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: 06/30/2010

Item 1. Reports to Stockholders.

June 30, 2010 Management Rochester Fund Commentary and Municipals Semiannual Report MANAGEMENT COMMENTARY An Interview with Your Fund’s Portfolio Managers SE MIANNUAL R E P O RT Listing of Top Holdings Listing of Investments Financial Statements OppenheimerFunds was the #1 tax-exempt bond fund family in the Barron’s/Lipper Best Fund Families survey, which analyzed the 2009 performance of 61 mutual fund families. Source: “Best Mutual-Fund Families,” Barron’s, February 1, 2010. See page 2 for specific information on the methodology used to determine the one-year rankings in the Barron’s/Lipper Best Fund Families survey. Past performance does not guarantee future results. 1234

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories

Tobacco—Master Settlement Agreement	17.1	%
Sales Tax Revenue	8.3
Electric Utilities	8.1
Airlines	8.0
Marine/Aviation Facilities	5.0
General Obligation	4.9
Tax Increment Financing (TIF)	4.9
Highways/Commuter Facilities	4.6
Hospital/Health Care	4.5
Non Profit Organization	3.9

Portfolio holdings are subject to change. Percentages are as of June 30, 2010, and are based on total assets.

Credit Allocation

	NRSRO-			Manager-
	rated			rated			Total
AAA		2.4	%		—	%		2.4	%
AA		10.4			1.2			11.6
A		25.9			0.5			26.4
BBB		29.5			5.6			35.1
BB or lower		13.9			10.6			24.5
Total		82.1	%		17.9	%		100.0	%

The Fund’s investment adviser, OppenheimerFunds, Inc. (the “Manager”), determines the credit allocation of the Fund’s assets using ratings by nationally recognized statistical rating organizations (NRSROs), such as Standard & Poor’s. For securities rated by an NRSRO other than S&P, the Manager converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. For securities not rated by an NRSRO, the Manager may use its own credit analysis to assign ratings in denominations similar to those of S&P.

The percentages above are based on the market value of the Fund’s securities as of 6/30/10 and are subject to change; market value does not include cash. AAA, AA, A and BBB are investment-grade ratings. More information about securities ratings is contained in the Fund’s Statement of Additional Information.

14 | 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 and, if available, summary 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 and, if available, summary 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 shares 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.

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.

15 | 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, 2010.

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 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.

16 | ROCHESTER FUND MUNICIPALS

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	January 1, 2010		June 30, 2010		June 30, 2010
Actual
Class A	$	1,000.00	$	1,065.40	$	4.77
Class B		1,000.00		1,060.60		9.60
Class C		1,000.00		1,061.00		9.24
Class Y		1,000.00		1,066.80		4.11
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.18		4.67
Class B		1,000.00		1,015.52		9.39
Class C		1,000.00		1,015.87		9.04
Class Y		1,000.00		1,020.83		4.02

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, 2010 are as follows:

Class	Expense Ratios
Class A		0.93	%
Class B		1.87
Class C		1.80
Class Y		0.80

The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein. 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.

17 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS June 30, 2010 / Unaudited

Principal
Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—116.0%
New York—80.1%
$	1,035,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.375	%		12/01/2024	$	1,032,381
	1,700,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.625			12/01/2034		1,681,011
	605,000	Albany County, NY IDA (Wildwood Programs)1		4.900			07/01/2021		514,565
	1,420,000	Albany, NY Hsg. Authority (Lark Drive)1		5.500			12/01/2028		1,437,736
	1,315,000	Albany, NY IDA (Albany Medical Center)1		6.000			05/01/2019		1,315,723
	2,460,000	Albany, NY IDA (Albany Medical Center)1		6.000			05/01/2029		2,277,985
	150,000	Albany, NY IDA (Albany Municipal Golf Course Clubhouse)1		7.500			05/01/2012		151,311
	760,000	Albany, NY IDA (Albany Rehabilitation)1		8.375			06/01/2023		762,979
	3,125,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2027		2,828,000
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2032		1,173,771
	900,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2037		760,761
	7,005,000	Albany, NY IDA (Charitable Leadership)		5.750			07/01/2026		5,511,394
	900,000	Albany, NY IDA (New Covenant Charter School)2		7.000			05/01/2025		359,973
	1,185,000	Albany, NY IDA (Sage Colleges)1		5.250			04/01/2019		1,087,178
	1,760,000	Albany, NY IDA (Sage Colleges)1		5.300			04/01/2029		1,449,994
	895,000	Albany, NY Parking Authority1		5.625			07/15/2025		908,658
	1,770,000	Albany, NY Parking Authority		7.052	3		11/01/2017		1,256,116
	790,000	Amherst, NY IDA (Asbury Pointe)1		5.800			02/01/2015		790,087
	45,000	Amherst, NY IDA (Asbury Pointe)1		6.000			02/01/2023		41,769
	3,000,000	Amherst, NY IDA (Asbury Pointe)1		6.000			02/01/2029		2,646,900
	5,350,000	Amherst, NY IDA (Beechwood Health Care Center)1		5.200			01/01/2040		3,796,146
	25,000	Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)1		5.250			08/01/2031		23,924
	975,000	Blauvelt, NY Volunteer Fire Company1		6.250			10/15/2017		949,514
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)1		6.300			01/01/2033		2,161,744
	2,285,000	Brookhaven, NY IDA (Stony Brook Foundation)1		6.500			11/01/2020		2,298,253
	15,700,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		6.375			07/15/2043		16,285,139
	1,650,000	Broome County, NY IDA (Good Shepard Village)1		6.750			07/01/2028		1,439,427
	1,550,000	Broome County, NY IDA (Good Shepard Village)1		6.875			07/01/2040		1,302,357
	95,000	Broome County, NY IDA (University Plaza)1		5.000			08/01/2025		74,623
	3,030,000	Broome County, NY IDA (University Plaza)1		5.000			08/01/2036		2,107,668
	1,000,000	Broome County, NY IDA (University Plaza)1		5.100			08/01/2030		744,510
	1,250,000	Broome County, NY IDA (University Plaza)1		5.100			08/01/2036		883,438
	3,000,000	Broome County, NY IDA (University Plaza)1		5.200			08/01/2030		2,264,190
	4,450,000	Broome County, NY IDA (University Plaza)1		5.200			08/01/2036		3,194,611
	3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)1		5.750			11/01/2030		2,690,580
	915,000	Canton, NY Human Services Initiatives1		5.700			09/01/2024		908,778

18 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,155,000	Canton, NY Human Services Initiatives1		5.750	%		09/01/2032	$	1,103,406
	1,465,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.450			09/15/2019		1,465,718
	10,515,000	Cayuga County, NY COP (Auburn Memorial Hospital)1		6.000			01/01/2021		10,515,946
	1,800,000	Chautauqua County, NY IDA (Woman’s Christian Assoc. of Jamestown)1		6.400			11/15/2029		1,615,392
	95,000	Chautauqua, NY Utility District1		5.000			06/01/2023		98,249
	105,000	Chautauqua, NY Utility District1		5.000			06/01/2025		107,786
	1,020,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		4.850			07/01/2023		1,018,337
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		5.000			07/01/2033		1,468,686
	3,835,000	Chemung County, NY IDA (St. Joseph’s Hospital)		6.000			01/01/2013		3,136,685
	4,000,000	Chemung County, NY IDA (St. Joseph’s Hospital)		6.350			01/01/2013		3,271,680
	4,910,000	Chemung County, NY IDA (St. Joseph’s Hospital)		6.500			01/01/2019		3,883,810
	600,000	Clifton Springs, NY Hospital & Clinic1		7.650			01/01/2012		600,462
	2,200,000	Clifton Springs, NY Hospital & Clinic1		8.000			01/01/2020		2,201,782
	35,000	Cohoes, NY GO		6.200			03/15/2012		35,035
	25,000	Cohoes, NY GO1		6.200			03/15/2013		25,019
	25,000	Cohoes, NY GO1		6.250			03/15/2014		25,016
	25,000	Cohoes, NY GO1		6.250			03/15/2015		25,009
	25,000	Cohoes, NY GO1		6.250			03/15/2016		25,004
	1,100,000	Columbia County, NY IDA (Berkshire Farms)1		7.500			12/15/2014		1,037,894
	3,300,000	Corinth, NY IDA (International Paper Company)1		5.750			02/01/2022		3,309,999
	40,000	Corinth, NY IDA (International Paper Company)		5.850			12/01/2020		40,010
	5,370,000	Cortland County, NY IDA (Cortland Memorial Hospital)1		5.250			07/01/2032		5,005,484
	2,300,000	Dutchess County, NY IDA (Elant Fishkill)1		5.250			01/01/2037		1,713,270
	800,000	Dutchess County, NY IDA (St. Francis Hospital)1		7.500			03/01/2029		801,336
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.400	3		06/01/2027		490,070
	3,155,000	East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.)1		7.750			10/01/2032		3,137,868
	1,355,000	East Rochester, NY Hsg. Authority (Gates Senior Hsg.)1		6.125			04/20/2043		1,437,885
	2,345,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)1		6.750			03/01/2030		2,184,602
	1,700,000	East Rochester, NY Hsg. Authority (Woodland Village)1		5.500			08/01/2033		1,444,303
	3,225,000	Elmira, NY Hsg. Authority (Eastgate Apartments)1		6.250			06/01/2044		2,644,629
	1,925,000	Erie County, NY IDA (Air Cargo)1		8.500			10/01/2015		1,928,484
	4,000,000	Erie County, NY IDA (Charter School Applied Tech)1		6.750			06/01/2025		3,931,560
	7,000,000	Erie County, NY IDA (Charter School Applied Tech)1		6.875			06/01/2035		6,711,950
	1,960,000	Erie County, NY IDA (DePaul Properties)1		5.750			09/01/2028		1,429,369

19 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	2,255,000	Erie County, NY IDA (DePaul Properties)1		6.500	%		09/01/2018	$	1,961,534
	1,775,000	Erie County, NY IDA (Global Concepts Charter School)1		6.250			10/01/2037		1,566,988
	11,310,000	Erie County, NY IDA (Medaille College)1		7.625			04/01/2035		11,916,216
	3,515,000	Erie County, NY IDA (Medaille College)1		8.250			11/01/2026		3,637,533
	9,900,000	Erie County, NY IDA (Orchard Park CCRC)		6.000			11/15/2026		8,445,690
	9,250,000	Erie County, NY IDA (Orchard Park CCRC)		6.000			11/15/2036		7,179,018
	5,510,000	Erie County, NY IDA (The Episcopal Church Home)1		6.000			02/01/2028		5,510,551
	25,290,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2038		19,603,291
	72,595,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2045		54,396,159
	93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	3		06/01/2047		3,467,970
	135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	3		06/01/2050		3,195,266
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.196	3		06/01/2055		2,088,725
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	3		06/01/2060		6,645,760
	1,410,000	Essex County, NY IDA (International Paper Company)1		4.600			03/01/2027		1,219,777
	2,300,000	Essex County, NY IDA (International Paper Company)1		6.450			11/15/2023		2,316,284
	1,500,000	Essex County, NY IDA (International Paper Company)1		6.625			09/01/2032		1,571,520
	30,000	Essex County, NY IDA (Moses Ludington Nursing Home)1		6.200			02/01/2030		30,334
	975,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		1,007,555
	320,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		330,685
	1,235,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		1,262,331
	410,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		419,073
	1,100,000	Essex County, NY IDA (North Country Community College Foundation)1		5.300			06/01/2035		1,096,931
	9,300,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.200			12/01/2023		9,059,595
	4,440,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.200			03/01/2028		4,119,787
	1,850,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.500			08/15/2022		1,845,005
	1,625,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.500			10/01/2026		1,565,704
	5,680,000	Franklin County, NY IDA (Adirondack Medical Center)1		5.500			12/01/2029		5,687,384
	900,000	Franklin County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		919,917
	3,475,000	Glen Cove, NY IDA (SLCD)1		7.375			07/01/2023		3,513,295
	1,125,000	Green Island, NY Power Authority1		5.125			12/15/2024		1,113,098

20 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	2,370,000	Green Island, NY Power Authority1		6.000	%		12/15/2020	$	2,429,108
	1,695,000	Green Island, NY Power Authority1		6.000			12/15/2025		1,727,036
	150,000	Hempstead, NY IDA (Dentaco Corp.)1		7.250			11/01/2012		149,153
	1,270,000	Hempstead, NY IDA (Dentaco Corp.)1		8.250			11/01/2025		1,271,994
	8,675,000	Hempstead, NY IDA (Franklin Hospital Medical Center)1		6.375			11/01/2018		8,730,780
	7,850,000	Hempstead, NY IDA (Franklin Hospital Medical Center)1		7.750			11/01/2022		8,204,899
	25,260,000	Hempstead, NY IDA (Lynbrook Facilities)1		6.500			11/01/2042		19,573,216
	3,665,000	Hempstead, NY IDA (Peninsula Counseling Center)1		6.500			11/01/2038		3,228,755
	5,920,000	Hempstead, NY IDA (South Shore Y JCC)1		6.750			11/01/2024		5,324,626
	850,000	Herkimer County, NY IDA (Folts Adult Home)1		5.500			03/20/2040		901,944
	1,000,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.250			08/01/2034		1,002,980
	1,285,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.400			11/01/2020		1,286,452
	2,000,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.500			11/01/2030		1,857,460
	95,000	Herkimer, NY Hsg. Authority		7.150			03/01/2011		95,427
	67,340,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		66,027,543
	369,180,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		361,984,682
	135,000	Huntington, NY Hsg. Authority (GJSR)1		5.875			05/01/2019		124,575
	1,000,000	Huntington, NY Hsg. Authority (GJSR)1		6.000			05/01/2029		866,470
	8,500,000	Huntington, NY Hsg. Authority (GJSR)1		6.000			05/01/2039		7,028,140
	710,000	Islip, NY IDA (Leeway School)1		9.000			08/01/2021		711,321
	16,025,000	Islip, NY IDA (Southside Hospital Civic Facilities)1		7.750			12/01/2022		16,086,376
	9,695,000	Islip, NY IDA (United Cerebral Palsy Assoc.)1		6.250			12/01/2031		8,591,418
	1,125,000	Islip, NY IDA (United Cerebral Palsy Assoc.)1		6.250			12/01/2031		996,941
	60,000	L.I., NY Power Authority, Series A1		5.125			09/01/2029		60,385
	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2040		4,957,143
	850,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000			06/01/2028		835,159
	1,100,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000			06/01/2032		1,054,713
	1,320,000	Madison County, NY IDA (Oneida Healthcare Center)1		5.300			02/01/2021		1,297,916
	5,500,000	Madison County, NY IDA (Oneida Healthcare Center)1		5.350			02/01/2031		4,913,260
	570,000	Middletown, NY IDA (Flanagan Design & Display)1		7.500			11/01/2018		516,716
	1,255,000	Middletown, NY IDA (YMCA)1		7.000			11/01/2019		1,261,313
	50,000	Monroe County, NY IDA (Cloverwood Senior Living)1		6.750			05/01/2023		48,454
	165,000	Monroe County, NY IDA (Cloverwood Senior Living)1		6.875			05/01/2033		190,664
	860,000	Monroe County, NY IDA (Cloverwood Senior Living)1		6.875			05/01/2033		835,155
	3,885,000	Monroe County, NY IDA (DePaul Community Facilities)1		5.875			02/01/2028		2,893,781

