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: 06/30/2011

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories

Tobacco—Master Settlement Agreement	18.6	%
Airlines	8.4
Sales Tax Revenue	7.9
Electric Utilities	6.6
Marine/Aviation Facilities	6.1
Highways/Commuter Facilities	6.0
Hospital/Healthcare	4.9
General Obligation	4.7
Not-for-profit Organizations	4.4
Higher Education	4.2

Portfolio holdings are subject to change. Percentages are as of June 30, 2011, and are based on total assets.

Credit Allocation

Credit Rating Breakdown	NRSRO Only Total
AAA		0.8	%
AA		25.0
A		20.6
BBB		24.6
BB and lower		12.2
Unrated		16.8
Total		100.0	%

The percentages above are based on the market value of the Fund’s securities as of June 30, 2011, and are subject to change. All securities except for those labeled “unrated” have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (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. Unrated securities do not necessarily indicate low credit quality.

For the purposes of this Credit Allocation table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories, which include AAA, AA, A and BBB. Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

2 | 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 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 fee-based clients of dealers that have a special agreement with the Distributor, 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. There is no sales charge for Class Y shares.

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

3 | 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 (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, 2011.

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.

4 | ROCHESTER FUND MUNICIPALS

FUND EXPENSES Continued

	Beginning		Ending		Expenses
	Account		Account		Paid During
	Value		Value		6 Months Ended
	January 1, 2011		June 30, 2011		June 30, 2011
Actual
Class A	$	1,000.00	$	1,042.40	$	4.67
Class B		1,000.00		1,038.30		9.49
Class C		1,000.00		1,038.70		9.09
Class Y		1,000.00		1,043.00		4.06
Hypothetical (5% return before expenses)
Class A		1,000.00		1,020.23		4.62
Class B		1,000.00		1,015.52		9.39
Class C		1,000.00		1,015.92		8.99
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, 2011 are as follows:

Class	Expense Ratios
Class A		0.92	%
Class B		1.87
Class C		1.79
Class Y		0.80

The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. 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.

5 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS June 30, 2010 / Unaudited

Principal
Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—114.2%
New York—79.5%
$	1,035,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.375	%		12/01/2024	$	1,015,097
	1,700,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.625			12/01/2034		1,597,915
	605,000	Albany County, NY IDA (Wildwood Programs)1		4.900			07/01/2021		507,293
	1,525,000	Albany, NY Capital Resource Corp. (College Saint Rose)2		5.375			07/01/2026		1,514,920
	1,315,000	Albany, NY Capital Resource Corp. (College Saint Rose)2		5.625			07/01/2031		1,311,081
	3,670,000	Albany, NY Capital Resource Corp. (College Saint Rose)2		5.875			07/01/2041		3,676,863
	1,420,000	Albany, NY Hsg. Authority (Lark Drive)1		5.500			12/01/2028		1,426,617
	80,000	Albany, NY IDA (Albany Municipal Golf Course Clubhouse)1		7.500			05/01/2012		80,907
	725,000	Albany, NY IDA (Albany Rehabilitation)1		8.375			06/01/2023		716,394
	3,125,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2027		2,625,969
	1,350,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2032		1,076,639
	900,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2037		690,858
	7,005,000	Albany, NY IDA (Charitable Leadership)		5.750			07/01/2026		4,453,569
	900,000	Albany, NY IDA (New Covenant Charter School)3		7.000			05/01/2025		225,045
	1,080,000	Albany, NY IDA (Sage Colleges)1		5.250			04/01/2019		999,918
	1,760,000	Albany, NY IDA (Sage Colleges)1		5.300			04/01/2029		1,429,173
	895,000	Albany, NY Parking Authority1		5.625			07/15/2025		897,300
	1,770,000	Albany, NY Parking Authority		7.052	4		11/01/2017		1,324,739
	650,000	Amherst, NY IDA (Asbury Pointe)1		5.800			02/01/2015		630,773
	45,000	Amherst, NY IDA (Asbury Pointe)1		6.000			02/01/2023		40,026
	3,000,000	Amherst, NY IDA (Asbury Pointe)1		6.000			02/01/2029		2,469,360
	5,380,000	Amherst, NY IDA (Beechwood Health Care Center)1		5.200			01/01/2040		3,813,398
	50,000	Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)1		5.250			08/01/2031		45,954
	875,000	Blauvelt, NY Volunteer Fire Company1		6.250			10/15/2017		849,503
	2,735,000	Brookhaven, NY IDA (Enecon Corp.)1		6.300			11/01/2033		2,296,333
	2,135,000	Brookhaven, NY IDA (Stony Brook Foundation)1		6.500			11/01/2020		2,148,557
	95,000	Broome County, NY IDA (University Plaza)1		5.000			08/01/2025		83,090
	3,030,000	Broome County, NY IDA (University Plaza)1		5.000			08/01/2036		2,380,641
	1,000,000	Broome County, NY IDA (University Plaza)1		5.100			08/01/2030		841,350
	1,250,000	Broome County, NY IDA (University Plaza)1		5.100			08/01/2036		997,075
	3,000,000	Broome County, NY IDA (University Plaza)1		5.200			08/01/2030		2,556,390
	4,450,000	Broome County, NY IDA (University Plaza)1		5.200			08/01/2036		3,602,854
	1,770,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		5.375			10/01/2041		1,759,362
	870,000	Buffalo & Erie County, NY Industrial Land Devel. (Buffalo State College Foundation Hsg. Corp.)1		6.000			10/01/2031		933,997
	3,000,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)1		5.750			11/01/2030		2,663,580

6 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	915,000	Canton, NY Human Services Initiatives1		5.700	%		09/01/2024	$	905,740
	1,155,000	Canton, NY Human Services Initiatives1		5.750			09/01/2032		1,081,172
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1		5.000			05/01/2040		938,320
	1,000,000	Canton, NY Resource Corp. Student Hsg. Facility (Grasse River-SUNY Canton)1		5.000			05/01/2045		930,020
	1,350,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.450			09/15/2019		1,349,987
	9,775,000	Cayuga County, NY COP (Auburn Memorial Hospital)1		6.000			01/01/2021		9,777,151
	95,000	Chautauqua, NY Utility District1		5.000			06/01/2023		98,823
	105,000	Chautauqua, NY Utility District1		5.000			06/01/2025		107,943
	960,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		4.850			07/01/2023		960,211
	1,515,000	Chemung County, NY IDA (Hathorn Redevel. Company)1		5.000			07/01/2033		1,416,267
	3,835,000	Chemung County, NY IDA (St. Joseph’s Hospital)		6.000			01/01/2013		3,642,483
	4,000,000	Chemung County, NY IDA (St. Joseph’s Hospital)		6.350			01/01/2013		3,799,200
	4,910,000	Chemung County, NY IDA (St. Joseph’s Hospital)		6.500			01/01/2019		4,663,518
	300,000	Clifton Springs, NY Hospital & Clinic1		7.650			01/01/2012		300,099
	2,050,000	Clifton Springs, NY Hospital & Clinic1		8.000			01/01/2020		2,050,697
	35,000	Cohoes, NY GO		6.200			03/15/2012		35,141
	25,000	Cohoes, NY GO		6.200			03/15/2013		25,096
	25,000	Cohoes, NY GO1		6.250			03/15/2014		25,092
	25,000	Cohoes, NY GO1		6.250			03/15/2015		25,086
	25,000	Cohoes, NY GO1		6.250			03/15/2016		25,079
	910,000	Columbia County, NY IDA (Berkshire Farms)1		7.500			12/30/2014		858,458
	3,300,000	Corinth, NY IDA (International Paper Company)1		5.750			02/01/2022		3,328,314
	5,370,000	Cortland County, NY IDA (Cortland Memorial Hospital)1		5.250			07/01/2032		5,032,549
	2,200,000	Dutchess County, NY IDA (Elant Fishkill)1		5.250			01/01/2037		1,570,800
	800,000	Dutchess County, NY IDA (St. Francis Hospital)1		7.500			03/01/2029		785,544
	3,250,000	Dutchess County, NY Local Devel. Corp. (Anderson Center Services)1		6.000			10/01/2030		3,166,475
	650,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)1		5.750			07/01/2040		654,537
	1,000,000	Dutchess County, NY Water & Wastewater Authority		5.400	4		06/01/2027		485,560
	3,105,000	East Rochester, NY Hsg. Authority (Episcopal Senior Hsg.)1		7.750			10/01/2032		2,911,745
	1,355,000	East Rochester, NY Hsg. Authority (Gates Senior Hsg.)1		6.125			04/20/2043		1,373,184
	2,280,000	East Rochester, NY Hsg. Authority (Jefferson Park Apartments)1		6.750			03/01/2030		2,198,992
	1,700,000	East Rochester, NY Hsg. Authority (Woodland Village)1		5.500			08/01/2033		1,354,203
	3,115,000	Elmira, NY Hsg. Authority (Eastgate Apartments)1		6.250			06/01/2044		2,392,694

7 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,665,000	Erie County, NY IDA (Air Cargo)1		8.500	%		10/01/2015	$	1,665,982
	1,735,000	Erie County, NY IDA (Buffalo City School District)1		5.250			05/01/2030		1,838,111
	1,465,000	Erie County, NY IDA (Buffalo City School District)1		5.250			05/01/2031		1,542,528
	865,000	Erie County, NY IDA (Buffalo City School District)1		5.250			05/01/2032		903,804
	7,000,000	Erie County, NY IDA (Charter School Applied Tech)1		6.875			06/01/2035		6,896,190
	1,960,000	Erie County, NY IDA (DePaul Properties)1		5.750			09/01/2028		1,724,310
	2,060,000	Erie County, NY IDA (DePaul Properties)1		6.500			09/01/2018		2,023,991
	1,750,000	Erie County, NY IDA (Global Concepts Charter School)1		6.250			10/01/2037		1,545,600
	11,310,000	Erie County, NY IDA (Medaille College)1		7.625			04/01/2035		11,698,046
	9,900,000	Erie County, NY IDA (Orchard Park CCRC)		6.000			11/15/2026		7,846,938
	6,860,000	Erie County, NY IDA (Orchard Park CCRC)		6.000			11/15/2036		4,964,719
	1,415,000	Erie County, NY IDA (The Episcopal Church Home)1		6.000			02/01/2028		1,339,623
	25,290,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2038		18,593,967
	72,595,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2045		51,522,123
	93,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.140	4		06/01/2047		2,618,880
	135,450,000	Erie County, NY Tobacco Asset Securitization Corp.		6.488	4		06/01/2050		2,352,767
	194,300,000	Erie County, NY Tobacco Asset Securitization Corp.		7.196	4		06/01/2055		1,634,063
	1,024,000,000	Erie County, NY Tobacco Asset Securitization Corp.		7.650	4		06/01/2060		4,997,120
	1,410,000	Essex County, NY IDA (International Paper Company)1		4.600			03/01/2027		1,229,365
	2,300,000	Essex County, NY IDA (International Paper Company)1		6.450			11/15/2023		2,308,418
	1,500,000	Essex County, NY IDA (International Paper Company)1		6.625			09/01/2032		1,572,045
	975,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		1,019,733
	320,000	Essex County, NY IDA (North Country Community College Foundation)1		5.000			06/01/2020		334,682
	1,235,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		1,263,035
	410,000	Essex County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		419,307
	1,100,000	Essex County, NY IDA (North Country Community College Foundation)1		5.300			06/01/2035		1,080,926
	1,850,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.500			08/15/2022		1,830,187
	1,625,000	Essex County, NY IDA Solid Waste Disposal (International Paper Company)1		5.500			10/01/2026		1,600,966
	5,680,000	Franklin County, NY IDA (Adirondack Medical Center)1		5.500			12/01/2029		5,634,276
	900,000	Franklin County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		920,430
	1,075,000	Green Island, NY Power Authority1		5.125			12/15/2024		1,081,160
	2,210,000	Green Island, NY Power Authority1		6.000			12/15/2020		2,246,134
	1,695,000	Green Island, NY Power Authority1		6.000			12/15/2025		1,713,052
	105,000	Hempstead, NY IDA (Dentaco Corp.)1		7.250			11/01/2012		104,106

8 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,270,000	Hempstead, NY IDA (Dentaco Corp.)1		8.250	%		11/01/2025	$	1,235,151
	7,930,000	Hempstead, NY IDA (Franklin Hospital Medical Center)1		6.375			11/01/2018		7,798,679
	7,460,000	Hempstead, NY IDA (Franklin Hospital Medical Center)1		7.750			11/01/2021		7,642,770
	25,260,000	Hempstead, NY IDA (Lynbrook Facilities)1		6.500			11/01/2042		18,392,564
	3,665,000	Hempstead, NY IDA (Peninsula Counseling Center)1		6.500			11/01/2038		3,126,868
	5,680,000	Hempstead, NY IDA (South Shore Y JCC)1		6.750			11/01/2024		5,009,306
	840,000	Herkimer County, NY IDA (Folts Adult Home)1		5.500			03/20/2040		885,360
	1,000,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.250			08/01/2034		997,510
	1,285,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.400			11/01/2020		1,301,859
	2,000,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.500			11/01/2030		2,007,620
	69,340,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		62,964,880
	99,580,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		90,424,615
	120,000	Huntington, NY Hsg. Authority (GJSR)1		5.875			05/01/2019		116,922
	840,000	Huntington, NY Hsg. Authority (GJSR)1		6.000			05/01/2029		772,204
	8,500,000	Huntington, NY Hsg. Authority (GJSR)1		6.000			05/01/2039		7,370,945
	675,000	Islip, NY IDA (Leeway School)1		9.000			08/01/2021		676,053
	15,265,000	Islip, NY IDA (Southside Hospital Civic Facilities)1		7.750			12/01/2022		15,269,122
	9,695,000	Islip, NY IDA (United Cerebral Palsy Assoc.)1		6.250			12/01/2031		8,352,921
	1,125,000	Islip, NY IDA (United Cerebral Palsy Assoc.)1		6.250			12/01/2031		969,266
	60,000	L.I., NY Power Authority, Series A1		5.125			09/01/2029		60,030
	7,000,000	L.I., NY Power Authority, Series A1		5.750			04/01/2039		7,493,500
	5,300,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2040		4,628,490
	850,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000			06/01/2028		771,316
	1,100,000	Madison County, NY IDA (Morrisville State College Foundation)1		5.000			06/01/2032		974,622
	1,320,000	Madison County, NY IDA (Oneida Healthcare Center)1		5.300			02/01/2021		1,326,244
	5,500,000	Madison County, NY IDA (Oneida Healthcare Center)1		5.350			02/01/2031		5,020,180
	570,000	Middletown, NY IDA (Flanagan Design & Display)3		7.500			11/01/2018		494,846
	1,165,000	Middletown, NY IDA (YMCA)1		7.000			11/01/2019		1,165,210
	50,000	Monroe County, NY IDA (Cloverwood Senior Living)1		6.750			05/01/2023		47,208
	165,000	Monroe County, NY IDA (Cloverwood Senior Living)1		6.875			05/01/2033		182,868
	860,000	Monroe County, NY IDA (Cloverwood Senior Living)1		6.875			05/01/2033		790,684
	3,760,000	Monroe County, NY IDA (DePaul Community Facilities)1		5.875			02/01/2028		3,362,042
	4,780,000	Monroe County, NY IDA (DePaul Community Facilities)1		5.950			08/01/2028		4,413,565
	2,460,000	Monroe County, NY IDA (Parma Senior Hsg. Assoc.)1		6.500			12/01/2042		2,140,520
	2,915,000	Monroe County, NY IDA (Rochester Institute of Technology)1		5.375			04/01/2029		2,678,594

