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: January 1, 2004 - December 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN INDUSTRIES
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Hospital/Health Care 11.6%
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Tobacco Settlements 10.0
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Electric Utilities 9.1
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Highways/Railways 8.8
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Airlines 7.9
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General Obligation 6.7
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Adult Living Facilities 5.8
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Multifamily Housing 5.4
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Sales Tax Revenue 4.6
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Higher Education 4.4
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2004, and are based on total investments.
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
CREDIT ALLOCATION
AAA 10.0%
AA 15.4
A 18.0
BBB 33.2
BB 4.2
B 0.1
CCC 6.6
Other Securities 12.5
Portfolio holdings and allocations are subject to change. Percentages are as of
December 31, 2004, and are dollar-weighted based on total investments.
Securities rated by any rating organization are included in the equivalent
Standard & Poor's rating category. The allocation includes rated securities and
those not rated by a national rating organization but to which the ratings above
have been assigned by the Manager for internal purposes as being comparable, in
the Manager's judgment, to securities rated by a rating agency in the same
category.
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9 | ROCHESTER FUND MUNICIPALS
FUND PERFORMANCE DISCUSSION
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HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION BY OPPENHEIMERFUNDS, INC. OF
THE FUND'S PERFORMANCE DURING ITS FISCAL YEAR ENDED DECEMBER 31, 2004, FOLLOWED
BY A GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO APPROPRIATE BROAD-BASED
MARKET INDICES.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. Rochester Fund Municipals
outperformed its broad-market benchmark, the Lehman Brothers Municipal Bond
Index, by a wide margin during the year ended December 31, 2004. We attribute
the Fund's outperformance to our strategy of investing in a wide array of bonds
that generate higher-than-average yields while diversifying risk. In comparison
to the index, the Fund has a wider diversification across the credit spectrum:
the Fund is underweight in general obligation bonds, and overweight in other
higher-yielding bonds from such industrial sectors as tobacco, adult living
facility and healthcare industries. As credit spreads narrowed in 2004, holdings
in BBB-rated bonds particularly benefited the Fund; credit-sensitive bonds in
several sectors, including electric utilities, higher education and
manufacturing, appreciated.
However, more importantly than price appreciation, investors were rewarded
with higher income from all these positions. For example, one key source of high
current income was the portfolio's inverse floaters. Yields on these securities
move in opposition to short-term interest rates. Their prices, in contrast, are
tied to long-term interest rates, making inverse floaters more volatile and
higher yielding than shorter-term securities. As the yield curve flattened over
the course of the year, the current income provided by the inverse floaters was
lower than in prior years but still higher than we might have garnered from
alternative investments. In addition, their prices were relatively stable.
While typically volatile, contributions to current income were also made
by the Fund's master settlement agreement (MSA) bonds (10.0% of assets at
December 31). MSAs are backed by the issuing state or territory's share of the
national settlement agreement with major tobacco-product manufacturers. Most
carry investment-grade ratings but provide significantly higher yields than
similarly rated bonds. During this period, MSA prices continued to fluctuate
with news about tobacco-industry litigation.
Through 2004, we maintained our positions in MSA bonds. In our view, the
price fluctuations do not accurately reflect the industry's ability to meet
obligations incurred under the Master Settlement Agreement. Furthermore, the
number of lawsuits against tobacco manufacturers has decreased since 2002, and
several recent court-case rulings were favorable to the industry's litigation
environment. Finally, more New York MSA bonds were retired than issued in 2004,
so we believe that the relative scarcity and attractive yields of MSA bonds will
make them increasingly attractive to investors.
Our holdings of airline-related bonds also outperformed from both a yield
and total-return standpoint. Although rising fuel costs and pricing pressures
hindered the airline industry, air traffic increased for the third consecutive
year. The Fund benefited as some
10 | ROCHESTER FUND MUNICIPALS
previously beaten-down airline bonds rebounded while continuing to provide
above-average yields.
While our strategy of being able to invest a significant portion of the
Fund's assets in unrated bonds has helped deliver high levels of tax-free income
and strong total return performance over time, some individual borrowers do
occasionally fail to meet their debt obligations. This was the case for five
tax-exempt municipal lease bonds held by the Fund and issued by four different
governmental agencies of the Commonwealth of Puerto Rico. These outcomes
detracted only negligibly from the Fund's total return, demonstrating the
benefit derived from diversification.
The Fund attempts to pay dividends on Class A shares at a constant level.
However there is no assurance it will be able to do so, and the dividend may be
changed at any time without prior notice to shareholders. This practice did not
affect the Fund's investment strategies or per share net asset values, or cause
it to pay any distributions of capital.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until December 31, 2004. In the case of Class A shares, performance is
measured over a ten-fiscal-year period. In the case of Class B and Class C
shares, performance is measured from inception of the Classes on March 17, 1997.
In the case of Class Y shares, performance is measured from inception of the
Classes on April 28, 2000. The Fund's performance reflects the deduction of the
maximum initial sales charge on Class A shares, the applicable contingent
deferred sales charge on Class B and Class C shares, and reinvestments of all
dividends and capital gains distributions. Past performance cannot guarantee
future results.
The Fund's performance is compared to the performance of that of the
Lehman Brothers Municipal Bond Index, the Lipper New York Municipal Debt Funds
Index, and the Consumer Price Index. The Lehman Brothers Municipal Bond Index is
an unmanaged index of a broad range of investment grade municipal bonds that is
widely regarded as a measure of the performance of the general municipal bond
market. The Lipper New York Municipal Debt Funds Index is an equally weighted
performance index of the largest qualifying funds (based on net assets) in the
Lipper New York Municipal Debt Funds classification that invest their assets in
securities exempt from taxation in New York or a city in New York. The Index,
which is adjusted for capital gains distributions and income dividends, is
unmanaged and should not be considered an investment. The Consumer Price Index
is a non-securities index that measures changes in the inflation rate. Index
performance reflects the reinvestment of income but does not consider the effect
of transaction costs, and none of the data in the graphs shows the effect of
taxes. The Fund's performance reflects the effects of the Fund's business and
operating expenses. While index comparisons may be useful to provide a benchmark
for the Fund's performance, it must be noted that the Fund's investments are not
limited to the investments in the indices.
11 | ROCHESTER FUND MUNICIPALS
FUND PERFORMANCE DISCUSSION
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CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Rochester Fund Municipals (Class A)
Lipper New York Municipal Debt Funds Index
Lehman Brothers Municipal Bond Index
Consumer Price Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lipper New York Lehman Brothers Consumer Price
Municipals (Class A) Municipal Fund Index Municipal Bond Index Index
12/31/1994 9,525 10,000 10,000 10,000
03/31/1995 10,262 10,712 10,707 10,114
06/30/1995 10,617 10,939 10,965 10,187
09/30/1995 10,843 11,191 11,280 10,234
12/31/1995 11,297 11,722 11,746 10,254
03/31/1996 11,133 11,470 11,604 10,401
06/30/1996 11,239 11,543 11,693 10,468
09/30/1996 11,555 11,815 11,961 10,541
12/31/1996 11,903 12,086 12,266 10,595
03/31/1997 11,922 12,036 12,236 10,688
06/30/1997 12,345 12,447 12,658 10,708
09/30/1997 12,752 12,828 13,039 10,768
12/31/1997 13,117 13,194 13,393 10,775
03/31/1998 13,321 13,324 13,547 10,835
06/30/1998 13,539 13,517 13,754 10,888
09/30/1998 13,945 13,939 14,176 10,929
12/31/1998 13,973 13,958 14,261 10,949
03/31/1999 14,094 14,033 14,387 11,022
06/30/1999 13,850 13,714 14,133 11,102
09/30/1999 13,538 13,497 14,077 11,216
12/31/1999 13,203 13,266 13,968 11,242
03/31/2000 13,669 13,677 14,376 11,436
06/30/2000 13,834 13,856 14,593 11,516
09/30/2000 14,201 14,182 14,946 11,603
12/31/2000 14,778 14,879 15,600 11,623
03/31/2001 15,103 15,171 15,946 11,770
06/30/2001 15,293 15,280 16,050 11,890
09/30/2001 15,648 15,620 16,500 11,910
12/31/2001 15,538 15,473 16,399 11,804
03/31/2002 15,696 15,646 16,554 11,944
06/30/2002 16,077 16,148 17,160 12,017
09/30/2002 16,519 16,936 17,974 12,091
12/31/2002 16,386 16,869 17,974 12,084
03/31/2003 16,106 16,989 18,190 12,305
06/30/2003 16,845 17,430 18,660 12,271
09/30/2003 17,071 17,435 18,674 12,371
12/31/2003 17,716 17,705 18,929 12,311
03/31/2004 18,155 17,927 19,257 12,518
06/30/2004 17,690 17,493 18,801 12,672
09/30/2004 18,496 18,134 19,533 12,685
12/31/2004 19,002 18,337 19,778 12,712
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
12/31/04
1-Year 2.16% 5-Year 6.51% 10-Year 6.63%
12 | ROCHESTER FUND MUNICIPALS
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Rochester Fund Municipals (Class B)
Lipper New York Municipal Debt Funds Index
Lehman Brothers Municipal Bond Index
Consumer Price Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lipper New York Lehman Brothers Consumer Price
Municipals (Class B) Municipal Fund Index Municipal Bond Index Index
03/17/1997 10,000 10,000 10,000 10,000
03/31/1997 9,951 10,000 10,000 10,000
06/30/1997 10,282 10,342 10,345 10,019
09/30/1997 10,599 10,658 10,656 10,075
12/31/1997 10,874 10,963 10,945 10,081
03/31/1998 11,019 11,071 11,072 10,138
06/30/1998 11,176 11,231 11,240 10,188
09/30/1998 11,487 11,581 11,585 10,225
12/31/1998 11,484 11,597 11,655 10,244
03/31/1999 11,560 11,659 11,758 10,313
06/30/1999 11,341 11,395 11,550 10,388
09/30/1999 11,061 11,214 11,504 10,494
12/31/1999 10,764 11,022 11,415 10,519
03/31/2000 11,120 11,364 11,749 10,700
06/30/2000 11,230 11,513 11,926 10,775
09/30/2000 11,503 11,783 12,215 10,856
12/31/2000 11,946 12,362 12,749 10,875
03/31/2001 12,182 12,605 13,032 11,013
06/30/2001 12,309 12,696 13,116 11,125
09/30/2001 12,568 12,978 13,485 11,144
12/31/2001 12,453 12,856 13,402 11,044
03/31/2002 12,553 13,000 13,529 11,175
06/30/2002 12,831 13,417 14,024 11,244
09/30/2002 13,148 14,072 14,689 11,313
12/31/2002 13,013 14,016 14,689 11,306
03/31/2003 12,779 14,116 14,866 11,513
06/30/2003 13,365 14,482 15,250 11,481
09/30/2003 13,545 14,486 15,262 11,575
12/31/2003 14,056 14,710 15,470 11,519
03/31/2004 14,405 14,895 15,738 11,713
06/30/2004 14,036 14,535 15,365 11,856
09/30/2004 14,675 15,007 15,964 11,869
12/31/2004 15,077 15,235 16,163 11,894
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
12/31/04
1-Year 1.40% 5-Year 6.32% Since Inception (3/17/97) 5.41%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PER- FORMANCE QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT
WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE
CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES
CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%;
FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2%
(5-YEAR); AND FOR CLASS C SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR
THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B
SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, 10-YEAR RETURNS FOR
CLASS B SHARES USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 16 FOR FURTHER INFORMATION.
13 | ROCHESTER FUND MUNICIPALS
FUND PERFORMANCE DISCUSSION
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CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Rochester Fund Municipals (Class C)
Lipper New York Municipal Debt Funds Index
Lehman Brothers Municipal Bond Index
Consumer Price Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lipper New York Lehman Brothers Consumer Price
Municipals (Class C) Municipal Fund Index Municipal Bond Index Index
03/17/1997 10,000 10,000 10,000 10,000
03/31/1997 9,956 10,342 10,345 10,000
06/30/1997 10,282 10,658 10,656 10,019
09/30/1997 10,599 10,963 10,945 10,075
12/31/1997 10,880 11,071 11,072 10,081
03/31/1998 11,020 11,231 11,240 10,138
06/30/1998 11,183 11,581 11,585 10,188
09/30/1998 11,488 11,597 11,655 10,225
12/31/1998 11,486 11,659 11,758 10,244
03/31/1999 11,567 11,395 11,550 10,313
06/30/1999 11,337 11,214 11,504 10,388
09/30/1999 11,063 11,022 11,415 10,494
12/31/1999 10,760 11,364 11,749 10,519
03/31/2000 11,117 11,513 11,926 10,700
06/30/2000 11,234 11,783 12,215 10,775
09/30/2000 11,501 12,362 12,749 10,856
12/31/2000 11,951 12,605 13,032 10,875
03/31/2001 12,181 12,696 13,116 11,013
06/30/2001 12,308 12,978 13,485 11,125
09/30/2001 12,567 12,856 13,402 11,144
12/31/2001 12,451 13,000 13,529 11,044
03/31/2002 12,552 13,417 14,024 11,175
06/30/2002 12,830 14,072 14,689 11,244
09/30/2002 13,155 14,016 14,689 11,313
12/31/2002 13,020 14,116 14,866 11,306
03/31/2003 12,770 14,482 15,250 11,513
06/30/2003 13,328 14,486 15,262 11,481
09/30/2003 13,478 14,710 15,470 11,575
12/31/2003 13,949 14,895 15,738 11,519
03/31/2004 14,273 14,535 15,365 11,713
06/30/2004 13,877 15,007 15,964 11,856
09/30/2004 14,479 15,235 16,163 11,869
12/31/2004 14,842 15,235 16,163 11,894
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
12/31/04
1-Year 5.40% 5-Year 6.65% Since Inception (3/17/97) 5.20%
14 | ROCHESTER FUND MUNICIPALS
CLASS Y SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Rochester Fund Municipals (Class Y)
Lipper New York Municipal Debt Funds Index
Lehman Brothers Municipal Bond Index
Consumer Price Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Rochester Fund Lipper New York Lehman Brothers Consumer Price
Municipals (Class Y) Municipal Fund Index Municipal Bond Index Index
04/28/2000 10,000 10,000 10,000 10,000
06/30/2000 10,197 10,210 10,212 10,064
09/30/2000 10,470 10,450 10,459 10,140
12/31/2000 10,897 10,964 10,916 10,158
03/31/2001 11,139 11,179 11,158 10,286
06/30/2001 11,283 11,260 11,231 10,391
09/30/2001 11,547 11,510 11,546 10,409
12/31/2001 11,469 11,402 11,475 10,315
03/31/2002 11,589 11,529 11,584 10,438
06/30/2002 11,877 11,899 12,007 10,502
09/30/2002 12,197 12,480 12,578 10,566
12/31/2002 12,108 12,431 12,578 10,560
03/31/2003 11,904 12,519 12,729 10,753
06/30/2003 12,454 12,844 13,057 10,724
09/30/2003 12,624 12,847 13,067 10,811
12/31/2003 13,096 13,046 13,246 10,759
03/31/2004 13,433 13,210 13,475 10,940
06/30/2004 13,095 12,891 13,156 11,074
09/30/2004 13,698 13,362 13,668 11,086
12/31/2004 14,078 13,512 13,839 11,109
AVERAGE ANNUAL TOTAL RETURNS OF CLASS Y SHARES WITH SALES CHARGE OF THE FUND AT
12/31/04
1-Year 7.50% 5-Year N/A Since Inception (4/28/00) 7.59%
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PER- FORMANCE QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT US AT
WWW.OPPENHEIMERFUNDS.COM, OR CALL US AT 1.800.525.7048. FUND RETURNS INCLUDE
CHANGES IN SHARE PRICE, REINVESTED DISTRIBUTIONS, AND THE APPLICABLE SALES
CHARGE: FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%;
FOR CLASS B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2%
(5-YEAR); AND FOR CLASS C SHARES, THE 1% CONTINGENT DEFERRED SALES CHARGE FOR
THE 1-YEAR PERIOD. THERE IS NO SALES CHARGE FOR CLASS Y SHARES. BECAUSE CLASS B
SHARES CONVERT TO CLASS A SHARES 72 MONTHS AFTER PURCHASE, 10-YEAR RETURNS FOR
CLASS B SHARES USES CLASS A PERFORMANCE FOR THE PERIOD AFTER CONVERSION. SEE
PAGE 16 FOR FURTHER INFORMATION.
15 | ROCHESTER FUND MUNICIPALS
NOTES
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Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. 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.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS 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. The average
annual total returns are shown net of the applicable 4.75% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 3/17/97. The average
annual total returns are shown net of 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 "since inception" return for Class B uses
Class A performance for the period after conversion. Class B shares are subject
to an annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 3/17/97. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the one-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
CLASS Y shares of the Fund were first publicly offered on 4/28/00. Class Y
shares are offered only to certain institutional investors under special
agreements with the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
16 | ROCHESTER FUND MUNICIPALS
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
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 December 31, 2004.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line 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 "actual" line 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 "hypothetical" lines of the
table provide 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 before expenses, which is not the
Fund's 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
17 | ROCHESTER FUND MUNICIPALS
FUND EXPENSES
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the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are 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.
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(7/1/04) (12/31/04) DECEMBER 31, 2004
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Class A Actual $ 1,000.00 $ 1,074.10 $ 3.76
- --------------------------------------------------------------------------------
Class A Hypothetical 1,000.00 1,021.52 3.67
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Class B Actual 1,000.00 1,070.10 8.36
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Class B Hypothetical 1,000.00 1,017.09 8.14
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Class C Actual 1,000.00 1,069.60 8.30
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Class C Hypothetical 1,000.00 1,017.14 8.09
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Class Y Actual 1,000.00 1,075.20 2.82
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Class Y Hypothetical 1,000.00 1,022.42 2.75
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/366
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended December 31, 2004 are as follows:
CLASS EXPENSE RATIOS
- ----------------------------
Class A 0.72%
- ----------------------------
Class B 1.60
- ----------------------------
Class C 1.59
- ----------------------------
Class Y 0.54
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18 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS December 31, 2004
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--100.4%
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NEW YORK--87.7%
$ 125,000 Albany County Airport Authority 5.500% 12/15/2019 $ 134,675
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635,000 Albany County IDA (Albany College of Pharmacy) 5.375 12/01/2024 658,692
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1,700,000 Albany County IDA (Albany College of Pharmacy) 5.625 12/01/2034 1,771,264
- ------------------------------------------------------------------------------------------------------------
885,000 Albany Hsg. Authority (Lark Drive) 5.500 12/01/2028 910,975
- ------------------------------------------------------------------------------------------------------------
1,420,000 Albany IDA (Albany Medical Center) 6.000 05/01/2019 1,437,736
- ------------------------------------------------------------------------------------------------------------
2,460,000 Albany IDA (Albany Medical Center) 6.000 05/01/2029 2,387,233
- ------------------------------------------------------------------------------------------------------------
400,000 Albany IDA (Albany Municipal Golf Course
Clubhouse) 7.500 05/01/2012 404,864
- ------------------------------------------------------------------------------------------------------------
915,000 Albany IDA (Albany Rehab.) 8.375 06/01/2023 953,759
- ------------------------------------------------------------------------------------------------------------
4,005,000 Albany IDA (Charitable Leadership) 5.750 07/01/2026 4,125,671
- ------------------------------------------------------------------------------------------------------------
3,730,000 Albany IDA (Daughters of Sarah Nursing Home) 5.375 10/20/2030 3,966,258
- ------------------------------------------------------------------------------------------------------------
2,750,000 Albany IDA (Hampton Plaza) 6.250 03/15/2018 2,822,518
- ------------------------------------------------------------------------------------------------------------
1,610,000 Albany IDA (MARA Mansion Rehab.) 6.500 02/01/2023 1,612,125
- ------------------------------------------------------------------------------------------------------------
1,285,000 Albany IDA (Sage Colleges) 5.250 04/01/2019 1,321,635
- ------------------------------------------------------------------------------------------------------------
1,760,000 Albany IDA (Sage Colleges) 5.300 04/01/2029 1,777,653
- ------------------------------------------------------------------------------------------------------------
125,000 Albany IDA (University Heights-Albany Pharmacy) 6.750 12/01/2029 149,799
- ------------------------------------------------------------------------------------------------------------
1,770,000 Albany Parking Authority 0.000 1 11/01/2017 955,393
- ------------------------------------------------------------------------------------------------------------
2,510,000 Albany Parking Authority 5.625 07/15/2020 2,699,681
- ------------------------------------------------------------------------------------------------------------
2,000,000 Albany Parking Authority 5.625 07/15/2025 2,124,740
- ------------------------------------------------------------------------------------------------------------
5,700,000 Allegany County IDA (Houghton College) 5.250 01/15/2024 5,841,246
- ------------------------------------------------------------------------------------------------------------
920,000 Amherst IDA (Asbury Pointe) 5.800 02/01/2015 920,147
- ------------------------------------------------------------------------------------------------------------
10,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2023 9,986
- ------------------------------------------------------------------------------------------------------------
3,000,000 Amherst IDA (Asbury Pointe) 6.000 02/01/2029 3,027,930
- ------------------------------------------------------------------------------------------------------------
2,880,000 Amherst IDA (Daemen College) 6.000 10/01/2021 3,057,725
- ------------------------------------------------------------------------------------------------------------
10,055,000 Amherst IDA (Daemen College) 6.125 10/01/2031 10,531,305
- ------------------------------------------------------------------------------------------------------------
3,000,000 Appleridge Retirement Community 5.750 09/01/2041 3,298,440
- ------------------------------------------------------------------------------------------------------------
800,000 Babylon IDA (WWH Ambulance) 7.375 09/15/2008 815,192
- ------------------------------------------------------------------------------------------------------------
700,000 Battery Park City Authority 10.000 06/01/2023 717,934
- ------------------------------------------------------------------------------------------------------------
370,000 Bethany Retirement Home 7.450 02/01/2024 378,965
- ------------------------------------------------------------------------------------------------------------
810,000 Bethlehem Water System 5.250 03/01/2018 875,707
- ------------------------------------------------------------------------------------------------------------
855,000 Bethlehem Water System 5.375 03/01/2019 931,001
- ------------------------------------------------------------------------------------------------------------
905,000 Bethlehem Water System 5.375 03/01/2020 981,862
- ------------------------------------------------------------------------------------------------------------
955,000 Bethlehem Water System 5.500 03/01/2021 1,042,898
- ------------------------------------------------------------------------------------------------------------
505,000 Bethlehem Water System 5.500 03/01/2022 549,879
- ------------------------------------------------------------------------------------------------------------
1,065,000 Blauvelt Volunteer Fire Company 6.250 10/15/2017 1,051,336
- ------------------------------------------------------------------------------------------------------------
900,000 Bleeker Terrace HDC 8.750 07/01/2007 907,407
- ------------------------------------------------------------------------------------------------------------
580,000 Brookhaven IDA (Brookhaven Memorial Hospital) 8.250 11/15/2030 610,792
- ------------------------------------------------------------------------------------------------------------
6,830,000 Brookhaven IDA (Dowling College) 6.750 03/01/2023 6,830,956
- ------------------------------------------------------------------------------------------------------------
1,250,000 Brookhaven IDA (St. Joseph's College) 6.000 12/01/2020 1,313,563
- ------------------------------------------------------------------------------------------------------------
2,425,000 Brookhaven IDA (Stony Brook Foundation) 6.500 11/01/2020 2,555,465
- ------------------------------------------------------------------------------------------------------------
3,030,000 Broome County IDA (University Plaza) 5.000 08/01/2036 3,041,999
19 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,000,000 Broome County IDA (University Plaza) 5.100% 08/01/2030 $ 1,006,970
- ------------------------------------------------------------------------------------------------------------
1,250,000 Broome County IDA (University Plaza) 5.100 08/01/2036 1,255,688
- ------------------------------------------------------------------------------------------------------------
3,000,000 Broome County IDA (University Plaza) 5.200 08/01/2030 3,040,560
- ------------------------------------------------------------------------------------------------------------
4,450,000 Broome County IDA (University Plaza) 5.200 08/01/2036 4,498,016
- ------------------------------------------------------------------------------------------------------------
1,000,000 Canton Human Services Initiatives 5.700 09/01/2024 1,071,990
- ------------------------------------------------------------------------------------------------------------
1,260,000 Canton Human Services Initiatives 5.750 09/01/2032 1,328,884
- ------------------------------------------------------------------------------------------------------------
600,000 Capital District Youth Center 6.000 02/01/2017 633,852
- ------------------------------------------------------------------------------------------------------------
500,000 Carnegie Redevelopment Corp. 2 7.000 09/01/2021 501,350
- ------------------------------------------------------------------------------------------------------------
570,000 Cattaraugus County IDA
(Jamestown Community College) 6.400 07/01/2019 623,717
- ------------------------------------------------------------------------------------------------------------
1,000,000 Cattaraugus County IDA
(Jamestown Community College) 6.500 07/01/2030 1,077,820
- ------------------------------------------------------------------------------------------------------------
4,295,000 Cattaraugus County IDA (Olean General Hospital) 5.250 08/01/2023 4,461,990
- ------------------------------------------------------------------------------------------------------------
1,465,000 Cattaraugus County IDA (St. Bonaventure
University) 5.450 09/15/2019 1,522,501
- ------------------------------------------------------------------------------------------------------------
2,900,000 Chautauqua County IDA
(Jamestown Community College) 5.250 08/01/2028 2,992,481
- ------------------------------------------------------------------------------------------------------------
825,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2008 856,556
- ------------------------------------------------------------------------------------------------------------
3,395,000 Chautauqua County IDA (Jamestown Devel. Corp.) 7.125 11/01/2018 3,531,004
- ------------------------------------------------------------------------------------------------------------
2,500,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 2,518,475
- ------------------------------------------------------------------------------------------------------------
915,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2029 921,762
- ------------------------------------------------------------------------------------------------------------
1,000,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,002,410
- ------------------------------------------------------------------------------------------------------------
1,455,000 Chemung County IDA (Arnot Ogden Medical Center) 5.000 11/01/2034 1,458,507
- ------------------------------------------------------------------------------------------------------------
1,290,000 Chemung County IDA (Hathorn Redevel. Company) 4.850 07/01/2023 1,307,944
- ------------------------------------------------------------------------------------------------------------
1,515,000 Chemung County IDA (Hathorn Redevel. Company) 5.000 07/01/2033 1,524,681
- ------------------------------------------------------------------------------------------------------------
6,880,000 Chemung County IDA (St. Joseph's Hospital) 6.000 01/01/2013 6,508,205
- ------------------------------------------------------------------------------------------------------------
7,060,000 Chemung County IDA (St. Joseph's Hospital) 6.350 01/01/2013 6,828,503
- ------------------------------------------------------------------------------------------------------------
4,910,000 Chemung County IDA (St. Joseph's Hospital) 6.500 01/01/2019 4,634,696
- ------------------------------------------------------------------------------------------------------------
1,960,000 Clifton Springs Hospital & Clinic 7.650 01/01/2012 1,986,127
- ------------------------------------------------------------------------------------------------------------
3,065,000 Clifton Springs Hospital & Clinic 8.000 01/01/2020 3,093,811
- ------------------------------------------------------------------------------------------------------------
35,000 Cohoes GO 6.200 03/15/2012 36,891
- ------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.200 03/15/2013 26,249
- ------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.250 03/15/2014 26,169
