NJ, 3090th Series DRIVERS		9.795			11/1/35		18,679,800
	26,670,000	Port Authority NY/NJ, 3094th Series DRIVERS		13.824			3/15/39		26,715,606
	7,500,000	Port Authority NY/NJ, 3114th Series DRIVERS		15.804			11/1/30		7,987,275
	30,970,000	Port Authority NY/NJ, 3114th Series DRIVERS		9.795			11/1/35		28,925,670
	3,335,000	Port Authority NY/NJ, 3115th Series DRIVERS		15.796			3/15/35		3,517,791
	25,330,000	Port Authority NY/NJ, 37th Series DRIVERS		9.731			7/15/34		23,880,111
	4,750,000	Puerto Rico Aqueduct & Sewer Authority ROLs³		17.835			7/1/47		3,392,260
	15,000,000	Puerto Rico Aqueduct & Sewer Authority ROLs		9.472			7/1/47		12,856,200
	15,000,000	Puerto Rico Electric Power Authority ROLs³		0.926			7/1/29		(11,988,000	)
	92,150,000	Puerto Rico Sales Tax Financing Corp. ROLs³		13.839			8/1/57		77,394,021
	23,815,000	Puerto Rico Sales Tax Financing Corp. ROLs³		20.126			8/1/57		24,753,311
	18,135,000	SONYMA ROLs³		7.528			10/1/34		15,488,922
	5,760,000	SONYMA ROLs³		13.924			4/1/29		5,603,270
	3,395,000	SONYMA ROLs³		14.018			4/1/29		3,180,674
	3,715,000	SONYMA ROLs³		14.323			4/1/29		3,613,915
	7,635,000	SONYMA ROLs³		13.867			4/1/34		5,988,589
	7,965,000	SONYMA ROLs³		14.020			10/1/28		7,413,742
	4,960,000	SONYMA ROLs³		13.258			10/1/26		4,147,453
	5,875,000	SONYMA ROLs³		8.883			10/1/37		4,472,403
	11,750,000	SONYMA ROLs³		8.481			10/1/31		8,330,868
	11,505,000	SONYMA ROLs³		8.580			10/1/37		7,748,042
	1,685,000	SONYMA, Series 145 DRIVERS		13.150			10/1/37		1,318,951
	1,665,000	SONYMA, Series 148 DRIVERS		13.261			10/1/27		1,478,736
	2,125,000	SONYMA, Series 148 DRIVERS		13.391			10/1/32		1,819,064

								$	794,774,742


1.		For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page F32 of the Statement of Investments.

2.		Represents the current interest rate for a variable rate bond known as an “inverse floater.”

3.		Security is subject to a shortfall and forbearance agreement.

F47 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. 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 such inverse floating rate securities, if it deems it appropriate to do so. As of June 30, 2009, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $692,532,000.

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 in default, and is not obligated to dispose of securities whose issuers subsequently default. As of June 30, 2009, securities with an aggregate market value of $2,280,400, representing 0.03% of the Fund’s net assets, were in default.

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego payment of the original principal or coupon interest rates. As of June 30, 2009, securities with an aggregate market value of $605,880, representing 0.01% of the Fund’s net assets, were subject to these forbearance agreements. Interest and principal payments are owed to the Fund under these agreements in the amount of $0.

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

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.

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.

F48 | ROCHESTER FUND MUNICIPALS

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.

During the fiscal year ended December 31, 2008, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2008, the Fund had unused capital loss carryforwards as follows:


Expiring

2011	$	48,711,816
2012		30,332,900
2016		447,366,348

Total	$	526,411,064

As of June 30, 2009, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $691,718,713 expiring by 2018. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended June 30, 2009, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

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.

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 June 30, 2009 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.


Federal tax cost of securities	$	11,770,698,771


Gross unrealized appreciation	$	57,977,484
Gross unrealized depreciation		(2,167,266,000	)

Net unrealized depreciation	$	(2,109,288,516	)

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, 2007 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date have each elected a distribution method with respect

F49 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

to their benefits under the Plan. During the six months ended June 30, 2009, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:


Projected Benefit Obligations Increased	$	135,835
Payments Made to Retired Trustees		309,630
Accumulated Liability as of June 30, 2009		1,456,232

The Board of Trustees 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 to the compensation deferral plan.

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. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

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 overdrafts, to the extent they are not offset by positive earnings on cash balances maintained by the Fund, 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.