21 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	4,925,000	Monroe County, NY IDA (DePaul Community Facilities)1		5.950	%		08/01/2028	$	4,294,945
	4,025,000	Monroe County, NY IDA (DePaul Properties)1		6.150			09/01/2021		3,290,156
	2,480,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)1		6.500			12/01/2042		2,212,309
	2,890,000	Monroe County, NY IDA (Rochester Institute of Technology)1		5.375			04/01/2029		2,744,113
	2,260,000	Monroe County, NY IDA (St. John Fisher College)1		5.250			06/01/2026		2,186,505
	3,210,000	Monroe County, NY IDA (St. John Fisher College)1		5.375			06/01/2024		3,215,393
	2,175,000	Monroe County, NY IDA (Summit at Brighton)1		5.375			07/01/2032		1,731,474
	3,660,000	Monroe County, NY IDA (Summit at Brighton)1		5.500			07/01/2027		3,021,110
	735,000	Monroe County, NY IDA (Volunteers of America)1		5.700			08/01/2018		686,894
	2,765,000	Monroe County, NY IDA (Volunteers of America)1		5.750			08/01/2028		2,339,218
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	3		06/01/2061		3,815,500
	580,000	Monroe, NY Newpower Corp1		5.625			01/01/2026		569,711
	2,265,000	Monroe, NY Newpower Corp.1		5.500			01/01/2034		2,122,464
	600,000	Mount Vernon, NY IDA (Kings Court)1		5.200			12/01/2033		606,174
	3,275,000	Mount Vernon, NY IDA (Macedonia Towers)1		5.200			12/01/2033		2,936,169
	2,240,000	Mount Vernon, NY IDA (Meadowview)1		6.150			06/01/2019		2,209,693
	2,600,000	Mount Vernon, NY IDA (Meadowview)1		6.200			06/01/2029		2,422,082
	802,824	Municipal Assistance Corp. for Troy, NY		5.733	3		07/15/2021		515,590
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.741	3		01/15/2022		758,428
	700,000	Nassau County, NY IDA (ACDS)1		5.950			11/01/2022		640,836
	440,000	Nassau County, NY IDA (ALIA-ACDS)1		7.500			06/01/2015		449,227
	2,975,000	Nassau County, NY IDA (ALIA-ACLD)1		6.250			09/01/2022		2,798,285
	165,000	Nassau County, NY IDA (ALIA-ACLD)1		7.125			06/01/2017		167,805
	220,000	Nassau County, NY IDA (ALIA-ACLD)1		7.500			06/01/2015		224,613
	4,190,000	Nassau County, NY IDA (ALIA-CSMR)1		7.000			11/01/2016		4,252,515
	2,395,000	Nassau County, NY IDA (ALIA-CSMR)1		7.125			06/01/2017		2,435,715
	1,105,000	Nassau County, NY IDA (ALIA-CSMR)1		7.500			06/01/2015		1,128,172
	95,000	Nassau County, NY IDA (ALIA-FREE)1		7.125			06/01/2012		97,171
	1,360,000	Nassau County, NY IDA (ALIA-FREE)1		7.500			06/01/2015		1,388,519
	4,030,000	Nassau County, NY IDA (ALIA-FREE)1		8.150			06/01/2030		4,105,885
	6,065,000	Nassau County, NY IDA (ALIA-FREE)1		8.250			06/01/2032		6,240,157
	640,000	Nassau County, NY IDA (ALIA-HH)1		7.125			06/01/2017		650,880
	490,000	Nassau County, NY IDA (ALIA-HHS)1		7.125			06/01/2017		498,330
	120,000	Nassau County, NY IDA (ALIA-LVH)1		7.500			06/01/2015		122,516
	12,500,000	Nassau County, NY IDA (Amsterdam at Harborside)1		6.700			01/01/2043		12,385,500
	330,000	Nassau County, NY IDA (CNGCS)1		7.500			06/01/2030		336,920
	2,245,000	Nassau County, NY IDA (CNGCS)1		8.150			06/01/2030		2,287,273
	4,900,000	Nassau County, NY IDA (CSMR)1		5.950			11/01/2022		4,485,852
	600,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)1		5.950			11/01/2022		549,288

22 | 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	$	1,464,684
	3,150,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)1		5.250			06/01/2027		3,182,918
	625,000	Nassau County, NY IDA (Life’s WORCA)1		5.950			11/01/2022		572,175
	3,615,000	Nassau County, NY IDA (Little Village School)1		7.500			12/01/2031		3,651,981
	1,000,000	Nassau County, NY IDA (New York Institute of Technology)1		4.750			03/01/2026		990,130
	3,535,000	Nassau County, NY IDA (New York Water Service Corp.)1		5.000			12/01/2035		3,308,159
	2,115,000	Nassau County, NY IDA (North Shore CFGA)1		6.750			05/01/2024		2,060,433
	1,300,000	Nassau County, NY IDA (PLUS Group Home)1		6.150			11/01/2022		1,211,314
	1,555,000	Nassau County, NY IDA (United Cerebral Palsy)1		6.250			11/01/2014		1,549,449
	645,000	Nassau County, NY IDA (United Veteran’s Beacon House)1		6.500			11/01/2037		569,109
	610,000	Nassau County, NY IDA, Series A-A1		6.000			07/02/2021		569,588
	6,600,000	Nassau County, NY IDA, Series A-B1		6.000			07/01/2021		6,162,750
	655,000	Nassau County, NY IDA, Series A-C1		6.000			07/01/2021		611,606
	745,000	Nassau County, NY IDA, Series A-D1		6.000			07/01/2021		695,644
	122,875,000	Nassau County, NY Tobacco Settlement Corp.1		5.125			06/01/2046		93,892,474
	9,000,000	Nassau County, NY Tobacco Settlement Corp.1		5.250			06/01/2026		8,436,240
	20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	3		06/01/2046		968,400
	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	3		06/01/2046		4,320,601
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		6.537	3		06/01/2060		9,739,634
	40,000,000	Nassau County, NY Tobacco Settlement Corp.		7.351	3		06/01/2060		259,600
	22,780,000	Nassau County, NY Tobacco Settlement Corp. (TASC)1		5.000			06/01/2035		17,865,215
	13,010,000	New Rochelle, NY IDA (College of New Rochelle)1		5.250			07/01/2027		13,045,127
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)1		5.375			04/01/2036		3,674,991
	3,300,000	Niagara County, NY IDA (American Ref-Fuel Company)1		5.550			11/15/2024		3,326,829
	2,810,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		2,672,422
	1,500,000	Niagara County, NY IDA (Niagara University)1		5.350			11/01/2023		1,520,565
	5,400,000	Niagara County, NY IDA (Niagara University)1		5.400			11/01/2031		5,425,434
	2,600,000	Niagara County, NY IDA (Solid Waste Disposal)1		5.550			11/15/2024		2,670,018
	7,250,000	Niagara County, NY IDA (Solid Waste Disposal)1		5.625			11/15/2024		7,445,025
	20,000	Niagara County, NY Tobacco Asset Securitization Corp.1		5.750			05/15/2022		19,859
	1,480,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2034		1,432,684
	6,295,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2040		5,992,840
	125,000	Niagara Falls, NY Public Water Authority1		5.500			07/15/2034		126,696

23 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	355,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000	%		04/01/2028	$	335,400
	1,610,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.625			04/01/2029		1,612,962
	3,000,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)1		7.375			12/15/2021		3,599,670
	500,000	NY Carnegie Redevel. Corp.		7.000			09/01/2021		417,235
	7,455,000	NY Counties Tobacco Trust I1		6.250			06/01/2028		7,359,725
	6,235,000	NY Counties Tobacco Trust I		6.500			06/01/2035		6,188,923
	19,230,000	NY Counties Tobacco Trust I		6.625			06/01/2042		19,203,270
	29,800,000	NY Counties Tobacco Trust II (TASC)1		5.625			06/01/2035		26,252,310
	53,880,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043		47,528,087
	245,000	NY Counties Tobacco Trust III1		6.000			06/01/2043		224,271
	7,000,000	NY Counties Tobacco Trust IV1		5.000			06/01/2038		5,425,980
	131,335,000	NY Counties Tobacco Trust IV		5.920	3		06/01/2050		3,749,614
	304,690,000	NY Counties Tobacco Trust IV		6.395	3		06/01/2055		4,494,178
	608,700,000	NY Counties Tobacco Trust IV		6.816	3		06/01/2060		3,950,463
	52,535,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2042		39,671,280
	38,275,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2045		28,679,840
	82,500,000	NY Counties Tobacco Trust IV (TASC)1		6.250			06/01/2041		78,814,725
	236,140,000	NY Counties Tobacco Trust V		6.070	3		06/01/2038		22,440,384
	599,175,000	NY Counties Tobacco Trust V		6.210	3		06/01/2050		19,035,790
	643,195,000	NY Counties Tobacco Trust V		6.850	3		06/01/2055		9,487,126
	3,845,000,000	NY Counties Tobacco Trust V		7.846	3		06/01/2060		24,954,050
	68,000,000	NY Liberty Devel. Corp. (Goldman Sachs Headquarters)4		5.250			10/01/2035		68,721,160
	13,790,000	NY Liberty Devel. Corp. (Goldman Sachs Headquarters)1		5.250			10/01/2035		13,935,622
	2,199,995	NY Liberty Devel. Corp. (National Sports Museum)2,5		6.125			02/15/2019		22
	51,560,000	NY MTA, Series A4		5.000			11/15/2030		53,093,246
	20,000	NY MTA, Series A1		5.000			11/15/2032		20,209
	25,000	NY MTA, Series B1		5.000			01/01/2031		25,289
	1,625,000	NY Newark-Wayne Community Hospital1		7.600			09/01/2015		1,625,374
	20,220,000	NY Seneca Nation Indians Capital Improvements1		5.000			12/01/2023		16,613,763
	25,000	NY Triborough Bridge & Tunnel Authority1		5.000			01/01/2032		25,745
	33,060,000	NY Triborough Bridge & Tunnel Authority, Series A4		5.000			01/01/2027		33,974,855
	13,950,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2026		12,718,355
	251,510,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2034		198,119,457
	337,515,000	NY TSASC, Inc. (TFABs)1		5.125			06/01/2042		263,835,476
	5,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)6		7.250			11/01/2042		5,005,100
	15,000	NYC GO1		5.000			06/01/2020		16,393

24 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	25,000	NYC GO1		5.000	%		03/01/2025	$	26,022
	20,000,000	NYC GO4		5.000			04/01/2030		20,867,821
	46,000,000	NYC GO4		5.000			06/01/2030		48,260,376
	10,920,000	NYC GO4		5.000			08/01/2030		11,459,721
	27,400,000	NYC GO4		5.000			06/01/2033		28,463,216
	12,455,000	NYC GO4		5.000			12/01/2033		12,942,411
	30,150,000	NYC GO4		5.000			11/01/2034		31,221,283
	12,765,000	NYC GO4		5.000			03/01/2035		13,184,557
	19,405,000	NYC GO4		5.000			04/01/2035		20,072,791
	5,400,000	NYC GO4		5.000			08/01/2035		5,579,626
	45,000	NYC GO1		5.100			11/01/2019		48,308
	15,000	NYC GO1		5.100			11/01/2019		15,865
	100,000	NYC GO		5.250			09/15/2013		100,845
	20,000,000	NYC GO4		5.250			03/01/2021		22,781,300
	5,000	NYC GO1		5.250			08/01/2021		5,018
	25,530,000	NYC GO4		5.250			06/01/2027		26,645,177
	9,500,000	NYC GO1		5.250			04/01/2028		10,325,170
	5,000	NYC GO1		5.375			12/01/2026		5,216
	5,000	NYC GO1		5.375			03/01/2027		5,621
	37,945,000	NYC GO4		5.375			06/01/2032		38,799,137
	40,000	NYC GO1		5.500			08/01/2022		40,144
	5,000	NYC GO1		5.500			12/01/2031		5,235
	5,000	NYC GO		5.950			08/01/2014		5,023
	40,000	NYC GO		6.154	3		10/01/2012		38,867
	2,000,000	NYC GO1		6.250			12/15/2031		2,329,560
	15,000	NYC GO		7.250			08/15/2024		15,072
	5,000	NYC GO1		7.750			08/15/2028		5,033
	1,475,000	NYC GO ROLs7		17.614	8		05/15/2031		1,807,967
	5,395,000	NYC GO ROLs7		17.624	8		05/15/2036		6,385,306
	875,000	NYC GO ROLs7		17.628	8		05/15/2033		1,051,383
	39,375	NYC HDC (Beekman)		6.500			10/15/2017		39,465
	265,849	NYC HDC (Bridgeview III)		6.500			12/15/2017		267,096
	777,435	NYC HDC (Cadman Towers)		6.500			11/15/2018		781,081
	50,038	NYC HDC (Essex Terrace)		6.500			07/15/2018		50,211
	109,463	NYC HDC (Keith Plaza)		6.500			02/15/2018		109,841
	1,950,000	NYC HDC (Multifamily Hsg.)1		4.700			11/01/2040		1,817,907
	3,500,000	NYC HDC (Multifamily Hsg.)4		5.000			11/01/2037		3,487,698
	2,700,000	NYC HDC (Multifamily Hsg.)1		5.000			11/01/2042		2,712,312
	60,000	NYC HDC (Multifamily Hsg.)1		5.050			11/01/2023		60,616
	4,685,000	NYC HDC (Multifamily Hsg.)4		5.050			11/01/2039		4,676,373
	2,435,000	NYC HDC (Multifamily Hsg.)4		5.100			11/01/2027		2,479,736