- ------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.250 03/15/2015 26,121
- ------------------------------------------------------------------------------------------------------------
25,000 Cohoes GO 6.250 03/15/2016 26,072
- ------------------------------------------------------------------------------------------------------------
1,855,000 Columbia County IDA (Berkshire Farms) 7.500 12/15/2014 1,914,453
- ------------------------------------------------------------------------------------------------------------
3,300,000 Corinth IDA (International Paper Company) 5.750 02/01/2022 3,426,093
- ------------------------------------------------------------------------------------------------------------
5,370,000 Cortland County IDA (Cortland Memorial Hospital) 5.250 07/01/2032 5,563,589
- ------------------------------------------------------------------------------------------------------------
155,000 Dutchess County IDA
(Astor Learning Center Civic Facility) 5.150 11/01/2024 161,657
- ------------------------------------------------------------------------------------------------------------
120,000 Dutchess County IDA (Bard College) 5.750 08/01/2030 128,669
- ------------------------------------------------------------------------------------------------------------
3,500,000 Dutchess County IDA (Bard College) 7.000 11/01/2017 3,548,090
- ------------------------------------------------------------------------------------------------------------
1,000,000 Dutchess County IDA (St. Francis Hospital) 7.500 03/01/2029 998,630
20 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,505,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500% 04/01/2020 $ 2,736,312
- ------------------------------------------------------------------------------------------------------------
5,615,000 Dutchess County IDA (Vassar Brothers Hospital) 6.500 04/01/2030 6,065,435
- ------------------------------------------------------------------------------------------------------------
25,000 Dutchess County IDA (Vassar College) 5.350 09/01/2040 26,224
- ------------------------------------------------------------------------------------------------------------
1,000,000 Dutchess County Water & Wastewater Authority 0.000 1 06/01/2027 335,260
- ------------------------------------------------------------------------------------------------------------
3,350,000 East Rochester Hsg. Authority (Episcopal
Senior Hsg.) 7.750 10/01/2032 3,362,027
- ------------------------------------------------------------------------------------------------------------
1,355,000 East Rochester Hsg. Authority (Gates
Senior Hsg.) 6.125 04/20/2043 1,499,511
- ------------------------------------------------------------------------------------------------------------
1,400,000 East Rochester Hsg. Authority
(Genesee Valley Nursing Home) 5.200 12/20/2024 1,487,402
- ------------------------------------------------------------------------------------------------------------
2,665,000 East Rochester Hsg. Authority
(Jefferson Park Apartments) 6.750 03/01/2030 2,566,848
- ------------------------------------------------------------------------------------------------------------
2,000,000 East Rochester Hsg. Authority (Linden Knoll) 5.350 02/01/2038 2,026,600
- ------------------------------------------------------------------------------------------------------------
4,095,000 East Rochester Hsg. Authority (St. John's
Meadows) 5.950 08/01/2027 4,270,594
- ------------------------------------------------------------------------------------------------------------
525,000 Erie County IDA (Air Cargo) 8.250 10/01/2007 526,979
- ------------------------------------------------------------------------------------------------------------
2,380,000 Erie County IDA (Air Cargo) 8.500 10/01/2015 2,390,282
- ------------------------------------------------------------------------------------------------------------
1,760,000 Erie County IDA (DePaul Properties) 5.750 09/01/2028 1,384,821
- ------------------------------------------------------------------------------------------------------------
3,055,000 Erie County IDA (DePaul Properties) 6.500 09/01/2018 2,869,287
- ------------------------------------------------------------------------------------------------------------
11,310,000 Erie County IDA (Medaille College) 7.625 04/01/2035 11,675,879
- ------------------------------------------------------------------------------------------------------------
3,515,000 Erie County IDA (Medaille College) 8.250 11/01/2026 3,680,170
- ------------------------------------------------------------------------------------------------------------
2,340,000 Erie County IDA (Mercy Hospital) 6.250 06/01/2010 2,222,485
- ------------------------------------------------------------------------------------------------------------
25,000 Erie County IDA (The Episcopal Church Home) 5.875 02/01/2018 25,743
- ------------------------------------------------------------------------------------------------------------
9,600,000 Erie County IDA (The Episcopal Church Home) 6.000 02/01/2028 9,819,648
- ------------------------------------------------------------------------------------------------------------
620,000 Erie County Tobacco Asset Securitization Corp. 6.125 07/15/2030 600,563
- ------------------------------------------------------------------------------------------------------------
10,560,000 Erie County Tobacco Asset Securitization Corp. 6.250 07/15/2040 10,302,442
- ------------------------------------------------------------------------------------------------------------
90,000 Erie County Tobacco Asset Securitization Corp. 6.500 07/15/2032 90,234
- ------------------------------------------------------------------------------------------------------------
10,120,000 Erie County Tobacco Asset Securitization
Corp. RITES 2 9.519 3 07/15/2040 9,626,245
- ------------------------------------------------------------------------------------------------------------
22,440,000 Erie County Tobacco Asset Securitization
Corp. RITES 2 10.519 3 07/15/2040 23,326,829
- ------------------------------------------------------------------------------------------------------------
4,440,000 Essex County IDA (International Paper Company) 5.200 03/01/2028 4,430,765
- ------------------------------------------------------------------------------------------------------------
1,850,000 Essex County IDA (International Paper Company) 5.500 08/15/2022 1,878,897
- ------------------------------------------------------------------------------------------------------------
1,625,000 Essex County IDA (International Paper Company) 5.500 10/01/2026 1,643,753
- ------------------------------------------------------------------------------------------------------------
310,000 Essex County IDA (International Paper Company) 5.800 12/01/2019 319,895
- ------------------------------------------------------------------------------------------------------------
2,300,000 Essex County IDA (International Paper Company) 6.450 11/15/2023 2,487,473
- ------------------------------------------------------------------------------------------------------------
5,000,000 Essex County IDA (Moses Ludington Nursing Home) 6.375 02/01/2050 5,545,400
- ------------------------------------------------------------------------------------------------------------
225,000 Essex County IDA (Moses Ludington Nursing Home) 9.000 02/01/2008 227,212
- ------------------------------------------------------------------------------------------------------------
5,680,000 Franklin County IDA (Adirondack Medical Center) 5.500 12/01/2029 6,002,056
- ------------------------------------------------------------------------------------------------------------
430,000 Glen Cove IDA (SLCD) 6.875 07/01/2008 431,810
- ------------------------------------------------------------------------------------------------------------
3,775,000 Glen Cove IDA (SLCD) 7.375 07/01/2023 3,891,270
- ------------------------------------------------------------------------------------------------------------
1,355,000 Green Island Power Authority 5.125 12/15/2024 1,367,588
- ------------------------------------------------------------------------------------------------------------
2,795,000 Green Island Power Authority 6.000 12/15/2020 2,966,166
- ------------------------------------------------------------------------------------------------------------
1,695,000 Green Island Power Authority 6.000 12/15/2025 1,767,241
- ------------------------------------------------------------------------------------------------------------
840,000 Hempstead GO 5.000 07/01/2020 859,782
- ------------------------------------------------------------------------------------------------------------
1,025,000 Hempstead GO 5.000 07/01/2021 1,044,803
- ------------------------------------------------------------------------------------------------------------
1,270,000 Hempstead GO 5.000 07/01/2022 1,292,111
21 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,500,000 Hempstead IDA (Adelphi University) 5.500% 06/01/2032 $ 2,661,100
- ------------------------------------------------------------------------------------------------------------
3,735,000 Hempstead IDA (Bristal Gardens) 7.500 05/01/2046 3,732,498
- ------------------------------------------------------------------------------------------------------------
5,175,000 Hempstead IDA (Bristal Gardens) 7.500 05/01/2046 5,255,678
- ------------------------------------------------------------------------------------------------------------
5,175,000 Hempstead IDA (Bristal Gardens) 7.500 05/01/2046 5,213,502
- ------------------------------------------------------------------------------------------------------------
7,250,000 Hempstead IDA (Bristal Gardens) 6 7.500 05/01/2046 7,363,028
- ------------------------------------------------------------------------------------------------------------
345,000 Hempstead IDA (Dentaco Corp.) 7.250 11/01/2012 352,880
- ------------------------------------------------------------------------------------------------------------
1,270,000 Hempstead IDA (Dentaco Corp.) 8.250 11/01/2025 1,321,041
- ------------------------------------------------------------------------------------------------------------
4,140,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.250 11/01/2010 4,148,528
- ------------------------------------------------------------------------------------------------------------
18,825,000 Hempstead IDA (Engel Burman Senior Hsg.) 6.750 11/01/2024 18,869,427
- ------------------------------------------------------------------------------------------------------------
2,435,000 Hempstead IDA (Franklin Hospital
Medical Center) 5.750 11/01/2008 2,409,286
- ------------------------------------------------------------------------------------------------------------
9,375,000 Hempstead IDA (Franklin Hospital
Medical Center) 6.375 11/01/2018 9,134,813
- ------------------------------------------------------------------------------------------------------------
9,540,000 Hempstead IDA (Franklin Hospital
Medical Center) 7.750 11/01/2022 10,214,096
- ------------------------------------------------------------------------------------------------------------
2,500,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 2,548,025
- ------------------------------------------------------------------------------------------------------------
5,700,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 5,700,798
- ------------------------------------------------------------------------------------------------------------
4,770,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 4,861,632
- ------------------------------------------------------------------------------------------------------------
12,530,000 Hempstead IDA (Hungry Harbor Associates) 8.000 05/01/2044 12,770,701
- ------------------------------------------------------------------------------------------------------------
6,355,000 Hempstead IDA (South Shore Y JCC) 6.750 11/01/2024 6,384,869
- ------------------------------------------------------------------------------------------------------------
8,110,000 Herkimer County IDA (Burrows Paper) 2 8.000 01/01/2009 7,982,105
- ------------------------------------------------------------------------------------------------------------
1,285,000 Herkimer County IDA (College Foundation) 6.400 11/01/2020 1,376,299
- ------------------------------------------------------------------------------------------------------------
2,000,000 Herkimer County IDA (College Foundation) 6.500 11/01/2030 2,102,980
- ------------------------------------------------------------------------------------------------------------
1,000,000 Herkimer County IDA
(Herkimer County College Foundation) 6.250 08/01/2034 1,048,830
- ------------------------------------------------------------------------------------------------------------
295,000 Herkimer Hsg. Authority 7.150 03/01/2011 297,882
- ------------------------------------------------------------------------------------------------------------
990,000 Hudson IDA (Have, Inc.) 8.125 12/01/2017 992,732
- ------------------------------------------------------------------------------------------------------------
1,255,000 Hudson IDA (Hudson Fabrics) 6.750 11/01/2024 1,263,785
- ------------------------------------------------------------------------------------------------------------
145,000 Huntington Hsg. Authority (GJSR) 5.875 05/01/2019 142,441
- ------------------------------------------------------------------------------------------------------------
1,000,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2029 970,420
- ------------------------------------------------------------------------------------------------------------
8,500,000 Huntington Hsg. Authority (GJSR) 6.000 05/01/2039 8,119,540
- ------------------------------------------------------------------------------------------------------------
845,000 Islip IDA (Leeway School) 9.000 08/01/2021 846,318
- ------------------------------------------------------------------------------------------------------------
19,065,000 Islip IDA (Southside Hospital Civic Facilities) 7.750 12/01/2022 20,149,417
- ------------------------------------------------------------------------------------------------------------
1,315,000 Islip Res Rec, Series E 5.750 07/01/2021 1,463,043
- ------------------------------------------------------------------------------------------------------------
1,000,000 Islip Res Rec, Series E 5.750 07/01/2023 1,106,820
- ------------------------------------------------------------------------------------------------------------
3,000,000 Kenmore Hsg. Authority (SUNY at Buffalo) 5.500 08/01/2024 3,202,110
- ------------------------------------------------------------------------------------------------------------
3,000,000 L.I. Power Authority 5.750 12/01/2024 3,283,170
- ------------------------------------------------------------------------------------------------------------
7,905,000 L.I. Power Authority RITES 2 12.697 3 12/01/2022 10,238,872
- ------------------------------------------------------------------------------------------------------------
21,000,000 L.I. Power Authority RITES 2 12.698 3 12/01/2022 27,200,040
- ------------------------------------------------------------------------------------------------------------
3,750,000 L.I. Power Authority RITES 2 13.162 3 12/01/2026 4,766,250
- ------------------------------------------------------------------------------------------------------------
2,915,000 L.I. Power Authority RITES 2 13.242 3 09/01/2028 3,665,671
- ------------------------------------------------------------------------------------------------------------
24,130,000 L.I. Power Authority, Series A 5.125 09/01/2029 24,716,600
- ------------------------------------------------------------------------------------------------------------
44,530,000 L.I. Power Authority, Series A 5.375 09/01/2025 47,502,378
- ------------------------------------------------------------------------------------------------------------
86,300,000 L.I. Power Authority, Series L 5.375 05/01/2033 89,764,945
22 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 100,000 Lowville GO 7.200% 09/15/2012 $ 123,522
- ------------------------------------------------------------------------------------------------------------
100,000 Lowville GO 7.200 09/15/2013 124,514
- ------------------------------------------------------------------------------------------------------------
100,000 Lowville GO 7.200 09/15/2014 125,899
- ------------------------------------------------------------------------------------------------------------
3,830,000 Lyons Community Health Initiatives Corp. 5.550 09/01/2024 4,012,193
- ------------------------------------------------------------------------------------------------------------
4,410,000 Macleay Hsg. Corp. (Larchmont Woods) 8.500 01/01/2031 4,460,274
- ------------------------------------------------------------------------------------------------------------
1,290,000 Madison County IDA (Oneida Healthcare Center) 5.300 02/01/2021 1,365,401
- ------------------------------------------------------------------------------------------------------------
5,500,000 Madison County IDA (Oneida Healthcare Center) 5.350 02/01/2031 5,736,170
- ------------------------------------------------------------------------------------------------------------
60,000 Middleton IDA (Flanagan Design & Display) 7.000 11/01/2006 61,273
- ------------------------------------------------------------------------------------------------------------
690,000 Middleton IDA (Flanagan Design & Display) 7.500 11/01/2018 721,588
- ------------------------------------------------------------------------------------------------------------
3,955,000 Middletown IDA (Southwinds Retirement Home) 6.375 03/01/2018 3,711,807
- ------------------------------------------------------------------------------------------------------------
375,000 Middletown IDA (YMCA) 6.250 11/01/2009 357,968
- ------------------------------------------------------------------------------------------------------------
1,255,000 Middletown IDA (YMCA) 7.000 11/01/2019 1,140,632
- ------------------------------------------------------------------------------------------------------------
270,000 Monroe County COP 8.050 01/01/2011 282,299
- ------------------------------------------------------------------------------------------------------------
780,000 Monroe County IDA (Canal Ponds) 7.000 06/15/2013 795,288
- ------------------------------------------------------------------------------------------------------------
50,000 Monroe County IDA (Cloverwood Senior Living) 6.750 05/01/2023 44,078
- ------------------------------------------------------------------------------------------------------------
1,395,390 Monroe County IDA (Cottrone Devel.) 9.500 12/01/2010 1,413,823
- ------------------------------------------------------------------------------------------------------------
950,000 Monroe County IDA (Dayton Rogers Manufacturing) 6.100 12/01/2009 912,095
- ------------------------------------------------------------------------------------------------------------
2,545,000 Monroe County IDA (DePaul Community Facilities) 5.875 02/01/2028 2,136,019
- ------------------------------------------------------------------------------------------------------------
5,545,000 Monroe County IDA (DePaul Community Facilities) 5.950 08/01/2028 4,947,138
- ------------------------------------------------------------------------------------------------------------
880,000 Monroe County IDA (DePaul Community Facilities) 6.450 02/01/2014 891,722
- ------------------------------------------------------------------------------------------------------------
1,285,000 Monroe County IDA (DePaul Community Facilities) 6.500 02/01/2024 1,300,536
- ------------------------------------------------------------------------------------------------------------
4,485,000 Monroe County IDA (DePaul Properties) 6.150 09/01/2021 4,068,702
- ------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2017 1,037,580
- ------------------------------------------------------------------------------------------------------------
5,005,000 Monroe County IDA
(Jewish Home of Rochester Senior Hsg.) 6.875 04/01/2027 5,174,119
- ------------------------------------------------------------------------------------------------------------
190,000 Monroe County IDA (Machine Tool Research) 7.750 12/01/2006 188,573
- ------------------------------------------------------------------------------------------------------------
600,000 Monroe County IDA (Machine Tool Research) 8.000 12/01/2011 589,116
- ------------------------------------------------------------------------------------------------------------
300,000 Monroe County IDA (Machine Tool Research) 8.500 12/01/2013 292,617
- ------------------------------------------------------------------------------------------------------------
820,000 Monroe County IDA (Melles Griot) 9.500 12/01/2009 830,004
- ------------------------------------------------------------------------------------------------------------
1,136,000 Monroe County IDA (Morrell/Morrell) 7.000 12/01/2007 1,136,216
- ------------------------------------------------------------------------------------------------------------
4,330,000 Monroe County IDA (Piano Works) 7.625 11/01/2016 4,454,964
- ------------------------------------------------------------------------------------------------------------
2,890,000 Monroe County IDA (Rochester Institute of
Technology) 5.375 04/01/2029 2,826,536
- ------------------------------------------------------------------------------------------------------------
1,000,000 Monroe County IDA (Southview Towers) 6.125 02/01/2020 1,099,920
- ------------------------------------------------------------------------------------------------------------
1,465,000 Monroe County IDA (St. John Fisher College) 5.200 06/01/2019 1,574,113
- ------------------------------------------------------------------------------------------------------------
2,190,000 Monroe County IDA (St. John Fisher College) 5.250 06/01/2026 2,312,574
- ------------------------------------------------------------------------------------------------------------
3,075,000 Monroe County IDA (St. John Fisher College) 5.375 06/01/2024 3,255,626
- ------------------------------------------------------------------------------------------------------------
970,000 Monroe County IDA (Volunteers of America) 5.700 08/01/2018 977,314
- ------------------------------------------------------------------------------------------------------------
2,720,000 Monroe County IDA (Volunteers of America) 5.750 08/01/2028 2,627,302
- ------------------------------------------------------------------------------------------------------------
345,000 Monroe County IDA (West End Business) 8.000 12/01/2014 351,652
- ------------------------------------------------------------------------------------------------------------
170,000 Monroe County IDA (West End Business) 8.000 12/01/2014 173,278
- ------------------------------------------------------------------------------------------------------------
515,000 Monroe County IDA (West End Business) 8.000 12/01/2014 525,769
23 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,375,000 Monroe County IDA (West End Business) 8.000% 12/01/2014 $ 1,407,354
- ------------------------------------------------------------------------------------------------------------
12,000,000 Monroe County IDA (Woodlawn Village) 8.550 11/15/2032 13,114,560
- ------------------------------------------------------------------------------------------------------------
16,285,000 Monroe County Tobacco Asset Securitization Corp. 6.375 06/01/2035 16,229,631
- ------------------------------------------------------------------------------------------------------------
3,000,000 Monroe County Tobacco Asset Securitization
Corp. Fixed Receipts 6.600 06/01/2042 3,027,030
- ------------------------------------------------------------------------------------------------------------
15,000,000 Monroe County Tobacco Asset Securitization
Corp. RITES 2 9.769 3 06/01/2035 14,898,150
- ------------------------------------------------------------------------------------------------------------
6,870,000 Monroe County Tobacco Asset Securitization
Corp. RITES 2 10.384 3 06/01/2042 6,993,729
- ------------------------------------------------------------------------------------------------------------
9,000,000 Monroe County Tobacco Asset Securitization
Corp. RITES 2 14.258 3 06/01/2042 9,243,180
- ------------------------------------------------------------------------------------------------------------
2,160,000 Monroe Newpower Corp. 5.500 01/01/2034 2,232,166
- ------------------------------------------------------------------------------------------------------------
580,000 Monroe Newpower Corp. 5.625 01/01/2026 611,993
- ------------------------------------------------------------------------------------------------------------
5,860,000 Montgomery County IDA (ASMF) 2,4,5 7.250 01/15/2019 580,140
- ------------------------------------------------------------------------------------------------------------
500,000 Mount Vernon IDA (Kings Court) 5.200 12/01/2033 501,505
- ------------------------------------------------------------------------------------------------------------
3,275,000 Mount Vernon IDA (Macedonia Towers) 5.200 12/01/2033 3,284,858
- ------------------------------------------------------------------------------------------------------------
2,295,000 Mount Vernon IDA (Meadowview) 6.150 06/01/2019 2,327,589
- ------------------------------------------------------------------------------------------------------------
2,600,000 Mount Vernon IDA (Meadowview) 6.200 06/01/2029 2,629,120
- ------------------------------------------------------------------------------------------------------------
14,200,000 MTA RITES 2 12.162 3 11/15/2025 16,693,804
- ------------------------------------------------------------------------------------------------------------
1,910,000 MTA RITES 2 12.162 3 11/15/2028 2,142,600
- ------------------------------------------------------------------------------------------------------------
10,000,000 MTA RITES 2 12.162 3 11/15/2030 11,057,800
- ------------------------------------------------------------------------------------------------------------
5,000,000 MTA RITES 2 12.162 3 11/15/2030 5,528,900
- ------------------------------------------------------------------------------------------------------------
2,890,000 MTA RITES 2 12.162 3 11/15/2030 3,195,704
- ------------------------------------------------------------------------------------------------------------
7,500,000 MTA RITES 2 12.162 3 11/15/2031 8,273,550
- ------------------------------------------------------------------------------------------------------------
2,125,000 MTA RITES 2 12.162 3 11/15/2032 2,338,478
- ------------------------------------------------------------------------------------------------------------
2,220,000 MTA Service Contract RITES 2 12.662 3 01/01/2024 2,641,933
- ------------------------------------------------------------------------------------------------------------
20,000,000 MTA Service Contract, Series A 5.125 01/01/2024 20,950,400
- ------------------------------------------------------------------------------------------------------------
136,550,000 MTA Service Contract, Series A 5.125 01/01/2029 140,486,737
- ------------------------------------------------------------------------------------------------------------
20,000,000 MTA Service Contract, Series A 5.750 07/01/2031 22,631,800
- ------------------------------------------------------------------------------------------------------------
33,275,000 MTA Service Contract, Series B 5.250 01/01/2031 34,795,002
- ------------------------------------------------------------------------------------------------------------
42,295,000 MTA, Series A 5.125 11/15/2031 43,368,870
- ------------------------------------------------------------------------------------------------------------
20,000,000 MTA, Series B 5.250 11/15/2032 20,827,800
- ------------------------------------------------------------------------------------------------------------
34,755,000 MTA, Series E 5.250 11/15/2031 36,082,293
- ------------------------------------------------------------------------------------------------------------
802,824 Municipal Assistance Corp. for Troy, NY 0.000 1 07/15/2021 383,019
- ------------------------------------------------------------------------------------------------------------
1,218,573 Municipal Assistance Corp. for Troy, NY 0.000 1 01/15/2022 562,859
- ------------------------------------------------------------------------------------------------------------
1,195,000 Nassau County IDA (ALIA-ACDS) 7.500 06/01/2015 1,307,784
- ------------------------------------------------------------------------------------------------------------
2,975,000 Nassau County IDA (ALIA-ACLD) 6.250 09/01/2022 3,035,571
- ------------------------------------------------------------------------------------------------------------
250,000 Nassau County IDA (ALIA-ACLD) 7.125 06/01/2017 268,415
- ------------------------------------------------------------------------------------------------------------
400,000 Nassau County IDA (ALIA-ACLD) 7.500 06/01/2015 437,752
- ------------------------------------------------------------------------------------------------------------
6,175,000 Nassau County IDA (ALIA-CSMR) 7.000 11/01/2016 6,646,400
- ------------------------------------------------------------------------------------------------------------
3,705,000 Nassau County IDA (ALIA-CSMR) 7.125 06/01/2017 3,982,542
- ------------------------------------------------------------------------------------------------------------
1,995,000 Nassau County IDA (ALIA-CSMR) 7.500 06/01/2015 2,183,288
24 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 365,000 Nassau County IDA (ALIA-FREE) 7.125% 06/01/2012 $ 396,846
- ------------------------------------------------------------------------------------------------------------
2,465,000 Nassau County IDA (ALIA-FREE) 7.500 06/01/2015 2,697,647
- ------------------------------------------------------------------------------------------------------------
4,030,000 Nassau County IDA (ALIA-FREE) 8.150 06/01/2030 4,331,525
- ------------------------------------------------------------------------------------------------------------
6,550,000 Nassau County IDA (ALIA-FREE) 8.250 06/01/2032 7,002,343
- ------------------------------------------------------------------------------------------------------------
995,000 Nassau County IDA (ALIA-HH) 7.125 06/01/2017 1,069,535
- ------------------------------------------------------------------------------------------------------------
765,000 Nassau County IDA (ALIA-HHS) 7.125 06/01/2017 822,306
- ------------------------------------------------------------------------------------------------------------
260,000 Nassau County IDA (ALIA-LVH) 7.500 06/01/2015 284,539
- ------------------------------------------------------------------------------------------------------------
600,000 Nassau County IDA (CNGCS) 7.500 06/01/2030 656,628
- ------------------------------------------------------------------------------------------------------------
2,245,000 Nassau County IDA (CNGCS) 8.150 06/01/2030 2,448,150
- ------------------------------------------------------------------------------------------------------------
5,240,000 Nassau County IDA (Engel Burman Senior Hsg.) 7.750 05/01/2047 5,285,588
- ------------------------------------------------------------------------------------------------------------