F50 | ROCHESTER FUND MUNICIPALS

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.

Other. 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.

2. 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:


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Class A
Sold		31,054,638		$	401,646,225			89,008,037		$	1,424,853,098
Dividends and/or distributions reinvested		9,353,259			122,472,166			18,235,572			280,237,109
Redeemed		(32,691,987	)		(425,319,111	)		(143,419,427	)		(2,104,427,910	)

Net increase (decrease)		7,715,910		$	98,799,280			(36,175,818	)	$	(399,337,703	)


Class B
Sold		746,214		$	9,732,950			2,026,140		$	32,616,607
Dividends and/or distributions reinvested		360,161			4,701,829			822,369			12,775,841
Redeemed		(3,860,620	)		(49,368,056	)		(15,778,775	)		(251,820,437	)

Net decrease		(2,754,245	)	$	(34,933,277	)		(12,930,266	)	$	(206,427,989	)


Class C
Sold		7,006,449		$	91,150,531			19,408,899		$	308,824,693
Dividends and/or distributions reinvested		1,514,688			19,793,012			3,145,174			48,232,262
Redeemed		(6,345,796	)		(82,048,257	)		(29,840,156	)		(447,957,501	)

Net increase (decrease)		2,175,341		$	28,895,286			(7,286,083	)	$	(90,900,546	)

F51 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Shares of Beneficial Interest Continued


	Six Months Ended June 30, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount

Class Y
Sold		639,739		$	8,261,507			2,460,486		$	39,921,521
Dividends and/or distributions reinvested		114,432			1,499,793			180,139			2,737,989
Redeemed		(493,691	)		(6,452,785	)		(1,931,896	)		(28,787,239	)

Net increase		260,480		$	3,308,515			708,729		$	13,872,271

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended June 30, 2009, were as follows:


	Purchases		Sales

Investment securities	$	604,451,893	$	793,821,800

4. 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

Accounting Service Fees. Accounting service fees paid to the Manager were in accordance with the accounting services agreement with the Fund which provides for an annual fee of $12,000 for the first $30 million of average daily net assets and $9,000 for each additional $30 million of average daily net assets. During the six months ended June 30, 2009, the Fund paid $1,076,358 to the Manager for accounting and pricing services.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended June 30, 2009, the Fund paid $1,633,293 to OFS for services to the Fund.

Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

F52 | ROCHESTER FUND MUNICIPALS

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 under Rule 12b-1 of the Investment Company Act of 1940. 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 average annual net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2009 were as follows:


Class B	$	32,756,819
Class C		30,629,943

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

Class A

Class B

Class C

Class A

Contingent

Front-End

Deferred

Sales Charges

Retained by

Six Months Ended

Distributor

June 30, 2009

673,359

195,700

266,956

119,794

F53 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

Waivers and Reimbursements of Expenses. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class. This undertaking may be amended or withdrawn at any time.

5. Illiquid Securities

As of June 30, 2009, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Fund will not invest more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments.

6. 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. The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund can also borrow for other purposes, such as to raise money to unwind or “collapse” trusts that issued “inverse floaters” to the Fund, or to contribute to such trusts to enable them to meet tenders of their short-term securities by the holders of those securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. 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 a conduit lender and a bank which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $3.0 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.6489% as of June 30, 2009). 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 commitment fee on the amount of the unused portion of 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 six months ended June 30, 2009 equal 0.65% 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.

F54 | ROCHESTER FUND MUNICIPALS

As of June 30, 2009, the Fund had borrowings outstanding at an interest rate of 0.6489%. Details of the borrowings for the six months ended June 30, 2009 are as follows:


Average Daily Loan Balance	$	738,286,740
Average Daily Interest Rate		1.166	%
Fees Paid	$	8,654,402
Interest Paid	$	6,348,978

7. Subsequent Events Evaluation

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through August 13, 2009, the date the financial statements were available to be issued. This evaluation determined that there were no subsequent events that necessitated disclosures and/or adjustments.