9 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,750,000	Monroe County, NY IDA (St. John Fisher College)1		5.250	%		06/01/2026	$	1,725,028
	3,210,000	Monroe County, NY IDA (St. John Fisher College)1		5.375			06/01/2024		3,211,733
	2,175,000	Monroe County, NY IDA (Summit at Brighton)1		5.375			07/01/2032		1,534,136
	3,660,000	Monroe County, NY IDA (Summit at Brighton)1		5.500			07/01/2027		2,828,485
	670,000	Monroe County, NY IDA (Volunteers of America)1		5.700			08/01/2018		623,355
	2,765,000	Monroe County, NY IDA (Volunteers of America)1		5.750			08/01/2028		2,383,983
	850,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		5.625			06/01/2026		861,892
	1,495,000	Monroe County, NY Industrial Devel. Corp. (St. John Fisher College)1		6.000			06/01/2034		1,520,609
	15,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)1		5.750			08/15/2035		16,447,050
	650,000,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.701	4		06/01/2061		2,847,000
	580,000	Monroe, NY Newpower Corp1		5.625			01/01/2026		563,499
	2,265,000	Monroe, NY Newpower Corp.1		5.500			01/01/2034		2,041,580
	600,000	Mount Vernon, NY IDA (Kings Court)1		5.200			12/01/2033		600,210
	2,065,000	Mount Vernon, NY IDA (Meadowview)1		6.150			06/01/2019		1,977,630
	2,600,000	Mount Vernon, NY IDA (Meadowview)1		6.200			06/01/2029		2,295,202
	802,824	Municipal Assistance Corp. for Troy, NY		5.733	4		07/15/2021		544,507
	1,218,573	Municipal Assistance Corp. for Troy, NY		5.741	4		01/15/2022		800,749
	690,000	Nassau County, NY IDA (ACDS)1		5.950			11/01/2022		620,455
	365,000	Nassau County, NY IDA (ALIA-ACDS)1		7.500			06/01/2015		368,347
	2,975,000	Nassau County, NY IDA (ALIA-ACLD)1		6.250			09/01/2022		2,745,687
	145,000	Nassau County, NY IDA (ALIA-ACLD)1		7.125			06/01/2017		145,610
	180,000	Nassau County, NY IDA (ALIA-ACLD)1		7.500			06/01/2015		181,651
	3,705,000	Nassau County, NY IDA (ALIA-CSMR)1		7.000			11/01/2016		3,718,116
	2,120,000	Nassau County, NY IDA (ALIA-CSMR)1		7.125			06/01/2017		2,128,925
	915,000	Nassau County, NY IDA (ALIA-CSMR)1		7.500			06/01/2015		923,391
	40,000	Nassau County, NY IDA (ALIA-FREE)1		7.125			06/01/2012		40,330
	1,125,000	Nassau County, NY IDA (ALIA-FREE)1		7.500			06/01/2015		1,135,316
	4,030,000	Nassau County, NY IDA (ALIA-FREE)1		8.150			06/01/2030		4,057,364
	5,960,000	Nassau County, NY IDA (ALIA-FREE)1		8.250			06/01/2032		6,057,327
	565,000	Nassau County, NY IDA (ALIA-HH)1		7.125			06/01/2017		567,379
	435,000	Nassau County, NY IDA (ALIA-HHS)1		7.125			06/01/2017		436,831
	90,000	Nassau County, NY IDA (ALIA-LVH)1		7.500			06/01/2015		90,825
	7,765,000	Nassau County, NY IDA (Amsterdam at Harborside)1		6.700			01/01/2043		7,331,558
	270,000	Nassau County, NY IDA (CNGCS)1		7.500			06/01/2015		272,476
	2,245,000	Nassau County, NY IDA (CNGCS)1		8.150			06/01/2030		2,260,244
	4,800,000	Nassau County, NY IDA (CSMR)1		5.950			11/01/2022		4,316,208
	600,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)1		5.950			11/01/2022		539,526
	1,660,000	Nassau County, NY IDA (Hispanic Counseling Center)1		6.500			11/01/2037		1,419,117

10 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	3,150,000	Nassau County, NY IDA (Keyspan-Glenwood Energy Center)1		5.250	%		06/01/2027	$	3,171,830
	600,000	Nassau County, NY IDA (Life’s WORCA)1		5.950			11/01/2022		539,526
	3,545,000	Nassau County, NY IDA (Little Village School)1		7.500			12/01/2031		3,549,219
	1,000,000	Nassau County, NY IDA (New York Institute of Technology)1		4.750			03/01/2026		994,190
	3,535,000	Nassau County, NY IDA (New York Water Service Corp.)1		5.000			12/01/2035		3,174,324
	2,020,000	Nassau County, NY IDA (North Shore CFGA)1		6.750			05/01/2024		1,923,323
	1,200,000	Nassau County, NY IDA (PLUS Group Home)1		6.150			11/01/2022		1,097,304
	1,280,000	Nassau County, NY IDA (United Cerebral Palsy)1		6.250			11/01/2014		1,263,667
	645,000	Nassau County, NY IDA (United Veteran’s Beacon House)1		6.500			11/01/2037		551,404
	565,000	Nassau County, NY IDA, Series A-A1		6.000			07/02/2021		517,139
	6,200,000	Nassau County, NY IDA, Series A-B1		6.000			07/01/2021		5,674,798
	610,000	Nassau County, NY IDA, Series A-C1		6.000			07/01/2021		558,327
	695,000	Nassau County, NY IDA, Series A-D1		6.000			07/01/2021		636,127
	122,875,000	Nassau County, NY Tobacco Settlement Corp.1		5.125			06/01/2046		79,165,905
	9,000,000	Nassau County, NY Tobacco Settlement Corp.1		5.250			06/01/2026		8,006,130
	20,000,000	Nassau County, NY Tobacco Settlement Corp.		5.820	4		06/01/2046		694,000
	105,975,000	Nassau County, NY Tobacco Settlement Corp.		6.221	4		06/01/2046		3,295,823
	1,055,215,000	Nassau County, NY Tobacco Settlement Corp.		6.537	4		06/01/2060		6,468,468
	40,000,000	Nassau County, NY Tobacco Settlement Corp.		7.351	4		06/01/2060		195,200
	22,780,000	Nassau County, NY Tobacco Settlement Corp. (TASC)1		5.000			06/01/2035		16,811,184
	13,010,000	New Rochelle, NY IDA (College of New Rochelle)1		5.250			07/01/2027		13,031,727
	3,670,000	New Rochelle, NY IDA (Soundview Apartments)1		5.375			04/01/2036		3,543,128
	2,500,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		2,407,725
	1,500,000	Niagara County, NY IDA (Niagara University)1		5.350			11/01/2023		1,511,610
	5,400,000	Niagara County, NY IDA (Niagara University)1		5.400			11/01/2031		5,403,726
	20,000	Niagara County, NY Tobacco Asset Securitization Corp.1		5.750			05/15/2022		19,352
	1,480,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2034		1,361,230
	6,295,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2040		5,669,529
	125,000	Niagara Falls, NY Public Water Authority1		5.500			07/15/2034		125,333
	355,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.000			04/01/2028		324,438
	1,875,000	Niagara, NY Frontier Transportation Authority (Buffalo Niagara International Airport)1		5.625			04/01/2029		1,816,538
	2,835,000	North Tonawanda, NY HDC (Bishop Gibbons Associates)1		7.375			12/15/2021		3,433,865

11 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	500,000	NY Carnegie Redevel. Corp.		7.000	%		09/01/2021	$	411,335
	6,750,000	NY Counties Tobacco Trust I1		6.250			06/01/2028		6,444,833
	6,235,000	NY Counties Tobacco Trust I1		6.500			06/01/2035		5,875,053
	19,230,000	NY Counties Tobacco Trust I1		6.625			06/01/2042		18,147,928
	29,800,000	NY Counties Tobacco Trust II (TASC)1		5.625			06/01/2035		23,991,682
	53,880,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043		41,352,361
	245,000	NY Counties Tobacco Trust III1		6.000			06/01/2043		211,803
	7,000,000	NY Counties Tobacco Trust IV1		5.000			06/01/2038		5,018,860
	131,335,000	NY Counties Tobacco Trust IV		5.920	4		06/01/2050		2,744,902
	304,690,000	NY Counties Tobacco Trust IV		6.395	4		06/01/2055		3,144,401
	608,700,000	NY Counties Tobacco Trust IV		6.816	4		06/01/2060		2,970,456
	52,535,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2042		37,055,037
	38,275,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2045		26,255,502
	82,500,000	NY Counties Tobacco Trust IV (TASC)1		6.250			06/01/2041		76,823,175
	236,140,000	NY Counties Tobacco Trust V		6.070	4		06/01/2038		17,698,693
	598,653,613	NY Counties Tobacco Trust V		6.210	4		06/01/2050		14,948,381
	643,195,000	NY Counties Tobacco Trust V		6.850	4		06/01/2055		6,637,772
	3,845,000,000	NY Counties Tobacco Trust V		7.846	4		06/01/2060		18,763,600
	15,000,000	NY Liberty Devel. Corp. (Bank of America Tower)5		5.125			01/15/2044		14,731,650
	62,345,000	NY Liberty Devel. Corp. (Bank of America Tower)5		5.625			01/15/2046		63,849,817
	2,199,995	NY Liberty Devel. Corp. (National Sports Museum)3		6.125			02/15/2019		22
	2,800,000	NY MTA, Series 2008C1		6.500			11/15/2028		3,218,992
	41,560,000	NY MTA, Series A5		5.000			11/15/2030		41,733,087
	20,000	NY MTA, Series A1		5.000			11/15/2032		19,960
	25,000	NY MTA, Series B1		5.000			01/01/2031		25,050
	16,745,000	NY MTA, Series B-21		5.000			11/15/2033		17,229,098
	33,190,000	NY MTA, Series D1		5.250			11/15/2040		33,567,702
	1,400,000	NY Newark-Wayne Community Hospital1		7.600			09/01/2015		1,399,734
	29,720,000	NY Seneca Nation Indians Capital Improvements1		5.000			12/01/2023		24,727,040
	6,000,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2025		6,293,400
	25,000	NY Triborough Bridge & Tunnel Authority1		5.000			01/01/2032		25,092
	6,470,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2037		6,626,445
	2,000,000	NY Triborough Bridge & Tunnel Authority1		5.000			11/15/2038		2,050,080
	33,060,000	NY Triborough Bridge & Tunnel Authority, Series A5		5.000			01/01/2027		33,532,311
	13,950,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2026		12,434,891
	251,510,000	NY TSASC, Inc. (TFABs)1		5.000			06/01/2034		189,153,126
	337,515,000	NY TSASC, Inc. (TFABs)1		5.125			06/01/2042		235,241,205
	5,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)1		7.250			11/01/2042		4,951,850
	15,000	NYC GO1		5.000			06/01/2020		16,545
	25,000	NYC GO1		5.000			03/01/2025		26,292
	10,920,000	NYC GO5		5.000			08/01/2030		11,205,340

12 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	12,455,000	NYC GO5		5.000	%		12/01/2033	$	12,608,409
	12,765,000	NYC GO5		5.000			03/01/2035		12,906,672
	5,400,000	NYC GO5		5.000			08/01/2035		5,466,290
	8,405,000	NYC GO1		5.000			05/15/2036		8,582,766
	60,000	NYC GO1		5.100			11/01/2019		61,583
	20,000,000	NYC GO5		5.250			03/01/2021		22,832,200
	5,000	NYC GO1		5.250			08/01/2021		5,016
	3,110,000	NYC GO1		5.250			06/01/2027		3,253,340
	22,420,000	NYC GO1		5.250			06/01/2027		22,640,837
	5,000	NYC GO1		5.375			12/01/2026		5,065
	5,000	NYC GO1		5.375			03/01/2027		5,420
	140,000	NYC GO1		5.375			06/01/2032		146,614
	37,805,000	NYC GO1		5.375			06/01/2032		38,837,833
	40,000	NYC GO1		5.500			08/01/2022		40,134
	5,000	NYC GO1		5.500			12/01/2031		5,072
	5,000	NYC GO1		5.950			08/01/2014		5,023
	40,000	NYC GO		6.154	4		10/01/2012		39,548
	2,000,000	NYC GO1		6.250			12/15/2031		2,262,220
	15,000	NYC GO1		7.250			08/15/2024		15,073
	5,000	NYC GO1		7.750			08/15/2028		5,034
	1,475,000	NYC GO ROLs6		18.303	7		05/15/2031		1,698,197
	5,395,000	NYC GO ROLs6		18.314	7		05/15/2036		5,851,417
	875,000	NYC GO ROLs6		18.318	7		05/15/2033		965,265
	35,091	NYC HDC (Beekman)1		6.500			10/15/2017		35,180
	238,159	NYC HDC (Bridgeview III)		6.500			12/15/2017		239,290
	707,849	NYC HDC (Cadman Towers)		6.500			11/15/2018		711,211
	45,473	NYC HDC (Essex Terrace)		6.500			07/15/2018		45,632
	98,734	NYC HDC (Keith Plaza)		6.500			02/15/2018		98,994
	1,800,000	NYC HDC (Multifamily Hsg.)1		4.700			11/01/2040		1,630,620
	780,000	NYC HDC (Multifamily Hsg.)1		5.000			11/01/2030		741,889
	3,500,000	NYC HDC (Multifamily Hsg.)5		5.000			11/01/2037		3,397,666
	60,000	NYC HDC (Multifamily Hsg.)1		5.050			11/01/2023		60,311
	4,685,000	NYC HDC (Multifamily Hsg.)5		5.050			11/01/2039		4,497,472
	2,435,000	NYC HDC (Multifamily Hsg.)5		5.100			11/01/2027		2,446,154
	3,000,000	NYC HDC (Multifamily Hsg.)5		5.125			11/01/2032		2,988,990
	5,100,000	NYC HDC (Multifamily Hsg.)1		5.150			11/01/2037		5,048,847
	1,675,000	NYC HDC (Multifamily Hsg.)1		5.200			11/01/2035		1,597,113
	8,035,000	NYC HDC (Multifamily Hsg.)5		5.200			11/01/2040		7,927,184
	14,110,000	NYC HDC (Multifamily Hsg.)5		5.250			11/01/2030		14,264,443
	7,205,000	NYC HDC (Multifamily Hsg.)1		5.250			11/01/2045		7,069,546
	5,140,000	NYC HDC (Multifamily Hsg.)1		5.350			11/01/2037		5,169,761

