EX-99.77H CHNG CNTRL

Sub-Item 77L.

Prior to this filing of the registrant's Form N-SAR with the Securities and
Exchange Commission for its fiscal year ended December 31, 2006, the
registrant's management became aware that other investment companies (not
affiliated with the registrant) that invested in certain municipal securities
referred to as "inverse floaters" and that had transferred certain municipal
bonds to special purpose trusts for the purpose of investing in such inverse
floaters, accounting for such transfers as "sales" in accordance with common
practice in the mutual fund industry, had restated their financial statements to
apply the provisions of Statement of Financial Accounting Standards No. 140,
"Accounting for Transfers and Servicing of Financial Assets and Extinguishments
of Liabilities," ("FAS 140") to the transfers of such municipal bonds in
connection with their investments in inverse floaters, in response to comments
by their independent public accountants about the sale accounting treatment that
had previously been applied by such investment companies to such transfers.
Prior to December 31, 2006, the registrant's fiscal year end, the registrant had
likewise accounted for such transfers as "sales." Registrant's management notes
that other investment companies that invested in similar securities over the
same time periods had been accounting for such transfers in a similar manner as
the registrant. After a review of this treatment with the registrant's
independent public accountants, the registrant applied FAS 140 to such transfers
in its financial statements for the fiscal year ended December 31, 2006.

EX-23

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



The Shareholders and Board of Trustees
Rochester Fund Municipals:

In planning and performing our audit of the financial statements of Rochester
Fund Municipals (the Fund) as of and for the year ended December 31, 2006, in
accordance with the standards of the Public Company Accounting Oversight Board
(United States), we considered its internal control over financial reporting,
including control activities for safeguarding securities, as a basis for
designing our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, but
not for the purpose of expressing an opinion on the effectiveness of the Fund's
internal control over financial reporting. Accordingly, we express no such
opinion.

The management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. A company's internal control
over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with U.S. generally
accepted accounting principles. Such internal control includes policies and
procedures that provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of a company's assets
that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis. A significant
deficiency is a control deficiency, or combination of control deficiencies, that
adversely affects the company's ability to initiate, authorize, record, process,
or report external financial data reliably in accordance with U.S. generally
accepted accounting principles such that there is more than a remote likelihood
that a misstatement of the company's annual or interim financial statements that
is more than inconsequential will not be prevented or detected. A material
weakness is a significant deficiency, or combination of significant
deficiencies, that results in more than a remote likelihood that a material
misstatement of the annual or interim financial statements will not be prevented
or detected.

Our consideration of the Fund's internal control over financial reporting was
for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be
significant deficiencies or material weaknesses under standards established by
the Public Company Accounting Oversight Board (United States).

We noted the following control deficiency that we determined to be a material
weakness, as defined above, in the Fund's internal control over financial
reporting. The Fund's policies and procedures related to the review and analysis
of the relevant terms and conditions of certain transfers of securities were not
effective in appropriately determining whether the transfers qualified for sale
accounting under the provisions of Statement of Financial Accounting Standards
No. 140, ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL ASSETS AND
EXTINGUISHMENTS OF LIABILITIES. As a result of this material weakness, the
statement of changes in net assets for the year ended December 31, 2005, and the
financial highlights for each of the years in the four-year period then ended
were restated in order to appropriately account for such transfers of securities
as secured borrowings and report the related interest income and expense.

This report is intended solely for the information and use of management and the
board of trustees of Rochester Fund Municipals and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.



                                    KPMG LLP

Denver, Colorado
February 8, 2007

EX-99.77E LEGAL

LITIGATION

A consolidated amended complaint was filed as a putative class action against
the Manager and the Transfer Agent and other defendants (including 51 of the
Oppenheimer funds including the Fund) in the U.S. District Court for the
Southern District of New York on January 10, 2005 and was amended on March 4,
2005. The complaint alleged, among other things, that the Manager charged
excessive fees for distribution and other costs, and that by permitting and/or
participating in those actions, the Directors/Trustees and the Officers of the
funds breached their fiduciary duties to fund shareholders under the Investment
Company Act of 1940 and at common law. The plaintiffs sought unspecified
damages, an accounting of all fees paid, and an award of attorneys' fees and
litigation expenses.

      In response to the defendants' motions to dismiss the suit, seven of the
eight counts in the complaint, including the claims against certain of the
Oppenheimer funds, as nominal defendants, and against certain present and former
Directors, Trustees and Officers of the funds, and the Distributor, as
defendants, were dismissed with prejudice, by court order dated March 10, 2006,
and the remaining count against the Manager and the Transfer Agent was dismissed
with prejudice by court order dated April 5, 2006. The plaintiffs filed an
appeal of those dismissals on May 11, 2006.

      The Manager believes that the allegations contained in the complaint are
without merit and that there are substantial grounds to sustain the district
court's rulings. The Manager also believes that it is premature to render any
opinion as to the likelihood of an outcome unfavorable to it, the funds, the
Directors/Trustees or the Officers on the appeal of the decisions of the
district court, and that no estimate can yet be made with any degree of
certainty as to the amount or range of any potential loss.