8. Pending Litigation

During 2009, a number of complaints have been filed in federal courts against the Manager, the Distributor, and mutual funds advised by the Manager and distributed by the Distributor—including the Fund. The complaints naming the Fund as a defendant also name certain officers, trustees and former trustees of the Fund. The plaintiffs seek class action status on behalf of purchasers of shares of the Fund during a particular time period. The complaints against the Fund raise claims under federal securities laws alleging that, among other things, the disclosure documents of the Fund contained misrepresentations and omissions, that the Fund’s investment policies were not followed, and that the Fund and the other defendants violated federal securities laws and regulations and certain state laws. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. The litigations involving certain other Oppenheimer funds are similar in nature.

A complaint has been brought in state court against the Manager, the Distributor and another subsidiary of the Manager (but not against the Fund), on behalf of the Oregon College Savings Plan Trust. The complaint alleges breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seeks compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

Other complaints have been filed in 2008 and 2009 in state and federal courts, by investors who made investments through an affiliate of the Manager, against the Manager and certain of its affiliates. Those complaints relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff ”) and allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

F55 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Pending Litigation Continued

The Manager believes that the lawsuits described above are without legal merit and intends to defend them vigorously. The Fund’s Board of Trustees has also engaged counsel to defend the suits vigorously on behalf of the Fund, the Fund’s Board and the Trustees named in those suits. While it is premature to render any opinion as to the likelihood of an outcome in these lawsuits, or whether any costs that the Fund may bear in defending the suits might not be reimbursed by insurance or the Manager, the Manager believes that these suits should not have any material effect on the operations of the Fund and that the outcome of all of the suits together should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund.

F56 | ROCHESTER FUND MUNICIPALS

REPORT OF SHAREHOLDER MEETING Unaudited

On May 21, 2009 a joint special meeting of shareholders was scheduled to vote on the following proposals. Pursuant to a supplement to the proxy statement dated May 27, 2009, the meeting was adjourned until June 25, 2009 to allow shareholders time to review supplemental information and consider their voting decision. On June 25, 2009, the meeting was reconvened and the two proposals below were approved.

The following is a report of the results from the meeting:

Proposal 1: The election of ten Trustees


Nominee	For		Withheld		Total

Trustees
David Downes		479,359,972		27,369,707		506,729,679
Matthew Fink		479,840,944		26,888,735		506,729,679
Phillip Griffiths		479,344,994		27,384,685		506,729,679
Mary F. Miller		480,032,878		26,696,801		506,729,679
Joel W. Motley		480,038,788		26,690,891		506,729,679
John V. Murphy		479,793,613		26,936,066		506,729,679
Mary Ann Tynan		479,363,382		27,366,297		506,729,679
Joseph M. Wikler		480,180,229		26,549,450		506,729,679
Peter I Wold		480,076,803		26,652,876		506,729,679
Brian F. Wruble		479,489,200		27,240,479		506,729,679

Proposal 3(a): To approve a common Amended and Restated Agreement and Declaration of Trust


For	Against		Abstain		Broker Non-Votes		Total

181,250,799		10,971,135		15,328,146		299,179,599		506,729,679

23 | ROCHESTER FUND MUNICIPALS

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited

Each year, the Board of Trustees (the “Board”), including a majority of the independent Trustees, is required to determine whether to renew the Fund’s investment advisory agreement (the “Agreement”). The Investment Company Act of 1940, as amended, requires that the Board request and evaluate, and that the Manager provide, such information as may be reasonably necessary to evaluate the terms of the Agreement. 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, the Board receives information throughout the year regarding Fund services, fees, expenses and performance.

The Manager and the independent consultant provided information to the Board on the following factors: (i) the nature, quality and extent of the Manager’s services, (ii) the investment performance of the Fund and the Manager, (iii) the fees and expenses of the Fund, including comparative expense information, (iv) the profitability of the Manager and its 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 Manager from its relationship with the Fund. The Board was aware that there are alternatives to retaining the Manager.

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 and extent of the services provided to the Fund and information regarding the Manager’s key personnel who provide such services. The Manager’s duties include providing the Fund with the services of the portfolio managers and the Manager’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. The Manager is 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 Manager also provides the Fund with office space, facilities and equipment.

The Board also considered the quality of the services provided and the quality of the Manager’s resources that are available to the Fund. The Board took account of the fact that the Manager has had over forty years of experience as an investment adviser and

24 | ROCHESTER FUND MUNICIPALS

that its assets under management rank it among the top mutual fund managers in the United States. The Board evaluated the Manager’s advisory, administrative, accounting, legal and compliance services, and information the Board has received regarding the experience and professional qualifications of the Manager’s 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, and Troy Willis, the portfolio managers for the Fund, and the Manager’s investment team and analysts. The Board members also considered the totality of their experiences with the Manager as directors or trustees of the Fund and other funds advised by the Manager. The Board considered information regarding the quality of services provided by affiliates of the Manager, 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 Manager’s experience, reputation, personnel, operations and resources that the Fund benefits from the services provided under the Agreement.