13 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,215,000	NYC HDC (Multifamily Hsg.)1		5.350	%		05/01/2041	$	1,132,878
	15,000	NYC HDC (Multifamily Hsg.)1		5.400			11/01/2033		15,009
	3,735,000	NYC HDC (Multifamily Hsg.)1		5.450			11/01/2040		3,764,544
	2,670,000	NYC HDC (Multifamily Hsg.)1		5.450			11/01/2046		2,478,828
	4,785,000	NYC HDC (Multifamily Hsg.)1		5.500			11/01/2028		4,853,426
	3,090,000	NYC HDC (Multifamily Hsg.)5		5.500			11/01/2034		3,174,072
	2,840,000	NYC HDC (Multifamily Hsg.)5		5.550			11/01/2039		2,941,899
	10,910,000	NYC HDC (Multifamily Hsg.)5		5.700			11/01/2046		11,188,351
	65,588	NYC HDC (Multifamily Hsg.)1		6.500			02/15/2018		65,747
	10,470,000	NYC HDC (Multifamily Hsg.), Series A5		5.600			11/01/2042		10,510,624
	31,100,000	NYC HDC (Multifamily Hsg.), Series B5		5.350			05/01/2049		30,897,352
	11,250,000	NYC HDC (Multifamily Hsg.), Series C5		5.050			11/01/2036		10,756,455
	8,365,000	NYC HDC (Multifamily Hsg.), Series C5		5.125			05/01/2040		8,161,274
	385,000	NYC HDC (Multifamily Hsg.), Series C1		5.700			05/01/2031		385,135
	1,000,000	NYC HDC (Multifamily Hsg.), Series E1		5.200			11/01/2033		1,000,140
	2,155,000	NYC HDC (Multifamily Hsg.), Series F1		5.200			11/01/2032		2,155,108
	13,180,000	NYC HDC (Multifamily Hsg.), Series G-15		4.875			11/01/2039		12,601,784
	1,345,000	NYC HDC (Multifamily Hsg.), Series H-21		5.200			11/01/2038		1,337,132
	3,400,000	NYC HDC (Multifamily Hsg.), Series H-21		5.250			05/01/2046		3,334,720
	15,510,000	NYC HDC (Multifamily Hsg.), Series I-25		5.200			11/01/2038		14,829,566
	816,882	NYC HDC (Ruppert)1		6.500			11/15/2018		860,340
	203,205	NYC HDC (St. Martin Tower)		6.500			11/15/2018		204,170
	2,750,000	NYC HDC, Series C5		5.000			11/01/2026		2,760,488
	870,000	NYC IDA (A Very Special Place)1		5.750			01/01/2029		708,389
	43,020,000	NYC IDA (AIRIS JFK I/JFK International Airport)1		5.500			07/01/2028		37,551,298
	19,915,000	NYC IDA (AIRIS JFK I/JFK International Airport)1		6.000			07/01/2027		18,625,703
	160,000	NYC IDA (Allied Metal)1		6.375			12/01/2014		155,158
	940,000	NYC IDA (Allied Metal)1		7.125			12/01/2027		874,435
	2,685,000	NYC IDA (Amboy Properties)1		6.750			06/01/2020		2,362,827
	2,905,000	NYC IDA (American Airlines)		5.400			07/01/2019		2,372,136
	32,580,000	NYC IDA (American Airlines)		5.400			07/01/2020		26,102,444
	41,550,000	NYC IDA (American Airlines)		6.900			08/01/2024		35,798,649
	540,000	NYC IDA (American Airlines)1		7.500			08/01/2016		552,701
	18,200,000	NYC IDA (American Airlines)1		7.625			08/01/2025		18,774,938
	59,350,000	NYC IDA (American Airlines)1		7.750			08/01/2031		60,752,441
	39,860,000	NYC IDA (American Airlines)1		8.000			08/01/2028		41,321,268
	338,060,000	NYC IDA (American Airlines)1		8.500			08/01/2028		345,649,398
	3,530,000	NYC IDA (American National Red Cross)1		5.000			02/01/2036		3,103,647
	3,775,000	NYC IDA (Atlantic Paste & Glue Company)1		6.625			11/01/2019		3,673,528
	935,000	NYC IDA (Atlantic Veal & Lamb)1		8.375			12/01/2016		935,514
	105,000	NYC IDA (Baco Enterprises)1		7.500			11/01/2011		104,979

14 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,685,000	NYC IDA (Baco Enterprises)1		8.500	%		11/01/2021	$	1,671,402
	1,230,000	NYC IDA (Bark Frameworks)1		6.750			11/01/2019		1,147,824
	5,500,000	NYC IDA (Beth Abraham Health Services)1		6.500			02/15/2022		4,735,225
	1,035,000	NYC IDA (Beth Abraham Health Services)1		6.500			11/15/2027		897,345
	4,220,000	NYC IDA (Beth Abraham Health Services)1		6.500			11/15/2034		3,600,040
	34,450,000	NYC IDA (British Airways)1		7.625			12/01/2032		34,804,491
	97,120,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.650			10/01/2028		76,413,045
	153,620,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		5.750			10/01/2036		115,688,150
	22,255,000	NYC IDA (Brooklyn Navy Yard Cogeneration Partners)1		6.200			10/01/2022		20,524,896
	16,205,000	NYC IDA (Calhoun School)1		6.625			12/01/2034		15,297,196
	4,145,000	NYC IDA (Calhoun School)1		6.625			12/01/2034		3,912,797
	2,895,000	NYC IDA (Center for Elimination of Family Violence)1		7.375			11/01/2036		2,795,094
	15,300,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375			08/01/2027		12,663,810
	3,400,000	NYC IDA (Center for Nursing/Rehabilitation)1		5.375			08/01/2027		2,814,180
	29,135,000	NYC IDA (Chapin School)1		5.000			11/01/2038		24,079,786
	1,490,000	NYC IDA (Comprehensive Care Management)1		6.000			05/01/2026		1,375,181
	3,145,000	NYC IDA (Comprehensive Care Management)1		6.125			11/01/2035		2,794,899
	1,490,000	NYC IDA (Comprehensive Care Management)1		6.375			11/01/2028		1,403,982
	3,760,000	NYC IDA (Comprehensive Care Management)1		6.375			11/01/2028		3,542,296
	1,220,000	NYC IDA (Comprehensive Care Management)1		7.875			12/01/2016		1,220,232
	225,000	NYC IDA (Comprehensive Care Management)1		8.000			12/01/2011		225,153
	1,310,000	NYC IDA (Cool Wind Ventilation)1		5.450			11/01/2017		1,126,521
	1,180,000	NYC IDA (Cool Wind Ventilation)1		5.450			11/01/2017		1,014,729
	5,685,000	NYC IDA (Cool Wind Ventilation)1		6.075			11/01/2027		4,307,127
	475,000	NYC IDA (Eger Harbor House)1		5.875			05/20/2044		495,221
	5,500,000	NYC IDA (Family Support Systems)3		7.500			11/01/2034		3,497,835
	1,385,000	NYC IDA (Good Shepherd Services)1		5.875			06/01/2014		1,386,247
	3,270,000	NYC IDA (Gourmet Boutique)1		5.750			05/01/2021		2,617,570
	7,290,000	NYC IDA (Guttmacher Institute)1		5.750			12/01/2036		6,942,267
	1,985,000	NYC IDA (Herbert G. Birch Childhood Project)1		8.375			02/01/2022		1,988,136
	800,000	NYC IDA (Independent Living Assoc.)1		6.200			07/01/2020		751,888
	505,000	NYC IDA (Just Bagels Manufacturing)1		8.500			11/01/2016		515,156
	890,000	NYC IDA (Just Bagels Manufacturing)1		8.750			05/01/2026		907,898
	5,000,000	NYC IDA (Liberty-7 World Trade Center)		6.500			03/01/2035		5,020,050
	12,000,000	NYC IDA (Liberty-7 World Trade Center)1		6.750			03/01/2015		12,061,560
	2,405,000	NYC IDA (Little Red Schoolhouse)1		6.750			11/01/2018		2,406,130
	23,000,000	NYC IDA (Magen David Yeshivah)1		5.700			06/15/2027		14,949,770
	3,745,000	NYC IDA (Manhattan Community Access Corp.)1		6.000			12/01/2036		3,038,094
	1,895,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		1,544,728
	9,175,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)1		6.375			11/01/2038		7,479,093

15 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	680,000	NYC IDA (Marymount School of New York)1		5.125	%		09/01/2021	$	694,899
	4,010,000	NYC IDA (Marymount School of New York)1		5.250			09/01/2031		4,018,662
	17,075,000	NYC IDA (MediSys Health Network)1		6.250			03/15/2024		14,306,460
	4,790,000	NYC IDA (Mesorah Publications)1		6.950			02/01/2021		4,894,614
	8,405,000	NYC IDA (Metro Biofuels)1		6.000			11/01/2028		6,768,294
	2,540,000	NYC IDA (Metropolitan College of New York)1		5.750			03/01/2020		2,526,081
	1,855,000	NYC IDA (Morrisons Pastry)1		6.500			11/01/2019		1,746,000
	25,000	NYC IDA (NYU)1		5.000			07/01/2041		24,751
	40,000,000	NYC IDA (NYU)5		5.250			07/01/2048		41,059,932
	2,935,000	NYC IDA (Petrocelli Electric)1		8.000			11/01/2017		2,862,828
	805,000	NYC IDA (Petrocelli Electric)1		8.000			11/01/2018		769,749
	10,065,000	NYC IDA (Polytechnic University)1		5.250			11/01/2027		10,069,630
	2,145,000	NYC IDA (Precision Gear)1		6.375			11/01/2024		2,081,937
	1,830,000	NYC IDA (Precision Gear)1		6.375			11/01/2024		1,776,198
	865,000	NYC IDA (Precision Gear)1		7.625			11/01/2024		871,842
	1,750,000	NYC IDA (PSCH)1		6.375			07/01/2033		1,506,470
	6,800,000	NYC IDA (Reece School)1		7.500			12/01/2037		5,996,240
	1,340,000	NYC IDA (Riverdale Terrace Hsg. Devel. Fund)1		6.250			11/01/2014		1,288,088
	8,595,000	NYC IDA (Riverdale Terrace Hsg. Devel. Fund)1		6.750			11/01/2028		7,931,466
	1,000,000	NYC IDA (Roundabout Theatre)1		5.000			10/01/2023		768,630
	3,785,000	NYC IDA (Sahadi Fine Foods)1		6.750			11/01/2019		3,563,161
	200,000	NYC IDA (Samaritan Aids Services)1		5.000			11/01/2024		200,834
	875,000	NYC IDA (SFTU/YAI/CRV Obligated Group)1		5.000			07/01/2026		688,686
	4,380,000	NYC IDA (Showman Fabricators)1		7.500			11/01/2028		3,350,656
	3,005,000	NYC IDA (South Bronx Overall Economic Devel.)1		8.625			12/01/2025		2,836,930
	1,625,000	NYC IDA (Special Needs Facilities Pooled Program)1		4.750			07/01/2020		1,384,695
	995,000	NYC IDA (Special Needs Facilities Pooled Program)1		5.250			07/01/2022		845,750
	2,200,000	NYC IDA (Special Needs Facilities Pooled Program)1		6.650			07/01/2023		2,155,076
	3,735,000	NYC IDA (Special Needs Facilities Pooled Program)1		7.875			08/01/2025		3,660,151
	5,760,000	NYC IDA (Stallion)1		5.500			11/01/2036		3,800,102
	955,000	NYC IDA (Stallion)1		6.000			11/01/2027		736,974
	10,000	NYC IDA (Staten Island University Hospital)1		6.375			07/01/2031		10,003
	1,375,000	NYC IDA (Staten Island University Hospital)1		6.450			07/01/2032		1,376,293
	350,000	NYC IDA (Streamline Plastics)1		7.750			12/01/2015		346,612
	1,275,000	NYC IDA (Streamline Plastics)1		8.125			12/01/2025		1,221,807
	6,808,500	NYC IDA (Studio School)3		7.000			11/01/2038		5,960,706
	605,000	NYC IDA (Surprise Plastics)3		7.500			11/01/2013		550,780
	2,480,000	NYC IDA (Surprise Plastics)3		8.500			11/01/2023		1,866,398
	1,500,000	NYC IDA (Terminal One Group Assoc.)1		5.500			01/01/2021		1,573,605
	380,000	NYC IDA (The Bank Street College)1		5.250			12/01/2021		383,158
	1,000,000	NYC IDA (The Bank Street College)1		5.250			12/01/2030		953,150

16 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	8,800,000	NYC IDA (The Child School)1		7.550	%		06/01/2033	$	8,675,128
	75,000	NYC IDA (Therapy & Learning Center)1		7.500			10/01/2011		75,212
	3,735,000	NYC IDA (Therapy & Learning Center)1		8.250			10/01/2031		3,770,968
	8,845,000	NYC IDA (Tides Two Rivers Foundation)1		5.650			12/01/2039		6,684,520
	32,040,000	NYC IDA (Unicef)1		5.300			11/01/2038		28,311,185
	3,640,000	NYC IDA (Urban Resource Institute)1		7.375			11/01/2033		3,323,684
	1,150,000	NYC IDA (Utleys)1		7.375			11/01/2023		1,095,743
	3,800,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2021		3,500,256
	1,330,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2028		1,132,362
	3,235,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2028		2,754,279
	900,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2031		750,294
	1,800,000	NYC IDA (Vaughn College Aeronautics)1		5.250			12/01/2036		1,494,702
	11,200,000	NYC IDA (Visy Paper)1		7.800			01/01/2016		11,206,944
	70,500,000	NYC IDA (Visy Paper)1		7.950			01/01/2028		69,919,080
	1,930,000	NYC IDA (Vocational Instruction)		7.750	8		02/01/2033		1,088,655
	1,555,000	NYC IDA (W & W Jewelers)1		8.250			02/01/2021		1,555,964
	5,930,000	NYC IDA (Weizmann Institute)1		5.900			11/01/2034		5,332,256
	2,900,000	NYC IDA (Weizmann Institute)1		5.900			11/01/2034		2,607,680
	2,795,000	NYC IDA (Westchester Square Medical Center)		8.000			12/31/2011		1,953,985
	6,160,000	NYC IDA (Westchester Square Medical Center)		8.375			11/01/2015		4,306,456
	1,360,000	NYC IDA (World Casing Corp.)1		6.700			11/01/2019		1,264,922
	41,110,000	NYC IDA (Yankee Stadium)1		5.000			03/01/2046		36,692,731
	16,500,000	NYC IDA (Yankee Stadium)1		7.000			03/01/2049		18,254,940
	24,270,000	NYC IDA (Yeled Yalda Early Childhood)1		5.725			11/01/2037		18,937,881
	50,000	NYC Municipal Water Finance Authority1		5.000			06/15/2029		50,167
	10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2032		10,458,900
	10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2038		10,076,700
	6,500,000	NYC Municipal Water Finance Authority1		5.000			06/15/2038		6,639,100
	19,740,000	NYC Municipal Water Finance Authority5		5.000			06/15/2039		19,931,281
	10,000,000	NYC Municipal Water Finance Authority1		5.000			06/15/2043		10,240,200
	30,000	NYC Municipal Water Finance Authority1		5.125			06/15/2032		30,103
	30,000	NYC Municipal Water Finance Authority1		5.125			06/15/2033		30,206
	25,000	NYC Municipal Water Finance Authority1		5.125			06/15/2033		25,171
	31,750,000	NYC Municipal Water Finance Authority1		5.500			06/15/2043		34,211,260
	2,650,000	NYC Municipal Water Finance Authority1		5.750			06/15/2040		2,913,172
	3,090,000	NYC Transitional Finance Authority1		5.000			11/01/2039		3,195,802
	145,000	NYC Trust for Cultural Resources (Museum of American Folk Art)		6.125			07/01/2030		144,211
	4,000,000	NYS DA (Buena Vida Nursing Home)1		5.250			07/01/2028		4,064,760
	2,250,000	NYS DA (CHSLI/GSHMC/MMC/SCHRC Obligated Group)1		5.000			07/01/2027		2,255,580