3,410,000 Nassau County IDA (Engel Burman Senior Hsg.) 6 7.750 05/01/2047 3,439,667
- ------------------------------------------------------------------------------------------------------------
5,875,000 Nassau County IDA (Engel Burman Senior Hsg.) 6 7.750 05/01/2047 5,919,415
- ------------------------------------------------------------------------------------------------------------
6,450,000 Nassau County IDA (Engel Burman Senior Hsg.) 6 7.750 05/01/2047 6,496,827
- ------------------------------------------------------------------------------------------------------------
9,155,000 Nassau County IDA (Engel Burman Senior Hsg.) 6 7.750 05/01/2047 9,217,895
- ------------------------------------------------------------------------------------------------------------
860,000 Nassau County IDA (Leo D. Bernstein & Sons) 8.000 11/01/2010 852,914
- ------------------------------------------------------------------------------------------------------------
6,060,000 Nassau County IDA (Leo D. Bernstein & Sons) 8.875 11/01/2026 6,046,910
- ------------------------------------------------------------------------------------------------------------
3,910,000 Nassau County IDA (Little Village School) 7.500 12/01/2031 4,138,852
- ------------------------------------------------------------------------------------------------------------
2,290,000 Nassau County IDA (North Shore CFGA) 6.750 05/01/2024 2,301,152
- ------------------------------------------------------------------------------------------------------------
2,759,599 Nassau County IDA (Sharp International) 2,4,5 7.375 12/01/2007 104,865
- ------------------------------------------------------------------------------------------------------------
1,752,588 Nassau County IDA (Sharp International) 2,4,5 7.375 12/01/2007 66,598
- ------------------------------------------------------------------------------------------------------------
2,527,212 Nassau County IDA (Sharp International) 2,4,5 7.875 12/01/2012 96,034
- ------------------------------------------------------------------------------------------------------------
1,597,663 Nassau County IDA (Sharp International) 2,4,5 7.875 12/01/2012 60,711
- ------------------------------------------------------------------------------------------------------------
2,050,000 Nassau County IDA (United Cerebral Palsy) 6.250 11/01/2014 1,999,652
- ------------------------------------------------------------------------------------------------------------
24,400,000 Nassau County IDA (Westbury Senior Living) 7.900 11/01/2031 24,507,116
- ------------------------------------------------------------------------------------------------------------
4,375,000 Nassau County IFA RITES 2 12.755 3 11/15/2021 5,209,750
- ------------------------------------------------------------------------------------------------------------
17,730,000 Nassau County Tobacco Settlement Corp. RITES 2 9.819 3 07/15/2033 18,355,692
- ------------------------------------------------------------------------------------------------------------
10,535,000 Nassau County Tobacco Settlement Corp. RITES 2 10.019 3 07/15/2027 11,044,473
- ------------------------------------------------------------------------------------------------------------
17,590,000 Nassau County Tobacco Settlement Corp. RITES 2 10.219 3 07/15/2039 18,471,435
- ------------------------------------------------------------------------------------------------------------
7,155,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 7,350,546
- ------------------------------------------------------------------------------------------------------------
3,340,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 3,344,977
- ------------------------------------------------------------------------------------------------------------
4,290,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,296,392
- ------------------------------------------------------------------------------------------------------------
6,195,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 6,244,436
- ------------------------------------------------------------------------------------------------------------
4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,782,115
- ------------------------------------------------------------------------------------------------------------
4,775,000 Nassau IDA (EBS North Hills LLC) 7.800 05/01/2045 4,806,515
- ------------------------------------------------------------------------------------------------------------
2,000,000 New Hartford-Sunset Wood Funding Corp. 5.500 02/01/2029 2,090,300
- ------------------------------------------------------------------------------------------------------------
13,010,000 New Rochelle IDA (College of New Rochelle) 5.250 07/01/2027 13,410,448
- ------------------------------------------------------------------------------------------------------------
6,500,000 New Rochelle IDA (College of New Rochelle) 5.500 07/01/2019 6,905,535
- ------------------------------------------------------------------------------------------------------------
4,950,000 Newark-Wayne Community Hospital 5.875 01/15/2033 4,963,415
- ------------------------------------------------------------------------------------------------------------
2,515,000 Newark-Wayne Community Hospital 7.600 09/01/2015 2,505,544
- ------------------------------------------------------------------------------------------------------------
3,300,000 Niagara County IDA (American Ref-Fuel Company) 5.550 11/15/2024 3,543,177
- ------------------------------------------------------------------------------------------------------------
1,500,000 Niagara County IDA (Niagara University) 5.350 11/01/2023 1,598,895
25 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,400,000 Niagara County IDA (Niagara University) 5.400% 11/01/2031 $ 5,633,118
- ------------------------------------------------------------------------------------------------------------
1,550,000 Niagara County IDA (Sevenson Hotel) 6.600 05/01/2007 1,550,357
- ------------------------------------------------------------------------------------------------------------
6,500,000 Niagara County IDA (Solid Waste Disposal) 5.625 11/15/2024 6,987,630
- ------------------------------------------------------------------------------------------------------------
1,305,000 Niagara County Tobacco Asset Securitization
Corp. 6.250 05/15/2034 1,283,337
- ------------------------------------------------------------------------------------------------------------
5,915,000 Niagara County Tobacco Asset Securitization
Corp. 6.250 05/15/2040 5,770,556
- ------------------------------------------------------------------------------------------------------------
1,700,000 Niagara Falls CSD COP (High School Facility) 5.375 06/15/2028 1,728,033
- ------------------------------------------------------------------------------------------------------------
750,000 Niagara Falls CSD COP (High School Facility) 6.625 06/15/2028 810,840
- ------------------------------------------------------------------------------------------------------------
25,000 Niagara Frontier Transportation Authority
(Buffalo Niagara International Airport) 5.625 04/01/2029 26,477
- ------------------------------------------------------------------------------------------------------------
715,000 North Babylon Volunteer Fire Company 5.750 08/01/2022 784,312
- ------------------------------------------------------------------------------------------------------------
1,555,000 North Country Devel. Authority
(Clarkson University) 5.500 07/01/2019 1,648,362
- ------------------------------------------------------------------------------------------------------------
3,145,000 North Country Devel. Authority
(Clarkson University) 5.500 07/01/2029 3,276,052
- ------------------------------------------------------------------------------------------------------------
375,000 North Tonawanda HDC (Bishop Gibbons Associates) 6.800 12/15/2007 392,516
- ------------------------------------------------------------------------------------------------------------
3,295,000 North Tonawanda HDC (Bishop Gibbons Associates) 7.375 12/15/2021 3,679,428
- ------------------------------------------------------------------------------------------------------------
25,000 Nunda GO 8.000 05/01/2010 29,981
- ------------------------------------------------------------------------------------------------------------
715,000 NY Counties Tobacco Trust I (TASC) 6.500 06/01/2035 714,950
- ------------------------------------------------------------------------------------------------------------
3,975,000 NY Counties Tobacco Trust I (TASC) Fixed
Receipts 2 6.225 06/01/2028 3,969,197
- ------------------------------------------------------------------------------------------------------------
11,915,000 NY Counties Tobacco Trust I (TASC) RITES 2 13.130 3 06/01/2028 11,862,812
- ------------------------------------------------------------------------------------------------------------
29,525,000 NY Counties Tobacco Trust I RITES 2 9.982 3 06/01/2042 29,902,920
- ------------------------------------------------------------------------------------------------------------
9,105,000 NY Counties Tobacco Trust I RITES 2 10.019 3 06/01/2035 9,092,799
- ------------------------------------------------------------------------------------------------------------
29,780,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 27,341,316
- ------------------------------------------------------------------------------------------------------------
53,565,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 48,781,646
- ------------------------------------------------------------------------------------------------------------
200,000 NY Counties Tobacco Trust III 6.000 06/01/2043 191,342
- ------------------------------------------------------------------------------------------------------------
450,000 NYC Educational Construction Fund 5.500 04/01/2026 477,446
- ------------------------------------------------------------------------------------------------------------
200,000 NYC GO 0.000 1 05/15/2012 149,790
- ------------------------------------------------------------------------------------------------------------
40,000 NYC GO 0.000 1 10/01/2012 29,450
- ------------------------------------------------------------------------------------------------------------
2,955,000 NYC GO 5.000 12/01/2033 2,997,582
- ------------------------------------------------------------------------------------------------------------
30,550,000 NYC GO 5.000 11/01/2034 30,972,201
- ------------------------------------------------------------------------------------------------------------
50,000 NYC GO 5.100 11/01/2019 52,678
- ------------------------------------------------------------------------------------------------------------
4,910,000 NYC GO 5.100 08/15/2027 5,069,575
- ------------------------------------------------------------------------------------------------------------
3,710,000 NYC GO 5.250 10/15/2021 3,952,857
- ------------------------------------------------------------------------------------------------------------
1,015,000 NYC GO 5.250 08/15/2023 1,069,089
- ------------------------------------------------------------------------------------------------------------
515,000 NYC GO 5.250 08/01/2024 538,561
- ------------------------------------------------------------------------------------------------------------
33,420,000 NYC GO 5.250 06/01/2027 34,892,485
- ------------------------------------------------------------------------------------------------------------
4,400,000 NYC GO 5.250 06/01/2028 4,601,300
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.250 09/15/2033 1,042,850
- ------------------------------------------------------------------------------------------------------------
20,830,000 NYC GO 5.375 12/01/2026 21,959,194
- ------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.375 08/01/2027 522,830
- ------------------------------------------------------------------------------------------------------------
1,115,000 NYC GO 5.375 03/15/2028 1,170,962
- ------------------------------------------------------------------------------------------------------------
55,765,000 NYC GO 5.375 06/01/2032 58,456,219
- ------------------------------------------------------------------------------------------------------------
11,500,000 NYC GO 5.500 08/01/2020 12,615,385
26 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 11,860,000 NYC GO 5.500% 08/01/2021 $ 12,947,681
- ------------------------------------------------------------------------------------------------------------
1,255,000 NYC GO 5.500 06/01/2028 1,337,579
- ------------------------------------------------------------------------------------------------------------
6,910,000 NYC GO 5.500 12/01/2031 7,319,072
- ------------------------------------------------------------------------------------------------------------
7,075,000 NYC GO 5.500 11/15/2037 7,356,161
- ------------------------------------------------------------------------------------------------------------
5,000,000 NYC GO 5.625 03/15/2019 5,446,800
- ------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.750 02/01/2020 20,896
- ------------------------------------------------------------------------------------------------------------
1,500,000 NYC GO 5.750 03/01/2020 1,680,255
- ------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.950 08/01/2014 5,529
- ------------------------------------------------------------------------------------------------------------
25,255,000 NYC GO 6.000 01/15/2021 28,816,965
- ------------------------------------------------------------------------------------------------------------
335,000 NYC GO 6.350 05/15/2014 373,183
- ------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.000 02/01/2010 5,019
- ------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.250 08/15/2024 5,018
- ------------------------------------------------------------------------------------------------------------
15,000 NYC GO 7.750 08/15/2028 15,089
- ------------------------------------------------------------------------------------------------------------
100,000 NYC GO DIAMONDS 0.000 7 08/01/2025 88,903
- ------------------------------------------------------------------------------------------------------------
837,000 NYC GO RIBS 10.120 3 08/12/2010 842,365
- ------------------------------------------------------------------------------------------------------------
837,000 NYC GO RIBS 10.120 3 09/01/2011 842,348
- ------------------------------------------------------------------------------------------------------------
322,522 NYC HDC (Albert Einstein Staff Hsg.) 6.500 12/15/2017 338,880
- ------------------------------------------------------------------------------------------------------------
1,240,364 NYC HDC (Atlantic Plaza Towers) 7.034 02/15/2019 1,305,533
- ------------------------------------------------------------------------------------------------------------
1,045,000 NYC HDC (Barclay Avenue) 6.450 04/01/2017 1,083,529
- ------------------------------------------------------------------------------------------------------------
4,055,000 NYC HDC (Barclay Avenue) 6.600 04/01/2033 4,187,639
- ------------------------------------------------------------------------------------------------------------
304,807 NYC HDC (Bay Towers) 6.500 08/15/2017 320,739
- ------------------------------------------------------------------------------------------------------------
2,280,862 NYC HDC (Boulevard Towers) 6.500 08/15/2017 2,399,787
- ------------------------------------------------------------------------------------------------------------
387,029 NYC HDC (Bridgeview III) 6.500 12/15/2017 407,259
- ------------------------------------------------------------------------------------------------------------
416,133 NYC HDC (Cadman Plaza North) 7.000 12/15/2018 437,527
- ------------------------------------------------------------------------------------------------------------
1,081,962 NYC HDC (Cadman Towers) 6.500 11/15/2018 1,138,527
- ------------------------------------------------------------------------------------------------------------
154,673 NYC HDC (Candia House) 6.500 06/15/2018 162,739
- ------------------------------------------------------------------------------------------------------------
2,945,944 NYC HDC (Clinton Towers) 6.500 07/15/2017 3,099,546
- ------------------------------------------------------------------------------------------------------------
255,537 NYC HDC (Contello III) 7.000 12/15/2018 268,950
- ------------------------------------------------------------------------------------------------------------
1,204,944 NYC HDC (Cooper Gramercy) 6.500 08/15/2017 1,267,770
- ------------------------------------------------------------------------------------------------------------
919,362 NYC HDC (Court Plaza) 6.500 08/15/2017 967,417
- ------------------------------------------------------------------------------------------------------------
1,442,434 NYC HDC (Crown Gardens) 7.250 01/15/2019 1,518,652
- ------------------------------------------------------------------------------------------------------------
2,996,538 NYC HDC (East Midtown Plaza) 6.500 11/15/2018 3,153,197
- ------------------------------------------------------------------------------------------------------------
2,896,589 NYC HDC (Esplanade Gardens) 7.000 01/15/2019 3,049,124
- ------------------------------------------------------------------------------------------------------------
69,488 NYC HDC (Essex Terrace) 6.500 07/15/2018 73,112
- ------------------------------------------------------------------------------------------------------------
415,534 NYC HDC (Forest Park Crescent) 6.500 12/15/2017 437,200
- ------------------------------------------------------------------------------------------------------------
1,383,063 NYC HDC (Gouverneur Gardens) 7.034 02/15/2019 1,455,922
- ------------------------------------------------------------------------------------------------------------
955,339 NYC HDC (Janel Towers) 6.500 09/15/2017 1,005,274
- ------------------------------------------------------------------------------------------------------------
334,279 NYC HDC (Kingsbridge Arms) 6.500 08/15/2017 351,752
- ------------------------------------------------------------------------------------------------------------
191,669 NYC HDC (Kingsbridge Arms) 6.500 11/15/2018 201,665
- ------------------------------------------------------------------------------------------------------------
1,469,849 NYC HDC (Lincoln-Amsterdam) 7.250 11/15/2018 1,545,458
- ------------------------------------------------------------------------------------------------------------
2,198,163 NYC HDC (Montefiore Hospital Hsg. Sec. II) 6.500 10/15/2017 2,312,775
27 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,000,000 NYC HDC (Multifamily Hsg.), Series A 5.500% 11/01/2034 $ 3,086,280
- ------------------------------------------------------------------------------------------------------------
10,470,000 NYC HDC (Multifamily Hsg.), Series A 5.600 11/01/2042 10,852,888
- ------------------------------------------------------------------------------------------------------------
775,000 NYC HDC (Multifamily Hsg.), Series C 5.700 05/01/2031 800,870
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYC HDC (Multifamily Hsg.), Series E 5.200 11/01/2033 1,013,210
- ------------------------------------------------------------------------------------------------------------
11,000,000 NYC HDC (Multifamily Hsg.), Series E-1 4.950 11/01/2034 11,067,430
- ------------------------------------------------------------------------------------------------------------
2,155,000 NYC HDC (Multifamily Hsg.), Series F 5.200 11/01/2032 2,184,868
- ------------------------------------------------------------------------------------------------------------
1,345,000 NYC HDC (Multifamily Hsg.), Series H-2 5.200 11/01/2038 1,346,439
- ------------------------------------------------------------------------------------------------------------
3,400,000 NYC HDC (Multifamily Hsg.), Series H-2 5.250 05/01/2046 3,411,390
- ------------------------------------------------------------------------------------------------------------
15,510,000 NYC HDC (Multifamily Hsg.), Series I-2 5.200 11/01/2038 15,550,326
- ------------------------------------------------------------------------------------------------------------
734,102 NYC HDC (New Amsterdam House) 6.500 08/15/2018 734,102
- ------------------------------------------------------------------------------------------------------------
750,418 NYC HDC (New Amsterdam House) 6.500 08/15/2018 752,332
- ------------------------------------------------------------------------------------------------------------
902,856 NYC HDC (Riverbend) 6.500 11/15/2018 950,058
- ------------------------------------------------------------------------------------------------------------
5,656,772 NYC HDC (Riverside Park Community) 7.250 11/15/2018 5,960,427
- ------------------------------------------------------------------------------------------------------------
395,504 NYC HDC (RNA House) 7.000 12/15/2018 416,323
- ------------------------------------------------------------------------------------------------------------
557,644 NYC HDC (Robert Fulton Terrace) 6.500 12/15/2017 586,792
- ------------------------------------------------------------------------------------------------------------
206,388 NYC HDC (Rosalie Manning Apartments) 7.034 11/15/2018 217,228
- ------------------------------------------------------------------------------------------------------------
549,632 NYC HDC (Scott Tower) 7.000 12/15/2018 578,482
- ------------------------------------------------------------------------------------------------------------
751,882 NYC HDC (Seaview Towers) 6.500 01/15/2018 791,093
- ------------------------------------------------------------------------------------------------------------
310,602 NYC HDC (St. Martin Tower) 6.500 11/15/2018 326,840
- ------------------------------------------------------------------------------------------------------------
1,437,113 NYC HDC (Stevenson Commons) 6.500 05/15/2018 1,512,059
- ------------------------------------------------------------------------------------------------------------
409,747 NYC HDC (Strycker's Bay Apartments) 7.034 11/15/2018 415,430
- ------------------------------------------------------------------------------------------------------------
1,431,106 NYC HDC (Tivoli Towers) 6.500 01/15/2018 1,504,894
- ------------------------------------------------------------------------------------------------------------
194,402 NYC HDC (Town House West) 6.500 01/15/2018 204,406
- ------------------------------------------------------------------------------------------------------------
299,969 NYC HDC (Tri-Faith House) 7.000 01/15/2019 315,724
- ------------------------------------------------------------------------------------------------------------
1,257,886 NYC HDC (University River View) 6.500 08/15/2017 1,323,636
- ------------------------------------------------------------------------------------------------------------
382,264 NYC HDC (Washington Square Southeast) 7.000 01/15/2019 402,115
- ------------------------------------------------------------------------------------------------------------
343,643 NYC HDC (West Side Manor) 6.500 11/15/2018 361,564
- ------------------------------------------------------------------------------------------------------------
215,821 NYC HDC (Westview Apartments) 6.500 10/15/2017 227,102
- ------------------------------------------------------------------------------------------------------------
510,778 NYC HDC (Woodstock Terrace) 7.034 02/15/2019 537,614
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYC Health & Hospital Corp. 5.375 02/15/2026 1,040,340
- ------------------------------------------------------------------------------------------------------------
5,875,000 NYC Health & Hospital Corp. RITES 2 12.232 3 02/15/2020 7,272,310
- ------------------------------------------------------------------------------------------------------------
1,245,000 NYC IDA (A Very Special Place) 5.750 01/01/2029 1,036,487
- ------------------------------------------------------------------------------------------------------------
400,000 NYC IDA (A-Lite Vertical Products) 6.750 11/01/2009 395,560
- ------------------------------------------------------------------------------------------------------------
1,330,000 NYC IDA (A-Lite Vertical Products) 7.500 11/01/2019 1,314,905
- ------------------------------------------------------------------------------------------------------------
3,600,000 NYC IDA (Acme Architectural Products) 6.375 11/01/2019 3,267,756
- ------------------------------------------------------------------------------------------------------------
29,635,000 NYC IDA (Airis JFK I/JFK International Airport) 5.500 07/01/2028 29,688,047
- ------------------------------------------------------------------------------------------------------------
20,745,000 NYC IDA (Airis JFK I/JFK International Airport) 6.000 07/01/2027 21,178,363
- ------------------------------------------------------------------------------------------------------------
1,035,000 NYC IDA (ALA Realty) 7.500 12/01/2010 1,063,421
- ------------------------------------------------------------------------------------------------------------
1,450,000 NYC IDA (ALA Realty) 8.375 12/01/2015 1,510,335
- ------------------------------------------------------------------------------------------------------------
330,000 NYC IDA (Allied Metal) 6.375 12/01/2014 328,400
- ------------------------------------------------------------------------------------------------------------
940,000 NYC IDA (Allied Metal) 7.125 12/01/2027 944,493
28 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,360,000 NYC IDA (Amboy Properties) 6.750% 06/01/2020 $ 3,121,742
- ------------------------------------------------------------------------------------------------------------
2,595,000 NYC IDA (American Airlines) 5.400 07/01/2019 1,684,025
- ------------------------------------------------------------------------------------------------------------
29,935,000 NYC IDA (American Airlines) 5.400 07/01/2020 19,200,908
- ------------------------------------------------------------------------------------------------------------
38,410,000 NYC IDA (American Airlines) 6.900 08/01/2024 28,239,416
- ------------------------------------------------------------------------------------------------------------
331,800,000 NYC IDA (American Airlines) 8.500 08/01/2028 271,332,768
- ------------------------------------------------------------------------------------------------------------
705,000 NYC IDA (Atlantic Paste & Glue Company) 6.000 11/01/2007 705,296
- ------------------------------------------------------------------------------------------------------------
4,620,000 NYC IDA (Atlantic Paste & Glue Company) 6.625 11/01/2019 4,671,467
- ------------------------------------------------------------------------------------------------------------
1,160,000 NYC IDA (Atlantic Veal & Lamb) 8.375 12/01/2016 1,207,908
- ------------------------------------------------------------------------------------------------------------
605,000 NYC IDA (Baco Enterprises) 7.500 11/01/2011 609,168
- ------------------------------------------------------------------------------------------------------------
1,685,000 NYC IDA (Baco Enterprises) 8.500 11/01/2021 1,693,257
- ------------------------------------------------------------------------------------------------------------
225,000 NYC IDA (Bark Frameworks) 6.000 11/01/2007 218,957
- ------------------------------------------------------------------------------------------------------------
1,500,000 NYC IDA (Bark Frameworks) 6.750 11/01/2019 1,398,210
- ------------------------------------------------------------------------------------------------------------
10,915,000 NYC IDA (Berkeley Carroll School) 6.100 11/01/2028 10,010,365
- ------------------------------------------------------------------------------------------------------------
5,500,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 5,804,370
- ------------------------------------------------------------------------------------------------------------
1,035,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 1,066,329
- ------------------------------------------------------------------------------------------------------------
4,220,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 4,349,174
- ------------------------------------------------------------------------------------------------------------
30,430,000 NYC IDA (British Airways) 5.250 12/01/2032 23,675,149
- ------------------------------------------------------------------------------------------------------------
14,890,000 NYC IDA (British Airways) 7.625 12/01/2032 15,464,307
- ------------------------------------------------------------------------------------------------------------
72,320,000 NYC IDA (Brooklyn Navy Yard Cogeneration
Partners) 5.650 10/01/2028 70,062,893
- ------------------------------------------------------------------------------------------------------------
139,740,000 NYC IDA (Brooklyn Navy Yard Cogeneration
Partners) 5.750 10/01/2036 132,428,803
- ------------------------------------------------------------------------------------------------------------
8,510,000 NYC IDA (Brooklyn Navy Yard Cogeneration
Partners) 6.200 10/01/2022 8,598,674
- ------------------------------------------------------------------------------------------------------------
16,205,000 NYC IDA (Calhoun School) 6.625 12/01/2034 16,607,046
- ------------------------------------------------------------------------------------------------------------
345,000 NYC IDA (Cellini Furniture Crafters) 2 6.625 11/01/2009 322,851
- ------------------------------------------------------------------------------------------------------------
885,000 NYC IDA (Cellini Furniture Crafters) 2 7.125 11/01/2019 810,722
- ------------------------------------------------------------------------------------------------------------
2,235,000 NYC IDA (Chardan Corp.) 7.750 11/01/2020 2,201,788
- ------------------------------------------------------------------------------------------------------------
2,500,000 NYC IDA (College of Aeronautics) 5.450 05/01/2018 2,576,550
- ------------------------------------------------------------------------------------------------------------
9,600,000 NYC IDA (College of Aeronautics) 5.500 05/01/2028 9,654,240
- ------------------------------------------------------------------------------------------------------------
2,500,000 NYC IDA (College of New Rochelle) 5.750 09/01/2017 2,643,025
- ------------------------------------------------------------------------------------------------------------
2,900,000 NYC IDA (College of New Rochelle) 5.800 09/01/2026 3,044,072
- ------------------------------------------------------------------------------------------------------------
2,400,000 NYC IDA (Community Hospital of Brooklyn) 6.875 11/01/2010 2,349,576
- ------------------------------------------------------------------------------------------------------------
3,975,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 4,002,348
- ------------------------------------------------------------------------------------------------------------
1,575,000 NYC IDA (Comprehensive Care Management) 6.375 11/01/2028 1,585,647
- ------------------------------------------------------------------------------------------------------------
1,770,000 NYC IDA (Comprehensive Care Management) 7.875 12/01/2016 1,884,006
- ------------------------------------------------------------------------------------------------------------