25 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	3,000,000	NYC HDC (Multifamily Hsg.)4		5.125	%		11/01/2032	$	3,023,010
	5,100,000	NYC HDC (Multifamily Hsg.)1		5.150			11/01/2037		5,152,326
	8,035,000	NYC HDC (Multifamily Hsg.)4		5.200			11/01/2040		8,112,666
	14,110,000	NYC HDC (Multifamily Hsg.)4		5.250			11/01/2030		14,433,440
	7,205,000	NYC HDC (Multifamily Hsg.)1		5.250			11/01/2045		7,278,635
	5,140,000	NYC HDC (Multifamily Hsg.)1		5.350			11/01/2037		5,245,833
	15,000	NYC HDC (Multifamily Hsg.)1		5.400			11/01/2033		15,077
	3,735,000	NYC HDC (Multifamily Hsg.)1		5.450			11/01/2040		3,829,981
	4,785,000	NYC HDC (Multifamily Hsg.)1		5.500			11/01/2028		4,957,978
	3,090,000	NYC HDC (Multifamily Hsg.)4		5.500			11/01/2034		3,209,490
	2,840,000	NYC HDC (Multifamily Hsg.)4		5.550			11/01/2039		2,946,159
	10,910,000	NYC HDC (Multifamily Hsg.)4		5.700			11/01/2049		11,357,229
	72,713	NYC HDC (Multifamily Hsg.)1		6.500			02/15/2018		75,889
	10,470,000	NYC HDC (Multifamily Hsg.), Series A4		5.600			11/01/2042		10,589,114
	31,485,000	NYC HDC (Multifamily Hsg.), Series B4		5.350			05/01/2049		31,950,468
	11,250,000	NYC HDC (Multifamily Hsg.), Series C4		5.050			11/01/2036		11,076,419
	8,365,000	NYC HDC (Multifamily Hsg.), Series C4		5.125			05/01/2040		8,403,976
	385,000	NYC HDC (Multifamily Hsg.), Series C1		5.700			05/01/2031		385,870
	1,000,000	NYC HDC (Multifamily Hsg.), Series E1		5.200			11/01/2033		1,004,440
	2,155,000	NYC HDC (Multifamily Hsg.), Series F1		5.200			11/01/2032		2,164,719
	13,180,000	NYC HDC (Multifamily Hsg.), Series G-14		4.875			11/01/2039		12,976,640
	1,345,000	NYC HDC (Multifamily Hsg.), Series H-21		5.200			11/01/2038		1,354,240
	3,400,000	NYC HDC (Multifamily Hsg.), Series H-21		5.250			05/01/2046		3,423,052
	15,510,000	NYC HDC (Multifamily Hsg.), Series I-24		5.200			11/01/2038		15,270,690
	791,155	NYC HDC (Ruppert)1		6.500			11/15/2018		833,046
	223,181	NYC HDC (St. Martin Tower)		6.500			11/15/2018		224,228
	2,750,000	NYC HDC, Series C4		5.000			11/01/2026		2,782,016
	970,000	NYC IDA (A Very Special Place)1		5.750			01/01/2029		796,516
	3,480,000	NYC IDA (Acme Architectural Products)1		6.375			11/01/2019		3,140,282
	42,995,000	NYC IDA (AIRIS JFK I/JFK International Airport)1		5.500			07/01/2028		38,354,120
	20,875,000	NYC IDA (AIRIS JFK I/JFK International Airport)1		6.000			07/01/2027		18,675,610
	195,000	NYC IDA (Allied Metal)1		6.375			12/01/2014		190,566
	940,000	NYC IDA (Allied Metal)1		7.125			12/01/2027		885,978
	2,830,000	NYC IDA (Amboy Properties)1		6.750			06/01/2020		2,423,018
	2,905,000	NYC IDA (American Airlines)		5.400			07/01/2019		2,314,995
	32,580,000	NYC IDA (American Airlines)		5.400			07/01/2020		25,494,176
	41,550,000	NYC IDA (American Airlines)		6.900			08/01/2024		35,539,377
	540,000	NYC IDA (American Airlines)1		7.500			08/01/2016		551,810
	18,200,000	NYC IDA (American Airlines)1		7.625			08/01/2025		18,722,158
	69,350,000	NYC IDA (American Airlines)1		7.750			08/01/2031		71,681,547
	44,860,000	NYC IDA (American Airlines)1		8.000			08/01/2028		47,025,841

26 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	338,060,000	NYC IDA (American Airlines)1		8.500	%		08/01/2028	$	349,976,615
	3,530,000	NYC IDA (American National Red Cross)1		5.000			02/01/2036		3,203,616
	4,075,000	NYC IDA (Atlantic Paste & Glue Company)1		6.625			11/01/2019		3,755,968
	1,050,000	NYC IDA (Atlantic Veal & Lamb)1		8.375			12/01/2016		1,052,258
	205,000	NYC IDA (Baco Enterprises)1		7.500			11/01/2011		205,931
	1,685,000	NYC IDA (Baco Enterprises)1		8.500			11/01/2021		1,698,177
	1,325,000	NYC IDA (Bark Frameworks)1		6.750			11/01/2019		1,252,085
	9,715,000	NYC IDA (Berkeley Carroll School)		6.100			11/01/2028		9,926,981
	5,500,000	NYC IDA (Beth Abraham Health Services)1		6.500			02/15/2022		4,906,935
	1,035,000	NYC IDA (Beth Abraham Health Services)1		6.500			11/15/2027		948,081
	4,220,000	NYC IDA (Beth Abraham Health Services)1		6.500			11/15/2034		3,818,931
	52,750,000	NYC IDA (British Airways)1		5.250			12/01/2032		39,362,578
	34,425,000	NYC IDA (British Airways)1		7.625			12/01/2032		34,469,753
	97,120,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.650			10/01/2028		77,119,107
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.750			10/01/2036		120,760,682
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		6.200			10/01/2022		19,731,060
	16,205,000	NYC IDA (Calhoun School)1		6.625			12/01/2034		14,621,934
	4,145,000	NYC IDA (Calhoun School)1		6.625			12/01/2034		3,740,075
	2,895,000	NYC IDA (Center for Elimination of Family Violence)1		7.375			11/01/2036		2,886,518
	15,540,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375			08/01/2027		13,584,136
	3,400,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375			08/01/2027		2,972,076
	29,135,000	NYC IDA (Chapin School)1		5.000			11/01/2038		24,312,575
	475,000	NYC IDA (Community Hospital of Brooklyn)1		6.875			11/01/2010		476,487
	1,490,000	NYC IDA (Comprehensive Care Management)1		6.000			05/01/2026		1,324,431
	3,145,000	NYC IDA (Comprehensive Care Management)1		6.125			11/01/2035		2,691,397
	3,870,000	NYC IDA (Comprehensive Care Management)1		6.375			11/01/2028		3,228,664
	1,535,000	NYC IDA (Comprehensive Care Management)1		6.375			11/01/2028		1,373,625
	1,375,000	NYC IDA (Comprehensive Care Management)1		7.875			12/01/2016		1,375,880
	430,000	NYC IDA (Comprehensive Care Management)1		8.000			12/01/2011		430,473
	4,180,000	NYC IDA (Continental Airlines)		8.000			11/01/2012		4,160,521
	4,685,000	NYC IDA (Continental Airlines)		8.375			11/01/2016		4,621,331
	1,315,000	NYC IDA (Cool Wind Ventilation)1		5.450			11/01/2017		1,136,541
	1,465,000	NYC IDA (Cool Wind Ventilation)1		5.450			11/01/2017		1,266,185
	5,685,000	NYC IDA (Cool Wind Ventilation)1		6.075			11/01/2027		4,436,290
	475,000	NYC IDA (Eger Harbor House)1		5.875			05/20/2044		505,509
	5,500,000	NYC IDA (Family Support Systems)		7.500			11/01/2034		4,401,540
	7,315,000	NYC IDA (Friends Seminary School)1		7.125			09/15/2031		7,433,064
	1,900,000	NYC IDA (Global Country World Peace)1		7.250			11/01/2025		1,504,705
	1,800,000	NYC IDA (Global Country World Peace)1		7.250			11/01/2025		1,425,510

27 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,790,000	NYC IDA (Good Shepherd Services)1		5.875	%		06/01/2014	$	1,710,703
	3,570,000	NYC IDA (Gourmet Boutique)1		5.750			05/01/2021		2,847,789
	7,290,000	NYC IDA (Guttmacher Institute)1		5.750			12/01/2036		5,896,662
	2,095,000	NYC IDA (Herbert G. Birch Childhood Project)1		8.375			02/01/2022		2,098,918
	800,000	NYC IDA (Independent Living Assoc.)1		6.200			07/01/2020		761,064
	9,000,000	NYC IDA (JFK International Airport)1		8.000			08/01/2012		9,140,220
	575,000	NYC IDA (Just Bagels Manufacturing)1		8.500			11/01/2016		587,685
	920,000	NYC IDA (Just Bagels Manufacturing)1		8.750			11/01/2026		949,164
	115,000	NYC IDA (L&M Optical Disc)1		7.125			11/01/2010		115,063
	19,700,000	NYC IDA (Liberty-7 World Trade Center)1		6.250			03/01/2015		19,711,032
	17,190,000	NYC IDA (Liberty-7 World Trade Center)		6.500			03/01/2035		17,164,903
	12,000,000	NYC IDA (Liberty-7 World Trade Center)1		6.750			03/01/2015		12,212,880
	45,500,000	NYC IDA (Liberty-IAC/Interactive Corp.)1		5.000			09/01/2035		41,115,165
	2,625,000	NYC IDA (Little Red Schoolhouse)1		6.750			11/01/2018		2,642,981
	2,995,000	NYC IDA (Lucky Polyethylene Manufacturing Company)		7.800			11/01/2024		2,994,760
	23,000,000	NYC IDA (Magen David Yeshivah)1		5.700			06/15/2027		19,571,390
	3,745,000	NYC IDA (Manhattan Community Access Corp.)1		6.000			12/01/2036		3,133,966
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		1,648,688
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		7,982,434
	680,000	NYC IDA (Marymount School of New York)1		5.125			09/01/2021		692,580
	4,010,000	NYC IDA (Marymount School of New York)1		5.250			09/01/2031		4,010,842
	17,780,000	NYC IDA (MediSys Health Network)1		6.250			03/15/2024		15,283,155
	325,000	NYC IDA (Mesorah Publications)1		6.450			02/01/2011		323,869
	4,790,000	NYC IDA (Mesorah Publications)1		6.950			02/01/2021		4,560,415
	8,405,000	NYC IDA (Metro Biofuels)1		6.000			11/01/2028		6,712,149
	2,700,000	NYC IDA (Metropolitan College of New York)1		5.750			03/01/2020		2,619,972
	2,005,000	NYC IDA (Morrisons Pastry)1		6.500			11/01/2019		1,880,650
	25,000	NYC IDA (NYU)1		5.000			07/01/2041		25,138
	40,000,000	NYC IDA (NYU)4		5.250			07/01/2048		42,315,188
	3,240,000	NYC IDA (Petrocelli Electric)1		8.000			11/01/2017		3,219,394
	875,000	NYC IDA (Petrocelli Electric)1		8.000			11/01/2018		852,793
	10,065,000	NYC IDA (Polytechnic University)1		5.250			11/01/2027		9,580,169
	2,240,000	NYC IDA (Precision Gear)1		6.375			11/01/2024		2,025,206
	1,910,000	NYC IDA (Precision Gear)1		6.375			11/01/2024		1,726,850
	900,000	NYC IDA (Precision Gear)1		7.625			11/01/2024		900,576
	4,100,000	NYC IDA (PSCH)1		6.375			07/01/2033		3,633,912
	15,310,000	NYC IDA (Queens Baseball Stadium)1		5.000			01/01/2046		13,331,795
	6,800,000	NYC IDA (Reece School)1		7.500			12/01/2037		6,337,804
	1,625,000	NYC IDA (Riverdale Terrace Hsg. Devel. Fund)1		6.250			11/01/2014		1,528,963

28 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	8,595,000	NYC IDA (Riverdale Terrace Hsg. Devel. Fund)1		6.750	%		11/01/2028	$	7,266,901
	1,000,000	NYC IDA (Roundabout Theatre)1		5.000			10/01/2023		827,920
	4,085,000	NYC IDA (Sahadi Fine Foods)1		6.750			11/01/2019		3,854,198
	200,000	NYC IDA (Samaritan Aids Services)1		5.000			11/01/2024		203,800
	875,000	NYC IDA (Services for the Underserved/Young Adult Institute Obligated Group)1		5.000			07/01/2026		702,083
	4,380,000	NYC IDA (Showman Fabricators)1		7.500			11/01/2028		3,436,942
	3,100,000	NYC IDA (South Bronx Overall Economic Devel.)1		8.625			12/01/2025		2,614,571
	1,625,000	NYC IDA (Special Needs Facilities Pooled Program)1		4.750			07/01/2020		1,401,384
	995,000	NYC IDA (Special Needs Facilities Pooled Program)1		5.250			07/01/2022		857,571
	2,415,000	NYC IDA (Special Needs Facilities Pooled Program)1		6.650			07/01/2023		2,416,884
	3,950,000	NYC IDA (Special Needs Facilities Pooled Program)1		7.875			08/01/2025		3,954,424
	5,760,000	NYC IDA (Stallion)1		5.500			11/01/2036		3,948,768
	955,000	NYC IDA (Stallion)1		6.000			11/01/2027		759,454
	10,000	NYC IDA (Staten Island University Hospital)1		6.375			07/01/2031		10,068
	1,420,000	NYC IDA (Staten Island University Hospital)1		6.450			07/01/2032		1,439,426
	405,000	NYC IDA (Streamline Plastics)		7.750			12/01/2015		405,016
	1,275,000	NYC IDA (Streamline Plastics)1		8.125			12/01/2025		1,261,880
	6,808,500	NYC IDA (Studio School)1		7.000			11/01/2038		6,149,641
	605,000	NYC IDA (Surprise Plastics)2		7.500			11/01/2013		537,301
	2,480,000	NYC IDA (Surprise Plastics)2		8.500			11/01/2023		1,893,827
	1,500,000	NYC IDA (Terminal One Group Assoc.)1		5.500			01/01/2021		1,548,060
	380,000	NYC IDA (The Bank Street College)1		5.250			12/01/2021		382,580
	1,000,000	NYC IDA (The Bank Street College)1		5.250			12/01/2030		971,900
	8,800,000	NYC IDA (The Child School)1		7.550			06/01/2033		8,854,032
	145,000	NYC IDA (Therapy & Learning Center)1		7.500			10/01/2011		148,338
	3,735,000	NYC IDA (Therapy & Learning Center)1		8.250			10/01/2031		3,815,751
	8,955,000	NYC IDA (Tides Two Rivers Foundation)1		5.650			12/01/2039		6,987,945
	3,765,000	NYC IDA (Ulano)1		6.900			11/01/2019		3,599,039
	32,040,000	NYC IDA (Unicef)1		5.300			11/01/2038		24,587,176
	9,690,000	NYC IDA (Urban Health Plan)1		7.050			09/15/2026		9,549,592
	3,640,000	NYC IDA (Urban Resource Institute)1		7.375			11/01/2033		3,459,420
	1,200,000	NYC IDA (Utleys)1		7.375			11/01/2023		1,180,512
	3,800,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2021		3,424,788
	3,235,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2028		2,613,815
	1,330,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2028		1,074,613
	900,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2031		700,884
	1,800,000	NYC IDA (Vaughn College Aeronautics)1		5.250			12/01/2036		1,399,842
	13,200,000	NYC IDA (Visy Paper)1		7.800			01/01/2016		13,213,728
	70,500,000	NYC IDA (Visy Paper)1		7.950			01/01/2028		70,494,360
	1,930,000	NYC IDA (Vocational Instruction)9		7.750			02/01/2033		1,158,965