17 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,075,000	NYS DA (D’Youville College)1		5.250	%		07/01/2025	$	1,077,419
	15,000	NYS DA (Dept. of Mental Hygiene)1		5.250			08/15/2031		15,008
	20,000	NYS DA (Ellis Hospital)1		5.600			08/01/2025		20,018
	5,825,000	NYS DA (Interagency Council)1		7.000			07/01/2035		5,584,661
	3,255,000	NYS DA (L.I. University)1		5.125			09/01/2023		3,255,651
	1,335,000	NYS DA (L.I. University)1		5.250			09/01/2028		1,317,071
	3,260,000	NYS DA (Manhattan College)1		5.300			07/01/2037		3,013,772
	18,230,000	NYS DA (Memorial Sloan-Kettering)5		5.000			07/01/2035		18,370,059
	4,125,000	NYS DA (Miriam Osborn Memorial Home Assoc.)1		6.375			07/01/2029		4,133,498
	1,000,000	NYS DA (New School University)1		5.750			07/01/2050		1,030,800
	2,265,000	NYS DA (New York Methodist Hospital)1		5.250			07/01/2033		2,187,650
	20,580,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2026		20,643,386
	40,320,000	NYS DA (NYU Hospitals Center)1		5.000			07/01/2036		37,910,880
	2,000,000	NYS DA (NYU Hospitals Center)1		5.625			07/01/2037		2,018,720
	2,925,000	NYS DA (Ozanam Hall of Queens Nursing Home)1		5.000			11/01/2026		2,333,039
	6,035,000	NYS DA (Providence Rest)1		5.000			07/01/2035		3,900,119
	2,700,000	NYS DA (Providence Rest)1		5.125			07/01/2030		1,903,338
	3,100,000	NYS DA (Providence Rest)1		5.250			07/01/2025		2,385,295
	6,260,000	NYS DA (Rochester General Hospital)1		5.000			12/01/2025		5,928,220
	17,660,000	NYS DA (Rochester General Hospital)1		5.000			12/01/2035		15,309,101
	1,750,000	NYS DA (School District Bond Financing Program), Series C1		7.250			10/01/2028		2,051,333
	2,645,000	NYS DA (School District Bond Financing Program), Series C1		7.375			10/01/2033		3,065,634
	1,525,000	NYS DA (School District Bond Financing Program), Series C1		7.500			04/01/2039		1,759,896
	50,000	NYS DA (School Districts Financing Program), Series B1		6.000			10/01/2022		52,606
	25,000	NYS DA (School Districts Financing Program), Series B1		6.000			10/01/2029		26,095
	1,075,000	NYS DA (SFH/GSHMC/MMC/SCHRC Obligated Group)1		5.100			07/01/2034		1,056,424
	5,770,000	NYS DA (Smithtown Special Library District)1		6.000			07/01/2028		6,279,549
	1,055,000	NYS DA (St. Catherine of Siena Medical Center)1		6.000			07/01/2030		1,055,749
	3,500,000	NYS DA (St. Joseph’s College)1		5.250			07/01/2035		3,507,455
	50,000,000	NYS DA (St. Mary’s Hospital for Children)1		7.875			11/15/2041		47,426,500
	1,505,000	NYS DA (St. Thomas Aquinas College)1		5.250			07/01/2028		1,460,542
	15,915,000	NYS DA (State Personal Income Tax Authority)1		5.000			03/15/2034		16,693,880
	3,000,000	NYS DA (State University of New York)2		5.000			07/01/2035		3,077,190
	3,000,000	NYS DA (State University of New York)1		5.000			07/01/2040		3,051,120
	5,240,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			02/15/2035		5,671,357
	11,695,000	NYS DA (Vassar College)5		5.000			07/01/2046		11,782,294

18 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	10,000,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000	%		06/15/2028	$	10,289,500
	2,365,000	NYS EFC (NYS Water Services)1		6.000			01/15/2031		2,388,957
	65,000	NYS EFC (United Waterworks)1		5.150			03/01/2034		59,665
	25,000	NYS ERDA (Brooklyn Union Gas Company)1		4.700			02/01/2024		25,287
	15,000	NYS ERDA (Brooklyn Union Gas Company)1		5.500			01/01/2021		15,052
	7,000,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		11.976	7		04/01/2020		7,069,860
	16,300,000	NYS ERDA (Brooklyn Union Gas Company) RIBS		12.579	7		07/01/2026		16,348,900
	350,000	NYS ERDA (LILCO)1		5.300			10/01/2024		350,168
	100,000	NYS ERDA (LILCO)1		5.300			08/01/2025		100,025
	75,000	NYS ERDA (LILCO)1		5.300			08/01/2025		75,008
	510,000	NYS ERDA (NYS Electric & Gas Corp.)1		5.350			12/01/2028		494,802
	70,000	NYS ERDA (Rochester Gas & Electric)1		5.375			05/15/2032		68,172
	2,000,000	NYS HFA (Affordable Hsg.)1		5.000			11/01/2042		1,962,600
	2,365,000	NYS HFA (Affordable Hsg.)1		5.250			11/01/2038		2,317,747
	10,220,000	NYS HFA (Affordable Hsg.)5		5.450			11/01/2045		10,156,267
	150,000	NYS HFA (Affordable Hsg.)1		6.750			11/01/2038		161,555
	1,985,000	NYS HFA (Children’s Rescue)1		7.625			05/01/2018		1,986,588
	955,000	NYS HFA (Friendship)1		5.100			08/15/2041		918,032
	1,330,000	NYS HFA (Golden Age Apartments)1		5.000			02/15/2037		1,291,763
	1,645,000	NYS HFA (Kensico Terrace Apartments)1		4.900			02/15/2038		1,538,256
	3,800,000	NYS HFA (Multifamily Hsg.)1		4.850			02/15/2038		3,577,928
	2,080,000	NYS HFA (Multifamily Hsg.)1		5.375			02/15/2035		2,081,186
	2,075,000	NYS HFA (Multifamily Hsg.)1		5.500			08/15/2030		2,075,374
	1,050,000	NYS HFA (Multifamily Hsg.)1		5.650			08/15/2030		1,050,420
	3,200,000	NYS HFA (Multifamily Hsg.)1		5.650			08/15/2030		3,201,280
	1,000,000	NYS HFA (Multifamily Hsg.)1		5.650			08/15/2031		1,000,430
	1,710,000	NYS HFA (Multifamily Hsg.)1		5.650			02/15/2034		1,710,376
	2,120,000	NYS HFA (Multifamily Hsg.)1		5.700			08/15/2033		2,120,975
	650,000	NYS HFA (Multifamily Hsg.)1		6.250			02/15/2031		651,554
	1,255,000	NYS HFA (Multifamily Hsg.)1		6.400			11/15/2027		1,256,205
	3,825,000	NYS HFA (Multifamily Hsg.)1		6.750			11/15/2036		3,960,023
	365,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2011		366,869
	395,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2012		396,904
	425,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2013		426,913
	510,000	NYS HFA (Nonprofit Hsg.)		8.400			11/01/2014		512,234
	540,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2015		542,279
	580,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2016		582,308
	640,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2017		642,374
	685,000	NYS HFA (Nonprofit Hsg.)1		8.400			11/01/2018		687,411
	65,000	NYS LGSC (SCSB)		7.250			12/15/2011		65,396
	715,000	NYS LGSC (SCSB)		7.375			12/15/2016		717,388

19 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	980,000	NYS LGSC (SCSB)		7.750	%		12/15/2021	$	1,000,541
	185,000	NYS Medcare (Hospital & Nursing Home)1		7.400			11/01/2016		185,916
	110,000	NYS Medcare (Hospital & Nursing Home)1		9.375			11/01/2016		110,802
	10,000	NYS Medcare (M.G. Nursing Home)		6.200			02/15/2015		10,040
	400,000	NYS Power Authority1		5.250			11/15/2040		400,176
	5,540,000	NYS Thruway Authority1		5.000			04/01/2031		5,816,612
	20,000	NYS UDC (Subordinated Lien)1		5.500			07/01/2016		20,079
	830,000	Oneida County, NY IDA (Civic Facilities-Mohawk Valley)1		5.000			09/15/2035		643,989
	450,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)1		5.300			03/15/2019		411,611
	840,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)1		5.350			03/15/2029		674,999
	4,355,000	Onondaga County, NY IDA (Air Cargo)1		6.125			01/01/2032		3,869,984
	2,000,000	Onondaga County, NY IDA (Air Cargo)1		7.250			01/01/2032		1,838,780
	965,000	Onondaga County, NY IDA (Community General Hospital)1		5.500			11/01/2018		910,912
	4,765,000	Onondaga County, NY IDA (Community General Hospital)1		6.625			01/01/2018		4,534,708
	1,185,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2030		1,196,577
	1,115,000	Onondaga County, NY IDA (Free Library)1		5.125			03/01/2037		1,068,114
	500,000	Onondaga County, NY IDA Sewage Waste Facilities (Anheuser-Busch Companies)1		6.250			12/01/2034		500,400
	42,834,598	Onondaga County, NY Res Rec1		0.000	9		05/01/2022		32,941,091
	30,165,000	Onondaga County, NY Res Rec1		5.000			05/01/2015		28,161,742
	2,000,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)1		5.375			07/01/2040		1,886,700
	2,500,000	Orange County, NY IDA (Arden Hill Life Care Center)1		7.000			08/01/2021		2,312,675
	2,325,000	Orange County, NY IDA (Arden Hill Life Care Center)1		7.000			08/01/2031		2,005,452
	2,090,000	Orange County, NY IDA (Arden Hill Life Care Center)1		7.000			08/01/2031		1,802,750
	2,045,000	Orange County, NY IDA (Glen Arden)1		5.625			01/01/2018		1,804,304
	5,590,000	Orange County, NY IDA (Glen Arden)1		5.700			01/01/2028		4,226,879
	70,000	Orange County, NY IDA (Orange Mental Retardation Properties)		7.800			07/01/2011		70,014
	1,715,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2021		1,728,600
	6,330,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2026		6,133,074
	2,235,000	Orange County, NY IDA (St. Luke’s Cornwall Hospital Obligated Group)1		5.375			12/01/2026		2,165,469
	11,665,000	Peekskill, NY IDA (Drum Hill)1		6.375			10/01/2028		10,012,769
	42,570,000	Port Authority NY/NJ (Continental Airlines)		9.125			12/01/2015		43,051,892
	16,435,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.750			12/01/2022		16,310,751
	31,785,000	Port Authority NY/NJ (JFK International Air Terminal)		5.750			12/01/2025		31,050,449

20 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	18,625,000	Port Authority NY/NJ (JFK International Air Terminal)1		5.900	%		12/01/2017	$	18,640,645
	2,110,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2011		2,106,497
	50,330,000	Port Authority NY/NJ (KIAC)1		6.750			10/01/2019		46,611,116
	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		241,961
	50,000	Port Authority NY/NJ, 127th Series1		5.200			12/15/2027		50,678
	33,025,000	Port Authority NY/NJ, 136th Series5		5.125			05/01/2034		33,106,621
	19,175,000	Port Authority NY/NJ, 136th Series5		5.375			11/01/2028		19,646,636
	22,855,000	Port Authority NY/NJ, 136th Series5		5.500			11/01/2029		23,463,533
	26,000,000	Port Authority NY/NJ, 138th Series5		4.750			12/01/2034		24,780,340
	27,255,000	Port Authority NY/NJ, 141st Series5		4.500			09/01/2029		26,030,032
	47,910,000	Port Authority NY/NJ, 143rd Series5		5.000			10/01/2030		48,278,907
	17,500,000	Port Authority NY/NJ, 144th Series1		5.000			10/01/2035		17,842,650
	12,840,000	Port Authority NY/NJ, 146th Series5		4.500			12/01/2034		11,812,512
	10,000	Port Authority NY/NJ, 146th Series1		4.500			12/01/2034		9,191
	26,100,000	Port Authority NY/NJ, 146th Series5		4.750			12/01/2027		25,996,801
	10,000	Port Authority NY/NJ, 146th Series1		4.750			12/01/2027		9,960
	13,005,000	Port Authority NY/NJ, 147th Series5		4.750			10/15/2028		12,815,761
	17,790,000	Port Authority NY/NJ, 147th Series5		5.000			10/15/2027		17,971,017
	20,000,000	Port Authority NY/NJ, 147th Series5		5.000			10/15/2032		19,753,820
	82,000,000	Port Authority NY/NJ, 151st Series5		5.750			03/15/2035		84,942,877
	15,000,000	Port Authority NY/NJ, 151st Series5		6.000			09/15/2028		16,025,100
	101,940,000	Port Authority NY/NJ, 152nd Series5		5.250			11/01/2035		103,364,102
	13,715,000	Port Authority NY/NJ, 152nd Series5		5.250			05/01/2038		13,788,211
	22,500,000	Port Authority NY/NJ, 152nd Series5		5.750			11/01/2030		23,922,900
	15,300,000	Port Authority NY/NJ, 161st Series5		5.000			10/15/2031		15,979,626
	20,250,000	Port Authority NY/NJ, 163rd Series5		5.000			07/15/2039		20,835,630
	21,515,000	Port Authority NY/NJ, 166th Series5		5.000			01/15/2041		22,131,369
	15,000,000	Port Authority NY/NJ, 166th Series5		5.250			07/15/2036		15,834,750
	50,660,000	Port Authority NY/NJ, 37th Series5		5.250			07/15/2034		51,250,696
	2,755,000	Poughkeepsie, NY IDA (Eastman & Bixby Redevel. Corp.)1		6.000			08/01/2032		2,755,992
	1,500,000	Rensselaer County, NY IDA (Franciscan Heights)1		5.375			12/01/2036		1,437,810
	6,385,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.625			06/01/2035		5,343,287
	7,300,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.750			06/01/2043		6,080,973
	4,820,000	Rensselaer, NY City School District COP1		5.000			06/01/2036		4,294,524
	1,290,000	Riverhead, NY IDA (Michael Reilly Design)1		8.875			08/01/2021		1,301,159
	6,790,000	Rochester, NY Museum & Science Center1		6.125			12/01/2015		6,602,257
	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		1,002,008