1,250,000 NYC IDA (Comprehensive Care Management) 8.000 12/01/2011 1,277,238
- ------------------------------------------------------------------------------------------------------------
1,900,000 NYC IDA (Continental Airlines) 7.250 11/01/2008 1,901,615
- ------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Continental Airlines) 8.375 11/01/2016 1,904,280
- ------------------------------------------------------------------------------------------------------------
550,000 NYC IDA (Dioni) 6.000 11/01/2007 547,800
- ------------------------------------------------------------------------------------------------------------
3,600,000 NYC IDA (Dioni) 6.625 11/01/2019 3,625,560
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,105,810
- ------------------------------------------------------------------------------------------------------------
5,500,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 5,500,000
- ------------------------------------------------------------------------------------------------------------
7,315,000 NYC IDA (Friends Seminary School) 7.125 09/15/2031 7,870,794
29 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,280,000 NYC IDA (Gabrielli Truck Sales) 8.125% 12/01/2017 $ 3,477,062
- ------------------------------------------------------------------------------------------------------------
2,265,000 NYC IDA (Gateway School of NY) 6.500 11/01/2019 2,408,103
- ------------------------------------------------------------------------------------------------------------
8,000,000 NYC IDA (General Motors Corp.) 5.125 12/30/2023 8,029,280
- ------------------------------------------------------------------------------------------------------------
2,175,000 NYC IDA (Good Shepherd Services) 5.875 06/01/2014 2,216,477
- ------------------------------------------------------------------------------------------------------------
1,130,000 NYC IDA (Graphic Artists) 8.250 12/30/2023 1,145,289
- ------------------------------------------------------------------------------------------------------------
405,000 NYC IDA (Herbert G. Birch Childhood Project) 7.375 02/01/2009 407,264
- ------------------------------------------------------------------------------------------------------------
2,195,000 NYC IDA (Herbert G. Birch Childhood Project) 8.375 02/01/2022 2,287,366
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2021 1,053,610
- ------------------------------------------------------------------------------------------------------------
3,000,000 NYC IDA (Institute of International Education) 5.250 09/01/2031 3,105,090
- ------------------------------------------------------------------------------------------------------------
1,605,000 NYC IDA (Julia Gray) 7.500 11/01/2020 1,630,969
- ------------------------------------------------------------------------------------------------------------
870,000 NYC IDA (Just Bagels Manufacturing) 8.500 11/01/2016 934,537
- ------------------------------------------------------------------------------------------------------------
1,050,000 NYC IDA (Just Bagels Manufacturing) 8.750 11/01/2026 1,132,289
- ------------------------------------------------------------------------------------------------------------
1,675,000 NYC IDA (Koenig Iron Works) 8.375 12/01/2025 1,770,073
- ------------------------------------------------------------------------------------------------------------
1,380,000 NYC IDA (L&M Optical Disc) 7.125 11/01/2010 1,391,785
- ------------------------------------------------------------------------------------------------------------
3,025,000 NYC IDA (Little Red Schoolhouse) 6.750 11/01/2018 3,144,488
- ------------------------------------------------------------------------------------------------------------
470,000 NYC IDA (Lucky Polyethylene Manufacturing
Company) 7.000 11/01/2009 440,616
- ------------------------------------------------------------------------------------------------------------
2,995,000 NYC IDA (Lucky Polyethylene Manufacturing
Company) 7.800 11/01/2024 2,682,442
- ------------------------------------------------------------------------------------------------------------
2,000,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 2,077,580
- ------------------------------------------------------------------------------------------------------------
23,000,000 NYC IDA (Magen David Yeshivah) 5.700 06/15/2027 24,419,790
- ------------------------------------------------------------------------------------------------------------
680,000 NYC IDA (Marymount School of NY) 5.125 09/01/2021 700,577
- ------------------------------------------------------------------------------------------------------------
3,960,000 NYC IDA (Marymount School of NY) 5.250 09/01/2031 4,099,907
- ------------------------------------------------------------------------------------------------------------
19,335,000 NYC IDA (MediSys Health Network) 6.250 03/15/2024 17,624,626
- ------------------------------------------------------------------------------------------------------------
1,915,000 NYC IDA (Mesorah Publications) 6.450 02/01/2011 1,928,692
- ------------------------------------------------------------------------------------------------------------
4,790,000 NYC IDA (Mesorah Publications) 6.950 02/01/2021 4,709,959
- ------------------------------------------------------------------------------------------------------------
2,275,000 NYC IDA (Morrisons Pastry) 6.500 11/01/2019 2,247,700
- ------------------------------------------------------------------------------------------------------------
18,510,000 NYC IDA (Northwest Airlines) 6.000 06/01/2027 13,236,871
- ------------------------------------------------------------------------------------------------------------
4,180,000 NYC IDA (NY Hostel Company) 7.600 01/01/2017 4,277,896
- ------------------------------------------------------------------------------------------------------------
405,000 NYC IDA (NY Vanities & Manufacturing) 7.000 11/01/2009 391,501
- ------------------------------------------------------------------------------------------------------------
1,405,000 NYC IDA (NY Vanities & Manufacturing) 7.500 11/01/2019 1,354,308
- ------------------------------------------------------------------------------------------------------------
715,000 NYC IDA (NYC Outward Bound Center) 7.250 11/01/2010 721,178
- ------------------------------------------------------------------------------------------------------------
420,000 NYC IDA (Paradise Products) 7.125 11/01/2007 427,766
- ------------------------------------------------------------------------------------------------------------
4,475,000 NYC IDA (Paradise Products) 8.250 11/01/2022 4,695,931
- ------------------------------------------------------------------------------------------------------------
680,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2007 697,170
- ------------------------------------------------------------------------------------------------------------
220,000 NYC IDA (Petrocelli Electric) 7.250 11/01/2008 226,004
- ------------------------------------------------------------------------------------------------------------
3,780,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2017 3,928,705
- ------------------------------------------------------------------------------------------------------------
940,000 NYC IDA (Petrocelli Electric) 8.000 11/01/2018 984,208
- ------------------------------------------------------------------------------------------------------------
6,310,000 NYC IDA (Polytechnic University) 6.000 11/01/2020 6,057,411
- ------------------------------------------------------------------------------------------------------------
34,000,000 NYC IDA (Polytechnic University) 6.125 11/01/2030 32,594,780
- ------------------------------------------------------------------------------------------------------------
180,000 NYC IDA (Pop Display) 6.750 12/15/2004 180,000
- ------------------------------------------------------------------------------------------------------------
2,645,000 NYC IDA (Pop Display) 7.900 12/30/2014 2,674,095
- ------------------------------------------------------------------------------------------------------------
2,240,000 NYC IDA (Precision Gear) 6.375 11/01/2024 2,236,170
30 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,910,000 NYC IDA (Precision Gear) 6.375% 11/01/2024 $ 1,884,482
- ------------------------------------------------------------------------------------------------------------
930,000 NYC IDA (Precision Gear) 7.625 11/01/2024 976,556
- ------------------------------------------------------------------------------------------------------------
4,100,000 NYC IDA (PSCH) 6.375 07/01/2033 4,344,032
- ------------------------------------------------------------------------------------------------------------
445,000 NYC IDA (Psycho Therapy) 9.625 04/01/2010 445,672
- ------------------------------------------------------------------------------------------------------------
815,000 NYC IDA (Puerto Rican Family Foundation) 7.000 10/01/2016 817,421
- ------------------------------------------------------------------------------------------------------------
2,825,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.250 11/01/2014 2,681,010
- ------------------------------------------------------------------------------------------------------------
8,595,000 NYC IDA (Riverdale Terrace Hsg. Devel. Fund) 6.750 11/01/2028 7,953,211
- ------------------------------------------------------------------------------------------------------------
1,250,000 NYC IDA (Sahadi Fine Foods) 6.250 11/01/2009 1,209,650
- ------------------------------------------------------------------------------------------------------------
4,085,000 NYC IDA (Sahadi Fine Foods) 6.750 11/01/2019 3,859,304
- ------------------------------------------------------------------------------------------------------------
4,380,000 NYC IDA (Showman Fabricators) 7.500 11/01/2028 4,335,105
- ------------------------------------------------------------------------------------------------------------
3,485,000 NYC IDA (South Bronx Overall Economic Devel.) 8.625 12/01/2025 3,559,231
- ------------------------------------------------------------------------------------------------------------
4,255,000 NYC IDA (Special Needs Facilities Pooled
Program) 6.650 07/01/2023 4,214,833
- ------------------------------------------------------------------------------------------------------------
735,000 NYC IDA (Special Needs Facilities Pooled
Program) 7.125 08/01/2006 750,648
- ------------------------------------------------------------------------------------------------------------
7,010,000 NYC IDA (Special Needs Facilities Pooled
Program) 7.875 08/01/2025 7,564,561
- ------------------------------------------------------------------------------------------------------------
5,115,000 NYC IDA (St. Bernard's School) 7.000 12/01/2021 5,381,133
- ------------------------------------------------------------------------------------------------------------
1,550,000 NYC IDA (St. Francis College) 5.000 10/01/2034 1,568,864
- ------------------------------------------------------------------------------------------------------------
10,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 9,552
- ------------------------------------------------------------------------------------------------------------
4,535,000 NYC IDA (Staten Island University Hospital) 6.375 07/01/2031 4,331,787
- ------------------------------------------------------------------------------------------------------------
1,495,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,441,060
- ------------------------------------------------------------------------------------------------------------
585,000 NYC IDA (Streamline Plastics) 7.750 12/01/2015 591,131
- ------------------------------------------------------------------------------------------------------------
1,275,000 NYC IDA (Streamline Plastics) 8.125 12/01/2025 1,301,125
- ------------------------------------------------------------------------------------------------------------
1,485,000 NYC IDA (Summit School) 8.250 12/01/2024 1,521,947
- ------------------------------------------------------------------------------------------------------------
1,040,000 NYC IDA (Surprise Plastics) 7.500 11/01/2013 1,043,827
- ------------------------------------------------------------------------------------------------------------
2,480,000 NYC IDA (Surprise Plastics) 8.500 11/01/2023 2,411,874
- ------------------------------------------------------------------------------------------------------------
3,885,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2015 3,933,834
- ------------------------------------------------------------------------------------------------------------
25,790,000 NYC IDA (Terminal One Group Association) 6.000 01/01/2019 26,476,014
- ------------------------------------------------------------------------------------------------------------
210,000 NYC IDA (Terminal One Group Association) 6.100 01/01/2009 212,409
- ------------------------------------------------------------------------------------------------------------
10,965,000 NYC IDA (Terminal One Group Association) 6.125 01/01/2024 11,256,669
- ------------------------------------------------------------------------------------------------------------
380,000 NYC IDA (The Bank Street College) 5.250 12/01/2021 407,216
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (The Bank Street College) 5.250 12/01/2030 1,042,980
- ------------------------------------------------------------------------------------------------------------
10,000,000 NYC IDA (The Child School) 7.550 06/01/2033 10,284,800
- ------------------------------------------------------------------------------------------------------------
420,000 NYC IDA (Therapy & Learning Center) 7.500 10/01/2011 430,038
- ------------------------------------------------------------------------------------------------------------
3,735,000 NYC IDA (Therapy & Learning Center) 8.250 10/01/2031 3,879,507
- ------------------------------------------------------------------------------------------------------------
350,000 NYC IDA (THR Products Corp.) 7.250 11/01/2010 356,335
- ------------------------------------------------------------------------------------------------------------
1,085,000 NYC IDA (THR Products Corp.) 8.250 11/01/2020 1,128,606
- ------------------------------------------------------------------------------------------------------------
4,325,000 NYC IDA (Touro College) 6.350 06/01/2029 4,355,145
- ------------------------------------------------------------------------------------------------------------
4,485,000 NYC IDA (Ulano) 6.900 11/01/2019 4,251,780
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYC IDA (United Nations School) 6.350 12/01/2015 1,046,360
- ------------------------------------------------------------------------------------------------------------
1,155,000 NYC IDA (Urban Health Plan) 6.250 09/15/2009 1,134,383
- ------------------------------------------------------------------------------------------------------------
9,830,000 NYC IDA (Urban Health Plan) 7.050 09/15/2026 9,362,584
- ------------------------------------------------------------------------------------------------------------
3,640,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 3,772,132
31 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 75,000 NYC IDA (Utleys) 6.625% 11/01/2006 $ 74,216
- ------------------------------------------------------------------------------------------------------------
1,335,000 NYC IDA (Utleys) 7.375 11/01/2023 1,290,064
- ------------------------------------------------------------------------------------------------------------
530,000 NYC IDA (Van Blarcom Closures) 7.125 11/01/2007 528,458
- ------------------------------------------------------------------------------------------------------------
2,965,000 NYC IDA (Van Blarcom Closures) 8.000 11/01/2017 3,046,419
- ------------------------------------------------------------------------------------------------------------
200,000 NYC IDA (Visy Paper) 7.550 01/01/2005 200,000
- ------------------------------------------------------------------------------------------------------------
19,300,000 NYC IDA (Visy Paper) 7.800 01/01/2016 20,228,330
- ------------------------------------------------------------------------------------------------------------
59,000,000 NYC IDA (Visy Paper) 7.950 01/01/2028 61,837,900
- ------------------------------------------------------------------------------------------------------------
1,930,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 2,016,406
- ------------------------------------------------------------------------------------------------------------
570,000 NYC IDA (W & W Jewelers) 7.250 02/01/2011 563,451
- ------------------------------------------------------------------------------------------------------------
1,555,000 NYC IDA (W & W Jewelers) 8.250 02/01/2021 1,563,350
- ------------------------------------------------------------------------------------------------------------
5,930,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 6,020,788
- ------------------------------------------------------------------------------------------------------------
2,900,000 NYC IDA (Weizmann Institute) 5.900 11/01/2034 2,915,341
- ------------------------------------------------------------------------------------------------------------
3,900,000 NYC IDA (Westchester Square Medical Center) 8.000 11/01/2010 4,022,967
- ------------------------------------------------------------------------------------------------------------
6,160,000 NYC IDA (Westchester Square Medical Center) 8.375 11/01/2015 6,424,387
- ------------------------------------------------------------------------------------------------------------
1,660,000 NYC IDA (World Casing Corp.) 6.700 11/01/2019 1,511,164
- ------------------------------------------------------------------------------------------------------------
9,000,000 NYC IDA Special Facilities
(JFK International Airport) 8.000 08/01/2012 7,481,070
- ------------------------------------------------------------------------------------------------------------
530,000 NYC Municipal Water Finance Authority 0.000 1 06/15/2019 268,233
- ------------------------------------------------------------------------------------------------------------
1,650,000 NYC Municipal Water Finance Authority 5.000 06/15/2034 1,686,482
- ------------------------------------------------------------------------------------------------------------
5,265,000 NYC Municipal Water Finance Authority 5.000 06/15/2035 5,388,359
- ------------------------------------------------------------------------------------------------------------
50,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2036 51,180,500
- ------------------------------------------------------------------------------------------------------------
18,000,000 NYC Municipal Water Finance Authority 5.000 06/15/2038 18,353,880
- ------------------------------------------------------------------------------------------------------------
795,000 NYC Municipal Water Finance Authority 5.125 06/15/2031 817,395
- ------------------------------------------------------------------------------------------------------------
25,000 NYC Municipal Water Finance Authority 5.125 06/15/2033 25,780
- ------------------------------------------------------------------------------------------------------------
20,545,000 NYC Municipal Water Finance Authority 5.125 06/15/2034 21,178,197
- ------------------------------------------------------------------------------------------------------------
605,000 NYC Municipal Water Finance Authority 5.250 06/15/2034 633,810
- ------------------------------------------------------------------------------------------------------------
2,260,000 NYC Municipal Water Finance Authority 5.375 06/15/2026 2,354,039
- ------------------------------------------------------------------------------------------------------------
260,000 NYC Municipal Water Finance Authority 5.500 06/15/2033 281,128
- ------------------------------------------------------------------------------------------------------------
2,930,000 NYC Municipal Water Finance Authority RITES 2 12.093 3 06/15/2032 3,139,905
- ------------------------------------------------------------------------------------------------------------
2,500,000 NYC Municipal Water Finance Authority RITES 2 12.162 3 06/15/2029 2,701,400
- ------------------------------------------------------------------------------------------------------------
7,850,000 NYC Municipal Water Finance Authority RITES 2 12.162 3 06/15/2034 8,508,772
- ------------------------------------------------------------------------------------------------------------
14,425,000 NYC Municipal Water Finance Authority RITES 2 12.186 3 06/15/2026 16,138,690
- ------------------------------------------------------------------------------------------------------------
2,805,000 NYC Municipal Water Finance Authority RITES 2 12.244 3 06/15/2027 3,183,002
- ------------------------------------------------------------------------------------------------------------
11,210,000 NYC Municipal Water Finance Authority RITES 2 12.593 3 06/15/2032 12,448,032
- ------------------------------------------------------------------------------------------------------------
5,000,000 NYC Municipal Water Finance Authority RITES 2 12.662 3 06/15/2030 5,689,100
- ------------------------------------------------------------------------------------------------------------
3,555,000 NYC Municipal Water Finance Authority RITES 2 12.697 3 06/15/2021 4,331,270
- ------------------------------------------------------------------------------------------------------------
18,240,000 NYC Municipal Water Finance Authority RITES 2 12.732 3 06/15/2030 20,753,837
- ------------------------------------------------------------------------------------------------------------
4,030,000 NYC Municipal Water Finance Authority RITES 2 12.744 3 06/15/2030 4,585,415
- ------------------------------------------------------------------------------------------------------------
5,000,000 NYC Municipal Water Finance Authority RITES 2 12.744 3 06/15/2030 5,689,100
- ------------------------------------------------------------------------------------------------------------
17,300,000 NYC Municipal Water Finance Authority RITES 2 14.162 3 06/15/2033 22,923,192
- ------------------------------------------------------------------------------------------------------------
3,140,000 NYC Municipal Water Finance Authority RITES 2 14.197 3 06/15/2027 3,966,825
- ------------------------------------------------------------------------------------------------------------
2,150,000 NYC TFA RITES 2 12.198 3 08/15/2027 2,314,647
32 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 50,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.125% 07/01/2030 $ 54,223
- ------------------------------------------------------------------------------------------------------------
18,826,356 NYS Certificate of Lease 2 5.875 01/02/2023 19,536,675
- ------------------------------------------------------------------------------------------------------------
1,690,000 NYS DA (4201 Schools Program) 6.250 07/01/2020 1,937,399
- ------------------------------------------------------------------------------------------------------------
350,000 NYS DA (Augustana Lutheran Home) 5.400 02/01/2031 370,577
- ------------------------------------------------------------------------------------------------------------
1,500,000 NYS DA (Augustana Lutheran Home) 5.500 02/01/2041 1,585,545
- ------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Bethel Springvale Home) 6.000 02/01/2035 36,857
- ------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Bishop Henry B. Hucles Nursing Home) 6.000 07/01/2024 42,528
- ------------------------------------------------------------------------------------------------------------
14,360,000 NYS DA (Buena Vida Nursing Home) 5.250 07/01/2028 14,883,135
- ------------------------------------------------------------------------------------------------------------
8,435,000 NYS DA (Center for Nursing) 5.550 08/01/2037 8,883,236
- ------------------------------------------------------------------------------------------------------------
2,905,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 3,034,563
- ------------------------------------------------------------------------------------------------------------
25,000 NYS DA (City University) 5.000 07/01/2023 26,446
- ------------------------------------------------------------------------------------------------------------
1,895,000 NYS DA (City University) 5.250 07/01/2031 1,967,294
- ------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (Concord Nursing Home) 6.500 07/01/2029 2,730,800
- ------------------------------------------------------------------------------------------------------------
1,250,000 NYS DA (D'Youville College) 5.250 07/01/2025 1,331,513
- ------------------------------------------------------------------------------------------------------------
525,000 NYS DA (Dept. of Health) 5.500 07/01/2021 550,820
- ------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Ellis Hospital) 5.600 08/01/2025 20,716
- ------------------------------------------------------------------------------------------------------------
17,630,000 NYS DA (FHA Insured Mtg.), Series B 0.000 1 08/15/2040 2,114,366
- ------------------------------------------------------------------------------------------------------------
6,480,000 NYS DA (Frances Schervier Home &
Hospital Obligated Group) 5.500 07/01/2027 6,936,062
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Grace Manor Health Care Facility) 6.150 07/01/2018 1,070,780
- ------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Highland Hospital) 5.450 08/01/2037 2,148,500
- ------------------------------------------------------------------------------------------------------------
140,615,000 NYS DA (Insured Hospital) 0.000 1 08/15/2036 25,885,815
- ------------------------------------------------------------------------------------------------------------
38,650,000 NYS DA (Interfaith Medical Center) 5.400 02/15/2028 40,094,351
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Jones Memorial Hospital) 5.375 08/01/2034 1,039,770
- ------------------------------------------------------------------------------------------------------------
3,450,000 NYS DA (L.I. University) 5.125 09/01/2023 3,606,147
- ------------------------------------------------------------------------------------------------------------
1,400,000 NYS DA (L.I. University) 5.250 09/01/2028 1,460,214
- ------------------------------------------------------------------------------------------------------------
235,000 NYS DA (L.I. University) 5.250 09/01/2028 245,425
- ------------------------------------------------------------------------------------------------------------
1,585,000 NYS DA (L.I. University) 5.500 09/01/2020 1,718,917
- ------------------------------------------------------------------------------------------------------------
25,000 NYS DA (Lakeside Memorial Hospital) 6.000 02/01/2021 26,092
- ------------------------------------------------------------------------------------------------------------
9,415,000 NYS DA (Lutheran Social Services of Upstate NY)
RITES 2 7.999 3 02/01/2038 10,507,140
- ------------------------------------------------------------------------------------------------------------
3,115,000 NYS DA (Menorah Home & Hospital) RITES 2 12.609 3 08/01/2038 3,461,388
- ------------------------------------------------------------------------------------------------------------
5,825,000 NYS DA (Menorah Home) RITES 2 12.797 3 08/01/2038 6,415,772
- ------------------------------------------------------------------------------------------------------------
3,660,000 NYS DA (Mental Health) 5.000 02/15/2033 3,722,842
- ------------------------------------------------------------------------------------------------------------
4,625,000 NYS DA (Mental Health) RITES 2 12.244 3 02/15/2023 5,241,050
- ------------------------------------------------------------------------------------------------------------
3,465,000 NYS DA (Millard Fillmore Hospital) 5.375 02/01/2032 3,644,868
- ------------------------------------------------------------------------------------------------------------
4,125,000 NYS DA (Miriam Osborn Memorial Home Association) 6.375 07/01/2029 4,529,869
- ------------------------------------------------------------------------------------------------------------
2,430,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2019 2,758,609
- ------------------------------------------------------------------------------------------------------------
6,860,000 NYS DA (Miriam Osborn Memorial Home Association) 6.875 07/01/2025 7,719,421
- ------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (Montefiore Medical Center) 5.000 08/01/2033 5,133,300
- ------------------------------------------------------------------------------------------------------------
2,375,000 NYS DA (Montefiore Medical Center) RITES 2 14.197 3 08/01/2038 2,847,625
33 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 6,800,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.000% 07/01/2014 $ 7,036,232
- ------------------------------------------------------------------------------------------------------------
3,000,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.500 07/01/2017 3,180,540
- ------------------------------------------------------------------------------------------------------------
27,420,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.500 07/01/2025 28,711,208
- ------------------------------------------------------------------------------------------------------------
43,630,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.600 07/01/2026 44,426,248
- ------------------------------------------------------------------------------------------------------------
8,820,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.625 07/01/2019 9,439,605
- ------------------------------------------------------------------------------------------------------------
15,000,000 NYS DA (MSH/NYU Hospital Center/
HJDOI Obligated Group) 6.750 07/01/2020 16,149,600
- ------------------------------------------------------------------------------------------------------------
7,280,000 NYS DA (Mt. Sinai/NYU Health) 6.000 07/01/2026 7,287,498
- ------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (Mt. Sinai/NYU Health) 6.250 07/01/2022 2,503,550
- ------------------------------------------------------------------------------------------------------------
2,850,000 NYS DA (Municipal Health Facilities) RITES 2 12.244 3 01/15/2023 3,258,063
- ------------------------------------------------------------------------------------------------------------
4,000,000 NYS DA (North Shore Long Island Jewish Group) 5.500 05/01/2033 4,172,040
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Norwegian Christian Home & Health
Center) 5.200 08/01/2036 1,039,730
- ------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (Norwegian Christian Home & Health
Center) 6.100 08/01/2041 2,226,260
- ------------------------------------------------------------------------------------------------------------
4,215,000 NYS DA (Nursing Homes) 5.200 02/01/2032 4,399,743
- ------------------------------------------------------------------------------------------------------------
6,860,000 NYS DA (NY Hospital Medical Center) 5.600 02/15/2039 7,539,140
- ------------------------------------------------------------------------------------------------------------