29 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	100,000	NYC IDA (W & W Jewelers)1		7.250	%		02/01/2011	$	100,228
	1,555,000	NYC IDA (W & W Jewelers)1		8.250			02/01/2021		1,575,137
	5,930,000	NYC IDA (Weizmann Institute)1		5.900			11/01/2034		5,546,033
	2,900,000	NYC IDA (Weizmann Institute)1		5.900			11/01/2034		2,712,225
	2,795,000	NYC IDA (Westchester Square Medical Center)		8.000			11/01/2010		2,763,249
	6,160,000	NYC IDA (Westchester Square Medical Center)		8.375			11/01/2015		5,509,750
	1,465,000	NYC IDA (World Casing Corp.)1		6.700			11/01/2019		1,392,351
	59,605,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2046		57,024,700
	16,500,000	NYC IDA (Yankee Stadium)1		7.000			03/01/2049		19,144,785
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)1		5.725			11/01/2037		19,276,690
	50,000	NYC Municipal Water Finance Authority1		5.000			06/15/2029		51,311
	27,500,000	NYC Municipal Water Finance Authority4		5.000			06/15/2031		28,700,100
	11,720,000	NYC Municipal Water Finance Authority1		5.000			06/15/2032		11,975,027
	31,400,000	NYC Municipal Water Finance Authority4		5.000			06/15/2034		31,892,718
	47,440,000	NYC Municipal Water Finance Authority1		5.000			06/15/2034		48,820,978
	40,100,000	NYC Municipal Water Finance Authority4		5.000			06/15/2037		41,449,165
	22,000,000	NYC Municipal Water Finance Authority4		5.000			06/15/2038		22,740,518
	18,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2038		18,425,520
	29,000,000	NYC Municipal Water Finance Authority4		5.000			06/15/2039		29,976,137
	19,740,000	NYC Municipal Water Finance Authority4		5.000			06/15/2039		20,331,805
	18,000,000	NYC Municipal Water Finance Authority4		5.000			06/15/2039		18,605,610
	31,500,000	NYC Municipal Water Finance Authority4		5.000			06/15/2039		32,444,370
	30,000	NYC Municipal Water Finance Authority1		5.125			06/15/2032		30,821
	30,000	NYC Municipal Water Finance Authority1		5.125			06/15/2033		31,101
	25,000	NYC Municipal Water Finance Authority1		5.125			06/15/2033		25,917
	145,000	NYC Trust for Cultural Resources (Museum of American Folk Art)		6.125			07/01/2030		80,234
	14,360,000	NYS DA (Buena Vida Nursing Home)1		5.250			07/01/2028		14,370,052
	2,250,000	NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)1		5.000			07/01/2027		2,254,838
	1,250,000	NYS DA (D’Youville College)1		5.250			07/01/2025		1,256,188
	15,000	NYS DA (Dept. of Mental Hygiene)1		5.250			08/15/2031		15,089
	20,000	NYS DA (Ellis Hospital)1		5.600			08/01/2025		20,014
	3,255,000	NYS DA (L.I. University)1		5.125			09/01/2023		3,263,007
	1,335,000	NYS DA (L.I. University)1		5.250			09/01/2028		1,335,347
	16,800,000	NYS DA (Maimonides Medical Center)1		5.750			08/01/2029		17,729,040
	3,865,000	NYS DA (Manhattan College)1		5.000			07/01/2041		3,568,207
	3,260,000	NYS DA (Manhattan College)1		5.300			07/01/2037		3,182,282
	18,230,000	NYS DA (Memorial Sloan-Kettering)4		5.000			07/01/2035		18,723,695
	480,000	NYS DA (Menorah Home & Hospital)1		5.150			08/01/2038		481,306
	4,125,000	NYS DA (Miriam Osborn Memorial Home Assoc.)1		6.375			07/01/2029		4,150,699
	6,860,000	NYS DA (Miriam Osborn Memorial Home Assoc.)1		6.875			07/01/2025		6,987,184

30 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	2,500,000	NYS DA (Municipal Health Facilities)1		5.000	%		01/15/2028	$	2,566,275
	2,265,000	NYS DA (New York Methodist Hospital)1		5.250			07/01/2033		2,188,737
	2,000,000	NYS DA (Norwegian Christian Home & Health Center)1		6.100			08/01/2041		2,129,180
	11,100,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2026		11,180,031
	20,580,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2026		20,749,168
	40,320,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2036		39,799,872
	4,125,000	NYS DA (NYU Hospitals Center)1		5.250			07/01/2024		4,271,479
	2,000,000	NYS DA (NYU Hospitals Center)1		5.625			07/01/2037		2,061,180
	2,925,000	NYS DA (Ozanam Hall of Queens Nursing Home)1		5.000			11/01/2026		2,902,244
	6,035,000	NYS DA (Providence Rest)1		5.000			07/01/2035		3,981,772
	2,700,000	NYS DA (Providence Rest)1		5.125			07/01/2030		1,931,742
	3,100,000	NYS DA (Providence Rest)1		5.250			07/01/2025		2,428,571
	6,260,000	NYS DA (Rochester General Hospital)1		5.000			12/01/2025		5,982,244
	17,660,000	NYS DA (Rochester General Hospital)1		5.000			12/01/2035		15,835,899
	1,750,000	NYS DA (School District Bond Financing Program), Series C1		7.250			10/01/2028		2,081,205
	2,645,000	NYS DA (School District Bond Financing Program), Series C1		7.375			10/01/2033		3,142,048
	1,525,000	NYS DA (School District Bond Financing Program), Series C1		7.500			04/01/2039		1,825,700
	50,000	NYS DA (School Districts Financing Program), Series B1		6.000			10/01/2022		54,204
	25,000	NYS DA (School Districts Financing Program), Series B1		6.000			10/01/2029		26,753
	1,075,000	NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)1		5.100			07/01/2034		1,076,150
	5,770,000	NYS DA (Smithtown Special Library District)1		6.000			07/01/2028		6,370,715
	1,055,000	NYS DA (St. Catherine of Siena Medical Center)1		6.000			07/01/2030		1,066,120
	15,270,000	NYS DA (St. Mary’s Hospital for Children)6		7.875			11/15/2041		15,405,750
	34,730,000	NYS DA (St. Mary’s Hospital for Children)6		7.875			11/15/2041		35,038,750
	1,505,000	NYS DA (St. Thomas Aquinas College)1		5.250			07/01/2028		1,494,616
	10,000,000	NYS DA (State Personal Income Tax Authority)1		5.000			12/15/2031		10,511,700
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			02/15/2035		5,636,982
	11,695,000	NYS DA (Vassar College)4		5.000			07/01/2046		12,035,646
	2,365,000	NYS EFC (NYS Water Services)1		6.000			01/15/2031		2,410,006
	50,000	NYS EFC (United Waterworks)1		5.150			03/01/2034		47,379
	25,000	NYS ERDA (Brooklyn Union Gas Company)1		4.700			02/01/2024		25,011
	15,000	NYS ERDA (Brooklyn Union Gas Company)1		5.500			01/01/2021		15,053
	7,000,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		11.671	8		04/01/2020		7,267,610
	16,300,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		13.016	8		07/01/2026		16,352,812
	350,000	NYS ERDA (LILCO)1		5.300			10/01/2024		350,977

31 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	100,000	NYS ERDA (LILCO)1		5.300	%		08/01/2025	$	100,220
	75,000	NYS ERDA (LILCO)1		5.300			08/01/2025		75,165
	400,000	NYS ERDA (NYS Electric & Gas Corp.)1		5.350			12/01/2028		394,452
	70,000	NYS ERDA (Rochester Gas & Electric)1		5.375			05/15/2032		70,190
	14,500,000	NYS ERDA (Rochester Gas & Electric)1		5.950			09/01/2033		14,503,915
	2,000,000	NYS HFA (Affordable Hsg.)6		5.000			11/01/2042		2,005,200
	2,365,000	NYS HFA (Affordable Hsg.)1		5.250			11/01/2038		2,379,119
	10,220,000	NYS HFA (Affordable Hsg.)4		5.450			11/01/2045		10,392,273
	2,205,000	NYS HFA (Children’s Rescue)1		7.625			05/01/2018		2,206,698
	1,645,000	NYS HFA (Crotona Estates Apartments)1		4.950			08/15/2038		1,620,341
	965,000	NYS HFA (Friendship)1		5.100			08/15/2041		967,094
	1,390,000	NYS HFA (Golden Age Apartments)1		5.000			02/15/2037		1,381,813
	1,645,000	NYS HFA (Kensico Terrace Apartments)1		4.900			02/15/2038		1,584,645
	5,000	NYS HFA (Meadow Manor)1		7.750			11/01/2019		5,087
	3,870,000	NYS HFA (Multifamily Hsg.)1		4.850			02/15/2038		3,755,177
	6,230,000	NYS HFA (Multifamily Hsg.)1		4.850			11/01/2040		6,026,840
	2,860,000	NYS HFA (Multifamily Hsg.)1		5.350			08/15/2031		2,865,920
	2,080,000	NYS HFA (Multifamily Hsg.)1		5.375			02/15/2035		2,089,318
	3,290,000	NYS HFA (Multifamily Hsg.)1		5.450			08/15/2032		3,324,183
	2,075,000	NYS HFA (Multifamily Hsg.)1		5.500			08/15/2030		2,075,789
	1,075,000	NYS HFA (Multifamily Hsg.)1		5.650			08/15/2030		1,082,719
	3,200,000	NYS HFA (Multifamily Hsg.)1		5.650			08/15/2030		3,222,976
	1,000,000	NYS HFA (Multifamily Hsg.)1		5.650			08/15/2031		1,006,960
	1,710,000	NYS HFA (Multifamily Hsg.)1		5.650			02/15/2034		1,716,019
	2,120,000	NYS HFA (Multifamily Hsg.)1		5.700			08/15/2033		2,135,200
	665,000	NYS HFA (Multifamily Hsg.)1		6.250			02/15/2031		670,646
	1,255,000	NYS HFA (Multifamily Hsg.)1		6.400			11/15/2027		1,256,493
	3,885,000	NYS HFA (Multifamily Hsg.)1		6.750			11/15/2036		4,188,846
	340,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2010		341,788
	365,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2011		366,759
	395,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2012		396,781
	425,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2013		426,794
	510,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2014		512,106
	540,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2015		542,063
	580,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2016		582,030
	640,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2017		642,150
	685,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2018		687,302
	12,000,000	NYS IDA (Bronx Parking Devel. Company)		5.875			10/01/2046		9,872,640
	125,000	NYS LGSC (SCSB)		7.250			12/15/2011		127,948
	810,000	NYS LGSC (SCSB)		7.375			12/15/2016		813,920
	980,000	NYS LGSC (SCSB)		7.750			12/15/2021		1,018,357

32 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	215,000	NYS Medcare (Hospital & Nursing Home)		7.400	%		11/01/2016	$	216,032
	135,000	NYS Medcare (Hospital & Nursing Home)		9.375			11/01/2016		135,968
	20,000	NYS Medcare (M.G. Nursing Home)		6.200			02/15/2015		20,076
	400,000	NYS Power Authority1		5.250			11/15/2040		401,376
	25,000	NYS UDC (Subordinated Lien)		5.500			07/01/2016		25,092
	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)1		5.000			09/15/2035		662,714
	450,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)1		5.300			03/15/2019		417,299
	840,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)1		5.350			03/15/2029		687,792
	3,975,000	Onondaga County, NY IDA (Air Cargo)1		6.125			01/01/2032		3,690,986
	2,000,000	Onondaga County, NY IDA (Air Cargo)1		7.250			01/01/2032		1,871,020
	1,060,000	Onondaga County, NY IDA (Community General Hospital)1		5.500			11/01/2018		969,508
	5,390,000	Onondaga County, NY IDA (Community General Hospital)1		6.625			01/01/2018		5,073,122
	1,185,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2030		1,195,760
	1,115,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2037		1,087,225
	500,000	Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)1		6.250			12/01/2034		500,390
	42,834,598	Onondaga County, NY Res Rec1		0.000	10		05/01/2022		30,598,467
	37,870,000	Onondaga County, NY Res Rec1		5.000			05/01/2015		35,428,142
	2,500,000	Orange County, NY IDA (Arden Hill Life Care Center)1		7.000			08/01/2021		2,397,725
	2,325,000	Orange County, NY IDA (Arden Hill Life Care Center)1		7.000			08/01/2031		2,122,655
	2,090,000	Orange County, NY IDA (Arden Hill Life Care Center)1		7.000			08/01/2031		1,908,107
	2,280,000	Orange County, NY IDA (Glen Arden)1		5.625			01/01/2018		2,033,122
	5,590,000	Orange County, NY IDA (Glen Arden)1		5.700			01/01/2028		4,469,876
	70,000	Orange County, NY IDA (Orange Mental Retardation Properties)		7.800			07/01/2011		70,371
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2021		1,719,339
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2026		6,054,962
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2026		2,137,889
	12,010,000	Peekskill, NY IDA (Drum Hill)1		6.375			10/01/2028		9,643,790
	500,000	Port Authority NY/NJ (Continental Airlines)		9.000			12/01/2010		500,750
	45,425,000	Port Authority NY/NJ (Continental Airlines)		9.125			12/01/2015		45,497,680
	16,420,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		16,414,746
	31,720,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		31,717,462
	18,625,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.900			12/01/2017		18,733,211
	4,010,000	Port Authority NY/NJ (KIAC)		6.750			10/01/2011		4,009,519

33 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	50,300,000	Port Authority NY/NJ (KIAC)1		6.750	%		10/01/2019	$	46,953,541
	35,000	Port Authority NY/NJ, 122nd Series1		5.000			07/15/2026		35,007
	240,000	Port Authority NY/NJ, 126th Series1		5.125			11/15/2030		243,137
	50,000	Port Authority NY/NJ, 127th Series1		5.200			12/15/2027		50,959
	70,000,000	Port Authority NY/NJ, 135th Series4		5.000			03/15/2039		72,598,909
	33,025,000	Port Authority NY/NJ, 136th Series4		5.125			05/01/2034		33,446,544
	19,175,000	Port Authority NY/NJ, 136th Series4		5.375			11/01/2028		19,849,546
	22,855,000	Port Authority NY/NJ, 136th Series4		5.500			11/01/2029		23,720,594
	26,000,000	Port Authority NY/NJ, 138th Series4		4.750			12/01/2034		26,142,090
	27,255,000	Port Authority NY/NJ, 141st Series4		4.500			09/01/2029		27,138,739
	47,910,000	Port Authority NY/NJ, 143rd Series4		5.000			10/01/2030		48,503,365
	12,840,000	Port Authority NY/NJ, 146th Series4		4.500			12/01/2034		12,545,321
	10,000	Port Authority NY/NJ, 146th Series1		4.500			12/01/2034		9,768
	26,100,000	Port Authority NY/NJ, 146th Series4		4.750			12/01/2027		26,111,275
	10,000	Port Authority NY/NJ, 146th Series1		4.750			12/01/2027		10,011
	13,005,000	Port Authority NY/NJ, 147th Series4		4.750			10/15/2028		12,987,601
	17,790,000	Port Authority NY/NJ, 147th Series4		5.000			10/15/2027		18,095,693
	20,000,000	Port Authority NY/NJ, 147th Series4		5.000			10/15/2032		20,216,205
	82,000,000	Port Authority NY/NJ, 151st Series4		5.750			03/15/2035		88,514,575
	15,000,000	Port Authority NY/NJ, 151st Series4		6.000			09/15/2028		16,449,525
	101,940,000	Port Authority NY/NJ, 152nd Series4		5.250			11/01/2035		104,900,338
	13,715,000	Port Authority NY/NJ, 152nd Series4		5.250			05/01/2038		14,050,164
	22,500,000	Port Authority NY/NJ, 152nd Series4		5.750			11/01/2030		24,532,425
	50,660,000	Port Authority NY/NJ, 37th Series4		5.250			07/15/2034		51,869,001
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		6.000			08/01/2032		2,756,708
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375			12/01/2036		1,496,775
	6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.625			06/01/2035		5,624,866
	7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.750			06/01/2043		6,439,403
	2,020,000	Rensselaer County, NY Water Service Sewer Authority1		5.350			09/01/2047		2,065,430
	1,365,000	Riverhead, NY IDA (Michael Reilly Design)1		8.875			08/01/2021		1,398,511
	6,790,000	Rochester, NY Museum & Science Center1		6.125			12/01/2015		6,667,508
	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		1,016,371
	9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.625			08/15/2035		8,122,889
	10,095,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.750			08/15/2043		8,902,579