21 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	9,225,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.625	%		08/15/2035	$	7,714,683
	10,095,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.750			08/15/2043		8,406,006
	30,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		5.875	4		08/15/2045		1,009,500
	486,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.668	4		08/15/2060		2,323,080
	20,000	Sanford Town, NY GO1		5.250			04/15/2015		21,849
	20,000	Sanford Town, NY GO1		5.250			04/15/2016		22,050
	25,000	Sanford Town, NY GO1		5.250			04/15/2017		27,202
	25,000	Sanford Town, NY GO1		5.250			04/15/2018		26,821
	25,000	Sanford Town, NY GO1		5.250			04/15/2019		26,416
	25,000	Sanford Town, NY GO1		5.250			04/15/2020		26,187
	30,000	Sanford Town, NY GO1		5.250			04/15/2021		31,215
	30,000	Sanford Town, NY GO1		5.250			04/15/2022		31,040
	30,000	Sanford Town, NY GO1		5.250			04/15/2023		30,868
	30,000	Sanford Town, NY GO1		5.250			04/15/2024		30,715
	35,000	Sanford Town, NY GO1		5.250			04/15/2025		35,589
	35,000	Sanford Town, NY GO1		5.250			04/15/2026		35,515
	40,000	Sanford Town, NY GO1		5.250			04/15/2027		40,418
	40,000	Sanford Town, NY GO1		5.250			04/15/2028		40,198
	40,000	Sanford Town, NY GO1		5.250			04/15/2029		40,098
	45,000	Sanford Town, NY GO1		5.250			04/15/2030		44,943
	45,000	Sanford Town, NY GO1		5.250			04/15/2031		44,722
	50,000	Sanford Town, NY GO1		5.250			04/15/2032		49,683
	50,000	Sanford Town, NY GO1		5.250			04/15/2033		49,421
	55,000	Sanford Town, NY GO1		5.250			04/15/2034		53,921
	60,000	Sanford Town, NY GO1		5.250			04/15/2035		58,172
	60,000	Sanford Town, NY GO1		5.250			04/15/2036		57,586
	2,650,000	Seneca County, NY IDA (New York Chiropractic College)1		5.000			10/01/2027		2,577,947
	22,885,000	SONYMA, Series 1065		5.250			04/01/2034		22,436,062
	30,225,000	SONYMA, Series 1095		4.950			10/01/2034		29,366,852
	9,510,000	SONYMA, Series 1335		5.050			10/01/2026		9,514,763
	23,000,000	SONYMA, Series 1375		4.700			10/01/2031		21,788,754
	21,155,000	SONYMA, Series 1405		4.750			10/01/2037		19,123,414
	11,335,000	SONYMA, Series 1435		4.900			10/01/2037		10,756,037
	5,045,000	SONYMA, Series 1455		5.125			10/01/2037		4,969,276
	1,955,000	SONYMA, Series 1485		5.150			10/01/2027		1,963,639
	6,370,000	SONYMA, Series 1485		5.200			10/01/2032		6,376,184
	25,000	SONYMA, Series 671		5.700			10/01/2017		25,033

22 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	890,000	SONYMA, Series 691		5.500	%		10/01/2028	$	890,169
	26,645,000	SONYMA, Series 715		5.400			04/01/2029		26,647,669
	30,000	SONYMA, Series 711		5.400			04/01/2029		30,003
	25,000	SONYMA, Series 731		5.250			10/01/2017		25,024
	330,000	SONYMA, Series 731		5.300			10/01/2028		330,013
	23,875,000	SONYMA, Series 73-A5		5.300			10/01/2028		23,875,956
	3,585,000	SONYMA, Series 771		5.150			04/01/2029		3,585,000
	9,535,000	SONYMA, Series 795		5.300			04/01/2029		9,535,191
	345,000	SONYMA, Series 821		5.650			04/01/2030		345,104
	4,360,000	St. Lawrence County, NY IDA (Curran Renewable Energy)1		7.250			12/01/2029		3,426,786
	2,210,000	St. Lawrence County, NY IDA (Edwards John Noble Hospital)1		5.250			10/01/2020		2,240,874
	5,440,000	St. Lawrence County, NY IDA (Edwards John Noble Hospital)1		6.250			10/01/2040		5,214,349
	4,280,000	Suffolk County, NY Economic Devel. Corp., Series A1		7.375			12/01/2040		4,208,995
	910,000	Suffolk County, NY IDA (ACLD)1		6.000			12/01/2019		849,430
	335,000	Suffolk County, NY IDA (ALIA-ACDS)1		7.125			06/01/2017		336,410
	1,960,000	Suffolk County, NY IDA (ALIA-ACLD)1		5.950			10/01/2021		1,782,777
	135,000	Suffolk County, NY IDA (ALIA-ACLD)1		6.375			06/01/2014		133,973
	460,000	Suffolk County, NY IDA (ALIA-ACLD)1		6.500			03/01/2018		445,473
	435,000	Suffolk County, NY IDA (ALIA-ACLD)1		7.500			09/01/2015		440,973
	150,000	Suffolk County, NY IDA (ALIA-ADD)1		6.950			12/01/2014		150,786
	305,000	Suffolk County, NY IDA (ALIA-ADD)1		7.125			06/01/2017		306,284
	175,000	Suffolk County, NY IDA (ALIA-ADD)1		7.500			09/01/2015		177,403
	845,000	Suffolk County, NY IDA (ALIA-Adelante)1		6.500			11/01/2037		722,382
	1,190,000	Suffolk County, NY IDA (ALIA-Civic Facility)1		5.950			11/01/2022		1,070,060
	2,600,000	Suffolk County, NY IDA (ALIA-DDI)1		5.950			10/01/2021		2,364,908
	485,000	Suffolk County, NY IDA (ALIA-DDI)1		6.375			06/01/2014		481,309
	100,000	Suffolk County, NY IDA (ALIA-DDI)1		7.500			09/01/2015		101,373
	755,000	Suffolk County, NY IDA (ALIA-FREE)1		5.950			10/01/2021		686,733
	300,000	Suffolk County, NY IDA (ALIA-FREE)1		6.375			06/01/2014		297,717
	905,000	Suffolk County, NY IDA (ALIA-FREE)1		6.950			12/01/2014		909,742
	2,230,000	Suffolk County, NY IDA (ALIA-FREE)1		7.125			06/01/2017		2,239,388
	540,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950			10/01/2021		491,173
	700,000	Suffolk County, NY IDA (ALIA-IGHL)1		5.950			11/01/2022		629,447
	370,000	Suffolk County, NY IDA (ALIA-IGHL)1		6.000			10/01/2031		309,327
	240,000	Suffolk County, NY IDA (ALIA-IGHL)1		6.375			06/01/2014		238,174
	310,000	Suffolk County, NY IDA (ALIA-IGHL)1		6.950			12/01/2014		311,624
	710,000	Suffolk County, NY IDA (ALIA-IGHL)1		7.125			06/01/2017		712,989
	1,945,000	Suffolk County, NY IDA (ALIA-IGHL)1		7.250			12/01/2033		1,857,222
	125,000	Suffolk County, NY IDA (ALIA-IGHL)1		7.500			09/01/2015		126,716

23 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,890,000	Suffolk County, NY IDA (ALIA-LIHIA)1		5.950	%		11/01/2022	$	1,699,507
	145,000	Suffolk County, NY IDA (ALIA-LIHIA)1		6.375			06/01/2014		143,897
	365,000	Suffolk County, NY IDA (ALIA-LIHIA)1		6.950			12/01/2014		366,913
	120,000	Suffolk County, NY IDA (ALIA-LIHIA)1		7.500			09/01/2015		121,648
	240,000	Suffolk County, NY IDA (ALIA-MCH)1		6.375			06/01/2014		238,174
	810,000	Suffolk County, NY IDA (ALIA-MCH)1		6.950			12/01/2014		814,244
	865,000	Suffolk County, NY IDA (ALIA-MCH)1		7.125			06/01/2017		868,642
	760,000	Suffolk County, NY IDA (ALIA-NYS ARC)1		5.950			11/01/2022		683,400
	485,000	Suffolk County, NY IDA (ALIA-NYS ARC)1		7.500			09/01/2015		491,659
	200,000	Suffolk County, NY IDA (ALIA-Pederson-Krag Center)1		8.375			06/01/2016		205,208
	360,000	Suffolk County, NY IDA (ALIA-SMCFS)1		7.500			09/01/2015		364,943
	390,000	Suffolk County, NY IDA (ALIA-Suffolk Hostels)1		7.500			09/01/2015		395,355
	1,810,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		5.950			10/01/2021		1,646,340
	100,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		6.375			06/01/2014		99,239
	540,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		6.950			12/01/2014		542,830
	460,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		7.000			06/01/2016		461,596
	275,000	Suffolk County, NY IDA (ALIA-UCPAGS)1		7.500			09/01/2015		278,776
	3,530,000	Suffolk County, NY IDA (ALIA-UVBH)1		6.500			11/01/2037		3,017,762
	730,000	Suffolk County, NY IDA (ALIA-WORCA)1		5.950			11/01/2022		656,423
	190,000	Suffolk County, NY IDA (ALIA-WORCA)1		6.950			12/01/2014		190,996
	540,000	Suffolk County, NY IDA (ALIA-WORCA)1		7.125			06/01/2017		542,273
	320,000	Suffolk County, NY IDA (ALIA-WORCA)1		7.500			09/01/2015		324,394
	575,000	Suffolk County, NY IDA (Catholic Charities)1		6.000			10/01/2020		531,927
	180,000	Suffolk County, NY IDA (DDI)1		6.000			12/01/2019		168,019
	515,000	Suffolk County, NY IDA (DDI)1		6.000			10/01/2020		476,421
	500,000	Suffolk County, NY IDA (DDI)1		6.000			10/01/2020		462,545
	4,620,000	Suffolk County, NY IDA (DDI)1		7.250			03/01/2024		4,589,138
	7,555,000	Suffolk County, NY IDA (DDI)1		8.750			03/01/2023		7,627,679
	5,000,000	Suffolk County, NY IDA (Dowling College)1		5.000			06/01/2036		3,410,200
	2,630,000	Suffolk County, NY IDA (Dowling College)1		6.700			12/01/2020		2,574,980
	2,900,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)1		5.375			01/01/2027		2,262,783
	3,745,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)1		5.500			01/01/2037		2,701,568
	1,310,000	Suffolk County, NY IDA (Family Residences)1		6.000			12/01/2019		1,222,806
	1,345,000	Suffolk County, NY IDA (Family Services League)1		5.000			11/01/2027		1,357,858
	930,000	Suffolk County, NY IDA (Family Services League)1		5.000			11/01/2034		889,824
	2,145,000	Suffolk County, NY IDA (Federation of Organizations)1		8.125			04/01/2030		2,175,631
	2,530,000	Suffolk County, NY IDA (Gurwin Jewish-Phase II)1		6.700			05/01/2039		2,425,891
	3,185,000	Suffolk County, NY IDA (Huntington First Aid Squad)1		6.650			11/01/2017		3,132,256
	210,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000			12/01/2019		196,022

24 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	995,000	Suffolk County, NY IDA (Independent Group Home Living)1		6.000	%		10/01/2020	$	920,465
	3,275,000	Suffolk County, NY IDA (Innovative Realty I)1		6.000			11/01/2037		2,314,574
	8,600,000	Suffolk County, NY IDA (Jefferson’s Ferry)1		5.000			11/01/2028		7,835,804
	4,065,000	Suffolk County, NY IDA (L.I. Network Community Services)1		7.550			02/01/2034		3,995,489
	7,875,000	Suffolk County, NY IDA (Medford Hamlet Assisted Living)1		6.375			01/01/2039		5,920,898
	1,865,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)1		6.750			11/01/2036		1,667,012
	635,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)1		6.750			11/01/2036		567,588
	2,390,000	Suffolk County, NY IDA (New Interdisciplinary School)1		6.750			12/01/2019		2,342,630
	2,000,000	Suffolk County, NY IDA (New York Institute of Technology)1		5.000			03/01/2026		2,009,500
	4,505,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1		5.300			01/01/2013		4,403,052
	26,425,000	Suffolk County, NY IDA (Nissequogue Cogeneration Partners)1		5.500			01/01/2023		24,795,635
	4,800,000	Suffolk County, NY IDA (Pederson-Krager Center)1		7.200			02/01/2035		4,130,304
	2,490,000	Suffolk County, NY IDA (Pederson-Krager Center)1		8.125			04/01/2030		2,497,470
	930,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)1		5.250			07/01/2022		790,500
	2,540,000	Suffolk County, NY IDA (St. Vincent De Paul in the Diocese of Rockville Center)1		8.000			04/01/2030		2,567,610
	475,000	Suffolk County, NY IDA (Suffolk Hotels)1		6.000			10/01/2020		439,418
	1,645,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1		6.000			12/01/2019		1,535,509
	3,255,000	Suffolk County, NY IDA (United Cerebral Palsy Assoc.)1		7.875			09/01/2041		3,181,828
	740,000	Suffolk County, NY IDA (WORCA)1		6.000			10/01/2020		684,567
	119,295,000	Suffolk, NY Tobacco Asset Securitization Corp.1		0.000	9		06/01/2044		96,534,707
	12,075,000	Suffolk, NY Tobacco Asset Securitization Corp.1		5.375			06/01/2028		10,167,392
	29,915,000	Suffolk, NY Tobacco Asset Securitization Corp.		6.000			06/01/2048		23,833,879
	287,265,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000	4		06/01/2048		7,322,385
	3,181,000	Sullivan County, NY Community College COP		5.750			08/15/2025		2,565,985
	1,610,000	Sullivan County, NY IDA (Center for Discovery)1		5.625			06/01/2013		1,570,523
	12,300,000	Sullivan County, NY IDA (Center for Discovery)1		5.875			07/01/2022		9,785,757
	4,700,000	Sullivan County, NY IDA (Center for Discovery)1		6.000			06/01/2019		4,260,691
	13,840,000	Sullivan County, NY IDA (Center for Discovery)1		6.000			07/01/2037		10,600,748
	4,400,000	Sullivan County, NY IDA (Center for Discovery)1		6.500			06/01/2025		3,848,768
	4,395,000	Sullivan County, NY IDA (Center for Discovery)1		6.950			02/01/2035		3,630,666
	440,000	Sullivan County, NY IDA (Center for Discovery)1		7.250			01/01/2017		438,610
	9,965,000	Sullivan County, NY IDA (Center for Discovery)1		7.750			02/01/2027		9,657,380