4,188,875 NYS DA (Our Lady of Mercy Medical Center)
Computer Lease 2 6.200 08/15/2006 4,140,996
- ------------------------------------------------------------------------------------------------------------
10,635,000 NYS DA (Rochester General Hospital) RITES 2 8.649 3 08/01/2033 10,898,961
- ------------------------------------------------------------------------------------------------------------
580,000 NYS DA (Sarah Neumann Home) 5.450 08/01/2027 623,517
- ------------------------------------------------------------------------------------------------------------
50,000 NYS DA (School Districts Financing Program),
Series B 6.000 10/01/2022 57,793
- ------------------------------------------------------------------------------------------------------------
25,000 NYS DA (School Districts Financing Program),
Series B 6.000 10/01/2029 28,757
- ------------------------------------------------------------------------------------------------------------
20,400,000 NYS DA (SCSMC/SV/CHSLI Obligated Group) 6.000 07/01/2030 21,692,748
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (GSHMC/MMC/SCHRC Obligated Group) 5.100 07/01/2034 1,005,010
- ------------------------------------------------------------------------------------------------------------
9,000,000 NYS DA (St. Agnes Hospital) 5.400 02/15/2025 9,398,430
- ------------------------------------------------------------------------------------------------------------
2,470,000 NYS DA (St. Barnabas Hospital) 5.450 08/01/2035 2,635,786
- ------------------------------------------------------------------------------------------------------------
905,000 NYS DA (St. Catherine of Siena Medical Center) 6.000 07/01/2030 964,603
- ------------------------------------------------------------------------------------------------------------
1,750,000 NYS DA (St. Clare's Hospital) 5.300 02/15/2019 1,833,108
- ------------------------------------------------------------------------------------------------------------
2,970,000 NYS DA (St. Clare's Hospital) 5.400 02/15/2025 3,101,482
- ------------------------------------------------------------------------------------------------------------
2,580,000 NYS DA (St. James Mercy Hospital) 5.400 02/01/2038 2,679,485
- ------------------------------------------------------------------------------------------------------------
1,500,000 NYS DA (St. Thomas Aquinas College) 5.250 07/01/2028 1,544,235
- ------------------------------------------------------------------------------------------------------------
3,885,000 NYS DA (St. Vincent DePaul Residence) 5.300 07/01/2018 4,100,773
- ------------------------------------------------------------------------------------------------------------
130,000 NYS DA (St. Vincent's Hospital & Medical
Center) 7.400 08/01/2030 135,772
- ------------------------------------------------------------------------------------------------------------
95,000 NYS DA (State University Educational
Facilities) 6.000 05/15/2017 97,332
- ------------------------------------------------------------------------------------------------------------
1,700,000 NYS DA (Vassar Brothers) 5.375 07/01/2025 1,821,074
- ------------------------------------------------------------------------------------------------------------
7,030,000 NYS DA (White Plains Hospital) 5.375 02/15/2043 7,357,528
- ------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (Willow Towers) 5.400 02/01/2034 2,658,800
- ------------------------------------------------------------------------------------------------------------
26,070,000 NYS DA (Wyckoff Heights Medical Center) 5.300 08/15/2021 27,240,804
34 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000,000 NYS DA RITES 2 15.201% 3 02/01/2012 $ 7,365,700
- ------------------------------------------------------------------------------------------------------------
4,095,000 NYS EFC (Clean Water & Drinking Revolving
Funds) 5.400 07/15/2021 4,455,032
- ------------------------------------------------------------------------------------------------------------
1,090,000 NYS EFC (Consolidated Water Company) 7.150 11/01/2014 1,096,834
- ------------------------------------------------------------------------------------------------------------
2,500,000 NYS EFC (NYC Municipal Water Finance Authority) 5.000 06/15/2034 2,581,725
- ------------------------------------------------------------------------------------------------------------
7,500,000 NYS EFC (NYS Water Services) 5.950 01/15/2020 8,178,975
- ------------------------------------------------------------------------------------------------------------
2,340,000 NYS EFC (NYS Water Services) 6.000 01/15/2031 2,496,476
- ------------------------------------------------------------------------------------------------------------
25,000 NYS EFC (NYS Water Services) 7.500 03/15/2011 25,110
- ------------------------------------------------------------------------------------------------------------
11,895,000 NYS EFC (Occidental Petroleum) 5.700 09/01/2028 11,920,574
- ------------------------------------------------------------------------------------------------------------
15,300,000 NYS EFC (Occidental Petroleum) 6.100 11/01/2030 15,769,710
- ------------------------------------------------------------------------------------------------------------
4,700,000 NYS ERDA (Brooklyn Union Gas) RIBS 9.323 3 07/08/2026 4,811,625
- ------------------------------------------------------------------------------------------------------------
7,000,000 NYS ERDA (Brooklyn Union Gas) RIBS 10.576 3 04/01/2020 8,677,550
- ------------------------------------------------------------------------------------------------------------
16,300,000 NYS ERDA (Brooklyn Union Gas) RIBS 11.673 3 07/01/2026 18,767,005
- ------------------------------------------------------------------------------------------------------------
210,000 NYS ERDA (Central Hudson Gas & Electric) 5.450 08/01/2027 227,816
- ------------------------------------------------------------------------------------------------------------
60,000 NYS ERDA (Corning Natural Gas) 8.250 12/01/2018 62,160
- ------------------------------------------------------------------------------------------------------------
5,000,000 NYS ERDA (LILCO) 5.150 03/01/2016 5,105,050
- ------------------------------------------------------------------------------------------------------------
23,000,000 NYS ERDA (LILCO) 5.300 11/01/2023 23,920,690
- ------------------------------------------------------------------------------------------------------------
300,000 NYS ERDA (LILCO) 5.300 10/01/2024 311,358
- ------------------------------------------------------------------------------------------------------------
3,485,000 NYS ERDA (NIMO) RITES 2 12.844 3 11/01/2025 4,395,770
- ------------------------------------------------------------------------------------------------------------
8,250,000 NYS ERDA (NYSEG) 6.150 07/01/2026 8,566,140
- ------------------------------------------------------------------------------------------------------------
3,625,000 NYS ERDA (RG&E) Residual Certificates 2 16.900 3 09/01/2033 5,045,565
- ------------------------------------------------------------------------------------------------------------
3,175,000 NYS HFA (Children's Rescue) 7.625 05/01/2018 3,176,429
- ------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (General Hsg.) 6.600 11/01/2008 20,679
- ------------------------------------------------------------------------------------------------------------
2,640,000 NYS HFA (HELP-Bronx Hsg.) 8.050 11/01/2005 2,698,793
- ------------------------------------------------------------------------------------------------------------
340,000 NYS HFA (HELP-Suffolk Hsg.) 8.100 11/01/2005 346,212
- ------------------------------------------------------------------------------------------------------------
200,000 NYS HFA (Hospital & Nursing Home) 7.000 11/01/2017 246,888
- ------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Meadow Manor) 7.750 11/01/2019 5,013
- ------------------------------------------------------------------------------------------------------------
35,000 NYS HFA (Multifamily Hsg.) 0.000 1 11/01/2016 18,043
- ------------------------------------------------------------------------------------------------------------
745,000 NYS HFA (Multifamily Hsg.) 5.250 11/15/2028 759,453
- ------------------------------------------------------------------------------------------------------------
1,340,000 NYS HFA (Multifamily Hsg.) 5.300 08/15/2024 1,383,805
- ------------------------------------------------------------------------------------------------------------
1,700,000 NYS HFA (Multifamily Hsg.) 5.300 11/15/2039 1,728,594
- ------------------------------------------------------------------------------------------------------------
1,070,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2020 1,130,701
- ------------------------------------------------------------------------------------------------------------
2,860,000 NYS HFA (Multifamily Hsg.) 5.350 08/15/2031 2,924,607
- ------------------------------------------------------------------------------------------------------------
2,080,000 NYS HFA (Multifamily Hsg.) 5.375 02/15/2035 2,133,643
- ------------------------------------------------------------------------------------------------------------
3,250,000 NYS HFA (Multifamily Hsg.) 5.450 08/15/2032 3,362,028
- ------------------------------------------------------------------------------------------------------------
2,075,000 NYS HFA (Multifamily Hsg.) 5.500 08/15/2030 2,102,224
- ------------------------------------------------------------------------------------------------------------
1,215,000 NYS HFA (Multifamily Hsg.) 5.550 08/15/2019 1,280,598
- ------------------------------------------------------------------------------------------------------------
1,385,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2019 1,461,687
- ------------------------------------------------------------------------------------------------------------
1,240,000 NYS HFA (Multifamily Hsg.) 5.600 02/15/2026 1,280,523
- ------------------------------------------------------------------------------------------------------------
1,730,000 NYS HFA (Multifamily Hsg.) 5.600 08/15/2033 1,804,944
- ------------------------------------------------------------------------------------------------------------
1,190,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 1,236,612
- ------------------------------------------------------------------------------------------------------------
3,200,000 NYS HFA (Multifamily Hsg.) 5.650 08/15/2030 3,311,904
35 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,000,000 NYS HFA (Multifamily Hsg.) 5.650% 08/15/2031 $ 1,038,750
- ------------------------------------------------------------------------------------------------------------
1,710,000 NYS HFA (Multifamily Hsg.) 5.650 02/15/2034 1,758,188
- ------------------------------------------------------------------------------------------------------------
2,120,000 NYS HFA (Multifamily Hsg.) 5.700 08/15/2033 2,207,386
- ------------------------------------------------------------------------------------------------------------
95,000 NYS HFA (Multifamily Hsg.) 5.950 08/15/2024 95,204
- ------------------------------------------------------------------------------------------------------------
1,285,000 NYS HFA (Multifamily Hsg.) 6.100 11/15/2036 1,354,274
- ------------------------------------------------------------------------------------------------------------
4,700,000 NYS HFA (Multifamily Hsg.) 6.125 08/15/2038 4,884,992
- ------------------------------------------------------------------------------------------------------------
40,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2012 40,064
- ------------------------------------------------------------------------------------------------------------
25,000 NYS HFA (Multifamily Hsg.) 6.200 08/15/2016 26,103
- ------------------------------------------------------------------------------------------------------------
745,000 NYS HFA (Multifamily Hsg.) 6.250 02/15/2031 772,870
- ------------------------------------------------------------------------------------------------------------
5,000,000 NYS HFA (Multifamily Hsg.) 6.300 08/15/2026 5,138,800
- ------------------------------------------------------------------------------------------------------------
1,255,000 NYS HFA (Multifamily Hsg.) 6.400 11/15/2027 1,308,664
- ------------------------------------------------------------------------------------------------------------
2,095,000 NYS HFA (Multifamily Hsg.) 6.500 08/15/2024 2,097,828
- ------------------------------------------------------------------------------------------------------------
3,240,000 NYS HFA (Multifamily Hsg.) 6.700 08/15/2025 3,246,415
- ------------------------------------------------------------------------------------------------------------
5,650,000 NYS HFA (Multifamily Hsg.) 6.750 11/15/2036 5,858,994
- ------------------------------------------------------------------------------------------------------------
20,000 NYS HFA (Multifamily Hsg.) 6.950 08/15/2012 20,490
- ------------------------------------------------------------------------------------------------------------
5,400,000 NYS HFA (Multifamily Hsg.) 7.050 08/15/2024 5,408,208
- ------------------------------------------------------------------------------------------------------------
320,000 NYS HFA (Multifamily Hsg.) 7.550 11/01/2029 326,176
- ------------------------------------------------------------------------------------------------------------
2,805,000 NYS HFA (NH&HC) RITES 2 12.839 3 11/01/2016 3,201,122
- ------------------------------------------------------------------------------------------------------------
5,000 NYS HFA (Nonprofit Hsg.) 6.400 11/01/2010 5,097
- ------------------------------------------------------------------------------------------------------------
760,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2009 773,802
- ------------------------------------------------------------------------------------------------------------
825,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2010 839,982
- ------------------------------------------------------------------------------------------------------------
895,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2011 911,253
- ------------------------------------------------------------------------------------------------------------
965,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2012 982,524
- ------------------------------------------------------------------------------------------------------------
1,040,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2013 1,058,886
- ------------------------------------------------------------------------------------------------------------
1,225,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2014 1,247,246
- ------------------------------------------------------------------------------------------------------------
1,325,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2015 1,349,062
- ------------------------------------------------------------------------------------------------------------
1,440,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2016 1,466,150
- ------------------------------------------------------------------------------------------------------------
1,565,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2017 1,593,420
- ------------------------------------------------------------------------------------------------------------
1,690,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2018 1,720,690
- ------------------------------------------------------------------------------------------------------------
1,020,000 NYS HFA (Nonprofit Hsg.) 8.400 11/01/2019 1,038,523
- ------------------------------------------------------------------------------------------------------------
5,000,000 NYS HFA (Phillips Village) 7.750 08/15/2017 5,119,450
- ------------------------------------------------------------------------------------------------------------
70,000 NYS HFA (Service Contract) 5.375 03/15/2023 70,843
- ------------------------------------------------------------------------------------------------------------
5,600,000 NYS HFA (Service Contract) 5.500 09/15/2022 6,035,288
- ------------------------------------------------------------------------------------------------------------
5,525,000 NYS HFA (Service Contract) 5.500 03/15/2025 5,943,795
- ------------------------------------------------------------------------------------------------------------
255,000 NYS HFA (Service Contract) 6.500 03/15/2025 264,223
- ------------------------------------------------------------------------------------------------------------
475,000 NYS HFA (Shorehill Hsg.) 7.500 05/01/2008 475,565
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Watergate II) 4.750 02/15/2034 974,540
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYS HFA (Watergate II) 4.900 02/15/2045 940,420
- ------------------------------------------------------------------------------------------------------------
400,000 NYS LGSC (SCSB) 2 7.250 12/15/2011 407,496
- ------------------------------------------------------------------------------------------------------------
810,000 NYS LGSC (SCSB) 2 7.375 12/15/2016 841,898
- ------------------------------------------------------------------------------------------------------------
980,000 NYS LGSC (SCSB) 2 7.750 12/15/2021 1,021,954
36 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 1,045,000 NYS Medcare (Central Suffolk Hospital) 6.125% 11/01/2016 $ 832,687
- ------------------------------------------------------------------------------------------------------------
1,000,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 1,004,430
- ------------------------------------------------------------------------------------------------------------
2,050,000 NYS Medcare (Hospital & Nursing Home) 7.400 11/01/2016 2,110,475
- ------------------------------------------------------------------------------------------------------------
1,910,000 NYS Medcare (Hospital & Nursing Home) 9.375 11/01/2016 2,005,214
- ------------------------------------------------------------------------------------------------------------
440,000 NYS Medcare (Hospital & Nursing Home) 10.000 11/01/2006 463,892
- ------------------------------------------------------------------------------------------------------------
1,670,000 NYS Medcare (M.G. Nursing Home) 6.375 02/15/2035 1,739,606
- ------------------------------------------------------------------------------------------------------------
330,000 NYS Medcare (Montefiore Medical Center) 5.750 02/15/2025 337,811
- ------------------------------------------------------------------------------------------------------------
25,000 NYS Medcare (Secured Hospital) 6.250 02/15/2024 25,381
- ------------------------------------------------------------------------------------------------------------
44,470,000 NYS Medcare (St. Luke's Hospital) 5.700 02/15/2029 45,025,875
- ------------------------------------------------------------------------------------------------------------
12,500,000 NYS Medcare (St. Luke's Hospital) RITES 2 8.592 3 02/15/2029 12,812,500
- ------------------------------------------------------------------------------------------------------------
8,400,000 NYS Medcare (St. Luke's Hospital) RITES 2 8.649 3 02/15/2029 8,610,000
- ------------------------------------------------------------------------------------------------------------
5,750,000 NYS Medcare (St. Luke's Hospital) RITES 2 8.649 3 02/15/2029 5,893,750
- ------------------------------------------------------------------------------------------------------------
10,000,000 NYS Medcare (St. Luke's Hospital) RITES 2 8.684 3 02/15/2029 10,250,000
- ------------------------------------------------------------------------------------------------------------
40,000,000 NYS Thruway Authority Permanently Linked
Convertible INFLOS & VDRNS 5.000 01/01/2024 40,264,000
- ------------------------------------------------------------------------------------------------------------
2,500,000 NYS Thruway Authority RITES 2 12.197 3 01/01/2024 2,566,000
- ------------------------------------------------------------------------------------------------------------
7,140,000 NYS Thruway Authority RITES 2 12.232 3 01/01/2025 7,920,116
- ------------------------------------------------------------------------------------------------------------
5,000 NYS UDC (Correctional Facilities) 0.000 1 01/01/2013 3,713
- ------------------------------------------------------------------------------------------------------------
9,000,000 NYS UDC (State Personal Income Tax) 5.125 03/15/2029 10,158,750
- ------------------------------------------------------------------------------------------------------------
5,480,000 Oneida County IDA (Bonide Products) 6.250 11/01/2018 5,375,606
- ------------------------------------------------------------------------------------------------------------
625,000 Oneida County IDA (Mobile Climate Control) 8.000 11/01/2008 635,706
- ------------------------------------------------------------------------------------------------------------
2,825,000 Oneida County IDA (Mobile Climate Control) 8.750 11/01/2018 2,887,207
- ------------------------------------------------------------------------------------------------------------
450,000 Oneida County IDA
(Mohawk Valley Handicapped Services) 5.300 03/15/2019 468,135
- ------------------------------------------------------------------------------------------------------------
740,000 Oneida County IDA
(Mohawk Valley Handicapped Services) 5.350 03/15/2029 750,464
- ------------------------------------------------------------------------------------------------------------
1,190,000 Oneida County IDA (Presbyterian Home) 5.250 03/01/2019 1,234,006
- ------------------------------------------------------------------------------------------------------------
1,015,000 Oneida County IDA (Presbyterian Home) 6.100 06/01/2020 1,110,725
- ------------------------------------------------------------------------------------------------------------
4,000,000 Onondaga County IDA (Air Cargo) 6.125 01/01/2032 4,064,400
- ------------------------------------------------------------------------------------------------------------
2,000,000 Onondaga County IDA (Air Cargo) 7.250 01/01/2032 2,046,180
- ------------------------------------------------------------------------------------------------------------
490,000 Onondaga County IDA (Coltec Industries) 7.250 06/01/2008 498,428
- ------------------------------------------------------------------------------------------------------------
770,000 Onondaga County IDA (Coltec Industries) 9.875 10/01/2010 808,115
- ------------------------------------------------------------------------------------------------------------
1,460,000 Onondaga County IDA (Community General
Hospital) 5.500 11/01/2018 1,317,708
- ------------------------------------------------------------------------------------------------------------
7,685,000 Onondaga County IDA (Community General
Hospital) 6.625 01/01/2018 7,691,302
- ------------------------------------------------------------------------------------------------------------
4,700,000 Onondaga County IDA (Le Moyne College) 5.625 12/01/2021 5,061,618
- ------------------------------------------------------------------------------------------------------------
11,500,000 Onondaga County IDA (Solvay Paperboard) 6.800 11/01/2014 12,003,355
- ------------------------------------------------------------------------------------------------------------
67,200,000 Onondaga County IDA (Solvay Paperboard) 7.000 11/01/2030 70,412,160
- ------------------------------------------------------------------------------------------------------------
750,000 Onondaga County IDA (Syracuse Home) 5.200 12/01/2018 783,270
- ------------------------------------------------------------------------------------------------------------
500,000 Onondaga County IDA Sewage Waste Facilities
(Anheuser-Busch Companies) 6.250 12/01/2034 548,315
- ------------------------------------------------------------------------------------------------------------
66,449,598 Onondaga County Res Rec 0.000 7 05/01/2022 28,526,812
- ------------------------------------------------------------------------------------------------------------
41,580,000 Onondaga County Res Rec 5.000 05/01/2015 36,751,730
37 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 512,000 Ontario County IDA (Ontario Design) 6.500% 11/01/2005 $ 512,732
- ------------------------------------------------------------------------------------------------------------
430,000 Orange County IDA (Adult Homes at Erie Station) 7.000 08/01/2021 437,220
- ------------------------------------------------------------------------------------------------------------
2,500,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2021 2,541,975
- ------------------------------------------------------------------------------------------------------------
2,300,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,308,326
- ------------------------------------------------------------------------------------------------------------
2,090,000 Orange County IDA (Arden Hill Life Care Center) 7.000 08/01/2031 2,097,566
- ------------------------------------------------------------------------------------------------------------
2,705,000 Orange County IDA (Glen Arden) 5.625 01/01/2018 2,438,314
- ------------------------------------------------------------------------------------------------------------
5,590,000 Orange County IDA (Glen Arden) 5.700 01/01/2028 4,654,290
- ------------------------------------------------------------------------------------------------------------
3,000,000 Orange County IDA (Kingston Manufacturing) 2 8.000 11/01/2017 1,457,910
- ------------------------------------------------------------------------------------------------------------
385,000 Orange County IDA (Mental Retardation Project) 7.800 07/01/2011 386,063
- ------------------------------------------------------------------------------------------------------------
1,715,000 Orange County IDA
(St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2021 1,826,869
- ------------------------------------------------------------------------------------------------------------
6,330,000 Orange County IDA
(St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 6,669,351
- ------------------------------------------------------------------------------------------------------------
2,235,000 Orange County IDA
(St. Luke's Cornwall Hospital Obligated Group) 5.375 12/01/2026 2,354,818
- ------------------------------------------------------------------------------------------------------------
7,745,000 Orange County IDA (Tuxedo Place) 2 7.000 08/01/2032 5,750,430
- ------------------------------------------------------------------------------------------------------------
2,500,000 Orange County IDA (Tuxedo Place) 2 7.000 08/01/2033 1,855,675
- ------------------------------------------------------------------------------------------------------------
2,755,000 Oswego County IDA (Bishop's Common) 5.375 02/01/2049 2,910,134
- ------------------------------------------------------------------------------------------------------------
3,260,000 Oswego County IDA (Seneca Hill Manor) 5.650 08/01/2037 3,535,535
- ------------------------------------------------------------------------------------------------------------
6,680,000 Otsego County IDA (Hartwick College) 5.900 07/01/2022 6,098,840
- ------------------------------------------------------------------------------------------------------------
2,970,000 Otsego County IDA (Mary Imogene Bassett
Hospital) 5.350 11/01/2020 3,124,292
- ------------------------------------------------------------------------------------------------------------
11,040,000 Peekskill IDA (Drum Hill) 6.375 10/01/2028 9,905,750
- ------------------------------------------------------------------------------------------------------------
617,716 Peekskill IDA (Karta) 9.000 07/01/2010 624,258
- ------------------------------------------------------------------------------------------------------------
4,070,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2006 4,125,759
- ------------------------------------------------------------------------------------------------------------
1,770,000 Port Authority NY/NJ (Continental Airlines) 9.000 12/01/2010 1,794,249
- ------------------------------------------------------------------------------------------------------------
53,250,000 Port Authority NY/NJ (Continental Airlines) 9.125 12/01/2015 53,979,525
- ------------------------------------------------------------------------------------------------------------
795,000 Port Authority NY/NJ (Delta Air Lines) 6.950 06/01/2008 793,720
- ------------------------------------------------------------------------------------------------------------
285,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 297,819
- ------------------------------------------------------------------------------------------------------------
19,395,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 20,208,620
- ------------------------------------------------------------------------------------------------------------
20,000,000 Port Authority NY/NJ RITES 2 12.097 3 09/15/2013 21,744,800
- ------------------------------------------------------------------------------------------------------------
170,000 Port Authority NY/NJ, 97th Series 6.400 07/15/2015 171,962
- ------------------------------------------------------------------------------------------------------------
190,000 Port Authority NY/NJ, 114th Series 5.000 08/01/2024 193,777
- ------------------------------------------------------------------------------------------------------------
3,000,000 Port Authority NY/NJ, 127th Series 5.250 12/15/2032 3,109,890
- ------------------------------------------------------------------------------------------------------------
5,000,000 Port Authority NY/NJ, 136th Series 5.125 05/01/2034 5,132,500
- ------------------------------------------------------------------------------------------------------------
19,175,000 Port Authority NY/NJ, 136th Series 5.375 11/01/2028 20,263,757
- ------------------------------------------------------------------------------------------------------------
22,855,000 Port Authority NY/NJ, 136th Series 5.500 11/01/2029 24,486,618
- ------------------------------------------------------------------------------------------------------------
2,755,000 Poughkeepsie IDA
(Eastman & Bixby Redevelopment Corp.) 6.000 08/01/2032 2,932,174
- ------------------------------------------------------------------------------------------------------------
1,990,000 Putnam County IDA (Brewster Plastics) 8.500 12/01/2016 2,052,665
- ------------------------------------------------------------------------------------------------------------
1,500,000 Rensselaer County IDA (Franciscan Heights) 5.375 12/01/2036 1,546,920
- ------------------------------------------------------------------------------------------------------------
6,385,000 Rensselaer County Tobacco Asset Securitization
Corp. 5.625 06/01/2035 5,872,668
- ------------------------------------------------------------------------------------------------------------
7,300,000 Rensselaer County Tobacco Asset Securitization
Corp. 5.750 06/01/2043 6,696,582
38 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,000 Rensselaer Hsg. Authority (Renwyck) 7.650% 01/01/2011 $ 5,061
- ------------------------------------------------------------------------------------------------------------
20,000,000 Rensselaer Municipal Leasing Corp.