34 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.875	3%		08/15/2045	$	1,312,500
	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.668	3		08/15/2060		3,090,960
	20,000	Sanford Town, NY GO1		5.250			04/15/2015		21,798
	20,000	Sanford Town, NY GO1		5.250			04/15/2016		21,819
	25,000	Sanford Town, NY GO1		5.250			04/15/2017		26,900
	25,000	Sanford Town, NY GO1		5.250			04/15/2018		26,596
	25,000	Sanford Town, NY GO1		5.250			04/15/2019		26,232
	25,000	Sanford Town, NY GO1		5.250			04/15/2020		26,019
	30,000	Sanford Town, NY GO1		5.250			04/15/2021		31,016
	30,000	Sanford Town, NY GO1		5.250			04/15/2022		30,883
	30,000	Sanford Town, NY GO1		5.250			04/15/2023		30,740
	30,000	Sanford Town, NY GO1		5.250			04/15/2024		30,664
	35,000	Sanford Town, NY GO1		5.250			04/15/2025		35,603
	35,000	Sanford Town, NY GO1		5.250			04/15/2026		35,398
	40,000	Sanford Town, NY GO1		5.250			04/15/2027		40,314
	40,000	Sanford Town, NY GO1		5.250			04/15/2028		40,116
	40,000	Sanford Town, NY GO1		5.250			04/15/2029		39,902
	45,000	Sanford Town, NY GO1		5.250			04/15/2030		44,505
	45,000	Sanford Town, NY GO1		5.250			04/15/2031		44,380
	50,000	Sanford Town, NY GO1		5.250			04/15/2032		48,792
	50,000	Sanford Town, NY GO1		5.250			04/15/2033		48,320
	55,000	Sanford Town, NY GO1		5.250			04/15/2034		52,691
	60,000	Sanford Town, NY GO1		5.250			04/15/2035		57,044
	60,000	Sanford Town, NY GO1		5.250			04/15/2036		56,678
	3,000,000	Saratoga County, NY IDA (Saratoga Hospital/ Saratoga Care/Benedict Community Health Center)1		5.125			12/01/2033		2,848,920
	2,650,000	Seneca County, NY IDA (New York Chiropractic College)1		5.000			10/01/2027		2,613,642
	22,885,000	SONYMA, Series 1064		5.250			04/01/2034		22,898,132
	30,225,000	SONYMA, Series 1094		4.950			10/01/2034		29,969,659
	9,510,000	SONYMA, Series 1334		5.050			10/01/2026		9,580,453
	23,045,000	SONYMA, Series 1374		4.700			10/01/2031		22,255,999
	21,935,000	SONYMA, Series 1404		4.750			10/01/2037		20,262,630
	11,480,000	SONYMA, Series 1434		4.900			10/01/2037		11,077,333
	5,045,000	SONYMA, Series 1454		5.125			10/01/2037		5,068,944
	1,955,000	SONYMA, Series 1484		5.150			10/01/2027		1,993,844
	6,370,000	SONYMA, Series 1484		5.200			10/01/2032		6,457,890
	25,000	SONYMA, Series 67		5.700			10/01/2017		25,031
	890,000	SONYMA, Series 691		5.500			10/01/2028		890,409
	26,945,000	SONYMA, Series 714		5.400			04/01/2029		26,954,625

35 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	30,000	SONYMA, Series 711		5.400	%		04/01/2029	$	30,011
	30,000	SONYMA, Series 731		5.250			10/01/2017		30,050
	330,000	SONYMA, Series 731		5.300			10/01/2028		330,211
	23,875,000	SONYMA, Series 73-A4		5.300			10/01/2028		23,890,452
	6,585,000	SONYMA, Series 771		5.150			04/01/2029		6,596,392
	9,680,000	SONYMA, Series 794		5.300			04/01/2029		9,707,100
	350,000	SONYMA, Series 821		5.650			04/01/2030		350,175
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)1		7.250			12/01/2029		3,525,060
	985,000	Suffolk County, NY IDA (ACLD)1		6.000			12/01/2019		929,082
	380,000	Suffolk County, NY IDA (ALIA-ACDS)1		7.125			06/01/2017		386,460
	2,110,000	Suffolk County, NY IDA (ALIA-ACLD)1		5.950			10/01/2021		1,958,713
	175,000	Suffolk County, NY IDA (ALIA-ACLD)1		6.375			06/01/2014		175,144
	510,000	Suffolk County, NY IDA (ALIA-ACLD)1		6.500			03/01/2018		502,008
	520,000	Suffolk County, NY IDA (ALIA-ACLD)1		7.500			09/01/2015		526,661
	180,000	Suffolk County, NY IDA (ALIA-ADD)1		6.950			12/01/2014		182,912
	345,000	Suffolk County, NY IDA (ALIA-ADD)1		7.125			06/01/2017		350,865
	235,000	Suffolk County, NY IDA (ALIA-ADD)1		7.500			09/01/2015		237,947
	845,000	Suffolk County, NY IDA (ALIA-Adelante)1		6.500			11/01/2037		745,577
	1,295,000	Suffolk County, NY IDA (ALIA-Civic Facility)1		5.950			11/01/2022		1,185,547
	2,800,000	Suffolk County, NY IDA (ALIA-DDI)1		5.950			10/01/2021		2,599,240
	655,000	Suffolk County, NY IDA (ALIA-DDI)1		6.375			06/01/2014		655,537
	100,000	Suffolk County, NY IDA (ALIA-DDI)1		7.500			09/01/2015		101,254
	805,000	Suffolk County, NY IDA (ALIA-FREE)1		5.950			10/01/2021		747,282
	390,000	Suffolk County, NY IDA (ALIA-FREE)1		6.375			06/01/2014		390,320
	1,100,000	Suffolk County, NY IDA (ALIA-FREE)1		6.950			12/01/2014		1,117,798
	2,600,000	Suffolk County, NY IDA (ALIA-FREE)1		7.125			06/01/2017		2,644,200
	575,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950			10/01/2021		533,773
	720,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950			11/01/2022		659,146
	380,000	Suffolk County, NY IDA (ALIA-IGHL)1		6.000			10/01/2031		326,618
	380,000	Suffolk County, NY IDA (ALIA-IGHL)1		6.375			06/01/2014		380,312
	375,000	Suffolk County, NY IDA (ALIA-IGHL)1		6.950			12/01/2014		381,068
	800,000	Suffolk County, NY IDA (ALIA-IGHL)1		7.125			06/01/2017		813,600
	1,945,000	Suffolk County, NY IDA (ALIA-IGHL)1		7.250			12/01/2033		1,915,144
	160,000	Suffolk County, NY IDA (ALIA-IGHL)1		7.500			09/01/2015		162,006
	2,000,000	Suffolk County, NY IDA (ALIA-LIHIA)1		5.950			11/01/2022		1,830,960
	185,000	Suffolk County, NY IDA (ALIA-LIHIA)1		6.375			06/01/2014		185,152
	445,000	Suffolk County, NY IDA (ALIA-LIHIA)1		6.950			12/01/2014		452,200
	155,000	Suffolk County, NY IDA (ALIA-LIHIA)1		7.500			09/01/2015		156,944
	310,000	Suffolk County, NY IDA (ALIA-MCH)1		6.375			06/01/2014		310,254
	1,010,000	Suffolk County, NY IDA (ALIA-MCH)1		6.950			12/01/2014		1,026,342

36 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	975,000	Suffolk County, NY IDA (ALIA-MCH)1		7.125	%		06/01/2017	$	991,575
	800,000	Suffolk County, NY IDA (ALIA-NYS ARC)1		5.950			11/01/2022		732,384
	580,000	Suffolk County, NY IDA (ALIA-NYS ARC)1		7.500			09/01/2015		587,273
	240,000	Suffolk County, NY IDA (ALIA-Pederson-Krag Center)1		8.375			06/01/2016		248,669
	425,000	Suffolk County, NY IDA (ALIA-SMCFS)1		7.500			09/01/2015		430,330
	480,000	Suffolk County, NY IDA (ALIA-Suffolk Hostels)1		7.500			09/01/2015		486,019
	1,930,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		5.950			10/01/2021		1,791,619
	130,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		6.375			06/01/2014		130,107
	655,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		6.950			12/01/2014		665,598
	535,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		7.000			06/01/2016		542,485
	335,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		7.500			09/01/2015		339,201
	3,530,000	Suffolk County, NY IDA (ALIA-UVBH)1		6.500			11/01/2037		3,114,660
	800,000	Suffolk County, NY IDA (ALIA-WORCA)1		5.950			11/01/2022		732,384
	230,000	Suffolk County, NY IDA (ALIA-WORCA)1		6.950			12/01/2014		233,721
	610,000	Suffolk County, NY IDA (ALIA-WORCA)1		7.125			06/01/2017		620,370
	395,000	Suffolk County, NY IDA (ALIA-WORCA)1		7.500			09/01/2015		399,953
	640,000	Suffolk County, NY IDA (Catholic Charities)1		6.000			10/01/2020		598,886
	195,000	Suffolk County, NY IDA (DDI)1		6.000			12/01/2019		183,930
	555,000	Suffolk County, NY IDA (DDI)1		6.000			10/01/2020		519,347
	575,000	Suffolk County, NY IDA (DDI)1		6.000			10/01/2020		538,062
	4,830,000	Suffolk County, NY IDA (DDI)1		7.250			03/01/2024		4,915,829
	7,905,000	Suffolk County, NY IDA (DDI)1		8.750			03/01/2023		8,083,258
	5,000,000	Suffolk County, NY IDA (Dowling College)1		5.000			06/01/2036		3,772,800
	2,810,000	Suffolk County, NY IDA (Dowling College)1		6.700			12/01/2020		2,809,747
	2,900,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)1		5.375			01/01/2027		2,303,528
	2,745,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)1		5.500			01/01/2037		2,034,841
	1,420,000	Suffolk County, NY IDA (Family Residences)1		6.000			12/01/2019		1,339,387
	1,345,000	Suffolk County, NY IDA (Family Services League)1		5.000			11/01/2027		1,388,255
	830,000	Suffolk County, NY IDA (Family Services League)1		5.000			11/01/2034		846,459
	2,195,000	Suffolk County, NY IDA (Federation of Organizations)1		8.125			04/01/2030		2,261,048
	2,560,000	Suffolk County, NY IDA (Gurwin Jewish-Phase II)1		6.700			05/01/2039		2,342,195
	3,535,000	Suffolk County, NY IDA (Huntington First Aid Squad)1		6.650			11/01/2017		3,535,354
	225,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			12/01/2019		212,227
	1,115,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			10/01/2020		1,043,372
	3,275,000	Suffolk County, NY IDA (Innovative Realty I)1		6.000			11/01/2037		2,407,485
	8,600,000	Suffolk County, NY IDA (Jefferson’s Ferry)1		5.000			11/01/2028		7,901,680
	32,720,000	Suffolk County, NY IDA (Keyspan-Port Jefferson Center)1		5.250			06/01/2027		32,214,149

37 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	4,065,000	Suffolk County, NY IDA (L.I. Network Community Services)1		7.550	%		02/01/2034	$	4,120,772
	7,945,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)1		6.375			01/01/2039		6,355,682
	1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)1		6.750			11/01/2036		1,720,630
	635,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)1		6.750			11/01/2036		585,845
	2,580,000	Suffolk County, NY IDA (New Interdisciplinary School)1		6.750			12/01/2019		2,565,629
	2,000,000	Suffolk County, NY IDA (New York Institute of Technology)1		5.000			03/01/2026		2,008,960
	6,145,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1		5.300			01/01/2013		6,001,822
	26,425,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1		5.500			01/01/2023		23,116,062
	900,000	Suffolk County, NY IDA (Peconic Landing Retirement Home)1		8.000			10/01/2020		920,358
	2,870,000	Suffolk County, NY IDA (Peconic Landing Retirement Home)1		8.000			10/01/2030		2,929,581
	4,800,000	Suffolk County, NY IDA (Pederson-Krager Center)1		7.200			02/01/2035		4,388,256
	2,545,000	Suffolk County, NY IDA (Pederson-Krager Center)1		8.125			04/01/2030		2,593,101
	930,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)1		5.250			07/01/2022		801,548
	2,595,000	Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)1		8.000			04/01/2030		2,650,377
	510,000	Suffolk County, NY IDA (Suffolk Hotels)1		6.000			10/01/2020		477,238
	1,780,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1		6.000			12/01/2019		1,678,949
	3,280,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1		7.875			09/01/2041		3,295,252
	830,000	Suffolk County, NY IDA (WORCA)1		6.000			10/01/2020		776,681
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.1		0.000	10		06/01/2044		96,329,520
	12,095,000	Suffolk, NY Tobacco Asset Securitization Corp.1		5.375			06/01/2028		10,748,222
	29,915,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2048		25,744,849
	287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	3		06/01/2048		9,798,609
	3,716,000	Sullivan County, NY Community College COP		5.750			08/15/2025		3,087,178
	2,325,000	Sullivan County, NY IDA (Center for Discovery)1		5.625			06/01/2013		2,270,037
	13,000,000	Sullivan County, NY IDA (Center for Discovery)1		5.875			07/01/2022		10,752,430
	5,200,000	Sullivan County, NY IDA (Center for Discovery)1		6.000			06/01/2019		4,834,076
	13,840,000	Sullivan County, NY IDA (Center for Discovery)1		6.000			07/01/2037		11,294,409
	4,500,000	Sullivan County, NY IDA (Center for Discovery)1		6.500			06/01/2025		4,109,220
	4,465,000	Sullivan County, NY IDA (Center for Discovery)1		6.950			02/01/2035		3,914,867
	850,000	Sullivan County, NY IDA (Center for Discovery)1		7.250			02/01/2012		849,465
	9,965,000	Sullivan County, NY IDA (Center for Discovery)1		7.750			02/01/2027		10,036,050
	7,705,000	Sullivan County, NY IDA (SCCC Dorm Corp. Civic Facility)1		7.250			06/01/2027		7,589,348