Investment Performance of the Manager and the Fund. Throughout the year, the Manager provided information on the investment performance of the Fund and the Manager, including comparative performance information. The Board also reviewed information, prepared by the Manager and by the independent consultant, comparing the Fund’s historical performance to relevant market indices and to the performance of other retail front-end load and no-load New York municipal debt funds. The Board noted that the Fund’s one-year, three-year, five-year and ten-year performance was below its peer group median. The Board also noted that the Fund’s recent performance was improved and its year-to date performance through June 5, 2009 was in the first quintile of its peer group category.

Costs of Services by the Manager. The Board reviewed the fees paid to the Manager 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 Manager. The independent consultant provided comparative data in regard to the fees and expenses of the Fund and other New York municipal debt funds with comparable asset levels and distribution features. The Board noted that the Fund’s contractual and actual management fees and total expense were lower than or equal to the peer group median.

Economies of Scale and Profits Realized by the Manager. The Board considered information regarding the Manager’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 Manager’s profitability from its relationship with the Fund. The Board reviewed whether the Manager may realize economies of scale in

25 | ROCHESTER FUND MUNICIPALS

BOARD APPROVAL OF THE FUND’S INVESTMENT ADVISORY AGREEMENT Unaudited / Continued

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 Manager. In addition to considering the profits realized by the Manager, the Board considered information that was provided regarding the direct and indirect benefits the Manager receives as a result of its relationship with the Fund, including compensation paid to the Manager’s affiliates. The Board also considered that the Manager must be able to pay and retain experienced professional personnel at competitive rates to provide quality services to the Fund and that maintaining the financial viability of the Manager is important in order for the Manager to continue to provide significant services to the Fund and its shareholders.

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 Manager 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, at meetings in June 2009, the Board, including a majority of the independent Trustees, decided to continue the Agreement for the period through November 30, 2009. In arriving at this decision, the Board did not single out 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 Agreement, including the management fee, in light of all of the surrounding circumstances.

26 | 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 1.800.525.7048, (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 1.800.525.7048, 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 http://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, 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, reports and privacy policy within 30 days of receiving your request to stop householding.

27 | ROCHESTER FUND MUNICIPALS

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable.

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 Audit Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

The Fund’s Audit Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and

		whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3.		The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

	•		the name, address, and business, educational, and/or other pertinent background of the person being recommended;

	•		a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

	•		any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

	•		the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

		The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4.		Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5.		Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

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 06/30/2009, 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) Not applicable to semiannual reports.

		(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.

Rochester Fund Municipals


By:		/s/ John V. Murphy John V. Murphy
		Principal Executive Officer

Date:		08/11/2009

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/ John V. Murphy John V. Murphy Principal Executive Officer

Date:		08/11/2009

By:		/s/ Brian W. Wixted Brian W. Wixted Principal Financial Officer

Date:		08/11/2009

EX-99.CERT 2 p15388exv99wcert.htm EX-99.CERT exv99wcert

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, John V. Murphy, certify that:

1.		I have reviewed this report on Form N-CSR of Rochester Fund Municipals;

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.		The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	(d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period

covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 08/11/2009


/s/ John V. Murphy John V. Murphy
Principal Executive Officer

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

1.		I have reviewed this report on Form N-CSR of Rochester Fund Municipals;

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.		The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	(d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period

covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 08/11/2009


/s/ Brian W. Wixted Brian W. Wixted
Principal Financial Officer

EX-99.906CERT 3 p15388exv99w906cert.htm EX-99.906CERT exv99w906cert

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

John V. Murphy, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Rochester Fund Municipals (the “Registrant”), each certify to the best of his knowledge that:

The Registrant’s periodic report on Form N-CSR for the period ended 06/30/2009 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.


Principal Executive Officer				Principal Financial Officer

Rochester Fund Municipals				Rochester Fund Municipals

/s/ John V. Murphy				/s/ Brian W. Wixted

John V. Murphy				Brian W. Wixted

Date: 08/11/2009				Date: 08/11/2009

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