(Rensselaer County Nursing Home) 6.900 06/01/2024 20,358,400
- ------------------------------------------------------------------------------------------------------------
1,785,000 Riverhead IDA (Michael Reilly Design) 4,5 8.625 02/01/2012 1,430,303
- ------------------------------------------------------------------------------------------------------------
510,000 Riverhead IDA (Michael Reilly Design) 4,5 8.625 02/01/2012 408,510
- ------------------------------------------------------------------------------------------------------------
4,535,000 Riverhead IDA (Michael Reilly Design) 4,5 8.875 02/01/2032 3,605,642
- ------------------------------------------------------------------------------------------------------------
40,000 Rochester Hsg. Authority (Crossroads
Apartments) 7.300 07/01/2005 40,263
- ------------------------------------------------------------------------------------------------------------
15,860,000 Rochester Hsg. Authority (Crossroads
Apartments) 7.700 01/01/2017 16,469,500
- ------------------------------------------------------------------------------------------------------------
6,790,000 Rochester Museum & Science Center 6.125 12/01/2015 6,824,425
- ------------------------------------------------------------------------------------------------------------
1,655,000 Rockland County IDA (Dominican College) 5.900 05/01/2010 1,850,787
- ------------------------------------------------------------------------------------------------------------
5,000,000 Rockland County IDA (Dominican College) 6.250 05/01/2028 5,646,200
- ------------------------------------------------------------------------------------------------------------
9,225,000 Rockland County Tobacco Asset Securitization
Corp. 5.625 08/15/2035 8,354,990
- ------------------------------------------------------------------------------------------------------------
10,100,000 Rockland County Tobacco Asset Securitization
Corp. 5.750 08/15/2043 9,196,656
- ------------------------------------------------------------------------------------------------------------
25,850,000 Sales Tax Asset Receivables Corp., Series A 5.000 10/15/2032 26,727,866
- ------------------------------------------------------------------------------------------------------------
1,160,000 Saratoga County IDA (ARC) 8.400 03/01/2013 1,163,619
- ------------------------------------------------------------------------------------------------------------
3,000,000 Saratoga County IDA (Saratoga Hospital) 5.125 12/01/2033 3,095,190
- ------------------------------------------------------------------------------------------------------------
11,311,843 Schenectady GO 6.500 05/27/2005 11,300,418
- ------------------------------------------------------------------------------------------------------------
1,635,000 Schenectady IDA (Schaffer Heights Hsg.) 6.000 11/01/2030 1,764,901
- ------------------------------------------------------------------------------------------------------------
3,335,000 Schenectady Metroplex Devel. Authority,
Series A 5.375 12/15/2021 3,543,137
- ------------------------------------------------------------------------------------------------------------
292,000 Schroon Lake Fire District 2 7.250 03/01/2009 292,821
- ------------------------------------------------------------------------------------------------------------
175,000 Scotia Hsg. Authority (Holyrood House) 7.000 06/01/2009 179,575
- ------------------------------------------------------------------------------------------------------------
2,475,000 SONYMA, Series 29 5.450 04/01/2031 2,538,682
- ------------------------------------------------------------------------------------------------------------
15,000 SONYMA, Series 30-C2 5.800 10/01/2025 15,162
- ------------------------------------------------------------------------------------------------------------
6,895,000 SONYMA, Series 65 5.850 10/01/2028 7,164,250
- ------------------------------------------------------------------------------------------------------------
20,000 SONYMA, Series 66 5.700 10/01/2027 20,806
- ------------------------------------------------------------------------------------------------------------
18,905,000 SONYMA, Series 67 5.800 10/01/2028 19,828,887
- ------------------------------------------------------------------------------------------------------------
3,395,000 SONYMA, Series 69 5.400 10/01/2019 3,527,880
- ------------------------------------------------------------------------------------------------------------
5,330,000 SONYMA, Series 69 5.500 10/01/2028 5,468,900
- ------------------------------------------------------------------------------------------------------------
3,940,000 SONYMA, Series 69 RITES 2 8.364 3 10/01/2028 4,145,353
- ------------------------------------------------------------------------------------------------------------
13,100,000 SONYMA, Series 71 5.400 04/01/2029 13,410,601
- ------------------------------------------------------------------------------------------------------------
10,150,000 SONYMA, Series 71 RITES 2 8.164 3 04/01/2029 10,631,313
- ------------------------------------------------------------------------------------------------------------
5,500,000 SONYMA, Series 73 RITES 2 13.340 3 10/01/2028 5,960,900
- ------------------------------------------------------------------------------------------------------------
1,675,000 SONYMA, Series 73-A 5.300 10/01/2028 1,710,091
- ------------------------------------------------------------------------------------------------------------
10,175,000 SONYMA, Series 79 5.300 04/01/2029 10,393,559
- ------------------------------------------------------------------------------------------------------------
125,000 SONYMA, Series 82 5.650 04/01/2030 131,153
- ------------------------------------------------------------------------------------------------------------
5,945,000 SONYMA, Series 97 5.500 04/01/2031 6,123,291
- ------------------------------------------------------------------------------------------------------------
2,400,000 SONYMA, Series 106 5.100 04/01/2023 2,470,272
- ------------------------------------------------------------------------------------------------------------
300,000 St. Lawrence County IDA (Clarkson University) 5.125 07/01/2021 309,471
- ------------------------------------------------------------------------------------------------------------
1,315,000 St. Lawrence County IDA (Clarkson University) 5.250 07/01/2031 1,345,903
- ------------------------------------------------------------------------------------------------------------
2,370,000 St. Lawrence County IDA (Clarkson University) 5.500 07/01/2029 2,470,725
- ------------------------------------------------------------------------------------------------------------
2,805,000 St. Lawrence County IDA (Hepburn Medical
Center) 5.375 12/01/2019 2,979,864
39 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,595,000 St. Lawrence County IDA
(Hepburn Medical Center) 5.500% 12/01/2024 $ 3,814,187
- ------------------------------------------------------------------------------------------------------------
1,360,000 Suffolk County IDA (ACLD) 6.000 12/01/2019 1,374,334
- ------------------------------------------------------------------------------------------------------------
590,000 Suffolk County IDA (ALIA-ACDS) 7.125 06/01/2017 634,197
- ------------------------------------------------------------------------------------------------------------
375,000 Suffolk County IDA (ALIA-ACLD) 6.375 06/01/2014 377,865
- ------------------------------------------------------------------------------------------------------------
1,310,000 Suffolk County IDA (ALIA-ACLD) 6.500 03/01/2018 1,346,929
- ------------------------------------------------------------------------------------------------------------
745,000 Suffolk County IDA (ALIA-ACLD) 7.500 09/01/2015 812,095
- ------------------------------------------------------------------------------------------------------------
305,000 Suffolk County IDA (ALIA-ADD) 6.950 12/01/2014 327,823
- ------------------------------------------------------------------------------------------------------------
535,000 Suffolk County IDA (ALIA-ADD) 7.125 06/01/2017 575,077
- ------------------------------------------------------------------------------------------------------------
475,000 Suffolk County IDA (ALIA-ADD) 7.500 09/01/2015 517,779
- ------------------------------------------------------------------------------------------------------------
1,490,000 Suffolk County IDA (ALIA-DDI) 2 6.375 06/01/2014 1,548,155
- ------------------------------------------------------------------------------------------------------------
100,000 Suffolk County IDA (ALIA-DDI) 2 7.500 09/01/2015 109,006
- ------------------------------------------------------------------------------------------------------------
825,000 Suffolk County IDA (ALIA-FREE) 6.375 06/01/2014 857,200
- ------------------------------------------------------------------------------------------------------------
1,890,000 Suffolk County IDA (ALIA-FREE) 6.950 12/01/2014 2,031,429
- ------------------------------------------------------------------------------------------------------------
4,585,000 Suffolk County IDA (ALIA-FREE) 7.125 06/01/2017 4,928,462
- ------------------------------------------------------------------------------------------------------------
665,000 Suffolk County IDA (ALIA-IGHL) 6.375 06/01/2014 670,081
- ------------------------------------------------------------------------------------------------------------
645,000 Suffolk County IDA (ALIA-IGHL) 6.950 12/01/2014 693,265
- ------------------------------------------------------------------------------------------------------------
1,235,000 Suffolk County IDA (ALIA-IGHL) 7.125 06/01/2017 1,327,514
- ------------------------------------------------------------------------------------------------------------
1,945,000 Suffolk County IDA (ALIA-IGHL) 7.250 12/01/2033 2,002,591
- ------------------------------------------------------------------------------------------------------------
285,000 Suffolk County IDA (ALIA-IGHL) 7.500 09/01/2015 310,667
- ------------------------------------------------------------------------------------------------------------
390,000 Suffolk County IDA
(ALIA- L.I. Head Injury Association) 6.375 06/01/2014 394,138
- ------------------------------------------------------------------------------------------------------------
770,000 Suffolk County IDA
(ALIA- L.I. Head Injury Association) 6.950 12/01/2014 827,619
- ------------------------------------------------------------------------------------------------------------
300,000 Suffolk County IDA
(ALIA- L.I. Head Injury Association) 7.500 09/01/2015 327,018
- ------------------------------------------------------------------------------------------------------------
650,000 Suffolk County IDA (ALIA-MCH) 6.375 06/01/2014 654,966
- ------------------------------------------------------------------------------------------------------------
1,830,000 Suffolk County IDA (ALIA-MCH) 6.950 12/01/2014 1,966,939
- ------------------------------------------------------------------------------------------------------------
1,510,000 Suffolk County IDA (ALIA-MCH) 7.125 06/01/2017 1,623,114
- ------------------------------------------------------------------------------------------------------------
745,000 Suffolk County IDA (ALIA-NYS ARC) 7.500 09/01/2015 812,095
- ------------------------------------------------------------------------------------------------------------
470,000 Suffolk County IDA (ALIA-Pederson-Krag Center) 8.375 06/01/2016 514,960
- ------------------------------------------------------------------------------------------------------------
600,000 Suffolk County IDA (ALIA-SMCFS) 7.500 09/01/2015 654,036
- ------------------------------------------------------------------------------------------------------------
710,000 Suffolk County IDA (ALIA-Suffolk Hostels) 7.500 09/01/2015 773,943
- ------------------------------------------------------------------------------------------------------------
275,000 Suffolk County IDA (ALIA-UCPAGS) 6.375 06/01/2014 277,101
- ------------------------------------------------------------------------------------------------------------
1,120,000 Suffolk County IDA (ALIA-UCPAGS) 6.950 12/01/2014 1,203,810
- ------------------------------------------------------------------------------------------------------------
890,000 Suffolk County IDA (ALIA-UCPAGS) 7.000 06/01/2016 955,424
- ------------------------------------------------------------------------------------------------------------
500,000 Suffolk County IDA (ALIA-UCPAGS) 7.500 09/01/2015 545,030
- ------------------------------------------------------------------------------------------------------------
400,000 Suffolk County IDA (ALIA-WORCA) 6.950 12/01/2014 429,932
- ------------------------------------------------------------------------------------------------------------
950,000 Suffolk County IDA (ALIA-WORCA) 7.125 06/01/2017 1,021,165
- ------------------------------------------------------------------------------------------------------------
590,000 Suffolk County IDA (ALIA-WORCA) 7.500 09/01/2015 643,135
- ------------------------------------------------------------------------------------------------------------
7,293,119 Suffolk County IDA (Camelot Village) 2,4,5 7.900 11/01/2031 7,293
- ------------------------------------------------------------------------------------------------------------
275,000 Suffolk County IDA (CCSSVD) 7.000 04/01/2010 288,635
- ------------------------------------------------------------------------------------------------------------
2,595,000 Suffolk County IDA (CCSSVD) 8.000 04/01/2030 2,756,669
- ------------------------------------------------------------------------------------------------------------
255,000 Suffolk County IDA (DDI) 6.000 12/01/2019 257,688
- ------------------------------------------------------------------------------------------------------------
820,000 Suffolk County IDA (DDI) 2 6.250 03/01/2009 816,105
40 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,025,000 Suffolk County IDA (DDI) 2 7.250% 03/01/2024 $ 4,951,987
- ------------------------------------------------------------------------------------------------------------
9,180,000 Suffolk County IDA (DDI) 8.750 03/01/2023 9,394,812
- ------------------------------------------------------------------------------------------------------------
2,605,000 Suffolk County IDA (Dowling College) 6.625 06/01/2024 2,608,465
- ------------------------------------------------------------------------------------------------------------
3,240,000 Suffolk County IDA (Dowling College) 6.700 12/01/2020 3,265,175
- ------------------------------------------------------------------------------------------------------------
1,925,000 Suffolk County IDA (Family Residence) 6.000 12/01/2019 1,945,290
- ------------------------------------------------------------------------------------------------------------
1,345,000 Suffolk County IDA (Family Services League) 5.000 11/01/2027 1,359,176
- ------------------------------------------------------------------------------------------------------------
830,000 Suffolk County IDA (Family Services League) 5.000 11/01/2034 829,817
- ------------------------------------------------------------------------------------------------------------
225,000 Suffolk County IDA (Federation of
Organizations) 7.625 04/01/2010 232,385
- ------------------------------------------------------------------------------------------------------------
2,195,000 Suffolk County IDA (Federation of
Organizations) 8.125 04/01/2030 2,293,292
- ------------------------------------------------------------------------------------------------------------
2,500,000 Suffolk County IDA (Gurwin Jewish-Phase II) 6.700 05/01/2039 2,575,350
- ------------------------------------------------------------------------------------------------------------
3,860,000 Suffolk County IDA (Huntington First Aid Squad) 6.650 11/01/2017 4,005,175
- ------------------------------------------------------------------------------------------------------------
295,000 Suffolk County IDA (Independent Group Home
Living) 6.000 12/01/2019 298,109
- ------------------------------------------------------------------------------------------------------------
6,500,000 Suffolk County IDA (Jefferson's Ferry) 7.200 11/01/2019 6,905,925
- ------------------------------------------------------------------------------------------------------------
10,000,000 Suffolk County IDA (Jefferson's Ferry) 7.250 11/01/2028 10,519,700
- ------------------------------------------------------------------------------------------------------------
13,660,000 Suffolk County IDA (Keyspan-Port Jefferson
Center) 5.250 06/01/2027 13,986,884
- ------------------------------------------------------------------------------------------------------------
4,065,000 Suffolk County IDA ( L.I. Network Community
Services) 7.550 02/01/2034 4,145,894
- ------------------------------------------------------------------------------------------------------------
3,360,000 Suffolk County IDA (New Interdisciplinary
School) 6.750 12/01/2019 3,393,970
- ------------------------------------------------------------------------------------------------------------
3,500,000 Suffolk County IDA
(Nissequogue Cogeneration Partners) 5.300 01/01/2013 3,435,250
- ------------------------------------------------------------------------------------------------------------
7,585,000 Suffolk County IDA
(Nissequogue Cogeneration Partners) 5.500 01/01/2023 7,320,511
- ------------------------------------------------------------------------------------------------------------
695,000 Suffolk County IDA (OBPWC) 7.500 11/01/2022 698,711
- ------------------------------------------------------------------------------------------------------------
2,250,000 Suffolk County IDA
(Peconic Landing Retirement Home) 7.000 10/01/2030 2,265,323
- ------------------------------------------------------------------------------------------------------------
1,000,000 Suffolk County IDA
(Peconic Landing Retirement Home) 8.000 10/01/2020 1,070,270
- ------------------------------------------------------------------------------------------------------------
1,600,000 Suffolk County IDA
(Peconic Landing Retirement Home) 8.000 10/01/2030 1,700,080
- ------------------------------------------------------------------------------------------------------------
260,000 Suffolk County IDA (Pederson-Krag Center) 7.625 04/01/2010 277,516
- ------------------------------------------------------------------------------------------------------------
2,545,000 Suffolk County IDA (Pederson-Krag Center) 8.125 04/01/2030 2,727,018
- ------------------------------------------------------------------------------------------------------------
160,000 Suffolk County IDA (Rainbow Chimes) 7.000 05/01/2007 158,238
- ------------------------------------------------------------------------------------------------------------
2,210,000 Suffolk County IDA (Rainbow Chimes) 8.000 11/01/2024 2,034,062
- ------------------------------------------------------------------------------------------------------------
1,670,000 Suffolk County IDA (Rimland Facilities) 2 3.750 8 12/01/2009 1,649,526
- ------------------------------------------------------------------------------------------------------------
2,345,000 Suffolk County IDA (United Cerebral Palsy
Association) 6.000 12/01/2019 2,369,716
- ------------------------------------------------------------------------------------------------------------
5,635,000 Suffolk County IDA (United Cerebral Palsy
Association) 7.875 09/01/2041 5,793,963
- ------------------------------------------------------------------------------------------------------------
1,620,000 Suffolk County IDA (Windmill Village) 5.700 12/01/2026 1,713,928
- ------------------------------------------------------------------------------------------------------------
1,305,000 Suffolk County IDA (Windmill Village) 5.750 12/01/2031 1,380,077
- ------------------------------------------------------------------------------------------------------------
910,000 Suffolk County IDA (Wireless Boulevard Realty) 7.875 12/01/2012 963,463
- ------------------------------------------------------------------------------------------------------------
4,005,000 Suffolk County IDA (Wireless Boulevard Realty) 8.625 12/01/2026 4,264,003
- ------------------------------------------------------------------------------------------------------------
50,000 Suffolk County Water Authority 5.125 06/01/2026 52,384
- ------------------------------------------------------------------------------------------------------------
2,785,000 Sullivan County IDA (Center Discovery Civic
Facility) 7.250 02/01/2012 2,804,913
- ------------------------------------------------------------------------------------------------------------
9,965,000 Sullivan County IDA (Center Discovery Civic
Facility) 7.750 02/01/2027 10,049,005
41 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 8,725,000 Sullivan County IDA (SCCC Dorm Corp. Civic
Facility) 7.250 % 06/01/2027 $ 8,850,117
- ------------------------------------------------------------------------------------------------------------
372,500 Syracuse Hsg. Authority
(Loretto Sedgwick Heights Corp.) 7.375 11/01/2008 345,345
- ------------------------------------------------------------------------------------------------------------
6,995,000 Syracuse Hsg. Authority
(Loretto Sedgwick Heights Corp.) 8.500 11/01/2031 6,440,716
- ------------------------------------------------------------------------------------------------------------
6,590,000 Syracuse Hsg. Authority (LRRHCF) 5.800 08/01/2037 7,237,665
- ------------------------------------------------------------------------------------------------------------
425,000 Syracuse Hsg. Authority (LRRHCF) 7.500 08/01/2010 429,590
- ------------------------------------------------------------------------------------------------------------
2,435,000 Syracuse Hsg. Authority (Pavilion on James) 7.500 11/01/2042 2,431,883
- ------------------------------------------------------------------------------------------------------------
210,000 Syracuse IDA (Anoplate Corp.) 7.250 11/01/2007 211,762
- ------------------------------------------------------------------------------------------------------------
2,195,000 Syracuse IDA (Anoplate Corp.) 8.000 11/01/2022 2,268,115
- ------------------------------------------------------------------------------------------------------------
1,000,000 Syracuse IDA (Crouse Irving Health Hospital) 5.375 01/01/2023 749,510
- ------------------------------------------------------------------------------------------------------------
19,965,000 Syracuse IDA (James Square) 0.000 1 08/01/2025 5,153,965
- ------------------------------------------------------------------------------------------------------------
725,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2021 749,324
- ------------------------------------------------------------------------------------------------------------
2,050,000 Syracuse IDA (Jewish Home of Central NY) 7.375 03/01/2031 2,105,883
- ------------------------------------------------------------------------------------------------------------
7,500,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2019 8,316,750
- ------------------------------------------------------------------------------------------------------------
13,825,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2021 15,154,412
- ------------------------------------------------------------------------------------------------------------
13,555,000 Tobacco Settlement Financing Corp. (TASC) 5.500 06/01/2022 14,767,901
- ------------------------------------------------------------------------------------------------------------
3,750,000 Tompkins County IDA (Ithacare Center) 6.200 02/01/2037 4,073,663
- ------------------------------------------------------------------------------------------------------------
95,000 Tompkins Health Care Corp.
(Reconstruction Home) 10.800 02/01/2007 101,893
- ------------------------------------------------------------------------------------------------------------
70,000 Tompkins Health Care Corp.
(Reconstruction Home) 10.800 02/01/2028 79,226
- ------------------------------------------------------------------------------------------------------------
605,000 Tonawanda SCHC 6.500 12/01/2010 615,285
- ------------------------------------------------------------------------------------------------------------
8,265,000 Triborough Bridge & Tunnel Authority RITES 2 12.162 3 01/01/2027 9,198,119
- ------------------------------------------------------------------------------------------------------------
4,190,000 Triborough Bridge & Tunnel Authority RITES 2 12.197 3 01/01/2032 4,572,296
- ------------------------------------------------------------------------------------------------------------
15,615,000 TSASC, Inc. (TFABs) 5.750 07/15/2032 15,030,687
- ------------------------------------------------------------------------------------------------------------
840,000 TSASC, Inc. (TFABs) 6.250 07/15/2027 852,508
- ------------------------------------------------------------------------------------------------------------
78,575,000 TSASC, Inc. (TFABs) 6.250 07/15/2034 79,560,331
- ------------------------------------------------------------------------------------------------------------
129,920,000 TSASC, Inc. (TFABs) 6.375 07/15/2039 132,305,331
- ------------------------------------------------------------------------------------------------------------
995,000 UCP/HCA of Chemung County 6.600 08/01/2022 1,082,809
- ------------------------------------------------------------------------------------------------------------
1,700,000 Ulster County IDA (Benedictine Hospital) 6.450 06/01/2024 1,560,991
- ------------------------------------------------------------------------------------------------------------
1,845,000 Ulster County IDA (Brooklyn Bottling) 8.600 06/30/2022 1,853,838
- ------------------------------------------------------------------------------------------------------------
4,000,000 Ulster County IDA (Kingston Hospital) 5.650 11/15/2024 4,179,240
- ------------------------------------------------------------------------------------------------------------
1,465,000 Ulster County IDA
(Mid-Hudson Family Health Services) 5.350 07/01/2023 1,527,746
- ------------------------------------------------------------------------------------------------------------
2,635,000 Ulster County Tobacco Asset
Securitization Corp. 0.000 7 06/01/2040 1,817,518
- ------------------------------------------------------------------------------------------------------------
2,680,000 Ulster County Tobacco Asset
Securitization Corp. 6.000 06/01/2040 2,469,164
- ------------------------------------------------------------------------------------------------------------
2,000,000 Ulster County Tobacco Asset
Securitization Corp. 2 6.250 06/01/2025 2,008,680
- ------------------------------------------------------------------------------------------------------------
2,000,000 United Nations Devel. Corp., Series A 5.250 07/01/2026 2,091,140
- ------------------------------------------------------------------------------------------------------------
25,000 Upper Mohawk Valley Regional Water
Finance Authority 5.125 10/01/2026 26,370
- ------------------------------------------------------------------------------------------------------------
500,000 Utica GO 6.100 01/15/2013 556,220
- ------------------------------------------------------------------------------------------------------------
3,550,000 Utica IDA (Utica College Civic Facility) 6.850 12/01/2031 3,661,861
42 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 340,000 Watervliet Hsg. Authority
(Colonie Senior Service Center) 5.875% 06/01/2018 $ 330,164
- ------------------------------------------------------------------------------------------------------------
10,800,000 Watervliet Hsg. Authority
(Colonie Senior Service Center) 6.125 06/01/2038 10,117,656
- ------------------------------------------------------------------------------------------------------------
2,820,000 Wayne County IDA (ARC) 8.375 03/01/2018 2,827,811
- ------------------------------------------------------------------------------------------------------------
300,000 Westchester County Healthcare Corp., Series A 5.875 11/01/2025 299,721
- ------------------------------------------------------------------------------------------------------------
7,195,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 7,415,527
- ------------------------------------------------------------------------------------------------------------
3,145,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 3,241,394
- ------------------------------------------------------------------------------------------------------------
6,330,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 6,524,015
- ------------------------------------------------------------------------------------------------------------
3,590,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 3,700,608
- ------------------------------------------------------------------------------------------------------------
8,470,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 8,730,961
- ------------------------------------------------------------------------------------------------------------
8,115,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 8,363,725
- ------------------------------------------------------------------------------------------------------------
6,290,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 6,482,789
- ------------------------------------------------------------------------------------------------------------
6,865,000 Westchester County IDA (Ardsley Hsg.) 7.900 11/01/2044 7,075,412
- ------------------------------------------------------------------------------------------------------------
1,870,000 Westchester County IDA (Beth Abraham Hospital) 8.375 12/01/2025 1,957,890
- ------------------------------------------------------------------------------------------------------------
40,000 Westchester County IDA (Children's Village) 5.375 03/15/2019 40,311
- ------------------------------------------------------------------------------------------------------------
4,600,000 Westchester County IDA (Children's Village) 6.000 06/01/2022 4,659,110
- ------------------------------------------------------------------------------------------------------------
1,040,400 Westchester County IDA (Clearview School) 9.375 01/01/2021 1,068,824
- ------------------------------------------------------------------------------------------------------------
1,300,000 Westchester County IDA
(Guiding Eyes for the Blind) 5.375 08/01/2024 1,347,632
- ------------------------------------------------------------------------------------------------------------
2,000,000 Westchester County IDA
(Hebrew Hospital Senior Hsg.) 7.375 07/01/2030 2,131,020
- ------------------------------------------------------------------------------------------------------------
1,560,000 Westchester County IDA (JDAM) 6.750 04/01/2016 1,625,146
- ------------------------------------------------------------------------------------------------------------
3,250,000 Westchester County IDA (Lawrence Hospital) 5.000 01/01/2028 3,195,498
- ------------------------------------------------------------------------------------------------------------
800,000 Westchester County IDA (Lawrence Hospital) 5.125 01/01/2018 820,904
- ------------------------------------------------------------------------------------------------------------
1,275,000 Westchester County IDA
(Living Independently for the Elderly) 5.375 08/20/2021 1,375,636
- ------------------------------------------------------------------------------------------------------------
3,035,000 Westchester County IDA
(Living Independently for the Elderly) 5.400 08/20/2032 3,206,690
- ------------------------------------------------------------------------------------------------------------
1,645,000 Westchester County IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,677,127
- ------------------------------------------------------------------------------------------------------------
1,000,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2013 1,042,490
- ------------------------------------------------------------------------------------------------------------
1,710,000 Westchester County IDA (Schnurmacher Center) 6.500 11/01/2033 1,799,724
- ------------------------------------------------------------------------------------------------------------
85,000 Westchester County IDA
(Westchester Airport Association) 5.950 08/01/2024 85,897
- ------------------------------------------------------------------------------------------------------------
2,585,000 Westchester County IDA (Winward School) 5.250 10/01/2031 2,679,094
- ------------------------------------------------------------------------------------------------------------
76,375,000 Westchester County Tobacco Asset
Securitization Corp. 0.000 7 07/15/2039 60,178,154
- ------------------------------------------------------------------------------------------------------------
1,423,800 Yates County IDA (Keuka College) 8.750 08/01/2015 1,673,321
- ------------------------------------------------------------------------------------------------------------
3,825,000 Yates County IDA (SSMH) 5.650 02/01/2039 4,164,622
- ------------------------------------------------------------------------------------------------------------
15,185,000 Yonkers IDA (Community Devel. Properties) 6.625 02/01/2026 16,361,686
- ------------------------------------------------------------------------------------------------------------
4,685,000 Yonkers IDA (Hudson Scenic Studio) 6.625 11/01/2019 4,724,213
- ------------------------------------------------------------------------------------------------------------
1,590,000 Yonkers IDA (Philipsburgh Hall Associates) 7.500 11/01/2030 1,572,764
- ------------------------------------------------------------------------------------------------------------
2,500,000 Yonkers IDA (St. John's Riverside Hospital) 7.125 07/01/2031 2,554,775
- ------------------------------------------------------------------------------------------------------------
3,050,000 Yonkers IDA (St. Joseph's Hospital) 8.500 12/30/2013 3,120,913
- ------------------------------------------------------------------------------------------------------------
3,300,000 Yonkers IDA (Westchester School) 8.750 12/30/2023 3,434,970
43 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 800,000 Yonkers Parking Authority 6.000% 06/15/2018 $ 850,864
- ------------------------------------------------------------------------------------------------------------
1,215,000 Yonkers Parking Authority 6.000 06/15/2024 1,264,317
---------------
5,503,800,665
- ------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--12.7%
2,435,000 Guam EDA (Royal Socio Apartments) 9.500 11/01/2018 2,387,250
- ------------------------------------------------------------------------------------------------------------
290,000 Guam Power Authority, Series A 5.250 10/01/2023 281,065
- ------------------------------------------------------------------------------------------------------------
20,000,000 Guam Power Authority, Series A 5.250 10/01/2034 18,613,200
- ------------------------------------------------------------------------------------------------------------
1,000,000 Northern Mariana Islands, Series A 6.000 06/01/2020 1,068,130
- ------------------------------------------------------------------------------------------------------------
8,010,000 Northern Mariana Islands, Series A 6.250 03/15/2028 8,286,986
- ------------------------------------------------------------------------------------------------------------
19,340,000 Northern Mariana Islands, Series A 6.600 03/15/2028 21,179,814
- ------------------------------------------------------------------------------------------------------------
10,000,000 Northern Mariana Islands, Series A 7.375 06/01/2030 10,502,500
- ------------------------------------------------------------------------------------------------------------
6,290,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 5,770,257
- ------------------------------------------------------------------------------------------------------------
21,405,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 19,828,522
- ------------------------------------------------------------------------------------------------------------
1,900,000 Puerto Rico Commonwealth GO 5.000 07/01/2029 1,947,671
- ------------------------------------------------------------------------------------------------------------
17,500,000 Puerto Rico Commonwealth GO 5.000 07/01/2034 17,838,100
- ------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Commonwealth GO 5.125 07/01/2031 2,053,900
- ------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Electric Power Authority 5.250 07/01/2029 53,198
- ------------------------------------------------------------------------------------------------------------
210,000 Puerto Rico Electric Power Authority 5.375 07/01/2030 214,578
- ------------------------------------------------------------------------------------------------------------
30,000 Puerto Rico Electric Power Authority, Series NN 5.125 07/01/2029 31,076
- ------------------------------------------------------------------------------------------------------------
4,700,000 Puerto Rico GO 5.000 07/01/2033 4,774,824
- ------------------------------------------------------------------------------------------------------------
750,000 Puerto Rico HBFA 6.250 04/01/2029 768,338
- ------------------------------------------------------------------------------------------------------------
110,000 Puerto Rico HFC 5.100 12/01/2018 114,500
- ------------------------------------------------------------------------------------------------------------
2,030,000 Puerto Rico HFC 5.500 12/01/2023 2,133,307
- ------------------------------------------------------------------------------------------------------------
100,000 Puerto Rico HFC 7.500 10/01/2015 100,187
- ------------------------------------------------------------------------------------------------------------
2,640,000 Puerto Rico HFC 7.500 04/01/2022 2,665,793
- ------------------------------------------------------------------------------------------------------------
3,150,000 Puerto Rico Highway & Transportation Authority 5.000 07/01/2028 3,214,481
- ------------------------------------------------------------------------------------------------------------
50,440,000 Puerto Rico Highway & Transportation Authority,
Series D 5.250 07/01/2038 52,402,620
- ------------------------------------------------------------------------------------------------------------
4,000,000 Puerto Rico Highway & Transportation Authority,
Series D 5.375 07/01/2036 4,206,400
- ------------------------------------------------------------------------------------------------------------
6,000,000 Puerto Rico Highway & Transportation Authority,
Series G 5.000 07/01/2033 6,095,520
- ------------------------------------------------------------------------------------------------------------
53,300,000 Puerto Rico Highway & Transportation Authority,
Series G 5.000 07/01/2042 53,777,568
- ------------------------------------------------------------------------------------------------------------
1,250,000 Puerto Rico Highway & Transportation Authority,
Series J 5.125 07/01/2039 1,282,138
- ------------------------------------------------------------------------------------------------------------
220,000 Puerto Rico Infrastructure 7.500 07/01/2009 225,632
- ------------------------------------------------------------------------------------------------------------
1,080,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 1,127,142
- ------------------------------------------------------------------------------------------------------------
1,575,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 12/01/2021 1,668,114
- ------------------------------------------------------------------------------------------------------------
5,750,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 5,898,005
- ------------------------------------------------------------------------------------------------------------
6,315,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.500 12/01/2031 6,604,353
- ------------------------------------------------------------------------------------------------------------
42,400,000 Puerto Rico ITEMECF (Congeneration Facilities) 6.625 06/01/2026 45,962,872
44 | ROCHESTER FUND MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 3,345,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 5.625% 07/01/2017 $ 2,977,485
- ------------------------------------------------------------------------------------------------------------
985,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 5.625 07/01/2027 823,332
- ------------------------------------------------------------------------------------------------------------
8,735,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 6.500 07/01/2018 8,409,097
- ------------------------------------------------------------------------------------------------------------
12,340,000 Puerto Rico ITEMECF
(Mennonite General Hospital) 6.500 07/01/2026 11,546,538
- ------------------------------------------------------------------------------------------------------------
750,000 Puerto Rico ITEMECF
(Ryder Memorial Hospital) 6.400 05/01/2009 754,890
- ------------------------------------------------------------------------------------------------------------
2,450,000 Puerto Rico ITEMECF
(Ryder Memorial Hospital) 6.600 05/01/2014 2,450,368
- ------------------------------------------------------------------------------------------------------------
5,250,000 Puerto Rico ITEMECF (Ryder Memorial Hospital) 6.700 05/01/2024 5,181,120
- ------------------------------------------------------------------------------------------------------------
7,000,000 Puerto Rico ITEMECF
(San Lucas & Cristo Redentor Hospitals) 5.750 06/01/2029 4,971,610
- ------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF
(University of the Sacred Heart) 5.250 09/01/2021 521,360
- ------------------------------------------------------------------------------------------------------------
8,000,000 Puerto Rico ITEMECF
(University of the Sacred Heart) 5.250 09/01/2031 8,161,600
- ------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Port Authority (American Airlines),
Series A 6.250 06/01/2026 701,550
- ------------------------------------------------------------------------------------------------------------
12,470,000 Puerto Rico Port Authority (American Airlines),
Series A 6.300 06/01/2023 8,810,803
- ------------------------------------------------------------------------------------------------------------
52,715,000 Puerto Rico Public Buildings Authority 5.000 07/01/2036 53,552,114
- ------------------------------------------------------------------------------------------------------------
57,835,000 Puerto Rico Public Buildings Authority 5.250 07/01/2033 60,565,969
- ------------------------------------------------------------------------------------------------------------
325,000 Puerto Rico Public Buildings Authority 5.375 07/01/2033 364,549
- ------------------------------------------------------------------------------------------------------------
120,000 Puerto Rico Public Buildings Authority 5.375 07/01/2033 126,388
- ------------------------------------------------------------------------------------------------------------
136,350,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 154,676,804
- ------------------------------------------------------------------------------------------------------------
46,060,000 Puerto Rico Public Finance Corp., Series E 5.500 08/01/2029 48,768,328
- ------------------------------------------------------------------------------------------------------------
112,707 Puerto Rico San Sebastian Garage Lease 2,4,5 10.000 09/16/2005 106,200
- ------------------------------------------------------------------------------------------------------------
9,230,000 University of V.I. , Series A 5.375 06/01/2034 9,562,649
- ------------------------------------------------------------------------------------------------------------
2,040,000 University of V.I. , Series A 6.250 12/01/2029 2,213,971
- ------------------------------------------------------------------------------------------------------------
1,250,000 V.I. Government Refinery Facilities
(Hovensa Coker) 6.500 07/01/2021 1,369,800
- ------------------------------------------------------------------------------------------------------------
45,000 V.I. Hsg. Finance Authority, Series A 6.450 03/01/2016 45,985
- ------------------------------------------------------------------------------------------------------------
18,720,000 V.I. Public Finance Authority
(Gross Receipts Taxes Loan) 5.000 10/01/2031 18,855,158
- ------------------------------------------------------------------------------------------------------------
500,000 V.I. Public Finance Authority
(Gross Receipts Taxes Loan) 5.000 10/01/2033 510,410
- ------------------------------------------------------------------------------------------------------------
27,733,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 30,373,736
- ------------------------------------------------------------------------------------------------------------
8,000,000 V.I. Public Finance Authority
(Hovensa Refinery) 6.125 07/01/2022 8,594,880
- ------------------------------------------------------------------------------------------------------------
11,700,000 V.I. Public Finance Authority (Hovensa) 5.875 07/01/2022 12,432,186
- ------------------------------------------------------------------------------------------------------------
1,550,000 V.I. Public Finance Authority Computer Lease 2 6.250 01/01/2005 1,550,000
- ------------------------------------------------------------------------------------------------------------
750,000 V.I. Public Finance Authority, Series A 5.250 10/01/2024 790,013
- ------------------------------------------------------------------------------------------------------------
1,000,000 V.I. Public Finance Authority, Series A 5.500 10/01/2018 1,044,830
- ------------------------------------------------------------------------------------------------------------
16,220,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 16,878,694
- ------------------------------------------------------------------------------------------------------------
7,500,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 7,797,075
- ------------------------------------------------------------------------------------------------------------
50,000 V.I. Public Finance Authority, Series A 5.625 10/01/2025 52,191
- ------------------------------------------------------------------------------------------------------------
3,830,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 3,937,393
45 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 1,575,000 V.I. Water & Power Authority 5.300% 07/01/2018 $ 1,616,045
- -------------------------------------------------------------------------------------------------------------
3,515,000 V.I. Water & Power Authority 5.300 07/01/2021 3,555,247
- -------------------------------------------------------------------------------------------------------------
2,500,000 V.I. Water & Power Authority 5.500 07/01/2017 2,569,707
----------------
800,298,116
- -------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $6,159,195,985)--100.4% 6,304,098,781
- -------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.4) (26,097,217)
----------------
NET ASSETS--100.0% $ 6,278,001,564
================
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Represents a zero coupon bond.