38 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	6,835,000	Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)1		8.500	%		11/01/2031	$	6,347,254
	2,405,000	Syracuse, NY Hsg. Authority (Pavilion on James)1		7.500			11/01/2042		2,237,540
	168,000,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2036		120,608,880
	1,000,000	Syracuse, NY IDA (Crouse Irving Health Hospital)1		5.375			01/01/2023		897,440
	9,710,000	Syracuse, NY IDA (James Square)		7.197	3		08/01/2025		3,595,516
	725,000	Syracuse, NY IDA (Jewish Home of Central New York)1		7.375			03/01/2021		727,929
	2,050,000	Syracuse, NY IDA (Jewish Home of Central New York)1		7.375			03/01/2031		1,971,096
	75,000	Taconic Hills, NY (Central School District at Craryville)1		5.000			06/15/2026		75,918
	45,000	Tompkins, NY Health Care Corp. (Reconstruction Home)1		10.800			02/01/2028		47,485
	14,150,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000			09/01/2030		14,500,637
	17,400,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.125			09/01/2040		17,737,386
	1,530,000	Ulster County, NY IDA (Brooklyn Bottling)1		8.600			06/30/2022		1,532,111
	185,000	Ulster County, NY Res Rec1		5.000			03/01/2020		190,206
	3,080,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2040		2,788,170
	2,175,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.250			06/01/2025		2,156,360
	3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.450			06/01/2040		2,719,285
	3,550,000	Utica, NY IDA (Utica College Civic Facility)1		6.850			12/01/2031		3,574,034
	1,985,000	Wayne County, NY IDA (ARC)1		8.375			03/01/2018		1,987,025
	20,000	Westchester County, NY GO1		5.375			12/15/2014		20,291
	4,300,000	Westchester County, NY Healthcare Corp., Series A1		5.875			11/01/2025		4,298,753
	1,870,000	Westchester County, NY IDA (Beth Abraham Hospital)1		8.375			12/01/2025		1,876,003
	90,000	Westchester County, NY IDA (Children’s Village)1		5.375			03/15/2019		81,572
	3,550,000	Westchester County, NY IDA (Children’s Village)1		6.000			06/01/2022		3,273,242
	1,215,000	Westchester County, NY IDA (Clearview School)1		7.250			01/01/2035		1,191,295
	3,305,000	Westchester County, NY IDA (Field Home)1		6.000			08/15/2017		3,173,957
	3,335,000	Westchester County, NY IDA (Field Home)1		6.500			08/15/2022		3,204,635
	1,300,000	Westchester County, NY IDA (Guiding Eyes for the Blind)1		5.375			08/01/2024		1,317,758
	1,375,000	Westchester County, NY IDA (JDAM)1		6.750			04/01/2016		1,377,613
	3,325,000	Westchester County, NY IDA (Lawrence Hospital)1		5.000			01/01/2028		3,083,239
	685,000	Westchester County, NY IDA (Lawrence Hospital)1		5.125			01/01/2018		685,199
	1,430,000	Westchester County, NY IDA (Rippowam-Cisqua School)1		5.750			06/01/2029		1,431,573
	1,000,000	Westchester County, NY IDA (Schnurmacher Center)1		6.500			11/01/2013		1,033,970
	1,710,000	Westchester County, NY IDA (Schnurmacher Center)1		6.500			11/01/2033		1,551,859
	160,000	Westchester County, NY IDA (Westchester Airport Assoc.)1		5.950			08/01/2024		160,077
	2,590,000	Westchester County, NY IDA (Winward School)1		5.250			10/01/2031		2,531,414

39 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	4,475,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000	%		06/01/2026	$	4,079,902
	59,900,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2038		47,360,534
	52,770,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2045		40,407,044
	4,300,000	Yonkers IDA (St. Joseph’s Hospital), Series 98-A		6.150			03/01/2015		3,612,860
	1,100,000	Yonkers IDA (St. Joseph’s Hospital), Series 98-B		6.150			03/01/2015		924,220
	4,130,000	Yonkers, NY IDA (Hudson Scenic Studio)1		6.625			11/01/2019		3,918,957
	1,560,000	Yonkers, NY IDA (Philipsburgh Hall Associates)		7.500			11/01/2030		1,124,994
	2,355,000	Yonkers, NY IDA (Sacred Heart Assoc.)1		5.000			10/01/2037		2,250,273
	2,700,000	Yonkers, NY IDA (St. Joseph’s Hospital)1		6.150			03/01/2015		2,268,540
	1,635,000	Yonkers, NY IDA (St. Joseph’s Hospital)1		8.500			12/30/2013		1,642,946
	2,855,000	Yonkers, NY IDA (Westchester School)1		8.750			12/30/2023		2,857,798
	800,000	Yonkers, NY Parking Authority1		6.000			06/15/2018		777,832
	1,215,000	Yonkers, NY Parking Authority1		6.000			06/15/2024		1,113,888
									6,886,792,842
U.S. Possessions—35.9%
	825,000	Guam Education Financing Foundation COP1		5.000			10/01/2023		804,722
	505,000	Guam GO1		5.250			11/15/2037		467,090
	6,000,000	Guam GO1		6.750			11/15/2029		6,452,160
	10,000,000	Guam GO1		7.000			11/15/2039		10,907,400
	300,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		330,405
	290,000	Guam Power Authority, Series A1		5.250			10/01/2023		284,632
	20,000,000	Guam Power Authority, Series A1		5.250			10/01/2034		19,101,200
	9,200,000	Guam Power Authority, Series A6		5.500			10/01/2030		9,185,740
	7,700,000	Guam Power Authority, Series A6		5.500			10/01/2040		7,573,335
	2,000,000	Northern Mariana Islands Commonwealth, Series A1		5.000			10/01/2022		1,778,540
	34,875,000	Northern Mariana Islands Commonwealth, Series A1		5.000			06/01/2030		29,298,488
	8,670,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		6,304,911
	16,800,000	Northern Mariana Islands Ports Authority, Series A1		6.600			03/15/2028		15,797,712
	55,650,000	Puerto Rico Aqueduct & Sewer Authority1		0.000	10		07/01/2024		56,125,251
	49,000,000	Puerto Rico Aqueduct & Sewer Authority4		5.125			07/01/2047		49,409,885
	88,365,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2038		92,649,819
	123,015,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		128,654,008
	5,000,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		5,229,200
	56,685,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		49,026,857
	268,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.617	3		05/15/2050		9,137,055
	745,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.165	3		05/15/2055		13,387,650
	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	3		05/15/2057		52,868,598
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	3		05/15/2057		38,182,192

40 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	20,000	Puerto Rico Commonwealth GO1		5.000	%		07/01/2026	$	20,002
	3,115,000	Puerto Rico Commonwealth GO1		5.000			07/01/2029		3,040,365
	10,400,000	Puerto Rico Commonwealth GO1		5.000			07/01/2031		10,116,600
	14,850,000	Puerto Rico Commonwealth GO1		5.000			07/01/2033		14,405,688
	12,230,000	Puerto Rico Commonwealth GO1		5.000			07/01/2034		11,847,935
	2,240,000	Puerto Rico Commonwealth GO1		5.000			07/01/2035		2,168,589
	5,000,000	Puerto Rico Commonwealth GO1,6		5.125			07/01/2031		4,942,950
	2,200,000	Puerto Rico Commonwealth GO1		5.250			07/01/2026		2,222,902
	5,000,000	Puerto Rico Commonwealth GO1		5.250			07/01/2027		5,035,800
	2,920,000	Puerto Rico Commonwealth GO1		5.250			07/01/2030		2,925,198
	14,500,000	Puerto Rico Commonwealth GO1		5.250			07/01/2031		14,529,435
	10,230,000	Puerto Rico Commonwealth GO1		5.250			07/01/2034		10,241,867
	43,385,000	Puerto Rico Commonwealth GO1		5.250			07/01/2037		43,435,327
	5,000,000	Puerto Rico Commonwealth GO1		5.375			07/01/2033		5,048,550
	1,000,000	Puerto Rico Commonwealth GO1		5.500			07/01/2021		1,065,460
	7,850,000	Puerto Rico Commonwealth GO1		5.500			07/01/2029		8,132,129
	81,300,000	Puerto Rico Commonwealth GO1		5.500			07/01/2032		82,799,985
	18,985,000	Puerto Rico Commonwealth GO1		6.000			07/01/2038		20,006,963
	25,955,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2021		27,997,139
	28,360,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2022		30,281,957
	10,920,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2023		11,528,790
	11,490,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2024		11,999,007
	12,095,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2025		12,533,081
	9,975,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2026		10,252,405
	31,665,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2027		32,407,228
	52,670,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2028		53,904,585
	18,070,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2029		18,407,909
	19,025,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2030		19,335,869
	20,025,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2031		20,336,389
	17,650,000	Puerto Rico Electric Power Authority, Series TT1		5.000			07/01/2037		17,215,810
	60,000,000	Puerto Rico Electric Power Authority, Series UU1		0.715	11		07/01/2029		40,800,000
	50,000	Puerto Rico HFC1		5.100			12/01/2018		50,990
	9,515,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2028		9,348,773
	4,845,000	Puerto Rico Highway & Transportation Authority1		5.250			07/01/2030		4,865,882
	4,000,000	Puerto Rico Highway & Transportation Authority1		5.500			07/01/2029		4,168,400
	270,000	Puerto Rico Highway & Transportation Authority1		5.750			07/01/2020		277,625
	11,585,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000			07/01/2033		11,238,377
	28,570,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000			07/01/2042		27,340,633
	3,885,000	Puerto Rico Highway & Transportation Authority, Series H6		5.450			07/01/2035		3,888,846

41 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	10,000,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000	%		07/01/2025	$	9,947,800
	14,725,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2026		14,581,137
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2027		6,419,400
	3,145,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2030		3,061,626
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2023		2,691,806
	17,205,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2030		17,279,154
	6,795,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2041		6,753,754
	92,120,000	Puerto Rico Highway & Transportation Authority, Series M1		5.000			07/01/2046		87,783,912
	125,620,000	Puerto Rico Highway & Transportation Authority, Series N1		0.725	11		07/01/2041		68,619,925
	74,940,000	Puerto Rico Highway & Transportation Authority, Series N1		0.725	11		07/01/2045		39,718,200
	16,080,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2032		16,290,166
	53,445,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2039		53,524,099
	26,755,000	Puerto Rico Infrastructure1		5.000			07/01/2031		25,909,810
	6,000,000	Puerto Rico Infrastructure1		5.000			07/01/2037		5,809,980
	34,490,000	Puerto Rico Infrastructure1		5.000			07/01/2037		33,397,702
	202,145,000	Puerto Rico Infrastructure1		5.000			07/01/2041		195,047,689
	147,520,000	Puerto Rico Infrastructure1		5.000			07/01/2046		141,812,451
	3,130,000	Puerto Rico Infrastructure1		5.500			07/01/2025		3,324,436
	1,295,000	Puerto Rico Infrastructure1		5.500			07/01/2026		1,361,356
	15,000,000	Puerto Rico Infrastructure1		5.500			07/01/2027		15,607,350
	2,750,000	Puerto Rico Infrastructure1		5.500			07/01/2028		2,858,790
	16,955,000	Puerto Rico Infrastructure		5.650	3		07/01/2029		5,031,735
	65,725,000	Puerto Rico Infrastructure		5.730	3		07/01/2045		5,829,808
	25,000,000	Puerto Rico Infrastructure		5.800	3		07/01/2032		5,809,500
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		5,503,775
	1,575,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			12/01/2021		1,575,662
	5,750,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2029		5,524,485
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.500			12/01/2031		6,061,579
	38,000,000	Puerto Rico ITEMECF (Cogeneration Facilities)1		6.625			06/01/2026		38,318,820
	2,025,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.600			05/01/2014		2,001,713
	5,250,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.700			05/01/2024		4,492,635

42 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)1		5.750	%		06/01/2029	$	3,481,240
	500,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.250			09/01/2021		501,650
	8,000,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.250			09/01/2031		7,780,240
	4,990,000	Puerto Rico Municipal Finance Agency, Series A1		5.250			08/01/2025		5,034,062
	4,975,000	Puerto Rico Port Authority (American Airlines), Series A		6.250			06/01/2026		3,863,585
	6,395,000	Puerto Rico Port Authority (American Airlines), Series A		6.300			06/01/2023		5,200,239
	90,855,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2036		88,153,881
	7,500,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2037		7,283,625
	23,585,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2029		23,585,000
	126,570,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2033		126,659,865
	120,000	Puerto Rico Public Buildings Authority1		5.375			07/01/2033		120,326
	1,500,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2021		1,682,880
	7,500,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2031		8,457,825
	8,000,000	Puerto Rico Public Buildings Authority1		6.500			07/01/2030		8,710,160
	7,500,000	Puerto Rico Public Buildings Authority1		6.750			07/01/2036		8,367,300
	296,445,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.250			08/01/2057		299,382,919
	643,700,000	Puerto Rico Sales Tax Financing Corp., Series A		5.401	3		08/01/2054		36,716,648
	33,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.750			08/01/2037		34,372,140
	221,800,000	Puerto Rico Sales Tax Financing Corp., Series A		5.939	3		08/01/2056		11,094,436
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500	3		08/01/2042		3,991,800
	7,300,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500			08/01/2044		8,125,192
	80,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	3		08/01/2043		9,836,800
	35,000,000	Puerto Rico Sales Tax Financing Corp., Series C1		0.000	10		08/01/2032		28,366,450
	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C4		5.750			08/01/2057		100,684,822
	24,875,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2042		26,448,344
	4,525,000	University of Puerto Rico1		5.000			06/01/2026		4,480,746
	5,280,000	University of Puerto Rico, Series P1		5.000			06/01/2030		5,140,819
	24,375,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		23,732,475
	65,780,000	University of Puerto Rico, Series Q1		5.000			06/01/2036		63,643,466
	9,230,000	University of V.I., Series A1		5.375			06/01/2034		9,065,060
	2,040,000	University of V.I., Series A1		6.250			12/01/2029		2,042,876
	3,650,000	V.I. Government Refinery Facilities (Hovensa Coker)1		6.500			07/01/2021		3,708,729
	10,000	V.I. HFA, Series A1		6.450			03/01/2016		10,016
	18,720,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)1		5.000			10/01/2031		18,405,878
	550,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)1		5.000			10/01/2033		540,309

43 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	27,733,000	V.I. Public Finance Authority (Hovensa Coker)1		6.500	%		07/01/2021	$	28,327,873
	11,700,000	V.I. Public Finance Authority (Hovensa Refinery)1		5.875			07/01/2022		11,813,958
	8,000,000	V.I. Public Finance Authority (Hovensa Refinery)1		6.125			07/01/2022		8,096,480
	750,000	V.I. Public Finance Authority, Series A1		5.250			10/01/2024		764,805
	11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	3		05/15/2035		1,363,413
									3,084,110,877
Total Investments, at Value (Cost $10,633,567,863)—116.0%									9,970,903,719
Liabilities in Excess of Other Assets—(16.0)									(1,372,745,315	)
Net Assets—100.0%								$	8,598,158,404

Footnotes to Statement of Investments
1.	All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 5 of accompanying Notes.
2.	Issue is in default. See Note 1 of accompanying Notes.
3.	Zero coupon bond reflects effective yield on the date of purchase.
4.	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.
5.	Non-income producing security.
6.	When-issued security or delayed delivery to be delivered and settled after June 30, 2010. See Note 1 of accompanying Notes.
7.	Security is subject to a shortfall and forbearance agreement. 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.	Subject to a forbearance agreement. Rate shown is current rate. See Note 1 of accompanying Notes.
10.	Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
11.	Represents the current interest rate for a variable or increasing rate security.