25 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	6,715,000	Syracuse, NY Hsg. Authority (Loretto Sedgwick Heights Corp.)1		8.500	%		11/01/2031	$	5,921,488
	2,385,000	Syracuse, NY Hsg. Authority (Pavilion on James)1		7.500			11/01/2042		1,961,925
	189,865,000	Syracuse, NY IDA (Carousel Center)1		5.000			01/01/2036		156,110,800
	1,000,000	Syracuse, NY IDA (Crouse Irving Health Hospital)1		5.375			01/01/2023		893,060
	8,235,000	Syracuse, NY IDA (James Square)		7.197	4		08/01/2025		3,288,565
	725,000	Syracuse, NY IDA (Jewish Home of Central New York)1		7.375			03/01/2021		706,621
	2,050,000	Syracuse, NY IDA (Jewish Home of Central New York)1		7.375			03/01/2031		1,861,831
	75,000	Taconic Hills, NY (Central School District at Craryville)1		5.000			06/15/2026		75,602
	40,000	Tompkins, NY Health Care Corp. (Reconstruction Home)1		10.800			02/01/2028		41,808
	1,460,000	Ulster County, NY IDA (Brooklyn Bottling)1		8.600			06/30/2022		1,449,225
	185,000	Ulster County, NY Res Rec1		5.000			03/01/2020		191,801
	3,080,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2040		2,639,406
	2,040,000	Ulster County, NY Tobacco Asset Securitization Corp.		6.250			06/01/2025		1,963,112
	3,005,000	Ulster County, NY Tobacco Asset Securitization Corp.1		6.450			06/01/2040		2,615,161
	3,550,000	Utica, NY IDA (Utica College Civic Facility)1		6.850			12/01/2031		3,554,189
	1,800,000	Wayne County, NY IDA (ARC)1		8.375			03/01/2018		1,801,008
	20,000	Westchester County, NY GO1		5.375			12/15/2014		20,339
	3,340,000	Westchester County, NY IDA (Children’s Village)1		6.000			06/01/2022		3,026,641
	1,215,000	Westchester County, NY IDA (Clearview School)1		7.250			01/01/2035		1,154,882
	2,945,000	Westchester County, NY IDA (Field Home)1		6.000			08/15/2017		2,793,715
	3,335,000	Westchester County, NY IDA (Field Home)1		6.500			08/15/2022		3,141,337
	1,300,000	Westchester County, NY IDA (Guiding Eyes for the Blind)1		5.375			08/01/2024		1,312,883
	1,185,000	Westchester County, NY IDA (JDAM)1		6.750			04/01/2016		1,188,697
	3,325,000	Westchester County, NY IDA (Lawrence Hospital)1		5.000			01/01/2028		3,118,750
	615,000	Westchester County, NY IDA (Lawrence Hospital)1		5.125			01/01/2018		615,566
	1,385,000	Westchester County, NY IDA (Rippowam-Cisqua School)1		5.750			06/01/2029		1,377,272
	1,000,000	Westchester County, NY IDA (Schnurmacher Center)1		6.500			11/01/2013		991,620
	1,710,000	Westchester County, NY IDA (Schnurmacher Center)1		6.500			11/01/2033		1,466,069
	160,000	Westchester County, NY IDA (Westchester Airport Assoc.)1		5.950			08/01/2024		160,120
	2,660,000	Westchester County, NY IDA (Winward School)1		5.250			10/01/2031		2,532,373
	4,475,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2026		4,167,075
	59,900,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2038		44,416,449
	52,770,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2045		36,573,304
	850,000	Yonkers, NY EDC (Charter School of Educational Excellence)1		6.250			10/15/2040		786,794

26 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	3,825,000	Yonkers, NY IDA (Hudson Scenic Studio)1		6.625	%		11/01/2019	$	3,575,878
	1,525,000	Yonkers, NY IDA (Philipsburgh Hall Associates)		7.500			11/01/2030		1,119,259
	2,200,000	Yonkers, NY IDA (St. Joseph’s Hospital)1		6.150			03/01/2015		2,156,638
	1,275,000	Yonkers, NY IDA (St. Joseph’s Hospital)1		8.500			12/30/2013		1,278,035
	3,600,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-A1		6.150			03/01/2015		3,529,044
	900,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-B1		6.150			03/01/2015		882,261
	2,740,000	Yonkers, NY IDA (Westchester School)1		8.750			12/30/2023		2,741,726
	800,000	Yonkers, NY Parking Authority1		6.000			06/15/2018		784,416
	1,215,000	Yonkers, NY Parking Authority1		6.000			06/15/2024		1,079,370
									5,766,120,547
U.S. Possessions—34.7%
	825,000	Guam Education Financing Foundation COP1		5.000			10/01/2023		777,620
	505,000	Guam GO1		5.250			11/15/2037		418,665
	6,000,000	Guam GO1		6.750			11/15/2029		6,106,740
	10,000,000	Guam GO1		7.000			11/15/2039		10,319,300
	300,000	Guam Hsg. Corp. (Single Family Mtg.)1		5.750			09/01/2031		322,788
	290,000	Guam Power Authority, Series A1		5.250			10/01/2023		272,487
	20,000,000	Guam Power Authority, Series A1		5.250			10/01/2034		18,247,000
	5,200,000	Guam Power Authority, Series A1		5.500			10/01/2030		4,956,276
	7,700,000	Guam Power Authority, Series A1		5.500			10/01/2040		7,161,385
	2,000,000	Northern Mariana Islands Commonwealth, Series A1		5.000			10/01/2022		1,654,360
	33,725,000	Northern Mariana Islands Commonwealth, Series A1		5.000			06/01/2030		25,720,371
	8,400,000	Northern Mariana Islands Ports Authority, Series A		6.250			03/15/2028		5,870,592
	16,280,000	Northern Mariana Islands Ports Authority, Series A1		6.600			03/15/2028		14,553,832
	49,000,000	Puerto Rico Aqueduct & Sewer Authority5		5.125			07/01/2047		47,944,050
	49,075,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2038		49,311,051
	98,365,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		98,587,305
	5,000,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		5,011,300
	55,650,000	Puerto Rico Aqueduct & Sewer Authority1		6.125			07/01/2024		59,485,398
	56,685,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		48,305,823
	168,500,000	Puerto Rico Children’s Trust Fund (TASC)		6.627	4		05/15/2050		6,035,670
	745,000,000	Puerto Rico Children’s Trust Fund (TASC)		7.165	4		05/15/2055		12,910,850
	3,519,880,000	Puerto Rico Children’s Trust Fund (TASC)		7.625	4		05/15/2057		50,686,272
	3,179,200,000	Puerto Rico Children’s Trust Fund (TASC)		8.375	4		05/15/2057		38,436,528
	20,000	Puerto Rico Commonwealth GO1		5.000			07/01/2026		20,000
	2,000,000	Puerto Rico Commonwealth GO1		5.000			07/01/2033		1,816,380
	10,230,000	Puerto Rico Commonwealth GO1		5.000			07/01/2034		9,221,731
	5,000,000	Puerto Rico Commonwealth GO1		5.125			07/01/2031		4,687,800
	2,200,000	Puerto Rico Commonwealth GO1		5.250			07/01/2026		2,173,028
	5,000,000	Puerto Rico Commonwealth GO1		5.250			07/01/2027		4,930,850
	2,920,000	Puerto Rico Commonwealth GO1		5.250			07/01/2030		2,807,989

27 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	14,500,000	Puerto Rico Commonwealth GO1		5.250	%		07/01/2031	$	13,810,235
	10,230,000	Puerto Rico Commonwealth GO1		5.250			07/01/2034		9,544,897
	43,385,000	Puerto Rico Commonwealth GO1		5.250			07/01/2037		39,928,517
	5,000,000	Puerto Rico Commonwealth GO1		5.375			07/01/2033		4,773,600
	7,850,000	Puerto Rico Commonwealth GO1		5.500			07/01/2029		7,894,667
	76,300,000	Puerto Rico Commonwealth GO1		5.500			07/01/2032		74,262,790
	5,000,000	Puerto Rico Commonwealth GO1		6.500			07/01/2037		5,310,250
	24,000,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2027		24,068,160
	33,580,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2028		33,356,021
	10,105,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2029		10,012,135
	15,150,000	Puerto Rico Electric Power Authority, Series TT1		5.000			07/01/2037		14,088,894
	60,000,000	Puerto Rico Electric Power Authority, Series UU1		0.724	10		07/01/2029		41,122,200
	40,000	Puerto Rico HFC1		5.100			12/01/2018		40,516
	9,515,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2028		9,105,189
	4,845,000	Puerto Rico Highway & Transportation Authority1		5.250			07/01/2030		4,659,146
	3,100,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		3,009,883
	4,000,000	Puerto Rico Highway & Transportation Authority1		5.500			07/01/2029		4,031,920
	270,000	Puerto Rico Highway & Transportation Authority1		5.750			07/01/2020		276,134
	11,585,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000			07/01/2033		10,521,381
	28,870,000	Puerto Rico Highway & Transportation Authority, Series G1		5.000			07/01/2042		25,191,962
	3,885,000	Puerto Rico Highway & Transportation Authority, Series H1		5.450			07/01/2035		3,700,346
	6,500,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2027		6,237,205
	3,145,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000			07/01/2030		2,932,964
	2,600,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2023		2,614,950
	17,205,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2030		16,545,016
	6,795,000	Puerto Rico Highway & Transportation Authority, Series L1		5.250			07/01/2041		6,177,199
	92,120,000	Puerto Rico Highway & Transportation Authority, Series M1		5.000			07/01/2046		79,649,716
	125,620,000	Puerto Rico Highway & Transportation Authority, Series N1		0.734	10		07/01/2041		69,157,579
	74,940,000	Puerto Rico Highway & Transportation Authority, Series N1		0.734	10		07/01/2045		40,411,395
	16,080,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2032		15,200,424
	53,445,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2039		48,780,320

28 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	26,755,000	Puerto Rico Infrastructure1		5.000	%		07/01/2031	$	24,581,691
	6,000,000	Puerto Rico Infrastructure1		5.000			07/01/2037		5,389,140
	32,490,000	Puerto Rico Infrastructure1		5.000			07/01/2037		29,182,193
	177,645,000	Puerto Rico Infrastructure1		5.000			07/01/2041		158,009,898
	132,890,000	Puerto Rico Infrastructure1		5.000			07/01/2046		117,379,079
	1,295,000	Puerto Rico Infrastructure1		5.500			07/01/2026		1,317,546
	15,000,000	Puerto Rico Infrastructure1		5.500			07/01/2027		15,127,350
	16,955,000	Puerto Rico Infrastructure		5.650	4		07/01/2029		5,198,233
	65,725,000	Puerto Rico Infrastructure		5.730	4		07/01/2045		5,527,473
	25,000,000	Puerto Rico Infrastructure		5.800	4		07/01/2032		5,875,500
	6,285,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		5,173,309
	1,575,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			12/01/2021		1,563,156
	5,750,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2029		5,200,358
	6,315,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.500			12/01/2031		5,718,548
	23,000,000	Puerto Rico ITEMECF (Cogeneration Facilities)		6.625			06/01/2026		23,195,500
	5,000,000	Puerto Rico ITEMECF (Hospital Auxilio Mutuo)2		6.250			07/01/2026		5,100,850
	1,565,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.600			05/01/2014		1,533,559
	5,250,000	Puerto Rico ITEMECF (Ryder Memorial Hospital)1		6.700			05/01/2024		4,344,375
	7,000,000	Puerto Rico ITEMECF (San Lucas & Cristo Redentor Hospitals)1		5.750			06/01/2029		4,862,130
	500,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.250			09/01/2021		500,310
	8,000,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.250			09/01/2031		7,635,600
	4,990,000	Puerto Rico Municipal Finance Agency, Series A1		5.250			08/01/2025		4,926,278
	4,975,000	Puerto Rico Port Authority (American Airlines), Series A		6.250			06/01/2026		4,052,486
	6,395,000	Puerto Rico Port Authority (American Airlines), Series A		6.300			06/01/2023		5,346,220
	90,355,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2036		82,710,063
	7,500,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2037		6,849,300
	18,585,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2029		18,329,642
	121,570,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2033		116,670,729
	120,000	Puerto Rico Public Buildings Authority1		5.375			07/01/2033		117,053
	1,500,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2021		1,677,000
	7,500,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2031		8,129,475
	8,000,000	Puerto Rico Public Buildings Authority1		6.500			07/01/2030		8,630,320
	7,500,000	Puerto Rico Public Buildings Authority1		6.750			07/01/2036		8,102,850
	296,445,000	Puerto Rico Sales Tax Financing Corp., Series A5		5.250			08/01/2057		296,569,513
	643,700,000	Puerto Rico Sales Tax Financing Corp., Series A		5.401	4		08/01/2054		34,907,851
	221,800,000	Puerto Rico Sales Tax Financing Corp., Series A		5.939	4		08/01/2056		10,493,358
	30,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.500	4		08/01/2042		3,959,100

29 | ROCHESTER FUND MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	5,775,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500	%		08/01/2044	$	6,233,535
	80,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.504	4		08/01/2043		9,845,600
	35,000,000	Puerto Rico Sales Tax Financing Corp., Series C1		0.000	9		08/01/2032		28,520,450
	2,500,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.250			08/01/2041		2,426,325
	4,000,000	Puerto Rico Sales Tax Financing Corp., Series C1		5.375			08/01/2036		4,001,200
	95,245,000	Puerto Rico Sales Tax Financing Corp., Series C5		5.750			08/01/2057		98,529,565
	1,450,000	Puerto Rico Sales Tax Financing Corp., Series C1		6.000			08/01/2039		1,519,165
	4,525,000	University of Puerto Rico1		5.000			06/01/2026		4,283,320
	5,280,000	University of Puerto Rico, Series P1		5.000			06/01/2030		4,804,008
	24,375,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		22,177,594
	65,780,000	University of Puerto Rico, Series Q1		5.000			06/01/2036		57,249,650
	9,230,000	University of V.I., Series A1		5.375			06/01/2034		8,757,978
	2,040,000	University of V.I., Series A1		6.250			12/01/2029		2,068,540
	3,650,000	V.I. Government Refinery Facilities (Hovensa Coker)1		6.500			07/01/2021		3,602,331
	10,000	V.I. HFA, Series A1		6.450			03/01/2016		10,018
	10,000,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)1		5.000			10/01/2031		9,042,000
	550,000	V.I. Public Finance Authority (Gross Receipts Taxes Loan)1		5.000			10/01/2033		489,055
	19,233,000	V.I. Public Finance Authority (Hovensa Coker)1		6.500			07/01/2021		18,968,162
	11,700,000	V.I. Public Finance Authority (Hovensa Refinery)1		5.875			07/01/2022		10,901,007
	8,000,000	V.I. Public Finance Authority (Hovensa Refinery)1		6.125			07/01/2022		7,607,120
	750,000	V.I. Public Finance Authority, Series A1		5.250			10/01/2024		755,393
	11,100,000	V.I. Tobacco Settlement Financing Corp.		7.300	4		05/15/2035		1,369,296
									2,512,217,400
Total Investments, at Value (Cost $9,266,457,328)—114.2%									8,278,337,947
Liabilities in Excess of Other Assets—(14.2)									(1,031,285,503	)
Net Assets—100.0%								$	7,247,052,444

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 the accompanying Notes.
2.	When-issued security or delayed delivery to be delivered and settled after June 30, 2011. See Note 1 of the accompanying Notes.
3.	This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.
4.	Zero coupon bond reflects effective yield on the date of purchase.
5.	Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently transferred to a trust. See Note 1 of the accompanying Notes.
6.	Security is subject to a shortfall and forbearance agreement. See Note 1 of the accompanying Notes.
7.	Represents the current interest rate for a variable rate bond known as an “inverse floater.” See Note 1 of the accompanying Notes.