2. Illiquid security. The aggregate value of illiquid securities as of December
31, 2004 was $618,907,796, which represents 9.86% of the Fund's net assets. See
Note 5 of Notes to Financial Statements.
3. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of Notes to Financial Statements.
4. Non-income producing security.
5. Issue is in default. See Note 1 of Notes to Financial Statements.
6. When-issued security or forward commitment to be delivered and settled after
December 31, 2004. See Note 1 of Notes to Financial Statements.
7. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
8. Represents the current interest rate for a variable or increasing rate
security.
46 | ROCHESTER FUND MUNICIPALS
- --------------------------------------------------------------------------------
PORTFOLIO ABBREVIATIONS December 31, 2004
- --------------------------------------------------------------------------------
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ACDS Association 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 Association of Retarded Citizens
ASMF Amsterdam Sludge Management Facility
CCSSVD Central Council of the Society of St. Vincent dePaul
CFGA Child and Family Guidance Association
CHSLI Catholic Health Services of Long Island
CNGCS Central Nassau Guidance and Counseling Services
COP Certificates of Participation
CSD Central School District
CSMR Community Services for the Mentally Retarded
DA Dormitory Authority
DDI Developmental Disabilities Institute
DIAMONDS Direct Investment of Accrued Municipals
EDA Economic Development Authority
EFC Environmental Facilities Corp.
ERDA Energy Research and Development Authority
FHA Federal Housing Agency
FREE Family Residences and Essential Enterprises
GJSR Gurwin Jewish Senior Residences
GO General Obligation
GSHMC Good Samaritan Hospital Medical Center
HBFA Housing Bank and Finance Agency
HDC Housing Development Corp.
HELP Homeless Economic Loan Program
HFA Housing Finance Agency/Authority
HFC Housing Finance Corp.
HH Harmony Heights, Inc.
HHS Harmony Heights School
HJDOI Hospital for Joint Diseases Orthopedic Institute
IDA Industrial Development Agency
IFA Interim Finance Authority
IGHL Independent Group Home for Living
INFLOS Inverse Floating Rate Securities
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 Corporation
LILCO Long Island Lighting Corporation
LRRHCF Loretto Rest Residential Health Care Facility
LVH Little Village House
MCH Maryhaven Center of Hope
MMC Mercy Medical Center
MSH/NYU Mount Sinai Hospital/New York University
MTA Metropolitan Transportation Authority
NH&HC Nursing Home and Health Care
NIMO Niagara Mohawk Power Corporation
NY/NJ New York/New Jersey
NYC New York City
NYS New York State
NYSEG New York State Electric and Gas
NYU New York University
OBPWC Ocean Bay Park Water Corporation
PSCH Professional Service Centers for the Handicapped, Inc.
Res Rec Resource Recovery Facility
RG&E Rochester Gas and Electric
RIBS Residual Interest Bonds
RITES Residual Interest Tax Exempt Security
SCCC Sullivan County Community College
SCHC Senior Citizen Housing Corporation
SCHRC St. Charles Hospital and Rehabilitation Center
SCSB Schuyler Community Services Board
SCSMC St. Catherine of Sienna Medical Center
SFH St. Francis Hospital
SLCD School for Language and Communication Development
SMCFS St. Mary's Children and Family Services
SONYMA State of New York Mortgage Agency
SSMH Soldiers and Sailors Memorial Hospital
SUNY State University of New York
SV Sienna Village
TASC Tobacco Settlement Asset-Backed Bonds
TFA Transitional Finance Authority
TFABs Tobacco Flexible Amortization Bonds
UCP/HCA United Cerebral Palsy and Handicapped Children's Association
UCPAGS United Cerebral Palsy Association of Greater Suffolk
UDC Urban Development Corp.
VDRNs Variable Demand Rate Notes
V.I. United States Virgin Islands
WORCA Working Organization for Retarded Children and Adults
WWH Wyandach/Wheatley Heights
YMCA Young Men's Christian Association
47 | ROCHESTER FUND MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INDUSTRY CONCENTRATIONS December 31, 2004
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY MARKET VALUE PERCENT
- --------------------------------------------------------------------------------
Hospital/Health Care $ 732,574,658 11.6%
Tobacco Settlements 631,062,556 10.0
Electric Utilities 571,769,180 9.1
Highways/Railways 556,514,929 8.8
Airlines 496,204,941 7.9
General Obligation 422,428,655 6.7
Adult Living Facilities 365,637,114 5.8
Multifamily Housing 341,717,504 5.4
Sales Tax Revenue 288,734,669 4.6
Higher Education 275,255,577 4.4
Not-for-Profit Organization 261,540,978 4.2
Water Utilities 245,946,792 3.9
Paper, Containers & Packaging 186,850,726 3.0
Marine/Aviation Facilities 164,711,404 2.6
Resource Recovery 120,604,695 1.9
Municipal Leases 109,701,458 1.8
Education 100,450,448 1.6
Single Family Housing 96,603,230 1.5
Manufacturing, Durable Goods 89,823,822 1.4
Manufacturing, Non-Durable Goods 82,119,575 1.3
Pollution Control 61,961,000 1.0
Special Assessment 40,330,203 0.6
Gas Utilities 32,318,340 0.5
Parking Fee Revenue 27,685,970 0.4
Hotels, Restaurants & Leisure 1,550,357 0.0
---------------------------
Total $6,304,098,781 100.0%
===========================
48 | ROCHESTER FUND MUNICIPALS
- --------------------------------------------------------------------------------
SUMMARY OF RATINGS December 31, 2004 / Unaudited
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY RATINGS CATEGORY, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
RATINGS PERCENT
- --------------------------------------------------------------------------------
AAA 10.0%
AA 15.4
A 18.0
BBB 33.2
BB 4.2
B 0.1
CCC 6.6
Not Rated 12.5
-------
Total 100.0%
=======
Bonds rated by any nationally recognized statistical rating organization are
included in the equivalent Standard & Poor's rating category. As a general
matter, unrated bonds may be backed by mortgage liens or equipment liens on the
underlying property, and also may be guaranteed. Bonds which are backed by a
letter of credit or by other financial institutions or agencies may be assigned
an investment-grade rating by the Manager, which reflects the quality of the
guarantor, institution or agency. Unrated bonds may also be assigned a rating
when the issuer has rated bonds outstanding with comparable credit
characteristics, or when, in the opinion of the Manager, the bond itself
possesses credit characteristics which allow for rating. The unrated bonds in
the portfolio are predominantly smaller issuers which have not applied for a
bond rating. Only those unrated bonds which subsequent to purchase have not been
designated investment grade by the Manager are included in the "Not Rated"
category.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
49 | ROCHESTER FUND MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES December 31, 2004
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
ASSETS
- -----------------------------------------------------------------------------------------------------
Investments, at value (cost $6,159,195,985)--see accompanying
statement of investments $ 6,304,098,781
- -----------------------------------------------------------------------------------------------------
Cash 1,499,410
- -----------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 109,956,070
Shares of beneficial interest sold 8,678,390
Investments sold 4,709,926
Other 56,848
-----------------
Total assets 6,428,999,425
- -----------------------------------------------------------------------------------------------------
LIABILITIES
- -----------------------------------------------------------------------------------------------------
Payables and other liabilities:
Notes payable to bank (interest rate 3.0000% at December 31, 2004) 104,900,000
Investments purchased (including $32,140,000 purchased on a when-issued basis
or forward commitment) 35,037,416
Shares of beneficial interest redeemed 6,625,393
Distribution and service plan fees 2,676,259
Trustees' compensation 1,010,293
Transfer and shareholder servicing agent fees 216,871
Interest expense 159,748
Shareholder communications 149,305
Other 222,576
-----------------
Total liabilities 150,997,861
- -----------------------------------------------------------------------------------------------------
NET ASSETS $ 6,278,001,564
=================
- -----------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -----------------------------------------------------------------------------------------------------
Paid-in capital $ 6,335,646,115
- -----------------------------------------------------------------------------------------------------
Accumulated net investment income 5,510,090
- -----------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (208,057,437)
- -----------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 144,902,796
-----------------
NET ASSETS $ 6,278,001,564
=================
50 | ROCHESTER FUND MUNICIPALS
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- -----------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$4,698,762,604 and 264,524,066 shares of beneficial interest outstanding) $ 17.76
Maximum offering price per share (net asset value plus sales charge of
4.75% of offering price) $ 18.65
- -----------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of
$1,073,376,421 and 60,476,705 shares of beneficial interest outstanding) $ 17.75
- -----------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $497,744,323
and 28,056,192 shares of beneficial interest outstanding) $ 17.74
- -----------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $8,118,216 and 457,097 shares of beneficial interest outstanding) $ 17.76
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
51 | ROCHESTER FUND MUNICIPALS
STATEMENT OF OPERATIONS For the Year Ended December 31, 2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $ 407,743,020
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 27,768,032
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 6,472,909
Class B 11,292,305
Class C 4,586,486
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 1,564,074
Class B 593,119
Class C 223,275
Class Y 1,149
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 167,536
Class B 66,737
Class C 23,110
Class Y 448
- --------------------------------------------------------------------------------
Accounting service fees 1,797,931
- --------------------------------------------------------------------------------
Interest expense 1,298,609
- --------------------------------------------------------------------------------
Custodian fees and expenses 341,899
- --------------------------------------------------------------------------------
Trustees' compensation 248,976
- --------------------------------------------------------------------------------
Other 471,128
--------------
Total expenses 56,917,723
Less reduction to custodian expenses (32,340)
--------------
Net expenses 56,885,383
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 350,857,637
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- --------------------------------------------------------------------------------
Net realized loss on investments (38,366,025)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on investments 94,781,929
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 407,273,541
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
52 | ROCHESTER FUND MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 2004 2003
- ---------------------------------------------------------------------------------------------------
OPERATIONS
- ---------------------------------------------------------------------------------------------------
Net investment income $ 350,857,637 $ 361,925,409
- ---------------------------------------------------------------------------------------------------
Net realized loss (38,366,025) (67,477,223)
- ---------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) 94,781,929 134,767,140
-----------------------------------
Net increase in net assets resulting from operations 407,273,541 429,215,326
- ---------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ---------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (272,651,228) (264,497,024)
Class B (60,767,414) (70,438,857)
Class C (24,573,155) (24,428,144)
Class Y (542,368) (743,767)
- ---------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from beneficial
interest transactions:
Class A 431,796,391 (121,893,999)
Class B (164,466,975) (123,811,036)
Class C 51,246,009 (32,773,952)
Class Y (1,008,130) (3,100,020)
- ---------------------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------------------
Total increase (decrease) 366,306,671 (212,471,473)
- ---------------------------------------------------------------------------------------------------
Beginning of period 5,911,694,893 6,124,166,366
-----------------------------------
End of period (including accumulated net investment income of
$5,510,090 and $13,550,832, respectively) $ 6,278,001,564 $ 5,911,694,893
===================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
53 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED DECEMBER 31, 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 17.62 $ 17.38 $ 17.52 $ 17.67 $ 16.78
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 1.07 1 1.11 1.08 1.06 1.04
Net realized and unrealized gain (loss) .16 .23 (.15) (.17) .89
----------------------------------------------------------------------------
Total from investment operations 1.23 1.34 .93 .89 1.93
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (1.09) (1.10) (1.07) (1.04) (1.04)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.76 $ 17.62 $ 17.38 $ 17.52 $ 17.67
============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 7.25% 8.12% 5.46% 5.14% 11.93%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 4,699 $ 4,228 $ 4,299 $ 4,073 $ 3,536
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 4,387 $ 4,100 $ 4,292 $ 3,893 $ 3,341
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 6.09% 6.49% 6.18% 5.97% 6.07%
Total expenses 0.72% 0.71% 0.72% 0.72% 0.78%
Expenses after payments and waivers and
reduction to custodian expenses N/A 4 N/A 4,5 0.71% 4,6 0.70% 4,6 0.74% 4,6
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 14% 18% 29% 11% 26%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
6. Excludes interest expenses.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
54 | ROCHESTER FUND MUNICIPALS
CLASS B YEAR ENDED DECEMBER 31, 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 17.60 $ 17.36 $ 17.51 $ 17.66 $ 16.77
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .91 1 .96 .93 .91 .89
Net realized and unrealized gain (loss) .18 .23 (.16) (.17) .90
----------------------------------------------------------------------------
Total from investment operations 1.09 1.19 .77 .74 1.79
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.94) (.95) (.92) (.89) (.90)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.75 $ 17.60 $ 17.36 $ 17.51 $ 17.66
============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 6.40% 7.19% 4.50% 4.25% 10.98%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 1,073 $ 1,231 $ 1,342 $ 1,157 $ 803
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 1,130 $ 1,259 $ 1,275 $ 997 $ 711
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.23% 5.62% 5.32% 5.10% 5.19%
Total expenses 1.59% 1.58% 1.58% 1.58% 1.65%
Expenses after payments and waivers and
reduction to custodian expenses N/A 4 N/A 4,5 1.57% 4,6 1.56% 5,6 1.60% 5,6
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 14% 18% 29% 11% 26%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
6. Excludes interest expenses.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
55 | ROCHESTER FUND MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS C YEAR ENDED DECEMBER 31, 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 17.59 $ 17.36 $ 17.50 $ 17.66 $ 16.76
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .91 1 .96 .93 .91 .89
Net realized and unrealized gain (loss) .18 .22 (.15) (.18) .91
----------------------------------------------------------------------------
Total from investment operations 1.09 1.18 .78 .73 1.80
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.94) (.95) (.92) (.89) (.90)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.74 $ 17.59 $ 17.36 $ 17.50 $ 17.66
============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 6.40% 7.14% 4.57% 4.19% 11.06%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 498 $ 443 $ 471 $ 429 $ 259
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 459 $ 436 $ 460 $ 356 $ 225
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.22% 5.62% 5.32% 5.09% 5.20%
Total expenses 1.59% 1.58% 1.58% 1.57% 1.63%
Expenses after payments and waivers and
reduction to custodian expenses N/A 4 N/A 4,5 1.57% 4,6 1.55% 4,6 1.59% 4,6
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 14% 18% 29% 11% 26%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Voluntary waiver of transfer agent fees less than 0.01%.
6. Excludes interest expenses.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
56 | ROCHESTER FUND MUNICIPALS
CLASS Y YEAR ENDED DECEMBER 31, 2004 2003 2002 2001 2000 1
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 17.61 $ 17.38 $ 17.52 $ 17.67 $ 16.88
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 1.10 2 1.14 1.10 1.08 .70
Net realized and unrealized gain (loss) .17 .21 (.15) (.17) .78
----------------------------------------------------------------------------
Total from investment operations 1.27 1.35 .95 .91 1.48
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (1.12) (1.12) (1.09) (1.06) (.69)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 17.76 $ 17.61 $ 17.38 $ 17.52 $ 17.67
============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 7.50% 8.16% 5.57% 5.25% 8.97%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 8 $ 9 $ 12 $ 12 $ 11
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 8 $ 11 $ 12 $ 12 $ 10
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 6.27% 6.79% 6.30% 6.08% 6.07%
Total expenses 0.55% 0.61% 0.62% 0.62% 0.68%
Expenses after payments and waivers and
reduction to custodian expenses N/A 5 N/A 5 0.61% 5,6 0.60% 5,6 0.64% 5,6
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 14% 18% 29% 11% 26%
1. For the period from April 28, 2000 (inception of offering) to December 31,
2000.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods less than one full
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
6. Excludes interest expenses.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
57 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 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 advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B, Class C and Class Y shares. Class A
shares are sold at their offering price, which is normally net asset value plus
a front-end sales charge. Class B and Class C shares are sold without a
front-end sales charge but may be subject to a contingent deferred sales charge
(CDSC). Class Y shares are sold to certain institutional investors without
either a front-end sales charge or a CDSC, however, the institutional investor
may impose charges on those accounts. All classes of shares have identical
rights and voting privileges with respect to the Fund in general and exclusive
voting rights on matters that affect that class alone. Earnings, net assets and
net asset value per share may differ due to each class having its own expenses,
such as transfer and shareholder servicing agent fees and shareholder
communications, directly attributable to that class. Class A, B and C have
separate distribution and/or service plans. No such plan has been adopted for
Class Y shares. Class B shares will automatically convert to Class A shares six
years 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 business. Securities listed
or traded on National Stock Exchanges or other domestic or foreign exchanges are
valued based on the last sale price of the security traded on that exchange
prior to the time when the Fund's assets are valued. Securities traded on NASDAQ
are valued based on the closing price provided 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 closing bid and asked prices, and if not, at the closing bid price.
Corporate, government and municipal debt instruments having a remaining maturity
in excess of 60 days and all mortgage-backed securities will be valued at the
mean between the "bid" and "asked" prices. Securities may be valued primarily
using dealer-supplied valuations or a portfolio pricing service authorized by
the Board of Trustees. Securities (including restricted securities) for which
market quotations are not readily available are valued at their fair value.
Foreign and domestic 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 their respective exchanges will be fair
valued. Fair value is determined in good faith using consistently applied
procedures under the supervision of the Board of Trustees. Short-term "money
market type" debt securities with
58 | ROCHESTER FUND MUNICIPALS
remaining maturities of sixty days or less are valued at amortized cost (which
approximates market value).
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis or
forward commitment can take place up to ten days or more after the trade date.
Normally the settlement date occurs within six months after the trade date;
however, the Fund may, from time to time, purchase securities whose settlement
date extends six months or more beyond 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 Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The purchase of securities on a when-issued
basis or forward commitment may increase the volatility of the Fund's net asset
value to the extent the Fund executes such transactions while remaining
substantially fully invested. 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 December 31, 2004, the Fund had purchased
$32,140,000 of securities on a when-issued basis or forward commitment.
- --------------------------------------------------------------------------------
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 will invest no more than 20% of its total assets in inverse floaters.
Inverse floaters amount to $590,301,309 as of December 31, 2004. Including the
effect of leverage, inverse floaters represent 16.80% of the Fund's total assets
as of December 31, 2004.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. The Fund invests in high-yield securities, which may be
subject to a greater degree of credit risk, market fluctuations and loss of
income and principal, and may be more sensitive to economic conditions than
lower-yielding, higher-rated fixed-income securities. The Fund may acquire
securities in default, and is not obligated to dispose of securities whose
issuers subsequently default. As of December 31, 2004, securities with an
aggregate market value of $6,466,296, representing 0.10% of the Fund's net
assets, were in default.
There are certain risks arising from geographic concentration in any
state. Certain revenue or tax related events in a state may impair the ability
of certain issuers of municipal securities to pay principal and interest on
their obligations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
59 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 tax components of capital shown in the table below represent distribution
requirements the Fund must satisfy under the income tax regulations, losses the
Fund may be able to offset against income and gains realized in future years and
unrealized appreciation or depreciation of securities and other investments for
federal income tax purposes.
NET UNREALIZED
APPRECIATION
BASED ON COST OF
SECURITIES AND
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED OTHER INVESTMENTS
NET INVESTMENT LONG-TERM LOSS FOR FEDERAL INCOME
INCOME GAIN CARRYFORWARD 1,2,3,4 TAX PURPOSES
------------------------------------------------------------------------
$7,085,235 $-- $199,101,185 $135,946,546
1. As of December 31, 2004, the Fund had $199,101,185 of net capital loss
carryforwards available to offset future realized capital gains, if any, and
thereby reduce future taxable gain distributions. As of December 31, 2004,
details of the capital loss carryforwards were as follows:
EXPIRING
----------------------
2005 $ 5,760,047
2006 4,332,921
2007 41,458,446
2008 48,591,026
2011 68,625,845
2012 30,332,900
-------------
Total $ 199,101,185
=============
2. During the fiscal year ended December 31, 2004, the Fund did not utilize any
capital loss carryforward.
3. During the fiscal year ended December 31, 2003, the Fund did not utilize any
capital loss carryforward.
4. During the fiscal year ended December 31, 2004, $3,560,645 of unused capital
loss carryforward expired.
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. Accordingly, the
following amounts have been reclassified for December 31, 2004. Net assets of
the Fund were unaffected by the reclassifications.
60 | ROCHESTER FUND MUNICIPALS
REDUCTION TO REDUCTION TO
ACCUMULATED ACCUMULATED NET
REDUCTION TO NET INVESTMENT REALIZED LOSS
PAID-IN CAPITAL INCOME ON INVESTMENTS 5
------------------------------------------------------
$3,196,431 $364,214 $3,560,645
5. $364,214 was distributed in connection with Fund share redemptions.
The tax character of distributions paid during the years ended December 31, 2004
and December 31, 2003 was as follows:
YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
---------------------------------------------------------------------
Distributions paid from:
Exempt-interest dividends $358,534,165 $360,107,792
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 December 31, 2004 are noted below. 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 $6,168,152,235
===============
Gross unrealized appreciation $ 273,127,538
Gross unrealized depreciation (137,180,992)
---------------
Net unrealized appreciation $ 135,946,546
===============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the
Fund's independent trustees. Benefits are based on years of service and fees
paid to each trustee during the years of service. During the year ended December
31, 2004, the Fund's projected benefit obligations were increased by $110,437
and payments of $14,819 were made to retired trustees, resulting in an
accumulated liability of $830,077 as of December 31, 2004.