44 | 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—significant 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, 2010 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:
Municipal Bonds and Notes
New York	$	—	$	6,886,792,820	$	22	$	6,886,792,842
U.S. Possessions		—		3,084,110,877		—		3,084,110,877
Total Assets	$	—	$	9,970,903,697	$	22	$	9,970,903,719

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 methodologies, if any, during the reporting period.

45 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

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

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

See accompanying Notes to Financial Statements.

46 | ROCHESTER FUND MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2010
Assets
Investments, at value (cost $10,633,567,863)—see accompanying statement of investments	$	9,970,903,719
Cash		1,824,936
Receivables and other assets:
Interest		150,522,113
Shares of beneficial interest sold		6,752,635
Investments sold (including $2,438,718 sold on a when-issued or delayed delivery basis)		6,502,686
Other		1,563,903
Total assets		10,138,069,992
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		1,364,110,000
Investments purchased on a when-issued or delayed delivery basis		77,405,206
Payable on borrowings (See Note 5)		68,900,000
Shares of beneficial interest redeemed		13,912,608
Dividends		9,546,546
Distribution and service plan fees		3,423,896
Trustees’ compensation		1,859,087
Transfer and shareholder servicing agent fees		254,704
Shareholder communications		123,707
Interest expense on borrowings		10,984
Other		364,850
Total liabilities		1,539,911,588
Net Assets	$	8,598,158,404
Composition of Net Assets
Paid-in capital	$	9,991,025,231
Accumulated net investment income		66,118,836
Accumulated net realized loss on investments		(796,321,519	)
Net unrealized depreciation on investments		(662,664,144	)
Net Assets	$	8,598,158,404

47 | 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 $7,003,843,654 and 431,772,709 shares of beneficial interest outstanding)	$	16.22
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	17.03
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $220,979,268 and 13,636,686 shares of beneficial interest outstanding)	$	16.20
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,273,690,996 and 78,647,483 shares of beneficial interest outstanding)	$	16.19
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $99,644,486 and 6,143,076 shares of beneficial interest outstanding)	$	16.22

See accompanying Notes to Financial Statements.

48 | ROCHESTER FUND MUNICIPALS

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2010
Investment Income
Interest	$	299,699,315
Expenses
Management fees		19,603,158
Distribution and service plan fees:
Class A		5,037,721
Class B		1,145,830
Class C		6,272,363
Transfer and shareholder servicing agent fees:
Class A		1,041,638
Class B		122,688
Class C		296,609
Class Y		17,956
Shareholder communications:
Class A		87,665
Class B		10,334
Class C		21,466
Class Y		950
Interest expense and fees on short-term floating rate notes issued (See Note 1)		7,630,766
Borrowing fees		3,274,670
Accounting service fees		1,282,421
Trustees’ compensation		90,678
Interest expense on borrowings		67,842
Custodian fees and expenses		37,962
Other		259,814
Total expenses		46,302,531
Less waivers and reimbursements of expenses		(21,298	)
Net expenses		46,281,233
Net Investment Income		253,418,082
Realized and Unrealized Gain
Net realized gain on investments		106,638,610
Net change in unrealized appreciation/depreciation on investments		181,821,112
Net Increase in Net Assets Resulting from Operations	$	541,877,804

See accompanying Notes to Financial Statements.

49 | ROCHESTER FUND MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	June 30, 2010			December 31,
	(Unaudited)			2009
Operations
Net investment income	$	253,418,082		$	530,847,427
Net realized gain (loss)		106,638,610			(226,677,958	)
Net change in unrealized appreciation/depreciation		181,821,112			2,492,752,087
Net increase in net assets resulting from operations		541,877,804			2,796,921,556
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(217,008,992	)		(408,558,894	)
Class B		(6,136,540	)		(13,742,327	)
Class C		(33,963,803	)		(62,747,294	)
Class Y		(2,961,945	)		(3,759,108	)
		(260,071,280	)		(488,807,623	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(138,490,464	)		(128,680,279	)
Class B		(33,365,601	)		(66,159,176	)
Class C		(17,975,265	)		13,156,586
Class Y		32,058,575			3,629,506
		(157,772,755	)		(178,053,363	)
Net Assets
Total increase		124,033,769			2,130,060,570
Beginning of period		8,474,124,635			6,344,064,065
End of period (including accumulated net investment income of $66,118,836 and $72,772,034, respectively)	$	8,598,158,404		$	8,474,124,635

See accompanying Notes to Financial Statements.

50 | ROCHESTER FUND MUNICIPALS

STATEMENT OF CASH FLOWS Unaudited

For the Six Months Ended June 30, 2010
Cash Flows from Operating Activities
Net increase in net assets from operations	$	541,877,804
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(402,437,818	)
Proceeds from disposition of investment securities		544,762,019
Short-term investment securities, net		176,820,798
Premium amortization		11,581,319
Discount accretion		(33,398,081	)
Net realized gain on investments		(106,638,610	)
Net change in unrealized appreciation/depreciation on investments		(181,821,112	)
Change in assets:
Decrease in interest receivable		7,154,417
Decrease in other assets		1,585,378
Decrease in receivable for securities sold		446,335
Change in liabilities:
Increase in payable for securities purchased		72,437,878
Decrease in other liabilities		(452,340	)
Net cash provided by operating activities		631,917,987
Cash Flows from Financing Activities
Proceeds from bank borrowings		522,800,000
Payments on bank borrowings		(585,200,000	)
Payments on short-term floating rate notes issued		(152,515,000	)
Proceeds from shares sold		435,797,864
Payments on shares redeemed		(756,101,097	)
Cash distributions paid		(96,329,438	)
Net cash used in financing activities		(631,547,671	)
Net increase in cash		370,316
Cash, beginning balance		1,454,620
Cash, ending balance	$	1,824,936
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $163,680,123.
Cash paid for interest on bank borrowings—$65,533.
Cash paid for interest on short-term floating rate notes issued—$7,630,766.

See accompanying Notes to Financial Statements.

51 | ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	June 30, 2010			Year Ended December 31,
Class A	(Unaudited)				2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	15.70			$	11.54		$	17.67		$	18.82		$	18.28		$	17.76
Income (loss) from investment operations:
Net investment income1		.49				.98			.94			.88			.93			.99
Net realized and unrealized gain (loss)		.51				4.09			(6.19	)		(1.17	)		.55			.53
Total from investment operations		1.00				5.07			(5.25	)		(.29	)		1.48			1.52
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.48	)			(.91	)		(.88	)		(.86	)		(.94	)		(1.00	)
Net asset value, end of period	$	16.22			$	15.70		$	11.54		$	17.67		$	18.82		$	18.28
Total Return, at Net Asset Value2		6.54	%			45.07	%		(30.84	)%		(1.59	)%		8.33	%		8.76	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	7,004			$	6,913		$	5,158		$	8,541		$	7,979		$	5,937
Average net assets (in millions)	$	7,012			$	6,360		$	7,688		$	8,598		$	6,836		$	5,327
Ratios to average net assets:3
Net investment income		6.09	%			6.96	%		5.96	%		4.78	%		5.05	%		5.44	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.67	%			0.70	%		0.70	%		0.67	%		0.68	%		0.69	%
Interest and fees from borrowings		0.08	%			0.45	%		0.22	%		0.05	%		0.04	%		0.04	%
Interest and fees on short-term floating rate notes issued4		0.18	%			0.27	%		0.68	%		0.71	%		0.62	%		0.46	%
Total expenses		0.93	%			1.42	%		1.60	%		1.43	%		1.34	%		1.19	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.93	%			1.42	%		1.60	%		1.43	%		1.34	%		1.19	%
Portfolio turnover rate		4	%			8	%		23	%		28	%		17	%		16	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

52 | ROCHESTER FUND MUNICIPALS

	Six Months
	Ended
	June 30, 2010			Year Ended December 31,
Class B	(Unaudited)				2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	15.68			$	11.53		$	17.66		$	18.80		$	18.26		$	17.75
Income (loss) from investment operations:
Net investment income1		.41				.85			.80			.72			.78			.83
Net realized and unrealized gain (loss)		.52				4.07			(6.19	)		(1.16	)		.54			.52
Total from investment operations		.93				4.92			(5.39	)		(.44	)		1.32			1.35
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.41	)			(.77	)		(.74	)		(.70	)		(.78	)		(.84	)
Net asset value, end of period	$	16.20			$	15.68		$	11.53		$	17.66		$	18.80		$	18.26
Total Return, at Net Asset Value2		6.06	%			43.66	%		(31.50	)%		(2.41	)%		7.39	%		7.77	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	221			$	246		$	237		$	591		$	906		$	955
Average net assets (in millions)	$	232			$	248		$	424		$	745		$	925		$	1,006
Ratios to average net assets:3
Net investment income		5.16	%			6.05	%		4.99	%		3.88	%		4.20	%		4.60	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.61	%			1.67	%		1.58	%		1.57	%		1.56	%		1.56	%
Interest and fees from borrowings		0.08	%			0.45	%		0.22	%		0.05	%		0.04	%		0.04	%
Interest and fees on short-term floating rate notes issued4		0.18	%			0.27	%		0.68	%		0.71	%		0.62	%		0.46	%
Total expenses		1.87	%			2.39	%		2.48	%		2.33	%		2.22	%		2.06	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.87	%			2.39	%		2.48	%		2.33	%		2.22	%		2.06	%
Portfolio turnover rate		4	%			8	%		23	%		28	%		17	%		16	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

53 | ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	June 30, 2010			Year Ended December 31,
Class C	(Unaudited)				2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	15.67			$	11.52		$	17.65		$	18.79		$	18.25		$	17.74
Income (loss) from investment operations:
Net investment income1		.42				.86			.80			.71			.76			.82
Net realized and unrealized gain (loss)		.51				4.07			(6.19	)		(1.15	)		.56			.53
Total from investment operations		.93				4.93			(5.39	)		(.44	)		1.32			1.35
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.41	)			(.78	)		(.74	)		(.70	)		(.78	)		(.84	)
Net asset value, end of period	$	16.19			$	15.67		$	11.52		$	17.65		$	18.79		$	18.25
Total Return, at Net Asset Value2		6.10	%			43.82	%		(31.49	)%		(2.39	)%		7.40	%		7.78	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	1,274			$	1,250		$	905		$	1,514		$	1,256		$	712
Average net assets (in millions)	$	1,272			$	1,131		$	1,350		$	1,492		$	956		$	600
Ratios to average net assets:3
Net investment income		5.22	%			6.09	%		5.09	%		3.90	%		4.15	%		4.56	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.54	%			1.57	%		1.57	%		1.54	%		1.54	%		1.55	%
Interest and fees from borrowings		0.08	%			0.45	%		0.22	%		0.05	%		0.04	%		0.04	%
Interest and fees on short-term floating rate notes issued4		0.18	%			0.27	%		0.68	%		0.71	%		0.62	%		0.46	%
Total expenses		1.80	%			2.29	%		2.47	%		2.30	%		2.20	%		2.05	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.80	%			2.29	%		2.47	%		2.30	%		2.20	%		2.05	%
Portfolio turnover rate		4	%			8	%		23	%		28	%		17	%		16	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

54 | ROCHESTER FUND MUNICIPALS

	Six Months
	Ended
	June 30, 2010			Year Ended December 31,
Class Y	(Unaudited)				2009			2008			2007			2006			2005
Per Share Operating Data
Net asset value, beginning of period	$	15.69			$	11.54		$	17.67		$	18.82		$	18.28		$	17.76
Income (loss) from investment operations:
Net investment income1		.49				1.00			.96			.89			.95			1.01
Net realized and unrealized gain (loss)		.53				4.08			(6.19	)		(1.15	)		.55			.54
Total from investment operations		1.02				5.08			(5.23	)		(.26	)		1.50			1.55
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.49	)			(.93	)		(.90	)		(.89	)		(.96	)		(1.03	)
Net asset value, end of period	$	16.22			$	15.69		$	11.54		$	17.67		$	18.82		$	18.28
Total Return, at Net Asset Value2		6.68	%			45.18	%		(30.74	)%		(1.44	)%		8.45	%		8.93	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	99			$	65		$	44		$	56		$	22		$	11
Average net assets (in millions)	$	94			$	57		$	61		$	44		$	16		$	10
Ratios to average net assets:3
Net investment income		6.22	%			7.09	%		6.14	%		4.91	%		5.14	%		5.59	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.54	%			0.55	%		0.57	%		0.51	%		0.56	%		0.54	%
Interest and fees from borrowings		0.08	%			0.45	%		0.22	%		0.05	%		0.04	%		0.04	%
Interest and fees on short-term floating rate notes issued4		0.18	%			0.27	%		0.68	%		0.71	%		0.62	%		0.46	%
Total expenses		0.80	%			1.27	%		1.47	%		1.27	%		1.22	%		1.04	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80	%			1.27	%		1.47	%		1.27	%		1.22	%		1.04	%
Portfolio turnover rate		4	%			8	%		23	%		28	%		17	%		16	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
3.	Annualized for periods less than one full year.
4.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

55 | 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.

     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 significant 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 by portfolio pricing services approved by the Board of Trustees or dealers.

     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 it is traded, prior

56 | ROCHESTER FUND MUNICIPALS

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.

     U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and “money market-type” debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities.

     “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.

     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.