30 | ROCHESTER FUND MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments Continued

8.	Subject to a forbearance agreement. Rate shown is current rate. See Note 1 of the accompanying Notes.
9.	Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.
10.	Represents the current interest rate for a variable or increasing rate security.

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 or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3)	Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of June 30, 2011 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	$	—	$	5,765,895,480	$	225,067	$	5,766,120,547
U.S. Possessions		—		2,512,217,400		—		2,512,217,400
Total Assets	$	—	$	8,278,112,880	$	225,067	$	8,278,337,947

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.

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
CRV	Crystal Run Village
CSMR	Community Services for the Mentally Retarded
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
DRIVERS	Derivative Inverse Tax Exempt Receipts
EDC	Economic Devel. Corp.
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.

31 | ROCHESTER FUND MUNICIPALS

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
SCHRC	St. Charles Hospital and Rehabilitation Center
SCSB	Schuyler Community Services Board
SFH	St. Francis Hospital
SFTU	Services for the Underserved
SMCFS	St. Mary’s Children and Family Services
SONYMA	State of New York Mortgage Agency
SUNY	State University of New York
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
YAI	Young Adult Institute
YMCA	Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

32 | ROCHESTER FUND MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Unaudited

June 30, 2011
Assets
Investments, at value (cost $9,266,457,328)—see accompanying statement of investments	$	8,278,337,947
Cash		1,928,599
Receivables and other assets:
Interest		132,761,164
Shares of beneficial interest sold		5,281,690
Investments sold		2,843,500
Other		1,553,852
Total assets		8,422,706,752
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		1,067,945,000
Payable on borrowings (See Note 5)		65,900,000
Investments purchased on a when-issued or delayed delivery basis		14,661,763
Shares of beneficial interest redeemed		12,104,267
Dividends		9,682,595
Distribution and service plan fees		2,861,095
Trustees’ compensation		1,815,307
Transfer and shareholder servicing agent fees		241,479
Shareholder communications		158,721
Interest expense on borrowings		4,466
Other		279,615
Total liabilities		1,175,654,308
Net Assets	$	7,247,052,444
Composition of Net Assets
Paid-in capital	$	9,089,078,286
Accumulated net investment income		55,235,227
Accumulated net realized loss on investments		(909,141,688	)
Net unrealized depreciation on investments		(988,119,381	)
Net Assets	$	7,247,052,444

33 | ROCHESTER FUND MUNICIPALS

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $5,946,913,477 and 386,362,791 shares of beneficial interest outstanding)	$	15.39
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	16.16
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $146,598,602 and 9,534,811 shares of beneficial interest outstanding)	$	15.38
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $1,039,520,364 and 67,653,533 shares of beneficial interest outstanding)	$	15.37
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $114,020,001 and 7,407,828 shares of beneficial interest outstanding)	$	15.39

See accompanying Notes to Financial Statements.

34 | ROCHESTER FUND MUNICIPALS

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended June 30, 2011
Investment Income
Interest	$	278,186,426
Expenses
Management fees		16,336,976
Distribution and service plan fees:
Class A		4,306,703
Class B		769,832
Class C		5,091,491
Transfer and shareholder servicing agent fees:
Class A		985,565
Class B		95,852
Class C		279,105
Class Y		29,457
Shareholder communications:
Class A		105,276
Class B		10,893
Class C		27,179
Class Y		1,735
Interest expense and fees on short-term floating rate notes issued (See Note 1)		5,775,603
Borrowing fees		2,349,354
Accounting service fees		1,062,663
Trustees’ compensation		114,241
Interest expense on borrowings		111,145
Custodian fees and expenses		54,190
Administration service fees		750
Other		251,583
Total expenses		37,759,593
Less waivers and reimbursements of expenses		(19,466	)
Net expenses		37,740,127
Net Investment Income		240,446,299
Realized and Unrealized Gain (Loss)
Net realized loss on investments		(109,876,205	)
Net change in unrealized appreciation/depreciation on investments		145,976,323
Net Increase in Net Assets Resulting from Operations	$	276,546,417

See accompanying Notes to Financial Statements.

35 | ROCHESTER FUND MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	June 30, 2011			December 31,
	(Unaudited)			2010
Operations
Net investment income	$	240,446,299		$	503,957,876
Net realized gain (loss)		(109,876,205	)		107,406,478
Net change in unrealized appreciation/depreciation		145,976,323			(289,610,448	)
Net increase in net assets resulting from operations		276,546,417			321,753,906
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(221,353,102	)		(418,716,525	)
Class B		(5,150,995	)		(11,118,280	)
Class C		(34,470,624	)		(64,982,829	)
Class Y		(3,805,541	)		(6,054,918	)
		(264,780,262	)		(500,872,552	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(358,108,608	)		(470,847,309	)
Class B		(34,011,655	)		(62,951,925	)
Class C		(81,384,404	)		(103,907,672	)
Class Y		12,096,740			39,395,133
		(461,407,927	)		(598,311,773	)
Net Assets
Total decrease		(449,641,772	)		(777,430,419	)
Beginning of period		7,696,694,216			8,474,124,635
End of period (including accumulated net investment income of $55,235,227 and $79,569,190, respectively)	$	7,247,052,444		$	7,696,694,216

See accompanying Notes to Financial Statements.

36 | ROCHESTER FUND MUNICIPALS

STATEMENT OF CASH FLOWS Unaudited

For the Six Months Ended June 30, 2011
Cash Flows from Operating Activities
Net increase in net assets from operations	$	276,546,417
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(372,129,042	)
Proceeds from disposition of investment securities		1,221,946,242
Short-term investment securities, net		81,824,114
Premium amortization		3,379,797
Discount accretion		(35,192,636	)
Net realized loss on investments		109,876,205
Net change in unrealized appreciation/depreciation on investments		(145,976,323	)
Change in assets:
Decrease in interest receivable		18,928,124
Decrease in receivable for securities sold		2,671,500
Increase in other assets		(1,190,230	)
Change in liabilities:
Decrease in other liabilities		(1,256,592	)
Decrease in payable for securities purchased		(21,441,230	)
Net cash provided by operating activities		1,137,986,346
Cash Flows from Financing Activities
Proceeds from bank borrowings		498,700,000
Payments on bank borrowings		(660,600,000	)
Payments on short-term floating rate notes issued		(247,950,000	)
Proceeds from shares sold		312,837,231
Payments on shares redeemed		(971,113,326	)
Cash distributions paid		(74,264,836	)
Net cash used in financing activities		(1,142,390,931	)
Net decrease in cash		(4,404,585	)
Cash, beginning balance		6,333,184
Cash, ending balance	$	1,928,599

Supplemental disclosure of cash flow information:

Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $180,835,326.

Cash paid for interest on bank borrowings—$140,615.

Cash paid for interest on short-term floating rate notes issued—$5,775,603.

See accompanying Notes to Financial Statements.

37 | ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	June 30, 2011									Year Ended December 31,
Class A	(Unaudited)			2010			2009			2008			2007			2006
Per Share Operating Data
Net asset value, beginning of period	$	15.33		$	15.70		$	11.54		$	17.67		$	18.82		$	18.28
Income (loss) from investment operations:
Net investment income1		.51			.98			.98			.94			.88			.93
Net realized and unrealized gain (loss)		.09			(.38	)		4.09			(6.19	)		(1.17	)		.55
Total from investment operations		.60			.60			5.07			(5.25	)		(.29	)		1.48
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.54	)		(.97	)		(.91	)		(.88	)		(.86	)		(.94	)
Net asset value, end of period	$	15.39		$	15.33		$	15.70		$	11.54		$	17.67		$	18.82
Total Return, at Net Asset Value2		4.24	%		3.63	%		45.07	%		(30.84	)%		(1.59	)%		8.33	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	5,947		$	6,295		$	6,913		$	5,158		$	8,541		$	7,979
Average net assets (in millions)	$	5,850		$	7,013		$	6,360		$	7,688		$	8,598		$	6,836
Ratios to average net assets:3
Net investment income		6.95	%		6.01	%		6.96	%		5.96	%		4.78	%		5.05	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.69	%		0.67	%		0.70	%		0.70	%		0.67	%		0.68	%
Interest and fees from borrowings		0.07	%		0.08	%		0.45	%		0.22	%		0.05	%		0.04	%
Interest and fees on short-term floating rate notes issued4		0.16	%		0.18	%		0.27	%		0.68	%		0.71	%		0.62	%
Total expenses		0.92	%		0.93	%		1.42	%		1.60	%		1.43	%		1.34	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.92	%		0.93	%		1.42	%		1.60	%		1.43	%		1.34	%
Portfolio turnover rate		5	%		7	%		8	%		23	%		28	%		17	%

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.

38 | ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	June 30, 2011									Year Ended December 31,
Class B	(Unaudited)			2010			2009			2008			2007			2006
Per Share Operating Data
Net asset value, beginning of period	$	15.31		$	15.68		$	11.53		$	17.66		$	18.80		$	18.26
Income (loss) from investment operations:
Net investment income1		.44			.82			.85			.80			.72			.78
Net realized and unrealized gain (loss)		.11			(.37	)		4.07			(6.19	)		(1.16	)		.54
Total from investment operations		.55			.45			4.92			(5.39	)		(.44	)		1.32
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.48	)		(.82	)		(.77	)		(.74	)		(.70	)		(.78	)
Net asset value, end of period	$	15.38		$	15.31		$	15.68		$	11.53		$	17.66		$	18.80
Total Return, at Net Asset Value2		3.83	%		2.67	%		43.66	%		(31.50	)%		(2.41	)%		7.39	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	147		$	181		$	246		$	237		$	591		$	906
Average net assets (in millions)	$	155		$	220		$	248		$	424		$	745		$	925
Ratios to average net assets:3
Net investment income		6.00	%		5.07	%		6.05	%		4.99	%		3.88	%		4.20	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.64	%		1.62	%		1.67	%		1.58	%		1.57	%		1.56	%
Interest and fees from borrowings		0.07	%		0.08	%		0.45	%		0.22	%		0.05	%		0.04	%
Interest and fees on short-term floating rate notes issued4		0.16	%		0.18	%		0.27	%		0.68	%		0.71	%		0.62	%
Total expenses		1.87	%		1.88	%		2.39	%		2.48	%		2.33	%		2.22	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.87	%		1.88	%		2.39	%		2.48	%		2.33	%		2.22	%
Portfolio turnover rate		5	%		7	%		8	%		23	%		28	%		17	%

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.

39 | ROCHESTER FUND MUNICIPALS

	Six Months
	Ended
	June 30, 2011									Year Ended December 31,
Class C	(Unaudited)			2010			2009			2008			2007			2006
Per Share Operating Data
Net asset value, beginning of period	$	15.30		$	15.67		$	11.52		$	17.65		$	18.79		$	18.25
Income (loss) from investment operations:
Net investment income1		.45			.83			.86			.80			.71			.76
Net realized and unrealized gain (loss)		.10			(.37	)		4.07			(6.19	)		(1.15	)		.56
Total from investment operations		.55			.46			4.93			(5.39	)		(.44	)		1.32
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.48	)		(.83	)		(.78	)		(.74	)		(.70	)		(.78	)
Net asset value, end of period	$	15.37		$	15.30		$	15.67		$	11.52		$	17.65		$	18.79
Total Return, at Net Asset Value2		3.87	%		2.75	%		43.82	%		(31.49	)%		(2.39	)%		7.40	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	1,039		$	1,120		$	1,250		$	905		$	1,514		$	1,256
Average net assets (in millions)	$	1,026		$	1,271		$	1,131		$	1,350		$	1,492		$	956
Ratios to average net assets:3
Net investment income		6.07	%		5.14	%		6.09	%		5.09	%		3.90	%		4.15	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.56	%		1.54	%		1.57	%		1.57	%		1.54	%		1.54	%
Interest and fees from borrowings		0.07	%		0.08	%		0.45	%		0.22	%		0.05	%		0.04	%
Interest and fees on short-term floating rate notes issued4		0.16	%		0.18	%		0.27	%		0.68	%		0.71	%		0.62	%
Total expenses		1.79	%		1.80	%		2.29	%		2.47	%		2.30	%		2.20	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.79	%		1.80	%		2.29	%		2.47	%		2.30	%		2.20	%
Portfolio turnover rate		5	%		7	%		8	%		23	%		28	%		17	%

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.

40 | ROCHESTER FUND MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	June 30, 2011									Year Ended December 31,
Class Y	(Unaudited)			2010			2009			2008			2007			2006
Per Share Operating Data
Net asset value, beginning of period	$	15.33		$	15.69		$	11.54		$	17.67		$	18.82		$	18.28
Income (loss) from investment operations:
Net investment income1		.52			.99			1.00			.96			.89			.95
Net realized and unrealized gain (loss)		.09			(.36	)		4.08			(6.19	)		(1.15	)		.55
Total from investment operations		.61			.63			5.08			(5.23	)		(.26	)		1.50
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.55	)		(.99	)		(.93	)		(.90	)		(.89	)		(.96	)
Net asset value, end of period	$	15.39		$	15.33		$	15.69		$	11.54		$	17.67		$	18.82
Total Return, at Net Asset Value2		4.30	%		3.84	%		45.18	%		(30.74	)%		(1.44	)%		8.45	%
Ratios/Supplemental Data
Net assets, end of period (in millions)	$	114		$	101		$	65		$	44		$	56		$	22
Average net assets (in millions)	$	99		$	100		$	57		$	61		$	44		$	16
Ratios to average net assets:3
Net investment income		7.09	%		6.14	%		7.09	%		6.14	%		4.91	%		5.14	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.57	%		0.54	%		0.55	%		0.57	%		0.51	%		0.56	%
Interest and fees from borrowings		0.07	%		0.08	%		0.45	%		0.22	%		0.05	%		0.04	%
Interest and fees on short-term floating rate notes issued4		0.16	%		0.18	%		0.27	%		0.68	%		0.71	%		0.62	%
Total expenses		0.80	%		0.80	%		1.27	%		1.47	%		1.27	%		1.22	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.80	%		0.80	%		1.27	%		1.47	%		1.27	%		1.22	%
Portfolio turnover rate		5	%		7	%		8	%		23	%		28	%		17	%

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.

41 | 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 or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase.

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

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,” observable market inputs other than unadjusted quoted prices 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 to the time when the Fund’s assets are valued. Securities whose principal exchange is

42 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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 current price quotation obtained from an independent pricing service or broker-dealer, 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.