In January 1995, the then existing Board of Trustees of the Fund adopted
an unfunded retirement plan for its independent trustees. The retirement plan,
as amended and restated in October 1995, provides that no independent trustee of
the Fund who is elected after September 1995 may be eligible to receive benefits
thereunder. Upon retirement, eligible trustees receive annual payments based
upon their years of service. In connection with the sale of certain assets of
Rochester Capital Advisors, L.P. (the Fund's former investment advisor) to the
Manager, all but one of the existing independent trustees retired effective
January 4, 1996. During the year ended December 31, 2004, payments of $60,750
were made to retired trustees. As of December 31, 2004, the Fund had recognized
an accumulated liability of $118,125.
The Board of Trustees has adopted a deferred compensation 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
61 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
the amount owed to the Trustee under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of the Fund or in other
Oppenheimer funds selected by the Trustee. The Fund purchases shares of the
funds selected for deferral by the Trustee in amounts equal to his or her deemed
investment, resulting in a Fund asset equal to the deferred compensation
liability. Such assets are included as a component of "Other" within the asset
section of the Statement of Assets and Liabilities. Deferral of trustees' fees
under the plan will not affect the net assets of the Fund, and will not
materially affect the Fund's assets, liabilities or net investment income per
share. Amounts will be deferred until distributed in accordance to the Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
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.
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Interest income, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts at a rate equal to the Federal
Funds Rate plus 0.50%. 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.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with U.S. generally
accepted accounting principles 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 income and expenses during the reporting
period. Actual results could differ from those estimates.
62 | ROCHESTER FUND MUNICIPALS
- --------------------------------------------------------------------------------
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:
YEAR ENDED DECEMBER 31, 2004 YEAR ENDED DECEMBER 31, 2003
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------
CLASS A
Sold 46,521,892 $ 815,106,857 31,968,251 $ 545,936,442
Dividends and/or
distributions reinvested 8,491,183 148,621,535 9,003,352 153,817,637
Redeemed (30,527,851) (531,932,001) (48,331,277) (821,648,078)
-------------------------------------------------------------------
Net increase (decrease) 24,485,224 $ 431,796,391 (7,359,674) $ (121,893,999)
===================================================================
- ---------------------------------------------------------------------------------------------------------------
CLASS B
Sold 5,986,622 $ 104,928,366 8,236,496 $ 140,702,835
Dividends and/or
distributions reinvested 1,972,158 34,491,896 2,559,786 43,684,161
Redeemed (17,438,391) (303,887,237) (18,121,088) (308,198,032)
-------------------------------------------------------------------
Net decrease (9,479,611) $ (164,466,975) (7,324,806) $ (123,811,036)
===================================================================
- ---------------------------------------------------------------------------------------------------------------
CLASS C
Sold 6,761,505 $ 118,507,396 4,623,365 $ 79,157,974
Dividends and/or
distributions reinvested 805,567 14,083,421 957,977 16,341,183
Redeemed (4,677,791) (81,344,808) (7,557,987) (128,273,109)
-------------------------------------------------------------------
Net increase (decrease) 2,889,281 $ 51,246,009 (1,976,645) $ (32,773,952)
===================================================================
- ---------------------------------------------------------------------------------------------------------------
CLASS Y
Sold -- $ -- -- $ --
Dividends and/or
distributions reinvested -- -- -- --
Redeemed (58,749) (1,008,130) (179,098) (3,100,020)
-------------------------------------------------------------------
Net decrease (58,749) $ (1,008,130) (179,098) $ (3,100,020)
===================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended December 31, 2004, were
$1,114,653,165 and $745,434,233, respectively.
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
annual rate of 0.54% of the first $100 million of average daily net assets,
0.52% on the next $150 million, 0.47% on the next $1.75 billion of average daily
net assets, 0.46% on the next $3 billion, and 0.45% of average daily net assets
over $5 billion. Effective January 1, 2005, the Fund pays the Manager an
advisory fee at an annual rate of 0.54% of the first
63 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
$100 million of average daily net assets, 0.52% on the next $150 million, 0.47%
on the next $1.75 billion, 0.46% on the next $3 billion, 0.45% on the next $3
billion and 0.44% of average daily net assets over $8 billion.
- --------------------------------------------------------------------------------
ADMINISTRATION SERVICES. The Fund pays the Manager a fee of $1,500 per year for
preparing and filing the Fund's tax returns.
- --------------------------------------------------------------------------------
ACCOUNTING FEES. Accounting 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 year ended
December 31, 2004, the Fund paid $1,797,931 to the Manager for accounting and
pricing services.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. The Fund pays
OFS a per account fee. For the year ended December 31, 2004, the Fund paid
$2,391,378 to OFS for services to the Fund.
Additionally, Class Y shares are subject to minimum fees of $10,000 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 for Class A
shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
quarterly at an annual rate of up to 0.15% of the average annual net assets of
Class A shares of the Fund. The Distributor currently uses all of those fees to
pay dealers, brokers, banks and other financial institutions quarterly for
providing personal services 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
years. 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 for Class B and Class C shares 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% per year on Class B and
Class C shares. The Distributor also receives a service fee of up to 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
64 | ROCHESTER FUND MUNICIPALS
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. The Distributor's aggregate uncompensated expenses under the plan
at December 31, 2004 for Class B and Class C shares were $37,893,512 and
$11,067,836, respectively. Fees incurred by the Fund under the plans are
detailed in the Statement of Operations.
- --------------------------------------------------------------------------------
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 table below 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
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ------------------------------------------------------------------------------
December 31, 2004 $ 1,926,707 $ 63,952 $ 2,288,830 $ 46,687
- ------------------------------------------------------------------------------
PAYMENTS AND WAIVERS OF EXPENSES. OFS has voluntarily agreed to limit transfer
and shareholder servicing agent fees for all classes to 0.35% of average annual
net assets per class. This undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of December 31, 2004, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. The
Fund will not invest more than 15% of its net assets (determined at the time of
purchase and reviewed periodically) in illiquid securities.
- --------------------------------------------------------------------------------
6. BANK BORROWINGS
The Fund may borrow up to 5% of its total assets from a bank to purchase
portfolio securities, to meet redemption obligations or for temporary and
emergency purposes. The purchase of securities with borrowed funds creates
leverage in the Fund. The Fund has entered into an agreement which enables it to
participate with certain other Oppenheimer funds in a committed, unsecured line
of credit with a bank, which permits borrowings up to $540 million,
collectively. Interest is charged to each fund, based on its borrowings, at a
rate equal to the Federal Funds Rate plus 0.75%. The Fund also pays a commitment
fee equal to its pro rata share of the average unutilized amount of the credit
facility at a rate of 0.09% per annum. This agreement terminated on January 21,
2005.
65 | ROCHESTER FUND MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. BANK BORROWINGS Continued
The Fund had borrowings outstanding of $104,900,000 at December 31, 2004
at an interest rate of 3.0%. For the year ended December 31, 2004, the average
month-end balance was $57,869,429 at an average daily interest rate of 2.189%.
The Fund had gross borrowings and gross loan repayments of $900,700,000 and
$850,200,000, respectively, during the year ended December 31, 2004. The maximum
amount of borrowings outstanding at any month-end was $147,000,000. The Fund
paid commitment fees of $43,889 and interest of $1,097,617 during the year ended
December 31, 2004.
Effective January 21, 2005 the Fund has entered into a Revolving Credit
and Security Agreement with a conduit lender and a bank which enables it to
participate with a certain other Oppenheimer fund in a committed, unsecured
borrowing facility that permits borrowings of up to $300 million, collectively.
Interest is charged to the Fund, based on its borrowings, at current commercial
paper issuance rates (2.30% as of January 21, 2005). The Fund pays additional
fees of 0.30% per annum on its outstanding borrowings and is allocated its
pro-rata share of a 0.13% per annum commitment fee with respect to the facility
size.
- --------------------------------------------------------------------------------
7. LITIGATION
A consolidated amended complaint has been filed as putative derivative and class
actions against the Manager, OFS and the Distributor (collectively, the
"Oppenheimer defendants"), as well as 51 of the Oppenheimer funds (as "Nominal
Defendants") including the Fund, 31 present and former Directors or Trustees and
9 present and former officers of the funds. This complaint, filed in the U.S.
District Court for the Southern District of New York on January 10, 2005,
consolidates into a single action and amends six individual previously-filed
putative derivative and class action complaints. Like those prior complaints,
the complaint alleges that the Manager charged excessive fees for distribution
and other costs, improperly used assets of the funds in the form of directed
brokerage commissions and 12b-1 fees to pay brokers to promote sales of the
funds, and failed to properly disclose the use of assets of the funds to make
those payments in violation of the Investment Company Act of 1940 and the
Investment Advisers Act of 1940. Also, like those prior complaints, the
complaint further alleges that by permitting and/or participating in those
actions, the Directors/Trustees and the Officers breached their fiduciary duties
to shareholders of the funds under the Investment Company Act of 1940 and at
common law. The complaint seeks unspecified compensatory and punitive damages,
rescission of the funds' investment advisory agreements, an accounting of all
fees paid, and an award of attorneys' fees and litigation expenses.
The Oppenheimer defendants believe that the allegations contained in the
Complaints are without merit and that they, the funds named as Nominal
Defendants, and the Directors/Trustees of those funds have meritorious defenses
against the claims asserted. The Oppenheimer defendants intend to defend these
lawsuits vigorously and to contest any claimed liability, and they have retained
legal counsel to defend such suits.
66 | ROCHESTER FUND MUNICIPALS
The Oppenheimer defendants believe that it is premature to render any opinion as
to the likelihood of an outcome unfavorable to them and that no estimate can yet
be made with any degree of certainty as to the amount or range of any potential
loss.
67 | ROCHESTER FUND MUNICIPALS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF ROCHESTER FUND MUNICIPALS:
We have audited the accompanying statement of assets and liabilities of
Rochester Fund Municipals, including the statement of investments, as of
December 31, 2004, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the years in the
two-year period then ended, and the financial highlights for each of the years
in the five-year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 2004, by correspondence with
the custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Rochester Fund Municipals as of December 31, 2004, the results of its operations
for the year then ended, the changes in its net assets for each of the years in
the two-year period then ended, and the financial highlights for each of the
years in the five-year period then ended, in conformity with U.S. generally
accepted accounting principles.
KPMG LLP
Denver, Colorado
February 8, 2005
68 | ROCHESTER FUND MUNICIPALS
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2005, if applicable, shareholders of record received information
regarding all taxable dividends and distributions paid to them by the Fund
during calendar year 2004. Regulations of the U.S. Treasury Department require
the Fund to report this information to the Internal Revenue Service.
100% of the dividends were derived from interest on municipal bonds and
are not subject to federal income taxes; 100% of the dividends are not subject
to New York State and New York City income taxes. For the state income tax
reporting purposes of non-New York State shareholders, the distribution breaks
down as follows: New York State (91.5%), Puerto Rico (6.8%), Guam (0.3%), Virgin
Islands (1.4%).
During 2004, 30.9% of this tax-exempt income was derived from "private
activity bonds". These are municipal bonds used to finance privately operated
facilities. The interest on these bonds is not taxable for most investors. For
the few investors subject to the Alternative Minimum Tax, the interest from
these bonds is considered a preference item.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
69 | ROCHESTER FUND MUNICIPALS
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file new 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 Form N-PX
filing is available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.525.7048, and (ii) 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.
70 | ROCHESTER FUND MUNICIPALS
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD BY
FUND, LENGTH OF SERVICE, AGE TRUSTEE; NUMBER OF PORTFOLIOS IN FUND COMPLEX CURRENTLY OVERSEEN BY TRUSTEE
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, CO
TRUSTEES 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, UNTIL HIS RESIGNATION,
RETIREMENT, DEATH OR REMOVAL.
THOMAS W. COURTNEY, Principal of Courtney Associates, Inc. (venture capital firm); former General Partner of
Chairman of the Trivest Venture Fund (private venture capital fund); former President of Investment
Board of Trustees, Counseling Federated Investors, Inc.; Trustee of the following open-end investment
Trustee (since 1995) companies: Cash Assets Trust, PIMCO ADVISORS VIT, Tax Free Trust of Arizona and 4 funds
Age: 71 for the Hawaiian Tax Free Trust. Oversees 11 portfolios in the OppenheimerFunds complex.
JOHN CANNON, Director, Neuberger Berman Income Managers Trust, Neuberger & Berman Income Funds and
Trustee (since 1992) Neuberger Berman Trust, (1995-present); Neuberger Berman Equity Funds (November
Age: 75 2000-present); Trustee, Neuberger Berman Mutual Funds (October 1994-present); formerly
Chairman and Treasurer, CDC Associates, a registered investment adviser (December
1993-February 1996); Independent Consultant; Chief Investment Officer, CDC Associates
(1996-June 2000); Consultant and director, CDC Associates (December 1993-February 1999).
Oversees 3 portfolios in the OppenheimerFunds complex.
PAUL Y. CLINTON, Principal of Clinton Management Associates (1996-present) (a financial and venture capital
Trustee (since 1995) consulting firm); Trustee of Pimco Advisors VIT (open-end investment company). Formerly a
Age: 73 director or trustee of the following open-end investment companies: OCC Cash Reserves,
Inc. (1989-December 2002), Capital Cash Management Trust (1979-December 2004), Prime Cash
Fund and Narragansett Insured Tax-Free Income Fund (1996-December 2004). Oversees 10
portfolios in the OppenheimerFunds complex.
ROBERT G. GALLI, A trustee or director of other Oppenheimer funds. Oversees 35 portfolios in the
Trustee (since 1998) OppenheimerFunds complex.
Age: 71
LACY B. HERRMANN, Chairman and Chief Executive Officer of Aquila Management Corporation, the sponsoring
Trustee (since 1995) organization and manager, administrator and/or sub-adviser to the following open-end
Age: 75 investment companies, and Chairman of the Board of Trustees and President of each:
Churchill Cash Reserves Trust, Aquila-Cascadia Equity Fund, Cash Assets Trust, Prime Cash
Fund, Narragansett Insured Tax-Free Income Fund, Tax-Free Fund For Utah, Churchill
Tax-Free Fund of Kentucky, Tax-Free Fund of Colorado, Tax-Free Trust of Oregon, Tax-Free
Trust of Arizona, and Aquila Rocky Mountain Equity Fund and PIMCO ADVISORS VIT; Vice
President, Director, Secretary, and formerly Treasurer of Aquila Distributors, Inc.,
distributor of the above funds; President and Chairman of the Board of Trustees of Capital
Cash Management Trust ("CCMT"), and an Officer and Trustee/Director of its predecessors;
President and Director of STCM Management Company, Inc., sponsor and adviser to CCMT;
Chairman, President and a Director of InCap Management Corporation, formerly sub-adviser
and administrator of Prime Cash Fund and Short Term Asset Reserves; Trustee Emeritus of
Brown University. Formerly Chairman of the Board of Trustees and President of Hawaiian
Tax-Free Trust. Oversees 11 portfolios in the OppenheimerFunds complex.
71 | ROCHESTER FUND MUNICIPALS
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
BRIAN WRUBLE, General Partner (since September 1995) of Odyssey Partners, L.P. (hedge funds in
Trustee (since 2001) distribution since 1/1/97); Director (since September 2004) of Special Value Opportunities
Age: 61 Fund, LLC; Investment Advisory Board (since October 2004) of Zurich Financial Services;
Board of Governing Trustees (since August 1990) of The Jackson Laboratory (genetics
laboratory, non profit); Trustee (since May 1992) of Institute for Advanced Study
(educational institute); Formerly Special Limited Partner (1999-2004) and Managing
Principal (through December 1998) of Odyssey Investment Partners, LLC (private equity
investment); Trustee (2000-2002) of Research Foundation of AIMR (investment research,
non-profit); Governor, Jerome Levy Economics Institute of Bard College (economics
research) (August 1990-September 2001); Director of Ray & Berendtson, Inc. (executive
search firm) (May 2000-April 2002). Oversees 10 portfolios in the OppenheimerFunds
complex.
- ------------------------------------------------------------------------------------------------------------------------------
OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS FOLLOWS: FOR MESSRS. MURPHY AND ZACK,
TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008, AND
FOR MR. WIXTED AND MR. VANDEHEY, 6803 S. TUCSON WAY, CENTENNIAL, CO 80112-3924, FOR MR.
FIELDING, 350 LINDEN OAKS, ROCHESTER, NY 14625. EACH OFFICER SERVES FOR AN ANNUAL TERM OR
UNTIL HIS RESIGNATION, DEATH OR REMOVAL.
JOHN V. MURPHY, Chairman, Chief Executive Officer and director (since June 2001) and President (since
President (since 2001) September 2000) of the Manager; President and a director or trustee of other Oppenheimer
Age: 55 funds; President and a director (since July 2001) of Oppenheimer Acquisition Corp. (the
Manager's parent holding company) and of Oppenheimer Partnership Holdings, Inc. (a holding
company subsidiary of the Manager); a director (since November 2001) of OppenheimerFunds
Distributor, Inc. (a subsidiary of the Manager); Chairman and a director (since July 2001)
of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent
subsidiaries of the Manager); President and a director (since July 2001) of
OppenheimerFunds Legacy Program (a charitable trust program established by the Manager); a
director of the following investment advisory subsidiaries of the Manager: OFI
Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity
Investment Management Corporation and Tremont Capital Management, Inc. (since November
2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since
July 2001); President (since November 1, 2001) and a director (since July 2001) of
Oppenheimer Real Asset Management, Inc.; Executive Vice President (since February 1997) of
Massachusetts Mutual Life Insurance Company (the Manager's parent company); a director
(since June 1995) of DLB Acquisition Corporation (a holding company that owns the shares
of Babson Capital Management LLC); a member of the Investment Company Institute's Board of
Governors (elected to serve from October 3, 2003 through September 30, 2006). Formerly,
Chief Operating Officer (September 2000-June 2001) of the Manager; President and trustee
(November 1999-November 2001) of MML Series Investment Fund and MassMutual Institutional
Funds (open-end investment companies); a director (September 1999-August 2000) of C.M.
Life Insurance Company; President, Chief Executive Officer and director (September
1999-August 2000) of MML Bay State Life Insurance Company; a director (June 1989-June
1998) of Emerald Isle Bancorp and Hibernia Savings Bank (a wholly-owned subsidiary of
Emerald Isle Bancorp). Oversees 62 portfolios as Trustee/Director and 21 additional
portfolios as Officer in the OppenheimerFunds complex.
RONALD H. FIELDING, Senior Vice President (since January 1996) of the Manager; Chairman of the Rochester
Vice President (since 1996) Division of the Manager (since January 1996); an officer of 9 portfolios in the
Age: 55 OppenheimerFunds complex.
72 | ROCHESTER FUND MUNICIPALS
BRIAN W. WIXTED, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer of
Treasurer (since 1999) HarbourView Asset Management Corporation, Shareholder Financial Services, Inc.,
Age: 45 Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, and Oppenheimer
Partnership Holdings, Inc. (since March 1999), of OFI Private Investments, Inc. (since
March 2000), of OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May
2000), of OFI Institutional Asset Management, Inc. (since November 2000), and of
OppenheimerFunds Legacy Program (a Colorado non-profit corporation) (since June 2003);
Treasurer and Chief Financial Officer (since May 2000) of OFI Trust Company (a trust
company subsidiary of the Manager); Assistant Treasurer (since March 1999) of Oppenheimer
Acquisition Corp. Formerly Assistant Treasurer of Centennial Asset Management Corporation
(March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003);
Principal and Chief Operating Officer (March 1995-March 1999) at Bankers Trust
Company-Mutual Fund Services Division. An officer of 83 portfolios in the OppenheimerFunds
complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since February 2002) of
Secretary (since 2001) the Manager; General Counsel and a director (since November 2001) of the Distributor;
Age: 56 General Counsel (since November 2001) of Centennial Asset Management Corporation; Senior
Vice President and General Counsel (since November 2001) of HarbourView Asset Management
Corporation; Secretary and General Counsel (since November 2001) of Oppenheimer
Acquisition Corp.; Assistant Secretary and a director (since October 1997) of
OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and a
director (since November 2001) of Oppenheimer Partnership Holdings, Inc.; a director
(since November 2001) of Oppenheimer Real Asset Management, Inc.; Senior Vice President,
General Counsel and a director (since November 2001) of Shareholder Financial Services,
Inc., Shareholder Services, Inc., OFI Private Investments, Inc. and OFI Trust Company;
Vice President (since November 2001) of OppenheimerFunds Legacy Program; Senior Vice
President and General Counsel (since November 2001) of OFI Institutional Asset Management,
Inc.; a director (since June 2003) of OppenheimerFunds (Asia) Limited. Formerly Senior
Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February
2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant
Secretary of Shareholder Services, Inc. (May 1985-November 2001), Shareholder Financial
Services, Inc. (November 1989-November 2001); and OppenheimerFunds International Ltd.
(October 1997-November 2001). An officer of 83 portfolios in the OppenheimerFunds complex.
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer (since March 2004) of the Manager; Vice
Vice President and President (since June 1983) of OppenheimerFunds Distributor, Inc., Centennial Asset
Chief Compliance Officer Management Corporation and Shareholder Services, Inc. Formerly (until February 2004) Vice
(since 2004) President and Director of Internal Audit of the Manager. An officer of 83 portfolios in
Age: 54 the Oppenheimer funds complex.
THE FUND'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE FUND'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST, BY
CALLING 1.800.525.7048.
73 | ROCHESTER FUND MUNICIPALS
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the registrant has determined that the registrant
does not have an audit committee financial expert serving on its Audit
Committee. In this regard, no member of the Audit Committee was identified as
having all of the technical attributes identified in Instruction 2(b) to Item 3
of Form N-CSR to qualify as an "audit committee financial expert," whether
through the type of specialized education or experience described in that
Instruction. The Board has concluded that while the members of the Audit
Committee collectively have the necessary attributes and experience required to
serve effectively as an Audit Committee, no single member possesses all of the
required technical attributes through the particular methods of education or
experience set forth in the Instructions to be designated as an audit committee
financial expert.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a) Audit Fees
The principal accountant for the audit of the registrant's annual
financial statements billed $50,000 in fiscal 2004 and $45,000 in
fiscal 2003.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees to the registrant during
the last two fiscal years.
The principal accountant for the audit of the registrant's annual
financial statements billed $39,500 in fiscal 2004 and no such fees
in fiscal 2003 to the registrant's investment adviser or any entity
controlling, controlled by, or under common control with the adviser
that provides ongoing services to the registrant.
Such fees include: internal control reviews.
(c) Tax Fees
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees to the registrant during
the last two fiscal years.
The principal accountant for the audit of the registrant's annual
financial statements billed $6,000 in fiscal 2004 and $5,000 in
fiscal 2003 to the registrant's investment adviser or any entity
controlling, controlled by, or under common control with the adviser
that provides ongoing services to the registrant.
Such fees include: tax compliance, tax planning and tax advice. Tax
compliance generally involves preparation of original and amended
tax returns,
claims for a refund and tax payment-planning services.
Tax planning and tax advice includes assistance with tax audits and
appeals, tax advice related to mergers and acquisitions and requests
for rulings or technical advice from taxing authorities.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual
financial statements billed $714 in fiscal 2004 and $962 in fiscal
2003.
The principal accountant for the audit of the registrant's annual
financial statements billed no such fees during the last two fiscal
years to the registrant's investment adviser or any entity
controlling, controlled by, or under common control with the adviser
that provides ongoing services to the registrant.
Such fees would include services provided to the registrant's Board
of Trustees with respect to the annual renewal of the registrant's
investment advisory agreement.
(e) (1) During its regularly scheduled periodic meetings, the
registrant's audit committee will pre-approve all audit,
audit-related, tax and other services to be provided by the
principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its
Chairman for any subsequent new engagements that arise between
regularly scheduled meeting dates provided that any fees such
pre-approved are presented to the audit committee at its next
regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe
waived provided that: 1) the aggregate amount of all such services
provided constitutes no more than five percent of the total amount
of fees paid by the registrant to it principal accountant during the
fiscal year in which services are provided 2) such services were not
recognized by the registrant at the time of engagement as non-audit
services and 3) such services are promptly brought to the attention
of the audit committee of the registrant and approved prior to the
completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed $46,214 in fiscal 2004 and $5,962 in
fiscal 2003 to the registrant and the registrant's investment
adviser or any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the
registrant related to non-audit fees. Those billings did not include
any prohibited non-audit services as defined by the Securities
Exchange Act of 1934.
(h) The registrant's audit committee of the board of trustees has
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser, and any entity
controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is
compatible with maintaining the principal account's independence. No
such services were rendered.
ITEM 5. NOT APPLICABLE
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Board is responsible for approving nominees for election as trustees.
To assist in this task, the Board has designated the Audit Committee as the
nominating committee for the Board. It reviews and recommends nominees to the
Board. The Committee is comprised entirely of disinterested trustees as defined
in Section 2(a)(19) of the Investment Company Act of 1940.
The Audit Committee charter describes the responsibilities of the
Committee in nominating candidates for election as independent Trustees of the
Registrant. The Registrant's Board has adopted a written charter for the
Committee. A current copy of the Audit Committee charter is available to
shareholders on the OppenheimerFunds website at WWW.OPPENHEIMERFUNDS.COM.
Under the current policy, if the Board determines that a vacancy exists or
is likely to exist on the Board, the Audit Committee of the Board will consider
candidates for Board membership including recommended by Registrant
shareholders. The Audit Committee will consider nominees recommended by
independent Board members or recommended by any other Board members including
Board members affiliated with the Registrant's investment advisors. The
Committee may, upon Board approval, retain an executive search firm to assist in
screening potential candidates. Upon Board approval, the Audit Committee may
also use the services of legal, financial, or other external counsel that it
deems necessary or desirable in the screening process. Shareholders wishing to
submit a nominee for election to the Board may do so by mailing their submission
to the offices of OppenheimerFunds, Inc., 6803 South Tucson Way, Centennial, CO
80112, to the attention of the Board of Trustees of the named Registrant, c/o
the Secretary of the Registrant.
The Committee's process for identifying and evaluating nominees for
trustees includes a number of factors. In screening candidates for board
membership, whether the candidate is suggested by Board members, shareholders or
others, the Committee considers the candidate's professional experience,
soundness of judgment, integrity, ability to make independent, analytical
inquiries, collegiality, willingness and ability to devote the time required to
perform Board activities adequately, ability to represent the interests of all
shareholders of the Registrant, and diversity relative to the board's
composition. Candidates are expected to provide a mix of attributes, experience,
perspective and skills necessary to effectively advance the interests of
shareholders.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of 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 December 31, 2004,
registrant's principal executive officer and principal financial
officer found registrant's disclosure controls and procedures to
provide reasonable assurances that information required to be
disclosed by 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.
(b) There have been no changes in registrant's internal controls over
financial reporting that occurred during the registrant's last
fiscal quarter that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)(NOT
APPLICABLE TO SEMIANNUAL REPORTS)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)