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

57 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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

As of June 30, 2010, 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		$77,405,206
Sold securities		2,438,718

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 $1,364,110,000 as of June 30, 2010, which represents 13.46% 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 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

58 | ROCHESTER FUND MUNICIPALS

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, 2010, municipal bond holdings with a value of $2,173,715,623 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $1,364,110,000 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, 2010, 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		13.473	%		6/1/32	$	14,494,137
	8,935,000	NY Austin Trust Various States Inverse Certificates		13.452			6/1/27		10,050,177
	23,960,000	NY Austin Trust Various States Inverse Certificates		7.842			11/1/38		23,343,749
	16,400,000	NY Austin Trust Various States Inverse Certificates		11.616			7/1/48		18,715,188
	36,040,000	NY Liberty Devel. Corp. ROLs3		11.905			10/1/35		36,761,160
	10,770,000	NY MTA ROLs3		19.915			11/15/30		12,053,246

59 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	6,615,000	NY Triborough Bridge & Tunnel Authority ROLs3		20.808	%		1/1/27	$	7,529,855
	15,660,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.372			12/1/27		15,671,275
	7,700,000	NY/NJ Port Authority Austin Trust Inverse Certificates		6.953			12/1/34		7,405,321
	23,955,000	NY/NJ Port Authority Austin Trust Inverse Certificates		9.113			10/1/30		24,548,365
	12,330,000	NYC GO DRIVERS		9.967			6/1/33		13,393,216
	5,605,000	NYC GO DRIVERS		9.967			12/1/33		6,092,411
	5,460,000	NYC GO DRIVERS		9.112			8/1/30		5,999,721
	2,430,000	NYC GO DRIVERS		10.017			8/1/35		2,609,626
	8,735,000	NYC GO DRIVERS		10.014			4/1/35		9,402,791
	5,745,000	NYC GO DRIVERS		10.016			3/1/35		6,164,557
	7,540,000	NYC GO ROLs		17.772			11/1/34		8,611,283
	4,480,000	NYC GO ROLs3		19.079			4/1/30		5,347,821
	8,900,000	NYC GO ROLs3		22.089			6/1/30		12,565,376
	5,000,000	NYC GO ROLs		18.522			3/1/21		7,781,300
	3,490,000	NYC HDC (Multifamily Hsg.) DRIVERS		15.004			11/1/42		3,609,114
	920,000	NYC HDC (Multifamily Hsg.) DRIVERS		12.658			11/1/26		952,016
	810,000	NYC HDC (Multifamily Hsg.) DRIVERS		13.027			11/1/27		854,736
	1,000,000	NYC HDC (Multifamily Hsg.) DRIVERS		13.079			11/1/32		1,023,010
	1,165,000	NYC HDC (Multifamily Hsg.) DRIVERS		12.716			11/1/37		1,152,698
	1,560,000	NYC HDC (Multifamily Hsg.) DRIVERS		12.864			11/1/39		1,551,373
	2,790,000	NYC HDC (Multifamily Hsg.) DRIVERS		13.072			5/1/40		2,828,976
	775,000	NYC HDC (Multifamily Hsg.) DRIVERS3		19.105			11/1/34		894,490
	710,000	NYC HDC (Multifamily Hsg.) DRIVERS3		19.366			11/1/39		816,159
	2,730,000	NYC HDC (Multifamily Hsg.) DRIVERS3		19.955			11/1/46		3,177,229
	2,680,000	NYC HDC (Multifamily Hsg.) DRIVERS		13.299			11/1/40		2,757,666
	3,955,000	NYC HDC (Multifamily Hsg.) ROLs3		16.053			11/1/30		4,278,440
	11,975,000	NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs3		12.655			5/1/49		12,440,468
	17,005,000	NYC Municipal Water Finance Authority DRIVERS		13.182			6/15/39		18,721,655
	6,875,000	NYC Municipal Water Finance Authority ROLs		17.788			6/15/31		8,075,100
	10,025,000	NYC Municipal Water Finance Authority ROLs		17.788			6/15/37		11,374,165
	7,875,000	NYC Municipal Water Finance Authority ROLs		17.788			6/15/39		8,819,370
	4,935,000	NYC Municipal Water Finance Authority ROLs		17.758			6/15/39		5,526,805
	4,500,000	NYC Municipal Water Finance Authority ROLs		17.808			6/15/39		5,105,610
	10,470,000	NYC Municipal Water Finance Authority ROLs3		12.935			6/15/34		10,962,718
	8,205,000	NYS DA (Memorial Sloan-Kettering) DRIVERS		10.015			7/1/35		8,698,695
	5,265,000	NYS DA (Vassar College) DRIVERS		10.013			7/1/46		5,605,646
	3,410,000	NYS HFA ROLs3		14.594			11/1/45		3,582,273
	3,750,000	Port Authority NY/NJ ROLs3		21.383			9/15/28		5,199,525
	4,895,000	Port Authority NY/NJ, 11588th Series ROLs		16.227			10/15/27		5,200,693
	3,580,000	Port Authority NY/NJ, 11588th Series ROLs		15.300			10/15/28		3,562,601

60 | ROCHESTER FUND MUNICIPALS

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	5,500,000	Port Authority NY/NJ, 11588th Series ROLs		16.236	%		10/15/32	$	5,716,205
	9,090,000	Port Authority NY/NJ, 11589th Series ROLs		12.011			9/1/29		8,973,739
	11,880,000	Port Authority NY/NJ, 136th Series DRIVERS		8.097			11/1/28		12,554,546
	11,430,000	Port Authority NY/NJ, 136th Series DRIVERS		10.031			11/1/29		12,295,594
	11,015,000	Port Authority NY/NJ, 136th Series DRIVERS		13.166			5/1/34		11,436,544
	13,000,000	Port Authority NY/NJ, 138th Series DRIVERS		8.517			12/1/34		13,142,090
	24,005,000	Port Authority NY/NJ, 151st Series DRIVERS		15.276			3/15/35		29,724,911
	4,570,000	Port Authority NY/NJ, 152nd Series DRIVERS		13.767			5/1/38		4,905,164
	20,000,000	Port Authority NY/NJ, 3090th Series DRIVERS		9.538			11/1/35		21,161,600
	23,340,000	Port Authority NY/NJ, 3094th Series DRIVERS		13.196			3/15/39		25,938,909
	7,500,000	Port Authority NY/NJ, 3114th Series DRIVERS		15.294			11/1/30		9,532,425
	30,970,000	Port Authority NY/NJ, 3114th Series DRIVERS		9.538			11/1/35		32,768,738
	3,335,000	Port Authority NY/NJ, 3115th Series DRIVERS		15.287			3/15/35		4,129,664
	25,330,000	Port Authority NY/NJ, 37th Series DRIVERS		9.528			7/15/34		26,539,001
	4,750,000	Puerto Rico Aqueduct & Sewer Authority ROLs3		18.165			7/1/47		4,908,935
	15,000,000	Puerto Rico Aqueduct & Sewer Authority ROLs		9.462			7/1/47		15,250,950
	74,115,000	Puerto Rico Sales Tax Financing Corp. ROLs3		18.221			8/1/57		77,052,919
	23,815,000	Puerto Rico Sales Tax Financing Corp. ROLs3		20.486			8/1/57		29,254,822
	18,135,000	SONYMA ROLs3		7.568			10/1/34		17,879,659
	5,465,000	SONYMA ROLs3		14.043			4/1/29		5,470,848
	3,230,000	SONYMA ROLs3		14.137			4/1/29		3,257,100
	3,530,000	SONYMA ROLs3		14.423			4/1/29		3,533,777
	7,635,000	SONYMA ROLs3		13.987			4/1/34		7,648,132
	7,965,000	SONYMA ROLs3		14.140			10/1/28		7,980,452
	3,175,000	SONYMA ROLs3		13.371			10/1/26		3,245,453
	5,745,000	SONYMA ROLs3		8.939			10/1/37		5,342,333
	11,525,000	SONYMA ROLs3		8.539			10/1/31		10,735,999
	10,975,000	SONYMA ROLs3		8.637			10/1/37		9,302,630
	1,685,000	SONYMA, Series 145 DRIVERS		13.334			10/1/37		1,708,944
	650,000	SONYMA, Series 148 DRIVERS		13.466			10/1/27		688,844
	2,125,000	SONYMA, Series 148 DRIVERS		13.576			10/1/32		2,212,890
								$	809,605,623

1.	For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page 46 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.

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.

61 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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, 2010, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $642,150,000.

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

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. Information concerning securities in default as of June 30, 2010 is as follows:

Cost	$	3,964,634
Market Value		2,791,123
Market Value as a % of Net Assets		0.03	%

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. As of June 30, 2010, securities with an aggregate market value of $1,158,965, representing 0.01% of the Fund’s net assets, were subject to these forbearance agreements. Interest and principal payments of $0 and $0, respectively, are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

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. 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.

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During the fiscal year ended December 31, 2009, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2009, the Fund had available for federal income tax unused capital loss carryforwards as follows:

Expiring
2011	$	48,711,816
2012		30,332,900
2016		447,366,348
2017		321,822,606
Total	$	848,233,670

As of June 30, 2010, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $741,595,060 expiring by 2017. 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, 2010, it is estimated that the Fund will utilize $106,638,610 of 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, 2010 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	$	9,294,438,550	1
Gross unrealized appreciation	$	300,028,304
Gross unrealized depreciation		(1,026,789,525	)
Net unrealized depreciation	$	(726,761,221	)

1. The Federal tax cost of securities does not include cost of $1,403,226,390, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the six months ended June 30, 2010, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	13,170
Payments Made to Retired Trustees		156,353
Accumulated Liability as of June 30, 2010		1,524,922

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 overdraft at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

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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, 2010						Year Ended December 31, 2009
	Shares			Amount			Shares			Amount
Class A
Sold		18,713,269		$	301,371,892			52,833,970		$	734,465,418
Dividends and/or distributions reinvested		8,268,412			133,554,825			18,725,703			263,340,510
Redeemed		(35,634,657	)		(573,417,181	)		(78,201,654	)		(1,126,486,207	)
Net decrease		(8,652,976	)	$	(138,490,464	)		(6,641,981	)	$	(128,680,279	)
Class B
Sold		605,376		$	9,748,303			1,279,319		$	17,832,175
Dividends and/or distributions reinvested		256,582			4,138,167			669,108			9,331,312
Redeemed		(2,947,619	)		(47,252,071	)		(6,780,297	)		(93,322,663	)
Net decrease		(2,085,661	)	$	(33,365,601	)		(4,831,870	)	$	(66,159,176	)
Class C
Sold		4,489,270		$	72,232,531			12,413,734		$	173,659,196
Dividends and/or distributions reinvested		1,501,432			24,212,165			3,332,430			46,733,925
Redeemed		(7,119,996	)		(114,419,961	)		(14,484,787	)		(207,236,535	)
Net increase (decrease)		(1,129,294	)	$	(17,975,265	)		1,261,377		$	13,156,586

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

2. Shares of Beneficial Interest Continued

	Six Months Ended June 30, 2010						Year Ended December 31, 2009
	Shares			Amount			Shares			Amount
Class Y
Sold		2,620,036		$	41,844,016			1,122,715		$	15,728,107
Dividends and/or distributions reinvested		109,863			1,774,966			224,183			3,162,851
Redeemed		(717,226	)		(11,560,407	)		(1,062,727	)		(15,261,452	)
Net increase		2,012,673		$	32,058,575			284,171		$	3,629,506

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, 2010, were as follows:

	Purchases		Sales
Investment securities	$	402,437,818	$	544,762,019

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, 2010, the Fund paid $1,282,421 to the Manager for accounting 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, 2010, the Fund paid $1,515,976 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.

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

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class 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 daily net assets. 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 determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at June 30, 2010 were as follows:

Class B	$	32,456,341
Class C		32,244,022

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		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
	Retained by		Retained by		Retained by		Retained by
Six Months Ended	Distributor		Distributor		Distributor		Distributor
June 30, 2010	$	614,557	$	46,363	$	239,516	$	44,185

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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.

     The Manager has voluntarily agreed to reimburse the Fund for a portion of the legal costs and fees incurred in connection with the pending litigation matters discussed in the “Pending Litigation” note which appears later in this report. During the six months ended June 30, 2010, the Manager reimbursed the Fund $21,298 for legal costs and fees.

     Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

5. 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 conduit lenders 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 $2.25 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.3579% as of June 30, 2010). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility. The Fund is also allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended June 30, 2010 equal 0.08% 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.

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As of June 30, 2010, the Fund had borrowings outstanding at an interest rate of 0.3579%. Details of the borrowings for the six months ended June 30, 2010 are as follows:

Average Daily Loan Balance	$	53,477,348
Average Daily Interest Rate		0.259	%
Fees Paid	$	1,646,291
Interest Paid	$	65,533

6. Subsequent Events Evaluation

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. This evaluation determined that there are no subsequent events that necessitated disclosures and/or adjustments.

7. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal courts against the Manager, the Distributor, and certain mutual funds advised by the Manager and distributed by the Distributor—including the Fund. The lawsuits naming the Fund as a defendant also name as defendants 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 lawsuits 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. Litigation involving certain other Oppenheimer funds is similar in nature.

     In 2009, what are claimed to be derivative lawsuits were filed in state court against the Manager and a subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. These lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

     The Distributor and another subsidiary of the Manager have been named as defendants in a putative class action filed in federal court in 2010. The plaintiff, a participant in the State of Texas’ college savings plan, asserts claims on behalf of all persons who invested in qualified 529 plans managed by these subsidiaries of the Manager and which held investments in a certain mutual fund managed by the Manager and distributed by the Distributor. Plaintiff alleges causes of action for “improper investments,” “breach of fiduciary duty,” and “punitive damages” arising from that fund’s investments in 2008 and 2009.

     Other lawsuits have been filed since 2008 in various state and federal courts, against the Manager and certain of its affiliates. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff “). Those suits allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation,

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Pending Litigation Continued

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 as defendants. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff.

     The Manager believes that the lawsuits described above are without legal merit and is defending against them vigorously. The Fund’s Board of Trustees has also engaged counsel to represent the Fund and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Fund may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not have any material effect on the operations of the Fund, 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, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer funds.

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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 www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

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

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

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ROCHESTER FUND MUNICIPALS

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee David K. Downes, Trustee Matthew P. Fink, Trustee Phillip A. Griffiths, Trustee Mary F. Miller, Trustee Joel W. Motley, Trustee Mary Ann Tynan, Trustee Joseph M. Wikler, Trustee Peter I. Wold, Trustee William F. Glavin, Jr., Trustee, President and Principal Executive Officer Daniel G. Loughran, Vice President and Senior Portfolio Manager Scott S. Cottier, Vice President and Senior Portfolio Manager Troy E. Willis, Vice President and Senior Portfolio Manager Mark R. DeMitry, Vice President and Senior Portfolio Manager Michael L. Camarella, Vice President and Associate Portfolio Manager Richard Stein, Vice President Thomas W. Keffer, Vice President and Chief Business Officer Mark S. Vandehey, Vice President and Chief Compliance Officer Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer Robert G. Zack, Secretary
Manager	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OppenheimerFunds Services
Independent Registered Public Accounting Firms	KPMG llp
Legal Counsel	Kramer Levin Naftalis & Frankel LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.
	©2010 OppenheimerFunds, Inc. All rights reserved.

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PRIVACY POLICY NOTICE

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

Information Sources

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

• Applications or other forms

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

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

• Your transactions with us, our affiliates or others

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

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

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

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

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

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

Protection of Information

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

Disclosure of Information

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

Right of Refusal

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

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Internet Security and Encryption

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

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

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

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

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

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

Other Security Measures

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

How You Can Help

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

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at www.oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at www.oppenheimerfunds.com or call us at 1.800.525.7048.

79 | 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 Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

1. The Fund’s Governance 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.

2. 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 06/30/2010, 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/ William F. Glavin, Jr. William F. Glavin, Jr.
	Principal Executive Officer
Date:	08/09/2010

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/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	08/09/2010
By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	08/09/2010