43 | ROCHESTER FUND MUNICIPALS

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, 2011, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:

	When-Issued or Delayed Delivery
	Basis Transactions
Purchased securities	$	14,661,763

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 $1,067,945,000 as of June 30, 2011, which represents 12.68% 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 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

44 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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, 2011, municipal bond holdings with a value of $1,724,637,549 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $1,067,945,000 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, 2011, 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
$	23,960,000	NY Austin Trust Various States Inverse Certificates		7.949	%		11/1/38	$	22,207,805
	16,400,000	NY Austin Trust Various States Inverse Certificates		11.846			7/1/48		17,459,932
	31,175,000	NY Liberty Devel. Corp. (One Bryant Park) ROLs3		10.720			1/15/46		32,679,817
	7,500,000	NY Liberty Devel. Corp. ROLs3		9.582			1/15/44		7,231,650
	8,770,000	NY MTA ROLs3		20.153			11/15/30		8,693,087
	6,615,000	NY Triborough Bridge & Tunnel Authority ROLs3		21.688			1/1/27		7,087,311
	15,660,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.478			12/1/27		15,556,801
	7,700,000	NY/NJ Port Authority Austin Trust Inverse Certificates		7.060			12/1/34		6,672,512
	23,955,000	NY/NJ Port Authority Austin Trust Inverse Certificates		9.273			10/1/30		24,323,907
	5,605,000	NYC GO DRIVERS		10.286			12/1/33		5,758,409
	5,460,000	NYC GO DRIVERS		9.332			8/1/30		5,745,340

45 | ROCHESTER FUND MUNICIPALS

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	2,430,000	NYC GO DRIVERS		10.286	%		8/1/35	$	2,496,290
	5,745,000	NYC GO DRIVERS		10.285			3/1/35		5,886,672
	5,000,000	NYC GO ROLs		19.182			3/1/21		7,832,200
	3,490,000	NYC HDC (Multifamily Hsg.) DRIVERS		15.444			11/1/42		3,530,624
	920,000	NYC HDC (Multifamily Hsg.) DRIVERS		13.394			11/1/26		930,488
	810,000	NYC HDC (Multifamily Hsg.) DRIVERS		13.770			11/1/27		821,154
	1,000,000	NYC HDC (Multifamily Hsg.) DRIVERS		13.819			11/1/32		988,990
	1,165,000	NYC HDC (Multifamily Hsg.) DRIVERS		13.458			11/1/37		1,062,666
	1,560,000	NYC HDC (Multifamily Hsg.) DRIVERS		13.605			11/1/39		1,372,472
	2,790,000	NYC HDC (Multifamily Hsg.) DRIVERS		13.811			5/1/40		2,586,274
	775,000	NYC HDC (Multifamily Hsg.) DRIVERS3		19.897			11/1/34		859,072
	710,000	NYC HDC (Multifamily Hsg.) DRIVERS3		20.161			11/1/39		811,899
	2,730,000	NYC HDC (Multifamily Hsg.) DRIVERS3		20.750			11/1/46		3,008,351
	2,680,000	NYC HDC (Multifamily Hsg.) DRIVERS		14.038			11/1/40		2,572,184
	3,955,000	NYC HDC (Multifamily Hsg.) ROLs3		16.644			11/1/30		4,109,443
	11,830,000	NYC Hsg. Devel. Corp. (Multifamily Hsg.) ROLs3		13.012			5/1/49		11,627,352
	4,935,000	NYC Municipal Water Finance Authority ROLs		18.448			6/15/39		5,126,281
	8,205,000	NYS DA (Memorial Sloan-Kettering) DRIVERS		10.284			7/1/35		8,345,059
	5,265,000	NYS DA (Vassar College) DRIVERS		10.282			7/1/46		5,352,294
	3,410,000	NYS HFA ROLs3		15.033			11/1/45		3,346,267
	3,750,000	Port Authority NY/NJ ROLs3		22.043			9/15/28		4,775,100
	4,895,000	Port Authority NY/NJ, 11588th Series ROLs		16.807			10/15/27		5,076,017
	3,580,000	Port Authority NY/NJ, 11588th Series ROLs		15.879			10/15/28		3,390,761
	5,500,000	Port Authority NY/NJ, 11588th Series ROLs		16.816			10/15/32		5,253,820
	9,090,000	Port Authority NY/NJ, 11589th Series ROLs		12.471			9/1/29		7,865,032
	11,880,000	Port Authority NY/NJ, 136th Series DRIVERS		8.232			11/1/28		12,351,636
	11,430,000	Port Authority NY/NJ, 136th Series DRIVERS		10.251			11/1/29		12,038,533
	11,015,000	Port Authority NY/NJ, 136th Series DRIVERS		13.811			5/1/34		11,096,621
	13,000,000	Port Authority NY/NJ, 138th Series DRIVERS		8.737			12/1/34		11,780,340
	24,005,000	Port Authority NY/NJ, 151st Series DRIVERS		15.716			3/15/35		26,588,898
	4,570,000	Port Authority NY/NJ, 152nd Series DRIVERS		14.208			5/1/38		4,643,211
	10,755,000	Port Authority NY/NJ, 166th Series RIBS		9.380			1/15/41		11,371,369
	20,000,000	Port Authority NY/NJ, 3090th Series DRIVERS		9.758			11/1/35		20,558,800
	7,500,000	Port Authority NY/NJ, 3114th Series DRIVERS		15.734			11/1/30		8,922,900
	30,970,000	Port Authority NY/NJ, 3114th Series DRIVERS		9.758			11/1/35		31,835,302
	3,335,000	Port Authority NY/NJ, 3115th Series DRIVERS		15.727			3/15/35		3,693,979
	7,500,000	Port Authority NY/NJ, 3249th Series ROLs3		9.976			7/15/36		8,334,750
	7,650,000	Port Authority NY/NJ, 3264th Series ROLs3		9.470			10/15/31		8,329,626
	10,125,000	Port Authority NY/NJ, 3266th Series3		9.480			7/15/39		10,710,630
	25,330,000	Port Authority NY/NJ, 37th Series DRIVERS		9.748			7/15/34		25,920,696
	4,750,000	Puerto Rico Aqueduct & Sewer Authority ROLs3		18.375			7/1/47		4,340,550
	15,000,000	Puerto Rico Aqueduct & Sewer Authority ROLs		9.632			7/1/47		14,353,500
	74,115,000	Puerto Rico Sales Tax Financing Corp. ROLs3		19.031			8/1/57		74,239,513
	23,815,000	Puerto Rico Sales Tax Financing Corp. ROLs3		21.176			8/1/57		27,099,565
	18,135,000	SONYMA ROLs3		7.721			10/1/34		17,276,852
	5,405,000	SONYMA ROLs3		14.482			4/1/29		5,406,622
	3,185,000	SONYMA ROLs3		14.562			4/1/29		3,185,191
	3,490,000	SONYMA ROLs3		14.861			4/1/29		3,491,047
	7,635,000	SONYMA ROLs3		14.447			4/1/34		7,186,062

46 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	7,965,000	SONYMA ROLs3		14.579	%		10/1/28	$	7,965,956
	3,175,000	SONYMA ROLs3		13.810			10/1/26		3,179,763
	5,675,000	SONYMA ROLs3		9.155			10/1/37		5,096,037
	11,505,000	SONYMA ROLs3		8.767			10/1/31		10,293,754
	10,590,000	SONYMA ROLs3		8.862			10/1/37		8,558,414
	1,685,000	SONYMA, Series 145 DRIVERS		13.773			10/1/37		1,609,276
	650,000	SONYMA, Series 148 DRIVERS		13.908			10/1/27		658,639
	2,125,000	SONYMA, Series 148 DRIVERS		14.016			10/1/32		2,131,184
								$	656,692,549

1.	For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.
2.	Represents the current interest rate for 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. 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, 2011, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $600,700,000.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of June 30, 2011 is as follows:

Cost	$	16,843,134
Market Value	$	12,595,632
Market Value as a % of Net Assets		0.17	%

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, 2011, securities with an aggregate market value of $1,088,655, representing 0.02% of the Fund’s net assets, were subject to these forbearance agreements.

47 | ROCHESTER FUND MUNICIPALS

Interest payments of $74,788 are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

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

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.

During the fiscal year ended December 31, 2010, the Fund utilized $82,464,272 of capital loss carryforward to offset capital gains realized in that fiscal year. As of December 31, 2010, the Fund had unused capital loss carryforwards as follows:

Expiring
2016	$	443,946,792
2017		324,022,087
Total	$	767,968,879

As of June 30, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $877,845,084, of which $109,876,205 expires in 2019. 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, 2011, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

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

48 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

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, 2011 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	$	9,329,550,638	1
Gross unrealized appreciation	$	185,204,903
Gross unrealized depreciation		(1,237,407,065	)
Net unrealized depreciation	$	(1,052,202,162	)

1. The Federal tax cost of securities does not include cost of $989,471, 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 above.

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Fund. Although the Act provides a number of benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of a fund’s prior year capital loss carryovers will expire unused. In general, the provisions of the Act will be effective for the Fund’s fiscal year ending 2012. Specific information regarding the impact of the Act on the Fund will be contained within the “Federal Taxes” section of the financial statement notes for the fiscal year ending 2012.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the six months ended June 30, 2011, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	46,099
Payments Made to Retired Trustees		142,226
Accumulated Liability as of June 30, 2011		1,428,795

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

49 | ROCHESTER FUND MUNICIPALS

by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

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.

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.

50 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

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, 2011						Year Ended December 31, 2010
	Shares			Amount			Shares			Amount
Class A
Sold		15,300,941		$	219,878,906			38,467,717		$	625,354,867
Dividends and/or distributions reinvested		9,447,171			148,709,315			16,612,352			269,611,844
Redeemed		(49,032,513	)		(726,696,829	)		(84,858,562	)		(1,365,814,020	)
Net decrease		(24,284,401	)	$	(358,108,608	)		(29,778,493	)	$	(470,847,309	)
Class B
Sold		314,372		$	4,422,379			1,128,811		$	18,352,363
Dividends and/or distributions reinvested		243,024			3,890,120			484,918			7,859,585
Redeemed		(2,845,852	)		(42,324,154	)		(5,512,809	)		(89,163,873	)
Net decrease		(2,288,456	)	$	(34,011,655	)		(3,899,080	)	$	(62,951,925	)
Class C
Sold		2,932,178		$	40,398,196			8,509,316		$	138,036,770
Dividends and/or distributions reinvested		1,488,053			25,456,762			2,960,215			47,982,936
Redeemed		(9,942,407	)		(147,239,362	)		(18,070,599	)		(289,927,378	)
Net decrease		(5,522,176	)	$	(81,384,404	)		(6,601,068	)	$	(103,907,672	)
Class Y
Sold		3,249,088		$	47,310,061			3,832,057		$	61,864,893
Dividends and/or distributions reinvested		158,367			2,779,129			275,265			4,468,978
Redeemed		(2,563,997	)		(37,992,450	)		(1,673,355	)		(26,938,738	)
Net increase		843,458		$	12,096,740			2,433,967		$	39,395,133

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, 2011, were as follows:

	Purchases		Sales
Investment securities	$	372,129,042	$	1,221,946,242

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:

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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, 2011, the Fund paid $1,062,663 to the Manager for accounting services.

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

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, 2011, the Fund paid $1,427,884 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.

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

52 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

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, 2011 were as follows:

Class B	$	32,488,018
Class C		33,553,615

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, 2011	$	352,759	$	97,748	$	202,552	$	54,921

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, 2011, the Manager reimbursed the Fund $19,466 for legal costs and fees.

     Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus.

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 also may borrow to meet redemption obligations or for temporary and emergency purposes.

53 | ROCHESTER FUND MUNICIPALS

     The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1 (Inverse Floating Rate Securities). The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust.

     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 Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.25 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 (0.148% as of June 30, 2011). 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, 2011 equal 0.07% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of June 30, 2011, the Fund had borrowings outstanding at an interest rate of 0.148%. Details of the borrowings for the six months ended June 30, 2011 are as follows:

Average Daily Loan Balance	$	87,827,627
Average Daily Interest Rate		0.227	%
Fees Paid	$	3,307,183
Interest Paid	$	140,615

6. Reverse Repurchase Agreements

The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a

54 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Reverse Repurchase Agreements Continued

higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.

     The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the six months ended June 30, 2011 are included in expenses on the Fund’s Statement of Operations and equal 0.02% of the Fund’s average net assets on an annualized basis.

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

     The Fund executed no transactions under the Facility during the six months ended June 30, 2011.

7. Pending Litigation

Since 2009, a number of lawsuits have been filed in federal and state courts against the Manager, the Distributor and certain Oppenheimer mutual funds — including the Fund — advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees

55 | ROCHESTER FUND MUNICIPALS

of the respective Defendant Funds. The lawsuits raise claims under federal and state securities laws and state common law and allege, among other things, that the disclosure documents of the respective Defendant Fund contained misrepresentations and omissions and that the respective Defendant Fund’s investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. On June 1, 2011, the U.S. District Court for the District of Colorado gave preliminary approval to stipulations and agreements of settlement in certain purported class action lawsuits involving two Defendant Funds, Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund. Those settlements are subject to the final approval of the court. Final approval of the settlements also requires that a sufficient number of class members approve the settlement to induce the settling defendants to proceed with it. These settlements do not resolve any of the outstanding lawsuits relating to the Fund, nor any other lawsuits outstanding against Oppenheimer Champion Income Fund, Oppenheimer Core Bond Fund or other Defendant Funds.

     In 2009, what are claimed to be derivative lawsuits were filed in New Mexico 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.

     Other lawsuits have been filed since 2008 in various state and federal courts against the Manager and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of the Manager and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards 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 mutual funds invested in any funds or accounts managed by Mr. Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of certain purported class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 8, 2011, the court issued a ruling approving the settlement as fair, reasonable and adequate. The court’s approval of the settlement is subject to potential appeal by claimants. On July 29, 2011, a stipulation of settlement between certain affiliates of the Manager and the Trustee appointed under the Securities Investor Protection Act to liquidate BLMIS was filed in the U.S. Bankruptcy Court for the Southern District of New York to resolve purported preference and fraudulent transfer claims by the Trustee. This settlement is subject to the final approval of the court. The aforementioned settlements do not resolve any of the other outstanding lawsuits relating to these matters.

56 | ROCHESTER FUND MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

7. Pending Litigation Continued

     On April 16, 2010, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On July 15, 2011, a lawsuit was filed in New York state court against the Manager, an affiliate of the Manager and AAArdvark I Funding Limited (“AAArdvark I”), an entity advised by the Manager’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

     The Manager believes the lawsuits described above are without legal merit and, with the exception of actions it has agreed to settle, is defending against them vigorously. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds 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 Defendant Funds may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits 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 mutual funds.

57 | ROCHESTER FUND MUNICIPALS

PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at 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.

58 | ROCHESTER FUND MUNICIPALS

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
	Arthur S. Gabinet, Secretary
	Christina M. Nasta, 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, Vice President
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.

©2011 OppenheimerFunds, Inc. All rights reserved.

59 | ROCHESTER FUND MUNICIPALS

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 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.

60 | ROCHESTER FUND MUNICIPALS

PRIVACY POLICY NOTICE Unaudited

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 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 oppenheimerfunds.com or call us at 1.800.525.7048.

61 | 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. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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 06/30/2011, 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:	08/10/2011

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:	08/10/2011
By:	/s/ Brian W. Wixted Brian W. Wixted
	Principal Financial Officer
Date:	08/10/2011